Jeffersonville Bancorp, Inc. Reports Increase in Third Quarter Net Income
Financial Highlights
Jeffersonville Bancorp, Inc. (OTCQB – JFBC) announced today third quarter net income of $3,092,000 or $0.73 per share compared to $2,972,000 or $0.70 per share for the same quarter in 2023. The increase in quarterly net income compared to 2023 of $120,000 was primarily attributable to an increase of $397,000 in loan interest and fees, partially offset by an increase in salaries and employee benefits of $133,000, an increase in interest expense of $65,000, and an increase in income tax expense of $37,000.
One-Time Differences
One-time differences between the periods were a one-time gain on sale of foreclosed real estate of $191,000 in the current quarter, offset by a negative provision for credit losses of $148,000 and a realized loss on the sale of securities of $88,000 in the same quarter last year.
This positive financial performance highlights the strength and stability of Jeffersonville Bancorp, Inc. during the third quarter of 2024.
Impact on Individuals
As a shareholder of Jeffersonville Bancorp, Inc., the increase in net income and earnings per share for the third quarter can potentially result in higher returns on investments. This positive financial outcome reflects well on the company’s performance and management, providing confidence to investors.
Global Impact
Jeffersonville Bancorp, Inc.’s strong financial performance not only benefits individual investors but also contributes to the overall stability and growth of the banking sector. A successful and profitable bank like Jeffersonville Bancorp, Inc. can have a ripple effect on the economy by providing loans, supporting businesses, and enhancing financial stability in the market.
Conclusion
In conclusion, Jeffersonville Bancorp, Inc.’s increase in third quarter net income is a positive indication of the company’s financial health and performance. This growth reflects well on the company’s management and strategic decisions, benefiting both individual investors and the broader economy. As a shareholder or market observer, it is encouraging to see Jeffersonville Bancorp, Inc. thrive in the current economic environment.
