JBTC Announces 4th Quarter 2023 Earnings

Rhea-AI Summary

JBT Bancorp, Inc. (JBTC) reported quarterly earnings of $2,073,000 with earnings per share of $0.85, down 6.92% from the previous quarter. Full-year unaudited earnings were $7,793,000 with earnings per share of $3.20, down 3.31% from the prior year. Despite challenges, the company increased net interest income by 5.20% and maintained strong credit quality in their 150th anniversary year.

Positive

• None.

Negative

• Earnings decreased both quarterly and annually, operating expenses were negatively impacted by inflationary pressures and process-improvement initiatives

JONESTOWN, Pa., Jan. 23, 2024 (GLOBE NEWSWIRE) -- JBT Bancorp, Inc. (OTCQX: JBTC) reported quarterly earnings of $2,073,000 with earnings per share of $0.85. Earnings were down 6.92% compared to the final quarter of 2022. Full-year unaudited earnings were $7,793,000 with earnings per share of $3.20. Earnings fell 3.31% from $8,060,000 and earnings per share were down from $3.31 in the prior year.

President & CEO, Troy A. Peters, commented, “The year provided a challenging operating environment industry-wide but our core business remained strong. Despite the FOMC’s substantial increases to short-term rates and the resulting constriction of funding sources, we held our margin and increased net interest income by 5.20%. Inflationary pressures and process-improvement initiatives negatively impacted our operating expenses while credit quality remained strong in this our 150^th anniversary year.”

More information can be found at OTC Markets at www.otcmarkets.com/stock/JBTC/overview.

Contact: Andrea Shetterly, EAA
ashetterly@jbt.bank
Jonestown Bank & Trust Co.
2 West Market Street
Jonestown, PA 17038-0717
Phone: 717-865-4246

FAQ

What were JBT Bancorp, Inc.'s quarterly earnings and earnings per share?

JBT Bancorp, Inc. reported quarterly earnings of $2,073,000 with earnings per share of $0.85.

What were JBT Bancorp, Inc.'s full-year unaudited earnings and earnings per share?

Full-year unaudited earnings were $7,793,000 with earnings per share of $3.20.

How did JBT Bancorp, Inc.'s earnings compare to the previous quarter?

Earnings were down 6.92% compared to the final quarter of 2022.

What was the impact of inflationary pressures and process-improvement initiatives on JBT Bancorp, Inc.'s operating expenses?

Inflationary pressures and process-improvement initiatives negatively impacted the company's operating expenses.

How did JBT Bancorp, Inc. perform in their 150th anniversary year?

Despite challenges, the company increased net interest income by 5.20% and maintained strong credit quality.

Where can more information about JBT Bancorp, Inc. be found?

More information can be found at OTC Markets at www.otcmarkets.com/stock/JBTC/overview.