Gouverneur Bancorp GOVB

Gouverneur Bancorp, Inc. is a savings and loan holding company regulated by the Board of Governors of the Federal Reserve System. The company's sole direct subsidiary is Gouverneur Savings and Loan Association, a New York chartered stock savings and loan association that has been providing community banking services since 1892. The Bank operates four full service branch offices and one loan production office located in Jefferson and St. Lawrence Counties, New York. Its core business consists of originating one to four family residential real estate mortgage loans, commercial real estate loans, construction loans, home equity loans and lines of credit, as well as commercial and consumer loans. The Bank also offers a variety of retail deposit products including checking accounts, money market accounts, regular savings accounts, club savings accounts, certificate accounts and retirement accounts. Gouverneur Bancorp, Inc. additionally owns GS&L Municipal Bank, a limited purpose subsidiary formed in September 2022 as a New York chartered limited purpose commercial bank that accepts deposits only from New York state agencies, authorities, instrumentalities and local governments. GS&L Municipal Bank had $20.0 million in deposits as of September 30, 2025 and is regulated by the New York State Department of Financial Services and the Federal Deposit Insurance Corporation.

The company generates revenue primarily from interest on loans and, to a lesser extent, interest on investment securities and mortgage backed securities. Interest income on loans includes earnings from residential mortgages, commercial real estate loans, construction loans, home equity lines of credit, commercial loans and consumer loans. Interest income on securities comes from municipal bonds, mortgage backed securities issued by government sponsored enterprises and U. S. Treasury obligations. Non interest income comprises deposit fees and service charges, realized gains on sales of securities, realized gains on sales of loans associated with loan production, and realized gains on sales of other real estate owned. The Bank also earns income from fees related to loan origination, loan servicing and deposit account maintenance. Overall, interest income typically represents the largest portion of total revenue while fee based income provides a supplemental contribution.

Gouverneur Bancorp, Inc. operates as a community bank in a predominantly rural market in northern New York, competing with larger commercial banks, savings institutions, credit unions and non bank financial service providers. The Bank's market area includes Jefferson, Lewis and St. Lawrence Counties, where it faces competition from regional banks, national bank branches and local credit unions that often have greater resources and broader product offerings. Despite this competitive landscape, the company maintains a strong local presence through its long history, deep community ties and a focus on relationship based lending. Competitive advantages include intimate knowledge of local borrowers, the ability to make swift credit decisions, and a reputation for personalized service that larger institutions may struggle to replicate. The Bank's capital position remains robust, with both the Bank and GS&L Municipal Bank classified as well capitalized under Federal Deposit Insurance Corporation regulations as of September 30, 2025. This solid capital base supports the company's ability to absorb losses, fund loan growth and meet regulatory requirements while continuing to serve its customers.

The company serves individuals, families, medium sized businesses, and local municipalities within Jefferson, Lewis and St. Lawrence Counties, as well as customers drawn from the broader North Country region of New York state. Individual customers include homeowners seeking mortgages for primary residences, second vacation homes and cottages along the St. Lawrence River, as well as consumers requesting auto, motorcycle, boat and recreational vehicle loans. Family customers often utilize home equity lines of credit for home improvements, education expenses or debt consolidation. Medium sized businesses receive commercial real estate loans for office buildings, retail spaces and apartment complexes, as well as operating lines of credit for working capital and equipment financing. Local municipalities deposit funds with GS&L Municipal Bank to manage cash flows for public projects, school districts and municipal utilities. The Bank also serves sectors such as manufacturing, agriculture, retail trade, construction, mining, health care, colleges and universities, government services and tourism related businesses that benefit from the presence of Fort Drum and the Thousand Islands destination.