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JSB Financial Inc. (OTC PINK: JFWV) reported Q2 2024 results with net income of $793,000, down 1.74% from Q2 2023. For H1 2024, net income decreased 13.4% to $1.5 million. Net interest income for H1 2024 increased 4.2% to $6.4 million. The company achieved record-level loans of $374.0 million as of June 30, 2024, up 7.5% from December 31, 2023. Total deposits grew 10.0% to $468.6 million. Asset quality remained strong with nonaccrual loans at 0.01% of total loans. The allowance for credit losses was 1.07% of total loans. On August 8, 2024, the company received payment on prior nonperforming loans, resulting in a $1.3 million interest recovery.
JSB Financial Inc. (OTC PINK: JFWV) ha riportato i risultati del secondo trimestre 2024, evidenziando un reddito netto di $793.000, in calo dell'1,74% rispetto al secondo trimestre 2023. Per il primo semestre 2024, il reddito netto è diminuito del 13,4% a $1,5 milioni. Il reddito netto da interessi per il primo semestre 2024 è aumentato del 4,2% a $6,4 milioni. L'azienda ha raggiunto prestiti a livelli record pari a $374,0 milioni al 30 giugno 2024, in aumento del 7,5% rispetto al 31 dicembre 2023. I depositi totali sono cresciuti del 10,0% a $468,6 milioni. La qualità degli attivi è rimasta solida, con prestiti non scaduti allo 0,01% del totale dei prestiti. L'accantonamento per perdite su crediti è stato dell'1,07% del totale dei prestiti. L'8 agosto 2024, l'azienda ha ricevuto il pagamento su prestiti non performanti precedenti, risultando in un recupero di interesse di $1,3 milioni.
JSB Financial Inc. (OTC PINK: JFWV) informó los resultados del segundo trimestre de 2024, destacando un ingreso neto de $793,000, lo que representa una disminución del 1.74% en comparación con el segundo trimestre de 2023. Para la primera mitad de 2024, el ingreso neto disminuyó un 13.4% a $1.5 millones. El ingreso neto por intereses para la primera mitad de 2024 aumentó un 4.2% a $6.4 millones. La compañía logró préstamos a niveles récord de $374.0 millones al 30 de junio de 2024, un aumento del 7.5% respecto al 31 de diciembre de 2023. Los depósitos totales crecieron un 10.0% a $468.6 millones. La calidad de los activos se mantuvo fuerte, con préstamos no devengados en 0.01% del total de préstamos. La provisión para pérdidas crediticias fue del 1.07% del total de préstamos. El 8 de agosto de 2024, la compañía recibió un pago por préstamos no productivos anteriores, resultando en un recupero de intereses de $1.3 millones.
JSB Financial Inc. (OTC PINK: JFWV)는 2024년 2분기 결과를 보고하며 순이익이 $793,000으로, 2023년 2분기 대비 1.74% 감소했다고 전했습니다. 2024년 상반기 순이익은 13.4% 감소한 $1.5백만 달러로 나타났습니다. 2024년 상반기 순이자 수익은 4.2% 증가한 $6.4백만 달러였습니다. 이 회사는 2024년 6월 30일 기준으로 기록적인 대출을 $374.0백만 달러 달성하였으며, 이는 2023년 12월 31일 대비 7.5% 증가한 수치입니다. 총 예치금은 10.0% 증가한 $468.6백만 달러입니다. 자산 품질은 매우 우수하며, 연체 대출은 총 대출의 0.01%를 차지했습니다. 신용 손실에 대한 적립금은 총 대출의 1.07%였습니다. 2024년 8월 8일, 회사는 이전의 비생산적인 대출에 대한 지급을 받았으며, 이로 인해 $1.3백만 달러의 이자 회수가 이루어졌습니다.
JSB Financial Inc. (OTC PINK: JFWV) a rapporté les résultats du deuxième trimestre 2024, affichant un revenu net de 793 000 $, en baisse de 1,74 % par rapport au deuxième trimestre 2023. Pour le premier semestre 2024, le revenu net a diminué de 13,4 %, s'élevant à 1,5 million $. Le revenu net d'intérêts pour le premier semestre 2024 a augmenté de 4,2 % pour atteindre 6,4 millions $. L'entreprise a atteint des prêts à des niveaux record de 374,0 millions $ au 30 juin 2024, en hausse de 7,5 % par rapport au 31 décembre 2023. Les dépôts totaux ont augmenté de 10,0 % pour atteindre 468,6 millions $. La qualité des actifs est restée solide, avec des prêts non produits représentant 0,01 % du total des prêts. Les provisions pour pertes de crédit étaient de 1,07 % des prêts totaux. Le 8 août 2024, l'entreprise a reçu un paiement sur des prêts non performants antérieurs, entraînant un recouvrement d'intérêts de 1,3 million $.
