Jeffersonville Bancorp Announces Fourth Quarter Earnings, Declares Quarterly Dividend
February 12 2014 - 9:56AM
Jeffersonville Bancorp, Inc. (OTCQB:JFBC) announced today fourth
quarter net income of $1,057,000 or $0.25 per share compared to
$1,076,000 or $0.25 per share for the same quarter in 2012. The
decrease in quarterly net income was primarily due to an increase
in the provision for loan losses of $155,000, a decrease in other
non-interest income of $63,000, and a decrease in total interest
and dividend income of $149,000, partially offset by a decrease in
total interest expense of $175,000 and non-interest expense of
$137,000.
For the year ended December 31, 2013, the Company earned net
income of $4,620,000 or $1.09 per share compared to $4,361,000 or
$1.03 per share for the same period in 2012. The increase in net
income was primarily due to a decrease in the provision for loan
losses of $1,195,000, a decrease in total interest expense of
$749,000, and a decrease in total other non-interest expense of
$463,000, partially offset by a decrease in total interest and
dividend income of $1,685,000, a decrease in non-interest income of
$213,000 and an increase in income tax expense of $250,000.
A cash dividend in the amount of thirteen cents ($0.13) per
share on the common stock of the company was declared at the
February 11, 2014 meeting of the Board of Directors. The dividend
is payable on March 3, 2014 to stockholders of record at the close
of business on February 24, 2014.
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 County, New York located in
Bloomingburg, Eldred, Callicoon, Jeffersonville, Liberty,
Livingston Manor, Loch Sheldrake, Monticello, Narrowsburg,
Wal-Mart/Monticello, White Lake and Wurtsboro.
CONTACT: Wayne Zanetti, President - CEO
845-482-4000
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