JEFFERSONVILLE, N.Y., Aug. 14, 2014 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB:JFBC) announced today second quarter net income of $1,277,000 or $0.30 per share compared to $1,275,000 or $0.30 per share for the same quarter in 2013. The increase in quarterly net income was primarily due to a decrease of $126,000 in foreclosed real estate expense, partially offset by an increase of $100,000 in the provision for loan losses.
Year to date net income as of June 30, 2014 was $2,589,000 or $0.61 per share compared to $2,180,000 or $0.51 per share for the same quarter in 2013. The increase in year to date net income was primarily due to a decrease of $249,000 in total interest expense, a decrease of $249,000 in the foreclosed real estate expense and a $107,000 decrease in other non-interest expense partially offset by an increase in income tax expense of $227,000.
The Company also announced that its wholly owned subsidiary, Jeff Bank, will eliminate its post retirement benefit plan. The Company estimates the change will result in additions to net income of approximately $3.3mm through the balance of 2014.
A cash dividend in the amount of thirteen cents ($0.13) per share on the common stock of the company was declared at the August 12, 2014 meeting of the Board of Directors. The dividend is payable on September 2, 2014 to stockholders of record at the close of business on August 25, 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.