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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 000-56605

GOUVERNEUR BANCORP, INC.

(Exact Name of Registrant as Specified in Its Charter)


Maryland (Statement or Other Jurisdiction of Incorporation or Organization)	37-2102925 (I.R.S. Employer Identification No.)

42 Church Street, Gouverneur, New York (Address of Principal Executive Offices)	13642 (Zip Code)

(315) 287-2600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer ☐
Non-accelerated filer	☒	Smaller reporting company ☒
		Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the issuer’s common stock, as of May 8, 2026: 1,059,520 shares.

Table of Contents

GOUVERNEUR BANCORP, INC.

Table of Contents


		Page No.

PART I.	FINANCIAL INFORMATION	3

Item 1.	Financial Statements (Unaudited)	3

	Consolidated Statements of Financial Condition at March 31, 2026 and September 30, 2025	3

	Consolidated Statements of Earnings for the Three and Six Months Ended March 31, 2026 and 2025	4

	Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended March 31, 2026 and 2025	5

	Consolidated Statements of Shareholders’ Equity for the Three and Six Months Ended March 31, 2026 and 2025	6

	Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2026 and 2025	8

	Notes to Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49

Item 4.	Controls and Procedures	51

PART II.	OTHER INFORMATION	52

Item 1.	Legal Proceedings	52

Item 1A.	Risk Factors	52

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52

Item 3.	Defaults Upon Senior Securities	53

Item 4.	Mine Safety Disclosures	53

Item 5.	Other Information	53

Item 6.	Exhibits	53

SIGNATURES		54

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1.Financial Statements - Unaudited

GOUVERNEUR BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands, except share and per share data)


		March 31,			September 30,
		2026			2025
		(unaudited)
Assets:
Cash and due from banks		$	3,701		$	3,949
Interest-bearing deposits in bank			2,271			710
Total cash and cash equivalents			5,972			4,659

Securities available-for-sale, at fair value			39,358			40,931

Loans receivable, net of allowance for credit losses: March 31, 2026: $1,117 and September 30, 2025:
$1,100 and net of discount at March 31, 2026: $655 and September 30, 2025: $714 and
deferred loan fees of $490 at March 31, 2026 and $483 at September 30, 2025			132,205			131,504

Investments in restricted stock, at cost			831			1,109
Bank owned life insurance			6,935			7,307
Premises and equipment, net			2,988			2,904
Foreclosed real estate, net			194			105
Core deposit intangible, net			1,132			1,294
Goodwill			4,237			4,237
Accrued interest receivable and other assets			4,473			4,478
Total assets		$	198,325		$	198,528

Liabilities:
Deposits:
Non-interest-bearing demand		$	18,295		$	18,167
NOW and money market			50,879			46,870
Savings and club			53,009			53,712
Time certificates			37,804			36,031
Total deposits			159,987			154,780

Advances from the Federal Home Loan Bank			1,000			7,000
Advanced payments from borrowers for taxes and insurance			660			501
Accrued interest payable and other liabilities			3,946			4,139
Total liabilities			165,593			166,420

Shareholders' Equity:
Preferred stock, $.01 par value: March 31, 2026 and September 30, 2025: 25,000,000 shares authorized;
none issued and outstanding			—			—
Common stock, $.01 par value: March 31, 2026 and September 30, 2025: 75,000,000 shares authorized;
March 31, 2026: 1,107,134 issued and 1,060,694 outstanding and
September 30, 2025: 1,107,134 issued and 1,050,945 outstanding			11			11
Additional paid-in capital			6,309			6,514
Unearned common stock held by employee stock ownership plan
(unallocated shares March 31, 2026: 46,277: September 30, 2025: 50,133)			(463)			(501)
Retained earnings			29,382			28,972
Accumulated other comprehensive loss			(1,870)			(2,187)
Authorized but unissued stock, at cost, (shares March 31, 2026: 46,440: September 30, 2025: 56,189)			(637)			(701)
Total shareholders' equity			32,732			32,108
Total liabilities and shareholders' equity		$	198,325		$	198,528

See accompanying notes to consolidated financial statements.

