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JEFFERSONVILLE, N.Y., Aug. 09, 2017 -- Jeffersonville Bancorp, Inc. (OTCQB:JFBC) announced today second quarter net income of $1,293,000 or $0.31 per share compared to $1,315,000 or $0.31 per share for the same quarter in 2016. The decrease in quarterly net income was primarily due to an increase in salary and employee benefits expense of $211,000, an increase in occupancy expense of $96,000, and a decrease in non-interest income of $48,000, partially offset by an increase in interest income of $138,000 and decreases in other non-interest expense of $58,000, the provision for loan losses of $50,000, foreclosed real estate expense of $49,000, and interest expense of $29,000.
Year to date net income as of June 30, 2017 was $2,696,000 or $0.64 per share compared to $2,788,000 or $0.66 per share for the same period in 2016. The decrease in year to date net income compared to 2016 was attributable to several factors. Interest income increased by $436,000 and interest expense decreased by $55,000. In addition, the Company recorded a negative provision to loan losses of $300,000 due to a large recovery of a previously charged off loan. Those improvements were offset by an increase in salary and employee benefits expense of $357,000, occupancy expense of $144,000, other non-interest expense of $125,000 and tax expense of $101,000 compared to the same period in 2016. Also, in the first half of 2016, the Company recognized a non-recurring, tax-free life insurance benefit of $247,000 and the reversal of $151,000 in previously accrued director retirement expense.
“We are pleased to report a Return on Average Assets (ROA) of over 1.07%, a metric that exceeds our peer average and which is significantly higher than our local competitors. Excluding one-time events, our net income is slightly higher than last year, which is not an easy accomplishment in this challenging economic environment,” said George W. Kinne Jr., President and CEO.
A cash dividend in the amount of fourteen cents ($0.14) per share on the common stock of the company was declared at the August 8, 2017 meeting of the Board of Directors. The dividend is payable on September 1, 2017 to stockholders of record at the close of business on August 21, 2017.
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: 845-482-4000 Contact: George W. Kinne, Jr., President – CEO
