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JEFFERSONVILLE, N.Y., Feb. 10, 2016 -- Jeffersonville Bancorp, Inc. (OTCQB:JFBC) announced today fourth quarter net income of $1,171,000 or $0.28 per share compared to $3,188,000 or $0.75 per share for the same quarter in 2014. The decrease in quarterly net income was primarily due to a non-recurring decrease in employee benefits expense of $3,347,000 realized in the fourth quarter of 2014 from the elimination of the Bank’s post retirement benefit plan, partially offset by corresponding income tax expense of $1,342,000. Excluding that event, quarterly net income decreased by $12,000 due to an increase in occupancy expense of $212,000 and an increase in other non-interest expense of $74,000, partially offset by a reduction in foreclosed real estate expense of $362,000.
For the year ended December 31, 2015, the Company earned net income of $4,708,000 or $1.11 per share compared to $6,995,000 or $1.65 per share for the same period in 2014. The decrease in net income was primarily due to the non-recurring decrease in employee benefits expense of $3,347,000 realized in the fourth quarter of 2014 from the elimination of the Bank’s post retirement benefit plan, partially offset by corresponding income tax expense of $1,342,000. Excluding that event, net income decreased by $282,000 due to an increase in salary expense of $408,000 and occupancy expense of $302,000, partially offset by a decrease in the provision for loan loss of $300,000 and foreclosed real estate expense of $133,000.
A cash dividend in the amount of fourteen cents ($0.14) per share on the common stock of the company was declared at the February 9, 2016 meeting of the Board of Directors. The dividend is payable on March 1, 2016 to stockholders of record at the close of business on February 22, 2016.
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 County, New York located in Bloomingburg, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Loch Sheldrake, Monticello, Narrowsburg, Wal-Mart/Monticello, White Lake and Wurtsboro.
For More Information, call: 845-482-4000 Contact: George W. Kinne, Jr., President – CEO
