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JSB Financial (OTCPink: JFWV) reported Q3 2024 net income of $2.0 million, up from $643,000 in Q3 2023. The results include a $1.3 million interest recovery and $252,000 credit loss allowance recovery. Earnings per share reached $7.64 in Q3 2024, compared to $2.33 in Q3 2023. For the first nine months of 2024, net income totaled $3.4 million with EPS of $13.33. Total assets grew to $577.3 million, up 15.3% from year-end 2023. Total deposits increased to $514.7 million, representing a 20.8% rise. The company maintained strong credit quality with nonaccrual loans at just 0.01% of total loans.
JSB Financial (OTCPink: JFWV) ha riportato un reddito netto per il Q3 2024 di 2,0 milioni di dollari, in aumento rispetto ai 643.000 dollari del Q3 2023. I risultati includono un recupero di interessi di 1,3 milioni di dollari e un recupero di accantonamenti per perdite su crediti di 252.000 dollari. Gli utili per azione hanno raggiunto 7,64 dollari nel Q3 2024, rispetto ai 2,33 dollari nel Q3 2023. Nei primi nove mesi del 2024, il reddito netto ha totalizzato 3,4 milioni di dollari con utili per azione di 13,33 dollari. Gli attivi totali sono cresciuti a 577,3 milioni di dollari, con un aumento del 15,3% rispetto alla fine del 2023. I depositi totali sono aumentati a 514,7 milioni di dollari, rappresentando un incremento del 20,8%. L'azienda ha mantenuto una forte qualità del credito con prestiti non performanti pari solo allo 0,01% dei prestiti totali.
JSB Financial (OTCPink: JFWV) reportó un ingreso neto de $2.0 millones para el Q3 2024, en comparación con $643,000 en el Q3 2023. Los resultados incluyen una recuperación de intereses de $1.3 millones y una recuperación de provisiones para pérdidas crediticias de $252,000. Las ganancias por acción alcanzaron $7.64 en el Q3 2024, comparado con $2.33 en el Q3 2023. En los primeros nueve meses de 2024, el ingreso neto totalizó $3.4 millones con EPS de $13.33. Los activos totales crecieron a $577.3 millones, un 15.3% más que a finales de 2023. Los depósitos totales aumentaron a $514.7 millones, representando un incremento del 20.8%. La empresa mantuvo una alta calidad crediticia, con préstamos en mora representando solo el 0.01% de los préstamos totales.
JSB Financial (OTCPink: JFWV)는 2024년 3분기 순이익이 200만 달러로, 2023년 3분기의 643,000 달러에서 증가했다고 보고했습니다. 결과에는 130만 달러의 이자 회수와 25만 2,000 달러의 신용 손실 충당금 회수가 포함됩니다. 주당 순이익은 2024년 3분기 7.64 달러에 도달했으며, 이는 2023년 3분기의 2.33 달러와 비교됩니다. 2024년 첫 9개월 동안 순이익은 340만 달러였고, 주당 순이익은 13.33 달러였습니다. 총 자산은 5억 7730만 달러로 증가했으며, 이는 2023년 말 대비 15.3% 증가한 수치입니다. 총 예금은 5억 1470만 달러로 증가하며 20.8% 상승했습니다. 회사는 비수익 자산이 총 대출의 0.01%에 불과하여 높은 신용 품질을 유지했습니다.
JSB Financial (OTCPink: JFWV) a annoncé un revenu net de 2 millions de dollars pour le T3 2024, en hausse par rapport à 643 000 dollars au T3 2023. Les résultats incluent une récupération d'intérêts de 1,3 million de dollars et une récupération de provisions pour pertes de crédit de 252 000 dollars. Les bénéfices par action ont atteint 7,64 dollars au T3 2024, comparativement à 2,33 dollars au T3 2023. Pour les neuf premiers mois de 2024, le revenu net a totalisé 3,4 millions de dollars avec un BPA de 13,33 dollars. Les actifs totaux ont augmenté à 577,3 millions de dollars, soit une hausse de 15,3 % par rapport à fin 2023. Les dépôts totaux ont augmenté à 514,7 millions de dollars, représentant une hausse de 20,8 %. L'entreprise a maintenu une bonne qualité de crédit avec des prêts non performants ne représentant que 0,01 % des prêts totaux.
