JEFFERSONVILLE, N.Y., Aug. 12, 2025 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today second quarter net income of $3,290,000 or $0.78 per share compared to $3,031,000 or $0.72 per share for the same quarter in 2024. The increase in quarterly net income compared to 2024 of $259,000 was primarily attributable to a decrease in interest expense of $589,000, an increase in loan interest and fees of $533,000, and a decrease in non-interest expense of $172,000. The increase was partially offset by a decrease in securities and other interest income of $525,000, a decrease in non-interest income of $432,000 attributable to Bank Owned Life Insurance proceeds of $453,000 received in the same period in 2024, an increase in tax expense of $52,000, and an increase in provision for credit losses of $26,000.
Year to date net income as of June 30, 2025 was $6,008,000 or $1.42 per share compared to $5,584,000 or $1.32 per share for the same period in 2024. The increase in year-to-date net income compared to 2024 of $424,000 was primarily attributable to a decrease in interest expense of $1,210,000, an increase in loan interest and fees income of $861,000, and a decrease in non-interest expense of $96,000. The increase was partially offset by a decrease in securities and other interest income of $1,191,000, a decrease in non-interest income of $330,000 attributable to a net decrease in Bank Owned Life Insurance proceeds of $349,000 in the same period in 2024, an increase in provision for credit losses of $124,000, and an increase income tax expense of $98,000, compared to the same period in 2024.
"The Company continues to benefit from the current rate environment with strong loan growth and higher rates on securities," said George W. Kinne, Jr., President and CEO. "Our stable deposit base continues to be a major contributor to our success and is a reflection of the Company's 112 year history of community involvement and providing excellent service to our customers through the most convenient locations in our market area."
A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the August 12, 2025 meeting of the Board of Directors. The dividend is payable on September 4, 2025 to stockholders of record at the close of business on August 26, 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
