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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, 2024.
Net income is $3,192,295 or $0.93 per share for the three-month period ended December 31, 2024, compared to $3,706,103 or $1.08 per share for the linked quarter ended September 30, 2024 and a net loss of $(2,213,692) or $(0.65) per share for the three-month period ended December 31, 2023. Pre-tax, pre-provision operating income (PTPPI) for the current quarter is $3,873,500, reflecting a decrease compared to $4,285,522 and $3,910,715 for the linked and prior year quarters, respectively. PTPPI excludes taxes, provision for loan losses, losses on the sale of other real estate owned (OREO), losses on the sale of investment securities, and other non-operating expenses. The decrease in PTPPI between the current and comparative quarters is primarily due to lower net interest income.
For the twelve-month period ended December 31, 2024, net income is $13,579,624 or $3.96 per share compared to $6,580,906 or $1.92 per share for the prior year comparative period. PTPPI for the current twelve-month period is $15,819,679 reflecting a 5.39% decrease from $16,720,270 for the prior year period. The decrease is attributable to a 1.4% increase in non-interest expense.
Paul Brummett, II, CEO commented, "JD Bank's strong performance in 2024 demonstrates our team's ability to successfully navigate demanding economic and political cycles. We made significant progress during 2024, improving earnings through the optimization of our balance sheet. We are pleased to report our fourth quarter net income results of $3.2 million. Our year-to-date financial performance is up $7.0 million when compared to last year, the prior year's results include an after-tax loss realized on the sale of investment securities during the year of $6.2 million. We remain focused on growing earnings through generating quality, well-priced loans while controlling non-interest expenses. We are evaluating opportunities to improve our physical branch footprint across our markets while continuing to improve efficiency through digital channels. Overall activity throughout our markets is steady and encouraging."
Asset Quality
Loans past due 30 to 89 days as of December 31, 2024, total $3.1 million or 0.42% of total gross loans 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 $7.6 million at December 31, 2024 from $12.1 million at December 31, 2023. Loans currently in non-accrual status declined to $5.4 million from $10.6 million at year-end 2023 and OREO is currently $2,205,000 compared to $1,514,000. There are no repossessed assets at December 31, 2024 or at the prior year end. 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.
The Bank recorded a provision of $205,000 to its Allowance for Credit Losses (ACL) in the current quarter compared to recording a release of $331,000 in the linked quarter and a provision of $380,000 for the prior year quarter. The ACL is $9.1 million at December 31, 2024 or 1.26% of total loans compared to $9.9 million at December 31, 2023 or 1.45%. We recognized net charge-offs in the current quarter of $78,000 compared to $92,000 for the linked quarter and $393,000 for the prior year quarter. Net charge-offs for the comparative twelve-month periods ended December 31, 2024 and 2023 are $250,000 and $880,000, respectively. While we believe the current level of our ACL is adequate, there is no assurance that regulators, increased risks in the loan portfolio, or changes in economic conditions will not require additional adjustments to the ACL.
Net Interest Income
Net interest income for the current quarter is $10.8 million, reflecting a decrease of $555,000 compared to $11.4 million for the linked quarter ended September 30, 2024. The current quarter results reflect a decrease of $228,000 from the $11.0 million reported for the prior year quarter ended December 31, 2023. Comparing net interest income for the December and September 2024 quarters, the decrease is primarily due to lower yields on earning assets and higher rates on interest-bearing liabilities. The decrease in net interest income between the current and prior year quarters is due to increased funding costs and the volume of interest-bearing liabilities.
Total interest income on all earning assets for the current quarter is $14.6 million compared to $15.0 million for the linked quarter and $13.7 million for the prior year quarter. Interest income on loans is $11.9 million, $12.3 million and $10.4 million for the three comparative quarters, respectively. Average loans outstanding are $729.4 million for Q4 2024, $727.3 million for Q3 2024 and $676.1 million for Q4 2023. The yield on loans decreased to 6.52% in the current quarter from 6.74% in linked quarter and increased from 6.13% for the prior year quarter. As other earning assets have been used to support loan growth over the past twelve months, interest income from interest bearing deposits at banks and investment securities have experienced declines from both a quarterly and year-over-year comparison.
Total interest expense is $3.8 million, $3.7 million and $2.7 million for the three comparative quarters, respectively. Interest expense on deposits is $2.9 million in Q4 2024, $2.7 million in Q3 2024 and $1.8 million in Q4 2023. The cost of interest-bearing liabilities is 1.74% for the current quarter, 1.70% for the linked quarter and 1.27% for the prior year quarter. The average volume of interest-bearing deposits is $786.1 million for the current quarter, reflecting an increase of $14.0 million from the linked and an increase of $19.6 million from the prior year quarter. Interest expense on subordinated debt and other borrowings is $924,000 in the current quarter compared to $935,000 in the linked quarter and $883,000 in the prior year quarter. The cost of funds, which includes the impact of noninterest-bearing deposits, is 1.37% for the current period compared to 1.32% for Q3 2024 and 0.93% for Q4 2023.
