Gouverneur Bancorp Inc. in New York said Friday that net income rose 28.8% in fiscal 2010.
The $147 million-asset company earned $1.6 million in the year that ended Sept. 30, or 74 cents a share, compared with $1.3 million, or 56 cents a share, in the previous fiscal year. Total assets rose 2.2%, to $147 million.
Nonperforming loans rose 52% during the fiscal year to $1.1 million, but were still less than 1% of total loans at Sept. 30. Gouverneur boosted its loan-loss provision to $205,000, from $60,000 in fiscal 2009, and charged off $135,000.
Charles C. Van Vleet Jr., Gouverneur's chief executive, said in a press release that he expects the new regulatory environment and economic uncertainty to put additional strain on the bank's profitability next year.
