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 And Fiscal Year Ended June 30, 2013

Jefferson Bancshares, Inc. (NASDAQ: JFBI), the holding company for Jefferson Federal Bank (the “Bank”), announced net income for the quarter ended June 30, 2013 of $565,000, or $0.09 per diluted share, compared to net income of $291,000, or $0.05 per diluted share, for the quarter ended June 30, 2012. The improvement in net income reflects a reduction in the provision for loan losses more than offsetting a decrease in net interest income.

For the fiscal year ended June 30, 2013, the Company reported net income of $1.6 million, or $0.25 per diluted share, compared to a net loss of $4.0 million, or $0.64 per diluted share, for the fiscal year ended June 30, 2012. The provision for loan losses was $800,000 for the fiscal year ended June 30, 2013 compared to $9.9 million for the prior fiscal year.

Anderson L. Smith, President and Chief Executive Officer, commented, “We are pleased with the steady progress our organization has made over the last twelve months, despite the challenging economic and interest rate environment. We were profitable for the sixth consecutive quarter, with net earnings of $565,000 for the three months ended June 30, 2013 compared to $291,000 for the prior year period. Asset quality continues to improve as charge-offs, nonperforming assets, and delinquencies have decreased. Our loan portfolio experienced growth during the quarter and we are cautiously optimistic that loan demand will continue to increase as we begin a new fiscal year.”

Net interest income decreased $220,000, or 5.1%, to $4.1 million for the quarter ended June 30, 2013 compared to $4.3 million for the same period in 2012. The decrease in net interest income is primarily due to lower average balances and lower yields on loans, partially offset by lower average balances and lower rates on deposits. The net interest margin was 3.67% for the quarter ended June 30, 2013 compared to 3.68% for the same period in 2012. For the fiscal year ended June 30, 2013, net interest income decreased $1.5 million, or 8.3%, to $16.4 million compared to $17.9 million for the fiscal year ended June 30, 2012, while the net interest margin decreased 8 basis points to 3.64% compared to 3.72% for the prior fiscal year.

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

Chart of I:DJI
DOW 17,535.43 -62.77 -0.36%
S&P 500 2,098.33 +0.29 0.01%
NASDAQ 5,116.2140 +0.8320 0.02%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs