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JD Bancshares, Inc. Reports Financial Results for Three and Twelve-Month Periods Ended December 31, 2021

JENNINGS, LA / ACCESSWIRE / January 20, 2022 / 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, 2021.

Net income is $2,977,819 or $0.87 per common share for the three-month period ended December 31, 2021 compared to $3,539,845 or $1.03 per common share for the linked quarter ended September 30, 2021 and $2,303,079 or $0.67 per share for the prior year quarter ended December 31, 2020. Although net income improved over the prior year comparative quarter, the impact of lower interest income in Q4 2021, combined with the net effect of two non-recurring items in the third quarter, resulted in a decline in net income compared to the linked quarter. Pre-tax, pre-provision operating income for the current quarter is $3,554,464 compared to $4,075,010 for the linked quarter and $2,508,474 for the comparative prior year quarter. Pre-tax, pre-provision operating income excludes taxes, provision for loan losses, net losses on the sale of other real estate owned, gains on the sale of investment securities and net gains on the disposal of fixed assets.

For the twelve-month period ended December 31, 2021, net income was $11,015,318 or $3.21 per share compared to $7,203,708 or $2.10 per share for the prior year comparative period. Pre-tax, pre-provision operating earnings for the two comparative twelve-month periods was $13,689,189 and $10,443,300, respectively.

Bruce W. Elder, President & CEO commented, "Despite a second year of COVID-19 and a slow moving recovery from the 2020 hurricane season, the Company showed improved earnings and solid net, non-PPP loan growth in 2021. Net income of $11.0 million for 2021 reflects a 52.9% increase over that of 2020. As economic conditions have improved, loan demand from businesses and consumers has increased and we enjoyed the best core, net loan growth since 2015. We still have a tremendous volume of liquidity on our balance sheet and will continue to look for opportunities to transition lower yielding assets to higher yielding assets."

Elder continued by saying "During the month of December, we were able to issue $30.0 million in new subordinated debt at a rate of 3.75%. A portion of the money was used on January 15, 2022 to redeem $17.5 million of previously issued subordinated debt carrying an interest rate of 6.75%. The remaining proceeds will be used to support our future growth and for other general corporate purposes."

Paycheck Protection Program Lending (PPP)

The Company made 1,422 PPP loans totaling $110.4 million between April 2020 and May 2021. Of the $74.0 million of PPP loans made in 2020, $60.7 million in loans remained outstanding at the end of 2020. An additional $36.4 million PPP loans were originated in 2021. As of December 31, 2021, $16.2 million in loans remain outstanding and $94.2 million have been repaid through SBA forgiveness and customer payments. Of the $94.2 million in total PPP loan repayments, $80.9 million in repayments occurred in 2021. Of the original $74.0 million in 2020 vintage loans, $72.3 million have been repaid and 5 loans totaling $1.7 million remain outstanding. Of the original $36.4 million of PPP loans made in 2021, $21.9 million have been repaid and 240 loans totaling $14.5 million remain outstanding. The 2021 vintage borrowers have until the middle of 2022 to apply for forgiveness and therefore some portion of these loans may remain outstanding well into 2022.

The Company received origination fees from the SBA for participating in the program. At origination, we recognized as interest income that portion of the fee estimated to be our internal cost of origination. The remainder is amortized over the contractual life of the loan. If the loan is forgiven or repaid early, the remaining unamortized portion is recognized as interest income in the month of repayment. Amounts recognized as interest income for the quarters ended December 31, 2021, September 30, 2021 and December 31, 2020 are $498,000, $799,000 and $555,000, respectively. Origination fees recognized for the two twelve-month periods ended December 31, 2021 and 2020 are $2,683,000 and $1,442,000, respectively. As of December 31, 2021, we had approximately $619,000 in deferred PPP origination fees to be recognized in future periods.

