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Jefferson Bancshares, Inc. Announces Earnings For The Three And Six Months Ended December 31, 2010

Jefferson Bancshares, Inc. (NASDAQ: JFBI), the holding company for Jefferson Federal Bank, announced net income for the quarter ended December 31, 2010 of $359,000, or $0.06 per diluted share, compared to a net loss of $415,000, or ($0.07) per diluted share, for the quarter ended December 31, 2009. For the six months ended December 31, 2010, the Company reported net income of $618,000, or $0.10 per diluted share, compared to net income of $69,000, or $0.01 per diluted share, for the six months ended December 31, 2009.

Anderson L. Smith, President and Chief Executive Officer, commented, “We are cautiously optimistic about declining delinquencies and a lower level of non-performing loans. However, we will continue to confront challenges due to weakness in the overall economy. We recorded a loan loss provision totaling $950,000 for the quarter ended December 31, 2010 in recognition of uncertain collateral values and the risk of additional credit losses. We continue to maintain a strong liquidity position and our regulatory capital ratios exceed those required to be considered “well capitalized” for regulatory purposes.”

Net interest income remained relatively unchanged at $4.4 million for the three months ended December 31, 2010 compared to $4.5 million for the same period in 2009. The net interest margin was 3.20% for the three months ended December 31, 2010 compared to 3.21% for the same period in 2009. For the six months ended December 31, 2010, net interest income decreased $365,000, or 4.0%, to $8.8 million while the net interest margin declined 12 basis points to 3.14% compared to the same period in 2009. The yield on interest-earning assets declined 70 basis points to 4.82% for the six months ended December 31, 2010 compared to 5.52% for the same period in 2009 due primarily to a shift from average loan balances into lower yielding investment and interest earning deposits. The cost of interest-bearing liabilities declined 62 basis points to 1.76% for the six months ended December 31, 2010 compared to the same period in 2009, due to lower market interest rates, a change in the mix of deposits and a lower level of Federal Home Loan Bank advances.

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