Table of Contents

GOUVERNEUR BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share data) (Unaudited)


		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2026			2025			2026			2025
Interest income:
Loans, net		$	1,824		$	1,681		$	3,649		$	3,373
Securities-taxable			255			305			517			610
Securities-non-taxable			131			128			263			256
Other short-term investments			14			23			35			64
Total interest income			2,224			2,137			4,464			4,303

Interest expense:
Deposits			339			390			687			801
Net swap income on deposit hedge			—			—			—			(10)
Borrowings – short term and long term			37			—			100			—
Total interest expense			376			390			787			791

Net interest income			1,848			1,747			3,677			3,512
Provision (benefit) for credit losses:
Loans			5			5			19			20
Unfunded commitments			—			(5)			(1)			(5)
Net interest income after provision for credit losses			1,843			1,747			3,659			3,497

Non-interest income:
Service charges			85			74			178			157
ATM card fees			66			66			131			132
Realized gain on sales of securities – AFS			2			—			2			—
Gain on life insurance death benefit			—			—			103			—
Earnings on investment in life insurance			44			41			92			82
Earnings on deferred fees plan			7			8			30			2
Unrealized loss on swap agreements			—			—			—			(9)
Earnings on secondary market programs			8			10			20			25
Other non-interest income			14			9			15			63
Total non-interest income, net			226			208			571			452

Non-interest expenses:
Salaries and employee benefits			806			839			1,705			1,712
Directors fees			93			85			187			181
Earnings on deferred fees plan			7			8			30			2
Building, occupancy and equipment			297			268			539			492
Data processing			105			102			210			209
Postage and supplies			35			37			57			59
Professional fees			160			152			310			308
Intangibles amortization			81			92			162			185
Foreclosed assets, net			(6)			—			(24)			1
Other non-interest expense			270			270			526			539
Total non-interest expenses, net			1,848			1,853			3,702			3,688

Income before income tax expense (benefit)			221			102			528			261
Income tax expense (benefit)			4			(16)			24			(17)
Net income		$	217		$	118		$	504		$	278

Earnings per common share – basic		$	0.21		$	0.11		$	0.49		$	0.27
Earnings per common share – diluted		$	0.21		$	0.11		$	0.49		$	0.27

See accompanying notes to consolidated financial statements.

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GOUVERNEUR BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands, except per share data) (Unaudited)


		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2026			2025			2026			2025
Net Income		$	217		$	118		$	504		$	278
Other comprehensive income (loss) net of tax:
Unrealized holding gain (loss) arising during period			(33)			127			341			(1,296)
Deferred tax expense (benefit)			(7)			27			71			(272)
Reclassification adjustment for realized gain recognized in net income			(2)			—			(2)			—
Tax expense			—			—			—			—
Unrealized holding gain (loss) on securities, net of deferred taxes			(28)			100			268			(1,024)

Post-retirement benefit (expense)			42			(20)			62			(29)
Deferred tax expense (benefit)			9			(4)			13			(6)
Post-retirement benefit (expense), net of deferred taxes			33			(16)			49			(23)

Total other comprehensive income (loss)			5			84			317			(1,047)
Total comprehensive income (loss)		$	222		$	202		$	821		$	(769)

See accompanying notes to consolidated financial statements.

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GOUVERNEUR BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Three Months Ended March 31, 2026 and 2025

(In thousands, except share and per share data) (Unaudited)


								Unearned						Accumulated
					Additional			Common						Other			Authorized			Total
		Common			Paid-in			Stock			Retained			Comprehensive			but Unissued			Shareholder’s
		Stock			Capital			held by ESOP			Earnings			Income (Loss)			Stock			Equity
Balance at December 31, 2024 (unaudited)		$	11		$	6,490		$	(501)		$	28,484		$	(2,737)		$	(4)		$	31,743
Comprehensive income:
Net income			—			—			—			118			—			—			118
Net pension and postretirement expense, net of deferred taxes			—			—			—			—			(16)			—			(16)
Change in unrealized losses on securities available-for-sale, net of deferred taxes			—			—			—			—			100			—			100
Total comprehensive income																					202
Restricted stock expense			—			4			—			—			—			—			4
Stock option expense			—			2			—			—			—			—			2
Repurchase of authorized stock (48,391 shares)			—			—			—			—			—			(594)			(594)
Balance at March 31, 2025 (unaudited)		$	11		$	6,496		$	(501)		$	28,602		$	(2,653)		$	(598)		$	31,357

Balance at December 31, 2025 (unaudited)		$	11		$	6,342		$	(463)		$	29,165		$	(1,875)		$	(555)		$	32,625
Comprehensive income:
Net income			—			—			—			217			—			—			217
Net pension and postretirement benefit, net of deferred taxes			—			—			—			—			33			—			33
Change in unrealized losses on securities available-for-sale, net of deferred taxes			—			—			—			—			(28)			—			(28)
Total comprehensive income																					222
Restricted stock expense			—			12			—			—			—			—			12
Stock option expense			—			10			—			—			—			—			10
Issuance of common stock from stock option exercises (1,284 shares)			—			(1)			—			—			—			17			16
Issuance of restricted stock from authorized but unissued stock (4,000 shares)			—			(54)			—			—			—			54			—
Repurchase of authorized stock (8,720 shares)			—			—			—			—			—			(153)			(153)
Balance at March 31, 2026 (unaudited)		$	11		$	6,309		$	(463)		$	29,382		$	(1,870)		$	(637)		$	32,732

See accompanying notes to consolidated financial statements.

