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Jefferson Bancshares, Inc. Announces Earnings For The Quarter Ended September 30, 2012

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:

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.
At At
September 30, 2012 June 30, 2012
(Dollars in thousands)
Financial Condition Data:
Total assets $507,267 $522,930
Loans receivable, net 313,205 322,499

Cash and cash equivalents, and interest-bearing deposits
47,677 56,693
Investment securities 86,089 83,483
Deposits 407,354 423,882
Repurchase agreements 664 398
FHLB advances 37,682 37,863
Subordinated debentures 7,273 7,245
Stockholders' equity $53,167 $52,629
Three Months Ended September 30,
2012 2011
(Dollars in thousands, except per share data)
Operating Data:
Interest income $4,969 $6,120
Interest expense 846 1,355
Net interest income 4,123 4,765
Provision for loan losses 300 2,986

Net interest income after provision for loan losses
3,823 1,779
Noninterest income 456 603
Noninterest expense 3,906 4,020
Earnings before income taxes 373 (1,638 )
Total income taxes 78 (680 )
Net earnings $295 ($958 )
Share Data:
Earnings per share, basic $0.05 ($0.15 )
Earnings per share, diluted $0.05 ($0.15 )
Book value per common share $8.02 $8.38
Weighted average shares:
Basic 6,261,233 6,230,266
Diluted 6,261,233 6,230,266
Three Months Ended September 30,
2012 2011
(Dollars in thousands)
Allowance for Loan Losses:
Allowance at beginning of period $5,852 $8,181
Provision for loan losses 300 2,986
Recoveries 392 40
Charge-offs (783 ) (1,003 )
Net Charge-offs (391 ) (963 )
Allowance at end of period $5,761   $10,204  

Net charge-offs to average outstanding loans during the period, annualized
0.48 % 1.01 %
At At At
September 30, 2012 June 30, 2012 September 30, 2011
(Dollars in thousands)
Nonperforming Assets:
Nonperforming loans $17,252 $18,562 $9,185
Nonperforming investments 668 207 233
Real estate owned 6,753 6,075 10,471
Other nonperforming assets 31   348   1  
Total nonperforming assets $24,704   $25,192   $19,890  
Three Months Ended Year Ended Three Months Ended
September 30, 2012 June 30, 2012 September 30, 2011
Performance Ratios:
Return on average assets 0.23 % (0.74 %) (0.69 %)
Return on average equity 2.21 % (7.37 %) (6.77 %)
Interest rate spread 3.47 % 3.60 % 3.70 %
Net interest margin 3.57 % 3.72 % 3.83 %
Efficiency ratio 85.38 % 83.38 % 75.25 %

Average interest-earning assets to average interest-bearing liabilities
112.72 % 111.99 % 112.12 %
Asset Quality Ratios:

Allowance for loan losses as a percent of total loans
1.80 % 1.78 % 2.69 %

Allowance for loan losses as a percent of nonperforming loans
33.39 % 31.53 % 111.09 %

Nonperforming loans as a percent of total loans
5.40 % 5.65 % 2.42 %

Nonperforming assets as a percent of total assets
4.87 % 4.82 % 3.62 %

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