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JD Bancshares, Inc. Reports Financial Results for Q1 2022

JENNINGS, LA / ACCESSWIRE / April 21, 2022 / 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, 2022.

Net income for the three-month period ended March 31, 2022 is $2,108,163 or $0.62 per share compared to $2,977,470 or $0.87 per share for the linked quarter ended December 31, 2021 and $1,919,989 or $0.56 per share for the prior year period ended March 31, 2021. Pre-tax, pre-provision operating income for the current quarter was $2,291,078 compared to $3,056,080 for the linked quarter and $2,038,890 for the prior year quarter. Pre-tax, pre-provision operating income excludes taxes, loan loss provision, net losses on the sale of other real estate owned, net gains on the disposal of available for sale investment securities and the recognition of origination fees on loans made pursuant to the Paychecks Protection Program (PPP). The decrease in pre-tax, pre-provision operating earnings in the current period compared to the linked period is primarily due to a decline in non-interest income and an increase in non-interest expenses. The increase compared to the prior year quarter is due to an increase in net interest income and partially offset by increases in non-interest expenses.

Bruce Elder, President and CEO, commented, "While current quarter net income increased over the prior year period, changes in PPP fee recognition, the impact of interest rate volatility on equity investments and mortgage originations, and a more pronounced occurrence of check and debit card fraud makes for challenging comparisons. Net income did increase by 9.8% over the March 31, 2021, but declined by 29.2% over the linked quarter. Net interest income is $193,000 lower than the December 31, 2021 quarter, but is adversely impacted by a $292,000 decline in PPP fee recognition. Non-interest income is $639,000 lower and includes a $199,000 fair market adjustment to an equity investment and a $103,000 decrease in gains on the sale of mortgage originations. Non-interest expenses are $220,000 higher than the linked quarter due, in part, to a $172,000 increase in losses attributable to fraud on deposit accounts. Overall, we are pleased with the results and believe we made strides in reallocating our balance sheet to higher earning asset categories. We experienced a net increase in our loan portfolio of $19.8 million and shifted cash into our investment portfolio for a net increase of $30.7 million before accounting for unrealized losses from interest rate fluctuations. We will continue to look for quality opportunities to enhance our net interest margin."

Paycheck Protection Program Lending (PPP)

As of March 31, 2022, there are 133 PPP loans totaling $10.3 million that remain outstanding. During the first three months of 2022, we received $5.9 million in repayments from SBA forgiveness and customer payments. There are four borrowers who initially received loans in 2020 totaling $1.5 million and 129 borrowers who received loans in 2021 totaling $8.8 million. The 2020 borrowers are making payments and the 2021 borrowers have until the middle of 2022 to apply for forgiveness.

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 March 31, 2022, December 31, 2021, and March 31, 2021 are $206,000, $498,000 and $814,000, respectively. As of March 31, 2022, we had approximately $406,000 in deferred PPP origination fees to be recognized in future periods.

Asset Quality

Loans past due 30 to 89 days at March 31, 2022 are $1.1 million or 0.17% of the total loans outstanding compared to $1.3 million or 0.21% of total loans reported at December 31, 2021. Total nonperforming assets, including loans on non-accrual status, other real estate owned (OREO) and repossessed assets were $6.1 million at March 31, 2022, increasing from $5.2 million at December 31, 2021. When comparing non-performing assets at March 31, 2022 to December 31, 2021, loans on non-accrual status increased by $1.0 million to $5.1 million from $4.1 million and OREO decreased slightly to $960,000 from $1.1 million. There are no repossessed assets at either of those dates. 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 Company did not record any provisions for credit losses in the current and linked quarters compared to a $165,000 provision in Q1 2021. The allowance for loan losses (ALLL) is $8.1 million at March 31, 2022 or 1.27% of total loans compared to $8.2 million at December 31, 2021 or 1.32% of total loans. Net charge offs are $50,000 for the current period compared to $185,000 for the quarter ended December 31, 2021 and $387,000 for the prior year comparative period. 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.

