Welcome to our dedicated page for JEFFERSONVILLE BANCORP news (Ticker: JFBC), a resource for investors and traders seeking the latest updates and insights on JEFFERSONVILLE BANCORP stock.
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, Inc. (OTCQB - JFBC) announced the closure of its Narrowsburg and Loch Sheldrake branch offices effective February 11, 2022. This decision follows a strategic review of branch profitability. Customers from these branches will have their accounts transferred to nearby Callicoon and Liberty branches. President George Kinne expressed optimism about maintaining customer relationships through their extensive network and digital services. The closures aim to enhance operational efficiency, reduce costs, and improve returns on assets and equity.
Jeffersonville Bancorp (OTCQB - JFBC) reported strong second-quarter net income of $1,735,000 or $0.41 per share, up from $1,264,000 or $0.30 per share in 2020. The increase is driven by a rise in non-interest income and reduced loan loss provisions. Year-to-date net income reached $3,049,000 or $0.72 per share, a $739,000 increase year-over-year. A cash dividend of $0.15 per share was declared, payable on September 1, 2021. The company maintains a liquid position to capitalize on future opportunities amid uncertainty in the economic landscape.
Jeffersonville Bancorp, Inc. (OTCQB - JFBC) reported a first quarter net income of $1,314,000 or $0.31 per share, up from $1,046,000 or $0.25 per share in the same quarter of 2020. The $268,000 increase was mainly due to a $250,000 decrease in the provision for loan losses, $235,000 unrealized gain on equity securities, and a $71,000 decrease in interest expense, offset by a $536,000 decrease in loan interest and a $71,000 increase in tax expense. A cash dividend of $0.15 per share was declared, payable June 2, 2021.
Jeffersonville Bancorp (OTCQB - JFBC) reported a Q4 2020 net income of $1.204 million or $0.28 per share, showing an increase from $1.045 million or $0.25 per share in Q4 2019. This growth was driven by lower provisions for loan losses, reduced tax expenses, and increases in securities income. However, annual net income fell to $4.810 million from $6.506 million in 2019, primarily due to declines in loan interest and non-interest income. The board declared a quarterly dividend of $0.15 per share, payable March 2, 2021.