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GOUVERNEUR BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Six Months Ended March 31, 2026 and 2025

(In thousands, except share and per share data) (Unaudited)


								Unearned						Accumulated
					Additional			Common						Other			Authorized			Total
		Common			Paid-in			Stock			Retained			Comprehensive			but Unissued			Shareholders'
		Stock			Capital			held by ESOP			Earnings			Income (Loss)			Stock			Equity
Balance at September 30, 2024		$	11		$	6,487		$	(540)		$	28,413		$	(1,606)		$	—		$	32,765
Comprehensive loss:
Net income			—			—			—			278			—			—			278
Net pension and postretirement expense, net of deferred taxes			—			—			—			—			(23)			—			(23)
Change in unrealized losses on securities available-for-sale, net of deferred taxes			—			—			—			—			(1,024)			—			(1,024)
Total comprehensive loss																					(769)
Restricted stock expense			—			4			—			—			—			—			4
Stock option expense			—			2			—			—			—			—			2
Repurchase of authorized stock (48,735 shares)			—			—			—			—			—			(598)			(598)
ESOP shares committed to be released (3,856 shares)			—			3			39			—			—			—			42
Cash dividends declared, $0.08 per share			—			—			—			(89)			—			—			(89)
Balance at March 31, 2025 (unaudited)		$	11		$	6,496		$	(501)		$	28,602		$	(2,653)		$	(598)		$	31,357

Balance at September 30, 2025		$	11		$	6,514		$	(501)		$	28,972		$	(2,187)		$	(701)		$	32,108
Comprehensive income:
Net income			—			—			—			504			—			—			504
Net pension and postretirement benefit, net of deferred taxes			—			—			—			—			49			—			49
Change in unrealized losses on securities available-for-sale, net of deferred taxes			—			—			—			—			268			—			268
Total comprehensive income																					821
Restricted stock expense			—			23			—			—			—			—			23
Stock option expense			—			18			—			—			—			—			18
Issuance of common stock from stock option exercises (1,284 shares)			—			(1)			—			—			—			17			16
Issuance of restricted stock from authorized but unissued stock (20,677 shares)			—			(260)			—			—			—			260			—
Repurchase of authorized stock (12,212 shares)			—			—			—			—			—			(213)			(213)
ESOP shares committed to be released (3,856 shares)			—			15			38			—			—			—			53
Cash dividends declared, $0.09 per share			—			—			—			(94)			—			—			(94)
Balance at March 31, 2026 (unaudited)		$	11		$	6,309		$	(463)		$	29,382		$	(1,870)		$	(637)		$	32,732

See accompanying notes to consolidated financial statements.

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GOUVERNEUR BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)


		Six Months Ended
		March 31,
		2026			2025

Cash flows from operating activities:
Net Income		$	504		$	278
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Provision for credit losses			18			15
Net amortization of deferred fees on loans			41			34
Net amortization of securities premiums and discounts			(200)			(282)
Depreciation			96			105
Net realized gains on sale of securities available-for-sale (AFS)			(2)			—
Net amortization of core deposit intangible			162			185
Net realized gains on sale of foreclosed assets			(9)			—
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			(92)			(82)
Stock based compensation expense			41			6
Net change in accrued interest receivable and other assets			(82)			118
Net change in accrued interest payable and other liabilities			(167)			(515)
Net cash provided by (used in) operating activities			826			(96)
Cash flows from investing activities:
Securities available for sale:
Proceeds from sales of securities (AFS)			1,711			—
Proceeds from maturities and principal reductions of securities (AFS)			9,592			2,349
Purchases of securities (AFS)			(9,189)			(827)
Redemptions of FHLB stock			278			8
Net increase in loans receivable			(821)			(1,177)
Additions to premises and equipment			(180)			(72)
Proceeds from the sale of foreclosed assets			21			—
Net cash provided by investing activities			1,412			281
Cash flows from financing activities:
Net increase in deposits			5,207			1,919
Net change in short-term borrowings			(6,000)			—
Advance payments by borrowers for property taxes and insurance, net			159			86
Proceeds from stock option exercises			16			—
Repurchase of authorized stock			(213)			(598)
Cash dividends paid to common stock shareholders			(94)			(89)
Net cash (used in) provided by financing activities			(925)			1,318
Net increase in cash and cash equivalents			1,313			1,503
Cash and cash equivalents – Beginning of Period			4,659			6,370
Cash and cash equivalents – End of Period		$	5,972		$	7,873
Supplemental disclosures:
Cash paid during the period for interest		$	789		$	772
Loans receivable transferred to foreclosed assets during the period			60			—

See accompanying notes to consolidated financial statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 1: BASIS OF PRESENTATION

The accompanying consolidated financial statements include the accounts of Gouverneur Bancorp, Inc. (“Bancorp”) and Gouverneur Savings and Loan Association (the “Bank”), the wholly owned and only direct subsidiary of Bancorp, and GS&L Municipal Bank, the wholly owned and only subsidiary of the Bank, (collectively referred to as the “Company”) as of March 31, 2026 (unaudited) and September 30, 2025 and for the three and six-month periods ended March 31, 2026 and 2025 (unaudited). These consolidated financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with generally accepted accounting principles in the United States of America.

