Jeffersonville Bancorp Announces Record Earnings For 2018
02/12/2019 | 12:04pm EDT
JEFFERSONVILLE, N.Y., Feb. 12, 2019 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today fourth quarter net income of $1,137,000 or $0.27 per share compared to $253,000 or $0.06 per share for the same quarter in 2017. The increase in quarterly net income was primarily due to an increase in interest on loans of $516,000 and other interest and dividend income of $146,000, and a decrease in income tax expense of $992,000 related to the Tax Cut and Jobs Act legislation signed into law in December of 2017. These improvements were partially offset by an increase in provision for loan losses of $350,000, total non-interest expense of $301,000, and a decrease in non-interest income of $152,000 related to a new accounting rule requiring changes in the value of equity securities to be reflected in net income instead of other comprehensive income.
For the year ended December 31, 2018, net income was $6,203,000 or $1.46 per share compared to $4,292,000 or $1.01 per share in 2017. The increase in year to date net income was primarily due to an increase in interest on loans of $1,181,000 and other interest and dividend income of $721,000, and a decrease in income tax expense of $1,159,000 related to the Tax Cut and Jobs Act legislation signed into law in December of 2017. These improvements were partially offset by an increase in provision for loan losses of $650,000 and total non-interest expense of $417,000.
“Our net income for 2018 increased over 44% compared to 2017 and is the highest amount ever recorded by the Company,” said George W. Kinne, Jr., President and CEO. “Our net interest income, which reflects our core earnings strength, increased by over 10% compared to 2017. We are pleased that the improvement in our earnings allowed us to reward our shareholders with a special dividend in December and to recognize the hard work of our employees through our profit-sharing program.”
At its February 12, 2019 meeting, the Board of Directors declared a quarterly cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company. The dividend is payable on March 5, 2019 to stockholders of record at the close of business on February 26, 2019.
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