JEFFERSONVILLE, N.Y., Nov. 12, 2014 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB:JFBC) announced today third quarter net income of $1,218,000 or $0.29 per share compared to $1,383,000 or $0.33 per share for the same quarter in 2013. The decrease in quarterly net income was primarily due to a non-recurring recovery of $422,000 realized in the third quarter of 2013 from the sale of foreclosed real estate. Excluding that recovery, quarterly net income benefitted from a reduction in foreclosed real estate expense of $210,000 and a decrease in income tax expense of $57,000, partially offset by an increase in the provision for loan losses of $100,000.
Year to date net income as of September 30, 2014 was $3,807,000 or $0.90 per share compared to $3,563,000 or $0.84 per share for the same quarter in 2013. The increase in year to date net income was primarily due to a decrease of $316,000 in total interest expense, and an $118,000 decrease in other non-interest expense partially offset by a decrease in total interest and dividend income of $121,000, an increase of $100,000 in provision for loan losses, and an increase in income tax expense of $170,000.
The Company previously announced that its wholly owned subsidiary, Jeff Bank, will eliminate its post retirement benefit plan. The Company estimates the change will result in additions to net income of approximately $2 million in the fourth quarter of 2014.
The Board of Directors declared a quarterly cash dividend in the amount of fourteen cents ($0.14) per share on the common stock of the company, an increase of 7.69% over the previous quarterly dividend of thirteen cents ($0.13). The dividend is payable on December 1, 2014 to stockholders of record at the close of business on November 24, 2014.
"We are pleased to be able to reward our loyal shareholders with an increase in our cash dividend," said Wayne V. Zanetti, President and Chief Executive Officer. "The increase demonstrates the confidence we have in the strength of the Company's core earnings and our strong capital position."
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 County, New York located in Bloomingburg, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Loch Sheldrake, Monticello, Narrowsburg, Wal-Mart/Monticello, White Lake and Wurtsboro.
CONTACT: For More Information, call: 845-482-4000 Wayne Zanetti, President - CEOSource:Jeffersonville Bancorp