Gouverneur Bancorp, Inc. is a Maryland corporation that was incorporated in June 2023 to be the successor to Gouverneur Bancorp, Inc., a federally chartered corporation (the “Mid-Tier Holding Company”), upon completion of the second-step conversion of the Bank from the two-tier mutual holding company structure to the stock holding company structure. Cambray Mutual Holding Company (“Cambray”) was the former mutual holding company for the Mid-Tier Holding Company prior to the completion of the second-step conversion. In conjunction with the second-step conversion, each of Cambray Mutual Holding Company and the Mid-Tier Holding Company merged out of existence and now cease to exist. The second-step conversion was completed on October 31, 2023, at which time the Company sold, for gross proceeds of $7.2 million, a total of 723,068 shares of common stock at $10.00 per share, including 57,845 shares sold to the Bank’s employee stock ownership plan. As part of the second-step conversion, each of the existing outstanding shares of Mid-Tier Holding Company common stock owned by persons other than Cambray Mutual Holding Company was converted into 0.5334 shares of Bancorp common stock.

In September 2022, the Bank completed its acquisition of Citizens Bank of Cape Vincent (“CBCV”), a commercial bank headquartered in Cape Vincent, New York. In conjunction with the acquisition of CBCV, the Bank formed the limited purpose GS&L Municipal Bank in order to continue to hold CBCV’s municipal deposits and continue to compete for such deposits in the future. GS&L Municipal Bank is a limited purpose commercial bank that is a wholly owned subsidiary of the Bank and operates under the same regulatory and operating framework as the Bank. GS&L Municipal Bank is a New York chartered limited purpose commercial bank organized to solicit municipal deposits from local government entities such as towns, cities, school districts, fire districts and other municipalities. The Bank views GS&L Municipal Bank as a source of low cost and stable source of funds that will further the Bank’s commitment to the communities in which the Bank operates.

On March 27, 2026, the Bank filed (i) an application with the Office of the Comptroller of the Currency (the “OCC”) to convert from a New York chartered stock savings and loan association to a national banking association (the “Charter Conversion”) and (ii) an application with the OCC to merge GS&L Municipal Bank with and into the Bank, with the Bank continuing as the surviving institution (the “Bank Merger”), immediately after the effective time of the Charter Conversion. In connection with the Charter Conversion, the Company will also file an application with the Federal Reserve Bank of New York to convert from a savings and loan holding company to a bank holding company. The Charter Conversion and the Bank Merger each remain subject to the receipt of all required regulatory approvals from the OCC and the Federal Reserve. No timeline has been established for the completion of the Charter Conversion or the Bank Merger, and the Company and the Bank cannot guarantee that the Charter Conversion and Bank Merger will ultimately be consummated.

All adjustments, consisting of only normal recurring adjustments or accruals, which are necessary for a fair presentation of the consolidated financial statements have been made at and for the three-month and six-month periods ended March 31, 2026 and 2025. The results of operations for the three and six-month periods ended March 31, 2026 are not necessarily indicative of the results which may be expected for an entire fiscal year or any other period.

The data in the consolidated statements of financial condition for September 30, 2025 was derived from the Company’s audited consolidated financial statements as of and for the year ended September 30, 2025. That data, along with the interim financial information presented in the consolidated statements of financial condition, earnings, comprehensive income (loss), shareholders’ equity and cash flows should be read in conjunction with the Company’s audited consolidated

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financial statements as of and for the year ended September 30, 2025, including the notes thereto. Certain amounts for the three-month and six-month periods ended March 31, 2025 were reclassified to conform to the presentation for the three and six-month periods ended March 31, 2026. The results of operations and cash flows were not modified as a result of these reclassifications.

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated financial statements of the Company include the accounts of Bancorp and its wholly-owned subsidiary, the Bank, and the Bank’s wholly owned subsidiary, GS&L Municipal Bank.

At March 31, 2026, GS&L Municipal Bank held $19.6 million of the Bank’s $39.4 million investment securities portfolio and $21.5 million of the Bank’s deposits.

All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates in Preparation of Financial Statements

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses. In connection with the determination of the estimated allowance for credit losses, management obtains independent appraisals for significant properties that act as collateral for portfolio loans.

