JSB Financial Inc. (OTC PINK: JFWV) reported its second quarter 2024 financial results, showing a net income of $793,000, a decrease of $12,000 or 1.74% compared to the same period in 2023. The basic and diluted earnings per common share were $3.08 and $2.92, respectively. For the first half of 2024, net income decreased by $227,000, or 13.4%, to $1.5 million compared to $1.7 million in the same period last year. The annualized return on average assets and average equity for June 30, 2024, was 0.53% and 11.68%, respectively, compared to 0.76% and 14.37%, respectively, for the same date in 2023.

The company achieved modest growth in loans across its service areas, maintaining robust credit quality indicators. Despite navigating a challenging interest rate landscape, JSB Financial remains committed to a disciplined strategy regarding loan and deposit pricing, as well as optimizing its funding approaches. The net interest income for the six months ending June 30, 2024, increased by $262,000, or 4.2%, to $6.4 million. This growth was driven by a $2.5 million rise in interest income, partially offset by a $2.3 million increase in interest expenses.

The company reported a record level of loans at $374.0 million as of June 30, 2024, representing a 7.5% increase from December 31, 2023. Total deposits grew 10.0% to $468.6 million. The allowance for credit losses was 1.07% of total loans, and nonaccrual loans remained at 0.01% of total loans. Additionally, the company received payments on several previously nonperforming loans, resulting in a $1.3 million interest recovery. The company’s management remains optimistic about its growth trajectory and continues to focus on enhancing operational efficiencies and expanding its services within the financial sector.