Jefferson Security Bank Announces Earnings for the Second Quarter and First Half of 2018

SHEPHERDSTOWN, W. Va.--()--Jefferson Security Bank (OTCBB: JFWV) reported net income of $583 thousand, or $2.07 per share, for the quarter ended June 30, 2018, compared to $417 thousand, or $1.48 per share, for the same period in 2017. Net income for the six months ended June 30, 2018 totaled $1.05 million, or $3.71 per share, representing an increase of $186 thousand when compared to net income of $860 thousand, or $3.05 per share, for the same period in 2017. Annualized return on average assets and average equity for June 30, 2018 was 0.70% and 9.31%, respectively, compared to 0.60% and 7.75%, respectively, for June 30, 2017.

As of June 30, 2018, total assets increased $20.8 million or 7.4% to $302.6 million compared to total assets of $281.8 million as of June 30, 2017. Loans, net of reserve for loan losses, increased $26.3 million or 16.1% to $189.6 million at June 30, 2018, compared to $163.3 million at June 30, 2017. Deposits totaled $260.6 million at June 30, 2018 compared to $256.2 million at June 30, 2017. Book value per share was $79.77 and $80.47, as of June 30, 2018 and 2017, respectively.

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.

             
Offices: 105 East Washington Street, Shepherdstown, WV (304-876-9000)
7994 Martinsburg Pike, Shepherdstown, WV (304-876-2800)
873 East Washington Street, Suite 100, Charles Town, WV (304-725-9752)
277 Mineral Drive, Suite 1, Inwood, WV (304-229-6000)
1861 Edwin Miller Boulevard, Martinsburg, WV (304-264-0900)
103 West Main Street, Sharpsburg, MD (301-432-3900)
 

Contacts

Jefferson Security Bank
Jenna Kesecker, 304-876-9016
CPA, Executive Vice President and Chief Financial Officer

Contacts

Jefferson Security Bank
Jenna Kesecker, 304-876-9016
CPA, Executive Vice President and Chief Financial Officer