Market Overview

John Marshall Bank Reports Mid-Year Financial Results

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RESTON, Va.--(BUSINESS WIRE)--

John Marshall Bank (OTCQB: JMSB) (the "Bank") reported net income of $4.3 million for the six months ended June 30, 2015, an increase of $531 thousand, or 14.1%, as compared to net income of $3.8 million reported for the six months ended June 30, 2014. Net income per diluted share increased 13.3% to $0.41 per share during the first six months of 2015, compared $0.36 per share during the same period in 2014, as adjusted for the 6 for 5 stock split in the form of a 20% dividend paid July 1, 2015. As of June 30, 2015, the Bank's tangible book value per share was $10.44, up 9.2% compared to $9.56 as of June 30, 2014, as adjusted for the 6 for 5 stock split in the form of a 20% dividend declared on May 19, 2015 and paid July 1, 2015.

The Bank's six month results produced an annualized return of 1.06% on average assets and 8.48% on average equity, compared to 1.11% and 8.15%, respectively, for the same period a year ago.

The Bank's capital ratios remain well above regulatory minimums for well capitalized banks. As of June 30, 2015, the Bank's total risk-based capital ratio was 13.5%, compared to 14.9% at June 30, 2014.

Balance Sheet Review

At June 30, 2015, total assets were $855.8 million, an increase of $68.9 million, or 8.8%, from total assets of $786.8 million at December 31, 2014, and an increase of $134.4 million, or 18.6% from total assets of $721.4 million at June 30, 2014. Gross loans increased $43.1 million, or 6.3%, to $727.7 million at June 30, 2015, compared to $684.6 million at December 31, 2014. Year-over-year gross loan growth, from June 30, 2014 to June 30, 2015, was $108.1 million, or 17.4%. The Bank's investment portfolio increased to $87.0 million at June 30, 2015, compared to $68.8 million at December 31, 2014, and $60.5 million at June 30, 2014. The Bank had $1.0 million in other real estate owned as of June 30, 2015, and a zero as of December 31, 2014 and June 30, 2014.

Total deposits were $668.0 million at June 30, 2015, representing an increase of 8.2%, or $50.4 million, compared to $617.6 million at December 31, 2014. Year-over-year deposit growth, from June 30, 2014 to June 30, 2015, was $95.1 million, or 16.6%. Total borrowings, consisting of Federal Home Loan Bank advances and customer repurchase agreements, were $78.7 million at June 30, 2015, an increase of 22.2%, or $14.3 million, compared to $64.4 million at December 31, 2014. Year-over-year, from June 30, 2014 to June 30, 2015, total borrowings increased $29.7 million, or 60.7%.

During the first six months of 2015, certificates of deposit obtained through a deposit listing service provided by QwickRate, Inc. increased by $8.5 million. Year-over-year, QwickRate certificates of deposit increased by $10.2 million. Brokered certificates of deposit declined by $70 thousand during the first six months of 2015 and increased by $3.2 million, or 17.8% since June 30, 2014. Federal Home Loan Bank advances increased by $11.0 million, or 21.2% during the first six months of 2015, and by $26.0 million, or 70.3%, compared to June 30, 2014. Core customer funding sources increased by $45.2 million during the first six months of 2015, and by $85.4 million, or 15.4%, compared to June 30, 2014.

Total shareholders' equity was $104.2 million at June 30, 2015, an increase of $4.6 million, or 4.6%, compared to December 31, 2014. Year-over-year, total shareholders' equity increased by $9.0 million, or 9.5%, compared to June 30, 2014. The majority of the increase in shareholders' equity over the past year is attributed to net income retained during the period the past twelve months. Total common shares outstanding increased from 8,297,336 at June 30, 2014 to 9,980,240 at June 30, 2015, with 1,663,279 additional shares issued from the 6 for 5 stock split in the form of a 20% dividend paid July 1, 2015.

Income Statement Review

Net interest income

Net interest income, the Bank's primary source of revenue, was $16.4 million for the six months ended June 30, 2015, up 13.8% from $14.4 million for the six months ended June 30, 2014. The net interest margin was 4.13% during the first six months of 2015, compared to 4.28% during the first six months of 2014. The decline in the net interest margin from year-to-year is primarily attributed to a decline in the Bank's yield on earning assets to 4.74% during the first six months of 2015 from 4.90% during the first six months of 2014, which is substantially the result of a 27 basis point year-to-year decline in loan yields and a 23 basis point year-over-year decline in securities yields.

