Sign In  |  Register  |  About Pleasanton  |  Contact Us

Pleasanton, CA
September 01, 2020 1:32pm
7-Day Forecast | Traffic
  • Search Hotels in Pleasanton

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

JD Bancshares, Inc. Announces Q2 2024 Financial Results

JENNINGS, LA / ACCESSWIRE / July 25, 2024 / JD Bancshares, Inc. (the "Company"), (OTCQX:JDVB), the parent holding company of JD Bank (the "Bank"), reports its unaudited financial results for the three and six- month periods ended June 30, 2024.

Net income for the three-month period ended June 30, 2024 is $3,028,833 or $0.88 per common share compared to $3,652,396 or $1.07 per common share for the linked quarter ended March 31, 2024 and $3,216,519 or $0.94 per share for the prior year quarter ended June 30, 2023. Pre-tax, pre-provision operating income (PTPPOI) for the quarter ended June 30, 2024 is $3,951,414 compared to $3,709,245 for the linked quarter and $4,373,181 for the prior year quarter. PTPPOI excludes taxes, provision for credit losses, net losses on the sale of other real estate owned (OREO), net losses on the sale of investment securities and other non-recurring expense items. The $242,000 increase in the current quarter PTPPOI compared to the linked quarter is due to a $127,000 increase in net interest income and a $115,000 increase in recurring non-interest income. The $422,000 decrease between current and prior year PTPPOI is due to a $413,000 decline in net interest income, a $134,000 decrease in recurring non-interest income and partially offset by a decrease in recurring non-interest expenses of $125,000.

For the six-month period ended June 30, 2024, net income is $6,681,230 or $1.95 per share compared to $5,301,748 or $1.55 per share for the prior year comparative period. PTPPOI for the current six-month period is $7,660,660 compared to $8,655,274 for the prior year period. The $995 million decrease is primarily due to a $595,000 decrease in net interest income, a $183,000 decrease in recurring non-interest income, and a $217,000 increase in non-interest expenses.

Bruce Elder, President and CEO, commented, "We are pleased to present financial results for the three and six-month periods ended June 30, 2024. Due to a variety of non-recurring, non-operating items for the current and prior year six-month periods, net income for those periods does not provide an accurate comparison. Although net income for the current six-month period improved compared to that of the prior year, increases in interest expense, non-interest expense and a decrease in non-interest income caused pre-tax, pre-provision operating income to decline by $1.0 million. However, the improvement shown in the current quarter compared to the March 31, 2024 quarter is encouraging as we increased both net interest income and non-interest income while holding recurring operating expenses flat. We believe that we can continue to increase our net interest income as we deploy lower yielding cash and principal paydowns from the investment securities into the loan portfolio. Although total deposits experienced an overall decrease thus far in 2024, deposits increased by $10.2 million between March and June 2024. This is the first quarterly increase in deposits since the second quarter of 2021."

Elder continued by commenting, "In addition to our optimism on the earnings front, we have made good progress in improving asset quality which has allowed us to release a portion of our allowance for credit losses back into earnings. As we move through the remainder of 2024 and navigate through potential short-term rate cuts, we will make decisions in a strategic manner keeping in mind our mission to create value for customers, employees, shareholders, and communities."

Paycheck Protection Program Lending

During 2020 and 2021, the Company made 1,422 Paycheck Protection Program (PPP) loans totaling $110.4 million. As of June 30, 2024, all PPP loans have been paid in full.

Asset Quality

Loans past due 30 to 89 days are $3.1 million representing 0.43% of the total loan portfolio at June 30, 2024 compared to $4.2 million or 0.61% at December 31, 2023. Total nonperforming assets, including loans on non-accrual status, OREO and repossessed assets declined to $8.2 million at June 30, 2024 from $12.1 million at December 31, 2023. Loans currently in non-accrual status declined to $6.8 million from $10.6 million at year-end 2023 and OREO is currently $1.4 million compared to $1.5 million. There are no repossessed assets at either June 30, 2024 or December 31, 2023. Management performs a quarterly evaluation of OREO properties and believes their adjusted carrying values are representative of their fair market values, although there is no assurance that the ultimate sales will be equal or greater than the carrying values.