Net interest income for the current twelve-month period is $43.8 million compared to $44.1 million for the prior year period. Total interest income from earning assets is $57.7 million producing a yield of 5.13% compared to $52.3 million and a yield of 4.54% a year ago. Despite a decline in the volume of average earning assets outstanding of $33.8 million, the 59 basis point increase in yields on those assets resulted in the $5.3 million increase. Total interest expense increased from $8.2 million and the cost of interest-bearing funds of 0.96% for the prior year period to $13.8 million and 1.62% for the current twelve-month period. The higher interest expense is due to the 66 basis point increase in the cost of interest-bearing funds. The cost of total funds is currently 1.26% compared to 0.70% a year ago.
The net interest margin is 3.83% for the current quarter compared to 4.04% in the linked quarter. The cost of funds increased by 5 basis points and the yield on earning assets decreased by 17 basis points resulting in the 22 basis point decrease in net interest margin. For the twelve-month periods ended December 31, 2024 and 2023, net interest margin increased by 8 basis points from 3.84% to 3.92%.
While loan growth slowed in Q4 2024, we remain focused on improving our loan to deposit ratio and transitioning lower earning assets into higher earning asset categories. Our loan to deposit ratio has grown from 66.7% at December 31, 2023 to 70.7% at December 31, 2024.
Non-Interest Income
Total non-interest income is $2.7 million for the three-month period ended December 31, 2024 and $2.8 million for the linked quarter compared to $(3.8) million for the prior year quarter. Service charges and fees associated with deposit accounts are $2.1 million for the current quarter and $2.2 million for the linked and prior year quarters. The largest component of service charges and fees is interchange revenue on debit card transactions. Interchange revenue is $1.2 million for all compared quarters. Revenue from non-sufficient funds (NSF) is $703,000 in the current quarter compared to $752,000 in the linked quarter and $747,000 in the prior year quarter.
The higher interest rate environment continues to negatively impact the gains on the sale of originated mortgage loans. Gains on the sale of originated mortgages are $85,000 for the current quarter compared to $105,000 for Q3 2024 and $58,000 for Q4 2023.
Other non-interest income is $542,000 for the current quarter compared to $537,000 for the linked quarter and $(6,090,000) for the prior year quarter. The Company sold securities with a par value of $55.0 million in the prior year quarter, which resulted in a pre-tax loss of $6.6 million. Revenues from trust and brokerage activities comprise the largest components of other non-interest income. The sum of these two revenue streams is $311,000, $237,000 and $269,000 for the three comparative quarters, respectively. Other than the loss on securities in the prior year quarter, there are no non-recurring, non-operating revenue items attributable to any of the three comparative periods.
Non-interest income for the twelve-month period ended December 31, 2024, is $11.1 million, compared to $3.5 million for the prior year period. Service charges and fees declined by $271,000 to $8.6 million from $8.9 million and were negatively impacted by a $290,000 decrease in interchange revenue. Gains on sale of originated mortgage loans are $382,000 compared to $444,000 and other non-interest income is $2.1 million compared to $(5.8) million. Other non-interest income for the prior twelve-month period includes a $7,841,000 non-recurring realized loss on the sale of investment securities.
Non-Interest Expense
Total non-interest expense is $9.8 million for the December 31, 2024 quarter compared to $10.0 million for the linked quarter and $9.9 million for the prior year quarter. Salary and benefits expense are the largest component of non-interest expense and is $5.3 million for the current quarter, $5.5 million for the linked quarter, and $5.1 million for the prior year quarter.
Occupancy expenses are $1.5 million for the current quarter, $1.3 million for the linked quarter, and $1.4 million for the prior year quarter.
Data processing expenses are $866,000 for the current quarter, $1.2 million in the linked quarter and $1.3 million for the prior year quarter. Data processing has declined from both comparative quarters due to negotiating a favorable contract with our core software provider. Advertising and public relations expenses total $349,000 in the current quarter compared to $371,000 for the September 2024 quarter and $440,000 for the December 2023 quarter. Other non-interest expense is $1.7 million for all comparative quarters. The largest components of other non-interest expenses are professional fees, ad valorem taxes, FDIC insurance assessments and other losses. Included in other non-interest expenses are net losses on the sale of OREO of $94,000, $103,000 and $27,000 for each of the comparative quarters.
Non-interest expense for the twelve-month period ended December 31, 2024, is $39.5 million compared to $39.0 million for the prior year. Increases in salaries and employee benefits and advertising and public relations are partially offset by decreases in occupancy and data processing. Losses from the sale of OREO for the current and prior twelve-month periods are $387,000 and $31,000, respectively. Non-recurring, non-operating expenses for the prior twelve-month period include $153,000 in reimbursements to certain customers who had been charged in accordance with the Company's disclosures, multiple NSF fees on represented items. We decided to reimburse those charges due to recent regulatory scrutiny regarding fees on represented items.
