Jeffersonville Bancorp Announces First Quarter Earnings of $1,046,000 or $0.25 per share; Declares Dividend of $0.15

JEFFERSONVILLE, N.Y., May 12, 2020 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today first quarter net income of $1,046,000 or $0.25 per share compared to $1,676,000 or $0.40 per share for the same quarter in 2019. The decrease in quarterly net income compared to 2019 of $630,000 was primarily attributable to a decrease in interest income of $304,000, an increase in unrealized losses on equity securities of $247,000, and an increase in the provision for loan losses of $150,000, partially offset by a decrease in tax expense of $154,000.

"The Company was impacted, as most financial institutions were, by the dramatic drop in interest rates as the Federal Reserve responded to the Covid-19 pandemic. The 150 basis point reduction in rates caused variable rate loans to reprice lower and interest on excess cash reserves at the Federal Reserve Bank dropped to near zero. Fortunately, the Company has a very strong liquidity and capital profile that will help us weather the unprecedented economic conditions caused by the pandemic,” said George W. Kinne, Jr., President and CEO.

A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the May 12, 2020 meeting of the Board of Directors. The dividend is payable on June 2, 2020 to stockholders of record at the close of business on May 26, 2020.

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 and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Loch Sheldrake, Monticello, Narrowsburg, Port Jervis, White Lake, and Wurtsboro.

Contact:  George W. Kinne, Jr., President – CEO

For More Information, call:  845-482-4000