Provisions for credit losses for the quarters ended June 30, 2024 and 2023 are $156,000 and $364,000, respectively. For the linked quarter ended March 31, 2024, there was a release from the allowance for credit losses (ACL) of $686,000. The large Q1 2024 release resulted in a net ACL release of $529,000 for the current six-month period compared to provision expense of $966,000 for the prior year six-month period. The ACL is $9.4 million at June 30, 2024 or 1.31% of total loans compared to $9.9 million at December 31, 2023 or 1.45% of total loans. We recognized net charge-offs in the current quarter of $2,000 compared to $78,000 for the linked quarter and $335,000 for the prior year quarter. Net charge-offs for the comparative six-month periods ended June 30, 2024 and 2023 are $80,000 and $363,000, respectively. We believe the current level of our ACL is adequate; however, there is no assurance that regulators, increased risks in the loan portfolio or changes in economic conditions will not require future adjustments to the ACL.

Net Interest Income

For the quarter ended June 30, 2024, net interest income is $10.9 million, reflecting a $127,000 increase over the $10.8 million for the linked March quarter and a $413,000 decline compared to the $11.3 million reported for the prior year quarter. When comparing the current quarter's net interest income to the linked quarter, the favorable impact on interest income due to a higher volume of average earning assets and higher yields more than offset the increase in interest expense due to a higher volume of interest-bearing liabilities and the higher cost of funds. The decline in net interest income compared to the prior year quarter is due to an increase in interest expense as a larger percentage of interest-bearing liabilities were in time deposits and borrowings.

Total interest income for the current quarter is $14.2 million compared to $13.8 million for the linked quarter and $13.2 million for the prior year quarter. Interest income on loans for the current quarter is $11.3 million, reflecting a $438,000 increase compared to the linked quarter and a $1.0 million increase over the prior year quarter. Average loans outstanding are $710.8 million, $687.9 million and $674.8 million for the current, linked, and prior year quarter, respectively. The average yield on the loan portfolio for the three comparative quarters is 6.40%, 6.35%, and 6.11%. Interest income from other earning assets is $2.9 million for Q2 2024, reflecting a small decrease from the $3.0 million recorded in both Q1 2024 and Q2 2023. The decline in interest income from other earning assets was due to the net effect of decreases in volume of earning assets and increases in average yield. The overall yield on earning assets is 5.07%, 4.99% and 4.59% for the three comparative quarters, respectively.

Total interest expense is $3.3 million for the current quarter, $3.1 million in the linked quarter and $1.9 million in the prior year quarter. The $257,000 increase in interest expense between the current and linked quarters is attributed to both a $3.9 million increase in the average interest-bearing liabilities outstanding as well as a 12-basis point increase in the average cost of interest-bearing liabilities. The $1.4 million increase in interest expense between the current and prior year quarter is attributable to a 68-basis point increase in the cost of interest-bearing funds and is partially offset by a $14.9 million decline in the average interest-bearing liabilities outstanding. The cost of interest-bearing liabilities is 1.58% for the current quarter compared to 1.46% and 0.90% for the linked and prior year quarters, respectively. When taking into account the effect of noninterest-bearing deposits, the cost of total funds is 1.21% for the current quarter, 1.13% for the linked quarter and 0.68% for the prior year quarter.

The net interest margin is 3.90% in both the current and linked quarters compared to 3.93% for the prior year quarter. The increases in the yield on earning assets and the cost of funds between the first and second quarters of 2024 offset each other resulting in no change in the net interest margin. Comparing the net interest margin between the current and prior year quarters, the increase in the cost of funds is more pronounced than the increase in yield on earning assets resulting in a decline in the net interest margin of 3-basis points. After increasing short-term interest rates by 525 basis over the course of a sixteen-month period from March 2022 through July 2023, the Federal Reserve Open Market Committee (FOMC) has paused and is monitoring the impacts of those increases on the economy, employment and inflation. A variety of current data appears to suggest that the interest rate increases are having the desired effect and the FOMC might be able to successfully engineer a "soft landing." The consensus among economists is that the FOMC will begin to reduce short-term rates sometime in the third quarter and take a methodical approach to ensure inflation does not reignite. We believe, in the near term, that an environment where interest rates decline in a very moderate and measured manner, we will continue to price renewing loans and originate new loans at levels above the average yield of the existing portfolio. The cost of funds should moderate, and we believe the resulting net interest margin can remain at healthy levels.

Net interest income is $21.7 million for the six-month period ended June 30, 2024, compared to $22.2 million for the prior year period ended June 30, 2023. Net interest margin for the current six-month period is 3.90% compared to 3.86% for the comparative 2023 period. The total yield on earning assets increased to 5.03% from 4.43% due to increases in both yield and volume of loans outstanding. The cost of interest-bearing liabilities increased to 1.52% from 0.76% and the overall cost of funds increased to 1.17% from 0.57%.

