Jeffersonville Bancorp Announces Second Quarter Earnings of $1,264,000 or $0.30 per share and Year to Date Earnings of $2,310,000 or $0.55 per share; Declares Dividend of $0.15

JEFFERSONVILLE, N.Y., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today second quarter net income of $1,264,000 or $0.30 per share compared to $2,086,000 or $0.49 per share for the same quarter in 2019. The decrease in quarterly net income compared to 2019 of $822,000 was primarily attributable to a decrease in interest income of $836,000, a decrease in total non-interest income of $185,000 and an increase in the provision for loan losses of $150,000, partially offset by a decrease in income tax expense of $242,000 and a decrease in total non-interest expense of $97,000 compared to the same period in 2019.

Year to date net income as of June 30, 2020 was $2,310,000 or $0.55 per share compared to $3,762,000 or $0.89 per share for the same period in 2019. The decrease in year to date net income compared to 2019 of $1,452,000 was primarily attributable to a decrease in interest income of $1,140,000, a decrease in total non-interest income of $442,000 and an increase in the provision for loan losses of $300,000, partially offset by a decrease in income tax expense of $396,000 compared to the same period in 2019.

"The Company’s performance has continued to be impacted by the Covid-19 pandemic as our variable rate loans and securities continued to reprice lower and interest on excess reserves at the Federal Reserve are at near zero. In addition, fee income has dropped due to lower economic activity and waiving of fees for those customers impacted by the pandemic. Uncertainty surrounding the resumption of more normal business activity has also led to higher loan loss provisions. We are fortunate that our strong core business has allowed us to remain profitable and add to our already strong levels of capital. We also remain highly liquid, which will allow us to take advantage of competitive opportunities as they arise," 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 August 11, 2020 meeting of the Board of Directors. The dividend is payable on September 1, 2020 to stockholders of record at the close of business on August 24, 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.

For More Information, call:  845-482-4000

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