Jeffersonville Bancorp Announces Third Quarter Earnings of $1,453,000 or $0.34 per share and Year to Date Earnings of $4,502,000 or $1.06 per share; Declares Dividend of $0.15

Rhea-AI Summary

Jeffersonville Bancorp (JFBC) reported a third-quarter net income of $1,453,000 ($0.34 per share), up from $1,296,000 ($0.30) in Q3 2020. Key factors included a $259,000 rise in securities interest, a $250,000 drop in loan loss provisions, and increased fee income. However, there was a decrease in loan interest and fees of $347,000 and a rise in non-interest expenses of $87,000. Year-to-date income reached $4,502,000 ($1.06 per share). Additionally, a cash dividend of $0.15 per share has been declared, payable on December 3, 2021.

Positive

• Third-quarter net income increased to $1,453,000, a $157,000 rise from Q3 2020.
• Year-to-date net income rose to $4,502,000, up $896,000 from the previous year.
• Decrease in loan loss provision by $250,000 in Q3 and $750,000 year-to-date.

Negative

• Decrease in loan interest and fees by $347,000 in Q3.
• Increased total non-interest expense by $87,000 in Q3.

JEFFERSONVILLE, N.Y., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today third quarter net income of $1,453,000 or $0.34 per share compared to $1,296,000 or $0.30 per share for the same quarter in 2020. The increase in quarterly net income compared to 2020 of $157,000 was primarily attributable to an increase in securities and other interest and dividends of $259,000, decreases in provision for loan losses of $250,000 and in interest expense of $50,000, and increases in fee income of $142,000 and service charges of $47,000. These improvements were partially offset by a decrease in loan interest and fees of $347,000 and increases in total non-interest expense of $87,000 and in tax expense of $54,000.

Year to date net income as of September 30, 2021 was $4,502,000 or $1.06 per share compared to $3,606,000 or $0.85 per share for the same period in 2020. The increase in year-to-date net income compared to 2020 of $896,000 was attributable to a decrease in provision for loan losses of $750,000, an increase in unrealized gains on securities of $557,000, an increase in securities and other interest and dividends of $400,000, an increase in fee income of $327,000, and a decrease in interest expense of $197,000. These improvements were partially offset by a decrease in loan interest and fees of $792,000, an increase in tax expense of $297,000, and an increase in total non-interest expense of $231,000.

"Covid-19 pandemic related economic stimulus, combined with the inability of consumers to increase spending due to continuing disease outbreaks and supply chain bottlenecks, has led to an industry wide increase in deposits. Due to the excess cash that has resulted from the rise in deposits, competition for earning assets such as loans and securities has driven down both volume and rates in an already historic low-rate environment, pressuring net interest margins at most financial institutions. On the positive side, the increase in loan losses anticipated by shutdowns and loss of business revenue have not materialized to date. We continue to be optimistic that our focus on our core business, strong capital position, and high levels of liquidity will enable us to take advantage of competitive opportunities as they arise," said George W. Kinne, Jr., President and CEO.

A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the November 9, 2021 meeting of the Board of Directors. The dividend is payable on December 3, 2021 to stockholders of record at the close of business on November 23, 2021.

Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains twelve full-service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Loch Sheldrake, Monticello, Narrowsburg, 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 earnings for Q3 2021?

Jeffersonville Bancorp reported a net income of $1,453,000 or $0.34 per share for Q3 2021.

How does the Q3 2021 net income of JFBC compare to Q3 2020?

The Q3 2021 net income increased by $157,000 compared to Q3 2020.

What is the cash dividend declared by Jeffersonville Bancorp?

A cash dividend of $0.15 per share was declared, payable on December 3, 2021.

What is the year-to-date net income of JFBC as of September 30, 2021?

Year-to-date net income for Jeffersonville Bancorp stood at $4,502,000 or $1.06 per share.