OLDSMAR, Fla.--(BUSINESS WIRE)--In the Comparative Consolidated Statements of Earnings table, the first column header should read: 4th Quarter (instead of 2nd Quarter).
The corrected release reads:
JEFFERSON BANKSHARES, INC. (JFBF) ANNOUNCES Q4 EARNINGS
Monday, January 9, 2016, Jefferson Bankshares, Inc. (OTCBB: JFBF) released its 4th Quarter results.
Bob McGivney, Jefferson’s Chairman/CEO said, “2016 proved to be our most profitable year yet with continued above market growth and asset quality. We continue to grow by building relationships based on trust, integrity and service.”
2016 Net Operating earnings increased 46% to $1,775,000 from $1,214,000 in 2015. Total Net Earnings for 2016 were $1,805,000, a 31% increase over 2015 earnings of $1,382,000. Earnings for the 4th quarter of 2016 were $542,000, an increase of 64% over the prior year 4th quarter of $329,000.
Total assets ended the year at $296 million, up 15% or $38 million over last year’s total assets of $258 million.
Gross loans ended the year at a record $214 million, a 22% increase or up $39 million over year end 2015 gross loans of $175 million. Deposits and customer repurchase agreements ended the year at $261 million, an 18% increase over year end 2015 deposits and customer repurchase agreements of $222 million.
One of the benchmarks for relationship growth is the commercial checking average balance for the last month of each quarter. December 2016 average DDA deposits were $81 million, an increase of $17 million or 27% over December 2015 average deposits of $64 million.
Book value per common share was $9.11 at December 31, 2016.
Jefferson Bank has offices in Tampa, Palm Harbor, West Pasco, Oldsmar, Tarpon Springs and Virtually Everywhere.
| JEFFERSON BANKSHARES, INC. | |||||||||||
|
COMPARATIVE CONSOLIDATED BALANCE SHEET |
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| (unaudited - $ in thousands) | |||||||||||
| % | |||||||||||
|
12/31/16 |
12/31/15 |
Change |
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| ASSETS | |||||||||||
| Cash & Due From Banks | $ | 4,102 | 5,637 | -27 | % | ||||||
| Securities & Fed Funds Sold | 71,909 | 70,924 | 1 | % | |||||||
| Total Loans | 214,428 | 175,723 | 22 | % | |||||||
| Allowance for Loan Loss | (2,122 | ) | (1,959 | ) | 8 | % | |||||
| Net Loans | 212,306 | 173,764 | 22 | % | |||||||
| Premises & Equipment | 4,535 | 4,746 | -4 | % | |||||||
| Other Assets | 3,251 | 3,162 | 3 | % | |||||||
| Total Assets | $ | 296,103 | 258,234 | 15 | % | ||||||
| LIABILITIES AND | |||||||||||
| STOCKHOLDERS' EQUITY | |||||||||||
| Deposits | $ | 256,366 | 215,668 | 19 | % | ||||||
| Customer Repurchase Agreements | 5,032 | 6,315 | -20 | % | |||||||
| Total Deposits (Incl. Repurchase Agreements) | 261,398 | 221,983 | 18 | % | |||||||
| Total Borrowings | 9,030 | 9,000 | 0 | % | |||||||
| Other Liabilities | 1,104 | 1,207 | -9 | % | |||||||
| Total Liabilities | 271,532 | 232,190 | 17 | % | |||||||
| Stockholder's Equity | 24,571 | 26,043 | -6 | % | |||||||
| Total Liabilities & Stockholder’s Equity | $ | 296,103 | 258,234 | 15 | % | ||||||
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COMPARATIVE CONSOLIDATED STATEMENTS OF EARNINGS (unaudited - $ in thousands except per share data) |
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|
4th Quarter |
Year to Date | ||||||||||||||||
|
2016 |
% Change |
2015 |
2016 |
% Change |
2015 |
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| Interest Income | $ | 2,637 | 17 | % | 2,260 | 9,848 | 17 | % | 8,442 | ||||||||
| Interest Expense | 184 | 2 | % | 180 | 751 | 9 | % | 687 | |||||||||
| Net Interest Income Before Provision | 2,453 | 18 | % | 2,080 | 9,097 | 17 | % | 7,755 | |||||||||
| Provision for Losses | 90 | - | - | 163 | - | - | |||||||||||
| Net Interest Income after Provision for Losses | 2,363 | 14 | % | 2,080 | 8,934 | 15 | % | 7,755 | |||||||||
| Other Income | 209 | 13 | % | 185 | 811 | -5 | % | 853 | |||||||||
| Noninterest Expense | 1,709 | -1 | % | 1,719 | 6,916 | 5 | % | 6,588 | |||||||||
| Operating Earnings Before Taxes | 864 | 58 | % | 547 | 2,829 | 40 | % | 2,020 | |||||||||
| Provision for Taxes | 322 | 54 | % | 209 | 1,051 | 36 | % | 772 | |||||||||
| Operating Earnings | 542 | 60 | % | 338 | 1,778 | 42 | % | 1,248 | |||||||||
| Preferred Stock-SBLF Dividend | - | -100 | % | 8 | 3 | -91 | % | 34 | |||||||||
| Net Operating Earnings Available to Common Shareholders | 542 | 64 | % | 329 | 1,775 | 46 | % | 1,214 | |||||||||
| After Tax Recoveries | - | - | - | 30 | -82 | % | 168 | ||||||||||
| Net Earnings Available to Common Shareholders | $ | 542 | 64 | % | 329 | 1,805 | 31 | % | 1,382 | ||||||||
| Basic EPS | $ | 0.20 | 64 | % | 0.12 | 0.67 | 31 | % | 0.51 | ||||||||
| Diluted EPS | $ | 0.19 | 61 | % | 0.12 | 0.65 | 27 | % | 0.51 | ||||||||
| Book Value Per Common Share at End of Period** | $ | 9.11 | 8 | % | 8.40 | 9.11 | 8 | % | 8.40 | ||||||||
This document contains forward-looking statements. Words such as “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” and similar expressions constitute “forward-looking statements.” Forward-looking statements are not guarantees of performance. They involve risk, assumptions, uncertainty, and a variety of factors which could cause our results to differ from the expectations expressed herein. You are cautioned not to put undue reliance on any forward-looking statement. Any such statement speaks only as of the date hereof. We do not have a policy of updating or revising forward-looking statements and our silence over time should not be construed to mean that actual events are occurring as expressed herein.
About Jefferson Bankshares, Inc.
Jefferson Bankshares, Inc. is a Florida corporation and the parent bank holding company for Jefferson Bank of Florida, a Florida-chartered, 5-star rated* commercial bank. Jefferson Bankshares, Inc. is headquartered in Oldsmar, Florida. Stock trades on OTC-Bulletin Board under “JFBF.” www.jeffersonbank.bank
MEMBER FDIC *www.BauerFinancial.com
