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JD Bancshares, Inc. Reports Increase in Pre-tax, Pre-provision Operating Earnings for Q1 2021

JENNINGS, LA / ACCESSWIRE / April 22, 2021 / JD Bancshares, Inc. (the "Company"), (OTCQX:JDVB), the parent holding company of JD Bank (the "Bank"), reports its unaudited financial results for the quarter ended March 31, 2021.

Net income for the three-month period ended March 31, 2021 was $1,919,989 or $1.12 per share compared to $2,303,079 or $1.34 per share for the linked quarter ended December 31, 2020 and $1,557,713 or $0.91 per share for the prior year period ended March 31, 2020. There were meaningful differences in provisions for loan losses and non-recurring, non-operating items impacting each of the three comparative periods. Pre-tax, pre-provision operating income for the current quarter was $2,852,906 or approximately 14% higher than the $2,508,474 and $2,502,248 reported for the linked quarter and prior year quarter, respectively. Pre-tax, pre-provision operating income excludes net losses on the sale of other real estate owned, net gains on the disposal of available for sale investment securities and a gain on a casualty loss recognized in the fourth quarter of 2020. The increase in earnings in the current period compared to the two comparative periods was primarily due to lower operating expenses and slightly higher recurring non-interest revenue.

Bruce Elder, President and CEO, commented, "We are pleased with the overall performance of the Company in Q1 compared to the December 2020 and March 2020 quarters. After adjusting for provision and several non-operating income and expense items, earnings for the current quarter reflect a 13.73% and 14.01% increase over the two comparative periods, respectively. We experienced solid loan production in Q1, a significant amount of which represents lines of credit which have yet to fully fund, and look forward to deploying more of our liquidity into higher yielding assets in the coming months. The deposit growth experienced in 2020 has continued into the first quarter of 2021. Aided by additional government stimulus, another round of PPP loans and hurricane related insurance proceeds received by both individuals and small businesses, our total deposits have increased by $71.6 million since December 31, 2020."

Asset Quality
Loans past due 30 to 89 days at March 31, 2021 were $713,000 or 0.11% of the total loans outstanding compared to $1.3 million or 0.21% of total loans reported at December 31, 2020. Total nonperforming assets, including loans on non-accrual status, other real estate owned (OREO) and repossessed assets were $8.2 million at March 31, 2021 declining from $9.1 million at December 31, 2020. Loans on non-accrual status decreased by $1.0 million to $7.8 million at March 31, 2021 from $8.8 million at year end 2020. OREO increased slightly to $353,000 from $291,000 at 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. Also included in total non-performing assets were $61,000 of repossessions at the current quarter end.

The Bank recorded $165,000 in provisions for credit losses in Q1 2021 compared to $190,000 in the linked quarter and $683,000 for the prior year comparative quarter. The allowance for loan losses (ALLL) was $8.4 million at March 31, 2021 or 1.34% of total loans compared to $8.6 million at December 31, 2020 or 1.36% of total loans. Net charge offs were $368,000 for the current period compared to $677,000 for the quarter ended December 31, 2020 and $9,000 for the prior year comparative period. Over the first three quarters of 2020, we increased our provisioning substantially due to the uncertainty of COVID-19 and hurricane impacts on loan quality. We carefully continue to monitor traditional credit metrics of the loan portfolio and while uncertainty with respect to these events is still present, we believe the current level of our ALLL is adequate. However; there is no assurance that regulators, increased risks in the loan portfolio or changes in economic conditions will not require future adjustments to the ALLL.

COVID-19 and Hurricane Impact
In late 2020, Congress extended relief to the nation's small business community by allowing borrowers meeting certain eligibility requirements to apply for additional Small Business Administration (SBA) Paycheck Protection Program (PPP) loans. As of March 31, 2021, the Company had extended 508 second round PPP loans totaling approximately $31.4 million. Of the original 747 PPP loans made in 2020, 585 totaling $39.5 million have been repaid through the forgiveness process and 162 totaling $34.5 million remain outstanding. Currently, there are a total of 670 outstanding PPP loans totaling $65.8 million. We have recognized $814,000 in SBA PPP origination fees in the current quarter compared to $555,000 in the linked quarter. No origination fees had been received or earned during March 31, 2020 quarter. At March 31, 2021, there are approximately $1.4 million in deferred origination fees associated with outstanding PPP loans that we will amortize into income over the remaining life of those loans.