JSB Financial Inc. (OTC PINK: JFWV) berichtete über die Ergebnisse des zweiten Quartals 2024 mit einem Nettoeinkommen von 793.000 $, was einem Rückgang von 1,74 % im Vergleich zum zweiten Quartal 2023 entspricht. Im ersten Halbjahr 2024 fiel das Nettoeinkommen um 13,4 % auf 1,5 Millionen $. Das Nettozinsaufkommen für das erste Halbjahr 2024 stieg um 4,2 % auf 6,4 Millionen $. Das Unternehmen erzielte zum 30. Juni 2024 Rekordkredite von 374,0 Millionen $, was einem Anstieg von 7,5 % seit dem 31. Dezember 2023 entspricht. Die Gesamt-Einlagen wuchsen um 10,0 % auf 468,6 Millionen $. Die Asset-Qualität blieb stark, wobei die nicht-zahlungswirksamen Kredite 0,01 % der Gesamtkredite ausmachten. Die Rückstellungen für Kreditverluste betrugen 1,07 % der Gesamtkredite. Am 8. August 2024 erhielt das Unternehmen Zahlungen aus früheren nicht leistungsfähigen Krediten, was zu einer Zinsrückforderung von 1,3 Millionen $ führte.
Positive
Record-level loans of $374.0 million, up 7.5% from December 31, 2023
Total deposits grew 10.0% to $468.6 million
Net interest income for H1 2024 increased 4.2% to $6.4 million
$1.3 million interest recovery from payment on prior nonperforming loans
Strong asset quality with nonaccrual loans at 0.01% of total loans
Negative
Net income for Q2 2024 decreased 1.74% compared to Q2 2023
Net income for H1 2024 decreased 13.4% compared to H1 2023
Net interest margin decreased to 2.62% for Q2 2024, down 17 basis points from Q2 2023
Total interest expense increased 75.2% in Q2 2024 compared to Q2 2023
Tier 1 capital ratio decreased to 7.31% from 8.07% year-over-year
SHEPHERDSTOWN, W. Va.--(BUSINESS WIRE)--
JSB Financial Inc. (OTC PINK: JFWV) reported net income of $793 thousand for the second quarter of 2024, representing a decrease of $12 thousand or 1.74% when compared to $805 thousand for second quarter of 2023. Basic and diluted earnings per common share were $3.08 and $2.92 for the second quarter of 2024 and 2023, respectively. For the first six months of 2024, net income decreased $227 thousand, or 13.4%, to $1.5 million when compared to $1.7 million for the first six months of 2023. Basic and diluted earnings per common share were $5.68 and $6.13 for the first six months of 2024 and 2023, respectively. Annualized return on average assets and average equity for June 30, 2024 was 0.56% and 11.68%, respectively, and 0.72% and 14.39%, respectively, for June 30, 2023.
“Through the first half of 2024, we generated moderate loan growth throughout our market area, while maintaining strong credit quality metrics,” said President and Chief Executive Officer, Cindy Kitner. “While we are still operating in a challenging interest rate environment, we remain focused on maintaining a disciplined approach to loan and deposit pricing and optimizing our funding strategies from a pricing and composition perspective. We also remain keenly focused on the needs of our customers and optimistic about our team’s ability to drive value for our customers, communities and shareholders.”
Net Interest Income
For the six months ended June 30, 2024, net interest income totaled $6.4 million, representing an increase of $262 thousand, or 4.2%, when compared to $6.2 million for the same period in 2023. This resulted from an increase in interest income of $2.5 million, which was partially offset by an increase in interest expense of $2.3 million.
