Jefferson Bankshares, Inc. (JFBF) Announces 2017 Q1 Earnings

OLDSMAR, Fla.--()--On Friday, April 28, 2017, Jefferson Bankshares, Inc. (OTCBB: JFBF) released its 1st Quarter results.

Net earnings were $498,000 for the first quarter of 2017, a 50% increase over $329,000 in the first quarter of 2016. Loans increased 25% over last March 31st and deposits were up 12%. Total Loan to Assets Ratio increased to 74%, up from 66% a year ago. In addition to volume increases, Net Interest Margin increased to 3.63% from 3.34% a year ago. Net Interest Income and Noninterest Income increased 20% and 24% respectively, and Noninterest Expenses increased 11%. Non-Performing Assets to Total Assets ratio was 0.003% versus the most recent Florida bank median of 0.93%.

March of 2017 DDA accounts averaged $78 million, a 14.6% or $10 million increase over March of 2016 DDA average of $68 million.

The book value per common share for the quarter just ended was $9.37.

“We continue to build our Jefferson franchise as we work through the regulatory process with Harbor Community Bank. Today’s best guess is late June for the Special Shareholder Meeting to vote on the merger. I hope to see all our shareholders at our regular Shareholder meeting May 17th at Countryside Country Club,” said Bob McGivney, Chairman/CEO.

Jefferson Bank has offices in Tampa, Palm Harbor, West Pasco, Oldsmar, Tarpon Springs and Virtually Everywhere

 
JEFFERSON BANKSHARES, INC.

COMPARATIVE CONSOLIDATED BALANCE SHEET

(unaudited - $ in thousands)
     
%

3/31/17

3/31/16

Change

ASSETS
Cash & Due From Banks $ 4,680 6,795 -31 %
Securities & Fed Funds Sold 68,209 80,553 -15 %
Total Loans 222,045 177,781 25 %
Allowance for Loan Loss   (2,122 )   (2,009 )   6 %
Net Loans 219,923 175,772 25 %
Premises & Equipment 4,493 4,680 -4 %
Other Assets   3,197     2,535     26 %
Total Assets $ 300,502     270,335     11 %
LIABILITIES AND
STOCKHOLDERS' EQUITY
Deposits $ 257,333 229,553 12 %
Customer Repurchase Agreements   6,189     6,740     -8 %
Total Deposits (Incl. Repurchase Agreements) 263,522 236,293 12 %
Total Borrowings 9,030 9,367 -4 %
Other Liabilities   2,664     1,130     136 %
Total Liabilities   275,216     246,790     12 %
Stockholder's Equity   25,286     23,545     7 %
Total Liabilities & Stockholder’s Equity $ 300,502     270,335     11 %
 
 
COMPARATIVE CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited - $ in thousands except per share data)

 
  1st Quarter

2017

 

2016

 

% Change

Interest Income $ 2,702 2,326 16 %
Interest Expense   199 199 0 %
Net Interest Income Before Provision 2,503 2,127 18 %
Provision for Losses   - 50 -100 %
Net Interest Income after Provision for Losses 2,503 2,077 20 %
Other Income 228 184 24 %
Noninterest Expense   1,925 1,736 11 %
Operating Earnings Before Taxes 806 525 53 %
Provision for Taxes   308 193 59 %
Operating Earnings 498 332 50 %
Preferred Stock-SBLF Dividend   - 3 -100 %
Net Earnings Available to Common Shareholders $ 498 329 50 %
Basic EPS $ 0.18 0.12 50 %
Diluted EPS $ 0.18 0.12 50 %
Book Value Per Common Share at End of Period** $ 9.37 8.73 7 %
 

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

Contacts

Jefferson Bankshares, Inc.
Robert McGivney, 1-813-855-7500

Contacts

Jefferson Bankshares, Inc.
Robert McGivney, 1-813-855-7500