Jeffersonville Bancorp Announces Fourth Quarter Earnings of $3,088,000 and Full Year Earnings of $6,895,000; Declares Quarter...
February 11 2015 - 11:28AM
Jeffersonville Bancorp, Inc. (OTCQB:JFBC) announced today fourth
quarter net income of $3,088,000 or $0.73 per share compared to
$1,057,000 or $0.25 per share for the same quarter in 2013. The
increase in quarterly net income was primarily due to a
non-recurring decrease in employee benefits expense of $3,347,000
realized in the fourth quarter of 2014 from the elimination of the
Bank's post retirement benefit plan, partially offset by
corresponding income tax expense of $1,342,000. Excluding that
event, quarterly net income benefitted from a reduction in the
provision for loan losses of $400,000 and a reduction in equipment
expenses of $245,000, partially offset by an increase in foreclosed
real estate expense of $339,000 and a decrease in total interest
and dividend income of $173,000.
For the year ended December 31, 2014, the Company earned net
income of $6,895,000 or $1.63 per share compared to $4,620,000 or
$1.09 per share for the same period in 2013. The increase in net
income was primarily due to the non-recurring decrease in employee
benefits expense of $3,347,000 realized in the fourth quarter of
2014 from the elimination of the Bank's post retirement benefit
plan, partially offset by corresponding income tax expense of
$1,342,000. Excluding that event, net income benefitted from a
reduction in interest expense of $341,000, a reduction in the
provision for loan losses of $300,000, a reduction in equipment
expenses of $211,000, and an increase in non-interest income of
$131,000 partially offset by an increase in foreclosed real estate
expense of $302,000, a decrease in total interest and dividend
income of $294,000 and an increase in income tax expense of
$198,000.
A cash dividend in the amount of fourteen cents ($0.14) per
share on the common stock of the company was declared at the
February 10, 2015 meeting of the Board of Directors. The
dividend is payable on March 2, 2015 to stockholders of record at
the close of business on February 23, 2015.
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
For More Information, call: 845-482-4000
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