Jeffersonville Bancorp Announces Special Dividend of $0.10 per share

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JEFFERSONVILLE, N.Y., Jan. 10, 2023 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp (OTCQB - JFBC) has declared a special cash dividend of $0.10 per share on common stock, effective January 31, 2023, for stockholders on record as of January 24, 2023. The company's strong performance in 2022 was driven by solid loan growth and favorable funding costs, enhanced by Federal Reserve rate hikes. President and CEO George W. Kinne, Jr. expressed confidence in rewarding shareholders due to the positive results and robust capital position.

Positive

• Declared a special cash dividend of $0.10 per share.
• Strong 2022 performance due to solid loan growth.
• Low core funding costs contributed to profitability.
• Federal Reserve rate increases boosted interest earned on reserves.

Negative

• None.

JEFFERSONVILLE, N.Y., Jan. 10, 2023 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today that a special cash dividend in the amount of ten cents ($0.10) per share on the common stock of the company was declared at the January 10, 2023 meeting of the Board of Directors. The dividend is payable on January 31, 2023 to stockholders of record at the close of business on January 24, 2023.

"The Company performed very well in 2022 due to solid loan growth and low core funding costs. In addition, Federal Reserve rate increases contributed significantly to interest earned on reserves," said George W. Kinne, Jr., President and CEO. “The Board of Directors is pleased that with our positive results and strong capital position, they are able to reward our loyal shareholders with this special cash dividend."

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 is the dividend amount declared by Jeffersonville Bancorp?

Jeffersonville Bancorp declared a special cash dividend of $0.10 per share.

When is the dividend payable for Jeffersonville Bancorp?

The dividend is payable on January 31, 2023, to stockholders of record at the close of business on January 24, 2023.

What factors contributed to Jeffersonville Bancorp's strong performance in 2022?

Solid loan growth, low core funding costs, and Federal Reserve rate increases contributed to the strong performance.

Who is the CEO of Jeffersonville Bancorp?

The CEO of Jeffersonville Bancorp is George W. Kinne, Jr.