Jeffersonville Bancorp Announces First Quarter Earnings of $2,553,000 or $0.60 per share; Declares Dividend of $0.15

Rhea-AI Summary

Jeffersonville Bancorp (OTCQB: JFBC) reported first-quarter net income of $2,553,000 or $0.60 per share for 2024, down from $2,660,000 or $0.63 per share in Q1 2023. The $107,000 decrease was due to rises in various expenses, including interest expense ($743,000), credit loss provision ($288,000), and salaries ($132,000). Offsetting these were increases in non-interest income ($481,000), loan interest and fees ($450,000), and other interest income ($254,000), along with a $31,000 reduction in tax expenses. Despite the challenges, CEO George W. Kinne, Jr. emphasized the company's stable balance sheet and favorable earnings relative to peers. The board declared a dividend of $0.15 per share, payable on June 6, 2024, to shareholders of record as of May 28, 2024.

Positive

• First-quarter net income of $2,553,000 or $0.60 per share.
• Increases in non-interest income by $481,000.
• Loan interest and fees increased by $450,000.
• Other interest and dividends income increased by $254,000.
• Tax expense decreased by $31,000.
• Stable balance sheet and favorable earnings compared to peers.
• Dividend of $0.15 per share declared.

Negative

• Decrease in net income by $107,000 compared to the same quarter in 2023.
• Interest expense increased by $743,000.
• Credit loss provision rose by $288,000.
• Salaries and employee benefits increased by $132,000.
• Other non-interest expenses increased by $110,000.
• Foreclosure expenses rose by $32,000.

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

FAQ

What were Jeffersonville Bancorp's first-quarter earnings in 2024?

Jeffersonville Bancorp's first-quarter earnings in 2024 were $2,553,000 or $0.60 per share.

How did Jeffersonville Bancorp's Q1 2024 earnings compare to Q1 2023?

Jeffersonville Bancorp's Q1 2024 earnings decreased by $107,000 compared to Q1 2023.

What is the declared dividend for Jeffersonville Bancorp (JFBC) in 2024?

Jeffersonville Bancorp declared a dividend of $0.15 per share, payable on June 6, 2024.

What factors contributed to the increase in expenses for Jeffersonville Bancorp in Q1 2024?

Increased interest expense, credit loss provision, salaries, and foreclosure expenses contributed to the rise in expenses.

What areas saw increased income for Jeffersonville Bancorp in Q1 2024?

Increases were seen in non-interest income, loan interest and fees, and other interest and dividends income.

When is the dividend payable for Jeffersonville Bancorp shareholders?

The dividend is payable on June 6, 2024, to shareholders of record as of May 28, 2024.

What was the increase in non-interest income for Jeffersonville Bancorp in Q1 2024?

Non-interest income increased by $481,000 in Q1 2024.

Why did Jeffersonville Bancorp's interest expense increase in Q1 2024?

Interest expense increased due to higher rates impacting the banking sector.