Jefferson Security Bank Announces Earnings for the Second Quarter and First Half of 2018

Published on: August 2, 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; August 1, 2018

Jefferson Security Bank (OTCBB: JFWV) reported net income of $583 thousand, or $2.07 per share, for the quarter ended June 30, 2018, compared to $417 thousand, or $1.48 per share, for the same period in 2017. Net income for the six months ended June 30, 2018 totaled $1.05 million, or $3.71 per share, representing an increase of $186 thousand when compared to net income of $860 thousand, or $3.05 per share, for the same period in 2017. Annualized return on average assets and average equity for June 30, 2018 was 0.70% and 9.31%, respectively, compared to 0.60% and 7.75%, respectively, for June 30, 2017.

As of June 30, 2018, total assets increased $20.8 million or 7.4% to $302.6 million compared to total assets of $281.8 million as of June 30, 2017. Loans, net of reserve for loan losses, increased $26.3 million or 16.1% to $189.6 million at June 30, 2018, compared to $163.3 million at June 30, 2017. Deposits totaled $260.6 million at June 30, 2018 compared to $256.2 million at June 30, 2017. Book value per share was $79.77 and $80.47, as of June 30, 2018 and 2017, respectively.