Income tax expense is $441,000 for the current quarter compared to $769,000 for the linked quarter and an income tax benefit of $804,000 for the December 31, 2023 quarter. The effective tax rate for the current and linked quarters are 12.15% and 17.19%, respectively. Current year-to-date income tax expense is $2.5 million with an effective rate of 15.70% compared to $862,000 and 11.58% for the prior year twelve-month period.
Balance Sheet
Total assets are $1.2 billion at both December 31, 2024, and December 31, 2023.
In the twelve months since December 31, 2023, the Company has raised $17.9 million in cash from its investment portfolio through securities principal repayments. The cash generated from securities repayments, plus $15.7 million of existing cash and $9.4 million of net income, less dividends paid stockholders, has been used to fund the decline in total deposits and new net loan growth. Total deposits have declined by $1.1 million through December 31, 2024. The largest decline has occurred in non-interest-bearing demand accounts, which decreased by $30.5 million. Savings accounts and money market deposits have experienced year-to-date declines of $15.9 million. Time deposits experienced a year-to-date increase of $45.2 million. New net loan growth for 2024 is $40.4 million.
Stockholders' equity increased by $8.1 million to $82.5 million at December 31, 2024 from $74.3 million at December 31, 2023. The increase is primarily comprised of an increase in the accumulated other comprehensive loss of $1.3 million, dividends paid to common shareholders of $4.0 million, and year-to-date earnings of $13.6 million.
Tangible book value per common share is $22.89 at December 31, 2024 compared to $20.52 at December 31, 2023.
Key Performance Ratios
Return on average assets (ROA) decreased to 1.06% for the current quarter compared to 1.25% for the linked and (0.74)% for the prior year quarter. Return on average equity (ROE) is 14.30%, 18.99% and (16.03)% for the three comparative quarters ended December 2024, September 2024 and December 2023, respectively. ROA and ROE for the twelve-month periods ended December 31, 2024 and 2023 are 1.15% and 0.55%, and 17.09% and 10.79%, respectively.
About JD Bancshares, Inc.
JD Bancshares, Inc. is the bank holding company of JD Bank, a Louisiana 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 21 full-service branch offices and two loan and deposit production offices located along the I-10 and I-12 corridors from Lake Charles to Mandeville, Louisiana. Additional information is available on its website at jdbank.com.
JD Bancshares, Inc. (OTCQX: JDVB) trades on the OTCQX Best Market. Companies on the OTCQX Best Market 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.
For more information contact:
Paul Brummett, II (CEO) (337-246-5395)
Jared Doucet (CFO) (337-246-5409)
Website: www.jdbank.com
JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| Actual | Actual | $ Variance | % Variance | |||||||||||||
| Assets | ||||||||||||||||
| Cash and due from banks | 23,114,444 | 27,407,077 | (4,292,633 | ) | (15.7 | ) | ||||||||||
| Interest bearing deposits with banks | 35,765,026 | 47,128,161 | (11,363,135 | ) | (24.1 | ) | ||||||||||
| Investment Securities - Taxable | 223,870,862 | 243,375,614 | (19,504,752 | ) | (8.0 | ) | ||||||||||
| Investment Securities - Tax-exempt | 122,992,133 | 126,485,908 | (3,493,775 | ) | (2.8 | ) | ||||||||||
| Mortgage loans held for sale | 321,983 | - | 321,983 | - | ||||||||||||
| Loans, net of unearned income | 726,030,139 | 685,618,017 | 40,412,122 | 5.9 | ||||||||||||
| Less: Allowance for credit losses | (9,121,621 | ) | (9,907,722 | ) | 786,101 | (7.9 | ) | |||||||||
