Jefferson Security Bank Announces Earnings for the First Quarter of 2008

  
    
  
  
    
      President and CEO of Jefferson Security Bank (OTCBB:JFWV), K. Stephen 
      Morris, announced the results of operations for the first quarter of 
      2008 and commented, “First quarter 2008 net 
      income of $634,455 ($2.11 per share) increased from net income for the 
      first quarter of 2007 of $622,056 ($2.07 per share). This demonstrates a 
      marginal increase in our results of operations for the quarter ended 
      March 31, 2008 when compared with the quarter ended March 31, 2007. As 
      interest rates have declined, we have experienced a marginal decline in 
      net interest income. We continue to manage our mix of interest-earning 
      assets and interest-bearing liabilities during these times of economic 
      concern. During the first quarter of 2008, we realized a gain on the 
      sale of securities providing an increase in noninterest income and had a 
      modest increase in noninterest expense. As a conservatively managed 
      community bank, which has avoided exposure to sub-prime loans, we remain 
      optimistic about the future of Jefferson Security Bank as we continue to 
      be faced with unpredictable economic conditions.”
    
    
      Total assets for the bank as of March 31, 2008 were $246.8 million, 
      which is a decline of $2.2 million or 0.9% from total assets as of 
      December 31, 2007 of $249.0 million. Loans, net of reserve, as of March 
      31, 2008 were $158.2 million, which is a decline of $2.2 million or 1.4% 
      from loans, net of reserve, as of December 31, 2007 of $160.4 million. 
      Deposits as of March 31, 2008 were $215.4 million which is an increase 
      of $400 thousand or 0.2% from deposits as of December 31, 2007 of $215.0 
      million. The return on average assets was 1.03%, and the return on 
      average equity was 12.80% for the quarter ended March 31, 2008, as 
      compared to a return on average assets of 1.01% and a return on average 
      equity of 14.07% for the quarter ended March 31, 2007. At March 31, 
      2008, net loans to deposits were 73.4% as compared to 74.6% at December 
      31, 2007. Book value per share as of March 31, 2008 was $67.52 per 
      share, an increase of $2.61 per share or 4.0% from book value per share 
      of $64.91 as of December 31, 2007.
    
    
      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. The Bank currently has 
      six offices.
    
    
      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. Readers are encouraged to read filings the Bank has 
      made with the Federal Deposit Insurance Corporation for additional 
      information.