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EXHIBIT 99.1
PRESS RELEASE
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JEFFERSON BANCORP, INC.
FOR IMMEDIATE RELEASE DATE: JULY 15, 1996
CONTACT: WAYNE HYMEL
(504) 368-1011
1011 Fourth St. Gretna, LA 70053
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JEFFERSON BANCORP ANNOUNCES
SECOND QUARTER EARNINGS
(Gretna, LA) -- Jefferson Bancorp, Inc., the holding company for Jefferson
Federal Savings Bank (Jefferson FSB), today announced second quarter earnings
of $649,000 for the period ended June 30, 1996, or $0.31 per share of common
stock. This compares to earnings of $791,000 or $0.38 per share for the second
quarter of 1995. The decrease in net income was primarily due to a decrease in
net interest income and increases in total non-interest expense and income tax
expense.
Total assets at June 30, 1996 were $265.6 million, compared with total assets
of $265.0 million at March 31, 1996. Total capital as of June 30, 1996 was
$36.1 million, or 13.6% of total assets, as compared to $35.4 million, or 13.4%
of total assets at March 31, 1996. The annualized return on average assets for
the six months ended June 30, 1996 and 1995 was 0.97% and 1.10%, respectively.
The annualized return on average equity for the six months ended June 30, 1996
and 1995 was 7.29% and 8.87%, respectively.
On May 24, 1996, Jefferson Bancorp, Inc. and ISB Financial Corporation of New
Iberia, Louisiana entered into an Agreement and Plan of Merger and
Reorganization providing for a merger of the two institutions. ISB Financial
proposes to acquire Jefferson Bancorp, Inc. in a cash transaction pursuant to
which each share of stock of Jefferson Bancorp will be acquired for $23.00 or
an aggregate purchase price of $51.2 million.
Jefferson FSB is a federally chartered savings bank with seven branch locations
and ten Jeff-24 automatic teller machines, located in East and West Jefferson
Parish, and in Western Orleans Parish. Organized in 1953 as Jefferson
Homestead Association, the Bank offers savings and lending products, as well as
checking and other consumer-oriented banking services.
Jefferson Bancorp, Inc. common stock is traded under the Nasdaq symbol "JEBC."
The local newspaper (Times Picayune) lists JEBC as Jefferson Bancorp, Inc.
under the Nasdaq "How Stocks of Local Interest Fared."
FINANCIAL HIGHLIGHTS SUMMARY FOLLOWS
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SUMMARY OF FINANCIAL HIGHLIGHTS:
Consolidated Statements of Financial Condition (Unaudited)
ASSETS June 30, March 31, LIABILITIES June 30, March 31,
1996 1996 1996 1996
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(Dollars in Thousands) (Dollars in Thousands)
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Cash and Deposits $227,495 $227,542
cash equivalents $ 8,049 $ 9,461 Other Liabilities 2,039 2,068
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Investments and Mortgage-
backed Securities 187,171 186,861 TOTAL LIABILITIES $229,534 $229,610
Loans 62,766 61,429
STOCKHOLDERS' EQUITY 36,060 35,429
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Other Assets 7,608 7,288
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TOTAL LIABILITIES AND
TOTAL ASSETS $265,594 $265,039 STOCKHOLDERS' EQUITY $265,594 $265,039
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Consolidated Statements of Income (Unaudited)
For the 3 months ended June 30, For the 6 months ended June 30,
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(Dollars in Thousands except Per Share Data) 1996 1995 1996 1995
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Interest Income $4,346 $4,374 $8,713 $8,573
Interest Expense 2,195 2,162 4,383 4,166
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Net Interest Income 2,151 2,212 4,330 4,407
Provision (recovery) for Loan Losses (4) 39 (22) 99
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Net Interest Income after
Provision (recovery) for Loan Losses 2,155 2,173 4,352 4,308
Noninterest Income 283 275 548 563
Noninterest Expense 1,529 1,445 3,023 2,908
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Income Before Income Taxes 909 1,003 1,877 1,963
Income Tax Provision 260 212 585 510
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NET INCOME $ 649 $ 791 $1,292 $1,453
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EARNINGS PER SHARE $0.31 $0.38 $ 0.62 $ 0.71
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END