JD Bancshares, Inc. Reports Financial Results for Q2 2020

JENNINGS, LA / ACCESSWIRE / July 23, 2020 / 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 six month periods ended June 30, 2020.

Net income for the three-month period ended June 30, 2020 was $1,648,996 or $1.06 per common share compared to $1,557,713 or $1.00 per share for the linked quarter ended March 31, 2020 and $2,442,925 or $1.57 per share for the prior year quarter ended June 30, 2019. Financial results for the current year quarters were impacted by large loan loss provisions in consideration of the uncertainty surrounding the COVID-19 pandemic crisis. Due to the large provisions, evaluating the Company on a pre-tax, pre-provision operating income basis provides greater insight when comparing recurring financial performance over periods. Pre-tax, pre-provision operating income for the quarter ended June 30, 2020 was $2,847,642 compared to $2,502,248 for the linked quarter and $2,762,858 for the comparative prior year quarter. Pre-tax, pre-provision operating income excludes taxes, provision for loan losses, losses on the sale of other real estate owned and gains on the sale of investment securities. Pre-tax, pre-provision operating earnings for the current period were positively affected by the recognition of a portion of fees received as a result of our participation in the Small Business Administration (SBA) Paychecks Protection Program. (PPP). Other factors having a significant impact on current quarter earnings include the 150 basis point decline in short-term interest rates occurring in March 2020, the impact on non-PPP loan demand given the uncertainty of economic conditions and the excess liquidity generated as a result of substantial deposit growth since year end.

For the six-month period ended June 30, 2020, net income was $3,206,709 or $2.06 per share compared to $4,483,899 or $2.88 per share for the prior year comparative period. Pre-tax, pre-provision operating earnings for the two comparative six month periods was $5,349,890 and $5,454,444, respectively.

Bruce Elder, President and CEO, commented, "Through the many challenges we face with the COVID-19 pandemic, the Company is pleased with the financial results for the second quarter. Despite the economic headwinds, we were able to add value to our customer base, our employees and the communities we serve while still rewarding stockholders with a $0.59 quarterly dividend. The pandemic has shrouded the future with uncertainty, which needs to be carefully navigated. From asset quality on the existing loan portfolio and prudent underwriting for new loan requests, to the long and short-term economic effects on our communities and the nation, we prepare for various possible scenarios and hope the coming months bring greater clarity."

COVID-19 Activities and Impact

In keeping with our mission to meet the financial needs of our customers and the communities we serve, the Company has responded through several different channels to the pandemic. We participated in the SBA's PPP loan program and made approximately 750 loans totaling $73.5 million. These loans are for terms ranging from two to five years and carry an interest rate of 1%. The Company received approximately $2.5 million in fees from the SBA, of which $633,000 were recognized as interest income during the current quarter. The remaining fees will be recognized over the life of the loans.

We also assisted existing loan customers who experienced challenges as a result of the pandemic by extending 90 day payment deferrals to approximately 1,200 customers with loans totaling $208.6 million. Many of those payment deferrals will have their next regularly scheduled payment due during the early part of the third quarter and while many have indicated a desire to resume their payments, we do anticipate continuing to work with our customers and approving a second 90 day deferral if appropriate.

Past due loans of 90 days or less represent 0.16% of the total loan portfolio at June 30, 2020 compared with 0.52% at December 31, 2019. While the current quarter end results are significantly improved over year-end, the improvement could reflect the intended impact of the payment deferrals previously mentioned. Management is attempting to identify those borrowers and industries that are most impacted by the pandemic, but the overall uncertainty of the length and magnitude of COVID-19 makes it very difficult to determine potential issues with any degree of precision. As a result, the Company has attempted to use certain qualitative factors when trying to assess the adequacy of its loan loss reserve.

As a community bank, our success is closely tied to the prosperity of those communities we serve. In April 2020, the Board of Directors responded to a need in our communities by making a $100,000 donation to fight food insecurity. This donation was allocated throughout the Company's footprint.

Asset Quality

Total nonperforming assets, including loans on non-accrual status, other real estate owned (OREO) and repossessed assets increased to $9.7 million at June 30, 2020 from $8.7 million at December 31, 2019. Loans on non-accrual status increased to $9.2 million from $7.7 million at December 31, 2019. While loans migrate to and from non-accrual status during the past six-months, one loan in the amount of $1.4 million moving to non-accrual in June accounts for the majority of the increase. OREO decreased by $552,000 to $404,000 at June 30, 2020 from $956,000 at the year-end December 31, 2019, reflecting foreclosure activity net of sales and write-downs of certain real estate properties. 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 $897,000 in provisions for credit losses in Q2 2020 compared to $683,000 for the first quarter and $90,000 for the prior year quarter ended June 30, 2019. The allowance for loan losses (ALLL) was $8.1 million at June 30, 2020 or 1.36% of total non-PPP loans compared to $6.6 million at December 31, 2019 or 1.06% of total loans. Net charge offs were $51,000 for 2020 year-to-date compared to $168,000 for the prior year comparative period. While we believe the current level of our ALLL is adequate, there remains a great deal of uncertainty with respect to the impact of the pandemic on asset quality and there is no assurance that regulators, increased risks in the loan portfolio, or changes in economic conditions will not require additional adjustments to the ALLL.

Net Interest Income

Net interest income of $8.7 million for the current quarter was up $132,000 from the $8.6 million for the quarter ended March 31, 2020 and $39,000 lower than the $8.8 million reported for the prior year quarter ended June 30, 2019. The net interest margin for the current quarter was 4.06% and declined by 33 and 36 basis points compared to the March 2020 and June 2019 periods, respectively. The yield on earning assets for the current quarter was 4.62% and was over 40 basis points lower than both comparative periods. As previously mentioned, the Company did recognize $633,000 in SBA PPP fees which had a 38 basis point positive impact on the yield on earning assets. The cost of funds was 0.54% for the current quarter; down from 0.66% for the March 2020 quarter and 0.61% from the prior year comparative quarter.

