MIAMI BEACH - Jefferson Bancorp earned $850,009 in the third quarter, compared with net earnings of $1.3 million in the year-earlier quarter.

Net income for the nine months ended Sept. 30 was $2.7 million, compared with $3.1 million a year earlier.

The decrease in net income this year is mainly due to profits from securities transactions of $397,207, compared with $1.4 million in last year's third quarter.

The bank closed two offices in September as part of a consolidation program. Assets decreased to $354.4 million, compared with $387.8 million a year earlier.

Jefferson owns and operates three banks with 10 offices in South Florida.

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