JEFFERSONVILLE, N.Y., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today net income for the year ended December 31, 2023 was $11,175,000 or $2.64 per share compared to $9,304,000 or $2.20 per share for the same period in 2022. This represents an increase of 20% or $1,871,000. The increase in full year net income was primarily attributable to an increase in securities and other interest and dividends of $3,071,000 and increase in loan interest and fees of $2,624,000, partially offset by an increase in interest expense of $2,256,000, an increase in realized losses on securities of $781,000, an increase in tax expense of $739,000, an increase in total non-interest expenses of $591,000, an increase in unrealized losses on securities of $344,000, and a decrease in the provision for credit losses of $977,000 compared to the same period in 2022.
Net income for the fourth quarter was $2,347,000 or $0.56 per share compared to $2,803,000 or $0.66 per share for the same quarter in 2022. The decrease in quarterly net income compared to 2022 of $456,000 was primarily attributable to an increase in interest expense of $1,004,000 and a decrease in total non-interest income of $372,000, partially offset by an increase in interest and dividend income of $489,000, a decrease in credit losses expense of $209,000, a decrease in total non-interest expense of $118,000, and a decrease in tax expense of $104,000.
"I am very pleased to report record full year earnings for 2023 which were 20% higher than the previous record of $9,304,000 set in 2022," said George W. Kinne, Jr., President and CEO. "With interest rates remaining at elevated levels, competition for deposits continues to be an industry wide challenge. The Company has benefited from our strong core deposit base, which limited our use of expensive wholesale funding, resulting in interest expense at low levels when compared to peers."
A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the February 14, 2024 meeting of the Board of Directors. The dividend is payable on March 6, 2024 to stockholders of record at the close of business on February 27, 2024.
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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