For More Information, call: 845-482-4000Contact: George W. Kinne, Jr., President - CEO
JEFFERSONVILLE, N.Y., May 10, 2017 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB:JFBC) announced today first quarter net income of $1,401,000 or $0.33 per share compared to $1,473,000 or $0.35 per share for the same quarter in 2016. The decrease in quarterly net income compared to 2016 was attributable to several factors. Interest income increased by $298,000 and interest expense decreased by $27,000. In addition, the Company recorded a negative provision to loan losses of $300,000 due to a large recovery of a previously charged off loan. Those improvements were offset by an increase in other non-interest expense of $187,000, salary and employee benefits expense of $146,000, tax expense of $111,000 and occupancy expense of $48,000 compared to the same period in 2016. Also, in the first quarter of 2016, the Company recognized a non-recurring, tax-free life insurance benefit of $247,000. A cash dividend in the amount of fourteen cents ($0.14) per share on the common stock of the company was declared at the May 9, 2017 meeting of the Board of Directors. The dividend is payable on June 1, 2017 to stockholders of record at the close of business on May 22, 2017. Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains twelve full service branches in Sullivan County, New York located in Anawana Lake Road/Monticello, Callicoon, Eldred, Jeffersonville, Liberty, Livingston Manor, Loch Sheldrake, Forestburgh Road/Monticello, Narrowsburg, Port Jervis, White Lake and Wurtsboro.