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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 June 30, 2025

☐	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 August 7, 2025: 1,055,077 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 June 30, 2025 and September 30, 2024	3

	Consolidated Statements of Earnings for the Three and Nine Months Ended June 30, 2025 and 2024	4

	Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended June 30, 2025 and 2024	5

	Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended June 30, 2025 and 2024	6

	Consolidated Statements of Cash Flows for the Nine Months Ended June 30, 2025 and 2024	8

	Notes to Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	40

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52

Item 4.	Controls and Procedures	54

PART II.	OTHER INFORMATION	55

Item 1.	Legal Proceedings	55

Item 1A.	Risk Factors	55

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55

Item 3.	Defaults Upon Senior Securities	55

Item 4.	Mine Safety Disclosures	55

Item 5.	Other Information	55

Item 6.	Exhibits	56

SIGNATURES		57

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)


	June 30,		September 30,
	2025		2024
	(unaudited)
Assets:
Cash and due from banks	$	5,358	$	4,302
Interest-bearing deposits in bank		1,847		2,068
Total cash and cash equivalents		7,205		6,370

Securities available-for-sale, at fair value		41,697		45,348

Loans receivable, net of allowance for credit losses: June 30, 2025: $1,072 and September 30, 2024:
$1,063 and net of discount at June 30, 2025: $743 and September 30, 2024: $832 and
deferred loan fees of $456 at June 30, 2025 and $437 at September 30, 2024		125,933		124,257

Investments in restricted stock, at cost		813		823
Bank owned life insurance		7,262		7,137
Premises and equipment, net		2,878		2,924
Foreclosed real estate, net		117		—
Core deposit intangible, net		1,386		1,664
Goodwill		4,237		4,237
Accrued interest receivable and other assets		5,191		4,500
Total assets	$	196,719	$	197,260

Liabilities:
Deposits:
Non-interest-bearing demand	$	16,916	$	17,515
NOW and money market		49,056		48,167
Savings and club		55,691		57,940
Time certificates		37,751		36,280
Total deposits		159,414		159,902

Advanced payments from borrowers for taxes and insurance		1,244		483
Accrued interest payable and other liabilities		4,664		4,110
Total liabilities		165,322		164,495

Shareholders' Equity:
Preferred stock, $.01 par value: June 30, 2025 and September 30, 2024: 25,000,000 shares authorized;
none issued and outstanding		—		—
Common stock, $.01 par value: June 30, 2025 and September 30, 2024: 75,000,000 shares authorized;
June 30, 2025: 1,107,134 issued and 1,055,671 outstanding and
September 30, 2024: 1,107,134 issued and outstanding		11		11
Additional paid-in capital		6,505		6,487
Unearned common stock held by employee stock ownership plan
(unallocated shares June 30, 2025: 50,133: September 30, 2024: 53,989)		(501)		(540)
Retained earnings		28,735		28,413
Accumulated other comprehensive loss		(2,721)		(1,606)
Authorized but unissued stock, at cost, (shares June 30, 2025: 51,463: September 30, 2024: 0)		(632)		—
Total shareholders' equity		31,397		32,765
Total liabilities and shareholders' equity	$	196,719	$	197,260

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				Nine Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Interest income:
Loans, net	$	1,720	$	1,660	$	5,093	$	4,890
Securities-taxable		290		327		900		1,032
Securities-non-taxable		128		146		384		442
Other short-term investments		32		11		96		53
Total interest income		2,170		2,144		6,473		6,417

Interest expense:
Deposits		360		321		1,161		856
Net swap income on deposit hedge		—		—		(10)		—
Borrowings – short term and long term		—		98		—		304
Net swap income on borrowing hedge		—		(32)		—		(112)
Total interest expense		360		387		1,151		1,048

Net interest income		1,810		1,757		5,322		5,369
Provision for credit losses
Loans		9		—		29		68
Unfunded commitments		3		—		(2)		2
Net interest income after provision for credit losses		1,798		1,757		5,295		5,299

Non-interest income:
Service charges		81		80		238		241
ATM card fees		72		75		204		202
Realized gain on sales of securities – AFS		—		13		—		13
Realized gain on swaps unwound		—		—		—		75
Earnings on investment in life insurance		43		38		125		114
Earnings on deferred fees plan		28		3		30		48
Unrealized loss on swap agreements		—		(27)		(9)		(208)
Earnings on secondary market programs		9		9		34		30
Other non-interest income		23		—		86		13
Total non-interest income, net		256		191		708		528

Non-interest expenses:
Salaries and employee benefits		842		876		2,554		2,620
Directors fees		82		94		263		269
Earnings on deferred fees plan		28		3		30		48
Building, occupancy and equipment		218		222		710		719
Data processing		100		118		309		344
Postage and supplies		28		29		87		100
Professional fees		180		174		488		516
Intangibles amortization		93		104		278		312
Foreclosed assets, net		18		(21)		19		(12)
Other non-interest expense		197		171		736		548
Total non-interest expenses, net		1,786		1,770		5,474		5,464

Income before income tax expense (benefit)		268		178		529		363
Income tax expense (benefit)		51		(5)		34		(40)
Net income	$	217	$	183	$	495	$	403

Earnings per common share – basic	$	0.22	$	0.17	$	0.48	$	0.38
Earnings per common share – diluted	$	0.22	$	0.17	$	0.48	$	0.38

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				Nine Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Net Income	$	217	$	183	$	495	$	403
Other comprehensive income (loss) net of tax:
Unrealized gain (loss) on securities:
Unrealized holding gain (loss) arising during period		(66)		(282)		(1,362)		1,943
Deferred tax expense (benefit)		(14)		(59)		(286)		408
Unrealized holding gain (loss), net of deferred taxes		(52)		(223)		(1,076)		1,535

Post-retirement benefit (expense)		(20)		10		(49)		71
Deferred tax expense (benefit)		(4)		2		(10)		15
Post-retirement benefit (expense), net of deferred taxes		(16)		8		(39)		56

Total other comprehensive income (loss)		(68)		(215)		(1,115)		1,591
Total comprehensive income (loss)	$	149	$	(32)	$	(620)	$	1,994

See accompanying notes to consolidated financial statements.

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GOUVERNEUR BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Three Months Ended June 30, 2025 and 2024

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


					Unearned						Accumulated
			Additional		Common				Authorized		Other		Total
	Common		Paid-in		Stock		Retained		but Unissued		Comprehensive		Shareholder’s
	Stock		Capital		held by ESOP		Earnings		Stock		Income (Loss)		Equity
Balance at March 31, 2024 (unaudited)	$	11	$	6,487	$	(540)	$	28,094	$	—	$	(2,317)	$	31,735
Comprehensive loss:
Net income		—		—		—		183		—		—		183
Net pension and postretirement benefit, net of deferred taxes		—		—		—		—		—		8		8
Change in unrealized losses on securities available-for-sale, net of deferred taxes		—		—		—		—		—		(223)		(223)
Total comprehensive loss														(32)
Balance at June 30, 2024 (unaudited)	$	11	$	6,487	$	(540)	$	28,277	$	—	$	(2,532)	$	31,703

Balance at March 31, 2025 (unaudited)	$	11	$	6,496	$	(501)	$	28,602	$	(598)	$	(2,653)	$	31,357
Comprehensive income:
Net income		—		—		—		217		—		—		217
Net pension and postretirement expense, net of deferred taxes		—		—		—		—		—		(16)		(16)
Change in unrealized losses on securities available-for-sale, net of deferred taxes		—		—		—		—		—		(52)		(52)
Total comprehensive income														149
Restricted stock expense		—		5		—		—		—		—		5
Stock option expense		—		4		—		—		—		—		4
Repurchase of Authorized Stock (2,728 shares)		—		—		—		—		(34)		—		(34)
Cash dividends declared, $0.08 per share		—		—		—		(84)		—		—		(84)
Balance at June 30, 2025 (unaudited)	$	11	$	6,505	$	(501)	$	28,735	$	(632)	$	(2,721)	$	31,397

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GOUVERNEUR BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Nine Months Ended June 30, 2025 and 2024

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


					Unearned						Accumulated
			Additional		Common				Authorized		Other		Total
	Common		Paid-in		Stock		Retained		but Unissued		Comprehensive		Shareholders'
	Stock		Capital		held by ESOP		Earnings		Stock		Income (Loss)		Equity
Balance at September 30, 2023	$	24	$	5,035	$	—	$	28,242	$	(4,070)	$	(4,123)	$	25,108
Comprehensive income:
Net income		—		—		—		403		—		—		403
Net pension and postretirement benefit, net of deferred taxes		—		—		—		—		—		56		56
Change in unrealized losses on securities available-for-sale, net of deferred taxes		—		—		—		—		—		1,535		1,535
Total comprehensive income														1,994
Net proceeds from stock offering and holding company conversion (1,107,134 shares)		—		4,932		—		—		—		—		4,932
Common stock issued in stock offering (1,107,134 shares)		11		(11)		—		—		—		—		—
Cancellation of common stock (2,031,377 shares)		(20)		20		—		—		—		—		—
Cancellation of treasury stock (352,231 shares)		(4)		(4,066)		—		—		4,070		—		—
Purchase of ESOP shares (57,845 shares)		—		578		(578)		—		—		—		—
ESOP shares committed to be released (3,856 shares)		—		(1)		38		—		—		—		37
Adoption of ASU 2016-13 Current Expected Credit Losses		—		—		—		(368)		—		—		(368)
Balance at June 30, 2024 (unaudited)	$	11	$	6,487	$	(540)	$	28,277	$	—	$	(2,532)	$	31,703

Balance at September 30, 2024	$	11	$	6,487	$	(540)	$	28,413	$	—	$	(1,606)	$	32,765
Comprehensive loss:
Net income		—		—		—		495		—		—		495
Net pension and postretirement expense, net of deferred taxes		—		—		—		—		—		(39)		(39)
Change in unrealized losses on securities available-for-sale, net of deferred taxes		—		—		—		—		—		(1,076)		(1,076)
Total comprehensive loss														(620)
Restricted stock expense		—		9		—		—		—		—		9
Stock option expense		—		6		—		—		—		—		6
Repurchase of Authorized Stock (51,463 shares)		—		—		—		—		(632)		—		(632)
ESOP shares committed to be released (3,856 shares)		—		3		39		—		—		—		42
Cash dividends declared, $0.16 per share		—		—		—		(173)		—		—		(173)
Balance at June 30, 2025 (unaudited)	$	11	$	6,505	$	(501)	$	28,735	$	(632)	$	(2,721)	$	31,397

See accompanying notes to consolidated financial statements.

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GOUVERNEUR BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)


	Nine Months Ended
	June 30,
	2025		2024

Cash flows from operating activities:
Net Income	$	495	$	403
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Provision for credit losses		27		70
Net amortization of deferred fees on loans		54		57
Net amortization of securities premiums and discounts		(418)		(488)
Depreciation		151		175
Net realized gains on sale of securities available for sale ("AFS")		—		(13)
Net amortization of core deposits intangible		278		312
Net realized losses on disposal of premises and equipment		—		14
Net realized gains on sale of foreclosed assets		—		(17)
ESOP shares committed to be released		42		37
Earnings on investment in bank owned life insurance		(125)		(114)
Stock based compensation expense		15		—
(Increase) decrease in accrued interest receivable and other assets		(395)		17
Increase (decrease) in accrued interest payable and other liabilities		507		(3,746)
Net cash provided by (used in) operating activities		631		(3,293)
Cash flows from investing activities:
Securities available for sale:
Proceeds from sales of securities (AFS)		—		722
Proceeds from maturities and principal reductions of securities (AFS)		3,886		7,104
Purchases of securities (AFS)		(1,179)		(2,266)
Redemptions of FHLB stock		10		430
Net (increase) decrease in loans receivable		(1,876)		1,845
Additions to premises and equipment		(105)		(94)
Proceeds from the sale of foreclosed assets		—		91
Net cash provided by investing activities		736		7,832
Cash flows from financing activities:
Net decrease in deposits		(488)		(5,333)
Net payments on short-term borrowings		—		(9,010)
Advance payments by borrowers for property taxes and insurance, net		761		744
Net stock offering proceeds		—		4,932
Repurchase of authorized stock		(632)		—
Cash dividends paid to common stock shareholders		(173)		—
Net cash used in financing activities		(532)		(8,667)
Net increase (decrease) in cash and cash equivalents		835		(4,128)
Cash and cash equivalents – Beginning of Period		6,370		10,407
Cash and cash equivalents – End of Period	$	7,205	$	6,279
Supplemental disclosures:
Cash paid during the period for interest	$	1,132	$	1,089
Loans receivable transferred to foreclosed assets during the year		117		—
Write-downs on foreclosed assets through the allowance for credit losses on loans		—		(27)

