JSB Financial Inc. reports developments tied to its role as the bank holding company for Jefferson Security Bank, an independent community bank serving customers through offices in Berkeley County and Jefferson County, West Virginia, and Washington County, Maryland. News commonly covers quarterly and annual earnings, net interest income, loan portfolio growth, core deposit trends, asset quality, liquidity, book value, and returns on average assets and equity.
The company's updates also include semi-annual common stock dividend declarations and commentary on Jefferson Security Bank's community banking activities for individuals, businesses, municipalities, and community organizations. Its recurring disclosures center on commercial real estate lending, residential real estate lending, interest-earning deposits, investment securities, and credit-quality measures.
Jefferson Security Bank has appointed Mike Chapman as the new Vice President of Operations and Innovation as of February 2021. Chapman will focus on enhancing digital banking, improving customer experience, and streamlining internal processes. He brings over 24 years of experience from Royal Vendors, where he led tech and operations. President Cindy Kitner expressed confidence in Chapman's ability to drive innovation and cultural change within the bank, which is dedicated to serving its community.
Jefferson Security Bank (OTC Pink: JFWV) has declared a semi-annual dividend of $1.00 per share, a $0.05 increase from the previous year. The dividend will be paid on March 12, 2021, to shareholders of record as of March 1, 2021. Additionally, the Board approved a stock repurchase program allowing the buyback of up to 3,500 shares at $85.00 each, effective February 19, 2021. This program aims to provide liquidity and is subject to regulatory restrictions, with the possibility of suspension or modification.
Jefferson Security Bank (OTCBB: JFWV) reported a net income increase to $871 thousand for Q4 2020, up from $743 thousand in Q4 2019. Annual net income rose to $2.88 million, a 2.8% increase from $2.80 million in 2019. Basic earnings per share for 2020 were $10.30, compared to $10.02 in 2019. Total assets grew to $380.7 million, a 17.4% increase from $324.4 million. Total deposits rose by $63.4 million or 22.4%. The provision for loan losses significantly increased to $800 thousand due to economic uncertainty, impacting financial performance.