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Jefferson Security Bank Announces Record Earnings for the First Quarter

April 28, 2006 - Jefferson Security Bank Announces Record Earnings for the First Quarter

Shepherdstown, West Virginia; April 24, 2006

Jefferson Security Bank (OTCBB: JFWV) reported net income of $668,000 for the first quarter ended March 31, 2006, an increase of 24% or $130,000 over the net income for the corresponding quarter ended March 31, 2005 of $538,000. Earnings per share were $2.23, an increase of 25% from the $1.79 for the first quarter of 2005. The return on assets was 1.14%, and the return on equity was 16.07%. In comparison, the first quarter of 2005 generated a return on assets and equity of 1.01% and 14.15% respectively.

Commenting on the results, K. Stephen Morris, President and CEO, said, “We are seeing the results of our continuing focus on making high-quality loans while also managing the fundamentals of our business which are net interest margin, non-interest income and non-interest expense.”

Total assets for the bank as of March 31, 2006 were $233.4 million, which is an increase of $16.0 million or 7.4% from total assets as of March 31, 2005 of $217.4 million. Loans, net of reserve, as of March 31, 2006 were $154.7 million, which is an increase of $26.6 million or 20.8% from loans, net of reserve, as of March 31, 2005 of $128.1 million. Deposits as of March 31, 2006 were $206.4 million, which is an increase of $5.3 million or 2.6% from deposits as of March 31, 2005 of $201.1 million. Book value per share as of March 31, 2006 was $56.00, which is an increase of $5.16 or 10.1% from book value per share of $50.84 as of March 31, 2005.

Jefferson Security Bank, founded in 1869, is a community bank engaged in the general banking business in Berkeley County and Jefferson County, West Virginia. The bank currently has four offices and expects to open two new offices during the second quarter of 2006 in Shepherdstown, West Virginia and Sharpsburg, Maryland.

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