JEFFERSONVILLE, N.Y., May 14, 2024 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today first quarter net income of $2,553,000 or $0.60 per share compared to $2,660,000 or $0.63 per share for the same quarter in 2023. The decrease in quarterly net income compared to 2023 of $107,000 was primarily attributable to increases in interest expense of $743,000, credit loss provision of $288,000, salaries and employee benefits of $132,000, other non-interest expense of $110,000, and foreclosure expense of $32,000. These expense increases were partially offset by increases in other non-interest income of $481,000, loan interest and fees of $450,000, and securities and other interest and dividends of $254,000, and a decrease in tax expense of $31,000.
"The Company’s interest income has largely kept pace with higher deposit expense, resulting in our earnings remaining at favorable levels compared to peers." said George W. Kinne, Jr., President and CEO, “Our focus on preserving liquidity, using securities runoff to fund higher rate loans and earn higher rates on excess reserves at the Fed, has worked to our advantage in the current environment. The banking sector is still facing challenges caused by higher rates, but we are pleased our balance sheet position continues to be stable.”
A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the May 14, 2024 meeting of the Board of Directors. The dividend is payable on June 6, 2024 to stockholders of record at the close of business on May 28, 2024.
Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains ten full-service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Monticello, Port Jervis, White Lake, and Wurtsboro.
For More Information, call: 845-482-4000
Contact: George W. Kinne, Jr., President – CEO
