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Jefferson Security Bank Announces Earnings for the Second Quarter and First Half of 2007 and Increases Dividend

July 10, 2007 -

Jefferson Security Bank (OTCBB: JFWV.OB) reported net income of $613,651 for the second quarter ended June 30, 2007, a decrease of 4.9% or $31,560 compared to net income for the corresponding quarter ended June 30, 2006 of $645,211. Earnings per share were $2.05 for the quarter ended June 30, 2007, a decrease of 4.7% from $2.15 for the second quarter of 2006.

Net income for the six months ended June 30, 2007 was $1,235,707, or $4.12 per share, which is a decrease of $77,404, or 5.9%, compared to net income of $1,313,111, or $4.38 per share, for the six months ended June 30, 2006. The return on assets was 1.01%, and the return on equity was 13.78% for the six months ended June 30, 2007. In comparison, the six months ended June 30, 2006 generated a return on assets and equity of 1.12% and 15.53% respectively.

Based on these results, the Board of Directors declared a semiannual dividend in the amount of $1.15 per share, payable July 13, 2007 to shareholders of record on July 2, 2007. This dividend represents an increase of $0.10, or 9.5%, over the $1.05 per share dividend paid in July 2006.

Total assets for the bank as of June 30, 2007 were $241.9 million, which is an increase of $5.7 million or 2.4% from total assets as of June 30, 2006 of $236.2 million. Loans, net of reserve, as of June 30, 2007 were $162.2 million, which is an increase of $1.2 million or 0.7% from loans, net of reserve, as of June 30, 2006 of $161.0 million. Deposits as of June 30, 2007 were $214.3 million, which is an increase of $7.3 million or 3.5% from deposits as of June 30, 2006 of $207.0 million. Book value per share as of June 30, 2007 was $59.64, which is an increase of $2.77 or 4.9% from book value per share of $56.87 as of June 30, 2006.

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. The bank currently has six offices.

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