Jeffersonville Bancorp Announces Third Quarter Earnings of $1,698,000 or $0.40 per share and Year to Date Earnings of $5,461,000 or $1.29 per share; Declares Dividend of $0.15

JEFFERSONVILLE, N.Y., Nov. 12, 2019 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today third quarter net income of $1,698,000 or $0.40 per share compared to $1,762,000 or $0.42 per share for the same quarter in 2018. The decrease in quarterly net income compared to 2018 of $64,000 was primarily attributable to an increase in provision for loan losses of $300,000 partially offset by an increase in total interest and dividend income of $149,000 and total non-interest income of $33,000.
Year to date net income as of September 30, 2019 was $5,461,000 or $1.29 per share compared to $5,066,000 or $1.20 per share for the same period in 2018. The increase in year to date net income compared to 2018 was attributable to several factors. Interest income on loans increased by $984,000, interest on excess reserves at the Federal Reserve Bank increased by $207,000, and total non-interest income increased by $141,000. These improvements were partially offset by an increase in provision for loan losses of $500,000, an increase in salaries and employee benefits expense of $358,000, and an increase in tax expense of $133,000."The Company has continued to benefit from low core funding costs. We also benefitted from higher average loan balances as compared to 2018. We are pleased with the results we have achieved in a challenging interest rate environment," said George W. Kinne, Jr., President and CEO.A A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the November 12, 2019 meeting of the Board of Directors.A  The dividend is payable on December 4, 2019 to stockholders of record at the close of business on November 25, 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.
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