Jeffersonville Bancorp Announces Second Quarter Earnings of $3,196,000 or $0.75 per share and Year to Date Earnings of $5,856,000 or $1.38 per share; Declares Dividend of $0.15

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08/08/2023 - 11:49 AM EDT

JEFFERSONVILLE, N.Y., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today second quarter net income of $3,196,000 or $0.75 per share compared to $2,031,000 or $0.48 per share for the same quarter in 2022. The increase in quarterly net income compared to 2022 of $1,165,000 was primarily attributable to an increase in securities and other interest and dividends of $1,078,000, an increase in loan interest and fees of $818,000, and a reverse provision for loan losses of $439,000, partially offset by an increase in interest expense of $470,000, an increase in tax expense of $418,000, and an increase in total non-interest expense of $225,000.

Year to date net income as of June 30, 2023 was $5,856,000 or $1.38 per share compared to $3,821,000 or $0.90 per share for the same period in 2022. The increase in year-to-date net income compared to 2022 of $2,035,000 was primarily attributable to an increase in securities and other interest and dividends of $2,313,000, an increase in loan interest and fees of $1,427,000, and a reverse provision for loan losses of $620,000, partially offset by an increase in realized losses on securities of $778,000, an increase in income tax expense of $722,000, a decrease in unrealized gains on securities of $253,000, and an increase in total non-interest expense of $380,000 compared to the same period in 2022.

"Higher rates on loans, securities, and balances held at the Federal Reserve Bank continued to contribute to higher net interest income in the second quarter," said George W. Kinne, Jr., President and CEO. “While our deposit interest expense has increased, and will likely continue to do so as the Federal Reserve is signaling higher rates for longer, we have been fortunate to maintain a stable deposit base and liquidity position in the face of intense competition.”

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 8, 2023 meeting of the Board of Directors. The dividend is payable on September 1, 2023 to stockholders of record at the close of business on August 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.

For More Information, call: 845-482-4000

Contact: George W. Kinne, Jr., President – CEO