Notwithstanding the decline in the net interest margin over the past year, net interest income increased by 13.8% during the first six months of 2015, compared to the first six months of 2014, resulting primarily from a $121.0 million, or 17.8%, increase in average earning assets during the first six months of 2015, compared to the first six months of 2014.

Provision for loan losses

The Bank recognized a provision for loan losses of $582 thousand during the first six months of 2015, compared to a provision of $446 thousand during the first six months of 2014. The Bank reported a net loan charge-off of $279 thousand during the first six months of 2015, compared to a net loan loss recovery of $1 thousand during the first six months of 2014.

Noninterest income

The Bank's primary source of noninterest income is service charges on deposit accounts. Loan fees are included in interest income on the loan portfolio and not reported as noninterest income. For the six months ended June 30, 2015, the Bank reported total noninterest income of $268 thousand, compared to $209 thousand during the first six months of 2014, an increase of 28.2%.

Noninterest expense

The largest component of the Bank's noninterest expense is employee salaries and benefits. Salary and employee benefits expense increased by 16.1%, to $5.7 million, during the first six months of 2015 compared to $4.9 million during the first six months of 2014. All other operating expenses increased by 8.9%, or $300 thousand, to $3.7 million, during the first six months of 2015, compared to $3.4 million during the first six months of 2014.

The increase in salary and benefits expense was due to additional staffing required to support the Bank's growth. The increase in occupancy expense and furniture and equipment was associated with the expansion of our Reston corporate/operations office during the past year. Other operating expense increased due to data processing and technology related expenses associated with a growing customer base.

Asset Quality Review

Asset quality remains exceptionally strong and is significantly better than the Bank's peers. As of June 30, 2015, non-performing assets were 0.21% of total assets, compared to 0.22% at December 31, 2014 and 0.10% at June 30, 2014. The Bank's allowance for loan losses covered non-performing loans by 9.1 times as of June 30, 2015, compared to 3.7 times at December 31, 2014 and 8.3 times at June 30, 2014.

Non-performing loans were unchanged from December 31, 2014 with a balance of $1.8 million at June 30, 2015. Additionally, the Bank had total troubled debt restructurings of $1.8 million as of June 30, 2015 and 2014. All restructured loans were performing in accordance with modified terms as of June 30, 2015.

John Marshall Bank is headquartered in Reston, Virginia and has five full-service branches located in Reston, Leesburg, Arlington, Alexandria and Rockville. The Bank also has a limited-service commercial branch located in Washington, DC. Further information on the Bank can be obtained by visiting its website at www.johnmarshallbank.com.

This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Bank operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as "may," "will," "anticipates," "believes," "expects," "plans," "estimates," "potential," "continue," "should," and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Bank's market, interest rates and interest rate policy, competitive factors, and other conditions which by their nature, are not susceptible to accurate forecast, and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Bank's past results are not necessarily indicative of future performance.

 
John Marshall Bank
                   
Balance Sheets
(In thousands, except share and per share data)
 
% Change
June 30 December 31 June 30 Current Year Over
2015 2014 2014 Year Year
Assets (Unaudited) (Audited) (Unaudited)
 
Cash and due from banks $ 7,061 $ 10,799 $ 8,392 -34.6 % -15.9 %
Interest-bearing deposits in banks 28,031 17,786 28,871 57.6 % -2.9 %
Securities available-for-sale, at fair value 32,729 13,482 7,475 142.8 % 337.8 %

Securities held-to-maturity, fair value of $48,664 at 6/30/2015, $50,499 at 12/31/2014 and $48,742 at 6/30/2014

48,385 49,934 48,327 -3.1 % 0.1 %
Restricted securities, at cost 5,866 5,401 4,726 8.6 % 24.1 %

Loans, net of allowance for loan losses of $6,809 at 6/30/2015; $6,506 at 12/31/2014 and $6,195 at 6/30/2014

719,583 676,777 612,324 6.3 % 17.5 %
Bank premises and equipment, net 2,885 3,041 2,950 -5.1 % -2.2 %
Accrued interest receivable 2,254 2,168 1,846 4.0 % 22.1 %
Other real estate owned 1,008 - - - - -- --
Other assets   7,970     7,450     6,492   7.0 % 22.8 %
 