Noninterest Income

Total noninterest income is $2.8 million for the current quarter, up $116,000 from $2.7 million for the linked quarter and $134,000 less than the $3.0 million for the prior year quarter. Service charges and fees associated with deposits accounted for the largest category of noninterest income and is $2.2 million in both the current and prior year quarters and $2.1 million in the linked quarter. Interchange revenue from debit card usage remains relatively stable at $1.2 million for the current and linked quarters compared to $1.3 million for the prior year quarter. NSF fees totaled $722,000 for the quarter ended June 30, 2024 compared to $749,000 for the linked quarter and $696,000 for the prior year quarter. Service charges on deposit accounts remain relatively constant at $212,000, $201,000 and $217,000 for the three comparative periods, respectively.

Revenue from the sale of mortgage loans is $124,000 for the current quarter compared to $68,000 for the linked quarter and $152,000 for the prior year quarter. The sharp increase in mortgage rates beginning in March 2022 had an adverse impact on the volume of mortgages being originated. The demand for housing remains strong and that demand is being satisfied to a larger extent by new construction as opposed to existing inventory. Many national builders have their own mortgage lending arms that handle the financing. However, mortgage rates remain low from historical standards and people are becoming more accustomed to current levels. This, and the prospect for lower interest rates in the future, should create a better opportunity for the Bank to grow its mortgage-related revenue.

Other noninterest income is $534,000 for the current quarter, $496,000 for the linked quarter and $587,000 for the prior year quarter. The largest components of other noninterest income are revenues from trust services and wealth management. The total of these two revenue streams is $288,000, $217,000 and $272,000 for the three periods, respectively. There are no non-recurring revenue items impacting any of the three comparative quarters.

Noninterest income for the six-month period ended June 30, 2024 is $5.5 million compared to $4.4 million for the prior year six-month period. Service charges and fees on deposit accounts are $4.3 million, reflecting a $138,000 decrease, gains on the sale of mortgage loans are $192,000, reflecting a $70,000 decrease and other non-interest income is $1.0 million or $1.3 million higher than the ($258,000) recorded for the prior year period. Other noninterest income for the prior six-month period includes a $1.3 million realized loss on the sale of securities.

Noninterest Expense

Total noninterest expense is $9.9 million for the quarter ended June 30, 2024 compared to $9.8 million and $10.0 million for the March 2024 and June 2023 quarters, respectively. Salary and employee benefit expenses for the current quarter are $5.5 million, $5.3 million for the linked quarter and $5.2 million for the prior year quarter. The $169,000 or 3.2% increase between the current and linked quarter is associated with annual merit increases which are effective April 1 of each year. The $257,000 or 4.9% increase between the current and prior period is attributed to annual merit increases, health insurance premium increases and increases associated with grant awards pursuant to our 2022 Omnibus Incentive Plan.

Occupancy expenses have remained relatively stable over the current and linked quarters at $1.3 million compared to $1.4 million for the prior year quarter. Advertising and public relations expenses are $398,000, $334,000 and $351,000 for the three comparative quarters, respectively. Data processing expenses are $1.0 million in the current quarter, reflecting decreases of $274,000 and $217,000 compared to the linked and prior period, respectively. We have been able to negotiate some cost reductions with respect to current data processing usage but continue to evaluate new technologies which could increase costs in the future.

Other noninterest expenses are $1.7 million for Q2 2024, $1.5 million for Q1 2024 and $1.8 million for Q2 2023. The largest components of noninterest expenses are comprised of professional fees, accruals for ad valorem taxes, fraud and other losses, FDIC insurance assessments, and telecommunication expenses. The increase between the current and linked quarter is primarily due to an increase in expenses associated with OREO of $165,000 and increases in fraud and other losses of $76,000. The decrease in other noninterest expenses between the current and prior year period is primarily attributable to lower fraud and other losses, a decrease in FDIC insurance premiums, a reduction in printing and office supplies and are partially offset by an increase in other OREO expenses. There are non-recurring expenses associated with all three comparative quarters; $178,000 in losses on OREO in the current quarter, $12,000 in losses on OREO in the linked quarter and the prior year quarter included both a $153,000 reimbursement of NSF fees charged on NSF items presented multiple times in the prior two-year period and $1,000 in losses on OREO.

Total noninterest expenses for the six-month period ended June 30, 2024 are $19.7 million, up $252,000 or 1.3% from $19.5 million for the prior year. Increases in salaries and employee benefits ($570,000) and advertising and public relations ($77,000) are partially offset by declines in occupancy ($117,000), data processing ($203,000) and other non-interest expenses ($77,000). Non-recurring expenses for the two six-month periods include losses on OREO of $190,000 and $1,000 for the current and prior year periods, respectively, and $153,000 in NSF fee reimbursements for the prior year period.

