JEFFERSONVILLE, N.Y., Nov. 14, 2023 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today third quarter net income of $2,972,000 or $0.70 per share compared to $2,680,000 or $0.63 per share for the same quarter in 2022. The increase in quarterly net income compared to 2022 of $292,000 was primarily attributable to an increase in loan interest and fees of $913,000, an increase in securities and other interest and dividends of $553,000, and a reverse provision for loan losses of $148,000, partially offset by an increase in interest expense of $704,000, an increase in total non-interest expenses of $329,000, an increase in tax expense of $121,000, and an increase in realized losses on securities of $88,000.
Year to date net income as of September 30, 2023 was $8,828,000 or $2.08 per share compared to $6,501,000 or $1.53 per share for the same period in 2022. The increase in year-to-date net income compared to 2022 of $2,327,000 was primarily attributable to an increase in securities and other interest and dividends of $2,866,000, an increase in loan interest and fees of $2,340,000, and a reverse provision for loan losses of $768,000, partially offset by an increase in interest expense of $1,252,000, an increase in realized losses on securities of $866,000, an increase in tax expense of $843,000, an increase in total non-interest expenses of $709,000, and a decrease in unrealized gains on securities of $261,000 compared to the same period in 2022.
"The Company continues to perform well in a challenging interest rate environment. While interest expense has increased, we are performing better than our peers in that metric, and interest income on loans is increasing." said George W. Kinne, Jr., President and CEO, "Though many economists believe the federal funds rate is at or near its peak, the Federal Reserve Board is signaling rates may need to be at higher levels for a longer period of time than previously expected to curb inflation. That environment will continue to be a challenge, but the Company's strong capital and liquidity positions are a buffer to that economic headwind."
A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the November 14, 2023 meeting of the Board of Directors. The dividend is payable on December 5, 2023 to stockholders of record at the close of business on November 28, 2023.
Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff 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.
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