FOR IMMEDIATE RELEASE
Jefferson Security Bank Announces an Increase in the Semi-Annual Dividend
Shepherdstown, West Virginia; August 22, 2017
President and CEO of Jefferson Security Bank (OTCQB: JFWV), Cindy A. Kitner, announced the Board of Directors approval of a semi-annual dividend at their August 16, 2017 meeting in the amount of $0.60 per share, payable on September 15, 2017 to shareholders of record on August 31, 2017. This increase results in a total dividend of $1.15 per share in 2017, representing an increase of 15% from the total dividend in 2016 of $1.00 per share.
Net income for the six months ended June 30, 2017 totaled $860 thousand, representing an increase of $237 thousand or 38%, compared to net income of $623 thousand for the same period in 2016. Basic and diluted earnings per common share increased to $3.05 per share from $2.20 per share when comparing the first six months ended 2017 to 2016. The increase in net income resulted primarily from an increase in net interest income and a decrease in noninterest expenses. As of June 30, 2017, the loan to deposit ratio was 64% compared to 55% as of June 30, 2016. Book value per share rose to $81.48 from $78.74 when comparing the first six months ended 2017 to 2016.
Contact: Cindy A. Kitner, President and CEO 304-876-9013
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.
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)