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JEFFERSONVILLE, N.Y., May 15, 2019 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today first quarter net income of $1,676,000 or $0.40 per share compared to $1,562,000 or $0.37 per share for the same quarter in 2018. The increase in quarterly net income compared to 2018 was attributable to an increase in net interest income of $459,000, partially offset by increases in non-interest expense of $214,000, provision to loan losses of $100,000, and tax expense of $30,000.
“We are pleased with the growth in our interest income related to higher levels of loans and increased rates on balances at the Federal Reserve,” said President and CEO George W. Kinne, Jr., “Our results exceeded our budgeted plan for the first quarter and we hope to continue that trend for the remainder of the year.”
A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the May 14, 2019 meeting of the Board of Directors. The dividend is payable on June 5, 2019 to stockholders of record at the close of business on May 28, 2019.
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