JEFFERSONVILLE, N.Y., Feb. 15, 2017 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB:JFBC) announced today fourth quarter net income of $1,026,000 or $0.24 per share compared to $1,171,000 or $0.28 per share for the same quarter in 2015. The decrease in quarterly net income was primarily due to an increase in occupancy expense of $167,000 and an increase in other non-interest expense of $52,000 partially offset by an increase in net interest income of $65,000.
For the year ended December 31, 2016, the Company earned net income of $5,118,000 or $1.21 per share compared to $4,708,000 or $1.11 per share for the same period in 2015. The increase in net income was primarily due to a one-time life insurance benefit of $248,000, an increase in net interest income of $104,000, a decrease in salary expense of $359,000 and a decrease in foreclosed real estate expense of $132,000, partially offset by a decrease in service charge income of $93,000 and an increase in income taxes of $96,000.
A cash dividend in the amount of fourteen cents ($0.14) per share on the common stock of the company was declared at the February 14, 2017 meeting of the Board of Directors. The dividend is payable on March 1, 2017 to stockholders of record at the close of business on February 27, 2017.
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, Forestburgh Road/Monticello, Narrowsburg, Port Jervis, White Lake and Wurtsboro.
For More Information, call: 845-482-4000 Contact: George W. Kinne, Jr., President – CEO