Jeffersonville Bancorp Announces First Quarter Earnings of $2,553,000 or $0.60 per share; Declares Dividend of $0.15
Jeffersonville Bancorp (OTCQB: JFBC) reported first-quarter net income of $2,553,000 or $0.60 per share for 2024, down from $2,660,000 or $0.63 per share in Q1 2023.
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Rhea-AI Summary
Jeffersonville Bancorp (OTCQB: JFBC) reported first-quarter net income of $2,553,000 or $0.60 per share for 2024, down from $2,660,000 or $0.63 per share in Q1 2023. The $107,000 decrease was due to rises in various expenses, including interest expense ($743,000), credit loss provision ($288,000), and salaries ($132,000). Offsetting these were increases in non-interest income ($481,000), loan interest and fees ($450,000), and other interest income ($254,000), along with a $31,000 reduction in tax expenses. Despite the challenges, CEO George W. Kinne, Jr. emphasized the company's stable balance sheet and favorable earnings relative to peers. The board declared a dividend of $0.15 per share, payable on June 6, 2024, to shareholders of record as of May 28, 2024.
Positive
- First-quarter net income of $2,553,000 or $0.60 per share.
- Increases in non-interest income by $481,000.
- Loan interest and fees increased by $450,000.
- Other interest and dividends income increased by $254,000.
- Tax expense decreased by $31,000.
- Stable balance sheet and favorable earnings compared to peers.
- Dividend of $0.15 per share declared.
Negative
- Decrease in net income by $107,000 compared to the same quarter in 2023.
- Interest expense increased by $743,000.
- Credit loss provision rose by $288,000.
- Salaries and employee benefits increased by $132,000.
- Other non-interest expenses increased by $110,000.
- Foreclosure expenses rose by $32,000.
Details
News Market Reaction – JFBC
The recorded move for JFBC in the trading session of this news was -2.86%.
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JEFFERSONVILLE, N.Y., May 14, 2024 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today first quarter net income of
"The Company’s interest income has largely kept pace with higher deposit expense, resulting in our earnings remaining at favorable levels compared to peers." said George W. Kinne, Jr., President and CEO, “Our focus on preserving liquidity, using securities runoff to fund higher rate loans and earn higher rates on excess reserves at the Fed, has worked to our advantage in the current environment. The banking sector is still facing challenges caused by higher rates, but we are pleased our balance sheet position continues to be stable.”
A cash dividend in the amount of fifteen cents (
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.
For More Information, call: 845-482-4000
Contact: George W. Kinne, Jr., President – CEO
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