Jefferson Security Bank Announces Earnings for the Second Quarter and First Half of 2011 and Dividend Payment
15 July 2011 - 5:16AM
Business Wire
Jefferson Security Bank (OTCBB: JFWV) reported net income of
$186,582 or $0.65 per share, for the second quarter ended June 30,
2011. Net income for the six months ended June 30, 2011 was
$404,676, or $1.40 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, 2011 to shareholders of record on May
31, 2011.
Commenting on the results, K. Stephen Morris, President and CEO,
said: “Our results for both the quarter and six months ended June
30, 2011 reflect the continued economic pressure in our markets. We
have not seen any substantive signs of an improving economy. While
the current economic problems are daunting, they are resolvable.
However, any resolution will take time and require increased
employment and more practical government regulation. Accordingly,
we continue to pursue a very conservative approach as we wait to
see how the situation unfolds.”
As of June 30, 2011, total assets of the Bank were $265.7
million, loans, net of reserve, were $139.4 million and deposits
were $243.2 million. The annualized return on average assets was
0.30%, and the annualized return on average equity was 4.07% for
the six months ended June 30, 2011. At June 30, 2011, net loans to
deposits was 57.30% and book value per share was $70.84.
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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