The Company’s loans are generally secured by specific items of collateral including real property, consumer assets, and business assets. Although the Company has a diversified portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on local economic conditions. While management uses available information to recognize credit losses on loans and foreclosed assets, further reductions in the carrying amounts of loans and foreclosed assets may be necessary, based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans and foreclosed assets. Such agencies may require the Company to recognize additional losses based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the estimated credit losses on loans and foreclosed assets may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated.

Recent Accounting Pronouncements

The Company’s significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in Note 2 of the audited financial statements and notes for the year ended September 30, 2025 and are contained in the Company’s Annual Report on Form 10-K for the year ended September 30, 2025. There have been no significant changes to the application of significant accounting policies since September 30, 2025.

Allowance for Credit Losses – Available for Sale Securities

For available for sale securities, management evaluates all investments in an unrealized loss position on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security, the security is written down to fair value and the entire loss is recorded in earnings.

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If either of the above criteria is not met, the Company evaluates whether the decline in fair value is the result of credit losses or other factors. In making the assessment, the Company may consider various factors including the extent to which fair value is less than amortized cost, performance on any underlying collateral, downgrades in the ratings of the security by a rating agency, the failure of the issuer to make scheduled interest or principal payments and adverse conditions specifically related to the security. If the assessment indicates that a credit loss exists, the present value of cash flows expected to be collected are compared to the amortized cost basis of the security and any excess is recorded as an allowance for credit loss, limited by the amount that the fair value is less that the amortized cost basis. Any amount of unrealized loss that has not been recorded through an allowance for credit loss is recognized in other comprehensive income.

Changes in the allowance for credit loss are recorded as provision for (benefit from) credit loss expense on the accompanying consolidated statements of earnings. Losses are charged against the allowance for credit loss when management believes an available for sale security is confirmed to be uncollectible or when either of the criteria regarding intent or requirement to sell is met. At March 31, 2026 and September 30, 2025 there was no allowance for credit loss related to the available for sale securities portfolio.

Accrued interest receivable on available for sale debt securities totaled $210,000 and $214,000 at March 31, 2026 and September 30, 2025, respectively, and was excluded from the estimate of credit losses.

Loans

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of any purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans totaled $422,000 and $415,000 at March 31, 2026 and September 30, 2025, respectively, and is included as a component of accrued interest receivable and other assets on the accompanying consolidated statements of financial condition. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments.

The accrual of interest is generally discontinued when a loan becomes 90 days past due and is not well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. A loan is considered to be past due when a scheduled payment has not been received within 30 days after the contractual due date.

All accrued interest is reversed against interest income when a loan is placed on nonaccrual status. Interest received on such loans is accounted for using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the past due loan balance is reduced to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance (generally six consecutive months), and future payments are reasonably assured.

Allowance for Credit Losses – Loans

The allowance for credit losses on loans is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance for credit losses when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

The allowance for credit losses on loans represents management’s estimate of lifetime credit losses inherent in loans as of the balance sheet date. The allowance for credit losses on loans is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company uses a probability of default/loss given default model to determine the allowance for credit losses.

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Collectively Evaluated Loans

Management measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. Management has identified the following portfolio segments and calculates the allowance for credit losses for each using a discounted cash flow and remaining life methodology. The segments using a discounted cash flow methodology are as follows:

Residential Real Estate

1-4 family residential construction loans

Other construction loans and all land development and other land loans

Revolving, open-end loans secured by 1-4 family residential properties and extended under lines of credit

Secured by first liens

Secured by junior liens

Commercial Real Estate

Commercial and industrial loans – commercial mortgage

Loans secured by owner-occupied, nonfarm nonresidential properties

Loans secured by other nonfarm nonresidential properties

Loans secured by multifamily (5 or more) properties

Commercial Secured

Loans to finance agricultural production and other loans to farmers

Commercial and industrial loans

Obligations (other than securities and leases) of states and political subdivisions in the US

Commercial Unsecured

Commercial and industrial loans – unsecured

Unsecured other loans

Consumer

Other revolving credit plans

Automobile loans

Other consumer loans

The discounted cash flow method calculates the expected cash flows to be received over the life of each individual loan in a pool.

The segments using a remaining life methodology are as follows:

Commercial Unsecured

Other loans (commercial overdraft loans)

Consumer

Other loans (consumer overdraft loans)

The remaining life methodology uses average annual charge-off rates and the remaining life of the loan to estimate the allowance for credit losses. The average annual charge-off rate is applied to the amortization adjusted remaining life of the loan to determine the unadjusted lifetime historical charge-off rate.

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Individually Evaluated Loans

Individually evaluated loans are evaluated and valued at the time the loan is identified as not having risk characteristics common with other loans within its pool. In these instances, credit loss is measured on a case by case basis. The fair value of the loan is determined using either present value of the expected future cash flows discounted at the loan’s effective interest rate or, for collateral dependent loans, the fair value of the collateral less the selling, administrative costs, and other expenses necessary to liquidate the collateral. Collateral may be real estate and/or business assets including equipment, inventory and/or accounts receivable.

