Jeffersonville Bancorp Announces Second Quarter Earnings of $2,031,000 or $0.48 per share and Year to Date Earnings of $3,821,000 or $0.90 per share; Declares Dividend of $0.15

Rhea-AI Summary

Jeffersonville Bancorp, Inc. (OTCQB - JFBC) reported a strong second quarter net income of $2,031,000 or $0.48 per share, up from $1,735,000 or $0.41 per share in 2021, reflecting a $296,000 increase. Year-to-date net income reached $3,821,000 or $0.90 per share, compared to $3,049,000 or $0.72 per share in 2021, driven by higher securities interest and dividends. A cash dividend of $0.15 per share was declared for September 1, 2022.

Positive

• Quarterly net income increased by $296,000 compared to Q2 2021.
• Year-to-date net income rose by $772,000 compared to the same period in 2021.
• Higher levels of securities investments contributed to improved net interest income.

Negative

• Decrease in loan interest and fees by $305,000 compared to Q2 2021.
• Decrease in unrealized securities gains of $173,000 in Q2 2022.
• Higher tax expense increased by $70,000 in Q2 2022.

JEFFERSONVILLE, N.Y., Aug. 09, 2022 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today second quarter net income of $2,031,000 or $0.48 per share compared to $1,735,000 or $0.41 per share for the same quarter in 2021. The increase in quarterly net income compared to 2021 of $296,000 was primarily attributable to an increase in securities and other interest and dividends of $739,000 and a decrease in total non-interest expense of $122,000, partially offset by a decrease in loan interest and fees of $305,000, a decrease in unrealized securities gains of $173,000, and an increase in tax expense of $70,000.

Year to date net income as of June 30, 2022 was $3,821,000 or $0.90 per share compared to $3,049,000 or $0.72 per share for the same period in 2021. The increase in year-to-date net income compared to 2021 of $772,000 was primarily attributable to an increase in securities and other interest and dividends of $1,136,000 and a decrease in total non-interest expense of $236,000, partially offset by a decrease in unrealized gains on securities of $284,000, an increase in income tax expense of $192,000, and a decrease in loan interest and fees of $133,000 compared to the same period in 2021.

"Higher levels of securities investments and higher rates on balances held at the Federal Reserve Bank contributed to higher net interest income in the second quarter," said George W. Kinne, Jr., President and CEO, “With the Federal Reserve Board determined to curb inflation by increasing the federal funds rate, our balance sheet is well positioned to take advantage of a rising rate environment, especially in the near term.”

A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the August 9, 2022 meeting of the Board of Directors. The dividend is payable on September 1, 2022 to stockholders of record at the close of business on August 23, 2022.

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 was Jeffersonville Bancorp's net income for Q2 2022?

Jeffersonville Bancorp reported a net income of $2,031,000 or $0.48 per share for Q2 2022.

How does Jeffersonville Bancorp's year-to-date income compare to 2021?

Year-to-date net income as of June 30, 2022, was $3,821,000 or $0.90 per share, an increase from $3,049,000 or $0.72 per share in 2021.

What dividend did Jeffersonville Bancorp declare in August 2022?

A cash dividend of $0.15 per share was declared, payable on September 1, 2022.

What factors contributed to the increase in net income for Jeffersonville Bancorp?

The increase was primarily due to higher securities and other interest and dividends, as well as a decrease in total non-interest expenses.

What were the challenges faced by Jeffersonville Bancorp in Q2 2022?

Challenges included a decrease in loan interest and fees, a decline in unrealized securities gains, and increased tax expenses.