JNES Announces 1st Quarter 2021 Earnings

Rhea-AI Summary

Jonestown Bank & Trust Co. (JNES) reported a strong first quarter of 2021, earning $1,330,000 or $0.55 per share, a remarkable increase of 72.5% from $771,000 or $0.32 per share in the same period last year. This growth is attributed to a 19.90% rise in net interest income and decreased provisions for loan losses. The bank is experiencing robust growth in commercial loans, particularly through the Paycheck Protection Program and indirect auto lending. JBT operates 14 branches in Pennsylvania, serving local communities effectively.

Positive

• Earnings increased by 72.5% to $1,330,000 or $0.55 per share.
• Net interest income grew by 19.90%.
• Strong loan growth in commercial lending, including Paycheck Protection Program.

Negative

• None.

JONESTOWN, Pa., April 30, 2021 (GLOBE NEWSWIRE) -- Jonestown Bank & Trust Co. (JBT), - (OTC Pink: JNES) reported earnings of $1,330,000 or $0.55 per share for the first quarter of 2021, up 72.5% from $771,000 or $0.32 per share in the prior year. “The improvement in earnings is the result of profitable growth as evidenced by a 19.90% increase in net interest income and a reduction in the expense for the provision for loan losses. Strong loan growth continues in our commercial segment, including Paycheck Protection Program lending, and through our indirect auto lending efforts,” said President & CEO, Troy A. Peters.

The bank (marketed as JBT) serves customers in and around Lebanon and Lancaster Counties in Pennsylvania. Founded in 1873, the bank currently has 14 full-service locations. More information is available in the quarterly shareholder letter found on the Investors Relations tab of jbt.bank.

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 Jonestown Bank & Trust Co.'s earnings for Q1 2021?

JNES reported earnings of $1,330,000 or $0.55 per share for the first quarter of 2021.

How much did net interest income increase for JNES?

Net interest income increased by 19.90% in the first quarter of 2021.

What contributed to the earnings growth of JNES?

The earnings growth was driven by a rise in net interest income and lower provisions for loan losses.

Is JNES involved in the Paycheck Protection Program?

Yes, JNES is actively involved in the Paycheck Protection Program, contributing to its loan growth.