Jeffersonville Bancorp Announces Second Quarter Earnings of $3,031,000 or $0.72 per share and Year to Date Earnings of $5,584,000 or $1.32 per share; Declares Dividend of $0.15

JEFFERSONVILLE, N.Y., Aug. 13, 2024 (GLOBE NEWSWIRE) — Jeffersonville Bancorp, Inc. (OTCQB – JFBC) announced today second quarter net income of $3,031,000 or $0.72 per share compared to $3,196,000 or $0.75 per share for the same quarter in 2023. The decrease in quarterly net income compared to 2023 of $165,000 was primarily attributable to an increase in provision expense of $496,000 consisting of $57,000 in provision expense and a negative provision of $439,000 recorded in the same period in 2023, an increase in interest expense of $330,000, and an increase in salaries and employee benefits expense of $211,000, partially offset by an increase in loan interest and fees income of $487,000, and an increase in other non-interest income of $444,000 attributable to bank owned life insurance proceeds recognized in the current quarter.

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