Net interest income of $3.3 million for the second quarter of 2024 increased $220 thousand, or 7.2%, compared to $3.0 million in the second quarter of 2023. Total interest income increased by $1.4 million, or 30.3% to $6.0 million for the second quarter of 2024 from $4.6 million from the same period in 2023. This increase was mostly due to a continued expansion of the yield on average loans as interest and fees on loans totaled $5.0 million for the second quarter of 2024, representing an increase of $1.3 million, or 33.3%, from $3.7 million for the same period in 2023. The Company experienced moderate organic loan growth, which contributed to the improved loan yields as well as the continued repricing of the variable rate loan portfolio. Interest income on deposits with other banks increased $173 thousand resulting from higher cash balances throughout the quarter.
Total interest expense of $2.7 million for the second quarter of 2024, represents an increase of $1.2 million, or 75.2% when compared to $1.5 million for the second quarter 2023. The increase in total interest expense primarily resulted from an increase in interest expense on deposits as the average balances of interest-bearing deposits grew due to a shift in the deposit mix in favor of higher cost customer time deposits.
Net interest margin decreased slightly to 2.62% for the second quarter of 2024, a decline of nine basis points from December 31, 2023 and 17 basis points from June 30, 2023. The decline in the net interest margin is due to the higher cost of funds for both deposits and borrowings.
Balance Sheet
Total assets were $542.1 million as of June 30, 2024, an increase of $41.5 million, or 8.3%, from $500.6 million as of December 31, 2023. Year-over-year total assets increased $66.9 million, or 14.1%, from $475.2 million as of June 30, 2023.
Loans, net of the allowance for credit losses, reached a record level of $374.0 million as of June 30, 2024, an increase of $26.0 million, or 7.5%, from $347.9 million as of December 31, 2023. This increase was primarily attributed to new commercial real estate loan production, as well as organic residential real estate loan volume which also contributed to the growth in total loans during the second quarter and first half of 2024. Year-over-year net loans grew $50.8 million, or 15.7%, from $323.1 million as of June 30, 2023.
Deposits totaled $468.6 million as of June 30, 2024, an increase of $42.5 million, or 10.0%, from $426.1 million as of December 31, 2023. Noninterest bearing deposits represent 25.2% of total deposits as of June 30, 2024, which is down slightly from 26.4% as of December 31, 2023. Year-over-year total deposits increased $53.8 million, or 13.0%, from $414.8 million as of June 30, 2023. The interest rate environment has contributed to greater competition for deposits with additional deposit rate specials being offered through the first six months of 2024. The Company has experienced an increase in consumer certificates of deposit specifically related to these specials. The Company continued to leverage brokered deposits in the second quarter of 2024, which also attributed to the increase in total deposits of $24.8 million when comparing June 30, 2024 to December 31, 2023 and June 30, 2023.
Total borrowings decreased $2.8 million since December 31, 2023 and increased by $9.7 million from June 30, 2023. The Company maintains on and off-balance sheet liquidity through cash and cash equivalents, unpledged securities at fair value, FHLB and Federal Reserve borrowing capacities and unsecured correspondent bank lines of credit. In total, on and off-balance sheet liquidity sources exceeded $277.6 million on June 30, 2024. FHLB borrowings totaled $15.3 million and borrowings through the Bank Term Funding Program (BTFP) totaled $28.0 million on June 30, 2024.
As of June 30, 2024 stockholders’ equity was $25.9 million, representing an increase of $938 thousand from $25.0 million at December 31, 2023. As of June 30, 2024, book value per share improved to $100.58 from $96.93 per share at December 31, 2023. Year-over-year stockholders’ equity increased $2.1 million, or 8.9%, from $23.8 million as of June 30, 2023. Regulatory capital ratios remain in excess of applicable regulatory requirements for well-capitalized institutions. The Tier 1 capital ratio decreased to 7.31% at June 30, 2024 from 7.65% at December 31, 2023 and 8.07% at June 30, 2023. The ratio of Common Equity Tier 1 capital and Tier 1 capital to risk weighted assets was 12.02%, 12.40% and 13.40% at June 30, 2024, December 31, 2023 and June 30, 2023, respectively. The total risk-based capital ratio was 13.27%, 13.65% and 14.66% at June 30, 2024, December 31, 2023 and June 30, 2023 respectively. The decline in the regulatory capital ratios reflects the impact of organic loan growth and the increase in total assets as of June 30, 2024 when compared to December 31, 2023 and June 30, 2023. Management maintains regular monitoring of capital planning strategies to support and maintain adequate capital levels.
