Jeffersonville Bancorp (JFBC, Financial) filed Quarterly Report for the period ended 2009-03-31.
Jeffersonville Bancorp is the holding company for The First National Bank of Jeffersonville. The Bank is a full service institution employing approximately 113 people and serves all of Sullivan County New York as well as some areas of adjacent counties in New York and Pennsylvania. Jeffersonville Bancorp has a market cap of $37.2 million; its shares were traded at around $8.8 with and P/S ratio of 1.6. The dividend yield of Jeffersonville Bancorp stocks is 5.9%.
Total deposits increased from $296,724,000 at December 31, 2008 to $319,642,000 at March 31, 2009, an increase of $22,918,000 or 7.7%. NOW and super NOW accounts increased $8,285,000 or 29.4%, savings and insured money market deposits increased $4,278,000 or 5.8% and time deposits increased $12,555,000 or 9.2% due to seasonal influences and the Bank s enhanced sales initiative, along with changes and uncertainty in the marketplace. Depositors have increasingly brought deposits to Jeff Bank, possibly due to lack of other investment opportunities and uncertainty in the stock market. Demand deposits decreased $2,200,000 to $56,448,000 at March 31, 2009, a decrease of 3.8%. Short-term debt decreased $10,179,000 because the increase in total deposits satisfied the Company s liquidity needs.
Total stockholders equity increased $74,000 or 0.2% from $42,662,000 at December 31, 2008 to $42,736,000 at March 31, 2009. This increase was the result of net income of $754,000 less an increase of $130,000 in accumulated other comprehensive loss and payment of cash dividends of $550,000.
The allowance for loan losses reflects management s assessment of the risk inherent in the loan portfolio, which includes factors such as the general state of the economy and past loan experience. While no provision was recorded in the first quarter of 2008, a provision of $150,000 was provided for the three months ended March 31, 2009. Total charge-offs for the three month period ended March 31, 2009 were $108,000 compared to $153,000 for the same period in the prior year, and recoveries were $56,000 and $38,000 for the periods ended March 31, 2009 and 2008, respectively. The amounts represent net charge-offs of $115,000 in the first quarter of 2008 versus net charge-offs of $52,000 for the first quarter of 2009. Based on management s analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate.
The allowance for loan losses was $3.3 million at March 31, 2009, and $3.2 million at both December 31 and March 31, 2008. Nonperforming loans were $8.4 million at March 31, 2009 and $6.1 million at December 31, 2008. An increase in nonperforming loans with a relatively stable allowance for loan losses is reflected in the decrease of the allowance s coverage on nonperforming loans from 115.6% at March 31, 2008 to 51.8% at December 31, 2008 and 38.5% at March 31, 2009. While nonperforming loans have increased, the Banks loans remain well collateralized, and with the Banks minimal loss history and low charge-offs, management believes the allowance is adequate.
As of March 31, 2009, there were $6,771,000 in loans, compared to $5,191,000 at December 31, 2008, which were considered to be impaired under Statement of Financial Accounting Standards (“SFAS”) No.114.
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Jeffersonville Bancorp is the holding company for The First National Bank of Jeffersonville. The Bank is a full service institution employing approximately 113 people and serves all of Sullivan County New York as well as some areas of adjacent counties in New York and Pennsylvania. Jeffersonville Bancorp has a market cap of $37.2 million; its shares were traded at around $8.8 with and P/S ratio of 1.6. The dividend yield of Jeffersonville Bancorp stocks is 5.9%.
Highlight of Business Operations:
During the period from December 31, 2008 to March 31, 2009, total assets increased $11,914,000 or 3.0%. The increase was due to $11,800,000 in federal funds sold and a $4,420,000 or 4.8% increase in investment securities, partially offset by a $1,321,000 or 0.5% decrease in net loans and a $2,658,000 or 29.7% decrease in cash and cash due from banks. The net increase in total assets was funded by the large increase in deposits.Total deposits increased from $296,724,000 at December 31, 2008 to $319,642,000 at March 31, 2009, an increase of $22,918,000 or 7.7%. NOW and super NOW accounts increased $8,285,000 or 29.4%, savings and insured money market deposits increased $4,278,000 or 5.8% and time deposits increased $12,555,000 or 9.2% due to seasonal influences and the Bank s enhanced sales initiative, along with changes and uncertainty in the marketplace. Depositors have increasingly brought deposits to Jeff Bank, possibly due to lack of other investment opportunities and uncertainty in the stock market. Demand deposits decreased $2,200,000 to $56,448,000 at March 31, 2009, a decrease of 3.8%. Short-term debt decreased $10,179,000 because the increase in total deposits satisfied the Company s liquidity needs.
Total stockholders equity increased $74,000 or 0.2% from $42,662,000 at December 31, 2008 to $42,736,000 at March 31, 2009. This increase was the result of net income of $754,000 less an increase of $130,000 in accumulated other comprehensive loss and payment of cash dividends of $550,000.
The allowance for loan losses reflects management s assessment of the risk inherent in the loan portfolio, which includes factors such as the general state of the economy and past loan experience. While no provision was recorded in the first quarter of 2008, a provision of $150,000 was provided for the three months ended March 31, 2009. Total charge-offs for the three month period ended March 31, 2009 were $108,000 compared to $153,000 for the same period in the prior year, and recoveries were $56,000 and $38,000 for the periods ended March 31, 2009 and 2008, respectively. The amounts represent net charge-offs of $115,000 in the first quarter of 2008 versus net charge-offs of $52,000 for the first quarter of 2009. Based on management s analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate.
The allowance for loan losses was $3.3 million at March 31, 2009, and $3.2 million at both December 31 and March 31, 2008. Nonperforming loans were $8.4 million at March 31, 2009 and $6.1 million at December 31, 2008. An increase in nonperforming loans with a relatively stable allowance for loan losses is reflected in the decrease of the allowance s coverage on nonperforming loans from 115.6% at March 31, 2008 to 51.8% at December 31, 2008 and 38.5% at March 31, 2009. While nonperforming loans have increased, the Banks loans remain well collateralized, and with the Banks minimal loss history and low charge-offs, management believes the allowance is adequate.
As of March 31, 2009, there were $6,771,000 in loans, compared to $5,191,000 at December 31, 2008, which were considered to be impaired under Statement of Financial Accounting Standards (“SFAS”) No.114.
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