Asset Quality

Loans past due of 30 to 89 days at December 31, 2021 are $1.3 million or 0.21% of the total loans outstanding compared to $1.1 million or 0.18% of the total loan portfolio at September 30, 2021 and $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 are $5.2 million at December 31, 2021 compared to $9.1 million at December 31, 2020. Loans on non-accrual status at December 31, 2021 decreased to $4.1 million from $8.8 million at December 31, 2020, OREO increased to $1.1 million from $291,000 and there are currently no repossessed assets compared to $33,000 a year ago. Management performs a quarterly evaluation of OREO properties and repossessions and believes the 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 Company did not record a provision for credit losses in either the current or linked quarters compared to $190,000 for the prior year quarter. The allowance for loan losses (ALLL) is $8.2 million at December 31, 2021 or 1.32% of total loans compared to $8.6 million at December 31, 2020 or 1.36% of total loans. Net charge offs are $723,000 for 2021 compared to $755,000 for the prior year comparative period. We believe the current level of our ALLL is adequate, but 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.

Net Interest Income

Net interest income for the current quarter is $9.0 million, a decrease of $484,000 compared to the $9.4 million for the linked quarter, and is $522,000 higher than the $8.4 million reported for the prior year quarter. The decline in net interest income between the September and December 2021 quarters is due to a reduction in average outstanding loan balances during the respective periods as well as a decrease in PPP origination fee recognition. Average loans outstanding for the current period were down $8.0 million compared to that of the linked quarter. Additionally, origination fees recognized as interest income due to PPP forgiveness was $301,000 more in Q3 than Q4. The increase in current quarter net interest over the prior year comparative quarter is primarily due to an increase in interest income from higher volumes of investment securities, partially offset by lower interest income on loans.

Net interest income for the year ended December 31, 2021 increased by $1.7 million or 4.9% to $35.7 million compared to $34.0 million for the year ended December 31, 2020. The increase is primarily attributable to higher interest income on securities and lower interest expense, offset by a decrease in interest income on loans. Due an overall increase in average volume of investment securities of $245.5 million, interest income from securities is $2.6 million more than the prior year. Interest expense declined by $346,000 despite an increase in average interest-bearing deposits of $193.0 million. Interest income on loans declined by $1.2 million during the year as a net result of lower average loan volume, partially offset by higher PPP origination fees.

The net interest margin for the current quarter was 2.90% and declined by 12 basis points from 3.02% for the linked quarter and 29 basis points compared to 3.19% for the prior year quarter. The yield on earning assets for the current quarter is 3.25% compared to 3.36% and 3.63% for the two comparative periods, respectively. The cost of funds is 0.35% for both the current and linked quarters compared to 0.43% for the prior year quarter. Net interest margin for the current year period is 2.91% compared to 3.76% for the prior year. The yield on earning assets and cost of funds for the two comparative year end periods were 3.27% and 4.28%, respectively, and 0.36% and 0.52%, respectively. Margins for the three and twelve month 2021 periods were adversely impacted by the volume of liquid assets on the Company's balance sheet invested in a low interest rate environment.

The Federal Open Market Committee (the "Committee") of the Federal Reserve Bank has signaled a tapering of their asset purchases to remove some of the accommodations of monetary policy during the first quarter of 2022. Additionally, Committee members believe that a number of future short-term rate hikes may be appropriate over the coming year. The Company's balance sheet is well positioned to benefit from a rising interest rate environment which will have a positive impact on net income. Additionally, with the majority of our PPP loan originations having been repaid and no longer being a significant headwind to net new loan growth, average loan volumes should improve during 2022.

Non-Interest Income

Total non-interest income is $3.3 million for the current three-month period compared to $3.8 million for the linked quarter and $3.0 million for the prior year quarter. Service charges and fees associated with deposit accounts are $2.3 million for Q4 2021 and increased by $30,000 and $431,000 compared to the linked and prior year quarters, respectively. Interchange revenue from debit card usage continues to be an important component of non-interest income contributing $1.3 million for both the current and linked quarters and $1.1 million for the prior year quarter.

