Jefferson Security Bank Announces Fourth Quarter and Fiscal Year 2021 Financial Results

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SHEPHERDSTOWN, West Virginia–(BUSINESS WIRE)–Jefferson Security Bank (OTC Pink: JFWV) reported net income of $926,000 for the fourth quarter of 2021, an increase of $55,000 or 6.3% from net income of $871,000 for the fourth quarter 2020. Basic and diluted earnings per common share were $3.36 and $3.12 for the fourth quarters of 2021 and 2020, respectively.

For the year ended December 31, 2021, net earnings totaled $3.6 million, representing an increase of $700,000 or 24.4% from net earnings of $2.9 million for the year ended December 31, 2020. Basic and diluted earnings per common share were $12.93 and $10.30 for the years ending 2021 and 2020, respectively. Return on average assets and return on equity averages were 0.87% and 11.43%, respectively, in 2021, compared to 0.82% and 9.67%, respectively, in 2020.

“We are pleased to report another year of record earnings on the back of strong deposit growth, increased consumer lending activity, well-contained spending and improved credit quality metrics.” said Cindy Kitner, President and CEO. “Our continued success reflects the execution of strategic initiatives and the dedication and commitment of our employees and our Board of Directors. I am proud of our team who deliver our products and services every day with a focus on building relationships and supporting our customers and communities. We seek to build on the momentum we are building and remain focused on creating long-term value for our shareholders,” said Cindy Kitner, President and CEO.

The Bank’s total assets were $426.8 million as of December 31, 2021, an increase of $46.1 million or 12.1% from total assets of $380.7 million as of December 31, 2021. December 2020. Loans, net of the reserve, totaled $244.8 million as of December 31, 2021. , representing an increase of $4.9 million or 2.1% from $239.9 million. as of December 31, 2020. Total loans, net of Paycheck Protection Program (PPP) reserve and loans, increased by $9.4 million or 4.2%. As of December 31, 2021, total gross outstanding PPP loans were $9.9 million compared to $14.3 million as of December 31, 2020. Loan loss reserve totaled $2.8 million, or 1. 1% of total loans and 1.2% of total loans excluding PPP loans. . For the year ended December 31, 2021, provisions for loan losses totaled $80,000 compared to $800,000 for the year ended December 31, 2020. This reduction in expenses was primarily due to strong loan quality metrics. loans with low net write-offs and non-performing loans. .

Total deposits increased by $44.3 million or 12.8% to $390.7 million as at December 31, 2021, compared to $346.4 million as at December 31, 2020. shareholders’ equity increased by $2.0 million for the year ended December 31, 2021, resulting in an increase in book value per share to $119.52, or 7.7% at December 31, 2021 compared to $111.02 per share as of December 31, 2020.

About Jefferson Security Bank

Jefferson Security Bank is an independent community bank that evolves with the needs of the customers and communities it serves. Serving individuals, businesses and community organizations, Jefferson Security Bank strives to support entrepreneurial efforts within its target markets. Delivering long-term value to its shareholders is at the heart of the organization’s culture. Jefferson Security Bank is a state-chartered bank in West Virginia that was established and opened on May 19, 1869, making it the oldest bank in Jefferson County, West Virginia. The bank provides general banking services in Berkeley County and Jefferson County, West Virginia, and Washington County, Maryland. Visit www.JSB.bank for more information

This press release may contain forward-looking statements, as defined by federal securities laws, that may involve significant risks and uncertainties. The statements are based on estimates and assumptions made by management in conjunction with other factors deemed appropriate in the circumstances. Actual results could differ materially from current projections.

Desks:

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 Blvd, Martinsburg, WV (304-264-0900)

103 West Main Street, Sharpsburg, MD (301-432-3900)

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