Loans that do not share risk characteristics are evaluated on an individual basis and are excluded from the pooled loan analysis. When management determines that foreclosure is probable and the borrower is experiencing financial difficulty, the expected credit losses are based on the fair value of the related collateral at the reporting dated unadjusted for selling costs as appropriate.

Qualitative Adjustments to Historical Loss Rates

Additionally, the allowance for credit losses calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. These qualitative adjustments may increase or reduce reserve levels and include adjustments for lending management experience and risk tolerance, asset quality and portfolio trends, loan review and audit results, loan portfolio growth, industry concentrations, trends in underlying collateral, external factors and economic conditions not already captured.

Allowance for Credit Losses – Unfunded Commitments

Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off—balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded.

The Company records an allowance for credit losses for off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to provision for credit loss on unfunded commitments in the Company’s statements of earnings. The allowance for credit losses for off-balance sheet credit exposures is estimated by loan segment at each balance sheet date in accordance with ASC 326, Financial Instruments – Credit Losses, using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well as any third-party guarantees. The allowance for credit losses on unfunded commitments is included as a component of accrued interest payable and other liabilities on the Company’s consolidated statements of financial condition.

Revenue Recognition

The majority of the Company’s revenue is generated from interest income on loans which are outside the scope of ASC 606, Revenue from Contracts with Customers.

The Company’s sources of income that fall within the scope of ASC 606 include service charges on deposits, interchange fees and gains and losses on sales of other real estate, all of which are presented as components of noninterest income on the accompanying statements of earnings. Below is a summary of the revenue streams that fall within the scope of ASC 606.

Service charges on deposits, ATM, and interchange fees – Fees from these services are either transaction-based, for which the performance obligations are satisfied at a point in time when the individual transaction is processed, or set periodic service charges, for which the performance obligations are satisfied over the period the service is provided. Transaction-based fees are recognized as revenue at a point in time when the transaction is processed, and periodic service charges are recognized as revenue over a period of time equivalent to the service period and as performance obligations are met.

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Gains and losses on sales of foreclosed assets – The Company records a gain or loss from the sale of foreclosed assets at a point in time when control of the property transfers to the buyer, which generally occurs at the time of the executed deed. When the Company finances the sale of foreclosed assets to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the foreclosed asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer.

NOTE 3: EARNINGS PER COMMON SHARE

Basic earnings per common share represent income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating basic earnings per common share until they are committed to be released.

The table below sets forth the computation of basic and diluted earnings per common share for the three and six-month periods ended March 31, 2026 (unaudited) and 2025 (In thousands, except per share data).


	Three Months Ended						Six Months Ended
	March 31,						March 31,
Basic earnings per share:	2026			2025			2026			2025
Net income	$	217		$	118		$	504		$	278
Weighted average common shares outstanding used to calculate
basic and diluted earnings per common share		1,032			1,033			1,032			1,043
Basic earnings per common share	$	0.21		$	0.11		$	0.49		$	0.27
Diluted earnings per common share	$	0.21		$	0.11		$	0.49		$	0.27

Diluted earnings per share for the three and six-months ended March 31, 2026 includes the effect of dilutive stock options; however, the impact was not material. There were no dilutive or antidilutive shares at March 31, 2025.

NOTE 4: COMPREHENSIVE INCOME (LOSS)

Total comprehensive income (loss) consists of net income and the net change for the period in after-tax unrealized gains or losses on securities available for sale and post-retirement benefits.

The following table shows the components of accumulated other comprehensive loss on the accompanying consolidated statements of financial condition at March 31, 2026 (unaudited) and September 30, 2025:



	March 31,		September 30,
	2026		2025

	(In Thousands)

Unrealized Loss on Available-for-Sale Securities, net	$	(2,115)	$	(2,454)
Deferred Tax Effect		444		515
Net Unrealized Loss on Available-for-Sale Securities		(1,671)		(1,939)

Unrealized Loss for Pension and Other Postretirement Obligations	$	(252)	$	(314)
Deferred Tax Effect		53		66
Net Unrealized Loss for Pension and Other Postretirement Obligations		(199)		(248)

Total Accumulated Other Comprehensive Loss	$	(1,870)	$	(2,187)

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NOTE 5: INVESTMENT SECURITIES

The amortized cost of debt securities and their approximate fair value at March 31, 2026 (unaudited) is represented in the table below:


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value

	(unaudited) (In Thousands)
AVAILABLE FOR SALE
U.S. Government Treasuries	$	1,200	$	—	$	—	$	1,200
U.S. Government Agencies		5,787		11		(9)		5,789
Mortgaged-Backed Securities		12,274		32		(344)		11,962
Municipal Securities		21,120		94		(1,902)		19,312
SBA Securities		1,092		6		(3)		1,095
	$	41,473	$	143	$	(2,258)	$	39,358

The amortized cost of debt securities and their approximate fair value at September 30, 2025 is represented in the table below.


