JEFFERSONVILLE - Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today first quarter net income of $1,314,000 or $0.31 per share compared to $1,046,000 or $0.25 per share for the same quarter …
JEFFERSONVILLE - Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today first quarter net income of $1,314,000 or $0.31 per share compared to $1,046,000 or $0.25 per share for the same quarter in 2020.
The increase in quarterly net income compared to 2020 of $268,000 was primarily attributable to a decrease in the provision for loan losses of $250,000, an unrealized gain on equity securities of $235,000, and a decrease in interest expense on deposits of $71,000, partially offset by a decrease in loan interest and fees of $536,000 and an increase in tax expense of $71,000.
“Interest income continues to be pressured by Federal Reserve Bank policies that have created an extreme low interest rate environment. In addition, loan demand continues to be muted as the economy slowly reopens. We expect that conditions will improve as the massive amounts of government stimulus and higher levels of vaccinations allow the economy to reopen more fully, and consumers have the opportunity to increase spending and hasten economic recovery,” said George W. Kinne, Jr., President and CEO.
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 11, 2021 meeting of the Board of Directors. The dividend is payable on June 2, 2021 to stockholders of record at the close of business on May 24, 2021.
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.