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JEFFERSONVILLE, N.Y., Nov. 09, 2016 -- Jeffersonville Bancorp, Inc. (OTCQB:JFBC) announced today third quarter income of $1,304,000 or $0.31 per share compared to $1,078,000 or $0.25 per share for the same quarter in 2015. The increase in quarterly net income was primarily due to a decrease in foreclosed real estate expense of $217,000 and an increase in interest income of $106,000, partially offset by an increase in income tax expense of $115,000.
Year to date net income as of September 30, 2016 was $4,092,000 or $0.97 per share compared to $3,537,000 or $0.84 per share for the same quarter in 2015. The increase in year to date net income was primarily due to a non-recurring life insurance benefit of $247,000, a decrease in occupancy expense of $224,000, a decrease of $151,000 in foreclosed real estate expense and a decrease in pension expense of $116,000, partially offset by an increase of $244,000 in other non-interest expense and an increase in income tax expense of $119,000.
A cash dividend in the amount of fourteen cents ($0.14) per share on the common stock of the company was declared at the November 8, 2016 meeting of the Board of Directors. The dividend is payable on December 1, 2016 to stockholders of record at the close of business on November 22, 2016.
Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains thirteen full service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Bloomingburg, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Loch Sheldrake, Monticello, Narrowsburg, Port Jervis, White Lake and Wurtsboro.
For More Information, call: 845-482-4000 Contact: George W. Kinne, Jr., President – CEO
