Jefferson Security Bank Announces Earnings for the Second Quarter and First Half of 2012 and Dividend Payment
03 8월 2012 - 1:57AM
Business Wire
PJefferson Security Bank (OTCBB: JFWV) reported net income of
$161,591 or $0.56 per share, for the second quarter ended June 30,
2012. Net income for the six months ended June 30, 2012 was
$352,331, or $1.22 per share.
Based on these anticipated results, the Board of Directors
declared a semiannual dividend in the amount of $0.50 per share,
which was paid on June 15, 2012 to shareholders of record on May
31, 2012.
Commenting on the results, K. Stephen Morris, President and CEO,
said: “Our results continue to be impacted by the economic
conditions in our markets. Loan demand remains low and historically
low interest rates have reduced the interest earned on our loan and
investment portfolios. We have recognized savings in interest and
noninterest expenses and continue to pursue a very conservative
approach to managing the Bank.”
As of June 30, 2012, total assets of the Bank were $283.5
million, loans, net of reserve, were $134.6 million and deposits
were $258.7 million. The annualized return on average assets was
0.25%, and the annualized return on average equity was 3.53% for
the six months ended June 30, 2012. At June 30, 2012, net loans to
deposits was 52.05% and book value per share was $69.54. Additional
financial data is provided below.
Selected Financial Data Balance
Sheet Data: (dollars in thousands)
June 30, December
31, 2012 2011 Total securities $
122,739 $ 109,981 Total net loans 134,643 136,033 Total assets
283,458 274,730 Total deposits 258,676 251,509 Shareholders' equity
20,054 19,588 Performance Ratios: Net loans to deposits
52.05% 54.09% Non performing loans to gross loans 1.70% 1.52%
Shareholders' equity to assets 7.07% 7.13% Book value per share $
69.54 $ 67.92 Income Statement Data: (dollars
in thousands)
Three Months Ended Six Months Ended
June 30, June 30, 2012
2011 2012 2011
Net interest income $ 1,807 $ 1,839 $ 3,534 $ 3,686
Provision for loan losses 180 180 360 814 Noninterest income 479
543 954 1,508 Noninterest expense
1,963
1,972 3,772
3,915 Income before income tax expense
143 230 356 465 Income tax (benefit) expense
(19 ) 43
4 60 Net
income
$ 162 $
187 $ 352
$ 405 Performance Ratios:
Annualized return on average assets 0.23 % 0.27 % 0.25 % 0.30 %
Annualized return on average equity 3.22 % 3.73 % 3.53 % 4.07 % Net
interest margin 2.72 % 2.92 % 2.69 % 2.92 % Per Share Data:
Earnings per share $ 0.56 $ 0.65 $ 1.22 $ 1.40 Cash dividends
declared $ 0.50 $ 0.50 $ 0.50 $ 0.50
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. Readers are encouraged
to read filings the Bank has made with the Federal Deposit
Insurance Corporation for additional information.
Offices: 105 East Washington
Street, Shepherdstown, WV (304-876-9000) 7994 Martinsburg Pike,
Shepherdstown, WV (304-876-2800) 873 East Washington Street,
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)
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