In response to the COVID-19 pandemic and the two hurricanes hitting the southwest Louisiana region, we deferred payments on certain loans by 90 to 180 days. As of March 31, 2021, these loans have reached the end of the deferral period and any loans still experiencing payment issues are reflected in the past due numbers and percentages shown above in the Asset Quality narrative.

Net Interest Income
Net interest income for the current quarter remained relatively stable compared to the linked quarter at $8.4 million and was down 2.0% from the $8.6 million for the quarter ended March 31, 2020. Net interest income is influenced by both the volume and mix of interest-earning assets and interest-bearing liabilities. The net interest margin has experienced substantial compression over the past year. While the volume of interest-earning assets has increased by over 50% year over year, a significant portion of that increase has been in deposits with other banks, low yielding taxable investment securities and PPP loans. The increase in low yielding assets has been driven by growth in average quarterly deposits of $416.5 million between March 2020 and March 2021. Coupled with the lower interest rate environment throughout the twelve month period ending March 31, 2021, net interest margin for the current quarter was 2.87% compared to 4.36% for the prior year comparative quarter.

The current quarter net interest margin also deteriorated by 32 basis points from the linked quarter margin of 3.19%. Average quarterly deposits increased by $106.1 million between the December 2020 and March 2021 quarter fueled largely by government stimulus, PPP lending and hurricane-related insurance proceeds. Supply chain issues resulting from the pandemic and labor shortages have caused delays in spending these insurance proceeds to effectuate the necessary repairs to homes and businesses.

Non-Interest Income
Total non-interest income was $2.7 million for the quarter ended March 31, 2021 compared to $3.0 million for the linked quarter and $2.3 million for the prior year quarter. Service charges and fees associated with deposit accounts were $2.0 million for the current quarter and increased by $90,000 and $215,000, respectively over the comparative quarters. Large increases in ATM surcharge and interchange revenue more than offset significant declines in NSF income. Interchange revenue for the current quarter was $1.1 million and reflects an increase of $148,000 and $447,000, respectively, over the linked and prior year comparative quarters. We anticipate continued growth in interchange revenue as we have more customers and increased card activity.

Mortgage loan activity continues at an increased pace as interest rates remain at historic low levels. Revenue from the sale of mortgage loans in the current period was $337,000 reflecting a 35.2% and 150.6% increase, respectively, over the $249,000 and $134,000 gains reported for the linked and prior year quarters. Other non-interest income was $378,000 for the current quarter, $895,000 for the linked quarter and $422,000 for the quarter ended March 31, 2020. The largest components of other non-interest income over the three comparative periods continues to be revenue from trust and brokerage services. Those two revenue sources totaled $265,000, $281,000 and $227,000, respectively, for the three periods. During the quarter ended December 31, 2020, the Company recognized a gain of $454,000 on a casualty loss resulting from the August 2020 hurricane. The current quarter included a gain on the disposal of available for sale securities of $2,000.

Non-Interest Expense
Total non-interest expense was $8.6 million compared to $8.5 million for the linked quarter and $8.4 million for the prior year quarter. Salaries and benefits is the largest component of non-interest expenses and decreased by $130,000 and $285,000, respectively when compared to the December 2020 and March 2020 quarters. Total salaries and benefits expense was $4.3 million, $4.5 million and $4.6 million for the three comparative quarters.

Data processing expenses were $978,000 for the quarter ended March 31, 2021 compared to $910,000 for the linked quarter and $958,000 for the prior year quarter. Data processing expenses are always elevated during the first quarter of the year due to additional charges for year-end processing routines, creation of tax documents and other annual processes. Additional data processing expenses were incurred as a result of PPP lending. We would expect data processing costs for the rest of the year to moderate from first quarter 2021 levels.

