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Jefferson Bancshares, Inc. Announces Earnings For The Quarter And Fiscal Year Ended June 30, 2011

Stocks in this article: JFBI

Jefferson Bancshares, Inc. (NASDAQ: JFBI), the holding company for Jefferson Federal Bank, announced net income for the quarter ended June 30, 2011 of $363,000, or $0.06 per diluted share, compared to a net loss of $24.4 million, or $3.91 per diluted share, for the quarter ended June 30, 2010. Financial results for the quarter ended June 30, 2010 were significantly impacted by a $21.8 million non-cash goodwill impairment charge relating to the Company’s acquisition of State of Franklin Bancshares, Inc. in 2008. For the fiscal year ended June 30, 2011, the Company reported net income of $1.2 million, or $0.20 per diluted share, compared to a net loss of $24.0 million, or $3.85 per diluted share, for the fiscal year ended June 30, 2010.

Anderson L. Smith, President and Chief Executive Officer, commented, “While our financial results continue to be affected by a challenging economic environment, we are pleased to report continued positive trends in asset quality, capital levels and earnings. At June 30, 2011, non-performing assets totaled $18.2 million, or 3.24% of total assets, compared to $26.4 million, or 4.18% of total assets, at June 30, 2010. 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 was $4.8 million for the three months ended June 30, 2011 compared to $4.6 million for the same period in 2010. The net interest margin was 3.88% for the three months ended June 30, 2011 compared to 3.36% for the same period in 2010. The yield on interest-earning assets declined 10 basis points to 5.09% for the three months ended June 30, 2011 compared to 5.19% for the same period in 2010 due primarily to a shift from average loan balances into lower yielding investments. The cost of interest-bearing liabilities declined 59 basis points to 1.33% for the three months ended June 30, 2011 compared to 1.92% for the same period in 2010, due to lower interest rates on deposits and a lower level of FHLB advances. For the fiscal year ended June 30, 2011, net interest income decreased $147,000, or 0.8%, to $18.3 million while the net interest margin increased 14 basis points to 3.44% compared to 3.30% for the fiscal year ended June 30, 2010.

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