Net Interest Income

Net interest income for Q1 2022 is $8.8 million compared to $9.0 million for the linked quarter and $8.4 million for the prior year quarter. When excluding the aforementioned recognition of PPP origination fees, net interest income increased by $99,000 compared to Q4 2021 and $995,000 compared to Q1 2021. Net interest income is influenced by both the volume and mix of interest-earning assets and interest-bearing liabilities. As the Federal Reserve begins to increase short-term interest rates to help curb inflation and the size of our loan portfolio continues to expand, we anticipate that net interest income will increase throughout the remainder of 2022.

Interest income on loans, excluding PPP origination fees, increased by $233,000 for the current quarter compared with the prior year period. Although the average loans outstanding for both Q1 2022 and 2021 are the same at $624.2 million, a significant amount of PPP loans with interest rates of 1% were replaced by higher earning loans. The average yield on loans, excluding PPP origination fees, increased to 4.87% from 4.71% a year ago. Due to the net increase in volume of asset categories other than loans, the yield on total earning assets dropped to 3.25% in the current quarter compared to 3.26% in the prior year quarter. Total cost of funds declined to 0.34% in the current quarter from 0.40% a year ago. The lower cost of funds, coupled with the strong volume of loan originations offsetting PPP loan repayments, resulted in an improved net interest margin of 2.91% compared to 2.86% a year ago.

Compared to the linked quarter, net interest margin is unchanged at 2.91%. Yield on total earning assets declined slightly from 3.26% at Q4 2021 and was adversely impacted by a decline in PPP origination fees recognized of $292,000. The cost of funds declined by just 1 basis point from 0.35% for the linked quarter.

Non-Interest Income

Total non-interest income is $2.7 million for the quarter ended March 31, 2022 compared to $3.3 million for the linked quarter and $2.7 million for the prior year quarter. Service charges and fees associated with deposit accounts are $2.2 million for the current quarter; $77,000 lower than the December 2021 quarter and $264,000 higher than March 2021 quarter. The reduction in service charges and fee income between current and linked quarters is primarily due to a decrease in debit card interchange revenue of $78,000. The increase in service charges and fee income between current and prior year quarters is due to increases in NSF fees and interchange revenue of $230,000 and $24,000, respectively.

Mortgage loan activity has slowed as housing inventory is low and interest rates began to increase. Gains from the sale of mortgage loans originated in the current period are $239,000 compared to $342,000 and $337,000 reported for the linked and prior year quarters. Other non-interest income is $201,000 for the current quarter, $660,000 for the linked quarter and $376,000 for the quarter ended March 31, 2021. Other non-interest income for the current quarter is adversely impacted by mark-to-market losses on an equity investment. Fair value losses associated with market fluctuations amounted to $237,000 for the current quarter compared to $38,000 for the linked quarter and $65,000 for the prior year quarter. The largest components of other non-interest income over the three comparative periods continues to be from trust and brokerage services. Those two revenue sources totaled $259,000, $474,000 and $265,000, respectively, for the three periods. The prior year quarter includes a gain on the disposal of available for sale securities of $2,200.

Non-Interest Expense

Total non-interest expense is $9.0 million compared to $8.7 million for the linked quarter and $8.6 million for the prior year quarter. Salaries and benefits is the largest component of non-interest expenses and decreased by $23,000 compared to the December 2021 quarter and increased by $258,000 compared to the March 2021 quarter. Total salaries and benefits expense is $4.6 million, $4.6 million and $4.3 million for the three comparative quarters.

Data processing expenses are $1.2 million for the quarter ended March 31, 2022 compared to $1.0 for the linked quarter and $978,000 for the prior year quarter. Data processing expenses are 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. The level of data processing expenses are tied to the number of accounts and tend to increase with new customer acquisition.