Income tax expense is $589,000 for the current quarter compared to $730,000 for the linked quarter and $638,000 for the June 2023 quarter. The decrease in income tax expense is primarily due to a reduction in pre-tax income in the current quarter compared to the linked and prior year quarters. The effective tax rate is relatively constant over the three comparative periods at 16.3% in the current quarter compared to 16.7% for the linked quarter and 16.6% in the prior year quarter. Year-to-date, income tax expense is $1.3 million with an effective tax rate of 16.5% compared to $970,000 with an effective rate of 15.47% for the prior year six-month period.

Balance Sheet

Although total assets at both June 30, 2024 and December 31, 2023 are $1.2 billion, they have declined by $12.3 million or 1% over the current six-month period. Gross loans, net of unearned income, represent the largest asset category at $720.5 million and have increased by $34.9 million or at an annualized rate of 10.2% from $685.6 million reported at the prior year-end. The six-month increase in loans is comprised of $11.2 million in net growth from December 31, 2023 to March 31, 2024 and $23.7 million from March 31, 2024 to June 30, 2024. Total cash has declined by $38.3 million from $74.5 million at December 31, 2023 to $36.2 million at June 30, 2024. Cash is used to fund loans and growth in other asset categories, as well as to satisfy deposit fluctuations. Investment securities declined by $13.9 million to $355.9 million from $369.8 million and is the result of principal paydowns of $9.8 million plus a $4.1 million decrease in the fair market value of the portfolio. In June 2024, the Company purchased an additional $2.7 million in Bank Owned Life Insurance.

Over the past six months, total deposits decreased by $13.9 million or 1.4% and are $1.0 billion at both June 30, 2024 and December 31, 2023. Noninterest bearing demand is down by $19.6 million, savings deposits are down by $15.1 million, and interest-bearing demand is down by $13.9 million. Offsetting these declines are increases of $30.0 million in time deposits and $4.7 million in money market account balances. The Company has deposit relationships with several municipalities and other public unit entities whose deposit balances tend to be very large at year-end and then run-off throughout the year. Deposit balances categorized as public unit deposits have decreased by $18.1 million over the current six-month period. The overall six month decline in deposits is comprised of a $24.1 million decrease between December 31, 2023 and March 31, 2024 and a $10.2 million increase between March 31, 2024 and June 30, 2024.

The total of all other liabilities increased by $141,000 to $86.3 million from $86.2 million at December 31, 2023. The increase is attributable to an increase in accrued liabilities and partially offset by a decrease in other borrowings.

Stockholders' equity increased by $1.5 million to $75.8 million at June 30, 2024 from $74.3 million at December 31, 2023. The increase is attributed to $6.7 million in net income and is partially offset by a $3.3 million increase in the accumulated other comprehensive loss (AOCL) and $2.0 million in dividends paid to shareholders. Total shares outstanding at June 30, 2024 are 3,435,396 compared to 3,419,560 at December 31, 2023. Tangible book value per share is currently $20.85 compared to $20.52 at December 31, 2023.

Key Performance Ratios

Return on average assets (ROA) under Generally Accepted Accounting Principles (GAAP) is 1.03% for the current quarter compared to 1.26% for the linked quarter and 1.07% for the prior year quarter. GAAP ROA for the six-month period ended June 30, 2024 is 1.15% compared to 0.89% for the prior year period. On a PTPPOI basis, ROA is 1.35%, 1.28% and 1.46% for the three comparative quarters respectively, and 1.31% and 1.45% for the comparative six-month periods. GAAP return on average equity (ROE) is 16.12% for the current three-month period, 19.42% for the linked period and 19.20% for the prior year period. ROE for the six-month period ended June 30, 2024 is 17.77% compared to 17.16% for the prior year period. On a PTPPOI basis, ROE is 21.02%, 19.72% and 26.11% for the three comparative quarters and 20.37% and 28.02% for the two comparative six-month periods.

About JD Bancshares, Inc.

JD Bancshares, Inc. is the bank holding company of JD Bank, a state-chartered bank headquartered in Jennings, Louisiana. JD Bank has been serving the citizens of south Louisiana since 1947 and offers a variety of personal and commercial lending and deposit products through both physical and digital delivery channels. The Bank also offers both trust and investment services. JD Bank operates through 22 full-service branch offices and two Loan Production/Deposit Production offices located along the Interstate 10/12 corridor from Lake Charles to Mandeville, Louisiana. JD Bancshares, Inc. may be accessed on its website at jdbank.com.

JD Bancshares, Inc. (OTCQX: JDVB) trades on the OTCQX Best Market. Companies meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, and have a professional third-party sponsor introduction. Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on otcmarkets.com.