JSB Financial (OTCPink: JFWV) berichtete von einem netto Einkommen von 2,0 Millionen Dollar im Q3 2024, ein Anstieg von 643.000 Dollar im Q3 2023. Die Ergebnisse beinhalten eine Zinsrückforderung von 1,3 Millionen Dollar und eine Rückforderung von Wertberichtigungen für Kreditausfälle in Höhe von 252.000 Dollar. Der Gewinn pro Aktie erreichte 7,64 Dollar im Q3 2024, verglichen mit 2,33 Dollar im Q3 2023. In den ersten neun Monaten des Jahres 2024 belief sich das Netto Einkommen auf 3,4 Millionen Dollar bei einem Gewinn pro Aktie von 13,33 Dollar. Die Gesamtsumme der Vermögenswerte wuchs auf 577,3 Millionen Dollar, was einem Anstieg von 15,3 % gegenüber dem Jahresende 2023 entspricht. Die Gesamteinlagen stiegen auf 514,7 Millionen Dollar, was einem Anstieg von 20,8 % entspricht. Das Unternehmen behielt eine hohe Kreditqualität bei, mit temporär notleidenden Krediten bei nur 0,01 % der Gesamtkredite.
Positive
Net income increased 211% YoY to $2.0 million in Q3 2024
EPS grew 228% YoY to $7.64 in Q3 2024
Total deposits increased 20.8% to $514.7 million
Total assets grew 15.3% to $577.3 million
Strong credit quality with nonaccrual loans at 0.01% of total loans
Net interest margin improved to 2.90% from 2.73% YoY
Negative
Tier 1 leverage ratio declined to 7.47% from 8.01% YoY
Noninterest bearing deposits decreased to 24.0% of total deposits from 27.4% YoY
Interest expense increased by $3.5 million YoY for the nine months ended 2024
SHEPHERDSTOWN, W. Va.--(BUSINESS WIRE)--
JSB Financial Inc. (OTCPink: JFWV) reported net income of $2.0 million for the quarter ended September 30, 2024, representing an increase of $1.3 million when compared to $643 thousand for the quarter ended September 30, 2023. Basic and diluted earnings per common share were $7.64 and $2.33 for the third quarter of 2024 and 2023, respectively. The third quarter results include the recognition of an interest recovery totaling $1.3 million, a recovery to the allowance for credit losses on loans totaling $252 thousand and a recovery of legal fees totaling $17 thousand on prior nonperforming loans. Excluding the impact of these notable items, pre-tax income of $959 thousand for the third quarter of 2024 was $187 thousand more than the same period in 2023.
Net income for the nine months ended September 30, 2024 totaled $3.4 million, representing an increase of $1.1 million when compared to $2.3 million for the same period in 2023. Basic and diluted earnings per common share were $13.33 and $8.46 for the nine months ended September 30, 2024 and 2023, respectively. Annualized return on average assets and average equity for September 30, 2024 was 0.87% and 17.65%, respectively, and 0.66% and 13.17%, respectively, for September 30, 2023. Excluding the impact of the notable items in the third quarter of 2024, pre-tax income of $2.7 million for the nine months ended September 30, 2024 was $96 thousand lower than the same period in 2023.