While mortgage rates through the end of 2021 remained at attractive levels, the volume of mortgage activity in the fourth quarter tends to lag other quarters of the year due to the holidays. Gains on the sale of originated mortgages is $342,000 for the current quarter compared to $430,000 for the September 30, 2021 quarter and $249,000 for the prior year comparative quarter. Although interest rates on conventional mortgages may begin to increase in 2022, we anticipate rates to remain at attractive levels and demand for housing in our footprint continues to be robust as the region recovers from the hurricanes of 2020.

Other non-interest income is $691,000 for the current quarter compared to $1.1 million for the linked quarter and $895,000 for the prior year quarter. Revenue from our Trust and Investment Divisions are typically the largest components of other non-interest income. Revenue from investment activities is $313,000, $208,000 and $139,000 and revenue from trust activities is $161,000, $144,000 and $142,000 for the three comparative periods, respectively. The linked September 2021 and the prior year December 2020 quarters include non-recurring, non-operating revenue items. The September 30, 2021 quarter includes a $364,000 gain on a real estate land swap and the quarter ended December 31, 2020 includes a gain from disposal of fixed assets of $454,000.

Non-interest income for the twelve-month period ended December 31, 2021 was $13.0 million, an increase of $2.5 million over the $10.5 million reported for the comparative 2020 period. Interchange revenue from debit card usage increased by $1.7 million year over year, gain on sale of originated mortgage loans increased by $676,000 and other non-interest income increased by $23,000. Both periods include non-recurring gains on the sale of investment securities of $7,000 for the current period and $252,000 for the prior year period. The current year included the aforementioned gain on a real estate land swap of $364,000 and the prior year included gains on disposal of fixed assets of $506,000.

Non-Interest Expense

Total non-interest expense is $8.7 million for the current quarter compared to $9.0 million for linked quarter and $8.5 million for the fourth quarter of 2020. Salary and benefits expense is the largest component of non-interest expenses and is $4.6 million for the current period compared to $4.5 million for both the linked and prior year quarters. The prior year quarter salary expense includes a severance payment made to a former contractual employee who is no longer with the Company.

All other non-interest expense categories remained relatively stable over the three comparative periods. Occupancy expense is $1.4 million for the current and linked quarters compared with $1.3 million for the prior year quarter. Data processing expense is $1.0 million for both the current and linked quarters compared to $910,000 for the quarter from a year ago. Marketing, business development and public relations expenses total $313,000 in the current quarter compared to $269,000 in the linked quarter and $362,000 for the prior year quarter. Other non-interest expenses were $1.4 million for the current quarter compared to $1.7 million for the linked quarter and $1.5 million for the prior year quarter. The largest components of other non-interest expenses include real estate ad valorem fees, professional fees, FDIC insurance premiums, telecommunication costs, and losses associated with fraud. Net losses (gains) on the sale of OREO are $5,000, $(29,000) and $45,000 for the three comparative periods, respectively.

Non-interest expenses for the twelve-month period ended December 31, 2021 are $35.2 million, reflecting a $1.8 million increase compared to $33.5 million for the prior year. Increases in occupancy, data processing, FDIC insurance premiums, OREO expenses and fraud losses were partially offset by decreases in salary and employee benefits. Net losses on the sale of OREO for the current and prior twelve-month periods are $384,000 and $114,000, respectively. The Company also paid a penalty on the pre-payment of an FHLB advance of $200,000 in the current year.

Income tax expense is $571,000 for the current quarter compared to $728,000 for the Q3 2021 and $424,000 for Q4 2020. Income tax expense for the twelve months ended December 31, 2021 is $2.1 million with an effective rate of 16.21% compared to $1.1 million and 13.82% for the prior year twelve-month period. The increase in effective tax rate is primarily due to a larger percentage of revenue being derived from taxable sources.