Net interest margin was impacted by the sharp reduction in short-term interest rates, the high volume of low priced PPP loans, soft new loan demand and a surge in deposit levels causing high levels of liquidity. In March, the Federal Reserve Bank (FRB) reduced short-term interest rates by 150 basis points in response to COVID-19. Since that action, the FRB has announced the anticipation that rates will remain at these low levels through 2022. The Company originated approximately $73.5 million in new PPP loans priced at 1%. The origination of these loans was important for the well-being of small businesses and our communities, but had an adverse impact on net interest margin. The pandemic also suppressed the desire of small businesses to expand and grow, which had a negative impact on new loan demand. Businesses and individuals are paying down debt in anticipation of challenging times ahead. Finally, deposit levels have increased significantly. While the Company continues to look at opportunities to decrease interest rates paid on deposits, there remains uncertainty as to how long deposits remain at current levels and therefore, we are cautious about investing the funds in anything other than short-term assets.

For the six-month period ended June 30, 2020, net interest income was $17.3 million, down $180,000 from $17.5 million for the six-month period ended June 30, 2019. Net interest margin declined during the current six-month period to 4.22% from 4.45% for the prior year comparative period.

Non-Interest Income

Total non-interest income was $2.3 million for both the current and linked quarter, with the current quarter increasing by $48,000, and was $2.8 million for the prior year quarter reflecting a $497,000 decline. Service charges and fees associated with deposit accounts were $1.6 million and declined by $147,000 and $161,000 compared to the March 2020 and June 2019 quarters, respectively. The pandemic has caused customers to be much more cautious with their spending and as a result, NSF fees for the current quarter are down by $339,000 compared to the linked quarter and $270,000 compared to the prior year quarter. After declining significantly in April and May, interchange fees on debit card transactions rebounded nicely and were $893,000 for the current quarter reflecting 18% and 11% increases over the comparative periods, respectively.

Revenue from the sale of mortgage loans in the current period was $266,000, representing a $132,000 increase over the $134,000 recognized for the first quarter of 2020 and a $127,000 increase over the $139,000 recorded in the prior year quarter. Mortgage rates have retraced to historically low levels and both refinance and purchase money activity is robust. Other non-interest income was $484,000 for the current quarter compared to $420,000 for the quarter ended March 31, 2020 and $947,000 for the prior year quarter. The prior year quarter included a $388,000 gain on the sale of securities.

Non-interest income for the six-month period ended June 30, 2020 was $4.6 million, down $400,000 from the $5.0 million reported for the first half of 2019. The aforementioned gain on sale of securities accounts for the majority of the difference. Increased gains on the sale of mortgage loans and trust revenue was more than offset by declines in service charges, related deposit account fees and brokerage fees.

Non-Interest Expense

Total non-interest expense was $8.3 million in the quarter ended June 30, 2020 compared to $8.4 million and $8.5 million for the March 2020 and June 2019 quarters, respectively. Salary and benefits expense is the largest component of non-interest expenses and was $4.5 million for the June 2020 quarter, down $85,000 and $122,000 compared to the linked and prior year quarters, respectively. Expenses for the first quarter of 2020 include approximately $100,000 in pre-tax severance payments. The reductions in personnel expense were not the result of COVID-19 related issues. The Company considers our employees to be our most valuable asset and has continued to compensate the team at normal levels despite a modified operating schedule. We would anticipate personnel expenses to increase in future quarters as we look to increase staff for the commercial lending function and for two additional branch offices in the second half of 2020.

Occupancy expense was $1.3 million in the current quarter, down $27,000 from the linked quarter and $64,000 from the prior year quarter. The realized cost savings are in the area of maintenance and repairs. Current quarter data processing expense was $918,000, down $40,000 from the linked quarter of $958,000 and up $118,000 from the prior year quarter of $800,000. The increase from the June 2019 quarter relates primarily to the outsourcing of our ATM fleet to a third party. Marketing, business development and public relations expenses were $349,000 in the current quarter compared to $368,000 for the March 2020 quarter and $434,000 for the prior year quarter. The pandemic has limited the normal level of activity in these categories. As previously mentioned, the current quarter does include a $100,000 donation to fight food insecurity in our footprint. Other non-interest expenses were $1.2 million for both the current and linked quarter and $1.3 million for the prior year quarter.

Non-interest expenses for the six-month period ended June 30, 2020 were $16.7 million, down $168,000 from $16.8 million for the prior year. We experienced decreases in salary and benefits, occupancy, marketing and business development, amortization of core deposit intangibles, professional fees and travel, which were partially offset by increases in data processing and audit fees.

Income tax expense was $260,000 for the current quarter compared to $236,000 for the March 2020 quarter and $530,000 for the June 2019 quarter. The decline was primarily due to a reduction in the effective tax rate to 13.66% compared to 13.18% for the linked quarter and 17.82% for the prior year quarter. The downward shift in the effective tax rate from 2019 to 2020 is due to the restructure of the investment portfolio in the second quarter of 2019 to a higher concentration of tax-exempt securities. Year-to-date, income tax expense was $497,000 with an effective rate of 13.43% compared to $942,000 and 17.36% for the prior year six-month period.

Balance Sheet

Total assets are $1.0 billion at June 30, 2020, reflecting a $142.0 million or 16% increase over the $885.0 million at December 31, 2019. Categories experiencing the largest increases include cash and interest-bearing deposits with banks up $57.8 million, loans held for investment are up $49.2 million and investment securities are up $30.2 million. As previously mentioned, the Company has originated $73.5 million of PPP loans and the demand for non-PPP loans has been impacted by the economic conditions resulting from the pandemic. Borrowers also appear to be paying down debt in the face of future uncertainty, which has resulted in a decline of approximately $24.4 million in non-PPP loans since December 31, 2019.

As we headed into the pandemic, we were aware of the impact the SBA's PPP program might have on the asset side of our balance sheet and were preparing for a potential liquidity crunch. However, as the PPP loan proceeds and consumer stimulus checks flowed to customer accounts, along with continued success of new customer acquisition, deposit levels increased substantially. We remain cautious with respect to our current liquidity position and continue to maintain large sums of cash.

