V I E W
Fourth Quarter 2015
&
O V E R V I E W
www.JeffersonBankFL.com
Dear Fellow Jefferson
Bankshares Shareholders:
2015 was another year of
continued above market
growth, increased earnings,
excellent credit quality and
building our base as “Tampa
Bay’s Go -To Community Bank”.
Our shareholders are our best source of new
business referrals and together with your team of
Jefferson Bankers we look forward to 2016 with
all the opportunities it will bring.
The 2015 audited statements will be sent to
you next month in the Annual Report with the
annual meeting documents. Though the following
numbers for the 4th Quarter and the year 2015
are unaudited, we do not anticipate any material
difference in the audited statements.
2015 earnings available to common shareholders
for Jefferson Bankshares were $1,382,000 which
included $170,000 after tax recovery of prior
period charge offs. Net of the recovery, 2015
earnings were $1,212,000 or an increase of
56% over the $779,000 earned in 2014. Our net
interest income or gross profit increased 20%,
year over year. Fourth quarter earnings available
to common shareholders were $329,000 for
2015, a slight increase over the fourth quarter
of 2014.
The Book Value per common share at year end
2015 was $9.24, up $0.69 per share from 2014
year end Book Value of $8.55.
Net loans increased $30 million or 21% while
Issue 4 Vol 8
deposits increased $44 million or 25%. Total
assets increased $34 million or 15% and we
reduced our borrowings $12 million or 57%.
Relationships are paramount at Jefferson
and one measure of relationship growth is
the business checking account or DDA’s.
The December 2015 average DDA balances
increased to $64 million or 38% over the
December 2014 average DDA balances of
$46 million. DDA’s represented 29% of all our
deposits and repo accounts. Our goal is to
exceed 35%.
This month we will complete the transaction
to redeem the Small Business Lending Fund
Preferred stock. To avoid shareholder dilution,
the holding company is borrowing the
$3,367,000 from a correspondent bank on
a ten year note with a ten year amortization.
Starting later this year we will begin upstreaming
approximately $440,000 per year from the bank
to the holding company to service this debt.
The secret of our continuing above market
growth is no secret at all. Our shareholders
continually referring their best customers,
suppliers and friends to Jefferson Bank for
“A Better Banking Experience” is the reason
Jefferson performs better than the market year
after year.
Please continue to refer your best friends,
customers and suppliers to Jefferson and we will
treat them to “A Better Banking Experience.”
Sincerely,
Robert B. McGivney
Chairman / CEO
FINANCIAL HIGHLIGHTS
Financial Highlights $(000)
(Unaudited)
$275,000
$250,000
$225,000
$200,000
$175,000
$150,000
$125,000
$100,000
Dec-14
Mar-15
Total Loans
Jun- 15
Sept- 15
Deposits/Customers Repurchase
Dec- 15
Total Assets
JEFFERSON BANKSHARES, INC.
OLDSMAR, FLORIDA
December 31, 2015
(Unaudited)
LIABILITIES AND
STOCKHOLDERS’ EQUITY
ASSETS
Cash & Due From Banks
$5,637,000
Deposits Securities & Fed Funds Sold
70,924,000
Customer Repurchase Agreements
$215,668,000
6,315,000
Total Deposits & Repurchase Agreements
Total Loans
Allowance for Loan Loss
Net Loans
$175,723,000
(1,959,000)
$173,764,000
Total Borrowings
Other Liabilities
$9,000,000
1,207,000
Total Liabilities
Premises & Equipment
Other Assets
Total Assets $221,983,000
$232,190,000
$4,746,000
3,162,000
$258,233,000
Stockholders’ Equity
Total Liabilities & Stockholders’ Equity
$26,043,000
$258,233,000
Bankers Give Holiday Cheer
Each year Jefferson bankers collect gifts for the holidays
for families who otherwise would have nothing. This year
our bankers provided gifts for 19 children through various
local charities.
Justine and her high school sweetheart, Keith, have
been married for 18 years. They moved to Florida from
Leroy Township Ohio in 2000. They enjoy riding their
motorcycles and Justine is passionate about helping
animals and has worked with several rescue groups like
Pug Rescue of Florida and Florida Boxer Rescue.
