October 22, 2020
JD Bancshares, Inc.
JD Bancshares, Inc. Reports Financial Results for Q3 2020
Jennings, LA., October 22, 2020 (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 six month periods ended June 30, 2020.
Net income is $1,693,921 or $1.09 per common share for the three-month period ended September 30, 2020 compared to $1,648,996 or $1.06 per share for the linked quarter ended June 30, 2020 and $2,373,939 or $1.52 per share for the prior year quarter ended September 30, 2019. Larger than anticipated loan loss provisions have been recorded for the 2020 quarters due to the uncertainty surrounding the economic impact on both our commercial and consumer loan customers resulting from the COVID-19 pandemic. 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 $2,637,056 compared to $2,847,642 for the linked quarter and $2,963,064 for the comparative prior year quarter. Pre-tax, pre-provision operating income excludes taxes, provision for loan losses, losses on the sale of other real estate owned and gains on the sale of investment securities. The current quarter decline is due to a decrease in the amount of Small Business Administration (SBA) Paychecks Protection Program (PPP) origination fees recognized and lower yields on earning assets.
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.