PRESS RELEASE
July 25, 2024
JD Bancshares, Inc.
FOR IMMEDIATE RELEASE
For more information contact:
Bruce Elder (CEO) (337-246-5399)
Paul Brummett (CFO) (337-246-5395)
Website: www.jdbank.com
JD Bancshares, Inc. Announces Q2 2024 Financial Results
Jennings, LA., July 25, 2024 (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 sixmonth 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 sixmonth 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.”
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 RealTime Level 2 quotes for the Company on otcmarkets.com.