PERFORMANCE MEASURES
2024
2023
Third
Second
First
Fourth
Third
Quarter
Quarter
Quarter
Quarter
Quarter
PER SHARE DATA
Earnings
$
7.64
$
3.07
$
2.61
$
2.68
$
2.33
Book value
114.65
100.58
96.54
96.81
83.05
AT PERIOD END ($ in thousands)
Loans, net
$
376,735
$
373,950
$
366,257
$
347,911
$
341,968
Total assets
577,319
542,100
531,202
500,644
498,448
Deposits
514,701
468,570
458,129
426,057
441,136
Shareholders' equity
29,521
25,897
25,081
24,958
22,901
Common shares outstanding
257
257
257
257
276
SELECT RATIOS
Return on average assets
0.87
%
0.56
%
0.53
%
0.65
%
0.66
%
Return on average equity
17.65
%
11.68
%
10.79
%
13.23
%
13.17
%
“We are pleased with our performance for the third quarter, which includes one-time recoveries on nonperforming loans totaling $1.5 million. Additionally, our team continued to create, deepen and expand our customer relationships which resulted in an increase in total deposits of 10% when compared to the second quarter and 17% year-over-year,” said President and Chief Executive Officer, Cindy Kitner. “During the third quarter, we saw stable loan growth, which was funded through loan maturities and deposit growth, and we continue to have strong credit quality metrics including past dues, nonaccruals, charge offs and nonperforming loans, all of which remained at historically low levels.”
Income Statement Highlights
For the third quarter of 2024, net interest income totaled $4.5 million, representing an increase of $1.5 million, or 50%, from $3.0 million for the third quarter of 2023. For the first nine months of 2024, net interest income totaled $11.0 million, representing an increase of $1.8 million, or 19%, when compared to $9.2 million the same period in 2023. Excluding the interest recovery of $1.3 million, net interest income increased $247 thousand when comparing the third quarter 2024 to the same period in 2023 and increased $508 thousand when comparing the first nine months of 2024 to the same period in 2023. The increase in net interest income for the quarter ended and nine months ended 2024 was attributed to higher loan balances and yields on earning assets, partially offset by higher deposit costs related to the deposit mix and pricing.
Interest and fees on loans totaled $6.5 million and $4.1 million for the third quarter of 2024 and 2023, respectively, and $16.2 million and $11.4 million for the nine months ended September 30, 2024 and 2023, respectively. Interest and fees on loans increased with organic growth in the loan portfolio, which was primarily led by residential mortgage loan and commercial real estate loan originations. The mix of the loan portfolio shifted slightly with commercial real estate loans representing 23% of total loans as of September 30, 2024, compared to 21% as of December 31, 2023. The yield on earning assets improved when compared to the prior year due primarily to higher interest rates on new loan originations as well as repricing of variable rate loans.
Total interest expense was $3.1 million for the third quarter of 2024, representing an increase of $1.3 million when compared to $1.8 million for the third quarter 2023. For the nine months ended 2024, interest expense totaled $8.1 million, representing an increase of $3.5 million, when compared to $4.6 million for the same period in 2023. This increase was driven by higher deposit balances and costs of interest-bearing deposits as customers have migrated to higher yielding deposit products. With strong deposit growth, the level of noninterest bearing deposits remains at 24% of total deposits.
The net interest margin was 2.90% for the third quarter of 2024 compared to 2.73% the third quarter of 2023.
Noninterest income for the three and nine months ended September 30, 2024 totaled $586 thousand and $1.7 million, respectively, compared to $583 thousand and $1.7 million for the three and nine months ended September 30, 2023, respectively.
Noninterest expense for the three and nine months ended September 30, 2024 totaled $2.9 million and $8.5 million, respectively, compared to $2.8 million and $8.0 million for the three and nine months ended September 30, 2023, respectively. The increase in noninterest expense was primarily related to salaries and employee benefits from increased staffing levels and wages.
Balance Sheet Highlights
Total assets were $577.3 million as of September 30, 2024, an increase of $76.7 million, or 15.3%, from $500.6 million as of December 31, 2023. Year-over-year total assets increased $78.9 million, or 15.8%, from $498.4 million as of September 30, 2023.