Total deposits increased by $134.3 million or 17% to $906.4 million at June 30, 2020 from $772.1 million at December 31, 2019. All five primary deposit categories have experienced increases over the six month period. Non-interest bearing checking increased by $75.0 million, savings deposits by $26.2 million, money market by $21.4 million, interest-bearing checking by $6.3 million and time deposits by $5.4 million.

Other liabilities increased by approximately $2.4 million since year-end 2019. A short-term advance we had taken down prior to March 31, 2020 was repaid during the second quarter.

Stockholders' equity increased by $5.4 million to $94.2 million at June 30, 2020 from $88.9 million at December 31, 2019. The increase is comprised of year-to-date net earnings of $3.2 million, plus the increase in other comprehensive income of $4.0 million, less the declared/paid dividend to common shareholders of $1.8 million. The tangible equity to assets ratio decreased to 8.29% at June 30, 2020 from 9.46% at December 31, 2019 due to asset growth. There were 1,560,000 common shares outstanding at both June 30, 2020 and December 31, 2019. Tangible book value per common share increased to $54.61 at June 30, 2020 compared to $53.70 for the 2019 year-end.

Key Performance Ratios

Return on average assets (ROA) declined in for the current quarter compared with linked and prior year periods. ROA is 0.66% for the three months ended June 30, 2020 compared to 0.70% for March 31, 2020 and 1.11% for June 30, 2019. Return on average equity (ROE) is 7.09% for the current period, 6.81% for the linked quarter and 11.55% for the prior year period. ROA and ROE for both 2020 periods were significantly impacted by the large loan loss provision recorded in the current quarter. ROA and ROE for the six-month periods ended June 30, 2020 and 2019 were 0.68% and 1.03%, and 6.97% and 10.82%, respectively.

About JD Bancshares, Inc.

JD Bancshares, Inc. is the bank holding company of JD Bank, a state chartered bank headquartered in Jennings, Louisiana. JD Bank has been serving the citizens of southwest 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 located along the Interstate 10 corridor from Lake Charles to Lafayette, Louisiana. JD Bancshares, Inc. may be accessed on its website at www.jdbank.com/investor relations.

JD Bancshares, Inc. (OTCQX: JDVB) trades on the OTCQX Best Market. Companies 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 www.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.

JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA

CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

 
Actual
Jun 30, 2020
 
 
Actual
Dec 31, 2019
 
 
$ Variance
 
 
% Variance
 

Assets

Cash and due from banks

 
 
67,794,515
 
 
 
30,370,742
 
 
 
37,423,773
 
 
 
123.2
 

Interest bearing deposits with banks

 
 
32,322,957
 
 
 
11,982,637
 
 
 
20,340,320
 
 
 
169.7
 

Investment Securities – Taxable

 
 
102,740,371
 
 
 
69,127,279
 
 
 
33,613,092
 
 
 
48.6
 

Investment Securities – Tax-exempt

 
 
97,350,826
 
 
 
100,803,434
 
 
 
(3,452,608
)
 
 
(3.4
)

Mortgage loans held for sale

 
 
2,014,827
 
 
 
1,041,433
 
 
 
973,394
 
 
 
93.5
 

Loans, net of unearned income

 
 
669,895,298
 
 
 
620,734,159
 
 
 
49,161,139
 
 
 
7.9
 

Less: Allowance for loan losses

 
 
(8,138,563
)
 
 
(6,609,790
)
 
 
(1,528,773
)
 
 
(23.1
)

Premises and equipment, net

 
 
23,693,575
 
 
 
24,335,806
 
 
 
(642,231
)
 
 
(2.6
)

Accrued interest receivable

 
 
5,413,548
 
 
 
3,456,611
 
 
 
1,956,937
 
 
 
56.6
 

Other real estate

 
 
404,290
 
 
 
955,977
 
 
 
(551,687
)
 
 
(57.7
)

Other assets

 
 
33,682,636
 
 
 
28,850,470
 
 
 
4,832,166
 
 
 
16.7
 

Total Assets

 
$
1,027,174,280
 
 
$
885,048,758
 
 
$
142,125,522
 
 
 
16.1
 

Liabilities

Non-Interest Bearing Deposits

 
 
343,339,969
 
 
 
268,308,603
 
 
 
75,031,366
 
 
 
28.0
 

Interest bearing demand deposits

 
 
165,024,884
 
 
 
158,753,030
 
 
 
6,271,854
 
 
 
4.0
 

Savings and Money Market Deposits

 
 
278,486,031
 
 
 
230,802,149
 
 
 
47,683,882
 
 
 
20.7
 

Time Deposits – Retail

 
 
119,594,018
 
 
 
114,239,259
 
 
 
5,354,759
 
 
 
4.7
 

Total Deposits

 
 
906,444,902
 
 
 
772,103,041
 
 
 
134,341,861
 
 
 
17.4
 

Accrued expenses and other liabilities

 
 
6,037,740
 
 
 
3,582,141
 
 
 
2,455,599
 
 
 
68.6
 

FHLB Advances

 
 
2,888,157
 
 
 
3,011,367
 
 
 
(123,210
)
 
 
(4.1
)

Other Borrowings

 
 
17,559,438
 
 
 
17,490,445
 
 
 
68,993
 
 
 
0.4
 

Total Liabilities

 
$
932,930,237
 
 
$
796,186,994
 
 
$
136,743,243
 
 
 
17.2
 

Equity

Common stock

 
 
9,750,000
 
 
 
9,750,000
 
 
 
–
 
 
 
–
 

Capital surplus

 
 
3,598,000
 
 
 
3,598,000
 
 
 
–
 
 
 
–
 

Retained earnings

 
 
72,751,738
 
 
 
65,644,694
 
 
 
7,107,044
 
 
 
10.8
 

Accumulated other comprehensive income (loss)

 
 
5,228,026
 
 
 
1,270,276
 
 
 
3,957,750
 
 
 
311.6
 

Less: Treasury stock, at cost

 
 
(290,430
)
 
 
(349,050
)
 
 
58,620
 
 
 
16.8
 

Net Income

 
 
3,206,709
 
 
 
8,947,844
 
 
 
(5,741,135
)
 
 
(64.2
)

Total Equity

 
$
94,244,043
 
 
$
88,861,764
 
 
$
5,382,279
 
 
 