Occupancy expense in the current quarter is $1.2 million compared to $1.3 million for the December 2021 quarter and is in line with the $1.2 million recorded in the prior year quarter. We announced opening a new office in July in Lake Charles, Louisiana that will replace a branch destroyed during Hurricane Laura. In conjunction with the opening, we will be closing and consolidating the operations of another branch in close proximity to the new branch location. Other than some non-recurring charges related to the consolidation efforts, occupancy expenses associated with the new branch should be offset by savings from the closed branch. Advertising, marketing and business development expenses are also relatively constant at $342,000, $313,000 and $352,000 for the comparative quarters. Marketing expenses are likely to increase in Q2 2022 as we celebrate our 75th anniversary.

All other non-interest expenses are $1.7 million for the current quarter compared to $1.5 million for the linked quarter and $1.7 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 are $1,000, $5,000 for the linked quarter and $408,000 in the prior year quarter. The largest components of non-interest expenses in the current quarter are comprised of fraud losses, professional fees, ad valorem taxes, FDIC deposit insurance assessments and telecommunications. Losses associated with debit card and check fraud increased by 154% and 293% compared to the linked and prior year quarters, respectively.

Income tax expense is $388,000 for the current quarter compared with $571,000 for the linked quarter and $362,000 for the prior year quarter. Effective tax rates for the three comparative quarters are relatively stable at 15.54%, 16.10% and 15.85%, respectively.

Balance Sheet

Total assets declined by $47.6 million or 3.5% to $1.31 billion at March 31, 2021 from $1.36 billion at December 31, 2021. The net decline in total assets results from the Company's redemption of subordinated debt issued in 2017, a net decrease in deposits and the decline in the market value of investment securities available for sale. During the current quarter, the Company used $73.6 million in cash to increase the investment portfolio by a net $30.7 million, increase loans held for investment by a net $19.8 million, redeem $17.5 million in previously issued subordinated debt and fund a net decrease in deposits of $5.6 million. Due to the sharp rise in interest rates, the fair market value of our available securities decreased by $29.2 million during the first quarter of 2022. This resulted in an increase in the deferred income tax asset of $6.1 million and the difference of $23.1 million was a reduction in equity in the form of unrealized loss on available for sale securities.

As previously mentioned, deposits declined by $5.6 million during the first three months of 2022. Decreases of $5.3 million in money market accounts, $5.1 million in interest-bearing demand and $1.9 million in certificates of deposit were partially offset by increases of $5.3 million in non-interest demand and $1.4 million in savings accounts. The Company historically sees public fund deposits increase in advance of year-end and flow back out after the first of the year. Public funds, which are in the interest-bearing demand category, declined by $7.7 million.

Other liabilities decreased by $19.8 during the three month period as a result of the subordinated debt redemption and the payment of previously accrued expenses.

Stockholders' equity declined by $22.2 million to $79.0 million at March 31, 2022 from $101.2 million at December 31, 2021. The decrease is primarily due to the reduction in accumulated other comprehensive income of $23.1 million since December 31, 2021 as rising interest rates had an adverse impact on the net fair market value of the Company's investment portfolio. Other changes to stockholders' equity include net income of $2.1 million less $858,000 in cash dividends declared and paid during the quarter and $393,000 in share repurchases. Due to the decline in accumulated other comprehensive income, tangible book value per common share decreased to $21.90 at March 31, 2022 compared to $28.28 at December 31, 2021.

