Log in Subscribe

Jeffersonville Bancorp announces record earnings

Posted 2/15/19

JEFFERSONVILLE - For only the second time in its 105-year history, Jeffersonville Bancorp has eclipsed the $6 million mark in earnings.

For the year ended December 31, 2018, net income was …

This item is available in full to subscribers.

Please log in to continue

Log in

Jeffersonville Bancorp announces record earnings

Posted

JEFFERSONVILLE - For only the second time in its 105-year history, Jeffersonville Bancorp has eclipsed the $6 million mark in earnings.

For the year ended December 31, 2018, net income was $6,203,000 - or $1.46 per share - compared to $4,292,000 or $1.01 per share in 2017.

“Our net income for 2018 increased over 44% compared to 2017 and is the highest amount ever recorded by the company,” George W. Kinne, Jr., President and CEO, said. “Our net interest income, which reflects our core earnings strength, increased by over 10% compared to 2017.”

Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank, Sullivan County's largest community bank, which was founded in 1913.

Jeffersonville Bancorp, Inc. reported fourth quarter net income of $1,137,000 - or $0.27 per share - compared to $253,000 or $0.06 per share for the same quarter in 2017.

The increase in quarterly net income was primarily due to an increase in interest on loans of $516,000 and other interest and dividend income of $146,000, and a decrease in income tax expense of $992,000 related to the Tax Cut and Jobs Act legislation signed into law in December of 2017.

These improvements were partially offset by an increase in provision for loan losses of $350,000, total non-interest expense of $301,000, and a decrease in non-interest income of $152,000 related to a new accounting rule requiring changes in the value of equity securities to be reflected in net income instead of other comprehensive in­come.

The increase in year-to-date net income was primarily due to an increase in interest on loans of $1,181,000 and other interest and dividend income of $721,000, and a decrease in income tax expense of $1,159,000 related to the Tax Cut and Jobs Act legislation signed into law in December of 2017.

These improvements were partially offset by an increase in provision for loan losses of $650,000 and total non-interest expense of $417,000.

“We are pleased that the improvement in our earnings allowed us to reward our shareholders with a special dividend in December and to recognize the hard work of our employees through our profit-sharing program,” Kinne said.

At its February 12 meeting, the Board of Directors declared a quarterly cash dividend in the amount of fifteen cents per share on the common stock of the company. The dividend is payable on March 5 to stockholders of record at the close of business on February 26.

Comments

No comments on this item Please log in to comment by clicking here