Gouverneur Bancorp, Inc. reported net income of $118,000, or $0.11 per basic and diluted share, for the second quarter ended March 31, 2025. This is an increase from $102,000, or $0.10 per basic and diluted share, in the prior year's second quarter. For the six months ended March 31, 2025, net income rose to $278,000, or $0.27 per basic and diluted share, compared to $220,000, or $0.21 per basic and diluted share, in the same period of fiscal 2024.
Total interest income for the six months increased by $30,000, or 0.70%, to $4.3 million, with interest income on loans rising by $142,000, or 4.39%, due to higher market rates and increased loan volume. Total interest expense for the six months increased by $130,000, or 19.67%, to $791,000, primarily from higher deposit interest rates.
Non-interest income for the six months increased by $109,000 to $452,000, largely due to a significant reduction in unrealized market value losses on swap agreements, which were $9,000 compared to $181,000 in the prior year period. The net interest margin remained stable at 4.06% for the quarter and 4.02% for the six months.
Total assets increased slightly by $0.1 million to $197.4 million at March 31, 2025. Shareholders’ equity decreased by 4.30% to $31.4 million, primarily due to a $1.0 million decrease in the market value of the securities portfolio and common stock repurchases. The company recorded no credit loss provisions for the three months ended March 31, 2025.
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