Forward-Looking Statements

Statements contained in this release, which are not historical facts, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors which include the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates, the effects of competition, and including without limitation to other factors that could cause actual results to differ materially as discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.

(OTCQX:JDVB)

For more information contact:

Bruce Elder (CEO) (337-246-5399)
Paul Brummett (CFO) (337-246-5395)
Website: www.jdbank.com

JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA

CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

Actual
Jun 2024

Actual
Dec 2023

$ Variance

% Variance

Assets

Cash and due from banks

23,140,376

27,407,077

(4,266,701

)

(15.6

)

Interest bearing deposits with banks

13,082,573

47,128,161

(34,045,588

)

(72.2

)

Investment Securities - Taxable

230,808,641

243,375,614

(12,566,973

)

(5.2

)

Investment Securities - Tax-exempt

125,138,704

126,485,908

(1,347,204

)

(1.1

)

Loans, net of unearned income

720,547,591

685,618,017

34,929,574

5.1

Less: Allowance for credit losses

(9,417,049

)

(9,907,722

)

490,673

5.0

Premises and equipment, net

21,019,592

21,668,586

(648,994

)

(3.0

)

Accrued interest receivable

5,304,657

4,908,323

396,334

8.1

Other real estate

1,417,809

1,513,964

(96,155

)

(6.4

)

Other assets

45,126,250

40,271,967

4,854,283

12.1

Total Assets

1,176,169,144

1,188,469,895

(12,300,751

)

(1.0

)

Liabilities

Non-Interest Bearing Deposits

234,882,474

254,516,587

(19,634,113

)

(7.7

)

Interest bearing demand deposits

297,843,037

311,708,545

(13,865,508

)

(4.4

)

Savings and Money Market Deposits

306,682,179

317,061,228

(10,379,049

)

(3.3

)

Time Deposits - Retail

174,624,779

144,650,491

29,974,288

20.7

Total Deposits

1,014,032,469

1,027,936,851

(13,904,382

)

(1.4

)

Accrued expenses and other liabilities

6,567,323

6,267,474

299,849

4.8

Other Borrowings

79,748,095

79,906,591

(158,496

)

(0.2

)

Total Liabilities

1,100,347,887

1,114,110,916

(13,763,029

)

(1.2

)

Equity

Common stock

21,471,225

21,372,250

98,975

0.5

Capital surplus

10,554,284

10,294,678

259,606

2.5

Retained earnings

83,255,512

78,562,644

4,692,868

6.0

Accumulated other comprehensive income (loss)

(38,765,543

)

(35,506,973

)

(3,258,570

)

(9.2

)

Less: unearned stock awards

(694,221

)

(363,620

)

(330,601

)

(90.9

)

Total Equity

75,821,257

74,358,979

1,462,278

2.0

Total Liabilities & Equity

1,176,169,144

1,188,469,895

(12,300,751

)

(1.0

)

JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA

CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

QTD
Actual
Jun 2024

QTD
Actual
Mar 2024

$ Variance

% Variance

QTD
Actual
Jun 2023

$ Variance

% Variance

Interest Income

Interest on Loans

11,305,380

10,867,803

437,577

4.0

10,287,045

1,018,335

9.9

Mortgage Loans Held For Sale

4,784

3,341

1,443

43.2

11,239

(6,455

)

(57.4

)

Interest on deposits with banks

355,310

402,025

(46,715

)

(11.6

)

217,110

138,200

63.7

Investment Securities - Taxable

1,773,973

1,779,010

(5,037

)

(0.3

)

1,940,442

(166,469

)

(8.6

)

Investment Securities - Tax-exempt

775,604

779,305

(3,701

)

(0.5

)

785,478

(9,874

)

(1.3

)

Total Interest Income

14,215,051

13,831,484

383,567

2.8

13,241,314

973,737

7.4

Interest Expense

Interest bearing demand deposits

331,079

327,900

3,179

1.0

346,809

(15,730

)

(4.5

)

Savings and Money Market Deposits

580,933

530,266

50,667

9.6

502,290

78,643

15.7

Time Deposits - Retail

1,496,576

1,296,316

200,260

15.4

560,918

935,658

166.8

Total Interest Expense on Deposits

2,408,588

2,154,482

254,106

11.8

1,410,017

998,571

70.8

FHLB Advances

-

-

-

-

25,686

(25,686

)

(100.0

)

Interest on other borrowings

916,318

913,618

2,700

0.3

502,353

413,965

82.4

Total Interest Expense

3,324,906

3,068,100

256,806

8.4

1,938,056

1,386,850

71.6

Net Interest Income

10,890,145

10,763,384

126,761

1.2

11,303,258

(413,113

)

