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 March 31, 2012

Jefferson Bancshares, Inc. (NASDAQ: JFBI), the holding company for Jefferson Federal Bank, announced net income for the quarter ended March 31, 2012 of $334,000, or $0.05 per diluted share, compared to net income of $260,000, or $0.04 per diluted share, for the quarter ended March 31, 2011. The increase in net income is primarily the result of a reduced loan loss provision and lower noninterest expense, partially offset by a reduction in both net interest income and noninterest income. For the nine months ended March 31, 2012, the Company reported a net loss of $4.3 million, or $0.69 per diluted share, compared to net income of $878,000, or $0.14 per diluted share, for the nine months ended March 31, 2011. Financial results for the nine months ended March 31, 2012 were negatively impacted by a $9.3 million provision for loan losses compared to a provision of $2.4 million for the nine months ended March 31, 2011. The increase in the provision for loan losses was attributable to higher realized and estimated losses.

Anderson L. Smith, President and Chief Executive Officer, commented, “We continue to focus on resolving asset quality issues and restoring consistent profitability. The extended low interest rate environment continues to be challenging, however, we have been successful in lowering funding costs to offset decreases in asset yields. We have focused on increasing checking and savings deposits to reduce our reliance on higher costing time deposits. In addition, we are working diligently to reduce operating costs. Our liquidity position is strong and our capital ratios continue to exceed those required to be considered “well capitalized” for regulatory purposes.”

Net interest income decreased $518,000, or 10.9%, to $4.2 million for the quarter ended March 31, 2012 compared to $4.7 million for the same period in 2011. The net interest margin was 3.60% for the quarter ended March 31, 2012 compared to 3.58% for the same period in 2011. The decrease in net interest income was attributable to a shift from average loan balances into lower yielding investments combined with lower market interest rates. These decreases were partially offset by lower rates paid on deposits and a lower average balance of higher-costing time deposits. For the nine months ended March 31, 2012, net interest income remained relatively stable at $13.6 million compared to $13.5 million for the nine months ended March 31, 2011, while the net interest margin increased 53 basis points to 3.74% compared to 3.21% for the same period in 2011.

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs