08/13/2019: 2nd Quarter Earnings 2019
Jeffersonville Bancorp Announces Second Quarter Earnings of $2,103,000 or $0.51 per share and Year to Date Earnings of $3,762,000 or $0.89 per share; Declares Dividend of $0.15
JEFFERSONVILLE, N.Y., August 13, 2019 (PRIME NEWSWIRE) — Jeffersonville Bancorp, Inc. (OTCQB – JFBC) announced today second quarter net income of $2,103,000 or $0.51 per share compared to $1,743,000 or $0.41 per share for the same quarter in 2018. The increase in quarterly net income compared to 2018 of $360,000 was primarily attributable to an increase in interest income of $548,000 and an increase in other non-interest income of $95,000, partially offset by an increase in total non-interest expense of $129,000 and an increase in the provision for loan losses of $100,000.
Year to date net income as of June 30, 2019 was $3,762,000 or $0.89 per share compared to $3,305,000 or $0.78 per share for the same period in 2018. The increase in year to date net income compared to 2018 was primarily attributable to an increase in interest income on loans of $838,000 and an increase in total non-interest income of $108,000, partially offset by increases in non-interest expense of $343,000, the provision for loan losses of $200,000, and income tax expense of $129,000 compared to the same period in 2018.
“The Company continues to perform very well this year despite a highly competitive environment for loans and deposits. Net income is up for the quarter by 20% and year to date by 14% compared to the same period last year. We are particularly pleased with these results considering that 2018 was a year of record profits for the Company,” said George W. Kinne, Jr., President and CEO.
A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the August 13, 2019 meeting of the Board of Directors. The dividend is payable on September 4, 2019 to stockholders of record at the close of business on August 26, 2019.
Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains twelve full service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Loch Sheldrake, Monticello, Narrowsburg, Port Jervis, White Lake, and Wurtsboro.
For more information, call: (845) 482-4000
Contact: George W. Kinne, Jr., President-CEO