SHEPHERDSTOWN, W. Va.--(BUSINESS WIRE)--Jefferson Security Bank (OTCBB: JFWV) reported net income of $1.43 million for the year ended December 31, 2017, representing an increase of 6% from $1.35 million for the year ended December 31, 2016. Basic and diluted earnings per common share were $5.07 and $4.75 for the years ended December 31, 2017 and 2016, respectively. Return on average assets and return on average equity was 0.50% and 6.31%, respectively, in 2017 compared to 0.47% and 6.10% in 2016.
Net income for 2017 reflected a one-time charge of $385 thousand to income tax expense related to the revaluation of the Bank’s deferred tax assets upon the enactment of the Tax Cuts and Jobs Act. Excluding the impact of the tax reform, net income would have totaled $1.82 million for 2017. “Although our 2017 results were negatively impacted by tax reform, we had a strong year with an increase in pre-tax earnings of 46%,” said Cindy Kitner, President and Chief Executive Officer. “We are generating positive momentum as we continue to optimize our balance sheet with solid loan growth and seek ways to improve our efficiencies.”
The Bank’s total assets were $294.6 million as of December 31, 2017, an increase of $6.6 million or 2.3% from total assets of $288.0 million as of December 31, 2016. Loans, net of reserve, were $173.7 million as of December 31, 2017, an increase of $19.5 million or 12.6% from $154.2 million as of December 31, 2016. Deposits increased $12.3 million or 4.8% to $267.8 million as of December 31, 2017 from $255.5 million as of December 31, 2016. Book value increased to $80.85 per share as of December 31, 2017 as compared to $76.35 per share as of December 31, 2016.
Jefferson Security Bank, founded in 1869, is a community bank engaged in the general banking business in Berkeley County and Jefferson County, West Virginia, and Washington County, Maryland.
This press release may contain forward-looking statements, as defined by federal securities laws, which may involve significant risks and uncertainties. The statements are based on estimates and assumptions made by management in conjunction with other factors deemed appropriate under the circumstances. Actual results could differ materially from current projections.
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