Total assets $ 855,772   $ 786,838   $ 721,403   8.8 % 18.6 %
 
Liabilities and Shareholders' Equity
 
Liabilities
Deposits:
Non-interest bearing demand deposits $ 117,432 $ 121,219 $ 93,319 -3.1 % 25.8 %
Interest bearing demand deposits 214,680 198,438 175,911 8.2 % 22.0 %
Savings deposits 6,140 6,500 8,407 -5.5 % -27.0 %
Time deposits   329,763     291,456     295,259   13.1 % 11.7 %
Total deposits 668,015 617,613 572,896 8.2 % 16.6 %
Repurchase agreements 15,683 12,404 11,972 26.4 % 31.0 %
Federal Home Loan Bank advances 63,000 52,000 37,000 21.2 % 70.3 %
Accrued interest payable 100 132 165 -24.2 % -39.4 %
Other liabilities   4,758     5,040     4,167   -5.6 % 14.2 %
Total liabilities   751,556     687,189     626,200   9.4 % 20.0 %
 
Shareholders' Equity

Common stock, voting, par value $5 per share; authorized 20,000,000 shares; issued and outstanding, 9,980,240 shares at 6/30/2015, 8,305,086 at 12/31/2014, and 8,297,336 at 6/30/2014

49,901 41,525 41,487 20.2 % 20.3 %
Additional paid-in capital 30,938 39,023 38,866 -20.7 % -20.4 %
Retained earnings 23,594 19,288 15,046 22.3 % 56.8 %
Accumulated other comprehensive loss   (217 )   (187 )   (196 ) -16.0 % -10.7 %
 
Total shareholders' equity   104,216     99,649     95,203   4.6 % 9.5 %
 
Total liabilities and shareholders' equity $ 855,772   $ 786,838   $ 721,403   8.8 % 18.6 %
 
 
John Marshall Bank
                       
Statements of Income
(Dollar amounts in thousands, except per share data)
 
For the Three Months Ended For the Six Months Ended
June 30 June 30
2015

2014 (1)

% Change 2015 2014 (1) % Change
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Interest and Dividend Income
Interest and fees on loans $ 9,201 $ 8,035 14.5 % $ 17,956 $ 15,774 13.8 %
Interest on investment securities, taxable 332 262 26.7 % 627 523 20.0 %
Interest on investment securities, tax-exempt 26 22 18.2 % 52 43 21.6 %
Dividends 87 59 47.5 % 142 101 40.4 %
Interest on deposits in banks   11   23   -52.2 %   20   41   -51.8 %
Total interest and dividend income   9,657   8,401   15.0 %   18,797   16,482   14.0 %
 
Interest Expense
Deposits 1,109 977 13.5 % 2,124 1,873 13.4 %
Federal Home Loan Bank advances 141 91 55.1 % 258 191 35.3 %
Other short-term borrowings   18   14   30.8 %   32   28   15.0 %
Total interest expense   1,268   1,082   17.2 %   2,414   2,092   15.4 %
 
Net interest income 8,389 7,319 14.6 % 16,383 14,390 13.8 %
 
Provision for loan losses   371   254   46.1 %   582   446   30.5 %
 
Net interest income after provision for loan losses   8,018   7,065   13.5 %   15,801   13,944   13.3 %
 
Noninterest Income
Service charges on deposit accounts 114 98 16.3 % 232 182 27.5 %
Other service charges and fees   14   12   16.7 %   36   27   33.3 %
Total noninterest income   128   110   16.4 %   268   209   28.2 %
 
Noninterest Expenses
Salaries and employee benefits 2,819 2,527 11.6 % 5,699 4,907 16.1 %
Occupancy expense of premises 453 396 14.4 % 893 781 14.3 %
Furniture and equipment expenses 261 243 7.4 % 519 472 9.9 %
Other operating expenses   1,171   1,032   13.5 %   2,255   2,114   6.7 %
Total noninterest expenses   4,704   4,198   12.1 %   9,366   8,274   13.2 %
 
Income before income taxes 3,442 2,977 15.6 % 6,703 5,879 14.0 %
 
Income tax expense   1,241   1,057   17.4 %   2,395   2,102   13.9 %
 
Net income $ 2,201 $ 1,920   14.6 % $ 4,308 $ 3,777   14.1 %
 
Earnings Per Share
Basic $ 0.22 $ 0.19 14.1 % $ 0.43 $ 0.38 13.3 %
Diluted $ 0.21 $ 0.18 14.2 % $ 0.41 $ 0.36 13.2 %
 
(1)   Shares and per share amounts for all periods have been adjusted to reflect a 6 for 5 stock split in the form of a 20% stock dividend declared May 19, 2015 and paid July 1, 2015.
 