Balance Sheet

Total assets are $1.4 billion at December 31, 2021, reflecting a $68.2 million or 5.3% increase over the $1.3 billion at December 31, 2020. Investment securities are up $144.9 million or 42.6% to $485.4 million from $340.5 million at the prior year end. Over the course of 2021, we transitioned $70.9 million of cash and interest-earning deposits with banks into the investment portfolio. The growth in our deposit base and additional liquidity generated through the issuance of a new tranche of subordinated debt was also deployed into the investment portfolio. The loan portfolio, net of unearned income, declined by $7.9 million during 2021 to $622.3 million from $630.2 million. As previously disclosed, we experienced $80.9 million in PPP loan repayments during 2021. Excluding the PPP repayments, the loan growth for 2021, was $73.0 million of which $36.4 million represented 2021 vintage PPP loans. Therefore, net new non-PPP related loan growth was $36.6 million or 5.8% year-over-year growth. This represents the largest net loan growth for the Company since 2015.

Total deposits are $1.2 billion at December 31, 2021, reflecting a $37.9 million or 3.3% increase over the total deposits reported at year end 2020. Savings accounts balances increased by $48.4 million or 16.2% and money market account balances increased by $32.0 million or 69.0%. Non-interest bearing demand deposits, time deposits and interest-bearing demand deposits declined by $29.2 million, $10.1 million and $3.3 million, respectively. The volume of government stimulus flowing into both personal and business deposit accounts during 2021 allowed customers to transfer excess funds from non-interest bearing accounts into interest-bearing money market and savings accounts. In 2021, we opened approximately 5,100 new non-maturity accounts with average opening balances of $17,800.

Other liabilities increased by approximately $27.8 million to $53.3 million at December 31, 2021. The increase is primarily due to the issuance of $30.0 million in new subordinated debt. The $17.5 million in subordinated debt issued in January 2017 was redeemed on January 15, 2022.

Stockholders' equity increased by $2.5 million to $101.2 million at December 31, 2021 from $98.7 million at December 31, 2020. The increase is primarily comprised of 2021 net income of $11.0 million, less the decrease in other comprehensive income of $5.3 million, less the dividends paid to common shareholders of $2.6 million. The tangible equity to assets ratio decreased to 7.16% at December 31, 2021 from 7.34% at December 31, 2020 primarily due to the drop in other comprehensive income. There were 3,430,060 common shares outstanding at December 31, 2021 and 1,558,757 shares outstanding at December 31, 2020. The increase in shares outstanding reflects a 10% stock dividend and a 2-for-1 stock split occurring in 2021. Tangible book value per common share increased to $28.30 at December 31, 2021 compared to $27.55 at December 31, 2020, as adjusted for the stock dividend and split.

Key Performance Ratios

Return on average assets (ROA) is 0.88% for the current quarter compared to 1.04% for the linked quarter and 0.76% for prior year quarter. Return on average equity (ROE) is 11.87%, 13.91% and 9.52% for the three comparative quarters ended December 2021, September 2021 and December 2020, respectively. ROA and ROE for the twelve-month periods ended December 31, 2021 and 2020 were 0.82% and 0.70%, and 11.24% and 7.65%, 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 23 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 jdbank.com .

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 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)

JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA

CONSOLIDATED BALANCE SHEETS
(UNAUDITED)