Occupancy expense recorded in the current, linked and prior year quarter remained relatively constant at $1.3 million, respectively. Advertising, marketing and business development expenses were also relatively constant at $352,000, $362,000 and $368,000 for the comparative quarters. Both occupancy and marketing expenses could increase marginally as we celebrate the opening of our second office in the Lafayette, LA market during the second quarter of 2021.

All other non-interest expenses totaled $1.7 million for the current quarter compared to $1.5 million for the linked quarter and $1.2 million in the comparative prior year quarter. All three comparative quarters included non-operating losses on the disposal or write-downs on OREO property. Write-downs or losses on OREO for the current quarter were $408,000, $45,000 for the linked quarter and $25,000 in the prior year quarter. Eliminating these non-operating expenses, total other non-interest expenses would have been $1.3 million, $1.4 million and $1.1 million, respectively for the three quarters being analyzed. The largest components of non-interest expenses are comprised of professional fees, FDIC deposit insurance assessments, telecommunication expenses, accruals for ad valorem taxes and other losses.

Income tax expense was $362,000 for the current quarter compared with $424,000 for the linked quarter and $236,000 for the prior year quarter. Effective tax rates for the three comparative quarters were 15.85%, 15.56% and 13.18%. A greater percentage of total pre-tax income was attributable to tax-exempt income in the prior year quarter resulting in a lower effective tax rate.

Balance Sheet
Total assets increased by $66.5 million or 5.2% to $1.35 billion at March 31, 2021 from $1.29 billion at December 31, 2020. The increase in total assets was primarily concentrated in investment securities and mortgage loans held for sale growing by $96.0 million and $1.5 million, respectively. Loans held for investment declined by $4.4 million during the first three months of 2021. We originated approximately $69.1 million of new, non-PPP loans and lines during Q1 2021 of which $39.3 million was outstanding at quarter end. We did experience a net decrease of PPP loans of $8.1 million and lost a $20.0 plus million relationship to competition during the current quarter. As originated line commitments begin to fully fund, the resulting growth in loans outstanding will be competing against the forgiveness process on the $65.8 million of PPP loans currently on the books. The Company is focused on growing the loan portfolio in 2021, however; PPP forgiveness is a headwind that community banks must deal with.

Total deposits increased by $71.6 million or 6.2% to $1.24 billion at March 31, 2021 from $1.16 billion at December 31, 2020. Over the three-month period, we have seen increases in every deposit category led by savings with $32.4 million in growth, money market at $20.3 million, non-interest bearing demand at $16.2 million, time deposits at $2.6 million and interest-bearing NOW at $130,000. As previously mentioned, the increases can be attributed to the additional stimulus injected into the US economy by the government, which includes direct payments to individuals and an additional round of PPP loans, and the receipt of insurance proceeds by consumers and small businesses as a result of the 2020 hurricane season.

Other liabilities decreased by $503,000 during the three month period as a result of lower accrual and a reduction in the deferred income tax liability.

Stockholders' equity declined by $4.6 million to $94.1 million at March 31, 2021 from $98.7 million at December 31, 2020. The decrease is primarily due to the reduction in accumulated other comprehensive income of $5.8 million since December 31, 2020 as rising interest rates had an adverse impact on the Company's unrealized gains on the investment portfolio. Other changes to stockholders' equity include net income of $1.9 million less $772,000 in cash dividends declared and paid during the quarter. The Company paid a 10% stock dividend in January 2021 increasing common shares outstanding at March 31, 2021 to 1,714,530 compared to 1,558,757 at December 31, 2020. Due to the large decline in accumulated other comprehensive income, tangible book value per common share decreased to $52.47 at March 31, 2021 compared to $55.12 at December 31, 2020.