Loans, net of the allowance for credit losses, were $376.7 million as of September 30, 2024, an increase of $28.8 million, or 8.3%, from $347.9 million as of December 31, 2023. Year-over-year net loans grew $34.7 million, or 10.2%, from $342.0 million as of September 30, 2023.
Investment securities, excluding restricted securities, were $114.7 million as of September 30, 2024, $118.7 million as of December 31, 2023 and $117.8 million as of September 30, 2023. Investment securities decreased during the nine months ended September 30, 2024, primarily due to principal repayments and maturities totaling $7.1 million, offset in part by a decrease in the investment portfolio’s unrealized losses on available for sale securities totaling $1.8 million.
Total deposits were $514.7 million as of September 30, 2024, an increase of $88.6 million, or 20.8%, from $426.1 million as of December 31, 2023. Year-over-year total deposits increased $73.6 million, or 16.7%, from $441.1 million as of September 30, 2023. Noninterest bearing deposits represent 24.0% of total deposits as of September 30, 2024, which is down slightly from 26.4% as of December 31, 2023 and 27.4% as of September 30, 2023. During the nine months ended September 30, 2024, noninterest bearing balances increased $11.0 million and interest-bearing balances increased $77.6 million.
At September 30, 2024, total borrowings decreased $18.1 million since December 31, 2023 and $2.9 million from September 30, 2023. Borrowings through the Federal Reserve’s Bank Term Funding Program (BTFP) totaled $28.0 million as of September 30, 2024. There were no borrowings through FHLB as of September 30, 2024. At September 30, 2024, total liquidity sources exceeded $304 million and included on and off-balance sheet liquidity through cash and cash equivalents; unpledged available for sale securities at fair value; Federal Home Loan Bank (FHLB) and Federal Reserve borrowing capacities; and unsecured correspondent bank lines of credit.
Shareholders’ equity at September 30, 2024 was $29.5 million, representing an increase of $4.6 million, or 18.3% from December 31, 2023. Book value per share of $114.65 at September 30, 2024 increased from $96.93 at December 31, 2023. Year-to-date earnings contributed $3.4 million to the increase in shareholders’ equity. Accumulated other comprehensive loss decreased $1.7 million, which was primarily related to the change in unrealized losses on available for sale securities at September 30, 2024. During the third quarter 2024 the Company declared a regular semi-annual dividend of $1.20 per share payable on September 13, 2024. This dividend was consistent with the previous semi-annual dividend and resulted in an annual dividend of $2.40 per share in 2024, representing an increase of $0.10 per share or 4.3% from $2.30 per share in 2023. Year-over-year shareholders’ equity increased $6.6 million, or 28.9%, from $22.9 million as of September 30, 2023.
All bank regulatory capital ratios remain in excess of applicable regulatory requirements for well-capitalized institutions. The Tier 1 leverage ratio declined to 7.47% from 7.65% at December 31, 2023 and 8.01% at September 30, 2023. The ratio of Common Equity Tier 1 capital and Tier 1 capital to risk weighted assets was 12.45%, 12.40% and 12.85% at September 30, 2024, December 31, 2023 and September 30, 2023, respectively. The total risk-based capital ratio was 13.70%, 13.65% and 14.09% at September 30, 2024, December 31, 2023 and September 30, 2023, respectively. The decline in regulatory capital ratios reflects the impact of continued trend of growth in total assets through the first nine months of 2024. This growth was in part related to management’s decision to increase total assets and maintain a higher level of cash and cash equivalents on the balance sheet. Management conducts regular monitoring of capital planning strategies to support and maintain adequate capital levels.
Asset Quality
As of September 30, 2024, the credit quality of the loan portfolio remained strong with nonaccrual loans totaling $47 thousand, or 0.01% of total loans, compared to $51 thousand, or 0.01% of total loans, at December 31, 2023 and $53 thousand, or 0.02% of total loans, at September 30, 2023. As of September 30, 2024, total past due loans decreased to $349 thousand, or 0.09% of total loans, compared to $385 thousand, or 0.11%, of total loans at December 31, 2023 and decreased when compared to $357 thousand, or 0.10% of total loans, as of September 30, 2023.