Actual
Dec 2021
Actual
Dec 2020
$ Variance % Variance
Assets
Cash and due from banks
18,552,783 23,526,805 (4,974,022) (21.1)
Interest bearing deposits with banks
175,657,295 241,606,805 (65,949,510) (27.3)
Investment Securities - Taxable
354,300,423 218,990,753 135,309,670 61.8
Investment Securities - Tax-exempt
131,081,611 121,492,318 9,589,293 7.9
Mortgage loans held for sale
705,950 918,649 (212,699) (23.2)
Loans, net of unearned income
622,289,427 630,199,440 (7,910,013) (1.3)
Less: Allowance for loan losses
(8,189,747) (8,583,238) 393,491 4.6
Premises and equipment, net
23,160,984 23,130,055 30,929 0.1
Accrued interest receivable
4,443,379 4,837,067 (393,688) (8.1)
Other real estate
1,053,698 290,700 762,998 262.5
Other assets
32,930,439 31,351,043 1,579,396 5.0
Total Assets
1,355,986,242 1,287,760,397 68,225,845 5.3
Liabilities
Non-Interest Bearing Deposits
419,021,687 448,228,877 (29,207,190) (6.5)
Interest bearing demand deposits
241,045,730 244,337,657 (3,291,927) (1.3)
Savings and Money Market Deposits
425,749,299 345,297,866 80,451,433 23.3
Time Deposits - Retail
115,623,464 125,681,460 (10,057,996) (8.0)
Total Deposits
1,201,440,180 1,163,545,860 37,894,320 3.3
Accrued expenses and other liabilities
6,112,509 4,962,953 1,149,556 23.2
FHLB Advances
- 2,763,431 (2,763,431) (100.0)
Other Borrowings
47,203,744 17,768,331 29,435,413 165.7
Total Liabilities
1,254,756,433 1,189,040,575 65,715,858 5.5
Equity
Common stock
3,430,060 shares outstanding at 12.31.21
1,558,757 shares outstanding at 12.31.20
21,437,875 9,742,231 11,695,644 120.1
Capital surplus
10,525,694 3,790,069 6,735,625 177.7
Retained earnings
68,165,101 78,783,577 (10,618,476) (13.5)
Accumulated other comprehensive income (loss)
1,271,641 6,606,445 (5,334,804) (80.8)
Less: Notes Receivable common stock
(170,502) (202,500) 31,998 15.8
Total Equity
101,229,809 98,719,822 2,509,987 2.5
Total Liabilities & Equity
1,355,986,242 1,287,760,397 68,225,845 5.3

JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA

CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

QTD
Actual
Dec 2021
QTD
Actual
Sep 2021
$ Variance % Variance QTD
Actual
Dec 2020
$ Variance % Variance
Interest Income
Interest on Loans
8,018,863 8,541,665 (522,802) (6.1) 8,327,843 (308,980) (3.7)
Mortgage Loans Held For Sale
7,634 9,043 (1,409) (15.6) 9,441 (1,807) (19.1)
Interest on deposits with banks
32,778 37,399 (4,621) (12.4) 51,956 (19,178) (36.9)
Investment Securities - Taxable
1,198,469 1,166,788 31,681 2.7 507,798 690,671 136.0
Investment Securities - Tax-exempt
799,025 795,120 3,905 0.5 735,946 63,079 8.6
Total Interest Income
10,056,769 10,550,015 (493,246) (4.7) 9,632,984 423,785 4.4
Interest Expense
Interest bearing demand deposits
212,282 219,322 (7,040) (3.2) 248,121 (35,839) (14.4)
Savings and Money Market Deposits
222,433 225,446 (3,013) (1.3) 178,807 43,626 24.4
Time Deposits - Retail
267,077 296,849 (29,772) (10.0) 396,605 (129,528) (32.7)
Total Interest Expense on Deposits
701,792 741,617 (39,825) (5.4) 823,533 (121,741) (14.8)
FHLB Advances
- 24,572 (24,572) (100.0) 30,655 (30,655) (100.0)
Interest on other borrowings
393,261 338,535 54,727 16.2 338,674 54,587 16.1
Total Interest Expense
1,095,053 1,104,724 (9,670) (0.9) 1,192,862 (97,809) (8.2)
Net Interest Income
8,961,716 9,445,291 (483,576) (5.1) 8,440,122 521,594 6.2
Provision for loan losses
- - - - 190,000 (190,000) (100.0)
Net In. Inc. After Prov. for Loan Losses
8,961,716 9,445,291 (483,576) (5.1) 8,250,122 711,594 8.6
Non Interest Income
Service charges and fees
2,302,098 2,272,365 29,733 1.3 1,871,350 430,748 23.0
Mortgage loan and related fees
341,546 429,548 (88,002) (20.5) 249,131 92,415 37.1
Other noninterest income
691,355 1,105,527 (414,172) (37.5) 894,955 (203,600) (22.7)
Total Non Interest Income
3,334,999 3,807,440 (472,441) (12.4) 3,015,436 319,563 10.6
Non Interest Expense
Salaries and employee benefits
4,619,398 4,507,170 112,228 2.5 4,467,426 151,972 3.4
Occupancy
1,351,567 1,415,715 (64,148) (4.5) 1,329,177 22,390 1.7
Advertising and public relations
312,802 269,098 43,704 16.2 362,350 (49,548) (13.7)
Data Processing
1,046,661 1,046,492 169 0.0 909,798 136,863 15.0
Other noninterest expense
1,417,021 1,746,617 (329,596) (18.9) 1,469,363 (52,342) (3.6)
Total Non Interest Expense
8,747,449 8,985,092 (237,643) (2.6) 8,538,114 209,335 2.5
Income Before Taxes
3,549,266 4,267,639 (718,373) (16.8) 2,727,444 821,822 30.1
Income taxes
571,447 727,794 (156,347) (21.5) 424,365 147,082 34.7
Net Income
2,977,819 3,539,845 (562,026) (15.9) 2,303,079 674,740 29.3
Per common share data:**
Earnings
$0.87 $1.03 $0.67
Weighted average number of shares outstanding
3,430,060 3,430,060 3,431,582
** Prior period shares outstanding adjusted for 10% stock dividend and stock split

JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA

CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)



YTD
Actual
Dec 2021
YTD
Actual
Dec 2020
$ Variance % Variance
Interest Income
Interest on Loans
32,747,704 33,912,967 (1,165,263) (3.4)
Mortgage Loans Held For Sale
36,350 35,769 581 1.6
Interest on deposits with banks
170,593 274,095 (103,502) (37.8)
Investment Securities - Taxable
4,089,734 1,829,762 2,259,972 123.5
Investment Securities - Tax-exempt
3,201,034 2,863,868 337,166 11.8
Total Interest Income
40,245,415 38,916,461 1,328,954 3.4
Interest Expense
Interest bearing demand deposits
907,787 911,878 (4,091) (0.4)
Savings and Money Market Deposits
874,667 728,528 146,139 20.1
Time Deposits - Retail
1,255,034 1,742,962 (487,928) (28.0)
Total Interest Expense on Deposits
3,037,488 3,383,368 (345,880) (10.2)
FHLB Advances
85,263 151,948 (66,685) (43.9)
Interest on other borrowings
1,409,120 1,348,658 60,462 4.5
Total Interest Expense
4,531,871 4,883,974 (352,103) (7.2)
Net Interest Income
35,713,544 34,032,487 1,681,057 4.9
Provision for loan losses
330,000 2,728,000 (2,398,000) (87.9)
Net In. Inc. After Prov. for Loan Losses
35,383,544 31,304,487 4,079,057 13.0
Non Interest Income
Service charges and fees
8,723,760 6,950,118 1,773,642 25.5
Mortgage loan and related fees
1,605,749 929,815 675,934 72.7
Other noninterest income
2,668,546 2,645,557 22,989 0.9
Total Non Interest Income
12,998,055 10,525,490 2,472,565 23.5
Non Interest Expense
Salaries and employee benefits
18,010,588 18,171,519 (160,931) (0.9)
Occupancy
5,418,047 5,212,760 205,287 3.9
Advertising and public relations
1,309,977 1,353,780 (43,803) (3.2)
Data Processing
4,206,408 3,684,994 521,414 14.1
Other noninterest expense
6,290,183 5,047,610 1,242,573 24.6
Total Non Interest Expense
35,235,203 33,470,663 1,764,540 5.3
Income Before Taxes
13,146,396 8,359,314 4,787,082 57.3
Income taxes
2,131,078 1,155,606 975,472 84.4
Net Income
11,015,318 7,203,708 3,811,610 52.9
Per common share data:**
Earnings
$3.21 $2.10
Weighted average number of shares outstanding
3,429,646 3,431,582
** Prior period shares outstanding adjusted for 10% stock dividend and stock split

JD BANCSHARES, INC. AND SUBSIDIARIES

Margin Analysis Compare


Average Yield and Rate Average Funds Interest Income/Expense

QTD
Actual
Dec 2021
QTD
Actual
Dec 2020
Change QTD
Actual
Dec 2021
QTD
Actual
Dec 2020
Change QTD
Actual
Dec 2021
QTD
Actual
Dec 2020
Change
Earning Assets









