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Jeffersonville Bancorp Announces First Quarter Earnings, Declares Quarterly Dividend
JEFFERSONVILLE, N.Y., May 14, 2008 (PRIME NEWSWIRE) -- Jeffersonville Bancorp, Inc. (Nasdaq:JFBC) announced today first quarter net income of $1,054,000 ($0.25 earnings per share) compared to $1,259,000 ($0.29 earnings per share) for the first quarter of 2007. First quarter 2007 earnings benefited from a recovery of $441,000.00 on loans which had been charged off in 2002. As a result of the recovery, the Company recorded a credit for loan losses of $370,000 compared to a provision of $0 in the first quarter of 2008. Income before taxes of $1,311,000 for 2008 would compare to $1,291,000 for 2007, after eliminating the provision adjustment of $370,000 due to the extraordinary recovery.