JEFFERSONVILLE, N.Y., Nov. 12, 2015 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB:JFBC) announced today third quarter net income of $1,078,000 or $0.25 per share compared to $1,218,000 or $0.29 per share for the same quarter in 2014. The decrease in quarterly net income was primarily due to an increase in salary and employee benefit expense of $158,000 and foreclosed real estate expense of $152,000, partially offset by a decrease in income tax expense of $128,000 and occupancy expense of $68,000.
Year to date net income as of September 30, 2015 was $3,537,000 or $0.84 per share compared to $3,807,000 or $0.90 per share for the same quarter in 2014. The decrease in year to date net income was primarily due to an increase of $410,000 in salary and employee benefit expense, a $229,000 increase in foreclosed real estate expense and an increase in occupancy expense of $90,000, partially offset by a decrease of $300,000 in provision for loan losses and a decrease in income tax expense of $154,000.
“While we are slightly behind last year’s results due to net interest margin compression, we continue to outperform our peers by a significant margin,” said President Wayne V. Zanetti. “Our return on assets of 1.04% is over 40% higher than the average for all New York State banks.”
The Board of Directors declared a quarterly cash dividend in the amount of fourteen cents ($0.14) per share on the common stock of the company. The dividend is payable on December 1, 2015 to stockholders of record at the close of business on November 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.