JEFFERSONVILLE - Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today second quarter net income of $2,031,000 or $0.48 per share compared to $1,735,000 or $0.41 per share for the same quarter in 2021. The increase in quarterly net income compared to 2021 of $296,000 was primarily attributable to an increase in securities and other interest and dividends of $739,000 and a decrease in total non-interest expense of $122,000, partially offset by a decrease in loan interest and fees of $305,000, a decrease in unrealized securities gains of $173,000, and an increase in tax expense of $70,000.
Year to date net income as of June 30, 2022 was $3,821,000 or $0.90 per share compared to $3,049,000 or $0.72 per share for the same period in 2021. The increase in year-to-date net income compared to 2021 of $772,000 was primarily attributable to an increase in securities and other interest and dividends of $1,136,000 and a decrease in total non-interest expense of $236,000, partially offset by a decrease in unrealized gains on securities of $284,000, an increase in income tax expense of $192,000, and a decrease in loan interest and fees of $133,000 compared to the same period in 2021.
“Higher levels of securities investments and higher rates on balances held at the Federal Reserve Bank contributed to higher net interest income in the second quarter,” said George W. Kinne, Jr., President and CEO, “With the Federal Reserve Board determined to curb inflation by increasing the federal funds rate, our balance sheet is well positioned to take advantage of a rising rate environment, especially in the near term.”
A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the August 9, 2022 meeting of the Board of Directors. The dividend is payable on September 1, 2022 to stockholders of record at the close of business on August 23, 2022.
Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains ten full-service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Monticello, Port Jervis, White Lake, and Wurtsboro.