Key Performance Ratios

Return on average assets (ROA) in the current quarter is 0.64% compared to 0.88% and 0.60% for the linked and prior year quarters, respectively. The decline in ROA between Q1 2022 and Q4 2021 was due to a reduction in net income primarily as a result of a decrease in PPP origination fees recognized, a decline in non-interest income and higher non-interest expenses. ROA on a non-GAAP pre-tax, pre-provision operating basis for the three comparative periods is 0.70%, 0.90% and 0.63%, respectively. Return on average equity (ROE) is 8.42% for the current quarter, 11.87% for the linked quarter and 7.99% for the prior year quarter. On a non-GAAP, pre-tax, pre-provision operating basis, the ROE for the three comparative periods was 9.15%, 12.18% and 8.48%, 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)

For more information contact:
Bruce Elder (CEO) (337-246-5399)
Paul Brummett (CFO) (337-246-5395)
Website: www.jdbank.com

JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA

CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

Actual
Mar 2022
Actual
Dec 2021
$ Variance % Variance
Assets
Cash and due from banks
26,030,341 18,552,783 7,477,558 40.3
Interest bearing deposits with banks
94,402,206 175,657,295 (81,255,089) (46.3)
Investment Securities - Taxable
356,477,697 354,300,423 2,177,274 0.6
Investment Securities - Tax-exempt
130,330,150 131,081,611 (751,461) (0.6)
Mortgage loans held for sale
571,761 705,950 (134,189) (19.0)
Loans, net of unearned income
642,364,180 622,565,024 19,799,156 3.2
Less: Allowance for loan losses
(8,139,523) (8,189,747) 50,224 (0.6)
Premises and equipment, net
22,807,152 23,160,984 (353,832) (1.5)
Accrued interest receivable
3,846,095 4,492,037 (645,942) (14.4)
Other real estate
959,570 1,053,698 (94,128) (8.9)
Other assets
39,370,347 33,196,334 6,174,013 18.6
Total Assets
1,309,019,976 1,356,576,392 (47,556,416) (3.5)
Liabilities
Non-Interest Bearing Deposits
424,311,529 419,021,687 5,289,842 1.3
Interest bearing demand deposits
235,910,790 241,045,730 (5,134,940) (2.1)
Savings and Money Market Deposits
421,929,847 425,749,299 (3,819,452) (0.9)
Time Deposits - Retail
113,725,476 115,623,464 (1,897,988) (1.6)
Total Deposits
1,195,877,642 1,201,440,180 (5,562,538) (0.5)
Accrued expenses and other liabilities
4,437,071 6,703,008 (2,265,937) (33.8)
Other Borrowings
29,695,209 47,203,745 (17,508,536) (37.1)
Total Liabilities
1,230,009,922 1,255,346,933 (25,337,011) (2.0)
Equity
Common stock
3,416,060 shares outstanding at 3.31.22
3,430,060 shares outstanding at 12.31.21
21,351,625 21,437,875 (86,250) (0.4)
Capital surplus
10,218,644 10,525,694 (307,050) (2.9)
Retained earnings
69,415,302 68,164,751 1,250,551 1.8
Accumulated other comprehensive income (loss)
(21,862,967) 1,271,641 (23,134,608) (1,819.3)
Less: Notes receivable common stock
(112,550) (170,502) 57,952 (34.0)
Total Equity
79,010,054 101,229,459 (22,219,405) (21.9)
Total Liabilities & Equity
1,309,019,976 1,356,576,392 (47,556,416) (3.5)

