JBTC Announces 3rd Quarter 2024 Earnings

Rhea-AI Summary

JBT Bancorp, Inc. (OTCQX: JBTC) reported Q3 2024 earnings of $2,306,000 or $0.94 per share. Nine-month earnings reached $5,780,000 or $2.37 per share, a 1.05% increase from the previous year's $5,720,000 or $2.35 per share. President & CEO Troy A. Peters attributed the growth to increased net interest income, which rose 2.65% year-to-date, while actively slowing loan growth and focusing on overall liquidity. The company experienced a stabilization in funding costs as most certificates of deposit were repriced to current rates, leading to a more stable financial environment.

Positive

• Q3 2024 earnings of $2,306,000 or $0.94 per share
• Nine-month earnings increased by 1.05% year-over-year
• Net interest income grew by 2.65% year-to-date
• Stabilization of funding costs due to repricing of certificates of deposit

Negative

• Active slowing of loan growth

JONESTOWN, Pa., Oct. 15, 2024 (GLOBE NEWSWIRE) -- JBT Bancorp, Inc. (OTCQX: JBTC) reported quarterly earnings of $2,306,000 or $0.94 per share for the third quarter of 2024. Nine-month reported earnings are $5,780,000 or $2.37 per share, up from $5,720,000 or $2.35 per share in the prior year, representing a 1.05% increase in earnings.

President & CEO Troy A. Peters stated: “This earnings increase is largely attributable to growing net interest income while actively slowing loan growth and focusing on overall liquidity. Net interest income is up 2.65% year-to-date as funding cost increases slowed during the summer. Most certificates of deposit have been repriced into current rates and the escalating costs of these deposits has leveled off and created a more stable environment.”

More information can be found at OTC Markets at www.otcmarkets.com/stock/JBTC/overview.

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 JBTC's Q3 2024 earnings?

JBT Bancorp (JBTC) reported Q3 2024 earnings of $2,306,000 or $0.94 per share.

How did JBTC's nine-month earnings in 2024 compare to the previous year?

JBTC's nine-month earnings in 2024 were $5,780,000 or $2.37 per share, a 1.05% increase from $5,720,000 or $2.35 per share in the prior year.

What was the year-to-date growth in net interest income for JBTC in 2024?

JBTC reported a 2.65% year-to-date increase in net interest income for 2024.

How did JBTC manage its funding costs in Q3 2024?

JBTC repriced most certificates of deposit to current rates, which led to a stabilization of funding costs and created a more stable financial environment.