02/08/2022: 4th Quarter Earning 2021
Jeffersonville Bancorp Announces Fourth Quarter Earnings of $1,442,000 or $0.34 per share and Year to Date Earnings of $5,944,000 or $1.40 per share; Declares Dividend of $0.15
JEFFERSONVILLE, N.Y., February 8, 2022 (PRIME NEWSWIRE) — Jeffersonville Bancorp, Inc. (OTCQB – JFBC) announced today fourth quarter net income of $1,442,000 or $0.34 per share compared to $1,204,000 or $0.28 per share for the same quarter in 2020. The increase in quarterly net income compared to 2020 of $238,000 was primarily attributable to an increase in gains on securities of $427,000, in securities and other interest and dividends of $325,000, and in service charge and fee income of $72,000. These improvements were partially offset by an increase in tax expense of $280,000, a decrease in loan interest and fees of $121,000, an increase in provision for loan losses of $100,000, and decrease in unrealized securities gains of $52,000.
Year to date net income as of December 31, 2021 was $5,944,000 or $1.40 per share compared to $4,810,000 or $1.14 per share for the same period in 2020. The increase in year-to-date net income compared to 2020 of $1,134,000 was attributable to an increase in securities interest of $833,000, a decrease in provision for loan losses of $650,000, an increase in unrealized gains on securities of $505,000, an increase in service charge and fee income of $426,000, an increase in gains on securities of $310,000, and a decrease in interest expense of $239,000. These improvements were partially offset by a decrease in loan interest and fees of $913,000, an increase in tax expense of $577,000, and an increase in total non-interest expense of $216,000.
“Competition for earning assets such as loans and securities driven by the industry wide growth in deposits and higher cash levels, combined with a historically low interest rate environment, continues to pressure net interest margins. In 2021, that was offset by solid equity gains, higher investment levels, a lower provision for loan losses, and higher fee income, mainly from card activity as consumer habits adapted to the pandemic,” said George W. Kinne, Jr., President and CEO, “With the Federal Reserve signaling the prospect of several increases in the federal funds rate, we are optimistic that our high levels of liquidity will enable us to take advantage of higher rates in our loan and securities portfolios in 2022 as well as provide a buffer in the event that deposit levels return to more normal levels.”
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 8, 2022 meeting of the Board of Directors. The dividend is payable on March 2, 2022 to stockholders of record at the close of business on February 22, 2022.
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