Read Larry Connors' blog – Short Term Trading Strategies
Earnings for the third quarter 2008 were negatively impacted by a loss on an investment in Federal Home Loan Mortgage Corporation (Freddie Mac) preferred stock in the amount of $4,829,000. Partially offsetting this loss was the recognition of life insurance proceeds from a Bank Owned Life Insurance (BOLI) policy which exceeded the cash surrender value and resulted in income of $1,522,000. It should also be noted that the Bank was unable to recognize a tax benefit related to the investment loss in the third quarter, but this benefit will be recognized in the fourth quarter due to changes in the tax law.
Excluding the unexpected financial events of the third quarter (investment loss and insurance windfall) the bank would have had net income of $1,121,000 ($0.26 per share) and net income of $3,376,000 ($0.80 per share) for the third quarter and nine months ending September 30th, respectively.
The bank continues to be classified "well capitalized". Regulatory requirements require Tier I capital to be at least 4% of risk weighted assets, and total risk-based capital must be at least 8% of those assets. The bank's ratios for Tier I and risk-based capital are 15.9% and 17.1% respectively.
A cash dividend in the amount of thirteen cents ($0.13) on the common stock of the company was declared at the November 11, 2008 meeting of the Board of Directors. The dividend is payable on December 1, 2008 to stockholders of record at the close of business on November 20, 2008. This results in total dividends for the year 2008 of $0.52 per share compared to $0.50 per share last year.
Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of The First National Bank of Jeffersonville. "Jeff Bank" maintains ten full service branches in Sullivan County New York located in Jeffersonville, Liberty, Monticello, Eldred, Loch Sheldrake, Livingston Manor, Narrowsburg, Callicoon, Wal*Mart/Monticello and Wurtsboro.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Jeffersonville Bancorp
Jeffersonville Bancorp Raymond Walter, President, CEO 845-482-4000
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403
© Copyright 2009 The Connors Group, Inc.
