Jefferson Security Bank (OTCBB: JFWV) reported net income of $2.80 million for the year ended December 31, 2019, representing an increase of $282 thousand or 11.2% compared to net income of $2.52 million for the year ended December 31, 2018. Basic and diluted earnings per common share were $10.02 and $8.92 for the year ended 2019 and 2018, respectively. Return on average assets and return on average equity were 0.89% and 10.84%, respectively, in 2019 compared to 0.83% and 11.11%, respectively, in 2018.
"We are extremely proud to report another record year of earnings for Jefferson Security Bank. This year also brought solid balance sheet growth with increases in total assets, loans and deposits," said Cindy Kitner, President and Chief Executive Officer. "With this growth, we continue to focus on efficient capital management and disciplined risk management, while executing on our strategies to build sustained earnings and shareholder value. Through these efforts, we remain focused on our commitment to our customers, communities and shareholders."
The Bank’s total assets were $324.4 million as of December 31, 2019, an increase of $13.7 million or 4.4% from total assets of $310.7 million as of December 31, 2018. Loans, net of reserve, totaled $217.3 million as of December 31, 2019, an increase of $17.7 million or 8.9% from $199.6 million as of December 31, 2018. Total deposits increased by $20.7 million or 7.9% to $283.0 million as of December 31, 2019 compared to $262.3 million as of December 31, 2018. Book value was $98.16 per share and $84.31 per share as of December 31, 2019 and 2018, respectively.
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.
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.
105 East Washington Street, Shepherdstown, WV (304-876-9000)
7994 Martinsburg Pike, Shepherdstown, WV (304-876-2800)
873 East Washington Street, Suite 100, 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)
Jenna Kesecker, CPA, Executive Vice President
and Chief Financial Officer