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

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.