Key Performance Ratios
Return on average assets (ROA) in the current and linked quarters were impacted by the significant increase in average assets over the March 2020 quarter. ROA is 0.60% for the quarter ended March 31, 2020 compared to 0.76% for the linked quarter and 0.70% for the prior year quarter. ROA on a non-GAAP pre-tax, pre-provision operating basis for the three comparative periods was 0.88%, 0.83% and 1.14%, respectively. Return on average equity (ROE) was 7.97% for the current quarter, 10.16% for the linked quarter and 6.92% for the prior year quarter. On a non-GAAP, pre-tax, pre-provision operating basis, the ROE for the three comparative periods was 11.84%, 10.37% and 11.07%, 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 22 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.

(OTCQX: JDVB)

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

JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA

CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

 
  Actual
Mar 2021
    Actual
Dec 2020
    $ Variance     % Variance  
Assets
                       
Cash and due from banks
    30,734,392       23,526,805       7,207,587       30.6  
Interest bearing deposits with banks
    207,443,890       241,606,805       (34,162,916 )     (14.1 )
Investment Securities - Taxable
    311,867,038       218,990,753       92,876,285       42.4  
Investment Securities - Tax-exempt
    124,656,627       121,492,318       3,164,308       2.6  
Mortgage loans held for sale
    2,420,382       918,649       1,501,733       163.5  
Loans, net of unearned income
    625,815,419       630,199,440       (4,384,021 )     (0.7 )
Less: Allowance for loan losses
    -8,379,893       -8,583,238       203,345       2.4  
Premises and equipment, net
    22,971,485       23,130,055       (158,570 )     (0.7 )
Accrued interest receivable
    4,215,045       4,837,067       (622,022 )     (12.9 )
Other real estate
    352,615       290,700       61,915       21.3  
Other assets
    32,140,972       31,351,043       789,929       2.5  
Total Assets
    1,354,237,970       1,287,760,397       66,477,573       5.2  
Liabilities
                               
Non-Interest Bearing Deposits
    464,409,386       448,228,877       16,180,508       3.6  
Interest bearing demand deposits
    244,467,640       244,337,657       129,982       0.1  
Savings and Money Market Deposits
    397,977,532       345,297,866       52,679,667       15.3  
Time Deposits - Retail
    128,251,605       125,681,460       2,570,145       2.0  
Total Deposits
    1,235,106,163       1,163,545,860       71,560,303       6.2  
Accrued expenses and other liabilities
    4,602,346       4,962,953       (360,607 )     (7.3 )
FHLB Advances
    2,700,493       2,763,431       (62,937 )     (2.3 )
Other Borrowings
    17,689,008       17,768,330       (79,322 )     (0.4 )
Total Liabilities
    1,260,098,011       1,189,040,574       71,057,437       6.0  
Equity
                               
Common stock
    10,715,812       9,742,231       973,581       10.0  
Capital surplus
    10,525,694       3,790,069       6,735,625       177.7  
Retained earnings
    70,269,960       71,579,869       (1,309,909 )     (1.8 )
Accumulated other comprehensive income (loss)
    853,051       6,606,445       (5,753,394 )     (87.1 )
Less: Notes Receivable common stock
    -144,547       -202,500       57,952       28.6  
Net Income
    1,919,989       7,203,708       (5,283,719 )     (73.3 )
Total Equity
    94,139,959       98,719,822       (4,579,863 )     (4.6 )
Total Liabilities & Equity
    1,354,237,970       1,287,760,397       66,477,573       5.2  


JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA

CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

 
  QTD
Actual
Mar 2021
    QTD
Actual
Dec 2020
    $ Variance     % Variance     QTD
Actual
Mar 2020
    $ Variance     % Variance  
Interest Income
                                         
Interest on Loans
    8,068,107       8,327,843       (259,736 )     (3.1 )     8,642,222       (574,115 )     (6.6 )
Mortgage Loans Held For Sale
    8,580       9,441       (861 )     (9.1 )     6,338       2,242       35.4  
Interest on deposits with banks
    58,765       51,956       6,809       13.1       58,842       (77 )     (0.1 )
Investment Securities - Taxable
    664,049       507,798       156,252       30.8       454,490       209,560       46.1  
Investment Securities - Tax-exempt
    800,813       735,946       64,867       8.8       720,311       80,502       11.2  
Total Interest Income
    9,600,314       9,632,983       (32,669 )     (0.3 )     9,882,203       (281,889 )     (2.9 )
Interest Expense
                                                       
