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JEFFERSONVILLE, N.Y., May 09, 2023 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today first quarter net income of $2,660,000 or $0.63 per share compared to $1,790,000 or $0.43 per share for the same quarter in 2022. The increase in quarterly net income compared to 2022 of $870,000 was primarily attributable to an increase in securities and other interest and dividends of $1,265,000, an increase in loan interest and fees of $609,000, an increase in other non-interest income of $351,000 from the sale of OREO property, and a negative credit loss provision of $181,000. These improvements were partially offset by a loss on the sale of securities of $785,000, an increase in tax expense of $304,000, and a decrease in unrealized securities gains of $197,000.
"Higher levels of loans and securities investments, combined with higher overall interest rates, contributed to higher net interest income in the first quarter," said George W. Kinne, Jr., President and CEO, “With the Federal Reserve signaling interest rates will remain high, the banking sector in general is being negatively impacted due to deposit outflows and rate competition. We are not immune to those conditions but like many community banks our deposit outflows have been muted and our liquidity position continues to be stable.”
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 9, 2023 meeting of the Board of Directors. The dividend is payable on June 1, 2023 to stockholders of record at the close of business on May 22, 2023.
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
