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Jeffersonville Bancorp reports news as a one-bank holding company that owns Jeff Bank, a community bank with full-service branches in Sullivan and Orange County, New York. Company updates center on quarterly and annual earnings, common-stock dividend declarations, special cash dividends, and operating trends in Jeff Bank's loan interest and fees, securities income, funding costs, non-interest expense, tax expense, and credit-loss provision.
Recurring announcements also describe balance-sheet and capital themes, including core funding costs, liquidity, loan growth, securities runoff, and capital strength. Other company news may cover leadership changes within Jeff Bank's retail banking and branch operations.
Jeffersonville Bancorp reported Q3 2024 net income of $3,092,000 ($0.73 per share), up from $2,972,000 ($0.70 per share) in Q3 2023. The increase was mainly due to higher loan interest and fees of $397,000, partially offset by increased salaries and benefits. Year-to-date net income was $8,676,000 ($2.05 per share), slightly down from $8,828,000 ($2.08 per share) in 2023. The company declared a quarterly dividend of $0.15 per share, payable December 6, 2024. Management highlighted maintained favorable net interest margins and plans to reduce high-rate wholesale funding following Federal Reserve rate cuts.
Jeffersonville Bancorp (OTCQB: JFBC) announced the resignation of Director Philip Coombe, III from the boards of Jeffersonville Bancorp and its subsidiary, Jeff Bank, effective immediately. Coombe, who joined the board in 2012, served on all Jeff Bank committees and was the standing Chairman of the Asset and Liability and Compliance Committees. He is stepping down due to expanding business and professional obligations.
George W. Kinne, Jr., President and CEO, expressed gratitude for Coombe's dedication and support over the past 12 years. Jeffersonville Bancorp is a one-bank holding company that owns all capital stock of Jeff Bank, which operates ten full-service branches in Sullivan and Orange County, New York.
Jeffersonville Bancorp (OTCQB: JFBC) reported second quarter net income of $3,031,000 or $0.72 per share, down from $3,196,000 or $0.75 per share in Q2 2023. The decrease was mainly due to increased provision expense, interest expense, and salaries. Year-to-date net income as of June 30, 2024, was $5,584,000 or $1.32 per share, compared to $5,856,000 or $1.38 per share in 2023. Despite challenges, the company maintained stable net interest income, with higher loan rates offsetting increased interest expenses. The bank's low-cost deposit base and strong liquidity position it favorably among peers. A cash dividend of $0.15 per share was declared, payable on September 6, 2024.
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.
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JEFFERSONVILLE, N.Y., Feb. 14, 2023 – Jeffersonville Bancorp (OTCQB - JFBC) reported a fourth quarter net income of $2,803,000 ($0.66 per share), a notable increase from $1,442,000 ($0.34 per share) in Q4 2021. Year-to-date net income reached $9,304,000 ($2.20 per share) compared to $5,944,000 ($1.40 per share) in 2021. Key contributing factors included increased loan interest, securities income, and other fees, despite rising tax expenses and a drop in net gains on securities. A cash dividend of $0.15 per share was declared, payable on March 6, 2023. The CEO highlighted that the company is well-positioned despite rising risks due to competitive pressures on deposits.