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 June 30, 2025 (unaudited) and September 30, 2024 and for the three and nine-month periods ended June 30, 2025 and 2024 (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.

On September 16, 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 in September 2022, 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.

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 nine-month periods ended June 30, 2025 and 2024. The results of operations for the three and nine-month periods ended June 30, 2025 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, 2024 was derived from the Company’s audited consolidated financial statements as of and for the year ended September 30, 2024. 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 financial statements as of and for the year ended September 30, 2024, including the notes thereto. Certain amounts for the three-month and nine-month periods ended June 30, 2024 were reclassified to conform to the presentation for the three-month and nine-month periods ended June 30, 2025.

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.

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At June 30, 2025, GS&L Municipal Bank held $22.3 million of the Bank’s $41.7 million investment securities portfolio and $22.9 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, 2024 and are contained in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024. There have been no significant changes to the application of significant accounting policies since September 30, 2024.

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.

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

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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 June 30, 2025 and September 30, 2024, 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 $191,000 and $246,000 at June 30, 2025 and September 30, 2024, 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 purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans totaled $403,000 and $356,000 at June 30, 2025 and September 30, 2024, respectively, and is included as a component of accrued interest receivable and other assets on the 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, 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 measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. The Company 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:

Real Estate Residential

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

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Real Estate Commercial

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.

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.

Loans that do not share risk characteristics are evaluated on an individual basis. 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.

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

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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 on 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 on 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 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.

Gains and losses on sales of foreclosed assets – The Company records a gain or loss from the sale of foreclosed assets 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.

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The table below sets forth the computation of basic and diluted earnings per common share for the three and nine-month periods ended June 30, 2025 (unaudited) and 2024 (In thousands, except per share data).


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
Basic earnings per share:	2025		2024		2025		2024
Net income	$	217	$	183	$	495	$	403
Weighted average common shares outstanding used to calculate
basic and diluted earnings per common share		1,006		1,053		1,031		1,052
Basic earnings per common share	$	0.22	$	0.17	$	0.48	$	0.38
Diluted earnings per common share	$	0.22	$	0.17	$	0.48	$	0.38

There were no dilutive or antidilutive shares at June 30, 2025 or 2024.

NOTE 4: COMPREHENSIVE INCOME (LOSS)

Comprehensive income (loss), presented in the consolidated statements of shareholders’ equity, 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 June 30, 2025 (unaudited) and September 30, 2024:



	June 30,		September 30,
	2025		2024

	(In thousands)
Accumulated Other Comprehensive Loss by Component

Unrealized Loss on Available-for-Sale Securities, net		(3,150)		(1,788)
Tax Effect		661		375
Net Unrealized Loss on Available-for-Sale Securities		(2,489)		(1,413)

Unrealized Loss for Other Postretirement Obligations	$	(294)	$	(245)
Tax Effect		62		52
Net Unrealized Loss for Other Postretirement Obligations		(232)		(193)

Total Accumulated Other Comprehensive Loss	$	(2,721)	$	(1,606)

NOTE 5: INVESTMENT SECURITIES

The amortized cost of debt securities and their approximate fair value at June 30, 2025 (unaudited) is represented in the table below:


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
AVAILABLE FOR SALE
U.S. Government Treasuries	$	2,397	$	—	$	(4)	$	2,393
U.S. Government Agencies		7,641		5		(18)		7,628
Mortgaged-Backed Securities		11,078		16		(465)		10,629
Municipal Securities		22,123		55		(2,743)		19,435
SBA Securities		1,608		10		(6)		1,612
	$	44,847	$	86	$	(3,236)	$	41,697

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The amortized cost of debt securities and their approximate fair value at September 30, 2024 is represented in the table below.


