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

August 1, 2018

SHEPHERDSTOWN, W. Va.--(BUSINESS WIRE)--Aug 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.

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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180801006082/en/

CONTACT: Jefferson Security Bank

Jenna Kesecker, 304-876-9016

CPA, Executive Vice President and Chief Financial Officer

KEYWORD: UNITED STATES NORTH AMERICA WEST VIRGINIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Jefferson Security Bank

Copyright Business Wire 2018.

PUB: 08/01/2018 06:14 PM/DISC: 08/01/2018 06:14 PM

http://www.businesswire.com/news/home/20180801006082/en

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