JEFFERSONVILLE, N.Y., Nov. 15, 2017 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB:JFBC) announced today third quarter net income of $1,343,000 or $0.32 per share compared to $1,304,000 or $0.31 per share for the same quarter in 2016. The increase in quarterly net income was primarily due to an increase in interest income of $27,000, a decrease of $30,000 in interest expense, and a decrease in other non-interest expense of $136,000, partially offset by an increase in income tax expense of $80,000.
Year to date net income as of September 30, 2017 was $4,039,000 or $0.95 per share compared to $4,092,000 or $0.97 per share for the same quarter in 2016. The decrease in year to date net income was primarily due to an increase in salary and employee benefit expense of $392,000, an increase in occupancy expense of $139,000, and a non-recurring life insurance benefit of $247,000 received in 2016, partially offset by an increase in interest income of $463,000, a decrease of $85,000 in interest expense, a decrease in the provision for loan losses of $350,000 and an increase in income tax expense of $181,000.
At its November 14, 2017 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, an increase of 7.14% over the previous quarterly dividend of fourteen cents ($0.14). The dividend is payable on December 4, 2017 to stockholders of record at the close of business on November 27, 2017.
"We are pleased to be able to reward our loyal shareholders with an increase in our cash dividend," said George W. Kinne, Jr., 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 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.
For More Information, call: 845-482-4000
Contact: George W. Kinne, Jr., President – CEO