Jeffersonville Bancorp Reports Impressive Financial Results
Jeffersonville Bancorp, Inc. has recently unveiled its financial performance, reflecting a significant achievement in net income for the fiscal year ending December 31. With net earnings amounting to $11,330,000 or $2.68 per share, this marks a rise from $11,175,000 or $2.64 per share reported for the previous year. This improvement represents a healthy increase of $155,000, underlining the strength of the company's financial foundation.
Factors Contributing to Yearly Income Growth
The substantial increase in Jeffersonville Bancorp's net income can be attributed to several key factors. Firstly, the enhancement in loan interest and fees contributed $1,679,000 to the overall earnings. Additionally, the company benefitted from an unrealized gain on securities amounting to $184,000. However, these positive indicators were tempered by certain expenses, including a decrease in securities and other interest income totaling $591,000, an increase in interest expenses by $575,000, and a rise in total non-interest expenses by $903,000 compared to the same timeframe in the prior year.
Quarterly Earnings Performance
In assessing quarterly performance, Jeffersonville Bancorp reported a net income of $2,654,000 or $0.63 per share for the fourth quarter. This also marks an increase over the $2,347,000 or $0.56 per share reported for the same quarter in the prior year. This quarterly improvement can largely be traced back to a reduction in interest expenses totaling $563,000 and a decrease in credit loss provisions by $205,000. Despite this progress, challenges such as a decline in interest and dividend income of $274,000, an increase in non-interest costs by $134,000, and a rise in tax expenses by $75,000 posed some constraints.
Leadership Insights
The company’s President and CEO, George W. Kinne, Jr., expressed his satisfaction with the results, emphasizing that these accomplishments signify the third consecutive year of record earnings for Jeffersonville Bancorp. He highlighted the company's robust return on assets (ROA), which is notably the third highest among publicly traded banks in New York State, and is 53% above the average for all insured commercial banks within the specified asset range in the U.S. for this year. This performance is largely attributed to a solid core deposit base that minimized reliance on expensive wholesale funding. Furthermore, the company concluded the fiscal year while maintaining a leverage capital ratio of 13.87%, surpassing many of its peers by 20-30%.
Dividend Declaration
As part of its financial announcements, the Board of Directors declared a cash dividend of fifteen cents ($0.15) per share on the common stock. This dividend is set to be paid on a specified date to shareholders recorded by the close of business on a previous date, reflecting the company’s ongoing commitment to returning value to its investors.
Overview of Jeffersonville Bancorp
Jeffersonville Bancorp operates as a one-bank holding company owning all shares of Jeff Bank. The bank boasts ten full-service branches throughout Sullivan and Orange County, New York. These include locations in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Monticello, Port Jervis, White Lake, and Wurtsboro, ensuring comprehensive banking services for the local community.
Contact Information
For further inquiries, Jeffersonville Bancorp can be reached at 845-482-4000. The company encourages contact through its President, George W. Kinne, Jr., for any banking-related queries.
Frequently Asked Questions
What was Jeffersonville Bancorp's net income for the year?
Jeffersonville Bancorp reported a net income of $11,330,000 or $2.68 per share for the fiscal year ending December 31.
How much was the declared dividend?
The Board of Directors declared a cash dividend of fifteen cents ($0.15) per share.
What factors contributed to the increase in net income?
The increase in loan interest and fees as well as unrealized gains on securities were major contributors.
How many branches does Jeff Bank have?
Jeff Bank maintains ten full-service branches across Sullivan and Orange County, NY.
Who can I contact for more information about Jeffersonville Bancorp?
You can contact George W. Kinne, Jr., the President and CEO, at 845-482-4000 for more details.
