JEFFERSONVILLE –  Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today third quarter net income of $3,293,000 or $0.78 per share compared to $3,092,000 or $0.73 per share for the same quarter in 2024. 

The increase in quarterly net income compared to 2024 of $201,000 was primarily attributable to a reduction in interest expense of $554,000 and an increase of $500,000 in loan interest and fees.

This was partially offset by a reduction in other interest and dividend income of $277,000, a reduction in securities interest of $203,000, a gain on sale of foreclosed real estate of $191,000 in 2024, an increase in non-interest expense of $115,000, and an increase in income tax expense of $40,000.

 Year-to-date net income as of September 30 was $9,301,000 or $2.20 per share compared to $8,676,000 or $2.05 per share for the same period in 2024. 

The increase in year-to-date net income compared to 2024 of $625,000 was primarily attributable to a decrease in interest expense of $1,764,000, and an increase in loan interest and fees of $1,361,000.

This was partially offset by a reduction in securities interest of $838,000, a decrease in other interest and dividend income of $833,000, a reduction in other non-interest income of $322,000, a gain on sale of foreclosed real estate of $191,000 in 2024, an increase in provision for loan loss expense of $159,000, and an increase of $138,000 in income tax expense compared to the same period in 2024.

 “To date, lower interest expense and interest income from higher loan balances have more than offset decreases in income related to rate cuts by the Federal Reserve Board,” said George W. Kinne, Jr., President and CEO, “With the path of future rate cuts uncertain, the Company has maintained a liquid balance sheet and continues to be well positioned to outperform peers in the near term.”

A cash dividend in the amount of fifteen cents per share on the common stock of the company was declared at the November 13 meeting of the Board of Directors. The dividend is payable on December 5 to stockholders of record at the close of business on November 25.

 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.