Gouverneur Bancorp in Gouverneur, N.Y., reported a net loss in its most recent quarter after it made several balance sheet moves.
The $191.7 million-asset company said in a press release that it lost $3.1 million in the quarter.
The company sold about $24 million of securities at a $2 million pretax loss. It also sold a 95% participation in roughly $20 million of lower-yielding loans, taking another $2 million loss, while keeping 5% and continuing to service the loans.
Gouverneur used the proceeds to repay all $7 million of its FHLB advances and invested $11.6 million in higher-yielding, shorter-duration securities and $9 million in short-term Treasurys.