| Premises and equipment, net | 21,017,630 | 21,668,586 | (650,956 | ) | (3.0 | ) | ||||||||||
| Accrued interest receivable | 4,983,070 | 4,908,323 | 74,747 | 1.5 | ||||||||||||
| Other real estate | 2,204,968 | 1,513,964 | 691,004 | 45.6 | ||||||||||||
| Other assets | 45,491,024 | 40,271,967 | 5,219,057 | 13.0 | ||||||||||||
| Total Assets | 1,196,669,658 | 1,188,469,895 | 8,199,763 | 0.7 | ||||||||||||
| Liabilities | ||||||||||||||||
| Non-Interest Bearing Deposits | 224,044,996 | 254,516,587 | (30,471,591 | ) | (12.0 | ) | ||||||||||
| Interest bearing demand deposits | 311,787,150 | 311,708,545 | 78,605 | - | ||||||||||||
| Savings and Money Market Deposits | 301,157,091 | 317,061,228 | (15,904,137 | ) | (5.0 | ) | ||||||||||
| Time Deposits - Retail | 189,885,577 | 144,650,491 | 45,235,086 | 31.3 | ||||||||||||
| Total Deposits | 1,026,874,814 | 1,027,936,851 | (1,062,037 | ) | (0.1 | ) | ||||||||||
| Accrued expenses and other liabilities | 7,473,393 | 6,267,474 | 1,205,919 | 19.2 | ||||||||||||
| Other Borrowings | 79,819,027 | 79,906,591 | (87,564 | ) | (0.1 | ) | ||||||||||
| Total Liabilities | 1,114,167,234 | 1,114,110,916 | 56,318 | - | ||||||||||||
| Equity | ||||||||||||||||
| Common stock | 21,381,956 | 21,372,250 | 9,706 | - | ||||||||||||
| Capital surplus | 10,267,070 | 10,294,678 | (27,608 | ) | (0.3 | ) | ||||||||||
| Retained earnings | 88,214,577 | 78,562,644 | 9,651,933 | 12.3 | ||||||||||||
| Accumulated other comprehensive (loss) | (36,798,274 | ) | (35,506,973 | ) | (1,291,301 | ) | 3.6 | |||||||||
| Less: unearned stock awards | (562,905 | ) | (363,620 | ) | (199,285 | ) | 54.8 | |||||||||
| Total Equity | 82,502,424 | 74,358,979 | 8,143,445 | 11.0 | ||||||||||||
| Total Liabilities & Equity | 1,196,669,658 | 1,188,469,895 | 8,199,763 | 0.7 | ||||||||||||
JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| QTD | QTD | $ | % Variance | QTD | $ | % Variance | ||||||||||||||||||||||
| Interest Income | ||||||||||||||||||||||||||||
| Interest on Loans | 11,948,621 | 12,328,762 | (380,141 | ) | (3.1 | ) | 10,440,818 | 1,507,803 | 14.4 | |||||||||||||||||||
| Mortgage Loans Held For Sale | 2,948 | 3,265 | (317 | ) | (9.7 | ) | 2,961 | (13 | ) | (0.4 | ) | |||||||||||||||||
| Interest on deposits with banks | 241,293 | 169,371 | 71,922 | 42.5 | 590,396 | (349,103 | ) | (59.1 | ) | |||||||||||||||||||
| Investment Securities - Taxable | 1,643,483 | 1,743,435 | (99,952 | ) | (5.7 | ) | 1,934,003 | (290,520 | ) | (15.0 | ) | |||||||||||||||||
| Investment Securities - Tax-exempt | 769,027 | 770,502 | (1,475 | ) | (0.2 | ) | 780,155 | (11,128 | ) | (1.4 | ) | |||||||||||||||||
| Total Interest Income | 14,605,372 | 15,015,335 | (409,963 | ) | (2.7 | ) | 13,748,333 | 857,039 | 6.2 | |||||||||||||||||||
| Interest Expense | ||||||||||||||||||||||||||||
| Interest bearing demand deposits | 373,234 | 375,432 | (2,198 | ) | (0.6 | ) | 337,696 | 35,538 | 10.5 | |||||||||||||||||||
| Savings and Money Market Deposits | 711,477 | 645,331 | 66,146 | 10.2 | 500,957 | 210,520 | 42.0 | |||||||||||||||||||||
| Time Deposits - Retail | 1,774,820 | 1,657,239 | 117,581 | 7.1 | 993,721 | 781,099 | 78.6 | |||||||||||||||||||||
| Time Deposits - Wholesale | 16,384 | 42,740 | (26,356 | ) | (61.7 | ) | - | 16,384 | - | |||||||||||||||||||
| Total Interest Expense on Deposits | 2,875,915 | 2,720,742 | 155,173 | 5.7 | 1,832,374 | 1,043,541 | 57.0 | |||||||||||||||||||||
| Interest on other borrowings | 924,461 | 935,047 | (10,586 | ) | (1.1 | ) | 882,759 | 41,702 | 4.7 | |||||||||||||||||||
| Total Interest Expense | 3,800,376 | 3,655,789 | 144,587 | 4.0 | 2,715,133 | 1,085,243 | 40.0 | |||||||||||||||||||||
