Jeffersonville Bancorp Announces Third Quarter Earnings of $2,680,000 or $0.63 per share and Year to Date Earnings of $6,501,000 or $1.53 per share; Declares Dividend of $0.15

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JEFFERSONVILLE, N.Y., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp reported Q2 net income of $2,680,000 or $0.63 per share, up from $1,453,000 or $0.34 per share in Q2 2021. Year-to-date net income as of September 30, 2022, reached $6,501,000, or $1.53 per share, compared to $4,502,000 or $1.06 per share in 2021. Key factors include increased securities interest and dividends, alongside decreased salary expense, despite a rise in tax expenses. A cash dividend of $0.15 per share was declared, payable December 2, 2022.

Positive

• Q2 net income increased by $1,227,000 compared to Q2 2021.
• Year-to-date net income rose by $1,999,000 compared to 2021.
• Cash dividend of $0.15 per share declared.

Negative

• Increase in tax expense by $371,000 in Q2 2022.
• Decrease in unrealized gains on securities by $228,000 year-to-date.
• Decrease in fee income of $105,000 year-to-date.

JEFFERSONVILLE, N.Y., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today second quarter net income of $2,680,000 or $0.63 per share compared to $1,453,000 or $0.34 per share for the same quarter in 2021. The increase in quarterly net income compared to 2021 of $1,227,000 was primarily attributable to an increase in securities and other interest and dividends of $1,239,000, an increase of $188,000 in loan interest and fees, and a decrease in salary expense of $146,000, partially offset by an increase in tax expense of $371,000.

Year to date net income as of September 30, 2022 was $6,501,000 or $1.53 per share compared to $4,502,000 or $1.06 per share for the same period in 2021. The increase in year-to-date net income compared to 2021 of $1,999,000 was primarily attributable to an increase in securities and other interest and dividends of $2,375,000 and a decrease in salary expense of $374,000, partially offset by an increase in income tax expense of $563,000, a decrease in unrealized gains on securities of $228,000, and a decrease in fee income of $105,000 compared to the same period in 2021.

"Higher rates on loans and balances held at the Federal Reserve Bank, along with higher levels of investment securities, contributed to higher net interest income in the third quarter," said George W. Kinne, Jr., President and CEO, “With the Federal Reserve Board expected to continue on its course of increasing the federal funds rate to curb still high inflation, the Company continues to be well positioned to take advantage of rising rates.”

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 8, 2022 meeting of the Board of Directors. The dividend is payable on December 2, 2022 to stockholders of record at the close of business on November 22, 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 net income of $2,680,000 or $0.63 per share for Q2 2022.

How does Jeffersonville Bancorp's Q2 2022 compare to Q2 2021?

Q2 2022 net income increased by $1,227,000 compared to Q2 2021.

What is the cash dividend declared by Jeffersonville Bancorp?

A cash dividend of $0.15 per share was declared, payable on December 2, 2022.

What were the year-to-date earnings for Jeffersonville Bancorp as of September 30, 2022?

Year-to-date net income was $6,501,000 or $1.53 per share.

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

Key contributors included increased securities interest and dividends, as well as decreased salary expenses.