Wed, Aug 14, 8:38 PM (153 days ago)
As of June 30, 2024, Fifth District Bancorp, Inc. reported total assets of $516,009,000, a 7.3% increase from December 31, 2023. Cash and cash equivalents surged by 139.4% to $46,215,000, primarily due to an IPO, while investment securities rose to $72,109,000. Loans receivable increased slightly by 0.8% to $367,907,000. Deposits also grew by 9.9% to $428,594,000, reflecting strong customer activity. Net income for Q2 2024 was $683,000, a significant increase from $204,000 in Q2 2023, attributed to higher interest income and a recovery of credit losses totaling $1 million. However, net interest income decreased by 13.1% to $2,274,000, impacted by rising interest expenses, which increased 61% to $2,367,000. The allowance for credit losses decreased to $1,699,000, reflecting an improved economic outlook. Noninterest income fell to $400,000, while noninterest expenses rose to $2,809,000. The bank maintained a well-capitalized status under regulatory guidelines, with a focus on improving internal controls related to credit loss estimates. Overall, the bank's financial health shows resilience amid rising interest rates and evolving market conditions.