JEFFERSONVILLE, N.Y., Aug. 10, 2016 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB:JFBC) announced today second quarter net income of $1,315,000 or $0.31 per share compared to $1,283,000 or $0.30 per share for the same quarter in 2015. The increase in quarterly net income was primarily due to a decrease in non-interest expense of $134,000, partially offset by a decrease in net interest income of $20,000 and an increase in the provision for loan losses of $50,000.
Year to date net income as of June 30, 2016 was $2,788,000 or $0.66 per share compared to $2,459,000 or $0.58 per share for the same period in 2015. The increase in year to date net income was primarily due to a non-recurring life insurance benefit of $247,000 and a decrease in pension expense of $116,000, partially offset by a decrease in net interest income of $81,000 and an increase in the provision for loan loss of $50,000.
A cash dividend in the amount of fourteen cents ($0.14) per share on the common stock of the company was declared at the August 9, 2016 meeting of the Board of Directors. The dividend is payable on September 1, 2016 to stockholders of record at the close of business on August 22, 2016.
Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains thirteen full service branches in Sullivan County, New York located in Anawana Lake Road/Monticello, Bloomingburg, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Loch Sheldrake, Monticello, Narrowsburg, Port Jervis, White Lake and Wurtsboro.
For More Information, call: 845-482-4000 Contact: George W. Kinne, Jr., President – CEO