6.1
 

Total Liabilities & Equity

 
$
1,027,174,280
 
 
$
885,048,758
 
 
$
142,125,522
 
 
 
16.1
 

JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA

CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

 
QTD
Actual
Jun 2020
 
 
QTD
Actual
Mar 2020
 
 
$ Variance
 
 
% Variance
 
 
QTD
Actual
Jun 2019
 
 
$ Variance
 
 
% Variance
 

Interest Income

Interest on Loans

 
 
8,729,051
 
 
 
8,644,002
 
 
 
85,049
 
 
 
1.0
 
 
 
8,581,485
 
 
 
147,566
 
 
 
1.7
 

Mortgage Loans Held For Sale

 
 
7,115
 
 
 
6,338
 
 
 
777
 
 
 
12.3
 
 
 
5,210
 
 
 
1,904
 
 
 
36.6
 

Funds Transfer Interest

 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
98
 
 
 
(98
)
 
 
(100.0
)

Interest on deposits with banks

 
 
85,381
 
 
 
58,842
 
 
 
26,539
 
 
 
45.1
 
 
 
292,217
 
 
 
(206,836
)
 
 
(70.8
)

Investment Securities – Taxable

 
 
405,179
 
 
 
454,490
 
 
 
(49,311
)
 
 
(10.8
)
 
 
661,649
 
 
 
(256,470
)
 
 
(38.8
)

Investment Securities – Tax-exempt

 
 
709,402
 
 
 
720,311
 
 
 
(10,909
)
 
 
(1.5
)
 
 
430,669
 
 
 
278,733
 
 
 
64.7
 

Total Interest Income

 
 
9,936,128
 
 
 
9,883,983
 
 
 
52,145
 
 
 
0.5
 
 
 
9,971,328
 
 
 
(35,201
)
 
 
(0.4
)

Interest Expense

Interest bearing demand deposits

 
 
216,511
 
 
 
227,580
 
 
 
(11,069
)
 
 
(4.9
)
 
 
237,602
 
 
 
(21,091
)
 
 
(8.9
)

Savings and Money Market Deposits

 
 
173,370
 
 
 
212,164
 
 
 
(38,794
)
 
 
(18.3
)
 
 
187,021
 
 
 
(13,651
)
 
 
(7.3
)

Time Deposits – Retail

 
 
453,825
 
 
 
472,186
 
 
 
(18,361
)
 
 
(3.9
)
 
 
362,073
 
 
 
91,752
 
 
 
25.3
 

Total Interest Expense on Deposits

 
 
843,706
 
 
 
911,930
 
 
 
(68,224
)
 
 
(7.5
)
 
 
786,696
 
 
 
57,010
 
 
 
7.2
 

FHLB Advances

 
 
36,892
 
 
 
54,513
 
 
 
(17,621
)
 
 
(32.3
)
 
 
120,601
 
 
 
(83,709
)
 
 
(69.4
)

Interest on other borrowings

 
 
338,534
 
 
 
332,916
 
 
 
5,618
 
 
 
1.7
 
 
 
307,664
 
 
 
30,869
 
 
 
10.0
 

Total Interest Expense

 
 
1,219,132
 
 
 
1,299,359
 
 
 
(80,227
)
 
 
(6.2
)
 
 
1,214,961
 
 
 
4,170
 
 
 
0.3
 

Net Interest Income

 
 
8,716,996
 
 
 
8,584,624
 
 
 
132,372
 
 
 
1.5
 
 
 
8,756,367
 
 
 
(39,371
)
 
 
(0.4
)

Provision for loan losses

 
 
897,000
 
 
 
683,000
 
 
 
214,000
 
 
 
31.3
 
 
 
90,000
 
 
 
807,000
 
 
 
896.7
 

Net In. Inc. After Prov. for Loan Losses

 
 
7,819,996
 
 
 
7,901,624
 
 
 
(81,628)
 
 
 
(1.0)
 
 
 
8,666,367
 
 
 
(846,371
)
 
 
(9.8
)

Non Interest Income

Service charges and fees

 
 
1,599,294
 
 
 
1,746,479
 
 
 
(147,185
)
 
 
(8.4
)
 
 
1,760,265
 
 
 
(160,971
)
 
 
(9.1
)

Mortgage loan and related fees

 
 
266,170
 
 
 
134,400
 
 
 
131,770
 
 
 
98.0
 
 
 
139,409
 
 
 
126,761
 
 
 
90.9
 

Other noninterest income

 
 
483,733
 
 
 
420,013
 
 
 
63,720
 
 
 
15.2
 
 
 
946,957
 
 
 
(463,221
)
 
 
(48.9
)

Total Non Interest Income

 
 
2,349,197
 
 
 
2,300,892
 
 
 
48,305
 
 
 
2.1
 
 
 
2,846,631
 
 
 
(497,431
)
 
 
(17.5
)

Non Interest Expense

Salaries and employee benefits

 
 
4,537,459
 
 
 
4,622,703
 
 
 
(85,244
)
 
 
(1.8
)
 
 
4,659,085
 
 
 
(121,626
)
 
 
(2.6
)

Occupancy

 
 
1,267,802
 
 
 
1,294,305
 
 
 
(26,503
)
 
 
(2.0
)
 
 
1,331,815
 
 
 
(64,013
)
 
 
(4.8
)

Advertising and public relations

 
 
348,689
 
 
 
368,149
 
 
 
(19,460
)
 
 
(5.6
)
 
 
433,864
 
 
 
(85,175
)
 
 
(24.4
)

Data Processing

 
 
917,778
 
 
 
958,038
 
 
 
(40,260
)
 
 
(4.4
)
 
 
800,282
 
 
 
117,496
 
 
 
12.8
 

Other noninterest expense

 
 
1,187,492
 
 
 
1,165,213
 
 
 
22,279
 
 
 
1.9
 
 
 
1,315,302
 
 
 
(127,810
)
 
 
(10.8
)

Total Non Interest Expense

 
 
8,259,220
 
 
 
8,408,408
 
 
 
(149,188
)
 
 
(1.8
)
 
 
8,540,348
 
 
 