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
AVAILABLE FOR SALE
U.S. Government Treasuries	$	2,346	$	3	$	—	$	2,349
U.S. Government Agencies		8,479		57		(1)		8,535
Mortgaged-Backed Securities		11,337		74		(240)		11,171
Municipal Securities		22,974		158		(1,847)		21,285
SBA Securities		2,000		19		(11)		2,008
	$	47,136	$	311	$	(2,099)	$	45,348

The amortized cost and fair value of debt securities, by contractual maturity, at June 30, 2025 (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	$	4,993	$	4,990
Due After One Year Through Five Years		7,346		7,389
Due After Five Years Through Ten Years		7,039		6,742
Due After Ten Years		12,783		10,335
		32,161		29,456
Mortgage-Backed & SBA Securities with no set maturity		12,686		12,241
	$	44,847	$	41,697

The amortized cost and fair value of debt securities, by contractual maturity, at September 30, 2024 is as shown below.


	Debt Securities
	Available-for-Sale
	Amortized
	Cost		Fair Value

	(In Thousands)
Due Within One Year	$	2,381	$	2,382
Due After One Year Through Five Years		11,180		11,265
Due After Five Years Through Ten Years		6,640		6,487
Due After Ten Years		13,598		12,035
		33,799		32,169
Mortgage-Backed & SBA Securities with no set maturity		13,337		13,179
	$	47,136	$	45,348

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The realized gains from the sale of available-for-sale investments for the three and nine month periods ended June 30, 2025 and 2024 (unaudited) is as shown in the table below:


	Three Months Ended				Nine Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(unaudited)
	(In Thousands)
Proceeds	$	—	$	722	$	—	$	722
Cost		—		(709)		—		(709)
Net Realized Gains	$	—	$	13	$	—	$	13
Gross Realized Gains	$	—	$	13	$	—	$	13
Gross Realized Losses		—		—		—		—
Net Realized Gains	$	—	$	13	$	—	$	13

Information pertaining to securities with gross unrealized losses at June 30, 2025 (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)
June 30, 2025
Securities Available-for-Sale:
US Government Treasuries & Agencies	$	22	$	6,938	$	—	$	—	$	22	$	6,938
Mortgage-backed & SBA Securities		179		6,543		292		2,218		471		8,761
Municipal Securities		210		4,336		2,533		8,775		2,743		13,111
	$	411	$	17,817	$	2,825	$	10,993	$	3,236	$	28,810

Information pertaining to securities with gross unrealized losses at September 30, 2024 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, 2024
Securities Available-for-Sale:
US Government Treasuries & Agencies	$	—	$	—	$	1	$	990	$	1	$	990
Mortgage-backed & SBA Securities		11		1,335		240		2,570		251		3,905
Municipal Securities		12		763		1,835		8,842		1,847		9,605
	$	23	$	2,098	$	2,076	$	12,402	$	2,099	$	14,500

In management’s opinion, the unrealized losses primarily reflect changes in interest rates subsequent to the acquisition of specific securities. The Company had 51 and 9 securities in an unrealized loss position of less than twelve months at June 30, 2025 and September 30, 2024, respectively, and 63 and 69 securities in an unrealized loss position of 12 months or more at June 30, 2025 and September 30, 2024, 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 June 30, 2025 or September 30, 2024.