Loans
5.12 5.12 - 621,196,811 647,367,342 (26,170,531) 8,018,863 8,327,843 (308,980)
Mortgage loans held for sale
2.81 3.05 (0.24) 1,088,271 1,238,141 (149,870) 7,634 9,441 (1,807)
Deposits with banks
0.09 0.13 (0.04) 146,023,699 164,779,741 (18,756,043) 32,778 51,956 (19,178)
Investment securities - taxable
1.34 1.28 0.06 357,287,190 158,431,627 198,855,563 1,198,469 507,798 690,672
Investment securities - tax-exempt
3.08 3.51 (0.43) 131,548,819 106,214,538 25,334,281 799,025 735,946 63,079
Total Earning Assets
3.25 3.63 (0.38) 1,257,144,789 1,078,031,390 179,113,400 10,056,769 9,632,983 423,786
Interest bearing liabilities
Interest bearing demand
0.37 0.47 (0.10) 228,041,526 212,156,507 15,885,019 212,282 248,121 (35,839)
Savings and Money Market
0.21 0.22 (0.01) 425,268,651 325,458,543 99,810,108 222,433 178,807 43,626
Time deposits - Retail
0.91 1.28 (0.37) 116,582,367 122,874,110 (6,291,743) 267,077 396,605 (129,527)
Total interest bearing deposits
0.36 0.50 (0.14) 769,892,545 660,489,160 109,403,385 701,792 823,533 (121,741)
Federal home Loan Bank advances
- 4.30 (4.30) - 2,786,576 (2,786,576) - 30,655 (30,655)
Other borrowings
6.77 7.49 (0.72) 22,745,272 17,701,345 5,043,927 393,261 338,674 54,587
Total borrowed funds
6.77 7.05 (0.28) 22,745,272 20,487,921 2,257,351 393,261 369,329 23,932
Total interest-bearing liabilities
0.55 0.69 (0.15) 792,637,816 680,977,080 111,660,736 1,095,053 1,192,862 (97,809)
Net interest rate spread
2.70 2.94 (0.24) 8,961,716 8,440,122 521,594
Effect of non-interest bearing deposits
(0.20) (0.26) 0.07 440,778,234 418,451,260 22,326,974
Cost of funds
0.35 0.43 (0.08)
Net interest margin
2.90 3.19 (0.29)

JD BANCSHARES, INC. AND SUBSIDIARIES

Margin Analysis Compare


Average Yield and Rate Average Funds Interest Income/Expense

YTD
Actual
Dec 2021
YTD
Actual
Dec 2020
Change YTD
Actual
Dec 2021
YTD
Actual
Dec 2020
Change YTD
Actual
Dec 2021
YTD
Actual
Dec 2020
Change
Earning Assets
Loans
5.23 5.22 0.01 626,591,937 649,983,257 (23,391,320) 32,747,704 33,912,967 (1,165,263)
Mortgage loans held for sale
2.82 2.99 (0.17) 1,289,911 1,197,733 92,178 36,350 35,769 581
Deposits with banks
0.09 0.36 (0.27) 183,132,101 76,599,799 106,532,302 170,593 274,095 (103,502)
Investment securities - taxable
1.28 1.84 (0.56) 320,289,550 99,560,583 220,728,966 4,089,734 1,829,762 2,259,972
Investment securities - tax-exempt
3.20 3.63 (0.43) 126,495,386 99,729,193 26,766,194 3,201,034 2,863,868 337,166
Total Earning Assets
3.27 4.28 (1.01) 1,257,798,885 927,070,565 330,728,320 40,245,416 38,916,461 1,328,955
Interest bearing liabilities
Interest bearing demand
0.39 0.52 (0.13) 232,350,830 175,288,795 57,062,035 907,787 911,878 (4,091)
Savings and Money Market
0.21 0.26 (0.05) 410,157,555 278,176,670 131,980,885 874,667 728,528 146,139
Time deposits - Retail
1.02 1.47 (0.45) 122,693,986 118,752,478 3,941,508 1,255,034 1,742,962 (487,927)
Total interest bearing deposits
0.40 0.59 (0.19) 765,202,371 572,217,943 192,984,428 3,037,489 3,383,368 (345,879)
Federal home Loan Bank advances
4.61 2.28 2.33 1,825,362 6,549,964 (4,724,602) 85,263 151,948 (66,684)
Other borrowings
7.31 7.45 (0.14) 19,018,043 17,812,517 1,205,526 1,409,120 1,348,658 60,462
Total borrowed funds
7.07 6.06 1.01 20,843,405 24,362,481 (3,519,076) 1,494,383 1,500,605 (6,222)
Total interest-bearing liabilities
0.57 0.81 (0.24) 786,045,775 596,580,424 189,465,352 4,531,872 4,883,973 (352,101)
Net interest rate spread
2.69 3.47 (0.77) 35,713,544 34,032,488 1,681,056
Effect of non-interest bearing deposits
(0.21) (0.29) 0.08 451,752,417 338,452,369 113,300,048
Cost of funds
0.36 0.52 (0.16)
Net interest margin
2.91 3.76 (0.85)

