News at JSB
Jefferson Security Bank Announces Earnings for the Second Quarter and First Half of 2008 and Increases Dividend
July 7, 2008 - Jefferson Security Bank
Post Office Box 35, 105 East Washington Street, Shepherdstown, West Virginia 25443
FOR IMMEDIATE RELEASE Contact: K. Stephen Morris, President and CEO
Jefferson Security Bank (OTCBB: JFWV) reported net income of $529,006 for the second quarter ended June 30, 2008, as compared to net income for the corresponding quarter ended June 30, 2007 of $613,651. Earnings per share were $1.77 for the quarter ended June 30, 2008, as compared to earnings per share of $2.05 for the second quarter of 2007.
Net income for the six months ended June 30, 2008 was $1,163,461, or $3.88 per share, as compared to net income of $1,235,707, or $4.12 per share, for the six months ended June 30, 2007. The return on assets was 0.95%, and the return on equity was 11.55% for the six months ended June 30, 2008. In comparison, the six months ended June 30, 2007 generated a return on assets and equity of 1.01% and 13.78%, respectively.
Based on these results, the Board of Directors declared a semiannual dividend in the amount of $1.25 per share, payable July 15, 2008 to shareholders of record on June 30, 2008. This dividend represents an increase of $0.05, or 4.2%, over the $1.20 per share dividend declared in December 2007.
Total assets for the Bank as of June 30, 2008 were $240.8 million, which is a decrease of $1.1 million or 0.5% from total assets as of June 30, 2007 of $241.9 million. Loans, net of reserve, as of June 30, 2008 were $153.5 million, which is a decrease of $8.7 million or 5.4% from loans, net of reserve, as of June 30, 2007 of $162.2 million. Deposits as of June 30, 2008 were $215.2 million, which is an increase of $0.9 million or 0.4% from deposits as of June 30, 2007 of $214.3 million. Book value per share as of June 30, 2008 was $67.68, which is an increase of $8.04 or 13.5% from book value per share of $59.64 as of June 30, 2007.
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.
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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