| Net Interest Income | 10,804,996 | 11,359,546 | (554,550 | ) | (4.9 | ) | 11,033,200 | (228,204 | ) | (2.1 | ) | |||||||||||||||||
| Provision for credit losses | 145,660 | (293,270 | ) | 438,930 | (149.7 | ) | 323,650 | (177,990 | ) | (55.0 | ) | |||||||||||||||||
| Net In. Inc. After Prov. for Credit Losses | 10,659,336 | 11,652,816 | (993,480 | ) | (8.5 | ) | 10,709,550 | (50,214 | ) | (0.5 | ) | |||||||||||||||||
| Non Interest Income | ||||||||||||||||||||||||||||
| Service charges and fees | 2,100,515 | 2,192,216 | (91,701 | ) | (4.2 | ) | 2,200,116 | (99,601 | ) | (4.5 | ) | |||||||||||||||||
| Mortgage loan and related fees | 85,339 | 104,986 | (19,647 | ) | (18.7 | ) | 58,068 | 27,271 | 47.0 | |||||||||||||||||||
| Other noninterest income | 542,077 | 537,498 | 4,579 | 0.9 | (6,090,200 | ) | 6,632,277 | 108.9 | ||||||||||||||||||||
| Total Non Interest Income | 2,727,931 | 2,834,700 | (106,769 | ) | (3.8 | ) | (3,832,016 | ) | 6,559,947 | 171.2 | ||||||||||||||||||
| Non Interest Expense | ||||||||||||||||||||||||||||
| Salaries and employee benefits | 5,309,295 | 5,458,658 | (149,363 | ) | (2.7 | ) | 5,069,563 | 239,732 | 4.7 | |||||||||||||||||||
| Occupancy | 1,525,873 | 1,329,326 | 196,547 | 14.8 | 1,409,802 | 116,071 | 8.2 | |||||||||||||||||||||
| Advertising and public relations | 349,012 | 370,776 | (21,764 | ) | (5.9 | ) | 439,775 | (90,763 | ) | (20.6 | ) | |||||||||||||||||
| Data Processing | 865,519 | 1,155,949 | (290,430 | ) | (25.1 | ) | 1,285,919 | (420,400 | ) | (32.7 | ) | |||||||||||||||||
| Other noninterest expense | 1,703,802 | 1,697,383 | 6,419 | 0.4 | 1,690,183 | 13,619 | 0.8 | |||||||||||||||||||||
| Total Non Interest Expense | 9,753,501 | 10,012,092 | (258,591 | ) | (2.6 | ) | 9,895,242 | (141,741 | ) | (1.4 | ) | |||||||||||||||||
| Income Before Taxes | 3,633,766 | 4,475,424 | (841,658 | ) | (18.8 | ) | (3,017,708 | ) | 6,651,474 | 220.4 | ||||||||||||||||||
| Income taxes | 441,471 | 769,321 | (327,850 | ) | (42.6 | ) | (804,016 | ) | 1,245,487 | 154.9 | ||||||||||||||||||
| Net Income | 3,192,295 | 3,706,103 | (513,808 | ) | (13.9 | ) | (2,213,692 | ) | 5,405,987 | 244.2 | ||||||||||||||||||
| Per common share data: | ||||||||||||||||||||||||||||
| Earnings | $ | 0.93 | $ | 1.08 | $ | (0.65 | ) | |||||||||||||||||||||
| Weighted average number of shares outstanding | 3,428,159 | 3,435,396 | 3,419,560 | |||||||||||||||||||||||||
JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| YTD | YTD | $ Variance | % Variance | |||||||||||||
| Interest Income | ||||||||||||||||
| Interest on Loans | 46,450,566 | 40,000,208 | 6,450,358 | 16.1 | ||||||||||||
| Mortgage Loans Held For Sale | 14,338 | 28,187 | (13,849 | ) | (49.1 | ) | ||||||||||
| Interest on deposits with banks | 1,167,996 | 1,363,862 | (195,866 | ) | (14.4 | ) | ||||||||||
| Investment Securities - Taxable | 6,939,902 | 7,805,878 | (865,976 | ) | (11.1 | ) | ||||||||||
| Investment Securities - Tax-exempt | 3,094,438 | 3,143,562 | (49,124 | ) | (1.6 | ) | ||||||||||
| Total Interest Income | 57,667,240 | 52,341,697 | 5,325,543 | 10.2 | ||||||||||||
| Interest Expense | ||||||||||||||||
| Interest bearing demand deposits | 1,407,645 | 1,242,384 | 165,261 | 13.3 | ||||||||||||
| Savings and Money Market Deposits | 2,468,008 | 1,937,680 | 530,328 | 27.4 | ||||||||||||
| Time Deposits - Retail | 6,224,951 | 2,607,684 | 3,617,267 | 138.7 | ||||||||||||
| Time Deposits - Wholesale | 59,123 | - | 59,123 | - | ||||||||||||
| Total Interest Expense on Deposits | 10,159,727 | 5,787,748 | 4,371,979 | 75.5 | ||||||||||||
| FHLB Advances | - | 36,522 | (36,522 | ) | (100.0 | ) | ||||||||||
