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 second quarter of 2023. The basic and diluted earnings per common share were $3.08 and $2.92, respectively, for the second quarter of 2024 and 2023. 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 of the previous year.

The company achieved record-level loans of $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. JSB Financial maintained strong asset quality, with nonaccrual loans at 0.01% of total loans and an allowance for credit losses of 1.07% of total loans. The company received a $1.3 million interest recovery on prior nonperforming loans.

Net interest income for the first half of 2024 increased 4.2% to $6.4 million, driven by a $2.5 million rise in interest income. The provision for credit losses was $60,000, a decrease of $60,000 compared to the first quarter of 2024. The company’s operational performance remained stable, with an increase in deposits and loans, contributing to improved book value per share.

JSB Financial’s President and CEO, Cindy Kitner, expressed satisfaction with the demonstrated stabilization in the net interest margin and the improved book value per share. The company continues to navigate a challenging interest rate landscape while maintaining a disciplined strategy regarding loan and deposit pricing and optimizing funding approaches.