This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Jefferson Bancshares, Inc. Announces Earnings For The Quarter Ended September 30, 2011

Jefferson Bancshares, Inc. (NASDAQ: JFBI), the holding company for Jefferson Federal Bank, announced a net loss for the quarter ended September 30, 2011 of $958,000, or $0.15 per diluted share, compared to net income of $259,000, or $0.04 per diluted share, for the quarter ended September 30, 2010. Financial results for the quarter ended September 30, 2011 were negatively impacted by a $3.0 million provision for loan losses compared to no recorded provision for the quarter ended September 30, 2010. The increase in the provision for loan losses was the result of one lending relationship comprised of six commercial loans that became impaired during the quarter ended September 30, 2011.

Anderson L. Smith, President and Chief Executive Officer, commented, “The Bank's performance continues to be negatively impacted by the ongoing effects of the economic downturn in our markets and costs associated with the resolution of nonperforming assets. We are pleased to report improvement in net interest income and the net interest margin. We have focused on lowering our cost of funds to offset the impact of reduced loan demand on earnings. 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 increased $417,000, or 9.6%, to $4.8 million for the three months ended September 30, 2011 compared to $4.3 million for the same period in 2010. The net interest margin was 3.90% for the three months ended September 30, 2011 compared to 3.08% for the same period in 2010. The yield on interest-earning assets increased 15 basis points to 5.00% for the three months ended September 30, 2011 compared to 4.85% for the same period in 2010 due to a change in the mix of average earning assets. The cost of interest-bearing liabilities declined 63 basis points to 1.22% for the three months ended September 30, 2011 compared to 1.85% for the same period in 2010, due to lower interest rates paid on deposits and FHLB advances.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs