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

Jefferson Bancshares, Inc. (NASDAQ: JFBI) (the “Company”), the holding company for Jefferson Federal Bank (the “Bank”), today announced its final financial results for the quarter and year ended June 30, 2011, which were revised from the financial results originally issued on July 29, 2011. These final financial results were also filed today with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K. The revision is due to (i) impairment charges totaling $835,000 on a pre-tax basis recorded on collateralized debt obligations that were acquired in connection with the Company’s acquisition of State of Franklin Bancshares, Inc. in 2008 and (ii) an increase in the Company’s provision for loan losses of $1.1 million from $3.3 million to $4.4 million for the year ended June 30, 2011. These changes were made based on consultation with the Bank’s regulators in connection with their regular examination of the Bank. As a result of these changes, the Company’s previously announced net income of $363,000, or $0.06 per diluted share, for the quarter ended June 30, 2011 has been revised to reflect a net loss of $848,000, or $0.14 per diluted share, and the Company’s previously announced net income of $1.2 million, or $0.20 per diluted share, for the year ended June 30, 2011 has been revised to reflect net income of $30,000, or $0.00 per diluted share. A revised version of the Company’s previously issued earnings release and related financial tables are included below.

For the quarter ended June 30, 2011, the Company reported a net loss of $848,000, or $0.14 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. Results for fiscal 2011 include impairment charges recorded on collateralized debt obligations that were acquired in connection with the acquisition of State of Franklin Bancshares in October 2008 that reduced net income approximately $515,000. These impairment charges, which totaled $835,000 on a pre-tax basis, do not represent realized losses and the eventual recovery of the total investment is possible. 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 $30,000, or $0.00 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.

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