JD BANCSHARES, INC. AND SUBSIDIARIES
JENNINGS, LOUISIANA

CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

QTD
Actual
Mar 2022
QTD
Actual
Dec 2021
$ Variance % Variance QTD
Actual
Mar 2021
$ Variance % Variance
Interest Income
Interest on Loans
7,692,991 8,018,863 (325,872) (4.1) 8,068,094 (375,103) (4.6)
Mortgage Loans Held For Sale
6,666 7,634 (968) (12.7) 8,580 (1,914) (22.3)
Interest on deposits with banks
82,507 64,297 18,210 28.3 60,923 21,584 35.4
Investment Securities - Taxable
1,246,884 1,198,469 48,415 4.0 664,049 582,835 87.8
Investment Securities - Tax-exempt
791,016 799,025 (8,009) (1.0) 800,813 (9,797) (1.2)
Total Interest Income
9,820,064 10,088,288 (268,224) (2.7) 9,602,459 217,605 2.3
Interest Expense
Interest bearing demand deposits
205,294 212,282 (6,988) (3.3) 244,836 (39,542) (16.2)
Savings and Money Market Deposits
212,474 222,433 (9,959) (4.5) 211,300 1,174 0.6
Time Deposits - Retail
238,005 267,077 (29,072) (10.9) 364,277 (126,272) (34.7)
Total Interest Expense on Deposits
655,773 701,792 (46,019) (6.6) 820,413 (164,640) (20.1)
FHLB Advances
- - - - 30,256 (30,256) (100.0)
Interest on other borrowings
363,909 393,261 (29,352) (7.5) 338,792 25,117 7.4
Total Interest Expense
1,019,682 1,095,053 (75,371) (6.9) 1,189,461 (169,779) (14.3)
Net Interest Income
8,800,382 8,993,235 (192,853) (2.1) 8,412,998 387,384 4.6
Provision for loan losses
- - - - 165,000 (165,000) (100.0)
Net In. Inc. After Prov. for Loan Losses
8,800,382 8,993,235 (192,853) (2.1) 8,247,998 552,384 6.7
Non Interest Income
Service charges and fees
2,224,632 2,302,098 (77,466) (3.4) 1,961,005 263,627 13.4
Mortgage loan and related fees
238,911 341,546 (102,635) (30.1) 336,766 (97,855) (29.1)
Other noninterest income
200,507 659,837 (459,330) (69.6) 375,537 (175,030) (46.6)
Total Non Interest Income
2,664,050 3,303,481 (639,431) (19.4) 2,673,308 (9,258) (0.3)
Non Interest Expense
Salaries and employee benefits
4,596,179 4,619,398 (23,219) (0.5) 4,337,839 258,340 6.0
Occupancy
1,203,330 1,297,825 (94,495) (7.3) 1,240,511 (37,181) (3.0)
Advertising and public relations
342,034 312,802 29,232 9.3 351,774 (9,740) (2.8)
Data Processing
1,151,010 1,046,661 104,349 10.0 977,918 173,092 17.7
Other noninterest expense
1,675,690 1,471,213 204,477 13.9 1,731,545 (55,855) (3.2)
Total Non Interest Expense
8,968,243 8,747,899 220,344 2.5 8,639,587 328,656 3.8
Income Before Taxes
2,496,189 3,548,817 (1,052,628) (29.7) 2,281,719 214,470 9.4
Income taxes
388,026 571,347 (183,321) (32.1) 361,730 26,296 7.3
Net Income
2,108,163 2,977,470 (869,307) (29.2) 1,919,989 188,174 9.8
Per common share data:**
Earnings
$0.62 $0.87 $0.56
Weighted average number of shares outstanding
3,426,160 3,429,564 3,432,000
** 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
Mar 2022
QTD
Actual
Mar 2021
Change QTD
Actual
Mar 2022
QTD
Actual
Mar 2021
Change QTD
Actual
Mar 2022
QTD
Actual
Mar 2021
Change
Earning Assets
Loans
4.87 4.71 0.16 624,205,639 624,241,627 (35,988) 7,486,877 7,254,078 232,799
PPP fee recognition
0.13 0.53 (0.39) - - - 206,114 814,016 (607,902)
Loans with fees
5.00 5.24 (0.24) 624,205,639 624,241,627 (35,988) 7,692,991 8,068,094 (375,103)
Mortgage loans held for sale
3.50 2.72 0.78 761,398 1,260,471 (499,073) 6,666 8,580 (1,914)
Deposits with banks
0.25 0.10 0.15 135,360,577 241,938,127 (106,577,550) 82,507 60,923 21,584
Investment securities - taxable
1.38 1.16 0.22 361,214,796 228,676,053 132,538,743 1,246,884 664,049 582,835
Investment securities - tax-exempt
3.06 3.31 (0.25) 130,697,324 122,598,685 8,098,639 791,016 800,813 (9,797)
Total Earning Assets
3.25 3.26 (0.01) 1,252,239,734 1,218,714,963 33,524,771 9,820,064 9,602,459 217,605
Interest bearing liabilities
Interest bearing demand
0.35 0.42 (0.07) 235,823,039 234,684,129 1,138,910 205,294 244,836 (39,542)
Savings and Money Market
0.20 0.23 (0.03) 421,404,354 376,138,216 45,266,138 212,474 211,300 1,174
Time deposits - Retail
0.84 1.16 (0.32) 114,662,693 127,333,190 (12,670,497) 238,005 364,276 (126,271)
Total interest bearing deposits
0.34 0.45 (0.11) 771,890,086 738,155,535 33,734,551 655,773 820,412 (164,639)
Federal home Loan Bank advances
- 4.42 (4.42) - 2,735,730 (2,735,730) - 30,256 (30,256)
Other borrowings
4.45 7.60 (3.15) 32,701,242 17,827,374 14,873,868 363,909 338,792 25,117
Total borrowed funds
4.45 7.18 (2.73) 32,701,242 20,563,104 12,138,138 363,909 369,048 (5,139)
Total interest-bearing liabilities
0.51 0.63 (0.12) 804,591,328 758,718,639 45,872,689 1,019,682 1,189,460 (169,778)
Net interest rate spread
2.74 2.63 0.11 8,800,382 8,412,999 387,383
Effect of non-interest bearing deposits
(0.17) (0.23) 0.06 422,062,777 446,848,393 (24,785,616)
Cost of funds
0.34 0.40 (0.06)
Net interest margin
2.91 2.86 0.05

