$GOVB

Gouverneur Bancorp, Inc./MD/

CIK:0001978811|SEC Filings

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans, net	$ 1,870	$ 1,720	$ 5,519	$ 5,093
Securities-taxable	228	290	745	900
Securities-non-taxable	130	128	393	384
Other short-term investments	24	32	59	96
Total interest income	2,252	2,170	6,716	6,473
Interest expense:
Deposits	347	360	1,034	1,161
Net swap income on deposit hedge				(10)
Borrowings - short term and long term	34		134
Total interest expense	381	360	1,168	1,151
Net interest income	1,871	1,810	5,548	5,322
Provision (benefit) for credit losses - Loans	10	9	29	29
Provision (benefit) for credit losses - Unfunded commitments	2	3	1	(2)
Net interest income after provision for credit losses	1,859	1,798	5,518	5,295
Non-interest income:
Service charges	82	81	260	238
ATM card fees	69	72	200	204
Realized gain on sales of securities - AFS			2
Loss on disposal of premises and equipment, net	(2)		(2)
Gain on life insurance death benefit			103
Earnings on investment in life insurance	45	43	137	125
Earnings on deferred fees plan	18	28	48	30
Unrealized loss on swap agreements				(9)
Earnings on secondary market programs	9	9	29	34
Other non-interest income	34	23	49	86
Total non-interest income, net	255	256	826	708
Non-interest expenses:
Salaries and employee benefits	839	842	2,544	2,554
Directors fees	94	82	281	263
Earnings on deferred fees plan	18	28	48	30
Building, occupancy and equipment	245	218	784	710
Data processing	103	100	313	309
Postage and supplies	29	28	86	87
Professional fees	173	180	483	488
Intangibles amortization	81	93	243	278
Foreclosed assets, net	(18)	18	(42)	19
Other non-interest expense	297	197	823	736
Total non-interest expenses, net	1,861	1,786	5,563	5,474
Income before income tax expense	253	268	781	529
Income tax expense	14	51	38	34
Net income	$ 239	$ 217	$ 743	$ 495
Earnings per common share - basic (in dollars per share)	$ 0.23	$ 0.22	$ 0.72	$ 0.48
Earnings per common share - diluted (in dollars per share)	$ 0.23	$ 0.22	$ 0.72	$ 0.48

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net Income	$ 743	$ 495
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Provision for credit losses	30	27
Net amortization of deferred fees on loans	60	54
Net amortization of securities premiums and discounts	(287)	(418)
Depreciation	150	151
Net realized gains on sale of securities available-for-sale (AFS)	(2)
Net amortization of core deposit intangible	243	278
Net realized losses on disposal of premises and equipment	2
Net realized gains on sale of foreclosed assets	(39)
ESOP expense for shares committed to be released	53	42
Proceeds from bank owned life insurance death benefit	566
Gain on bank owned life insurance death benefit	(103)
Earnings on investment in bank owned life insurance	(137)	(125)
Stock based compensation expense	67	15
Net change in accrued interest receivable and other assets	(1,102)	(395)
Net change in accrued interest payable and other liabilities	723	507
Net cash provided by operating activities	967	631
Securities available for sale:
Proceeds from sales of securities (AFS)	1,711
Proceeds from maturities and principal reductions of securities (AFS)	13,655	3,886
Purchases of securities (AFS)	(9,189)	(1,179)
Redemptions of FHLB stock	141	10
Net increase in loans receivable	(3,941)	(1,876)
Additions to premises and equipment	(330)	(105)
Proceeds from the sale of foreclosed assets	197
Net cash provided by investing activities	2,244	736
Cash flows from financing activities:
Net increase/(decrease) in deposits	901	(488)
Net change in short-term borrowings	(3,000)
Advance payments by borrowers for property taxes and insurance, net	992	761
Proceeds from stock option exercises	22
Repurchase of authorized stock	(255)	(632)
Cash dividends paid to common stock shareholders	(191)	(173)
Net cash used in financing activities	(1,531)	(532)
Net increase in cash and cash equivalents	1,680	835
Cash and cash equivalents - Beginning of Period	4,659	6,370
Cash and cash equivalents - End of Period	6,339	7,205
Supplemental disclosures:
Cash paid during the period for interest	1,157	1,132
Loans receivable transferred to foreclosed assets during the period	$ 60	$ 117

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
Assets:
Cash and due from banks	$ 4,204	$ 3,949
Interest-bearing deposits in bank	2,135	710
Total cash and cash equivalents	6,339	4,659
Securities available-for-sale, at fair value	35,194	40,931
Loans receivable, net of allowance for credit losses: June 30, 2026: $1,126 and September 30, 2025: $1,100 and net of discount at June 30, 2026: $629 and September 30, 2025: $714 and deferred loan fees of $489 at June 30, 2026 and $483 at September 30, 2025	135,297	131,504
Investments in restricted stock, at cost	968	1,109
Bank owned life insurance	6,980	7,307
Premises and equipment, net	3,082	2,904
Foreclosed real estate, net	48	105
Core deposit intangible, net	1,051	1,294
Goodwill	4,237	4,237
Accrued interest receivable and other assets	5,482	4,478
Total assets	198,678	198,528
Deposits:
Non-interest-bearing demand	18,622	18,167
NOW and money market	49,264	46,870
Savings and club	50,184	53,712
Time certificates	37,611	36,031
Total deposits	155,681	154,780
Advances from the Federal Home Loan Bank	4,000	7,000
Advanced payments from borrowers for taxes and insurance	1,493	501
Accrued interest payable and other liabilities	4,753	4,139
Total liabilities	165,927	166,420
Shareholders' Equity:
Preferred stock, $.01 par value: June 30, 2026 and September 30, 2025: 25,000,000 shares authorized; none issued and outstanding
Common stock, $.01 par value: June 30, 2026 and September 30, 2025: 75,000,000 shares authorized; June 30, 2026: 1,107,134 issued and 1,059,003 outstanding and September 30, 2025: 1,107,134 issued and 1,050,945 outstanding	11	11
Additional paid-in capital	6,334	6,514
Unearned common stock held by employee stock ownership plan (unallocated shares June 30, 2026: 46,277: September 30, 2025: 50,133)	(463)	(501)
Retained earnings	29,524	28,972
Accumulated other comprehensive loss	(1,983)	(2,187)
Authorized but unissued stock, at cost, (shares June 30, 2026: 48,131: September 30, 2025: 56,189)	(672)	(701)
Total shareholders' equity	32,751	32,108
Total liabilities and shareholders' equity	$ 198,678	$ 198,528