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Jefferson Bancshares, Inc. Announces Earnings For The Quarter Ended September 30, 2010

Jefferson Bancshares, Inc. (NASDAQ: JFBI) , the holding company for Jefferson Federal Bank, announced net income for the quarter ended September 30, 2010 of $259,000, or $0.04 per diluted share, compared to net earnings of $484,000, or $0.08 per diluted share, for the quarter ended September 30, 2009. The decrease in net income for the quarter ended September 30, 2010 was primarily the result of write-downs and losses on other real estate owned (“OREO”).

Anderson L. Smith, President and Chief Executive Officer, commented, “We continue to confront a challenging operating environment due to regulatory pressures, sluggish local economies and historically low interest rates. We are closely monitoring our loan portfolio and our priority for fiscal 2011 is reducing the level of non-performing assets. We remain well capitalized for regulatory purposes and maintain a strong liquidity position. The Bank’s total risk based capital ratio was 12.07% at September 30, 2010, above the 10.00% minimum regulatory requirement needed to be a well capitalized institution, under applicable regulatory requirements.”

The net interest margin was 3.00% for the three months ended September 30, 2010 compared to 3.17% for the same period in 2009. The yield on interest-earning assets declined 75 basis points to 4.85% for the three months ended September 30, 2010 compared to 5.60% for the same period in 2009 due primarily to a lower average balance of loans. The yield on assets was also impacted in the current quarter by an increase in the Company’s level of liquidity. The cost of interest-bearing liabilities declined 58 basis points to 1.85% for the three months ended September 30, 2010 compared to 2.43% for the same period in 2009 primarily due to lower market interest rates and a change in the mix of deposits.

At September 30, 2010, total assets were $643.8 million compared to $630.8 million at June 30, 2010. Investment securities decreased $17.1 million, or 27.2%, to $45.8 million at September 30, 2010 compared to $63.0 million at June 30, 2010, due primarily to calls of U.S. agency securities exceeding new purchases. Net loans decreased $11.6 million to $422.7 million at September 30, 2010, compared to $434.4 million at June 30, 2010, due primarily to a combination of reduced loan demand and normal pay-downs on existing loans. Reduced loan demand is primarily the result of continued economic weakness in the Bank’s market areas.

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