Interest bearing demand deposits
    244,836       248,121       (3,285 )     (1.3 )     227,580       17,256       7.6  
Savings and Money Market Deposits
    211,300       178,807       32,493       18.2       212,164       (864 )     (0.4 )
Time Deposits - Retail
    364,276       396,605       (32,328 )     (8.2 )     472,186       (107,910 )     (22.9 )
Total Interest Expense on Deposits
    820,413       823,533       (3,120 )     (0.4 )     911,930       (91,517 )     (10.0 )
FHLB Advances
    30,256       30,655       (399 )     (1.3 )     54,513       (24,257 )     (44.5 )
Interest on other borrowings
    338,792       338,674       118       -       332,916       5,876       1.8  
Total Interest Expense
    1,189,461       1,192,862       (3,401 )     (0.3 )     1,299,359       (109,898 )     (8.5 )
Net Interest Income
    8,410,853       8,440,122       (29,268 )     (0.3 )     8,582,844       (171,990 )     (2.0 )
Provision for loan losses
    165,000       190,000       (25,000 )     (13.2 )     683,000       (518,000 )     (75.8 )
Net In. Inc. After Prov. for Loan Losses
    8,245,853       8,250,122       (4,268 )     (0.1 )     7,899,844       346,010       4.4  
Non Interest Income
                                                       
Service charges and fees
    1,961,005       1,871,350       89,655       4.8       1,746,479       214,525       12.3  
Mortgage loan and related fees
    336,766       249,131       87,635       35.2       134,400       202,366       150.6  
Other noninterest income
    377,681       894,955       (517,274 )     (57.8 )     421,794       (44,112 )     (10.5 )
Total Non Interest Income
    2,675,452       3,015,436       (339,984 )     (11.3 )     2,302,672       372,779       16.2  
Non Interest Expense
                                                       
Salaries and employee benefits
    4,337,839       4,467,426       (129,587 )     (2.9 )     4,622,703       (284,863 )     (6.2 )
Occupancy
    1,307,920       1,329,177       (21,258 )     (1.6 )     1,294,305       13,614       1.1  
Advertising and public relations
    351,774       362,350       (10,576 )     (3.0 )     368,149       (16,375 )     (4.4 )
Data Processing
    977,918       909,798       68,120       7.0       958,038       19,880       2.1  
Other noninterest expense
    1,664,135       1,469,362       194,773       11.7       1,165,213       498,922       42.8  
Total Non Interest Expense
    8,639,586       8,538,113       101,473       1.2       8,408,408       231,178       2.7  
Income Before Taxes
    2,281,719       2,727,444       (445,725 )     (16.3 )     1,794,108       487,611       27.2  
Income taxes
    361,730       424,365       (62,636 )     (14.8 )     236,395       125,334       53.0  
Net Income
    1,919,989       2,303,079       (383,090 )     (16.6 )     1,557,713       362,276       23.3  
 
                                                       
Per common share data:**
                                                       
Earnings
  $ 1.12     $ 1.34                     $ 0.91                  
Weighted average number of shares outstanding
    1,714,530       1,715,098                       1,716,000                  
 
                                                       
** Prior period shares outstanding adjusted for 10% stock dividend
                                                       


JD BANCSHARES, INC. AND SUBSIDIARIES
Margin Analysis Compare

 
  Average Yield and Rate     Average Funds     Interest Income/Expense  
 
  QTD
Actual
Mar 2021
    QTD
Actual
Dec 2020
    Change     QTD
Actual
Mar 2021
    QTD
Actual
Dec 2020
    Change     QTD
Actual
Mar 2021
    QTD
Actual
Dec 2020
    Change  
Earning Assets
                                                     
