JD Bancshares, Inc. Reports Financial Results for Three and Twelve-Month Periods Ended December 31, 2024

Rhea-AI Summary

JD Bancshares (OTCQX:JDVB) reported Q4 2024 net income of $3.19 million ($0.93 per share), compared to $3.71 million in Q3 2024 and a net loss of $2.21 million in Q4 2023. For the full year 2024, net income reached $13.58 million ($3.96 per share), up from $6.58 million in 2023.

The bank's net interest income for Q4 2024 was $10.8 million, down from $11.4 million in Q3 2024. The net interest margin decreased to 3.83% from 4.04% in the previous quarter. Asset quality improved with nonperforming assets declining to $7.6 million from $12.1 million year-over-year. The loan-to-deposit ratio increased to 70.7% from 66.7% at year-end 2023.

Total assets remained stable at $1.2 billion, while stockholders' equity increased by $8.1 million to $82.5 million. Tangible book value per share improved to $22.89 from $20.52 year-over-year.

Positive

• Net income increased significantly to $13.58M in 2024 from $6.58M in 2023
• Nonperforming assets decreased to $7.6M from $12.1M year-over-year
• Net charge-offs reduced to $250,000 in 2024 from $880,000 in 2023
• Tangible book value per share improved to $22.89 from $20.52

Negative

• Q4 net interest income decreased to $10.8M from $11.4M in Q3 2024
• Net interest margin declined to 3.83% from 4.04% quarter-over-quarter
• Non-interest bearing deposits decreased by $30.5M year-over-year
• Pre-tax, pre-provision operating income decreased 5.39% year-over-year

JENNINGS, LA / ACCESS Newswire / January 28, 2025 / 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 Dec 2024				Actual Dec 2023				$ 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 Actual Dec 2024				QTD Actual Sep 2024				$ Variance				% Variance				QTD Actual Dec 2023				$ Variance				% 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 Actual Dec 2024				YTD Actual Dec 2023				$ 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 Actual Dec 2024				QTD Actual Dec 2023				Change				QTD Actual Dec 2024				QTD Actual Dec 2023				Change				QTD Actual Dec 2024				QTD Actual Dec 2023				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 Actual Dec 2024				YTD Actual Dec 2023				Change				YTD Actual Dec 2024				YTD Actual Dec 2023				Change				YTD Actual Dec 2024				YTD Actual Dec 2023				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.

View the original press release on ACCESS Newswire

FAQ

What was JDVB's net income for Q4 2024?

JD Bancshares reported net income of $3,192,295 or $0.93 per share for Q4 2024.

How did JDVB's full-year 2024 performance compare to 2023?

JDVB's full-year net income for 2024 was $13,579,624 ($3.96 per share), compared to $6,580,906 ($1.92 per share) in 2023, representing a significant increase.

What was JDVB's net interest margin in Q4 2024?

JDVB's net interest margin was 3.83% in Q4 2024, down from 4.04% in Q3 2024.

How did JDVB's asset quality change in 2024?

Asset quality improved with total nonperforming assets declining to $7.6 million at December 31, 2024, from $12.1 million at December 31, 2023.

What was JDVB's tangible book value per share as of December 31, 2024?

JDVB's tangible book value per share was $22.89 as of December 31, 2024, up from $20.52 at December 31, 2023.