JEFFERSONVILLE, N.Y., Feb. 11, 2025 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today net income for the year ended December 31, 2024 was $11,330,000 or $2.68 per share compared to $11,175,000 or $2.64 per share for the same period in 2023. This represents an increase of $155,000. The increase in full year net income was primarily attributable to an increase in loan interest and fees of $1,679,000 and an increase in unrealized gain on securities of $184,000. These gains were partially offset by a decrease in securities and other interest and dividends of $591,000, an increase in interest expense of $575,000, and an increase in total non-interest expenses of $903,000 compared to the same period in 2023. Other items affecting comparative results were a one-time realized loss on securities of $785,000 partially offset by a one-time negative provision for credit losses of $527,000 recorded in 2023.
Net income for the fourth quarter was $2,654,000 or $0.63 per share compared to $2,347,000 or $0.56 per share for the same quarter in 2023. The increase in quarterly net income compared to 2023 of $307,000 was primarily attributable to a decrease in interest expense of $563,000 and a decrease in credit loss expense of $205,000, partially offset by a decrease in interest and dividend income of $274,000, an increase in total non-interest expense of $134,000, and an increase in tax expense of $75,000.
"I am very pleased to report that our full year results represented the third consecutive year of record earnings for the Company," said George W. Kinne, Jr., President and CEO. "Jeff Bank's return on assets (ROA) was the third highest of publicly traded banks in New York State and 53% higher than the average of all 1,297 insured commercial banks in the United States with assets between $300 million and $1 billion in 2024. This is owing in large part to the Company's strong core deposit base, which limited our use, and by the end of the year, the elimination of expensive wholesale funding. We accomplished this while maintaining a leverage capital ratio of 13.87%, which is 20-30% higher than the average of those peers."
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 11, 2025 meeting of the Board of Directors. The dividend is payable on March 5, 2025 to stockholders of record at the close of business on February 25, 2025.
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
