JEFFERSONVILLE, NY — Jeffersonville Bancorp announces third-quarter earnings of $3,092,000 or $0.73 per share, and year-to-date earnings of $8,676,000 or $2.05 per share.

In Q3 2023, earnings were $2,972,000 or $0.70 per share. The increase of $120,000 was primarily attributable to an increase of $397,000 in loan interest and fees and was partially offset by an increase in salaries and employee benefits of $133,000. There was also an increase in interest expense of $65,000, and an increase in income tax expense of $37,000. 

One-time differences between the periods were a one-time gain on the 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.

Year-to-date net at the same point in 2023 was $8,828,000 or $2.08 per share. The decrease of $152,000 was primarily attributable to an increase in interest expense of $1,138,000, an increase in salaries and employee benefits of $476,000 and a decrease in securities income of $245,000. 

A cash dividend in the amount of $0.15 per share on the common stock of the company was declared at the November 12 meeting of the board of directors. The dividend is payable on December 6 to stockholders of record at the close of business on November 26.

Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains 10 full-service branches in Sullivan and Orange County, NY.