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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV