Form 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended March 31, 1999 Commission File Number: 0-19212
JEFFERSONVILLE BANCORP
(Exact name of Registrant as specified in its charter)
New York 22-2385448
-------------------------- ------------------------
(State or other jurisdiction of (I.R.S. Employer identification No.)
incorporation or organization)
P. O. Box 398, Jeffersonville, New York 12748
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (914) 482-4000
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the proceeding 12 months (or for such shorter period that the
Registrant was required to file such report(s), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
Indicate the number of shares outstanding of each of the Issuer's classes of
common stock, as of the latest practicable date:
Number of Shares Outstanding
Class of Common Stock as of May 5, 1999
--------------------- -----------------
$0.50 par value 1,394,714
INDEX TO FORM 10-Q
Page
Part 1
Item 1 Consolidated Interim Financial Statements (Unaudited)
Consolidated Balance Sheets at
March 31, 1999 and December 31, 1998 1
Consolidated Statements of Income for the Three
Months Ended March 31, 1999 and 1998 2
Consolidated Statements of Cash Flows for the Three
Months Ended March 31, 1999 and 1998 3-4
Notes to Consolidated Interim Financial Statements 5-7
Item 2 Management's Discussion and Analysis of Financial
Condition and Results of Operations 8-18
Item 3 Quantitative and Qualitative Disclosures about Market 19
Risk
Part 2
Item 1 Legal Proceedings NONE
Item 2 Changes in Securities and Use of Proceeds NONE
Item 3 Defaults upon Senior Securities NONE
Item 4 Submission of Matters to a Vote of Security Holders NONE
Item 5 Other Information NONE
Item 6 Exhibits and Reports on Form 8-K NONE
Signatures 19
Jeffersonville Bancorp and Subsidiary
Consolidated Balance Sheets
March 31, December 31,
1999 1998
------------------- -------------------
(Unaudited)
ASSETS
Cash and due from banks $ 7,465,000 $ 8,203,000
Securities available for sale, at fair value 91,637,000 88,891,000
Securities held to maturity, estimated fair value of $3,942,000
in 1999 and $3,755,000 in 1998 3,807,000 3,602,000
Loans, net of allowance for loan losses of $2,322,000
in 1999 and $2,310,000 in 1998 136,654,000 130,031,000
Accrued interest receivable 1,762,000 1,392,000
Premises and equipment, net 2,667,000 2,681,000
Federal Home Loan Bank stock 1,200,000 1,160,000
Other real estate owned 565,000 535,000
Cash surrender value of bank-owned life insurance 6,267,000 6,183,000
Other assets 1,392,000 1,175,000
------------------- -------------------
TOTAL ASSETS $ 253,416,000 $ 243,853,000
=================== ===================
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Demand deposits (non-interest bearing) $ 28,541,000 $ 31,287,000
NOW and super NOW accounts 28,141,000 28,726,000
Savings and insured money market deposits 56,085,000 56,089,000
Time deposits 92,255,000 82,012,000
------------------- -------------------
TOTAL DEPOSITS 205,022,000 198,114,000
Federal Home Loan Bank borrowings 20,000,000 20,000,000
Short-term debt 3,221,000 334,000
Accrued expenses and other liabilities 2,094,000 2,388,000
------------------- -------------------
TOTAL LIABILITIES 230,337,000 220,836,000
------------------- -------------------
Stockholders' equity:
Series A preferred stock, no par value:
2,000,000 shares authorized, none issued - -
Common stock, $0.50 par value; 2,225,000 shares
authorized ; 1,457,520 shares and 1,468,276 shares
issued at March 31, 1999 and December 31,
1998, respectively 729,000 734,000
Paid-in capital 5,223,000 5,431,000
Treasury stock, at cost; 62,381 shares at March 31,1999
and December 31, 1998 (206,000) (206,000)
Retained earnings 17,320,000 16,795,000
Accumulated other comprehensive income 13,000 263,000
------------------- -------------------
TOTAL STOCKHOLDERS' EQUITY 23,079,000 23,017,000
------------------- -------------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 253,416,000 $ 243,853,000
============= =============
See accompanying notes to unaudited consolidated interim financial statements.