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
AVAILABLE FOR SALE
U.S. Government Treasuries	$	2,415	$	1	$	—	$	2,416
U.S. Government Agencies		6,712		23		(1)		6,734
Mortgaged-Backed Securities		11,433		41		(355)		11,119
Municipal Securities		21,282		74		(2,243)		19,113
SBA Securities		1,543		8		(2)		1,549
	$	43,385	$	147	$	(2,601)	$	40,931

The amortized cost and fair value of debt securities, by contractual maturity, at March 31, 2026 (unaudited) is as shown below. Expected maturities will differ from contractual maturities call or prepay obligations with or without call or prepayment penalties.


	Debt Securities
	Available-for-Sale
	Amortized
	Cost		Fair Value

		(In Thousands)
Due Within One Year	$	5,477	$	5,480
Due After One Year Through Five Years		2,729		2,729
Due After Five Years Through Ten Years		6,719		6,560
Due After Ten Years		13,182		11,532
		28,107		26,301
Mortgage-Backed & SBA Securities with no set maturity		13,366		13,057
	$	41,473	$	39,358

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The realized gains and losses from the sale of available-for-sale investments for the three and six-month periods ended March 31, 2026 and 2025 (unaudited) is as shown below.


	Three Months Ended				Six Months Ended
	March 31,				March 31,
	2026		2025		2026		2025

	(unaudited)
	(In Thousands)

Proceeds	$	1,711	$	—	$	1,711	$	—
Cost		(1,709)		—		(1,709)		—
Net Realized Gains	$	2	$	—	$	2	$	—
Gross Realized Gains	$	2	$	—	$	2	$	—
Gross Realized Losses		—		—		—		—
Net Realized Gains	$	2	$	—	$	2	$	—

Information pertaining to securities with gross unrealized losses at March 31, 2026 (unaudited), aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:


	Less than Twelve months				Over Twelve Months				Total
	Gross				Gross				Gross
	Unrealized				Unrealized				Unrealized
	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value

	(In Thousands)
March 31, 2026
Securities Available-for-Sale:
US Government Treasuries & Agencies	$	9	$	4,032	$	—	$	—	$	9	$	4,032
Mortgage-backed & SBA Securities		35		4,635		312		5,010		347		9,645
Municipal Securities		11		1,558		1,891		9,317		1,902		10,875
	$	55	$	10,225	$	2,203	$	14,327	$	2,258	$	24,552

Information pertaining to securities with gross unrealized losses at September 30, 2025 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:


	Less than Twelve months				Over Twelve Months				Total
	Gross				Gross				Gross
	Unrealized				Unrealized				Unrealized
	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value

	(In Thousands)
September 30, 2025
Securities Available-for-Sale:
US Government Treasuries & Agencies	$	1	$	1,370	$	—	$	994	$	1	$	2,364
Mortgage-backed & SBA Securities		91		4,559		266		3,237		357		7,796
Municipal Securities		68		2,568		2,175		9,130		2,243		11,698
	$	160	$	8,497	$	2,441	$	13,361	$	2,601	$	21,858

In management’s opinion, the unrealized losses primarily reflect changes in interest rates subsequent to the acquisition of specific securities. The Company had 30 and 26 securities in an unrealized loss position of less than twelve months at March 31, 2026 and September 30, 2025, respectively, and 68 and 66 securities in an unrealized loss position of 12 months or more at March 31, 2026 and September 30, 2025, respectively. The Company has the intent and the ability to hold such securities until maturity or market price recovery. Management believes that the unrealized losses do not represent credit impairment of the securities and therefore no allowance for credit loss has been recorded as of March 31, 2026 or September 30, 2025.

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NOTE 6: LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

The components of loans receivable, net, at March 31, 2026 (unaudited) and September 30, 2025 are as shown in the table below:


	As of March 31,		As of September 30,
	2026		2025

	Total Loans
	(unaudited)
	(In Thousands)
Real Estate Mortgages:
Residential	$	110,652	$	109,700
Commercial		10,896		10,807
Construction - Commercial		140		140
Construction - Residential		3,423		3,292
Home Equity		2,353		2,142
Other Loans:
Commercial Non-Mortgage		2,340		2,408
Automobile		1,451		1,849
Passbook		343		368
Consumer		1,889		2,129
Total Loans		133,487		132,835
Net Deferred Loan Origination Fees		490		483
Net Discounts on Purchased Loans		(655)		(714)
Allowance for Credit Losses		(1,117)		(1,100)
Loans Receivable, Net	$	132,205	$	131,504

