Jeffersonville Bancorp Reports Fourth Quarter Earnings of $1,442,000 or $0.34 per Share and Full Year Earnings of $5,944,000 or $1.40 per share; Declares a dividend of $0.15
JEFFERSONVILLE, NY, Feb. 08, 2022 (GLOBE NEWSWIRE) — Jeffersonville Bancorp, Inc. (OTCQB – JFBC) today announced net income of $1,442,000, or $0.34 per share, for the fourth quarter, compared to 1,204 $,000, or $0.28 per share for the same quarter of 2020. The $238,000 increase in quarterly net income compared to 2020 was primarily due to a $427,000 increase in earnings on securities, securities and other interest and dividends $325,000 and $72,000 in service fees and fee income. These improvements were partially offset by a $280,000 increase in tax expense, a $121,000 decrease in loan interest and charges, a $100,000 increase in the provision for loan losses and a $52,000 decrease in unrealized securities gains.
Year-to-date net income as of December 31, 2021 was $5,944,000 or $1.40 per share compared to $4,810,000 or $1.14 per share for the same period in 2020. Year-to-date net income increase compared to 2020 by $1,134,000 was due to a $833,000 increase in securities interest, a $650,000 decrease in the provision for loan losses, a $505,000 increase in unrealized gains on securities, a $426,000 increase in service fees and fee income, an increase in Securities gains of $310,000 and decrease in interest expense of $239,000. These improvements were partially offset by a $913,000 decrease in loan interest and charges, a $577,000 increase in tax expense and a $216,000 increase in total noninterest expense.
“Competition to acquire assets such as loans and securities, driven by industry-wide deposit growth and higher cash holdings, combined with a historically low interest rate environment, continues to weigh on net interest margins. In 2021, this was offset by solid equity gains, higher investment levels, lower provision for loan losses and higher fee income, primarily from card activity, as consumer habits adjusted to the pandemic,” said George W. Kinne, Jr., President and CEO, “With the Federal Reserve signaling the prospect of multiple Federal Funds Rate increases, we are optimistic that our ample liquidity will allow us to benefit from higher interest rates on our loan and securities portfolios in 2022 and provide a buffer should deposit levels normal levels again.”
At the February 8, 2022 Board of Directors meeting, a cash dividend of fifteen cents ($0.15) per share on the Company’s common stock was declared. The dividend is payable on March 2, 2022 to shareholders of record at the close of business on February 22, 2022.
Jeffersonville Bancorp is a one-bank holding company that owns all of Jeff Bank’s common stock. Jeff Bank has twelve full service branches in Sullivan and Orange County, New York located at Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Loch Sheldrake, Monticello, Narrowsburg, Port Jervis, White Lake and Wurtsboro are located .
For more information, call: 845-482-4000
Contact: George W. Kinne, Jr., President – CEO