(281,128
)
 
 
(3.3
)

Income Before Taxes

 
 
1,909,973
 
 
 
1,794,108
 
 
 
115,865
 
 
 
6.5
 
 
 
2,972,650
 
 
 
(1,062,677
)
 
 
(35.7
)

Income taxes

 
 
260,977
 
 
 
236,395
 
 
 
24,582
 
 
 
10.4
 
 
 
529,725
 
 
 
(268,748
)
 
 
(50.7
)

Net Income

 
$
1,648,996
 
 
$
1,557,713
 
 
$
91,283
 
 
 
5.9
 
 
$
2,442,925
 
 
$
(793,929)
 
 
 
(32.5)
 

Per common share data:

Earnings

 
$
1.06
 
 
$
1.00
 
 
 
 
 
 
 
 
 
 
$
1.57
 
 
 
 
 
 
 
 
 

Weighted average number of shares outstanding

 
 
1,560,000
 
 
 
1,560,000
 
 
 
 
 
 
 
 
 
 
 
1,559,156
 
 
 
 
 
 
 
 
 

JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA

CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

 
YTD
Actual
Jun 2020
 
 
YTD
Actual
Jun 2019
 
 
$ Variance
 
 
% Variance
 

Interest Income

Interest on Loans

 
 
17,373,053
 
 
 
17,202,011
 
 
 
171,042
 
 
 
1.0
 

Mortgage Loans Held For Sale

 
 
13,453
 
 
 
11,729
 
 
 
1,724
 
 
 
14.7
 

Funds Transfer Interest

 
 
–
 
 
 
98
 
 
 
(98
)
 
 
(100.0
)

Interest on deposits with banks

 
 
144,223
 
 
 
447,857
 
 
 
(303,634
)
 
 
(67.8
)

Investment Securities – Taxable

 
 
859,669
 
 
 
1,357,715
 
 
 
(498,046
)
 
 
(36.7
)

Investment Securities – Tax-exempt

 
 
1,429,712
 
 
 
886,049
 
 
 
543,663
 
 
 
61.4
 

Total Interest Income

 
 
19,820,110
 
 
 
19,905,459
 
 
 
(85,349
)
 
 
(0.4
)

Interest Expense

Interest bearing demand deposits

 
 
444,091
 
 
 
466,775
 
 
 
(22,684
)
 
 
(4.9
)

Savings and Money Market Deposits

 
 
385,534
 
 
 
346,422
 
 
 
39,112
 
 
 
11.3
 

Time Deposits – Retail

 
 
926,011
 
 
 
674,158
 
 
 
251,853
 
 
 
37.4
 

Total Interest Expense on Deposits

 
 
1,755,636
 
 
 
1,487,355
 
 
 
268,281
 
 
 
18.0
 

FHLB Advances

 
 
91,405
 
 
 
317,336
 
 
 
(225,931
)
 
 
(71.2
)

Interest on other borrowings

 
 
671,449
 
 
 
618,872
 
 
 
52,577
 
 
 
8.5
 

Total Interest Expense

 
 
2,518,490
 
 
 
2,423,563
 
 
 
94,927
 
 
 
3.9
 

Net Interest Income

 
 
17,301,620
 
 
 
17,481,896
 
 
 
(180,276
)
 
 
(1.0
)

Provision for loan losses

 
 
1,580,000
 
 
 
270,000
 
 
 
1,310,000
 
 
 
485.2
 

Net In. Inc. After Prov. for Loan Losses

 
 
15,721,620
 
 
 
17,211,896
 
 
 
(1,490,276
)
 
 
(8.7
)

Non Interest Income

Service charges and fees

 
 
3,345,773
 
 
 
3,403,724
 
 
 
(57,951
)
 
 
(1.7
)

Mortgage loan and related fees

 
 
400,569
 
 
 
317,143
 
 
 
83,426
 
 
 
26.3
 

Other noninterest income

 
 
903,747
 
 
 
1,328,876
 
 
 
(425,129
)
 
 
(32.0
)

Total Non Interest Income

 
 
4,650,089
 
 
 
5,049,743
 
 
 
(399,654
)
 
 
(7.9
)

Non Interest Expense

Salaries and employee benefits

 
 
9,160,162
 
 
 
9,227,487
 
 
 
(67,325
)
 
 
(0.7
)

Occupancy

 
 
2,562,107
 
 
 
2,588,597
 
 
 
(26,490
)
 
 
(1.0
)

Advertising and public relations

 
 
716,839
 
 
 
864,855
 
 
 
(148,016
)
 
 
(20.6
)

Data Processing

 
 
1,875,816
 
 
 
1,508,560
 
 
 
367,256
 
 
 
19.6
 

Other noninterest expense

 
 
2,352,704
 
 
 
2,646,313
 
 
 
(293,609
)
 
 
(12.5
)

Total Non Interest Expense

 
 
16,667,628
 
 
 
16,835,812
 
 
 
(168,184
)
 
 
(1.0
)

Income Before Taxes

 
 
3,704,081
 
 
 
5,425,827
 
 
 
(1,721,746
)
 
 
(31.7
)

Income taxes

 
 
497,372
 
 
 
941,928
 
 
 
(444,556
)
 
 
(47.2
)

Net Income

 
$
3,206,709
 
 
$
4,483,899
 
 
$
(1,277,190)
 
 
 
(28.5)
 

Per common share data:

Earnings

 
$
2.06
 
 
$
2.88
 
 
 
 
 
 
 
 
 

Weighted average number of shares outstanding

 
 
1,560,000
 
 
 
1,559,156
 
 
 
 
 
 
 
 
 

JD BANCSHARES, INC. AND SUBSIDIARIES

Margin Analysis Compare

 
Average Yield and Rate
 
 
Average Funds
 
 
Interest Income/Expense
 

 
QTD
Actual
Jun 2020
 
 
QTD
Actual
Mar 2020
 
 
Change
 
 
QTD
Actual
Jun 2020
 
 
QTD
Actual
Mar 2020
 
 
Change
 
 
QTD
Actual
Jun 2020
 
 
QTD
Actual
Mar 2020
 
 
Change
 

Earning Assets

Loans with fees

 
 