Justine says “I enjoy my job so much, being able to
assist our customers on their financial journey, learning
about them and their families.”
Jefferson Bank Focus
Janine Nolan
SVP/Operations
Toys for Tots
Jefferson is also a collection site for Toys for Tots. The
generosity of our bankers, customers and local residents
is overwhelming and inspiring. This year we had two
vehicles full of toys which were delivered to the Marines at
the Oldsmar Walmart.
Janine joined Jefferson Bank
in November 2015 as the SVP/
Operations. She has 25+ years
of banking experience starting
with SunTrust Bank where she
was an auditor specializing in
retail, treasury and commercial
services and most recently with
American Momentum Bank
in Tampa where she worked as the Account Services
Manager and Internal Audit Department. She is a
Certified Public Accountant, Certified Fraud Examiner
and Certified Bank Examiner.
Janine is originally from Pittsburgh and currently resides
in the Odessa area with her family. She looks forward to
working at Jefferson Bank and enjoying the community
bank experience.
Jefferson Bank Focus
Mary Zarvalas
Personal Banker
Jefferson Bank Focus
Justine Prall
Head Teller
Justine joined Jefferson Bank in
November of 2015 as the Head
Teller of our Tampa Office. She
started her banking career in
1998 as a part time teller. She
worked her way up to hold
such positions as Head Teller,
Assistant Branch Manager,
Loan Officer and Personal
Service Counselor.
Mary Zarvalas joined Jefferson
Bank in November 2015 as
a Personal Banker in our
Oldsmar Office. She has been
in banking for 28 years working
in the many different facets of
banking from Teller to Assistant
Manager to Private Banking.
Mary states “I feel banks pretty much have very similar
products to offer their customers. What separates one
bank from another is the Customer Service that is given!”
Mary is originally from Michigan and moved to Florida in
1991. Mary is married and has two college age sons.
Board of Directors
Jefferson Bank of Florida
Officers
Gary L. Blackwell
Robert B. McGivney
Chairman/CEO
Joseph M. LaRussa
Vice President/Commercial Lending
James P. Nelson
President/Chief Operating Officer/Senior
Lending Officer
Crystal Olson
Vice President/Business Banker
Jefferson Bankshares, Inc.
Real Estate Developer and Investor
David L. Brandon
President Brandon Construction
Jeffrey P. Seligsohn, CPA
Executive Vice President/Chief Financial
Officer
Company, Inc.
Ronald S. Hockman
Jeffrey L. Carter
Senior Vice President/Commercial
Lending
President Hockman Insurance
Agency, Inc.
Rose Fasano
Senior Vice President/Branch
Administrator
Stephen H. Jacobs, M.D.
President (Retired)
Morton Plan Mease Primary Care
Gary S. Gray
Senior Vice President/Commercial
Lending
Robert B. McGivney
Chairman / CEO,
Jefferson Bank of Florida
Maggie Mathey
Senior Vice President/Loan Operations
Joseph L. Oliveri, A.I.A.
Janine D. Nolan
Senior Vice President/Operations
Oliveri Architects
Mickey Orr
Senior Vice President/Human Resources/
Audit
Paul J. Wikle
President /Real Estate Investor
John Braumuller
Vice President/Commercial Lending
Wikle Real Estate Services
Renee K. Jones
Vice President/Treasury Management
V I E W
&
Geri Ropova
Vice President/Controller
Dan Waks
Vice President/Commercial Credit
Analyst
Michael DeLessio
Assistant Vice President/Branch
Manager
Cheryl Holly
Assistant Vice President/Branch
Manager
Tammy D. Brigmond
Administrative Officer
Peggy Dominey
Assistant Branch Manager/Banking
Officer
Nancy Giannopoulos
Assistant Branch Manager/Banking
Officer
Linda Jouben
BSA/Bank Compliance Officer
George Loumakos
Business Development Officer
O V E R V I E W
3711 Tampa Road
Oldsmar, FL 34677