January 21, 2021
JD Bancshares, Inc.
JD Bancshares, Inc. Reports Financial Results for Three and Twelve-Month Periods Ended December 31, 2020
Jennings, Louisiana –Jennings, LA., January 21, 2021 (ACCESSWIRE) – 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 twelve-month periods ended December 31, 2020.
Net income is $2,303,079 or $1.48 per common share for the three-month period ended December 31, 2020 compared to $1,693,921 or $1.09 per common share for the linked quarter ended September 30, 2020 and $2,090,006 or $1.34 per share for the prior year quarter ended December 31, 2019. The economic uncertainty associated with both the COVID-19 pandemic and two major hurricanes hitting the southwest Louisiana region have resulted in larger loan loss provisions in 2020. For comparative purposes, pre-tax, pre-provision operating income provides greater insight into the financial performance of the Company. Pre-tax, pre-provision operating income for the current quarter is $2,508,474 compared to $2,637,056 for the linked quarter and $2,773,357 for the comparative prior year quarter. Pre-tax, pre-provision operating income excludes taxes, provision for loan losses, net losses on the sale of other real estate owned, gains on the sale of investment securities and net gains on the disposal of fixed assets. The current quarter was adversely impacted by an increase in non-interest expenses that were partially offset by an increase in the recognition of Small Business Administration (SBA) Paychecks Protection Program (PPP) origination fees as a portion of our PPP loans have been forgiven.
For the twelve-month period ended December 31, 2020, net income was $7,203,708 or $4.62 per share compared to $8,947,844 or $5.74 per share for the prior year comparative period. Pre-tax, pre-provision operating earnings for the two comparative twelve-month periods was $10,443,300 and $11,171,187, respectively.
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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 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 21 full service branch offices located along the Interstate 10 corridor from Lake Charles to Lafayette, Louisiana.
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 www.otcmarkets.com.