5.27
 
 
 
5.6
 
 
 
-0.33
 
 
 
666,565,011
 
 
 
620,487,435
 
 
 
46,077,576
 
 
 
8,729,051
 
 
 
8,644,002
 
 
 
85,049
 

Mortgage loans held for sale

 
 
3.15
 
 
 
3.54
 
 
 
-0.39
 
 
 
904,186
 
 
 
715,730
 
 
 
188,456
 
 
 
7,115
 
 
 
6,338
 
 
 
777
 

Deposits with banks

 
 
0.66
 
 
 
1.38
 
 
 
-0.72
 
 
 
52,180,780
 
 
 
17,094,203
 
 
 
35,086,577
 
 
 
85,381
 
 
 
58,842
 
 
 
26,539
 

Investment securities – taxable

 
 
2.52
 
 
 
2.74
 
 
 
-0.22
 
 
 
64,300,443
 
 
 
66,439,061
 
 
 
-2,138,618
 
 
 
405,179
 
 
 
454,490
 
 
 
-49,311
 

Investment securities – tax-exempt

 
 
3.68
 
 
 
3.69
 
 
 
-0.01
 
 
 
97,531,827
 
 
 
98,970,950
 
 
 
-1,439,122
 
 
 
709,402
 
 
 
720,311
 
 
 
-10,909
 

Total Earning Assets

 
 
4.62
 
 
 
5.04
 
 
 
-0.42
 
 
 
881,482,248
 
 
 
803,707,379
 
 
 
77,774,869
 
 
 
9,936,128
 
 
 
9,883,983
 
 
 
52,145
 

Interest bearing liabilities

Interest bearing demand

 
 
0.53
 
 
 
0.61
 
 
 
-0.08
 
 
 
164,364,465
 
 
 
149,952,342
 
 
 
14,412,123
 
 
 
216,511
 
 
 
227,580
 
 
 
-11,069
 

Savings and Money Market

 
 
0.25
 
 
 
0.36
 
 
 
-0.11
 
 
 
273,462,089
 
 
 
235,240,671
 
 
 
38,221,418
 
 
 
173,370
 
 
 
212,164
 
 
 
-38,794
 

Time deposits – Retail

 
 
1.55
 
 
 
1.65
 
 
 
-0.1
 
 
 
117,827,863
 
 
 
115,281,374
 
 
 
2,546,489
 
 
 
453,825
 
 
 
472,186
 
 
 
-18,361
 

Total interest bearing deposits

 
 
0.61
 
 
 
0.73
 
 
 
-0.12
 
 
 
555,654,417
 
 
 
500,474,387
 
 
 
55,180,030
 
 
 
843,706
 
 
 
911,930
 
 
 
-68,224
 

Federal home Loan Bank advances

 
 
1.42
 
 
 
2.31
 
 
 
-0.89
 
 
 
10,302,440
 
 
 
9,337,584
 
 
 
964,856
 
 
 
36,892
 
 
 
54,513
 
 
 
-17,621
 

Other borrowings

 
 
7.64
 
 
 
7.15
 
 
 
0.49
 
 
 
17,537,784
 
 
 
18,434,746
 
 
 
-896,962
 
 
 
338,534
 
 
 
332,916
 
 
 
5,618
 

Total borrowed funds

 
 
5.33
 
 
 
5.52
 
 
 
-0.19
 
 
 
27,840,223
 
 
 
27,772,329
 
 
 
67,894
 
 
 
375,426
 
 
 
387,429
 
 
 
-12,004
 

Total interest-bearing liabilities

 
 
0.84
 
 
 
0.98
 
 
 
-0.15
 
 
 
583,494,640
 
 
 
528,246,717
 
 
 
55,247,924
 
 
 
1,219,132
 
 
 
1,299,359
 
 
 
-80,228
 

Net interest rate spread

 
 
3.78
 
 
 
4.05
 
 
 
-0.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8,716,996
 
 
 
8,584,624
 
 
 
132,372
 

Effect of non-interest bearing deposits

 
 
-0.3
 
 
 
-0.32
 
 
 
0.03
 
 
 
326,018,950
 
 
 
264,195,122
 
 
 
61,823,828
 
 
 
 
 
 
 
 
 
 
 
 
 

Cost of funds

 
 
0.54
 
 
 
0.66
 
 
 
-0.12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Net interest margin

 
 
4.06
 
 
 
4.39
 
 
 
-0.33
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

JD BANCSHARES, INC. AND SUBSIDIARIES

Margin Analysis Compare

 
Average Yield and Rate
 
 
Average Funds
 
 
Interest Income/Expense
 

 
QTD
Actual
Jun 2020
 
 
QTD
Actual
Jun 2019
 
 
Change
 
 
QTD
Actual
Jun 2020
 
 
QTD
Actual
Jun 2019
 
 
Change
 
 
QTD
Actual
Jun 2020
 
 
QTD
Actual
Jun 2019
 
 
Change
 

Earning Assets

Loans with fees

 
 
5.27
 
 
 
5.55
 
 
 
-0.28
 
 
 
666,565,011
 
 
 
620,424,557
 
 
 
46,140,455
 
 
 
8,729,051
 
 
 
8,581,583
 
 
 
147,468
 

Mortgage loans held for sale

 
 
3.15
 
 
 
4.66
 
 
 
-1.51
 
 
 
904,186
 
 
 
447,240
 
 
 
456,947
 
 
 
7,115
 
 
 
5,210
 
 
 
1,904
 

Deposits with banks

 
 
0.66
 
 
 
3.03
 
 
 
-2.37
 
 
 
52,180,780
 
 
 
38,650,573
 
 
 
13,530,207
 
 
 
85,381
 
 
 
292,217
 
 
 
-206,836
 

Investment securities – taxable

 
 
2.52
 
 
 
2.73
 
 
 
-0.21
 
 
 
64,300,443
 
 
 
96,785,879
 
 
 
-32,485,435
 
 
 
405,179
 
 
 
661,649
 
 
 
-256,470
 

Investment securities – tax-exempt

 
 
3.68
 
 
 
4.47
 
 
 