1
Jeffersonville Bancorp and Subsidiary
Consolidated Statements of Income
(Unaudited)
For the Three Months
Ended March 31,
1999 1998
----------- ----------
INTEREST INCOME
Loan interest and fees ....................... $ 3,023,000 $ 2,917,000
Securities:
Taxable ................................. 1,161,000 843,000
Non-taxable ............................. 299,000 295,000
Federal funds sold ........................... 8,000 47,000
----------- -----------
TOTAL INTEREST INCOME ........................ 4,491,000 4,102,000
----------- -----------
INTEREST EXPENSE
Deposits ..................................... 1,620,000 1,649,000
Federal Home Loan Bank borrowings ............ 282,000 136,000
Other ........................................ 18,000 8,000
----------- -----------
TOTAL INTEREST EXPENSE ....................... 1,920,000 1,793,000
----------- -----------
NET INTEREST INCOME .......................... 2,571,000 2,309,000
Provision for loan losses .................... 75,000 150,000
----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES ............... 2,496,000 2,159,000
----------- -----------
NON-INTEREST INCOME
Service charges .............................. 226,000 195,000
Increase in cash surrender value
of bank-owned life insurance ........... 116,000 --
Net security gains ........................... 7,000 11,000
Other non-interest income .................... 78,000 96,000
----------- -----------
TOTAL NON-INTEREST INCOME .................... 427,000 302,000
----------- -----------
NON-INTEREST EXPENSES
Salaries and wages ........................... 742,000 715,000
Employee benefits ............................ 303,000 254,000
Occupancy and equipment expenses ............. 293,000 269,000
Other real estate owned expenses, net ........ 53,000 95,000
Other non-interest expenses .................. 499,000 441,000
----------- -----------
TOTAL NON-INTEREST EXPENSES .................. 1,890,000 1,774,000
----------- -----------
Income before income taxes ................... 1,033,000 687,000
Income taxes ................................. (285,000) (177,000)
----------- -----------
NET INCOME ................................... $ 748,000 $ 510,000
----------- -----------
Basic earnings per common share .............. $ 0.53 $ 0.36
=========== ===========
Average common shares outstanding ............ 1,398,370 1,419,260
=========== ===========
See accompanying notes to unaudited consolidated interim financial statements.
2
Jeffersonville Bancorp and Subsidiary
Consolidated Statements of Cash Flows
(Unaudited)
For the Three Months
Ended March 31,
1999 1998
-------------------------------------
OPERATING ACTIVITIES
Net income .................................................. $ 748,000 $ 510,000
Adjustments to reconcile net income
to net cash provided by
operating activities:
Provision for loan losses .............................. 75,000 150,000
Write down of other real estate owned .................. -- 31,000
Gain on sales of other real estate owned ............... (30,000) (21,000)
Depreciation and amortization .......................... 124,000 124,000
Net increase in cash surrender value
of bank-owned life insurance ..................... (84,000) --
Net security gains ..................................... (7,000) (11,000)
Increase in accrued interest receivable ................ (370,000) (150,000)
Increase in other assets ............................... (232,000) (540,000)
Increase(decrease) in accrued
expenses and other liabilities .................... (128,000) 187,000
----------- ------------
NET CASH PROVIDED BY
OPERATING ACTIVITIES .................... 96,000 280,000
------------ ------------
INVESTING ACTIVITIES Proceeds from maturities and calls:
Securities available for sale ......................... 2,980,000 15,696,000
Securities held to maturity ........................... 238,000 299,000
Proceeds from sales of securities
available for sale ................................... 4,600,000 --
Purchases :
Securities available for sale ......................... (10,720,000) (14,450,000)
Securities held to maturity ........................... (443,000) (71,000)
Disbursements for loan originations, net of
principal collections ................................ (6,895,000) (2,423,000)
Purchases of Federal Home Loan Bank stock ................... (40,000) (34,000)
Net purchases of premises and equipment ..................... (110,000) (44,000)
Proceeds from sales of other real estate owned .............. 197,000 22,000
------------ ------------
NET CASH USED IN
INVESTING ACTIVITIES .......................... (10,193,000) (1,005,000)
------------ ------------
FINANCING ACTIVITIES
Net increase in deposits .................................... 6,908,000 8,599,000
Increase(decrease) in short-term debt ....................... 2,887,000 (136,000)
Cash dividends paid ......................................... (223,000) --
Purchases and retirements of common stock ................... (213,000) --
------------ ------------
NET CASH PROVIDED BY
FINANCING ACTIVITIES ......................... 9,359,000 8,463,000
------------ ------------
NET INCREASE(DECREASE) IN
CASH AND CASH EQUIVALENTS .................... (738,000) 7,738,000
Cash and cash equivalents at beginning of period ............ 8,203,000 7,163,000
------------ ------------
Cash and cash equivalents at end of period .................. $ 7,465,000 $ 14,901,000
============ ============
3
(Continued)
Jeffersonville Bancorp and Subsidiary
Consolidated Statements of Cash Flows, Continued
(Unaudited)
For the Three Months
Ended March 31,
1999 1998
-------------------------------------
Supplemental imformation:
Cash paid for:
Interest $ 1,900,000 $ 1,800,000
Income taxes 276,000 135,000
Transfer of loans to other real estate owned 227,000 320,000
See accompanying notes to unaudited consolidated interim financial statements.
