JEFFERSONVILLE, N.Y., May 13, 2025 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today first quarter net income of $2,718,000 or $0.64 per share compared to $2,553,000 or $0.60 per share for the same quarter in 2024. The increase in quarterly net income compared to 2024 of $165,000 was primarily attributable to a decrease in interest expense of $621,000, an increase in loan interest and fees of $328,000, and an increase in non-interest income of $102,000. The increase was partially offset by a decrease in other interest income of $666,000, an increase in tax expense of $46,000, in salaries and employee benefits of $43,000, and in other non-interest expense of $33,000.
"The Company retired all wholesale funding by the end of 2024, reducing forward interest expense from already low levels." said George W. Kinne, Jr., President and CEO, "Strong loan growth in the first quarter partially offset lower rates on funds held at the Federal Reserve and some planned runoff of securities. With economic uncertainty expected to continue in the near term, we are comfortable with our balance sheet continuing to be very liquid."
A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the May 13, 2025 meeting of the Board of Directors. The dividend is payable on June 5, 2025 to stockholders of record at the close of business on May 27, 2025.
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.
For More Information, call: 845-482-4000
Contact: George W. Kinne, Jr., President - CEO
