Total deposits decreased $24.9 million, or 5.2%, to $454.3 million at June 30, 2011 compared to $479.2 million at June 30, 2010 due to planned runoff of certificates of deposit through lower interest rates. Time deposits decreased $29.3 million, or 12.2%, to $210.9 million while transaction accounts increased $4.4 million to $243.4 million at June 30, 2011 compared to $239.0 million at June 30, 2010. The average cost of interest-bearing deposits for the three month period ended June 30, 2011 was 1.09% compared to 1.55% for the corresponding period in 2010. FHLB advances decreased $46.9 million to $37.9 million at June 30, 2011 compared to $84.8 million at June 30, 2010 as excess liquidity was used to repay advances. Although prepayment penalties totaling $775,000 for the fiscal year ended June 30, 2011 were incurred in connection with the repayment of the advances, management believes the future savings in interest expense will more than offset the prepayment penalties.The Bank continues to be well-capitalized under regulatory requirements. The Bank’s total risk-based capital ratio was 13.36% at June 30, 2011, compared to 11.61% at June 30, 2010. At June 30, 2011, the Company had 6,634,523 common shares outstanding with a book value of $8.56 per common share.
Jefferson Bancshares, Inc. Announces Earnings For The Quarter And Fiscal Year Ended June 30, 2011
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