4
JEFFERSONVILLE BANCORP
AND SUBSIDIARY
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
March 31, 1999
(Unaudited)
A. Financial Statement Presentation
In the opinion of Management of Jeffersonville Bancorp (the
"Company"), the accompanying unaudited consolidated interim
financial statements contain all adjustments necessary to present
the financial position as of March 31, 1999 and December 31, 1998,
and the results of operations and cash flows for the three month
periods ended March 31, 1999 and 1998. All adjustments are normal
and recurring. The accompanying unaudited consolidated interim
financial statements should be read in conjunction with the
Company's consolidated year-end financial statements, including
notes thereto, which are included in the 1998 Annual Report.
B. Earnings per Share
Basic earnings per share amounts were calculated for the three
month periods ended March 31, 1999 and 1998 based on weighted
average common shares outstanding of 1,398,370 and 1,419,260,
respectively. There were no dilutive securites during either
period.
5
C. Stock Dividend
On April 13, 1999, the Company announced a 10% stock dividend
payable on May 11, 1999 to common stockholders of record as of
April 27, 1999. Under the terms of the dividend, stockholders will
receive a dividend of one share of common stock for every ten
shares owned as of the record date, plus cash in lieu of any
fractional shares. Giving effect to the additional shares issuable
in the stock dividend, basic earnings per share would be $0.49 for
the quarter ended March 31, 1999 and $0.33 for the same period in
1998.
D. Comprehensive Income
Comprehensive income includes the reported net income of a
company adjusted for certain items that are accounted for as direct
entries to equity, such as unrealized gains and losses on securities
available for sale, foreign currency items and minimum pension
liability adjustments. For the Company, comprehensive income
represents net income and the net change during the period in net
unrealized gains and losses on securities available for sale. The
Company's accumulated other comprehensive income represents the net
unrealized gains and losses on securities available for sale at the
balance sheet date.
Comprehensive income for the three-month periods ended March 31,
1999 and 1998 was $498,000 and $457,000, respectively. The following
summarizes the components of the Company's other comprehensive income
(loss) for each period:
6
Three Months Ended March 31, 1999:
- ----------------------------------
Net unrealized holding losses arising during
the period, net of tax (pre-tax amount of ( $420,000) $(246,000)
Reclassification adjustment for net gains
realized in net income during the the period, net
of tax (pre-tax amount of $7,000) ................... (4,000)
---------
Other comprehensive loss (pre-tax amount of $427,000) $(250,000)
---------
Three Months Ended March 31, 1998:
- ----------------------------------
Net unrealized holding losses arising during
the period, net of tax (pre-tax amount of ($79,000)
$ (46,000)
Reclassification adjustment for net gains
realized in net income during the the period, net
of tax (pre-tax amount of $11,000) ................. (7,000)
- ---------------------------------------------------- --------
Other comprehensive loss (pre-tax amount of $90,000) $(53,000)
--------
7
Item 2: Management's Discussion and Analysis of Financial Conditions
and Results of Operations
A. Overview - Financial Condition
In addition to historical information, this report includes
certain forward-looking statements with respect to the financial
condition, results of operations and business of the Parent
Company and the Bank based on current management exceptions. The
Company's ability to predict results or the effect of future plans
and strategies is inherently uncertain and actual results,
performance or achievements could differ materially from those
management expectations. Factors that could cause future results
to vary from current management expectations include, but are not
limited to, general economic conditions, legislative and
regulatory changes, monetary and fiscal policies of the federal
government, changes in tax policies, rates and regulations,
changes in interest rates, deposit flows, the cost of funds,
demand for loan products, demand for financial services,
competition, changes in the quality or composition of the Bank's
loan and securities portfolios, changes in accounting principles,
and other economic, competitive, governmental, and technological
factors affecting the Company's operations, markets, products,
services and prices.
