JEFFERSONVILLE, N.Y., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today third quarter net income of $3,092,000 or $0.73 per share compared to $2,972,000 or $0.70 per share for the same quarter in 2023. The increase in quarterly net income compared to 2023 of $120,000 was primarily attributable to an increase of $397,000 in loan interest and fees, partially offset by an increase in salaries and employee benefits of $133,000, an increase in interest expense of $65,000, and an increase in income tax expense of $37,000. One-time differences between the periods were a one-time gain on sale of foreclosed real estate of $191,000 in the current quarter offset by a negative provision for credit losses of $148,000 and a realized loss on the sale of securities of $88,000 in the same quarter last year.
Year to date net income as of September 30, 2024 was $8,676,000 or $2.05 per share compared to $8,828,000 or $2.08 per share for the same period in 2023. The decrease in year-to-date net income compared to 2023 of $152,000 was primarily attributable to an increase in interest expense of $1,138,000, an increase in salaries and employee benefits of $476,000, and a decrease in securities income of $245,000, partially offset by an increase in loan interest and fees of $1,334,000, and an increase in other interest and dividend income of $273,000 compared to the same period in 2023. One-time differences between the periods were a loss on the sale of securities of $871,000 and an unrealized loss on equity securities of $185,000 in the same period last year, offset by a negative provision of $768,000 in the same period last year and a gain on the sale of foreclosed real estate of $191,000 in the current period.
"The Company has been able to maintain its net interest margin at favorable levels, with interest on loans outpacing an increase in interest expense," said George W. Kinne, Jr., President and CEO, "With the Federal Reserve cutting interest rates near the end of the quarter, we reduced and may in the future eliminate high-rate wholesale funding using excess cash and securities runoff or sales. We continue to outperform peers in most metrics and should maintain solid results if the path of Fed rate cuts is as gradual as they have signaled."
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 12, 2024 meeting of the Board of Directors. The dividend is payable on December 6, 2024 to stockholders of record at the close of business on November 26, 2024.
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