Loans
    5.24       5.12       0.12       624,241,627       647,367,342       (23,125,715 )     8,068,107       8,327,843       (259,735 )
Mortgage loans held for sale
    2.72       3.05       (0.33 )     1,260,471       1,238,141       22,330       8,580       9,441       (861 )
Deposits with banks
    0.10       0.13       (0.03 )     239,993,634       164,779,741       75,213,893       58,765       51,956       6,809  
Investment securities - taxable
    1.16       1.28       (0.12 )     228,676,053       158,431,627       70,244,426       664,049       507,798       156,252  
Investment securities - tax-exempt
    3.31       3.51       (0.20 )     122,598,685       106,214,538       16,384,147       800,813       735,946       64,867  
Total Earning Assets
    3.26       3.63       (0.37 )     1,216,770,470       1,078,031,390       138,739,081       9,600,314       9,632,983       (32,669 )
Interest bearing liabilities
                                                                       
Interest bearing demand
    0.42       0.47       (0.05 )     234,684,129       212,156,507       22,527,622       244,836       248,121       (3,285 )
Savings and Money Market
    0.23       0.22       0.01       376,138,216       325,458,543       50,679,673       211,300       178,807       32,493  
Time deposits - Retail
    1.16       1.28       (0.12 )     127,333,190       122,874,110       4,459,080       364,276       396,605       (32,328 )
Total interest bearing deposits
    0.45       0.50       (0.05 )     738,155,535       660,489,160       77,666,375       820,413       823,533       (3,120 )
Federal home Loan Bank advances
    4.42       4.30       0.12       2,735,730       2,786,576       (50,846 )     30,256       30,655       (399 )
Other borrowings
    7.60       7.49       0.11       17,827,374       17,701,345       126,029       338,792       338,674       118  
Total borrowed funds
    7.18       7.05       0.13       20,563,105       20,487,921       75,184       369,049       369,329       (281 )
Total interest-bearing liabilities
    0.63       0.69       (0.06 )     758,718,640       680,977,080       77,741,559       1,189,461       1,192,862       (3,401 )
Net interest rate spread
    2.63       2.94       (0.31 )                             8,410,853       8,440,122       (29,268 )
Effect of non-interest bearing deposits
    (0.23 )     (0.26 )     0.03       446,848,393       418,451,260       28,397,133                          
Cost of funds
    0.40       0.43       (0.03 )                                                
Net interest margin
    2.87       3.19       (0.32 )                                                


JD BANCSHARES, INC. AND SUBSIDIARIES
Margin Analysis Compare

 
  Average Yield and Rate     Average Funds     Interest Income/Expense  
 
  QTD
Actual
Mar 2021
    QTD
Actual
Mar 2020
    Change     QTD
Actual
Mar 2021
    QTD
Actual
Mar 2020
    Change     QTD
Actual
Mar 2021
    QTD
Actual
Mar 2020
    Change  
Earning Assets
                                                     
Loans
    5.24       5.60       (0.36 )     624,241,627       620,482,135       3,759,492       8,068,107       8,642,222       (574,115 )
Mortgage loans held for sale
    2.72       2.77       (0.05 )     1,260,471       913,959       346,512       8,580       6,338       2,242  
Deposits with banks
    0.10       1.06       (0.96 )     239,993,634       22,376,953       217,616,681       58,765       58,842       (77 )
Investment securities - taxable
    1.16       2.74       (1.58 )     228,676,053       66,362,406       162,313,647       664,049       454,490       209,560  
Investment securities - tax-exempt
    3.31       3.68       (0.37 )     122,598,685       99,142,671       23,456,014       800,813       720,311       80,502  
Total Earning Assets
    3.26       5.00       (1.74 )     1,216,770,470       809,278,124       407,492,346       9,600,314       9,882,203       (281,889 )
Interest bearing liabilities
                                                                       