 
John Marshall Bank
 
Loan, Deposit and Borrowing Detail (unaudited)
(Dollar amounts in thousands)
                               
June 30, 2015 December 31, 2014 June 30, 2014 Percentage Change
Loans $ Amount % of Total $ Amount % of Total $ Amount % of Total Last 6 Mos Last 12 Mos
Mortgage loans on real estate
Commercial (1) $ 401,665 55.2 % $ 437,891 64.0 % $ 402,108 64.9 % -8.3 % -0.1 %
Construction and land development 152,313 20.9 % 140,480 20.5 % 95,775 15.5 % 8.4 % 59.0 %
Residential (1)   88,254   12.2 %   23,503   3.4 %   21,870   3.5 % 275.5 % 303.5 %
Total mortgage loans on real estate $ 642,232 88.3 % $ 601,874 87.9 % $ 519,753 83.9 % 6.7 % 23.6 %
Commercial loans 84,522 11.6 % 81,504 11.9 % 98,576 15.9 % 3.7 % -14.3 %
Consumer loans   960   0.1 %   1,232   0.2 %   1,322   0.2 % -22.1 % -27.4 %
Total loans $ 727,714 100.0 % $ 684,610 100.0 % $ 619,651 100.0 % 6.3 % 17.4 %
Less: Allowance for loan losses (6,809 ) (6,506 ) (6,195 )
Net deferred loan fees   (1,322 )   (1,327 )   (1,132 )
Net loans $ 719,583   $ 676,777   $ 612,324  
 
 
June 30, 2015 December 31, 2014 June 30, 2014 Percentage Change
Deposits $ Amount % of Total $ Amount % of Total $ Amount % of Total Last 6 Mos Last 12 Mos
Noninterest-bearing demand deposits $ 117,432 17.6 % $ 121,219 19.6 % $ 93,319 16.3 % -3.1 % 25.8 %
Interest-bearing demand deposits:
NOW accounts 11,855 1.8 % 12,774 2.1 % 10,538 1.8 % -7.2 % 12.5 %
Money market accounts 202,825 30.3 % 185,664 30.1 % 165,374 28.9 % 9.2 % 22.6 %
Savings accounts 6,140 0.9 % 6,500 1.0 % 8,407 1.5 % -5.5 % -27.0 %
Certificates of deposit
$100,000 or more 188,038 28.1 % 151,435 24.5 % 158,243 27.6 % 24.2 % 18.8 %
Less than $100,000 30,779 4.6 % 29,733 4.8 % 29,695 5.2 % 3.5 % 3.7 %
QwickRate® Certificates of deposit 24,138 3.6 % 15,592 2.5 % 13,904 2.4 % 54.8 % 73.6 %
CDARS® 65,558 9.8 % 73,376 11.9 % 75,380 13.2 % -10.7 % -13.0 %
Brokered deposits   21,250   3.2 %   21,320   3.5 %   18,036   3.1 % -0.3 % 17.8 %
Total deposits $ 668,015   100.0 % $ 617,613   100.0 % $ 572,896   100.0 % 8.2 % 16.6 %
 
Borrowings
Customer repurchase agreements $ 15,683 19.9 % $ 12,404 19.3 % $ 11,972 24.4 % 26.4 % 31.0 %
Federal Home Loan Bank advances   63,000   80.1 %   52,000   80.7 %   37,000   75.6 % 21.2 % 70.3 %
Total borrowings $ 78,683   100.0 % $ 64,404   100.0 % $ 48,972   100.0 % 22.2 % 60.7 %
 
Total deposits and borrowings $ 746,698   $ 682,017   $ 621,868   9.5 % 20.1 %
 
Core customer funding sources (2) $ 638,310 85.5 % $ 593,105 87.0 % $ 552,928 88.9 % 7.6 % 15.4 %
Wholesale funding sources (3)   108,388   14.5 %   88,912   13.0 %   68,940   11.1 % 21.9 % 57.2 %
Total funding sources $ 746,698   100.0 % $ 682,017   100.0 % $ 621,868   100.0 % 9.5 % 20.1 %
 
(1)  

Loan balances totaling $58.8 million were reclassified from the commercial real estate segment to residential real estate segment of the portfolio as of March 31, 2015.

