JBTC Announces 1st Quarter 2022 Earnings

Rhea-AI Summary

JBT Bancorp, Inc. (JBTC) reported first-quarter 2022 earnings of $1,385,000, or $0.57 per share, a slight decline from $1,402,000, or $0.58 per share, in the previous year. The increase in net interest income by 3.4% was offset by an 11% drop in non-interest income, primarily due to reduced mortgage banking activities. The prior year included $203,000 in Paycheck Protection Program (PPP) fees, compared to $28,000 in 2022. The company anticipates that almost all remaining PPP loans totaling $1,600,000 will be forgiven by the end of Q2 2022.

AI-generated analysis. Not financial advice.

Positive

• 3.4% increase in net interest income,

Negative

• 11% decrease in non-interest income due to reduced mortgage banking activities,
• Significant decline in PPP fees from $203,000 in Q1 2021 to $28,000 in Q1 2022.

News Market Reaction – JBTC

+2.46%

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+2.46% News Effect

On the day this news was published, JBTC gained 2.46%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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JONESTOWN, Pa., April 29, 2022 (GLOBE NEWSWIRE) -- JBT Bancorp, Inc. (JBTC) reported quarterly earnings of $1,385,000 or $0.57 per share for the first quarter of 2022 versus $1,402,000 or 0.58 per share in the prior year. “Earnings were positively affected by a 3.4% increase in net interest income, but non-interest income fell by 11%, largely impacted by reduced mortgage banking activities. The first quarter of 2021 also included $203,000 in Paycheck Protection Program (PPP) fees compared to just $28,000 in first quarter 2022. As the PPP winds down, we expect nearly all of the remaining $1,600,000 in loans to be forgiven by the end of the second quarter,” said President & CEO, Troy A. Peters.

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

Contact: Andrea Shetterly, EAA
ashetterly@jbt.bank
Jonestown Bank & Trust Co.
2 West Market Street
Jonestown, PA 17038-0717
Phone: 717-865-4246

FAQ

What were JBT Bancorp's earnings for Q1 2022?

JBT Bancorp reported earnings of $1,385,000, or $0.57 per share, for the first quarter of 2022.

How did JBT Bancorp's earnings in Q1 2022 compare to the previous year?

Earnings decreased from $1,402,000, or $0.58 per share, in the first quarter of 2021.

What factors influenced JBT Bancorp's earnings in Q1 2022?

A 3.4% increase in net interest income positively affected earnings, while an 11% decline in non-interest income negatively impacted them.

What is the outlook for JBT Bancorp's PPP loans?

The company expects nearly all of the remaining $1,600,000 in PPP loans to be forgiven by the end of the second quarter of 2022.