Jefferson Security Bank (OTC Pink: JFWV) reported net income of $926 thousand for the fourth quarter of 2021, representing an increase of $55 thousand or 6.3% compared to net income $871 thousand for the fourth quarter of 2020. Basic and diluted earnings per common share were $3.36 and $3.12 for the fourth quarter of 2021 and 2020, respectively.

For the year ended December 31, 2021, net income totaled $3.6 million, representing an increase of $700 thousand or 24.4% compared to net income 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 ended 2021 and 2020, respectively. Return on average assets and return on average equity 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 driven by strong deposit growth, increased consumer loan activity, well controlled expenses and improved credit quality metrics,” said Cindy Kitner, President and Chief Executive Officer. “Our continued success reflects the execution of strategic initiatives and the dedication and commitment of our employees and 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 look to continue the momentum we are building and remain focused on driving long-term value to our shareholders,” said Cindy Kitner, President and Chief Executive Officer.

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, 2020. Loans, net of 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 the reserve and Paycheck Protection Program (PPP) loans, increased by $9.4 million or 4.2%. At December 31, 2021, the total gross outstanding balance of PPP loans was $9.9 million compared to $14.3 million at December 31, 2020. The reserve for loan losses 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 thousand compared to $800 thousand for the year ended December 31, 2020. This reduction in expense is primarily attributed to strong loan quality metrics with low net charge-offs and nonperforming loans.

Total deposits increased by $44.3 million or 12.8% to $390.7 million as of December 31, 2021 compared to $346.4 million as of December 31, 2020. Total 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 at December 31, 2020.

About Jefferson Security Bank

Jefferson Security Bank is an independent community bank evolving with the needs of the customers and the 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 core of the organization’s culture. Jefferson Security Bank is a West Virginia state-chartered bank that was formed and opened for business 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, 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.

Offices:

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)

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