Asset Quality
As of June 30, 2024, the credit quality of the loan portfolio remained strong with nonaccrual loans totaling $48 thousand, or 0.01% of total loans, compared to $51 thousand at December 31, 2023 and $54 thousand at June 30, 2023. As of June 30, 2024, total past due loans increased to $838 thousand, or 0.22% of total loans, compared to $385 thousand, or 0.11%, of total loans at December 31, 2023 and $229 thousand, or 0.07% of total loans, as of June 30, 2023. There were no loans past due 90 days and still accruing interest as of June 30, 2024 and December 31, 2023, with $131 thousand as of June 30, 2023. There were no net charge offs for the second quarter of 2024 and 2023.
At June 30, 2024, the allowance for credit losses for loans totaled $4.0 million, or 1.07% of total loans, compared to $3.8 million, or 1.08% as of December 31, 2023 and $3.7 million, or 1.13% as of June 30, 2023.
During the second quarter, a provision for credit losses was recorded totaling $60 thousand. The provision was comprised of a $90 thousand provision for credit losses on loans and a recovery of credit losses on unfunded commitments of $30 thousand. The increase in the provision was mainly due to an increase in the general reserve from increased loan originations and not related to quantitative reserve allocations, specific reserves or charge-offs. For the second quarter of 2023, the provision for credit losses totaled $29 thousand, which was comprised of a $75 thousand provision for credit losses on loans and a $46 thousand recovery of credit losses on unfunded commitments.
Second Quarter Highlights Compared to First Quarter of 2024
Net income for the second quarter of 2024 totaled $793 thousand, representing an increase of $122 thousand, or 17.9%, from net income of $671 thousand for the first quarter of 2024. During the second quarter, net interest income increased by $92 thousand, or 2.9%, from the first quarter of 2024. The increase in net interest income was in part driven by continued growth in loans and rising yields on earning assets. These changes were offset by an increase in interest expense due to the higher cost of interest bearing deposits from a continued shift in the deposit mix resulting in higher interest bearing balances, including time deposits.
For the second quarter of 2024, provision for credit losses totaled $60 thousand, representing a decline of $60 thousand, when compared to provision for credit losses of $120 thousand for the first quarter of 2024. The provision for credit losses on loans was $90 thousand and $158 thousand and the recovery of credit losses on unfunded commitments was $30 thousand and $38 thousand as of June 30, 2024 and March 31, 2024, respectively.
When comparing June 30, 2024 to March 31, 2024, total assets increased $10.9 million, or 2.1%, loans, net of the allowance for credit losses, increased by $7.7 million, or 2.1%, and total deposits increased $10.4 million, or 2.3%.
Subsequent Event
On August 8, 2024, the Company received payment on several prior nonperforming loans. The payment resulted in 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.
About JSB Financial Inc.
JSB Financial Inc. (OTC Pink: 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 as a Top 100 Community Bank in 2024 and was previously recognized as a Top 200 Community Bank for four years in a row. 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.
This press release may contain forward-looking statements, as defined by federal securities laws, which may involve significant risks and uncertainties. The statements are based on estimates and assumptions made by management in conjunction with other factors deemed appropriate under the circumstances. Actual results could differ materially from current projections.
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)
Jenna Kesecker, CPA, Executive Vice President and Chief Financial Officer
304-876-9016
Source: JSB Financial Inc.
FAQ
What was JSB Financial's (JFWV) net income for Q2 2024?
JSB Financial (JFWV) reported net income of $793,000 for Q2 2024, a decrease of 1.74% compared to $805,000 in Q2 2023.
How did JSB Financial's (JFWV) loan portfolio perform in Q2 2024?
JSB Financial's (JFWV) loans reached a record level of $374.0 million as of June 30, 2024, increasing 7.5% from $347.9 million as of December 31, 2023.
What was JSB Financial's (JFWV) deposit growth in Q2 2024?
JSB Financial's (JFWV) total deposits grew to $468.6 million as of June 30, 2024, an increase of 10.0% from $426.1 million as of December 31, 2023.
How did JSB Financial's (JFWV) net interest income change in H1 2024?
JSB Financial's (JFWV) net interest income for H1 2024 totaled $6.4 million, representing an increase of 4.2% compared to $6.2 million for the same period in 2023.