(3.7

)

Provision for credit losses

156,281

(685,588

)

841,869

(122.8

)

364,080

(207,799

)

(57.1

)

Net In. Inc. After Prov. for Credit Losses

10,733,864

11,448,972

(715,108

)

(6.2

)

10,939,178

(205,314

)

(1.9

)

Non Interest Income

Service charges and fees

2,164,976

2,142,249

22,727

1.1

2,217,554

(52,578

)

(2.4

)

Mortgage loan and related fees

123,900

68,162

55,738

81.8

152,199

(28,299

)

(18.6

)

Other noninterest income

533,519

496,456

37,063

7.5

586,641

(53,122

)

(9.1

)

Total Non Interest Income

2,822,395

2,706,867

115,528

4.3

2,956,394

(133,999

)

(4.5

)

Non Interest Expense

Salaries and employee benefits

5,485,248

5,315,813

169,435

3.2

5,228,269

256,979

4.9

Occupancy

1,289,716

1,338,312

(48,596

)

(3.6

)

1,386,800

(97,084

)

(7.0

)

Advertising and public relations

398,434

333,505

64,929

19.5

351,454

46,980

13.4

Data Processing

1,035,135

1,309,359

(274,224

)

(20.9

)

1,251,898

(216,763

)

(17.3

)

Other noninterest expense

1,730,143

1,476,181

253,962

17.2

1,822,485

(92,342

)

(5.1

)

Total Non Interest Expense

9,938,676

9,773,170

165,506

1.7

10,040,906

(102,230

)

(1.0

)

Income Before Taxes

3,617,583

4,382,669

(765,086

)

(17.5

)

3,854,666

(237,083

)

(6.2

)

Income taxes

588,750

730,273

(141,523

)

(19.4

)

638,147

(49,397

)

(7.7

)

Net Income

3,028,833

3,652,396

(623,563

)

(17.1

)

3,216,519

(187,686

)

(5.8

)

Per common share data:

Earnings

$

0.88

$

1.07

$

0.94

Weighted average number of shares outstanding

3,427,853

3,421,698

3,420,549

JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA

CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

YTD
Actual
Jun 2024

YTD
Actual
Jun 2023

$ Variance

% Variance

Interest Income

Interest on Loans

22,173,183

19,505,205

2,667,978

13.7

Mortgage Loans Held For Sale

8,125

17,013

(8,888

)

(52.2

)

Interest on deposits with banks

757,335

456,415

300,920

65.9

Investment Securities - Taxable

3,552,984

3,938,854

(385,870

)

(9.8

)

Investment Securities - Tax-exempt

1,554,909

1,581,610

(26,701

)

(1.7

)

Total Interest Income

28,046,536

25,499,097

2,547,439

10.0

Interest Expense

Interest bearing demand deposits

658,979

571,561

87,418

15.3

Savings and Money Market Deposits

1,111,200

929,346

181,854

19.6

Time Deposits - Retail

2,792,892

893,666

1,899,226

212.5

Total Interest Expense on Deposits

4,563,071

2,394,573

2,168,498

90.6

FHLB Advances

-

36,522

(36,522

)

(100.0

)

Interest on other borrowings

1,829,937

819,124

1,010,813

123.4

Total Interest Expense

6,393,008

3,250,219

3,142,789

96.7

Net Interest Income

21,653,528

22,248,878

(595,350

)

(2.7

)

Provision for credit losses

(529,307

)

965,669

(1,494,976

)

(154.8

)

Net In. Inc. After Prov. for Credit Losses

22,182,835

21,283,209

899,626

4.2

Non Interest Income

Service charges and fees

4,307,225

4,445,597

(138,372

)

(3.1

)

Mortgage loan and related fees

192,062

261,827

(69,765

)

(26.6

)

Other noninterest income

1,029,974

(258,336

)

1,288,310

(498.7

)

Total Non Interest Income

5,529,261

4,449,088

1,080,173

24.3

Non Interest Expense

Salaries and employee benefits

10,801,060

10,230,750

570,310

5.6

Occupancy

2,628,027

2,744,846

(116,819

)

(4.3

)

Advertising and public relations

731,937

654,744

77,193

11.8

Data Processing

2,344,494

2,547,027

(202,533

)

(8.0

)

Other noninterest expense

3,206,325

3,282,860

(76,535

)

(2.3

)

Total Non Interest Expense

19,711,843

19,460,227

251,616

1.3

Income Before Taxes

8,000,253

6,272,070

1,728,183

27.6

Income taxes

1,319,023

970,322

348,701

35.9

Net Income

6,681,230

5,301,748

1,379,482

26.0

Per common share data:

Earnings

$

1.95

$

1.55

Weighted average number of shares outstanding

3,427,853

3,420,554

JD BANCSHARES, INC. AND SUBSIDIARIES
Margin Analysis Compare

Average Yield and Rate

Average Funds

Interest Income/Expense

QTD
Actual
Jun 2024

QTD
Actual
Jun 2023

Change

QTD
Actual
Jun 2024

QTD
Actual
Jun 2023

Change

QTD
Actual
Jun 2024

QTD
Actual
Jun 2023

Change

Earning Assets

Loans

6.40

6.11

0.29

710,781,316

674,834,317

35,946,999

11,305,380

10,287,045

1,018,335

Loan fees

-

-

-

-

-

-

-

-

-

Loans with fees

6.40

6.11

0.29

710,781,316

674,834,317

35,946,999

11,305,380

10,287,045

1,018,335

Mortgage loans held for sale

7.31

7.06

0.25

261,596

636,757

(375,161

)

4,784

11,239

(6,455

)

Deposits with banks

5.65

5.14

0.51

25,303,487

16,946,877

8,356,610

355,310

217,110

138,200

Investment securities - taxable

2.52

2.20

0.32

281,837,041

353,480,368

(71,643,327

)

1,773,973

1,940,442

(166,469

)

Investment securities - tax-exempt

3.13

3.10

0.03

125,361,238

128,360,650

(2,999,412

)

775,604

785,478

(9,874

)

Total Earning Assets

5.07

4.59

0.48

1,143,544,678

1,174,258,969

(30,714,291

)

14,215,051

13,241,314

973,737

Interest bearing liabilities

Interest bearing demand

0.45

0.43

0.02

294,373,716

321,084,288

(26,710,572

)

331,079

346,809

(15,730

)

Savings and Money Market

0.76

0.54

0.22

308,635,228

373,387,706

(64,752,478

)

580,933

502,290

78,643

Time deposits - Retail

3.74

1.93

1.81

160,930,741

116,552,284

44,378,457

1,496,576

560,918

935,658

Total interest bearing deposits

1.27

0.70

0.57

763,939,685

811,024,278

(47,084,593

)

2,408,588

1,410,017

998,571

Federal home Loan Bank advances

5.76

4.87

0.89

11

2,087,912

(2,087,901

)

-

25,686

(25,686

)

Other borrowings

4.55

4.37

0.18

79,730,356

45,449,398

34,280,958

916,318

502,353

413,965

Total borrowed funds

4.55

4.39

0.16

79,730,367

47,537,310

32,193,057

916,318

528,039

388,279

Total interest-bearing liabilities

1.58

0.90

0.68

843,670,052

858,561,588

(14,891,536

)

3,324,906

1,938,056

1,386,850

Net interest rate spread

3.49

3.69

(0.20

)

10,890,145

11,303,258

(413,113

)

Effect of non-interest bearing deposits

(0.37

)

(0.22

)

(0.15

)

253,026,327

272,323,468

(19,297,141

)

Cost of funds

1.21

0.68

0.53

Net interest margin

3.90

3.93

(0.03

)

JD BANCSHARES, INC. AND SUBSIDIARIES
Margin Analysis Compare

Average Yield and Rate

Average Funds

Interest Income/Expense

YTD
Actual
Jun 2024

YTD
Actual
Jun 2023

Change

YTD
Actual
Jun 2024

YTD
Actual
Jun 2023

Change

YTD
Actual
Jun 2024

YTD
Actual
Jun 2023

Change

Earning Assets

Loans

6.38

5.86

0.52

699,323,893

671,104,697

28,219,196

22,173,183

19,505,205

2,667,978

Loan fees

-

-

-

-

-

-

-

-

-

Loans with fees

6.38

5.86

0.52

699,323,893

671,104,697

28,219,196

22,173,183

19,505,205

2,667,978

Mortgage loans held for sale

7.27

7.12

0.15

223,575

477,700

(254,125

)

8,125

17,013

(8,888

)

Deposits with banks

5.49

4.85

0.64

27,756,612

18,957,979

8,798,633

757,335

456,415

300,920

Investment securities - taxable

2.50

2.18

0.32

283,762,005

360,860,952

(77,098,947

)

3,552,984

3,938,855

(385,871

)

Investment securities - tax-exempt

3.13

3.10

0.03

125,786,657

129,129,294

(3,342,637

)

1,554,909

1,581,610

(26,701

)

Total Earning Assets

5.03

4.43

0.60

1,136,852,742

1,180,530,621

(43,677,879

)

