Jefferson Security Bank Announces Semi-Annual Dividend

Rhea-AI Summary

Jefferson Security Bank (OTCPK: JFWV) announced a semi-annual dividend of $1.15 per share, payable on March 10, 2023, to shareholders of record on February 28, 2023. This marks an increase of $0.05 from the previous dividend of $1.10 per share paid in September 2022. President and CEO Cindy Kitner highlighted the bank's achievement of a fifth consecutive year of record earnings despite economic challenges. The focus remains on strong capital management and providing value to shareholders.

Positive

• Declared a semi-annual dividend of $1.15, a $0.05 increase from the previous dividend.
• Achieved fifth consecutive year of record earnings in 2022.

Negative

• Economic market shifts have impacted efforts to improve capital.

SHEPHERDSTOWN, W. Va.--(BUSINESS WIRE)-- President and CEO of Jefferson Security Bank (OTCPK: JFWV), Cindy Kitner, announced the Board of Directors’ approval of a semi-annual dividend at its February 15, 2023 meeting in the amount of $1.15 per share, payable on March 10, 2023, to shareholders of record on February 28, 2023. This represents an increase of $0.05 per share from the previous semi-annual dividend of $1.10 per share paid in September 2022.

“It is with great pleasure that we announce an increase in the semi-annual dividend,” said President and Chief Executive Officer Cindy Kitner. “While JSB managed through many challenges in 2022 and ultimately achieved our fifth consecutive year of record earnings, our efforts to improve capital were reduced by unprecedented shifts in economic markets. Our earnings performance demonstrates our commitment to improve capital and provide a meaningful return to our shareholders. We will remain focused on strong capital management and delivering value to our shareholders.”

About Jefferson Security Bank

Jefferson Security Bank is an independent community bank evolving with the needs of the customers and the communities it serves. Serving individuals, businesses and community organizations, Jefferson Security Bank strives to support entrepreneurial efforts within its target markets. Delivering long-term value to its shareholders is at the core of the organization’s culture. Jefferson Security Bank is a West Virginia state-chartered bank that was formed and opened for business on May 19, 1869, making it the oldest bank in Jefferson County, West Virginia. The bank provides general banking services in Berkeley County and Jefferson County, West Virginia, and Washington County, Maryland. Visit www.JSB.bank for more information

This press release may contain forward-looking statements, as defined by federal securities laws, which may involve significant risks and uncertainties. The statements are based on estimates and assumptions made by management in conjunction with other factors deemed appropriate under the circumstances. Actual results could differ materially from current projections.

Offices:

105 East Washington Street, Shepherdstown, WV (304-876-9000)
7994 Martinsburg Pike, Shepherdstown, WV (304-876-2800)
873 East Washington Street, Suite 100, Charles Town, WV (304-725-9752)
277 Mineral Drive, Suite 1, Inwood, WV (304-229-6000)
1861 Edwin Miller Boulevard, Martinsburg, WV (304-264-0900)
103 West Main Street, Sharpsburg, MD (301-432-3900)

View source version on businesswire.com: https://www.businesswire.com/news/home/20230221005900/en/

Jenna Kesecker, Executive Vice President

and Chief Financial Officer

304-876-9016

Source: Jefferson Security Bank

FAQ

What is the dividend amount announced by Jefferson Security Bank in February 2023?

Jefferson Security Bank announced a dividend of $1.15 per share in February 2023.

When is the dividend payable for Jefferson Security Bank?

The dividend is payable on March 10, 2023.

How does the February 2023 dividend compare to previous dividends?

The February 2023 dividend of $1.15 per share is an increase of $0.05 from the previous semi-annual dividend of $1.10.

What were the earnings achievements of Jefferson Security Bank in 2022?

Jefferson Security Bank achieved its fifth consecutive year of record earnings in 2022.

What potential challenges did Jefferson Security Bank face in 2022?

The bank faced unprecedented shifts in economic markets that impacted capital improvement efforts.