(2) Includes CDARS(r), which are all reciprocal deposits maintained by Bank customers, and repurchase agreements, which represent sweep accounts tied to customer operating accounts.
(3) Consists of QwickRate(r) certificates of deposit, brokered deposits and Federal Home Loan Bank advances
 
 
John Marshall Bank
 
Average Balance Sheets, Interest and Rates (unaudited)
(Dollar amounts in thousands)
                       
Three Months Ended June 30, 2015 Three Months Ended June 30, 2014
Interest Average Interest Average
Average Income- Yields Average Income- Yields
Balance Expense /Rates Balance Expense /Rates
Assets
Securities $ 86,793 $ 445 2.06 % $ 59,595 $ 343 2.31 %
Loans, net of unearned income 719,586 9,201 5.13 % 597,645 8,035 5.39 %
Interest-bearing deposits in other banks   16,565   11 0.27 %   35,169   23 0.26 %
Total interest-earning assets $ 822,944 $ 9,657 4.71 % $ 692,409 $ 8,401 4.87 %
Other assets   17,193   10,448
Total assets $ 840,137 $ 702,857
Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts $ 13,823 $ 9 0.27 % $ 10,324 $ 7 0.26 %
Money market accounts 204,334 272 0.53 % 156,548 218 0.56 %
Savings accounts 6,308 5 0.30 % 10,237 13 0.52 %
Time deposits   309,540   823 1.07 %   287,449   739 1.03 %
Total interest-bearing deposits $ 534,005 $ 1,109 0.83 % $ 464,558 $ 977 0.84 %

Securities sold under agreement to repurchase and federal funds purchased

$ 16,718 $ 18 0.44 % $ 13,810 $ 14 0.42 %
Other borrowed funds   59,516   141 0.95 %   33,940   91 1.07 %
Total interest-bearing liabilities $ 610,239 $ 1,268 0.83 % $ 512,308 $ 1,082 0.85 %
Demand deposits and other liabilities   126,261   95,939
Total liabilities $ 736,500 $ 608,247
Shareholders' equity   103,637   94,610
Total liabilities and shareholders' equity $ 840,137 $ 702,857
Interest rate spread 3.88 % 4.02 %
Net interest income and margin $ 8,389 4.09 % $ 7,319 4.24 %
 
 
Six Months Ended June 30, 2015 Six Months Ended June 30, 2014
Interest Average Interest Average
Average Income- Yields Average Income- Yields
Balance Expense /Rates Balance Expense /Rates
Assets
Securities $ 79,811 $ 821 2.08 % $ 58,098 $ 667 2.31 %
Loans, net of unearned income 702,824 17,956 5.15 % 586,979 15,774 5.42 %
Interest-bearing deposits in other banks   16,345   20 0.24 %   32,892   41 0.25 %
Total interest-earning assets $ 798,980 $ 18,797 4.74 % $ 677,969 $ 16,482 4.90 %
Other assets   16,892   10,711
Total assets $ 815,872 $ 688,680
Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts $ 13,844 $ 18 0.27 % $ 9,736 $ 13 0.27 %
Money market accounts 198,396 523 0.53 % 149,074 405 0.55 %
Savings accounts 6,815 11 0.32 % 8,394 18 0.43 %
Time deposits   300,982   1,572 1.05 %   282,771   1,437 1.02 %
Total interest-bearing deposits $ 520,037 $ 2,124 0.82 % $ 449,975 $ 1,873 0.84 %

Securities sold under agreement to repurchase and federal funds purchased

$ 15,009 $ 32 0.43 % $ 13,312 $ 28 0.43 %
Other borrowed funds   54,144   258 0.96 %   35,649   191 1.08 %
Total interest-bearing liabilities $ 589,190 $ 2,414 0.83 % $ 498,936 $ 2,092 0.85 %
Demand deposits and other liabilities   124,181   96,252
Total liabilities $ 713,371 $ 595,188
Shareholders' equity   102,501   93,492
Total liabilities and shareholders' equity $ 815,872 $ 688,680
Interest rate spread 3.91 % 4.05 %
Net interest income and margin $ 16,383 4.13 % $ 14,390 4.28 %
 
