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Jefferson Security Bank Announces Earnings for the Third Quarter and First Nine Months of 2018

Published on: October 31, 2018

Jefferson Security Bank
Post Office Box 35, 105 East Washington Street,
Shepherdstown, West Virginia 25443
(304) 876-9000


Contact: Jenna Kesecker
CPA, Executive Vice President and Chief Financial Officer
304-876-9016

FOR IMMEDIATE RELEASE 

Jefferson Security Bank Announces Earnings for the Third Quarter and First Nine Months of 2018

Shepherdstown, West Virginia; October 31, 2018

            Jefferson Security Bank (OTCBB: JFWV) reported net income of $689 thousand, or $2.44 per share, for the quarter ended September 30, 2018, compared to $468 thousand, or $1.66 per share, for the same period in 2017.  Net income for the nine months ended September 30, 2018 totaled $1.7 million, or $6.15 per share, representing an increase of $407 thousand when compared to net income of $1.3 million, or $4.71 per share, for the same period in 2017.  Annualized return on average assets and average equity for September 30, 2018 was 0.77% and 10.25%, respectively, compared to 0.62% and 7.86%, respectively, for September 30, 2017.

As of September 30, 2018, total assets increased $18.7 million or 6.5% to $306.6 million compared to total assets of $287.9 million as of  September 30, 2017.  Loans, net of reserve for loan losses, increased $26.6 million or 15.8% to $195.5 million at September 30, 2018, compared to $168.9 million at September 30, 2017.  Deposits totaled $267.1 million at September 30, 2018 compared to $261.7 million at September 30, 2017.  Book value per share was $79.86 and $81.55, as of September 30, 2018 and 2017, respectively. The decline in book value is the result of changes in the market value of the Bank’s securities portfolio.

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)