| Interest on other borrowings | 3,689,445 | 2,400,526 | 1,288,919 | 53.7 | ||||||||||||
| Total Interest Expense | 13,849,172 | 8,224,796 | 5,624,376 | 68.4 | ||||||||||||
| Net Interest Income | 43,818,068 | 44,116,901 | (298,833 | ) | (0.7 | ) | ||||||||||
| Provision for credit losses | (676,917 | ) | 1,252,399 | (1,929,316 | ) | (154.0 | ) | |||||||||
| Net In. Inc. After Prov. for Credit Losses | 44,494,985 | 42,864,502 | 1,630,483 | 3.8 | ||||||||||||
| Non Interest Income | ||||||||||||||||
| Service charges and fees | 8,599,955 | 8,870,553 | (270,598 | ) | (3.1 | ) | ||||||||||
| Mortgage loan and related fees | 382,387 | 443,682 | (61,295 | ) | (13.8 | ) | ||||||||||
| Other noninterest income | 2,109,549 | (5,785,936 | ) | 7,895,485 | (136.5 | ) | ||||||||||
| Total Non Interest Income | 11,091,891 | 3,528,299 | 7,563,592 | 214.4 | ||||||||||||
| Non Interest Expense | ||||||||||||||||
| Salaries and employee benefits | 21,575,502 | 20,447,925 | 1,127,577 | 5.5 | ||||||||||||
| Occupancy | 5,483,226 | 5,545,088 | (61,862 | ) | (1.1 | ) | ||||||||||
| Advertising and public relations | 1,451,727 | 1,344,578 | 107,149 | 8.0 | ||||||||||||
| Data Processing | 4,365,963 | 5,199,378 | (833,415 | ) | (16.0 | ) | ||||||||||
| Other noninterest expense | 6,601,019 | 6,413,332 | 187,687 | 2.9 | ||||||||||||
| Total Non Interest Expense | 39,477,437 | 38,950,301 | 527,136 | 1.4 | ||||||||||||
| Income Before Taxes | 16,109,439 | 7,442,500 | 8,666,939 | 116.5 | ||||||||||||
| Income taxes | 2,529,815 | 861,594 | 1,668,221 | 193.6 | ||||||||||||
| Net Income | 13,579,624 | 6,580,906 | 6,998,718 | 106.3 | ||||||||||||
| Per common share data: | ||||||||||||||||
| Earnings | $ | 3.96 | $ | 1.92 | ||||||||||||
| Weighted average number of shares outstanding | 3,426,420 | 3,420,056 | ||||||||||||||
JD BANCSHARES, INC. AND SUBSIDIARIES
Margin Analysis Compare
| Average Yield and Rate | Average Funds | Interest Income/Expense | ||||||||||||||||||||||||||||||||||
| QTD | QTD | Change | QTD | QTD | Change | QTD | QTD | Change | ||||||||||||||||||||||||||||
| Earning Assets | ||||||||||||||||||||||||||||||||||||
| Loans | 6.52 | 6.13 | 0.39 | 729,435,925 | 676,135,026 | 53,300,899 | 11,948,621 | 10,440,818 | 1,507,803 | |||||||||||||||||||||||||||
| Loan fees | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
| Loans with fees | 6.52 | 6.13 | 0.39 | 729,435,925 | 676,135,026 | 53,300,899 | 11,948,621 | 10,440,818 | 1,507,803 | |||||||||||||||||||||||||||
| Mortgage loans held for sale | 6.33 | 8.04 | (1.71 | ) | 186,300 | 147,305 | 38,995 | 2,948 | 2,961 | (13 | ) | |||||||||||||||||||||||||
| Deposits with banks | 4.66 | 5.49 | (0.83 | ) | 20,608,787 | 42,663,668 | (22,054,881 | ) | 241,293 | 590,396 | (349,103 | ) | ||||||||||||||||||||||||
| Investment securities - taxable | 2.40 | 2.43 | (0.03 | ) | 273,815,496 | 317,930,937 | (44,115,440 | ) | 1,643,483 | 1,934,003 | (290,519 | ) | ||||||||||||||||||||||||
| Investment securities - tax-exempt | 3.15 | 3.12 | 0.03 | 123,534,382 | 126,648,759 | (3,114,378 | ) | 769,027 | 780,155 | (11,128 | ) | |||||||||||||||||||||||||
| Total Earning Assets | 5.14 | 4.79 | 0.35 | 1,147,580,890 | 1,163,525,694 | (15,944,804 | ) | 14,605,373 | 13,748,333 | 857,040 | ||||||||||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||||||||||||||||||
| Interest bearing demand | 0.50 | 0.43 | 0.07 | 297,271,702 | 310,674,038 | (13,402,336 | ) | 373,234 | 337,696 | 35,538 | ||||||||||||||||||||||||||
| Savings and Money Market | 0.93 | 0.62 | 0.31 | 302,809,143 | 322,767,841 | (19,958,698 | ) | 711,477 | 500,957 | 210,520 | ||||||||||||||||||||||||||
| Time deposits - Retail | 3.83 | 2.96 | 0.87 | 184,405,638 | 133,079,112 | 51,326,526 | 1,774,820 | 993,721 | 781,099 | |||||||||||||||||||||||||||
