JFWV JSB Financial Inc (PK)

President and CEO of Jefferson Security Bank (OTCBB: JFWV), K. Stephen Morris, announced the results of operations for the first quarter of 2009 and commented, �First quarter 2009 net income of $504,345 ($1.72 per share) decreased from net income for the first quarter of 2008 of $634,455 ($2.11 per share). Net interest income decreased $176 thousand or 7.36%, due to decreases in interest rates as loan rates repriced faster than deposit rates. Noninterest income increased $37 thousand or 5.14%, due to gains on sale of securities and other real estate owned. Noninterest expenses increased $72 thousand or 3.29%, due to increase in pension costs and FDIC insurance premiums.�

Total assets for the Bank as of March 31, 2009 were $235.6 million, which is a decline of $9.2 million or 3.74% from total assets as of December 31, 2008 of $244.8 million. Loans, net of reserve, as of March 31, 2009 were $150.8 million, which is a decline of $0.4 million or 0.24% from loans, net of reserve, as of December 31, 2008 of $151.2 million. Deposits as of March 31, 2009 were $203.8 million which is an increase of $8.2 million or 4.19% from deposits as of December 31, 2008 of $195.6 million. The return on average assets was 0.85%, and the return on average equity was 10.71% for the quarter ended March 31, 2009, as compared to a return on average assets of 1.03% and a return on average equity of 12.80% for the quarter ended March 31, 2008. At March 31, 2009, net loans to deposits was 73.98 % as compared to 77.27% at December 31, 2008. Book value per share as of March 31, 2009 was $64.78 per share, an increase of $1.79 per share or 2.84% from book value per share of $62.99 as of December 31, 2008.

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.

Offices: � 105 East Washington Street, Shepherdstown, WV (304-876-9000) 7994 Martinsburg Pike, Shepherdstown, WV (304-876-2800) 873 East Washington Street, 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)