               
John Marshall Bank
 
Financial Highlights (Unaudited)
(Dollar amounts in thousands, except per share data)
 
At or For the Three Months Ended At or For the Six Months Ended
June 30 June 30
2015 2014 2015 2014
Per share Data and Shares Outstanding (1)
Earnings per share - basic $ 0.22 $ 0.19 $ 0.43 $ 0.38
Earnings per share - diluted $ 0.21 $ 0.18 $ 0.41 $ 0.36
Tangible book value per share $ 10.44 $ 9.56 $ 10.44 $ 9.56
Weighted average common shares (basic) 9,980,009 9,954,554 9,977,586 9,949,342
Weighted average common shares (diluted) 10,479,582 10,438,930 10,463,907 10,427,280
Common shares outstanding at end of period 9,980,240 9,956,803 9,980,240 9,956,803
 
Performance Ratios
Return on average assets (annualized) 1.05 % 1.10 % 1.06 % 1.11 %
Return on average equity (annualized) 8.52 % 8.14 % 8.48 % 8.15 %
Yield on earning assets (annualized) 4.71 % 4.87 % 4.74 % 4.90 %
Cost of interest bearing liabilities (annualized) 0.83 % 0.85 % 0.83 % 0.85 %
Net interest spread 3.88 % 4.02 % 3.91 % 4.05 %
Net interest margin 4.09 % 4.24 % 4.13 % 4.28 %
Noninterest income as a percentage of average assets (annualized) 0.06 % 0.06 % 0.07 % 0.06 %
Noninterest expense to average assets (annualized) 2.25 % 2.40 % 2.31 % 2.42 %
Efficiency ratio 55.2 % 56.5 % 56.2 % 56.7 %
 
Asset Quality
Loans 30-89 days past due and accruing interest $ - $ - $ - $ -
Non-accrual loans $ 750 $ 743 $ 750 $ 743
Other real estate owned $ 1,008 $ - $ 1,008 $ -
Non-performing assets (2) $ 1,758 $ 743 $ 1,758 $ 743
Non-performing assets to total assets 0.21 % 0.10 % 0.21 % 0.10 %
Allowance for loan losses to total loans 0.94 % 1.00 % 0.94 % 1.00 %
Allowance for loan losses to non-performing loans 9.1 8.3 9.1 8.3
Net loan chargeoffs (recoveries) $ 279 $ (1 ) $ 279 $ (1 )
Net charge-offs to average loans (annualized) 0.16 % 0.00 % 0.08 % 0.00 %
Troubled debt restructurings (total) $ 1,787 $ 1,789 $ 1,787 $ 1,789
Performing in accordance with modified terms $ 1,787 $ 1,672 $ 1,787 $ 1,672
Not performing in accordance with modified terms $ - $ 117 $ - $ 117
 
Regulatory Capital Ratios
Total risk-based capital ratio 13.5 % 14.9 % 13.5 % 14.9 %
Tier 1 risk-based capital ratio 12.6 % 13.9 % 12.6 % 13.9 %
Leverage ratio 12.1 % 13.6 % 12.1 % 13.6 %
 
Other Information
Effective income tax rate 36.0 % 35.5 % 35.7 % 35.8 %
Tangible equity / tangible assets 12.2 % 13.2 % 12.2 % 13.2 %
Average tangible equity / average tangible assets 12.3 % 13.5 % 12.6 % 13.6 %
Number of full time equivalent employees 100 92 100 92
# Full service branch offices 5 5 5 5
# Loan production or limited service branch offices 1 1 1 1
 
(1)   Shares and per share amounts for all periods have been adjusted to reflect a 6 for 5 stock split in the form of a 20% stock dividend declared May 19, 2015 and paid July 1, 2015.
(2) Non-performing assets consist of non-accrual loans, loans 90 day or more past due and still accruing interest, and other real estate owned. Does not include troubled debt restructurings ("TDRs") which were accruing interest at the date indicated.
 

John Marshall Bank
John R. Maxwell, 703-584-0840

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