8
During the period from December 31, 1998 to March 31, 1999,
total assets increased $9,563,000 or 3.9%. Short-term debt
(primarily federal funds purchased) increased $3,000,000 to fund
increased loan demand. The funds were purchased to enhance
liquidity, eliminating the need to sell higher yielding
securities. Securities available for sale increased $2,746,000 or
3.1% to enhance earnings by reinvesting excess liquidity, which
arose early in the first quarter. Net loans increased from
$130,031,000 at year end 1998 to $136,654,000 at March 31, 1999,
an increase of $6,623,000 or 5.1%. Loan demand was unusually high,
with a significant increase in the mortgage loan portfolio.
Deposits increased from $198,114,000 at December 31, 1998 to
$205,022,000 at March 31, 1999, an increase of $6,908,000 or 3.5%.
Growth occurred in time deposits as funds flowed from savings
accounts to benefit from higher rates. The 18 month Escalator, an
account that allows one rate modification during its term,
continues to be a popular option. Demand deposits decreased from
$31,287,000 at December 31, 1998 to $28,541,000 at March 31, 1999,
a decrease of $2,746,000 or 8.8%. These lower cost deposits are an
important offset to the cost of higher priced funds, and this
recent decrease will be monitored closely.
Total stockholders' equity increased $62,000 or 0.3% from
$23,017,000 at December 31, 1998 to $23,079,000 at March 31, 1999.
This increase was the result of net income of $748,000, less a
decrease of $250,000 in accumulated other comprehensive income,
cash dividends of $223,000, and purchases and retirements of
common stock for $213,000.
9
B. Provision for Loan Losses
The provision for loan losses reflects management's assessment
of the risk inherent in the loan portfolio, the general state of
the economy and past loan experience. The provision for loan
losses was $75,000 for the three months ended March 31, 1999
compared to $150,000 for the three months ended March 31, 1998.
Total charge offs for the 1999 three month period were $101,000
compared to $50,000 for the same period in the prior year, while
recoveries decreased from $82,000 for the 1998 period to $38,000
for the 1999 period. The amounts represent a net charge-off of
$63,000 in the first quarter of 1999 verses a net recovery of
$32,000 for the same period in the prior year. Based on
management's analysis of the loan portfolio, management believes
the current level of the allowance for loan losses is adequate.
10
Changes in the allowance for loan losses are summarized
as follows for the periods ended March 31:
1999 1998
Balance at beginning..............$ 2,310,000 $ 1,862,000
Provision for loan loss ........... 75,000 150,000
Loans charged off ................. (101,000) (50,000)
Recoveries ........................ 38,000 82,000
----------- -----------
Balance at end of period .......... $ 2,322,000 $ 2,044,000
=========== ===========
Net (charge-offs) as a percentage
of average outstandi ............ (0.03%) 0.02%
Allowance for loan losses to:
Total loans .................. 1.67% 1.57%
Total non-perform ............ 102.50% 62.80%
11
C. Non Accrual and Past Due Loans
Non-performing loans are summarized as follows at March 31:
1999 1998
---------- ----------
Non-accrual loans ................ $1,434,000 $2,478,000
Loans past due 90 days or more and
still accruing interest .......... 832,000 776,000
---------- ----------
Total non-performing loans ....... $2,266,000 $3,254,000
---------- ----------
Non-performing loans as a
percentage of total loans ........ 1.66% 2.50%
---------- ----------
The effects of non-accrual loans on interest income were as follows
for the three months ended March 31:
1999 1998
---- ----
Interest contractually due at original rates $115,000 $ 58,000
Interest income recognized ................. 26,000 26,000
-------- --------
Interest income not recognized ............. $ 89,000 $ 32,000
-------- --------
As of March 31, 1999 and 1998, the recorded investment in loans
considered to be impaired under Statement of Financial Accounting
Standards ("SFAS") No.114 totaled $714,000 and $714,000, respectively.