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NOTE 6: LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

The components of loans receivable, net, at June 30, 2025 (unaudited) and September 30, 2024 are as shown in the table below:


	As of June 30,		As of September 30,
	2025		2024
	(unaudited)
	Total Loans
	(In Thousands)
Real Estate Mortgages
Residential	$	105,569	$	103,521
Commercial		10,587		11,239
Construction		2,149		1,945
Home Equity		1,947		1,643
Other Loans:
Commercial Non-Mortgage		2,440		1,843
Automobile		1,995		2,528
Passbook		380		437
Consumer		2,225		2,559
Total Loans		127,292		125,715
Net Deferred Loan Fees		456		437
Net Discounts on Acquired Loans		(743)		(832)
Allowance for Credit Losses		(1,072)		(1,063)
Loans Receivable, Net	$	125,933	$	124,257

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 June 30, 2025 (unaudited) and September 30, 2024:


	June 30, 2025		September 30, 2024
	(unaudited)
	(in thousands)
Acquired Credit Impaired Loans
Outstanding Principal Balance	$	—	$	—
Carrying Amount	$	—	$	—
Acquired Non-Credit Impaired Loans
Outstanding Principal Balance	$	27,185	$	28,996
Carrying Amount	$	26,442	$	28,164
Total Acquired Loans
Outstanding Principal Balance	$	27,185	$	28,996
Carrying Amount	$	26,442	$	28,164

The Company had not acquired any loans with deteriorated credit quality as of June 30, 2025 and September 30, 2024. The Company did acquire a commercial secured performing loan which has been classified as Substandard to ensure proper oversight and monitoring of the loan. The loan has performed in accordance with its modified terms for over three 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. Interest income on a restructured loan is accrued once the borrower demonstrates the ability to pay under the restructured terms for sustained period of repayment performance, which is generally six consecutive months. The loan was removed from non-accrual status during the third

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quarter of fiscal year 2024. This loan has a negative fair value adjustment as a result of purchase price accounting of $49,000 at June 30, 2025.

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 for a servicing fee. At June 30, 2025 and September 30, 2024, the total outstanding principal balance on serviced loans was $11.3 million and $11.8 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 nine-months ended June 30, 2025 and 2024 (unaudited), and the year ended September 30, 2024.

Allowance for credit losses and recorded investment in loans as of and for the three months ended June 30, 2025 was as follows:


	Real Estate		Real Estate		Commercial		Commercial
	Residential		Commercial		Secured		Unsecured		Consumer		Total
					(In Thousands)		(Unaudited)
Allowance for Credit Losses:
Beginning Balance	$	811	$	150	$	41	$	1	$	61	$	1,064
Charge-offs		—		—		—		—		(1)		(1)
Recoveries		—		—		—		—		—		—
Transfer		8		(5)		(1)		—		(2)		—
Provisions		9		—		—		—		—		9
Ending Balance	$	828	$	145	$	40	$	1	$	58	$	1,072
Ending Balance: Individually
Evaluated	$	11	$	—	$	—	$	—	$	—	$	11
Ending Balance: Collectively
Evaluated	$	817	$	145	$	40	$	1	$	58	$	1,061
Loans Receivable:
Ending Balance	$	109,665	$	10,587	$	2,401	$	39	$	4,600	$	127,292
Ending Balance: Individually
Evaluated	$	45	$	761	$	—	$	—	$	—	$	806
Ending Balance: Collectively
Evaluated	$	109,620	$	9,826	$	2,401	$	39	$	4,600	$	126,486

Allowance for credit losses and recorded investment in loans as of and for the nine months ended June 30, 2025 was as follows:


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

	(In Thousands)
Allowance for Credit Losses:
Beginning Balance	$	799	$	156	$	40	$	—	$	68	$	1,063
Charge-offs		—		—		—		—		(22)		(22)
Recoveries		—		—		—		—		2		2
Transfer		—		(11)		—		1		10		—
Provisions		29		—		—		—		—		29
Ending Balance	$	828	$	145	$	40	$	1	$	58	$	1,072
Ending Balance: Individually
Evaluated	$	11	$	—	$	—	$	—	$	—	$	11

Gouverneur Bancorp, Inc./MD/ 10-Q