Jeffersonville Bancorp Announces Third Quarter Earnings of $1,296,000 or $0.30 per share and Year to Date Earnings of $3,606,000 or $0.85 per share; Declares Dividend of $0.15
JEFFERSONVILLE, N.Y., Nov. 10, 2020 (GLOBE NEWSWIRE) — Jeffersonville Bancorp, Inc. (OTCQB – JFBC) announced today third quarter net income of $1,296,000 or $0.30 per share compared to $1,698,000 or $0.40 per share for the same quarter in 2019. The decrease in quarterly net income compared to 2019 of $402,000 was primarily attributable to a decrease in total interest and dividend income of $592,000 and an increase in total non-interest expense of $45,000, partially offset by a decrease in tax expense of $128,000, a decrease in provision for loan losses of $50,000, and a decrease of $45,000 in interest expense.
Year to date net income as of September 30, 2020 was $3,606,000 or $0.85 per share compared to $5,461,000 or $1.29 per share for the same period in 2019. The decrease in year to date net income compared to 2019 was largely attributable to the impact of Covid-19 on interest rates and service charge income. Interest income on loans decreased by $1,265,000, interest on excess reserves at the Federal Reserve Bank decreased by $846,000, total non-interest income decreased by $430,000, and provision for loan losses increased by $250,000. These impacts were partially offset by a decrease in tax expense of $524,000, an increase in interest on securities of $379,000, and a decrease in interest expense of $62,000.“The Company’s performance, like most financial institutions, continues to be impacted by the Covid-19 pandemic. Rates are at historic lows and are predicted to remain low for some time. As interest income is by far the largest source of revenue, it is a challenging environment for the banking industry. We are optimistic that our focus on our core business, strong capital position, and our high levels of liquidity will enable us to successfully weather these unprecedented times and allow us to take advantage of competitive opportunities as the economy recovers more fully,” said George W. Kinne, Jr., President and CEO.A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the November 10, 2020 meeting of the Board of Directors. The dividend is payable on December 3, 2020 to stockholders of record at the close of business on November 23, 2020.Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains twelve full service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Loch Sheldrake, Monticello, Narrowsburg, Port Jervis, White Lake, and Wurtsboro.For More Information, call: 845-482-4000George W. Kinne, Jr., President – CEO
Year to date net income as of September 30, 2020 was $3,606,000 or $0.85 per share compared to $5,461,000 or $1.29 per share for the same period in 2019. The decrease in year to date net income compared to 2019 was largely attributable to the impact of Covid-19 on interest rates and service charge income. Interest income on loans decreased by $1,265,000, interest on excess reserves at the Federal Reserve Bank decreased by $846,000, total non-interest income decreased by $430,000, and provision for loan losses increased by $250,000. These impacts were partially offset by a decrease in tax expense of $524,000, an increase in interest on securities of $379,000, and a decrease in interest expense of $62,000.“The Company’s performance, like most financial institutions, continues to be impacted by the Covid-19 pandemic. Rates are at historic lows and are predicted to remain low for some time. As interest income is by far the largest source of revenue, it is a challenging environment for the banking industry. We are optimistic that our focus on our core business, strong capital position, and our high levels of liquidity will enable us to successfully weather these unprecedented times and allow us to take advantage of competitive opportunities as the economy recovers more fully,” said George W. Kinne, Jr., President and CEO.A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the November 10, 2020 meeting of the Board of Directors. The dividend is payable on December 3, 2020 to stockholders of record at the close of business on November 23, 2020.Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains twelve full service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Loch Sheldrake, Monticello, Narrowsburg, Port Jervis, White Lake, and Wurtsboro.For More Information, call: 845-482-4000George W. Kinne, Jr., President – CEO