28,046,536

25,499,098

2,547,438

Interest bearing liabilities

-

-

Interest bearing demand

0.45

0.34

0.11

295,320,013

339,190,848

(43,870,835

)

658,979

571,561

87,418

Savings and Money Market

0.72

0.50

0.22

311,160,624

376,105,721

(64,945,097

)

1,111,200

929,346

181,854

Time deposits - Retail

3.61

1.62

1.99

155,433,787

111,430,503

44,003,284

2,792,892

893,666

1,899,226

Total interest bearing deposits

1.20

0.58

0.62

761,914,423

826,727,072

(64,812,649

)

4,563,071

2,394,573

2,168,498

Federal home Loan Bank advances

5.76

5.22

0.54

5

1,392,265

(1,392,260

)

-

36,522

(36,522

)

Other borrowings

4.54

4.32

0.22

79,813,050

37,671,543

42,141,507

1,829,937

819,125

1,010,812

Total borrowed funds

4.54

4.36

0.18

79,813,056

39,063,808

40,749,248

1,829,937

855,647

974,290

Total interest-bearing liabilities

1.52

0.76

0.76

841,727,479

865,790,880

(24,063,401

)

6,393,008

3,250,220

3,142,788

Net interest rate spread

3.51

3.67

(0.16

)

21,653,528

22,248,878

(595,350

)

Effect of non-interest bearing deposits

(0.35

)

(0.19

)

(0.16

)

250,220,645

271,877,520

(21,656,875

)

Cost of funds

1.17

0.57

0.60

Net interest margin

3.90

3.86

0.04

JD BANCSHARES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

Financial Ratios

For the Six

For the Six

For the Qtr

For the Qtr

For the Qtr

Months

Months

Ended

Ended

Ended

Ended

Ended

June 30, 2024

March 31, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Performance Ratios

Return on Average Assets (ROA)

1.03

%

1.26

%

1.07

%

1.15

%

0.89

%

ROA based on Pre-tax, pre-provision operating income

1.35

%

1.28

%

1.46

%

1.31

%

1.45

%

Return on Average Equity (ROE)

16.12

%

19.42

%

19.20

%

17.77

%

17.16

%

ROE based on Pre-tax, pre-provision operating income

21.02

%

19.72

%

26.11

%

20.37

%

28.02

%

Earnings per Share

$

0.88

$

1.07

$

0.94

$

1.95

$

1.55

Net Interest Margin

3.90

%

3.92

%

3.92

%

3.90

%

3.86

%

Efficiency Ratio **

70.13

%

71.37

%

68.33

%

70.74

%

68.02

%

Non-Interest Income as a % of Avg. Assets**

0.96

%

0.93

%

0.98

%

0.95

%

0.95

%

Non-Interest Expense as a % of Avg. Assets**

3.33

%

3.37

%

3.29

%

3.35

%

3.23

%



As of

As of

June 30, 2024

December 31, 2023

Bank Level Capital Ratios:

Tier 1 Leverage Ratio

11.18% (Est.)

10.67

%

Common Equity Tier 1 Ratio

16.06% (Est.)

15.72

%

Tier 1 Risk-Based Capital Ratio

16.06% (Est.)

15.72

%

Total Risk-Based Capital Ratio

17.21% (Est.)

16.96

%

Company:

Tangible Equity / Total Assets

6.09

%

5.91

%

Tangible Book Value per Share

$

20.85

$

20.52

Reconcilement of GAAP to Pre-tax, Pre-Provision Operating Income:

For the Six

For the Six

For the Qtr

For the Qtr

For the Qtr

Months

Months

Ended

Ended

Ended

Ended

Ended

June 30, 2024

March 31, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Net Income (GAAP)

$

3,028,833

$

3,652,396

$

3,216,519

$

6,681,230

$

5,301,748

Provision for Loan Losses

156,281

(685,588

)

364,080

(529,307

)

965,669

Net (Gain) Loss on OREO

177,550

12,164

1,022

189,714

1,022

Net (Gain) Loss on Securities

-

-

-

-

1,263,100

Non-recurring Expenses

-

-

153,413

-

153,413

Income Tax Expense

588,750

730,273

638,147

1,319,023

970,322

Pre-tax, Pre-Provision Operating Income

$

3,951,414

$

3,709,245

$

4,373,181

$

7,660,660

$

8,655,274

** Non-recurring items are eliminated for this ratio

SOURCE: JD Bancshares, Inc.



View the original press release on accesswire.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Photography by Christophe Tomatis
Copyright © 2010-2020 Pleasanton.com & California Media Partners, LLC. All rights reserved.