-0.79
 
 
 
97,531,827
 
 
 
48,740,701
 
 
 
48,791,126
 
 
 
709,402
 
 
 
430,669
 
 
 
278,733
 

Total Earning Assets

 
 
4.62
 
 
 
5.02
 
 
 
-0.41
 
 
 
881,482,248
 
 
 
805,048,949
 
 
 
76,433,299
 
 
 
9,936,128
 
 
 
9,971,329
 
 
 
-35,201
 

Interest bearing liabilities

Interest bearing demand

 
 
0.53
 
 
 
0.64
 
 
 
-0.11
 
 
 
164,364,465
 
 
 
147,827,608
 
 
 
16,536,857
 
 
 
216,511
 
 
 
237,602
 
 
 
-21,091
 

Savings and Money Market

 
 
0.25
 
 
 
0.33
 
 
 
-0.08
 
 
 
273,462,089
 
 
 
230,271,185
 
 
 
43,190,904
 
 
 
173,370
 
 
 
187,021
 
 
 
-13,651
 

Time deposits – Retail

 
 
1.55
 
 
 
1.29
 
 
 
0.26
 
 
 
117,827,863
 
 
 
112,778,237
 
 
 
5,049,626
 
 
 
453,825
 
 
 
362,073
 
 
 
91,752
 

Time Deposits – Wholesale

 
 
0
 
 
 
0
 
 
 
0
 
 
 
0
 
 
 
-298
 
 
 
298
 
 
 
0
 
 
 
0
 
 
 
0
 

Total interest bearing deposits

 
 
0.61
 
 
 
0.64
 
 
 
-0.03
 
 
 
555,654,417
 
 
 
490,876,732
 
 
 
64,777,685
 
 
 
843,706
 
 
 
786,695
 
 
 
57,011
 

Federal home Loan Bank advances

 
 
1.42
 
 
 
2.75
 
 
 
-1.33
 
 
 
10,302,440
 
 
 
17,339,864
 
 
 
-7,037,424
 
 
 
36,892
 
 
 
120,601
 
 
 
-83,709
 

Other borrowings

 
 
7.64
 
 
 
6.96
 
 
 
0.68
 
 
 
17,537,784
 
 
 
17,483,869
 
 
 
53,915
 
 
 
338,534
 
 
 
307,664
 
 
 
30,869
 

Total borrowed funds

 
 
5.33
 
 
 
4.87
 
 
 
0.46
 
 
 
27,840,223
 
 
 
34,823,732
 
 
 
-6,983,509
 
 
 
375,426
 
 
 
428,265
 
 
 
-52,839
 

Total interest-bearing liabilities

 
 
0.84
 
 
 
0.92
 
 
 
-0.09
 
 
 
583,494,640
 
 
 
525,700,464
 
 
 
57,794,176
 
 
 
1,219,132
 
 
 
1,214,960
 
 
 
4,172
 

Net interest rate spread

 
 
3.78
 
 
 
4.1
 
 
 
-0.32
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8,716,996
 
 
 
8,756,369
 
 
 
-39,373
 

Effect of non-interest bearing deposits

 
 
-0.3
 
 
 
-0.31
 
 
 
0.02
 
 
 
326,018,950
 
 
 
268,070,870
 
 
 
57,948,080
 
 
 
 
 
 
 
 
 
 
 
 
 

Cost of funds

 
 
0.54
 
 
 
0.61
 
 
 
-0.07
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Net interest margin

 
 
4.06
 
 
 
4.42
 
 
 
-0.36
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

JD BANCSHARES, INC. AND SUBSIDIARIES

Margin Analysis Compare

 
Average Yield and Rate
 
 
Average Funds
 
 
Interest Income/Expense
 

 
YTD
Actual
Jun 2020
 
 
YTD
Actual
Jun 2019
 
 
Change
 
 
YTD
Actual
Jun 2020
 
 
YTD
Actual
Jun 2019
 
 
Change
 
 
YTD
Actual
Jun 2020
 
 
YTD
Actual
Jun 2019
 
 
Change
 

Earning Assets

Loans with fees

 
 
5.43
 
 
 
5.58
 
 
 
-0.15
 
 
 
643,526,223
 
 
 
621,861,693
 
 
 
21,664,531
 
 
 
17,373,053
 
 
 
17,202,109
 
 
 
170,944
 

Mortgage loans held for sale

 
 
3.32
 
 
 
4.45
 
 
 
-1.13
 
 
 
809,958
 
 
 
527,627
 
 
 
282,332
 
 
 
13,453
 
 
 
11,729
 
 
 
1,724
 

Deposits with banks

 
 
0.84
 
 
 
2.94
 
 
 
-2.1
 
 
 
34,637,491
 
 
 
30,729,825
 
 
 
3,907,667
 
 
 
144,223
 
 
 
447,857
 
 
 
-303,634
 

Investment securities – taxable

 
 
2.63
 
 
 
2.74
 
 
 
-0.11
 
 
 
65,369,752
 
 
 
98,983,385
 
 
 
-33,613,632
 
 
 
859,669
 
 
 
1,357,715
 
 
 
-498,046
 

Investment securities – tax-exempt

 
 
3.68
 
 
 
4.51
 
 
 
-0.83
 
 
 
98,251,389
 
 
 
49,787,173
 
 
 
48,464,215
 
 
 
1,429,714
 
 
 
886,050
 
 
 
543,663
 

Total Earning Assets

 
 
4.82
 
 
 
5.06
 
 
 
-0.24
 
 
 
842,594,814
 
 
 
801,889,702
 
 
 
40,705,112
 
 
 
19,820,110
 
 
 
19,905,460
 
 
 
-85,349
 

Interest bearing liabilities

Interest bearing demand

 
 
0.57
 
 
 
0.63
 
 
 
-0.06
 
 
 
157,158,404
 
 
 
148,337,593
 
 
 
8,820,811
 
 
 
444,091
 
 
 
466,775
 
 
 
-22,684
 

Savings and Money Market

 
 
0.3
 
 
 
0.31
 
 
 
-0.01
 
 
 
254,351,380
 
 
 
225,215,666
 
 
 
