JNES Announces 1st Quarter 2020 Earnings

JONESTOWN, Pa., May 04, 2020 (GLOBE NEWSWIRE) -- Jonestown Bank & Trust Co. (JBT) - (OTC Pink: JNES) reported earnings of $771,000 or $0.32 per share for the first quarter of 2020, down 37.4% from $1,231,000 or $0.52 per share in the prior year.  “Although the quarter started off strong, the effects of the COVID-19 crisis substantially impacted our activity levels and results.  We made a $704,000 provision to the allowance for loan losses for the quarter which was a dramatic increase from the $160,000 the year before and substantially impacted earnings.  The provision was driven by our growth, an increase in charged-off loans, and the escalating unemployment rate,” said President & CEO, Troy A. Peters. 

More information is available in the quarterly shareholder letter found on the Investors Relations tab of jbt.bank. 

The bank (marketed as JBT) serves customers in and around Lebanon and Lancaster Counties in Pennsylvania. Founded in 1873, the bank currently has 14 full-service locations. For more corporate information about JBT/JNES, please visit jbt.bank, or contact Andrea Shetterly at 717-865-4246.

Contact: Andrea Shetterly, EAA
[e-mail]
Jonestown Bank & Trust Co.
2 West Market Street
Jonestown, PA 17038-0717
Phone: [phone]