JEFFERSONVILLE, N.Y.,, Aug. 15, 2018 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB: JFBC) announced today second quarter net income of $1,743,000 or $0.41 per share compared to $1,293,000 or $0.31 per share for the same quarter in 2017. The increase in quarterly net income compared to 2017 of $450,000 was primarily attributable to an increase in interest earned on loans of $239,000 and an increase in interest on excess reserves (IOER) at the Federal Reserve Bank of $210,000.
Year to date net income as of June 30, 2018 was $3,305,000 or $0.78 per share compared to $2,696,000 or $0.64 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 $214,000, IOER at the Federal Reserve Bank increased by $411,000, and non-interest income increased by $60,000. In addition, occupancy expense decreased by $102,000, other non-interest expense decreased by $56,000, and tax expense decreased by $125,000 compared to the same period in 2017. These improvements were partially offset by 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.
"We are very pleased with the Company’s performance this year. Net income is up for the quarter by 35% and year to date by 22% compared to the same period one year ago. While income tax reform has helped us retain more of our earnings, income before taxes is up nearly $500,000 or 14% year to date," 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 14, 2018 meeting of the Board of Directors. The dividend is payable on September 5, 2018 to stockholders of record at the close of business on August 28, 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