There was no allowance for loan impairment under SFAS No.114 at either
date, primarily due to prior charge offs and the adequacy of collateral
values on these loans.
12
D. Capital
In January 1999, the Board of Directors allocated $1,000,000
for the repurchase and retirement of common stock on the open
market. Repurchased shares through March 31, 1998 account for
$213,000 of this allocation.
Under the Federal Reserve Bank's risk-based capital rules, the
Company's Tier I risk-based capital was 16.6% and total risk-based
capital was 17.8% of risk-weighted assets at March 31, 1999. These
risk-based capital ratios are well above the minimum regulatory
requirements of 4.0% for Tier I capital and 8.0% for total
capital. The Company's leverage ratio (Tier I capital to average
assets) of 9.3% at March 31, 1999 is well above the 4.0% minimum
regulatory requirement.
13
The following table shows the Company's actual capital
measurements compared to the minimum regulatory requirements at
March 31, 1999.
TIER I CAPITAL
Stockholders' equity, excluding the after-tax
net unrealized gain on securities available for sale $ 23,066,000
TIER II CAPITAL
Allowance for loan losses1 ......................... 1,746,000
------------
Total risk-based capital ........................... $ 24,812,000
------------
Risk-weighted assets2 .............................. $139,140,000
------------
Average assets ..................................... $248,421,000
------------
RATIOS
Tier I risk-based capital (minimum 4.0%) ........... 16.6%
Total risk-based capital (minimum 8.0%) ............ 17.8%
Leverage (minimum 4.0%) ............................ 9.3%
1 The allowance for loan losses is limited to 1.25% of
risk-weighted assets for the purpose of this calculation.
2 Risk-weighted assets have been reduced for excess allowance for
loan losses excluded from total risk-based capital
14
E. Result of Operations
Net income for the first three months of 1999 increased by
$238,000 to $748,000 compared to $510,000 for the same period in
1998. Increases of $262,000 in net interest income and $125,000 in
non-interest income, and a $75,000 decrease in the provision for
loan losses, were partially offset by increases of $116,000 in
non-interest expenses and $108,000 in income tax expense. The
Company's annualized return on average assets was 1.2% in the
current quarter compared to 0.9% in the same period last year. The
return on average stockholders' equity was 12.7% and 9.1% for the
first three months of 1999 and 1998, respectively.
Tax equivalent interest income increased $311,000 or 7.9% in
the first three months of 1999 compared to the same period in
1998, as an overall decline in asset yields was more then offset
by an increase in average earning assets. The yield on investment
securities decreased 43 basis points from 7.02% in 1998 to 6.59%
in 1999. The yield on the total loan portfolio decreased by 10
basis in the quarter ended March 31, 1999 compared to the first
quarter of 1998. Commercial loan and installment loan rates
increased slightly. The average yield on real estate mortgage
loans, the major portion of the loan portfolio, decreased 11 basis
points to 8.51% from 8.62% for the three month period. The overall
yield on interest earning assets declined 31 basis points from
8.27% for the three months ended March 31, 1998 to 7.96% for the
same period in 1999. The increase in interest income on earning
assets for the first quarter resulted from an increase in average
earning assets. The total average balance for earning assets was
$233,316,000 for the three month period ended March 31, 1999
compared to $205,622,000 for the same three month period in 1998,
an increase of $27,694,000 or 13.5%. An increase in investments
securities of $24,405,000 accounted for 88.1% of this increase.
