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Gouverneur Bancorp (GOVB) Results Not Affected By Recession

Gouverneur Bancorp reported a net profit of $314,000, or $0.14 per share, in the second quarter of 2009. This was a strong increase from the $0.10 per share reported in the same quarter of 2008. The bank had $141.4 million in total assets as of 6/30/2009, and non-performing assets as a percent of total assets are at a low 0.92%.

Gouverneur Bancorp also announced that it was instituting a stock repurchase program since its stock price was trading at a significant discount to its book value of $9.45 per share at the end of the quarter.

Mr. Richard F. Bennett, the CEO of Gouverneur Bancorp said, “We have announced a stock repurchase program since our stock is trading at less than 70% of the book value. Therefore, we anticipate the results will be accretive to book value per share, providing good value to the Company and our shareholders.”

Gouverneur Bancorp operates under a mutual holding ownership structure, where an entity called the Cambray Mutual Holding Company owns 57.3% of the bank’s outstanding stock. Gouverneur Bancorp is organized as a bank holding company that contains a banking subsidiary called the Gouverneur Savings and Loan Association.

Gouverneur Bancorp has two locations in upstate New York, and serves residents in St. Lawrence, Lewis and Jefferson Counties.

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