checkAd

     113  0 Kommentare JSB Financial Inc. Reports First Quarter 2024 Results

    JSB Financial Inc. (OTCPK: JFWV) reported net income of $671 thousand for the quarter ended March 31, 2024, representing a decrease of $214 thousand or 24.2% when compared to $885 thousand for first quarter of 2023. Basic and diluted earnings per common share were $2.61 and $3.21 for the first quarter of 2024 and 2023, respectively. Annualized return on average assets and average equity for March 31, 2024 was 0.53% and 10.75%, respectively, and 0.76% and 15.37%, respectively, for March 31, 2023.

    “Through the first quarter, we are pleased to demonstrated stabilization in our net interest margin and an improved book value per share of $97.40 compared to $86.24 one year ago,” said President and Chief Executive Officer, Cindy Kitner. “Our operational performance has remained stable, and we are proud to have increased deposits by $32.0 million and loans by $18.3 million. We remain confident in the credit quality of our loan portfolio. Our growth through the first quarter is a testament to our team and their commitment to building long-lasting relationships with our customers throughout the communities we serve.”

    Net Interest Income

    For the first quarter of 2024, net interest income totaled $3.2 million, representing an increase of $42 thousand, or 1.3%, from $3.1 million for the first quarter of 2023. Interest and fees on loans increased year-over-year as the Company continued to organically grow the loan portfolio, which was primarily led by commercial real estate. This activity contributed to the improved loan yields over the prior year due to the higher interest rates as well as the continued repricing of the Company’s variable rate loan portfolio. Interest and fees on loans totaled $4.7 million and $3.5 million for the first quarter of 2024 and 2023, respectively.

    Total interest expense was $2.3 million for the first quarter of 2024, representing an increase of $1.1 million when compared to $1.2 million for the first quarter 2023. The increase in total interest expense was driven by higher costs of interest-bearing deposits, a shift in the deposit mix in favor of higher cost customer deposits and an increase in borrowings.

    Net interest margin decreased slightly to 2.65% for the first quarter of 2024, a decline of six basis points from December 31, 2023 and 23 basis points from March 31, 2023. This decline from year-end and prior year is primarily due to higher funding costs for deposits and borrowed funds.

    Balance Sheet

    Total assets were $531.2 million as of March 31, 2024, an increase of $30.6 million, or 6.1%, from $500.6 million as of December 31, 2023. Year-over-year total assets increased $38.3 million, or 7.8%, from $492.9 million as of March 31, 2023.

    Seite 1 von 4



    Business Wire (engl.)
    0 Follower
    Autor folgen
    JSB Financial Inc. Reports First Quarter 2024 Results JSB Financial Inc. (OTCPK: JFWV) reported net income of $671 thousand for the quarter ended March 31, 2024, representing a decrease of $214 thousand or 24.2% when compared to $885 thousand for first quarter of 2023. Basic and diluted earnings per …