JD BANCSHARES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

Financial Ratios


For the Qtr For the Qtr For the Qtr

Ended Ended Ended
March 31, 2022 December 31, 2021 March 31, 2021
Performance Ratios
Return on Average Assets (ROA)
0.64% 0.88% 0.60%
ROA based on Pre-tax, pre-provision operating income
0.70% 0.90% 0.63%
Return on Average Equity (ROE)
8.42% 11.87% 7.99%
ROE based on Pre-tax, pre-provision operating income
9.15% 12.18% 8.48%
Earnings per Share***
$0.62 $0.87 $0.56
Net Interest Margin
2.91% 2.91% 2.86%
Efficiency Ratio **
78.19% 72.79% 78.52%
Non-Interest Income as a % of Avg. Assets**
0.73% 0.83% 0.81%
Non-Interest Expense as a % of Avg. Assets**
2.67% 2.59% 2.50%
As of As of
March 31, 2022 December 31, 2021
Bank Level Capital Ratios:
Tier 1 Leverage Ratio
9.22% (Est.) 9.04%
Common Equity Tier 1 Ratio
16.40% (Est.) 16.07%
Tier 1 Risk-Based Capital Ratio
16.40% (Est.) 16.07%
Total Risk-Based Capital Ratio
17.49% (Est.) 17.17%
Company:
Tangible Equity / Total Assets
5.72% 7.15%
Tangible Book Value per Share***
$21.90 $28.28

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

For the Qtr For the Qtr For the Qtr
Ended Ended Ended
March 31, 2022 December 31, 2021 March 31, 2021
Net Income (GAAP)
$2,108,163 $2,977,470 $1,919,989
Provision for Loan Losses
- - 165,000
Net (Gain) Loss on OREO
1,003 5,198 408,360
Net (Gain) Loss on Securities
- - (2,173)
Non-recurring Expenses
- - -
Nonrecurring Revenue - PPP origination fees
(206,114) (497,935) (814,016)
Income Tax Expense
388,026 571,347 361,730
Pre-tax, Pre-Provision Operating Income
$2,291,078 $3,056,080 $2,038,890

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

SOURCE: JD Bancshares



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