Jeffersonville Bancorp Announces First Quarter Ear

JEFFERSONVILLE, N.Y., May 09, 2018 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB:JFBC) announced today first quarter net income of $1,562,000 or $0.37 per share compared to $1,401,000 or $0.33 per share for the same quarter in 2017. The increase in quarterly net income compared to 2017 was attributable to several factors. Net interest income increased by $143,000, non-interest expense decreased $181,000, and tax expense decreased $109,000. Those improvements were partially offset by a negative provision to loan losses of $300,000 recognized in the first quarter of 2017.

A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the May 8, 2018 meeting of the Board of Directors.  The dividend is payable on June 1, 2018 to stockholders of record at the close of business on May 22, 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

George W. Kinne, Jr., President – CEO