08/10/2021: 2nd Quarter Earning 2021
Jeffersonville Bancorp Announces Second Quarter Earnings of $1,735,000 or $0.41 per share and Year to Date Earnings of $3,049,000 or $0.72 per share; Declares Dividend of $0.15
JEFFERSONVILLE, N.Y., August 10, 2021 (PRIME NEWSWIRE) — Jeffersonville Bancorp, Inc. (OTCQB – JFBC) announced today second quarter net income of $1,735,000 or $0.41 per share compared to $1,264,000 or $0.30 per share for the same quarter in 2020. The increase in quarterly net income compared to 2020 of $471,000 was primarily attributable to an increase in total non-interest income of $266,000, a decrease in the provision for loan losses of $250,000, an increase in total interest and dividend income of $232,000, and a decrease in interest expense of $76,000, partially offset by an increase in total non-interest expense of $181,000, and an increase in income tax expense of $172,000 compared to the same period in 2020.
Year to date net income as of June 30, 2021 was $3,049,000 or $0.72 per share compared to $2,310,000 or $0.55 per share for the same period in 2020. The increase in year-to-date net income compared to 2020 of $739,000 was primarily attributable to an increase in unrealized gains on securities of $617,000, a decrease in the provision for loan losses of $500,000, a decrease in interest expense of $147,000, and an increase in fee income of $185,000, partially offset by a decrease in total interest and dividend income of $304,000, an increase in income tax expense of $243,000, and an increase in salaries and employee benefits expense of $129,000 compared to the same period in 2020.
“The Company’s performance has improved despite historically low interest rates caused by Federal Reserve policies aimed at recovering from the severe economic downturn at the start of the Covid-19 pandemic. Fee income has increased as economic activity continues to improve to more normal levels. Expected increases in loan defaults that led to higher loan loss provisions have not materialized thus far. There is still considerable uncertainty about the course of the economy and specifically, high levels of government stimulus. Industry wide, government stimulus has led to higher deposit levels at the same time loan demand has decreased. The Company has cautiously increased its investment portfolio in this low-rate environment but remains highly liquid, which will allow us to take advantage of competitive opportunities as they arise,” 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 August 10, 2021 meeting of the Board of Directors. The dividend is payable on September 1, 2021 to stockholders of record at the close of business on August 23, 2021.
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