JD BANCSHARES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

Financial Ratios


For the Qtr
Ended
Dec. 31,
2021
For the Qtr
Ended
Sept. 30,
2021
For the Qtr
Ended
Dec. 31,
2020
For the 12
Months
Ended
Dec. 31,
2021
For the 12
Months
Ended
Dec. 31,
2020
Performance Ratios





Return on Average Assets (ROA)
0.88% 1.04% 0.76% 0.82% 0.70%
ROA based on Pre-tax, pre-provision operating income
1.05% 1.19% 0.83% 1.36% 1.35%
Return on Average Equity (ROE)
11.87% 13.91% 9.52% 11.24% 7.65%
ROE based on Pre-tax, pre-provision operating income
14.17% 16.02% 10.37% 13.97% 11.09%
Earnings per Share***
$0.87 $1.03 $0.67 $3.21 $2.10
Net Interest Margin
2.90% 3.02% 3.19% 2.91% 3.75%
Efficiency Ratio **
69.89% 68.80% 75.85% 70.44% 74.86%
Non-Interest Income as a % of Avg. Assets**
0.99% 1.01% 1.00% 0.97% 1.02%
Non-Interest Expense as a % of Avg. Assets**
2.59% 2.64% 2.81% 2.58% 3.23%

Capital

As of Dec. 31 As of Dec. 31
2021 2020
Tier 1 Leverage Ratio
7.20 (Est.)% 7.44%
Common Equity Tier 1 Ratio
12.70 (Est.)% 13.12%
Tier 1 Risk-Based Capital Ratio
12.70 (Est.)% 13.12%
Total Risk-Based Capital Ratio
13.78 (Est.)% 14.37%
Tangible Equity / Total Assets
7.16 (Est.)% 7.34%
Tangible Book Value per Share***
$28.30 $27.55

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
Dec. 31,
2021
Sept. 30,
2021
Dec. 31,
2020
Dec. 31,
2021
Dec. 31,
2020
Net Income (GAAP)
$2,977,819 $3,539,845 $2,303,079 $11,015,318 $7,203,708
Provision for Loan Lossess
- - 190,000 330,000 2,728,000
Net (Gain) Loss on OREO
5,198 (28,535) 45,300 383,569 114,332
Less: Net Gain on Securities
- - - (6,682) (251,957)
Non-recurring Expenses
- 199,656 - 199,656 -
Nonrecurring Revenue
- (363,750) (454,270) (363,750) (506,389)
Income Tax Expense
571,447 727,794 424,365 2,131,078 1,155,606

Pre-tax, Pre-Provision Operating Income
$3,554,464 $4,075,010 $2,508,474 $13,689,189 $10,443,300

** Non-recurring items are eliminated for this ratio
*** Prior period shares outstanding adjusted for 10% stock dividend and stock split

CONTACT:

Bruce Elder (CEO) 337-246-5399
Paul Brummett (CFO) 337-246-5395

SOURCE: JD Bancshares, Inc.



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