JEFFERSONVILLE, N.Y., Feb. 11, 2020 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today fourth quarter net income of $1,045,000 or $0.25 per share compared to $1,137,000 or $0.27 per share for the same quarter in 2018. The decrease in quarterly net income was primarily due to a decrease in interest on loans of $247,000 and an increase in provision for loan losses of $250,000, partially offset by an increase in total non-interest income of $295,000.
For the year ended December 31, 2019, net income was $6,506,000 or $1.54 per share compared to $6,203,000 or $1.46 per share in 2018. The increase in year to date net income was primarily due to increases in interest on loans of $737,000 and total non-interest income of $436,000, and a decrease in interest expense of $56,000, partially offset by increases in provision for loan losses of $750,000 and income taxes of $152,000.
“We are pleased to report our second consecutive year of record earnings by the Company,” said George W. Kinne, Jr., President and CEO. “We believe our strategy of pursuing controlled growth has enabled us to maintain profitability in a challenging operating environment. As a result of our increased profitability, we were again able to reward our shareholders with a special dividend in December and to recognize the hard work of our employees through our profit-sharing program.”
At its February 11, 2020 meeting, the Board of Directors declared a quarterly cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company. The dividend is payable on March 2, 2020 to stockholders of record at the close of business on February 24, 2020.
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 and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Loch Sheldrake, Monticello, Narrowsburg, Port Jervis, White Lake and Wurtsboro.
Contact: George W. Kinne, Jr., President – CEO
For More Information, call: 845-482-4000