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

Jefferson Bancshares, Inc. is the holding company for Jefferson Federal Bank, a Tennessee-chartered savings bank headquartered in Morristown, Tennessee. Jefferson Federal Bank is a community oriented financial institution offering traditional financial services with offices in Hamblen, Knox, Washington and Sullivan Counties, Tennessee. The Company’s stock is listed on the NASDAQ Global Market under the symbol “JFBI.” More information about Jefferson Bancshares and Jefferson Federal Bank can be found at its website: www.jeffersonfederal.com.

This press release, as well as other written communications made from time to time by the Company and its subsidiaries and oral communications made from time to time by authorized officers of the Company, may contain statements relating to the future results of the Company (including certain projections and business trends) that are considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Such forward-looking statements may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “intend” and “potential.” For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the PSLRA.

The Company cautions you that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to: prevailing economic and geopolitical conditions; changes in interest rates, loan demand, real estate values and competition; changes in accounting principles, policies and guidelines; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues; and other economic, competitive, governmental, regulatory and technological factors affecting the Company’s operations, pricing, products and services and other factors that may be described in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.
 
 
JEFFERSON BANCSHARES, INC.
 
  At   At    
June 30, 2011 June 30, 2010
(Dollars in thousands)
 
Financial Condition Data:
Total assets $ 562,066 $ 630,770
Loans receivable, net 379,784 434,378

Cash and cash equivalents, and interest-bearing deposits
40,548 69,303
Investment securities 75,008 62,989
Deposits 454,262 479,183
Repurchase agreements 945 944
FHLB advances 37,942 84,834
Subordinated debentures 7,133 7,021
Stockholders' equity $ 56,797 $ 56,523
 
 
Three Months Ended June 30, Year Ended June 30,
2011 2010 2011 2010
(Dollars in thousands, except per share data)
 
Operating Data:
Interest income $ 6,282 $ 7,113 $ 26,333 $ 30,043
Interest expense 1,506 2,522 8,030 11,593
Net interest income 4,776 4,591 18,303 18,450
Provision for loan losses 900 5,500 3,250 8,809

Net interest income after provision for loan losses

3,876

(909

)

15,053

9,641
Noninterest income 471 585 4,002 4,034
Noninterest expense 4,038 26,040 17,413 39,657
Earnings before income taxes 309 (26,364 ) 1,642 (25,982 )
Total income taxes (54 ) (1,972 ) 401 (1,982 )
Net earnings $ 363 ($24,392 ) $ 1,241 ($24,000 )
 
 
Share Data:
Earnings per share, basic $ 0.06 ($3.91 ) $ 0.20 ($3.85 )
Earnings per share, diluted $ 0.06 ($3.91 ) $ 0.20 ($3.85 )
Book value per common share $ 8.56 $ 8.49 $ 8.56 $ 8.49
Weighted average shares:
Basic 6,231,159 6,225,301 6,216,249 6,226,921
Diluted 6,231,159 6,225,301 6,216,249 6,226,921
 
 
Year Ended June 30,
2011 2010
(Dollars in thousands)
 
Allowance for Loan Losses:
Allowance at beginning of period $ 9,649 $ 4,722
Provision for loan losses 3,250 8,809
Recoveries 219 61
Charge-offs   (6,134 )   (3,943 )
Net Charge-offs   (5,915 )   (3,882 )
Allowance at end of period $ 6,984   $ 9,649  
 

Net charge-offs to average outstanding loans during the period, annualized
1.42 % 0.83 %
 
At At
June 30, 2011 June 30, 2010
(Dollars in thousands)
 
Nonperforming Assets:
Nonperforming loans $ 8,248 $ 18,779
Nonperforming investments 464 731
Real estate owned 9,498 6,865
Other nonperforming assets   1     -  
 
Total nonperforming assets $ 18,211   $ 26,375  
 
 
 
Year Ended Year Ended
June 30, 2011 June 30, 2010
 
Performance Ratios:
Return on average assets 0.20 % (3.65 %)
Return on average equity 2.18 % (29.65 %)
Interest rate spread 3.34 % 3.18 %
Net interest margin 3.44 % 3.30 %
Efficiency ratio 85.71 % 83.93 %

Average interest-earning assets to average interest-bearing liabilities
106.81 % 105.97 %
 
Asset Quality Ratios:

Allowance for loan losses as a percent of total gross loans
1.80 % 2.17 %

Allowance for loan losses as a percent of nonperforming loans
84.68 % 51.38 %

Nonperforming loans as a percent of total loans
2.13 % 4.22 %

Nonperforming assets as a percent of total assets
3.24 % 4.18 %

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