| Time Deposits - Wholesale | 3.98 | - | 3.98 | 1,636,133 | - | 1,636,133 | 16,384 | - | 16,384 | |||||||||||||||||||||||||||
| Total interest bearing deposits | 1.46 | 0.95 | 0.51 | 786,122,616 | 766,520,991 | 19,601,625 | 2,875,915 | 1,832,374 | 1,043,542 | |||||||||||||||||||||||||||
| Other borrowings | 4.53 | 4.59 | (0.06 | ) | 79,921,773 | 75,342,368 | 4,579,405 | 924,461 | 882,759 | 41,703 | ||||||||||||||||||||||||||
| Total borrowed funds | 4.53 | 4.59 | (0.06 | ) | 79,921,773 | 75,342,368 | 4,579,405 | 924,461 | 882,759 | 41,703 | ||||||||||||||||||||||||||
| Total interest-bearing liabilities | 1.74 | 1.27 | 0.47 | 866,044,389 | 841,863,359 | 24,181,030 | 3,800,377 | 2,715,132 | 1,085,244 | |||||||||||||||||||||||||||
| Net interest rate spread | 3.40 | 3.49 | (0.09 | ) | 10,804,997 | 11,033,201 | (228,204 | ) | ||||||||||||||||||||||||||||
| Effect of non-interest bearing deposits | (0.37 | ) | (0.35 | ) | (0.02 | ) | 230,828,663 | 275,018,493 | (44,189,829 | ) | ||||||||||||||||||||||||||
| Cost of funds | 1.37 | 0.93 | 0.44 | |||||||||||||||||||||||||||||||||
| Net interest margin | 3.83 | 3.86 | (0.03 | ) | ||||||||||||||||||||||||||||||||
JD BANCSHARES, INC. AND SUBSIDIARIES
Margin Analysis Compare
| Average Yield and Rate | Average Funds | Interest Income/Expense | ||||||||||||||||||||||||||||||||||
| YTD | YTD | Change | YTD | YTD | Change | YTD | YTD | Change | ||||||||||||||||||||||||||||
| Earning Assets | ||||||||||||||||||||||||||||||||||||
| Loans | 6.51 | 5.95 | 0.56 | 713,919,749 | 672,751,806 | 41,167,942 | 46,450,566 | 40,000,209 | 6,450,358 | |||||||||||||||||||||||||||
| Loan fees | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
| Loans with fees | 6.51 | 5.95 | 0.56 | 713,919,749 | 672,751,806 | 41,167,942 | 46,450,566 | 40,000,209 | 6,450,358 | |||||||||||||||||||||||||||
| Mortgage loans held for sale | 7.14 | 7.64 | (0.50 | ) | 200,728 | 369,009 | (168,281 | ) | 14,338 | 28,187 | (13,849 | ) | ||||||||||||||||||||||||
| Deposits with banks | 5.31 | 5.22 | 0.09 | 22,007,851 | 26,136,456 | (4,128,605 | ) | 1,167,996 | 1,363,862 | (195,866 | ) | |||||||||||||||||||||||||
| Investment securities - taxable | 2.48 | 2.25 | 0.23 | 279,607,266 | 347,025,491 | (67,418,225 | ) | 6,939,902 | 7,805,878 | (865,977 | ) | |||||||||||||||||||||||||
| Investment securities - tax-exempt | 3.14 | 3.11 | 0.03 | 124,832,289 | 128,046,513 | (3,214,224 | ) | 3,094,438 | 3,143,562 | (49,123 | ) | |||||||||||||||||||||||||
| Total Earning Assets | 5.13 | 4.54 | 0.59 | 1,140,567,883 | 1,174,329,275 | (33,761,392 | ) | 57,667,241 | 52,341,698 | 5,325,543 | ||||||||||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||||||||||||||||||
| Interest bearing demand | 0.48 | 0.38 | 0.10 | 294,247,673 | 325,748,018 | 2,393,868 | 1,407,645 | 1,242,384 | 165,261 | |||||||||||||||||||||||||||
| Savings and Money Market | 0.80 | 0.54 | 0.26 | 307,259,602 | 356,546,099 | (49,286,496 | ) | 2,468,008 | 1,937,680 | 530,329 | ||||||||||||||||||||||||||
| Time deposits - Retail | 3.71 | 2.19 | 1.52 | 167,815,371 | 119,183,119 | 48,632,252 | 6,224,951 | 2,607,684 | 3,617,266 | |||||||||||||||||||||||||||
| Time Deposits - Wholesale | 4.80 | - | 4.80 | 1,230,941 | - | 1,230,941 | 59,123 | - | 59,123 | |||||||||||||||||||||||||||
| Total interest bearing deposits | 1.32 | 0.72 | 0.60 | 770,553,587 | 801,477,236 | 2,970,565 | 10,159,728 | 5,787,748 | 4,371,979 | |||||||||||||||||||||||||||
| Federal home Loan Bank advances | 11.16 | 5.22 | 5.94 | 3 | 690,411 | (690,408 | ) | - | 36,522 | (36,522 | ) | |||||||||||||||||||||||||
