JBTC Announces 4th Quarter 2024 Earnings

Rhea-AI Summary

JBT Bancorp (OTCQX: JBTC) reported Q4 2024 earnings of $1,775,000 with earnings per share of $0.73, marking a 14.38% decrease from Q4 2023 due to a $482,000 increase in credit loss expense. Full-year unaudited earnings reached $7,555,000 with EPS of $3.10, down 3.05% from $7,793,000 and $3.20 EPS in the previous year.

The company achieved notable growth in core deposits and surpassed the $950 million asset mark. However, this growth necessitated a 44.81% increase in provisioning expense compared to the prior year. Management highlighted strong margin performance despite rate cuts in the fourth quarter.

Positive

• Surpassed $950 million in total assets
• Strong growth in core deposits
• Maintained strong margin performance despite Q4 rate cuts

Negative

• Q4 2024 earnings declined 14.38% year-over-year
• Full-year earnings decreased 3.05% to $7,555,000
• Credit loss expense increased by 44.81% year-over-year
• EPS declined from $3.20 to $3.10 year-over-year

JONESTOWN, Pa., Jan. 15, 2025 (GLOBE NEWSWIRE) -- JBT Bancorp, Inc. (OTCQX: JBTC) reported quarterly earnings of $1,775,000 with earnings per share of $0.73. Earnings were down 14.38% compared to the final quarter of 2023 as there was a corresponding $482,000 increase in credit loss expense. Full-year unaudited earnings were $7,555,000 with earnings per share of $3.10. Earnings fell 3.05% from $7,793,000 and earnings per share were down from $3.20 in the prior year.   

President & CEO, Troy A. Peters, commented, “We are proud of our growth this past year, particular in attracting core deposits and surpassing the $950 million asset mark. Growth, in the short-term, requires provisioning expense which increased by 44.81% over the prior year. Our margin performance was also strong against the rate cuts in the fourth quarter.”

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 Q4 2024 earnings per share?

JBTC reported Q4 2024 earnings per share of $0.73.

How much did JBTC's full-year 2024 earnings decline compared to 2023?

JBTC's full-year earnings declined by 3.05%, from $7,793,000 in 2023 to $7,555,000 in 2024.

What caused the decline in JBTC's Q4 2024 earnings?

The 14.38% decline in Q4 2024 earnings was primarily due to a $482,000 increase in credit loss expense.

What significant milestone did JBTC achieve in assets during 2024?

JBTC surpassed the $950 million asset mark during 2024.

How much did JBTC's provisioning expense increase in 2024?

JBTC's provisioning expense increased by 44.81% compared to the previous year.