JENNINGS, LA / ACCESSWIRE / November 22, 2023 / JD Bancshares, Inc. (the "Company"), (OTCQX:JDVB), the parent holding company of JD Bank (the "Bank"), announced that the Bank completed a transaction to reposition a portion of its investment securities portfolio.
In November 2023 the Bank initiated a strategic securities transaction by selling approximately $54.7 million of available-for-sale securities consisting entirely of lower-yielding US Treasury securities with an average yield of 1.32% for an estimated pre-tax loss of $6.6 million. The Company expects to deploy the net proceeds into a mix of cash and higher-yielding earning assets with an expected average yield of approximately 6.67%. We estimate that the loss should be earned back in 2.8 years. The strength of our capital position allowed the Company to proactively reposition the securities portfolio, which we anticipate will provide significant future earnings benefit and safeguard against potential interest rate risk as we enter 2024.
About JD Bancshares, Inc.
JD Bancshares, Inc. is the bank holding company of JD Bank, a state-chartered bank headquartered in Jennings, Louisiana. JD Bank has been serving the citizens of south Louisiana since 1947 and offers a variety of personal and commercial lending and deposit products through both physical and digital delivery channels. The Bank also offers both trust and investment services. JD Bank operates through 22 full-service branch offices and two Loan Production/Deposit Production offices located along the Interstate 10/12 corridor from Lake Charles to Mandeville, Louisiana. JD Bancshares, Inc. may be accessed on its website at jdbank.com.
JD Bancshares, Inc. (OTCQX: JDVB) trades on the OTCQX Best Market. Companies meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, and have a professional third-party sponsor introduction. Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on otcmarkets.com.
Contact:
Bruce Elder (CEO) 337-246-5399
Paul Brummett (CFO) 337-246-5395
https://www.accesswire.com/808689/jd-bancshares-inc-announces-securities-portfolio-repositioning
