Jefferson Security Bank
Post Office Box 35, 105 East Washington Street,
Shepherdstown, West Virginia 25443
FOR IMMEDIATE RELEASE
Contact: Jenna Kesecker, CPA, Executive Vice President and Chief Financial Officer
Jefferson Security Bank Announces Record Earnings for 2018
Shepherdstown, West Virginia; February 4, 2019
Jefferson Security Bank (OTCBB: JFWV) reported net income of $780 thousand for the fourth quarter of 2018. This was an increase of $678 thousand when compared to net income of $102 thousand for the fourth quarter of 2017. This increase is in part due to the one-time charge of $385 thousand to income tax expense related to the re-measurement of net deferred tax assets upon the enactment of the Tax Cuts and Jobs Act in 2017. Basic and diluted earnings per common share were $2.78 and $0.36 for the fourth quarter ended 2018 and 2017, respectively.
For the year ended December 31, 2018, Jefferson Security Bank reported record net income of $2.52 million, representing an increase of $1.09 million or 75.9% compared to net income of $1.43 million for the year ended December 31, 2017. Basic and diluted earnings per common share were $8.92 and $5.07 for the year ended 2018 and 2017, respectively. Return on average assets and return on average equity were 0.83% and 11.11%, respectively, in 2018 compared to 0.50% and 6.31%, respectively, in 2017.
“We are extremely excited to report that our earnings for 2018 represent an all-time record for Jefferson Security Bank. Our results were primarily driven by balanced, organic growth in our loan portfolio while maintaining consistent and disciplined underwriting standards,” said Cindy Kitner, President and Chief Executive Officer. “I want to thank our team for their efforts and for their commitment to Jefferson Security Bank and our customers. We remain focused on our strong dedication to our customers and communities as we approach the bank’s 150th anniversary on May 19, 2019. ”
The Bank’s total assets were $310.7 million as of December 31, 2018, an increase of $16.1 million or 5.5% from total assets of $294.6 million as of December 31, 2017. Loans, net of reserve, totaled $199.6 million as of December 31, 2018, an increase of $25.9 million or 14.9% from $173.7 million as of December 31, 2017. Total deposits declined by $5.5 million or 2.1% to $262.3 million as of December 31, 2018 compared to $267.8 million as of December 31, 2017. Book value was $84.31 per share and $80.85 per share as of December 31, 2018 and 2017, respectively.
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)