JEFFERSONVILLE, N.Y., Feb. 11, 2015 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB:JFBC) announced today fourth quarter net income of $3,088,000 or $0.73 per share compared to $1,057,000 or $0.25 per share for the same quarter in 2013. The increase in quarterly net income was primarily due to a non-recurring decrease in employee benefits expense of $3,347,000 realized in the fourth quarter of 2014 from the elimination of the Bank's post retirement benefit plan, partially offset by corresponding income tax expense of $1,342,000. Excluding that event, quarterly net income benefitted from a reduction in the provision for loan losses of $400,000 and a reduction in equipment expenses of $245,000, partially offset by an increase in foreclosed real estate expense of $339,000 and a decrease in total interest and dividend income of $173,000.
For the year ended December 31, 2014, the Company earned net income of $6,895,000 or $1.63 per share compared to $4,620,000 or $1.09 per share for the same period in 2013. The increase in net income was primarily due to the non-recurring decrease in employee benefits expense of $3,347,000 realized in the fourth quarter of 2014 from the elimination of the Bank's post retirement benefit plan, partially offset by corresponding income tax expense of $1,342,000. Excluding that event, net income benefitted from a reduction in interest expense of $341,000, a reduction in the provision for loan losses of $300,000, a reduction in equipment expenses of $211,000, and an increase in non-interest income of $131,000 partially offset by an increase in foreclosed real estate expense of $302,000, a decrease in total interest and dividend income of $294,000 and an increase in income tax expense of $198,000.
A cash dividend in the amount of fourteen cents ($0.14) per share on the common stock of the company was declared at the February 10, 2015 meeting of the Board of Directors. The dividend is payable on March 2, 2015 to stockholders of record at the close of business on February 23, 2015.
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.