Jeffersonville Bancorp Announces First Quarter Earnings of $2,718,000 or $0.64 per share; Declares Dividend of $0.15

Rhea-AI Summary

Jeffersonville Bancorp (OTCQB:JFBC) reported strong Q1 2025 results with net income of $2.718 million ($0.64 per share), up from $2.553 million ($0.60 per share) in Q1 2024. The $165,000 increase was driven by reduced interest expense (-$621,000), higher loan interest and fees (+$328,000), and increased non-interest income (+$102,000). These gains were partially offset by decreased other interest income (-$666,000) and modest increases in tax expense, salaries, and other expenses.

The company has eliminated all wholesale funding by end-2024, further reducing interest expenses. Additionally, JFBC declared a quarterly dividend of $0.15 per share, payable on June 5, 2025, to shareholders of record as of May 27, 2025.

Positive

• Net income increased by $165,000 to $2.718 million in Q1 2025
• Interest expense decreased significantly by $621,000
• Loan interest and fees grew by $328,000
• Non-interest income increased by $102,000
• Elimination of all wholesale funding by end of 2024, reducing interest expenses

Negative

• Other interest income decreased by $666,000
• Increased operating costs including tax expense (+$46,000), salaries (+$43,000), and other expenses (+$33,000)

AI-generated analysis. How Rhea-AI works. Not financial advice.

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JEFFERSONVILLE, N.Y., May 13, 2025 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today first quarter net income of $2,718,000 or $0.64 per share compared to $2,553,000 or $0.60 per share for the same quarter in 2024. The increase in quarterly net income compared to 2024 of $165,000 was primarily attributable to a decrease in interest expense of $621,000, an increase in loan interest and fees of $328,000, and an increase in non-interest income of $102,000. The increase was partially offset by a decrease in other interest income of $666,000, an increase in tax expense of $46,000, in salaries and employee benefits of $43,000, and in other non-interest expense of $33,000.

"The Company retired all wholesale funding by the end of 2024, reducing forward interest expense from already low levels." said George W. Kinne, Jr., President and CEO, “Strong loan growth in the first quarter partially offset lower rates on funds held at the Federal Reserve and some planned runoff of securities. With economic uncertainty expected to continue in the near term, we are comfortable with our balance sheet continuing to be very liquid.”

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 13, 2025 meeting of the Board of Directors. The dividend is payable on June 5, 2025 to stockholders of record at the close of business on May 27, 2025.

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

FAQ

What was Jeffersonville Bancorp's (JFBC) earnings per share in Q1 2025?

JFBC reported earnings of $0.64 per share in Q1 2025, up from $0.60 per share in Q1 2024.

What dividend did JFBC declare for Q1 2025?

JFBC declared a quarterly dividend of $0.15 per share, payable on June 5, 2025, to shareholders of record as of May 27, 2025.

How much did Jeffersonville Bancorp's net income increase in Q1 2025 compared to Q1 2024?

JFBC's net income increased by $165,000, from $2.553 million in Q1 2024 to $2.718 million in Q1 2025.

What were the main factors driving JFBC's earnings growth in Q1 2025?

The main factors were a $621,000 decrease in interest expense, $328,000 increase in loan interest and fees, and $102,000 increase in non-interest income.

How many branches does Jeff Bank operate and where are they located?

Jeff Bank maintains ten full-service branches across Sullivan and Orange County, New York, including locations in Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Port Jervis, White Lake, and Wurtsboro.