Jeffersonville Bancorp Announces Earnings Results for Second Quarter and Year to Date Ended June 30, 2018
August 15, 2018 at 11:00 am EDT
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Jeffersonville Bancorp Inc. announced earnings results for the second quarter and year to date ended June 30, 2018. The company announced second quarter net income of $1,743,000 or $0.41 per share compared to $1,293,000 or $0.31 per share for the same quarter in 2017. The increase in quarterly net income compared to 2017 of $450,000 was primarily attributable to an increase in interest earned on loans of $239,000 and an increase in interest on excess reserves (IOER) at the Federal Reserve Bank of $210,000.
Year to date net income as of June 30, 2018 was $3,305,000 or $0.78 per share compared to $2,696,000 or $0.64 per share for the same period in 2017. The increase in year to date net income compared to 2017 was attributable to several factors. Interest income on loans increased by $214,000, IOER at the Federal Reserve Bank increased by $411,000, and non-interest income increased by $60,000. Income before taxes is up nearly $500,000 or 14% year to date.
Jeffersonville Bancorp is a bank holding company for Jeff Bank (the Bank). The Company's principal activity is the ownership of all outstanding shares of the Bankâs stock. It operates through community banking operations segment. The Bank is a commercial bank providing community banking services to individuals, small businesses, and local municipal governments primarily in Sullivan County, New York. The 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.