11/14/2018: 3rd Quarter Earnings 2018
Jeffersonville Bancorp Announces Third Quarter Earnings of $1,762,000 or $0.42 per share and Year to Date Earnings of $5,066,000 or $1.20 per share; Declares Dividend of $0.15
JEFFERSONVILLE, N.Y., November 14, 2018 (PRIME NEWSWIRE) — Jeffersonville Bancorp, Inc. (OTCQB – JFBC) announced today third quarter net income of $1,762,000 or $0.42 per share compared to $1,343,000 or $0.32 per share for the same quarter in 2017. The increase in quarterly net income compared to 2017 of $419,000 was primarily attributable to an increase in interest earned on loans of $450,000 and an increase in interest on excess reserves (IOER) at the Federal Reserve Bank of $165,000 partially offset by an increase in non-interest expense of $339,000.
Year to date net income as of September 30, 2018 was $5,066,000 or $1.20 per share compared to $4,039,000 or $0.95 per share for the same period in 2017. The increase in year to date net income compared to 2017 was attributable to several factors. Interest income on loans increased by $665,000, IOER at the Federal Reserve Bank increased by $575,000, and total non-interest income increased by $119,000. In addition, occupancy expense decreased by $85,000, and tax expense decreased by $167,000 compared to the same period in 2017. These improvements were partially offset by other non-interest expense increasing by $282,000 and a non-recurring negative provision to loan losses of $300,000, due to a large recovery of a previously charged off loan, that the Company recognized in the first half of 2017.
“The Company continues to perform very well this year due to loan growth, low core funding costs, and rising interest rates. Net income is up $1,027,000 or 25% year to date compared to the same period one year ago.” 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 November 13, 2018 meeting of the Board of Directors. The dividend is payable on December 3, 2018 to stockholders of record at the close of business on November 27, 2018.
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