Interest bearing demand
    0.42       0.59       (0.17 )     234,684,129       154,835,179       79,848,950       244,836       227,580       17,256  
Savings and Money Market
    0.23       0.36       (0.13 )     376,138,216       235,152,732       140,985,484       211,300       212,164       (864 )
Time deposits - Retail
    1.16       1.65       (0.49 )     127,333,190       115,086,990       12,246,200       364,276       472,186       (107,910 )
Total interest bearing deposits
    0.45       0.73       (0.28 )     738,155,535       505,074,901       233,080,634       820,413       911,930       (91,517 )
Federal home Loan Bank advances
    4.42       2.01       2.41       2,735,730       10,721,884       (7,986,153 )     30,256       54,513       (24,257 )
Other borrowings
    7.60       7.15       0.45       17,827,374       18,431,449       (604,075 )     338,792       332,916       5,876  
Total borrowed funds
    7.18       5.26       1.92       20,563,105       29,153,332       (8,590,228 )     369,049       387,429       (18,381 )
Total interest-bearing liabilities
    0.63       0.97       (0.34 )     758,718,640       534,228,233       224,490,406       1,189,461       1,299,359       (109,898 )
Net interest rate spread
    2.63       4.03       (1.40 )                             8,410,853       8,582,844       (171,990 )
Effect of non-interest bearing deposits
    (0.23 )     (0.32 )     0.09       446,848,393       263,392,252       183,456,141                          
Cost of funds
    0.40       0.65       (0.25 )                                                
Net interest margin
    2.87       4.36       (1.49 )                                                


JD BANCSHARES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

Financial Ratios
                 
 
                 
 
  For the Qtr     For the Qtr     For the Qtr  
 
  Ended     Ended     Ended  
 
  March 31, 2021     December 31, 2020     March 31, 2020  
Performance Ratios
                 
Return on Average Assets (ROA)
    0.60 %     0.76 %     0.70 %
ROA based on Pre-tax, pre-provision operating income
    0.88 %     0.83 %     1.14 %
Return on Average Equity (ROE)
    7.97 %     10.16 %     6.92 %
ROE based on Pre-tax, pre-provision operating income
    11.84 %     10.37 %     11.07 %
Earnings per Share***
  $ 1.12     $ 1.34     $ 0.91  
Net Interest Margin
    2.87 %     3.19 %     4.36 %
Efficiency Ratio **
    72.86 %     75.85 %     75.81 %
Non-Interest Income as a % of Avg. Assets**
    0.83 %     0.85 %     1.05 %
Non-Interest Expense as a % of Avg. Assets**
    2.55 %     2.81 %     3.81 %
 
                       
 
                       
 
  As of     As of          
 
  March 31, 2021     December 31, 2020          
Capital
                       
Tier 1 Leverage Ratio
  6.84%(est.)       7.44 %        
Common Equity Tier 1 Ratio
  13.03%(est.)       13.12 %        
Tier 1 Risk-Based Capital Ratio
  13.03%(est.)       13.12 %        
Total Risk-Based Capital Ratio
  14.25%(est.)       14.37 %        
Tangible Equity / Total Assets
    6.64 %     7.34 %        
Tangible Book Value per Share***
  $ 52.47     $ 55.12          
 
                       

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

 
  For the Qtr     For the Qtr     For the Qtr  
 
  Ended     Ended     Ended  
 
  March 31, 2021     December 31, 2020     March 31, 2020  
Net Income (GAAP)
  $ 1,919,989     $ 2,303,079     $ 1,557,713  
 
                       
Provision for Loan Lossess
    165,000       190,000       683,000  
Net Loss on OREO
    408,360       45,300       25,140  
Gain on Casualty Loss
    -       (454,270 )     -  
Less: Net Gain on Securities
    (2,173 )     -       -  
Income Tax Expense
    361,730       424,365       236,395  
 
                       
Pre-tax, Pre-Provision Operating Income
  $ 2,852,906     $ 2,508,474     $ 2,502,248  
 
                       
** Non-recurring items are eliminated for this ratio
                       
*** Prior period shares outstanding adjusted for 10% stock dividend
                       


SOURCE: JD Bancshares, Inc.



View source version on accesswire.com:
https://www.accesswire.com/641794/JD-Bancshares-Inc-Reports-Increase-in-Pre-tax-Pre-provision-Operating-Earnings-for-Q1-2021

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