The outstanding principal balance and the related carrying amount of the Company’s loans acquired in the 2022 Citizens Bank of Cape Vincent acquisition were as shown in the table below at March 31, 2026 (unaudited) and September 30, 2025:


		March 31, 2026		September 30, 2025
		(unaudited)
		(In Thousands)
Purchased Credit Impaired Loans
Outstanding Principal Balance		$	—	$	—
Carrying Amount		$	—	$	—
Purchased Non-Credit Impaired Loans
Outstanding Principal Balance		$	24,794	$	26,372
Carrying Amount		$	24,139	$	25,658
Total Purchased Loans
Outstanding Principal Balance		$	24,794	$	26,372
Carrying Amount		$	24,139	$	25,658

The Company did not hold any loans with deteriorated credit quality as of March 31, 2026 or September 30, 2025. The Company did acquire a commercial secured performing loan which was subsequently classified as Substandard to ensure proper oversight and monitoring of the loan. The loan has performed in accordance with its modified loan terms for over four years. This loan was restructured in September 2023. Proceeds from the restructuring paid off current principal and interest due in the amount of $505,000. The borrower retained the same interest rate of 6.00% and received a 5-year callable note with 25-year amortization in exchange for extra real estate collateral. A $108,000 second position commercial mortgage was placed on the guarantor’s primary residence behind the Bank’s first position residential mortgage. The restructuring enhanced the Bank’s loan-to-value position while providing the borrower with a lower payment than the original contractual terms. The capitalization of interest, interest rate below market terms, and extension of the maturity date were concessions made to the borrower in exchange for additional collateral. The loan was removed from non-accrual

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status during the third quarter of fiscal year 2024. This loan has a negative fair value adjustment as a result of purchase price accounting of $29,000 and $42,000 at March 31, 2026 and September 30, 2025, respectively.

The Company sells first mortgage loans to third parties in the ordinary course of business, principally to the FHLB, a large purchaser of loans. These serviced loans are not included in the balances on the accompanying statements of financial condition, but the Company continues to collect the principal and interest payments on behalf of FHLB for a servicing fee. At March 31, 2026 and September 30, 2025, the total outstanding principal balance on these serviced loans was $11.0 million and $11.2 million, respectively.

The tables below present, by portfolio segment, the changes in the allowance for credit losses and the recorded investment in loans for the three and six-months ended March 31, 2026 and 2025 (unaudited), and the year ended September 30, 2025.

Allowance for credit losses and recorded investment in loans as of and for the three months ended March 31, 2026 was as follows:


		Real Estate			Real Estate			Commercial			Commercial
		Residential			Commercial			Secured			Unsecured			Consumer		Total
								(In Thousands)			(Unaudited)
Allowance for Credit Losses:
Beginning Balance		$	864		$	160		$	38		$	—		$	50	$	1,112
Charge-offs			—			—			—			—			(1)		(1)
Recoveries			—			—			—			—			1		1
Transfer			12			(6)			(1)			—			(5)		—
Provisions			5			—			—			—			—		5
Ending Balance		$	881		$	154		$	37		$	—		$	45	$	1,117
Ending Balance: Individually
Evaluated		$	11		$	—		$	—		$	—		$	—	$	11
Ending Balance: Collectively
Evaluated		$	870		$	154		$	37		$	—		$	45	$	1,106
Loans Receivable:
Ending Balance		$	116,428		$	11,036		$	2,329		$	11		$	3,683	$	133,487
Ending Balance: Individually
Evaluated		$	155		$	744		$	—		$	—		$	—	$	899
Ending Balance: Collectively
Evaluated		$	116,273		$	10,292		$	2,329		$	11		$	3,683	$	132,588

Allowance for credit losses and recorded investment in loans as of and for the six months ended March 31, 2026 was as follows:


		Real Estate			Real Estate			Commercial			Commercial
		Residential			Commercial			Secured			Unsecured			Consumer			Total

		(In Thousands)
Allowance for Credit Losses:
Beginning Balance		$	859		$	148		$	38		$	1		$	54		$	1,100
Charge-offs			—			—			—			—			(4)			(4)
Recoveries			—			—			—			—			2			2
Transfer			3			6			(1)			(1)			(7)			—
Provisions			19			—			—			—			—			19
Ending Balance		$	881		$	154		$	37		$	—		$	45		$	1,117
Ending Balance: Individually
Evaluated		$	11		$	—		$	—		$	—		$	—		$	11
Ending Balance: Collectively
Evaluated		$	870		$	154		$	37		$	—		$	45		$	1,106

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Allowance for credit losses and recorded investment in loans as of and for the three months ended March 31, 2025 was as follows:

Gouverneur Bancorp, Inc./MD/ 10-Q