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

Associated Press

28-01-2025

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:
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
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
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.