15
The yield on interest bearing liabilities decreased from 4.3%
for the three month period ended March 31, 1998 to 3.9% for the
same period in 1999. The overall net interest margin decreased 12
basis points from 4.79% in the first quarter of 1998 to 4.67% in
the first quarter of 1999. However, the lower margin was more than
offset by balance sheet growth, resulting in higher net interest
income in the current quarter compared to the first quarter of
1998.
Non-interest expenses were $1,890,000 for the first three
months of 1999 compared to $1,774,000 for the same period in 1998,
an increase of $116,000 or 6.5%. This increase reflects a $76,000
increase in compensation and benefits costs, primarily due to
higher employee benefit costs and salary adjustments for the
existing staff to maintain the Company's competitive position.
Other categories of non-interest expense increased by $40,000 for
the three months ended March 31, 1999.
F. Year 2000
Year 2000 or "Y2K" issue continues to be a top priority for
the Company. The year 2000 issue refers to uncertainties regarding
the ability of various software and hardware systems to interpret
dates correctly after the beginning of the Year 2000. The Company
utilizes and is dependent upon data processing systems and
software in its normal course of business.
In 1997, management of the Company created a Y2K task force.
This task force consists of senior management and representatives
of all processing areas. A Y2K written plan was established. Goals
of the Y2K Plan include identifying risks, testing data processing
and other systems used by the Company, informing customers of the
Y2K issues and risks, establishing a Contingency Plan for
operations if Y2K issues cause important systems or equipment to
fail, implementing changes necessary to achieve Y2K compliance,
and verifying that these changes are effective. The Board of
Directors approved The Plan and reviews progress under the Plan at
its regular meetings.
16
The Company has met its Y2K goals to date and believes it will
continue to meet the goals of the Plan. By March 31, 1999, the
Company had performed risk assessments; assessed the Y2K
preparedness of major vendors and suppliers as well as large
customers; started its customer awareness program; had almost
finished development of the Y2K Contingency Plan; and expects to
meet its deadline of final testing of mission critical hardware
and software by June 30, 1999.
The Y2K Contingency Plan calls for the Company to manually
process banking transactions and to use other data processing
methods in the event that Y2K efforts of the Company or its
service providers are not successful. Delays in processing banking
transactions would result if the Company were required to use
manual processing or other methods instead of its normal computer
processes. These delays could disrupt the normal business
activities of the Company and its customers. The Company must
assure that the computer systems it uses to process transactions
are Y2K ready to avoid these disruptions.
Management believes that the cost of resolving Y2K issues
related to the Company's hardware and software will not be
material to the Company's business, operations, liquidity, capital
resources or financial condition based on information developed to
date. At this time, the Company estimates that is total cash
outlays in connection with Y2K compliance will not exceed than
$50,000, excluding costs of Company employees involved in Y2K
compliance activities. Approximately $30,500 has been expended as
of March 31, 1999.
17
Although the Company has completed an assessment of the Y2K
effects on its current commercial lending and other customers, the
actual effect on individual, corporate and governmental customers
of the Company and on governmental authorities that regulate the
Company and it subsidiary, and any resulting consequences to the
Company, cannot be determined with any assurance. The Company's
belief that it, and its primary vendors, will achieve Y2K
compliance is based on a number of assumptions and on statements
made by third parties which are subject to uncertainty. The
Company is not able to predict the effects, if any, on the
Company, financial markets or society in general of the public
reaction to Y2K. Because of this uncertainty and reliance on
assumptions and statements of the third parties, the Company
cannot be assured that the results of its Y2K Plan will be
achieved. Management presently believes, however, that the Company
will be able to accomplish its Y2K goals and that the Company will
be able to continue providing financial services for its customers
into the 21st century.
18
Item 3: Quantitative and Qualitative Disclosures about Market Risk
The Company's most signficant form of market risk is interest
rate risk, as the majority of the assets and liabilities are
sensitive to changes in interest rates. There have been no
material changes in the Company's interest rate risk position
since December 31, 1998. Other types of market risk, such as
foreign exchange rate risk and commodity price risk, do not arise
in the normal course of the Company's business activities.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
JEFFERSONVILLE BANCORP
K. Dwayne Rhodes
Treasurer and Chief Accounting Officer
May 17, 1999
19