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JEFFERSONVILLE, N.Y., May 10, 2022 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today first quarter net income of $1,790,000 or $0.42 per share compared to $1,314,000 or $0.31 per share for the same quarter in 2021. The increase in quarterly net income compared to 2021 of $476,000 was primarily attributable to an increase in securities and other interest and dividends of $397,000, an increase in loan interest and fees of $172,000, a decrease in total non-interest expense of $114,000, an increase in service charge income of $41,000, and a decrease in interest expense of $21,000. These improvements were partially offset by an increase in tax expense of $122,000, a decrease in unrealized securities gains of $111,000 and an increase in foreclosed real estate expense of $87,000.
"Higher levels of securities investments and a large loan interest recovery, combined with continued low interest expense, contributed to higher net interest income in the first quarter," said George W. Kinne, Jr., President and CEO, “With the Federal Reserve beginning to increase the federal funds rate while signaling several future increases, variable rate loans will reprice higher and our high level of liquidity should enable us to take advantage of higher rates for new loans and securities purchases going forward.”
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 10, 2022 meeting of the Board of Directors. The dividend is payable on June 1, 2022 to stockholders of record at the close of business on May 23, 2022.
Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains ten full-service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Monticello, Port Jervis, White Lake, and Wurtsboro.
jeffersonville bancorp operates as the bank holding company for jeff bank that provides community banking services to individuals, small businesses, and local municipal governments primarily in sullivan county, new york. the company offers various deposit products, such as checking accounts, demand deposit accounts, interest-bearing transaction accounts, savings accounts, money market accounts, time deposits in the form of certificates of deposit, and individual retirement accounts. it also provides personal loan products, such as auto/rv/motorcycle/boat, home improvement, debt consolidation, check, and other financing; and business loans, including commercial real estate, commercial lines of credit, short-term notes, installment, and commercial vehicle/equipment loans, as well as agricultural and construction loans. in addition, the company offers an array of mortgage products, including residential, home equity lines of credit, construction, vacant land, manufactured homes, mobile ho
