OLDSMAR, Fla.--(BUSINESS WIRE)--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)|
|Cash & Due From Banks||$||4,680||6,795||-31||%|
|Securities & Fed Funds Sold||68,209||80,553||-15||%|
|Allowance for Loan Loss||(2,122||)||(2,009||)||6||%|
|Premises & Equipment||4,493||4,680||-4||%|
|Customer Repurchase Agreements||6,189||6,740||-8||%|
|Total Deposits (Incl. Repurchase Agreements)||263,522||236,293||12||%|
|Total Liabilities & Stockholder’s Equity||$||300,502||270,335||11||%|
COMPARATIVE CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited - $ in thousands except per share data)
|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||%|
|Operating Earnings Before Taxes||806||525||53||%|
|Provision for Taxes||308||193||59||%|
|Preferred Stock-SBLF Dividend||-||3||-100||%|
|Net Earnings Available to Common Shareholders||$||498||329||50||%|
|Book Value Per Common Share at End of Period**||$||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