Jeffersonville Bancorp Announces Fourth Quarter Earnings of $2,803,000 or $0.66 per share and Year to Date Earnings of $9,304,000 or $2.20 per share; Declares Dividend of $0.15
JEFFERSONVILLE, N.Y., Feb. 14, 2023 (GLOBE NEWSWIRE) — Jeffersonville Bancorp, Inc. (OTCQB – JFBC) announced today fourth quarter net income of $2,803,000 or $0.66 per share compared to $1,442,000 or $0.34 per share for the same quarter in 2021. The increase in quarterly net income compared to 2021 of $1,361,000 was primarily attributable to an increase in loan interest and fees of $944,000, other interest and dividends of $723,000, and securities income of $671,000, partially offset by a decrease in net gain on sale of securities of $514,000, an increase in tax expense of $415,000, and an increase in non-interest expense of $139,000.
Year to date net income as of December 31, 2022 was $9,304,000 or $2.20 per share compared to $5,944,000 or $1.40 per share for the same period in 2021. The increase in year-to-date net income compared to 2021 of $3,360,000 was primarily attributable to an increase in securities income of $2,185,000, other interest and dividends of $1,584,000, loan interest and fees of $999,000, and a decrease in total non-interest expense of $242,000, partially offset by a decrease in realized and unrealized gains on securities of $684,000 and an increase in income tax expense of $978,000 compared to the same period in 2021.
“Increases in the federal funds rate by the Federal Reserve board, aimed at curbing high inflation, combined with higher levels of loans and securities investments and already high balances held at the Federal Reserve Bank, contributed to the largest dollar level of profit in the company’s history in 2022,” said George W. Kinne, Jr., President and CEO, “With the Federal Reserve Board signaling higher rates for a longer period of time, risks to future earnings are rising as competition for deposits is putting pressure on interest expense and liquidity throughout the banking industry. Our balance sheet is well positioned for that operating environment in the near term, and with no borrowed or wholesale funding, we are prepared to respond if those conditions worsen.”
A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the February 14, 2023 meeting of the Board of Directors. The dividend is payable on March 6, 2023 to stockholders of record at the close of business on February 27, 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