| Other borrowings | 4.53 | 4.46 | 0.07 | 80,034,352 | 53,112,033 | 26,922,319 | 3,689,445 | 2,400,526 | 1,288,919 | |||||||||||||||||||||||||||
| Total borrowed funds | 4.53 | 4.47 | 0.06 | 80,034,355 | 53,802,444 | 26,231,911 | 3,689,446 | 2,437,048 | 1,252,397 | |||||||||||||||||||||||||||
| Total interest-bearing liabilities | 1.62 | 0.96 | 0.66 | 850,587,942 | 855,279,680 | 29,202,475 | 13,849,173 | 8,224,797 | 5,624,377 | |||||||||||||||||||||||||||
| Net interest rate spread | 3.51 | 3.58 | (0.07 | ) | 43,818,067 | 44,116,901 | (298,834 | ) | ||||||||||||||||||||||||||||
| Effect of non-interest bearing deposits | (0.36 | ) | (0.26 | ) | (0.10 | ) | 243,076,675 | 274,433,451 | (65,113,612 | ) | ||||||||||||||||||||||||||
| Cost of funds | 1.26 | 0.70 | 0.56 | |||||||||||||||||||||||||||||||||
| Net interest margin | 3.92 | 3.84 | 0.08 | |||||||||||||||||||||||||||||||||
JD BANCSHARES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
Financial Ratios
| For the Twelve | For the Twelve | |||||||||||||||||||
| For the Qtr | For the Qtr | For the Qtr | Months | Months | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| Performance Ratios | ||||||||||||||||||||
| Return on Average Assets (ROA) | 1.06 | % | 1.25 | % | -0.74 | % | 1.15 | % | 0.55 | % | ||||||||||
| ROA based on Pre-tax, pre-provision operating income | 1.29 | % | 1.45 | % | 1.32 | % | 1.34 | % | 1.40 | % | ||||||||||
| Return on Average Equity (ROE) | 14.30 | % | 18.99 | % | -16.03 | % | 17.09 | % | 10.79 | % | ||||||||||
| ROE based on Pre-tax, pre-provision operating income | 17.35 | % | 21.96 | % | 28.33 | % | 19.91 | % | 27.41 | % | ||||||||||
| Earnings per Share | $ | 0.93 | $ | 1.08 | $ | (0.65 | ) | $ | 3.96 | $ | 1.92 | |||||||||
| Net Interest Margin | 3.83 | % | 4.04 | % | 3.86 | % | 3.92 | % | 3.84 | % | ||||||||||
| Efficiency Ratio ** | 70.32 | % | 68.82 | % | 70.56 | % | 70.14 | % | 68.83 | % | ||||||||||
| Non-Interest Income as a % of Avg. Assets** | 0.91 | % | 0.96 | % | 0.92 | % | 0.94 | % | 0.95 | % | ||||||||||
| Non-Interest Expense as a % of Avg. Assets** | 3.22 | % | 3.34 | % | 3.32 | % | 3.31 | % | 3.24 | % | ||||||||||
| As of | As of | |||||||
| December 31, 2024 | December 31, 2023 | |||||||
| Bank Level Capital Ratios: | ||||||||
| Tier 1 Leverage Ratio | 11.34% (Est.) | 10.67 | % | |||||
| Common Equity Tier 1 Ratio | 16.00% (Est.) | 15.72 | % | |||||
| Tier 1 Risk-Based Capital Ratio | 16.00% (Est.) | 15.72 | % | |||||
| Total Risk-Based Capital Ratio | 17.09% (Est.) | 16.96 | % | |||||
| Company: | ||||||||
| Tangible Equity / Total Assets | 6.55 | % | 5.91 | % | ||||
| Tangible Book Value per Share | $ | 22.89 | $ | 20.52 | ||||
Reconcilement of GAAP to Pre-tax, Pre-Provision Operating Income:
| For the Twelve | For the Twelve | |||||||||||||||||||
| For the Qtr | For the Qtr | For the Qtr | Months | Months | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| Net Income (GAAP) | $ | 3,192,295 | $ | 3,706,103 | $ | (2,213,692 | ) | $ | 13,579,624 | $ | 6,580,906 | |||||||||
| Provision for Loan Losses | 145,660 | (293,270 | ) | 323,650 | (676,917 | ) | 1,252,399 | |||||||||||||
| Net (Gain) Loss on OREO | 94,074 | 103,368 | 27,001 | 387,157 | 31,086 | |||||||||||||||
| Net (Gain) Loss on Securities | - | - | 6,577,772 | - | 7,840,872 | |||||||||||||||
| Non-recurring Expenses | - | - | - | - | 153,413 | |||||||||||||||
| Income Tax Expense | 441,471 | 769,321 | (804,016 | ) | 2,529,815 | 861,594 | ||||||||||||||
| Pre-tax, Pre-Provision Operating Income | $ | 3,873,500 | $ | 4,285,522 | $ | 3,910,715 | $ | 15,819,679 | $ | 16,720,270 | ||||||||||
| ** Non-recurring items are eliminated for this ratio | ||||||||||||||||||||
SOURCE: JD Bancshares, Inc.