29,135,714
 
 
 
385,534
 
 
 
346,422
 
 
 
39,112
 

Time deposits – Retail

 
 
1.6
 
 
 
1.19
 
 
 
0.41
 
 
 
116,554,618
 
 
 
113,898,677
 
 
 
2,655,941
 
 
 
926,011
 
 
 
674,159
 
 
 
251,853
 

Time Deposits – Wholesale

 
 
0
 
 
 
0
 
 
 
0
 
 
 
0
 
 
 
-150
 
 
 
150
 
 
 
0
 
 
 
0
 
 
 
0
 

Total interest bearing deposits

 
 
0.67
 
 
 
0.62
 
 
 
0.05
 
 
 
528,064,402
 
 
 
487,451,786
 
 
 
40,612,616
 
 
 
1,755,636
 
 
 
1,487,355
 
 
 
268,280
 

Federal home Loan Bank advances

 
 
1.84
 
 
 
2.7
 
 
 
-0.86
 
 
 
9,820,012
 
 
 
23,410,565
 
 
 
-13,590,553
 
 
 
91,405
 
 
 
317,336
 
 
 
-225,931
 

Other borrowings

 
 
7.39
 
 
 
6.95
 
 
 
0.44
 
 
 
17,986,265
 
 
 
17,712,119
 
 
 
274,146
 
 
 
671,449
 
 
 
618,872
 
 
 
52,577
 

Total borrowed funds

 
 
5.43
 
 
 
4.53
 
 
 
0.9
 
 
 
27,806,276
 
 
 
41,122,684
 
 
 
-13,316,407
 
 
 
762,855
 
 
 
936,208
 
 
 
-173,353
 

Total interest-bearing liabilities

 
 
0.91
 
 
 
0.92
 
 
 
-0.01
 
 
 
555,870,678
 
 
 
528,574,470
 
 
 
27,296,209
 
 
 
2,518,491
 
 
 
2,423,564
 
 
 
94,927
 

Net interest rate spread

 
 
3.91
 
 
 
4.14
 
 
 
-0.23
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17,301,620
 
 
 
17,481,896
 
 
 
-180,276
 

Effect of non-interest bearing deposits

 
 
-0.32
 
 
 
-0.31
 
 
 
-0.01
 
 
 
295,107,036
 
 
 
262,836,364
 
 
 
32,270,672
 
 
 
 
 
 
 
 
 
 
 
 
 

Cost of funds

 
 
0.59
 
 
 
0.61
 
 
 
-0.02
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Net interest margin

 
 
4.22
 
 
 
4.45
 
 
 
-0.23
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

JD BANCSHARES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

Financial Ratios

 
 
 
 
 
 
 
 
 
 
For the Six
 
 
For the Six
 

 
For the Qtr
 
 
For the Qtr
 
 
For the Qtr
 
 
Months
 
 
Months
 

 
Ended
 
 
Ended
 
 
Ended
 
 
Ended
 
 
Ended
 

 
June 30,
2020
 
 
March 31,
2020
 
 
June 30,
2019
 
 
June 30,
2020
 
 
June 30,
2019
 

Performance Ratios

Return on Average Assets

 
 
0.66
%
 
 
0.70
%
 
 
1.11
%
 
 
0.68
%
 
 
1.03
%

Return on Average Equity

 
 
7.09
%
 
 
6.81
%
 
 
11.55
%
 
 
6.97
%
 
 
10.82
%

Earnings per Share

 
$
1.06
 
 
$
1.00
 
 
$
1.57
 
 
$
2.06
 
 
$
2.88
 

Net Interest Margin

 
 
4.06
%
 
 
4.39
%
 
 
4.42
%
 
 
4.22
%
 
 
4.45
%

 
As of
 
 
As of
 

 
June 30,
2020
 
 
December 31,
2019
 

Capital

Tier 1 Leverage Ratio

 
 
8.32
%
 
 
9.51
%

Common Equity Tier 1 Ratio

 
 
12.30
%
 
 
13.04
%

Tier 1 Risk-Based Capital Ratio

 
 
12.30
%
 
 
13.04
%

Total Risk-Based Capital Ratio

 
 
13.48
%
 
 
14.07
%

Tangible Equity / Total Assets

 
 
8.29
%
 
 
9.46
%

Tangible Book Value per Share

 
$
54.61
 
 
$
53.70
 

Reconcilement of GAAP to Pre-tax, Pre-Provision Operating Income:

 
 
 
 
 
 
 
 
 
 
For the Six
 
 
For the Six
 

 
For the Qtr
 
 
For the Qtr
 
 
For the Qtr
 
 
Months
 
 
Months
 

 
Ended
 
 
Ended
 
 
Ended
 
 
Ended
 
 
Ended
 

 
June 30,
2020
 
 
March 31,
2020
 
 
June 30,
2019
 
 
June 30,
2020
 
 
June 30,
2019
 

Net Income (GAAP)

 
$ 
1,648,996
 
 
$ 
1,557,713
 
 
$ 
2,442,925
 
 
$ 
3,206,709
 
 
$ 
4,483,899
 

Provision for Loan Lossess

 
 
897,000
 
 
 
683,000
 
 
 
90,000
 
 
 
1,580,000
 
 
 
270,000
 

Loss on OREO

 
 
40,669
 
 
 
25,140
 
 
 
88,606
 
 
 
65,809
 
 
 
147,015
 

Less: Gain on Securities

 
 
–
 
 
 
–
 
 
 
(388,398
)
 
 
–
 
 
 
(388,398
)

Income Tax Expense

 
 
260,977
 
 
 
236,395
 
 
 
529,725
 
 
 
497,372
 
 
 
941,928
 

Pre-tax, Pre-Provision Operating Income

 
$ 
2,847,642
 
 
$ 
2,502,248
 
 
$ 
2,762,858
 
 
$ 
5,349,890
 
 
$ 
5,454,444
 

For more information contact:

JD Bancshares, Inc. Bruce Elder (CEO) (337-246-5399)
Paul Brummett (EVP) (337-824-1422)
Website: www.jdbank.com

SOURCE: JD Bancshares, Inc.

ReleaseID: 598663