At September 30, 2024 and December 31, 2023, the allowance for credit losses on loans was $4.0 million, or 1.06% of total loans, and $3.8 million, or 1.08% of total loans, respectively. During its assessment of the allowance for credit losses, the Company reviews and addresses credit risk associated with all loan portfolio segments and has appropriately reserved for economic conditions with consideration of management’s prudent underwriting at loan origination and ongoing loan monitoring procedures.
The company recorded net recoveries on loans totaling $237 thousand for the three and nine months ended September 30, 2024, respectively. As a result, the company released provisioning for credit losses totaling $266 thousand and $86 thousand for the three and nine months ended September 30, 2024, respectively. This is compared to a provision expense of $75 thousand and $122 thousand for the three and nine months ended September 30, 2023, respectively. The release of provisioning in 2024 was related to the recovery of a previously charged off loan totaling $252 thousand and continued stability in the economic environment and the credit quality of the loan portfolio.
Third Quarter 2024 Compared to Second Quarter of 2024
Compared to the quarter ended June 30, 2024, net income increased $1.2 million primarily due to higher revenue and lower provision for credit losses. Excluding the notable items in the third quarter of 2024, pretax income decreased by $6 thousand, or 0.6%, compared to the same period in 2023.
Net interest income increased by $1.3 million, or 39%, from the second quarter of 2024. Excluding the notable item, net interest income increased $11 thousand, or 0.3%, compared to the quarter ended June 30, 2024. This slight increase to net interest income shows the continued improvement in both the yield and mix of earning assets, while the Company also continued to experience pricing pressures on deposits. Management is actively monitoring the interest rates and the mix of deposits and wholesale funding to control funding costs.
The Company recorded a release of provisioning for credit losses of $266 thousand for the third quarter of 2024, compared to a provision for credit losses expense of $60 thousand for the second quarter of 2024. This change was primarily driven by similar factors as the year-over-year changes stated above.
Noninterest income for the three months ended September 30, 2024 totaled $586 thousand, compared to $582 thousand for the three months ended June 30, 2024. Noninterest expense for the three months ended September 30, 2024 totaled $2.9 million, compared to $2.8 million for the three months ended June 30, 2024.
When comparing September 30, 2024 to June 30, 2024, total assets increased $35.2 million, or 6.5%, loans, net of the allowance for credit losses, increased by $2.8 million, or 0.7%, total deposits increased $46.1 million, or 9.8%, and shareholders’ equity increased $3.6, or 14.0%.
About JSB Financial Inc.
JSB Financial Inc. (OTCPink: JFWV) is the holding company for Jefferson Security Bank, an independent community bank operating six banking offices located in Berkeley County and Jefferson County, West Virginia and Washington County, Maryland. Founded in 1869, Jefferson Security Bank serves individuals, businesses, municipalities and community organizations through a comprehensive suite of banking services delivered by an exceptional team who put customers first. Jefferson Security Bank has received industry recognition by American Banker magazine five years in a row. Most recently, as a Top 100 Community Bank in 2024 and prior as a Top 200 Community Bank for four consecutive years. Operating for over 155 years, Jefferson Security Bank is the oldest, independent, locally owned and managed bank in West Virginia. Visit www.jsb.bank for more information.
Offices:
105 East Washington Street, Shepherdstown, WV (304-876-9000)
7994 Martinsburg Pike, Shepherdstown, WV (304-876-2800)
873 East Washington Street, Suite 100, Charles Town, WV (304-725-9752)
277 Mineral Drive, Suite 1, Inwood, WV (304-229-6000)
1861 Edwin Miller Boulevard, Martinsburg, WV (304-264-0900)
103 West Main Street, Sharpsburg, MD (301-432-3900)
