JEFFERSONVILLE, N.Y., May 14, 2014 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB:JFBC) announced today first quarter net income of $1,312,000 or $0.31 per share compared to $905,000 or $0.21 per share for the same quarter in 2013. The increase in quarterly net income was primarily due to a decrease of $143,000 in total interest expense, a decrease of $100,000 in the provision for loan losses and a $395,000 decrease in other non-interest expense partially offset by an increase in income tax expense of $222,000.
A cash dividend in the amount of thirteen cents ($0.13) per share on the common stock of the company was declared at the May 13, 2014 meeting of the Board of Directors. The dividend is payable on June 2, 2014 to stockholders of record at the close of business on May 27, 2014.
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.