Market Overview

John Marshall Bank Reports Quarterly Financial Results

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

John Marshall Bank (OTCQB: JMSB) (the "Bank") reported net income of $6.6 million for the nine months ended September 30, 2015, an increase of $724 thousand, or 12.4%, as compared to net income of $5.8 million reported for the nine months ended September 30, 2014. Net income per diluted share increased 12.5% to $0.63 per share during the first nine months of 2015, compared to $0.56 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 September 30, 2015, the Bank's tangible book value per share was $10.68, up 9.3% compared to $9.77 as of September 30, 2014, as adjusted for the 6 for 5 stock split in the form of a 20% dividend paid July 1, 2015.

The Bank's nine month results produced an annualized return of 1.05% on average assets and 8.44% on average equity, compared to 1.10% and 8.24%, respectively, for the same period a year ago.

The Bank's capital ratios remain well above regulatory minimums for well capitalized banks. As of September 30, 2015, the Bank's total risk-based capital ratio was 13.5%, compared to 14.4% at September 30, 2014.

Balance Sheet Review

At September 30, 2015, total assets were $884.5 million, an increase of $97.7 million, or 12.4%, from total assets of $786.8 million at December 31, 2014, and an increase of $126.3 million, or 16.7% from total assets of $758.3 million at September 30, 2014. Gross loans increased $81.7 million, or 11.9%, to $766.3 million at September 30, 2015, compared to $684.6 million at December 31, 2014. Year-over-year loan growth, from September 30, 2014 to September 30, 2015, was $113.2 million, or 17.3%. The Bank's investment portfolio increased $18.3 million, or 26.7% to $87.1 million at September 30, 2015, compared to $68.8 million at December 31, 2014, and increased $24.2 million, or 38.5%, compared to $62.9 million at September 30, 2014. As of September 30, 2015, the Bank held $47.6 million of its investment portfolio as held-to-maturity, and $33.4 million as available-for-sale. The Bank had $1.0 million in other real estate owned ("OREO") as of September 30, 2015, as compared to no OREO as of December 31, 2014 and September 30, 2014.

Total deposits were $690.9 million at September 30, 2015, representing an increase of $73.3 million or 11.9%, compared to $617.6 million at December 31, 2014. Year-over-year deposit growth, from September 30, 2014 to September 30, 2015, was $92.8 million, or 15.5%. Total borrowings, consisting of Federal Home Loan Bank advances and customer repurchase agreements, were $81.8 million at September 30, 2015, an increase of $17.4 million, or 27.0%, compared to $64.4 million at December 31, 2014. Year-over-year, from September 30, 2014 to September 30, 2015, total borrowings increased by $23.5 million, or 40.4%.

During the first nine months of 2015, certificates of deposit obtained through a deposit listing service provided by QwickRate, Inc. increased by $10.3 million. Year-over-year, QwickRate certificates of deposit increased by $12.0 million. Brokered certificates of deposit declined by $1.2 million during the first nine months of 2015 and increased by $3.2 million, or 19.2% since September 30, 2014. Federal Home Loan Bank advances increased by $18.0 million, or 34.6%, during the first nine months of 2015, and by $24.0 million, or 52.2%, compared to September 30, 2014. Core customer funding sources increased by $63.6 million, or 10.7% during the first nine months of 2015, and by $77.2 million, or 13.3%, compared to September 30, 2014.

Total shareholders' equity was $106.9 million at September 30, 2015, an increase of $7.3 million, or 7.3%, compared to $99.6 million at December 31, 2014. Year-over-year, total shareholders' equity increased by $9.6 million, or 9.8%, compared to $97.4 million at September 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 9,965,953 at September 30, 2014 to 10,011,624 at September 30, 2015, as adjusted for 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 $25.0 million for the nine months ended September 30, 2015, up 13.7% from $22.0 million for the nine months ended September 30, 2014. The net interest margin was 4.06% during the first nine months of 2015, compared to 4.23% during the first nine 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 4.68% during the first nine months of 2015 from 4.86% during the first nine months of 2014, which is substantially the result of a 25 basis point year-to-year decline in loan yields and a 27 basis point decline in securities yields. In addition, the average balance for securities increased $24.4 million from September 30, 2014 to September 30, 2015.

Notwithstanding the decline in the net interest margin over the past year, net interest income increased by 13.7% during the first nine months of 2015, compared to the first nine months of 2014, resulting primarily from a $127.8 million, or 18.4%, increase in average earning assets during the first nine months of 2015, compared to the first nine months of 2014.

Provision for loan losses

The Bank recognized a provision for loan losses of $1.1 million during the first nine months of 2015, compared to a provision of $716 thousand during the first nine months of 2014. In addition, the Bank reported net loan charge-offs of $621 thousand during the first nine months of 2015, compared to $261 thousand during the first nine months of 2014. The loan charge-offs reported in 2015 were on two commercial loans that had been in non-accrual status and fully reserved in prior periods.

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 nine months ended September 30, 2015, the Bank reported total noninterest income of $422 thousand, compared to $340 thousand during the first nine months of 2014, an increase of 24.1%.

Noninterest expense

The largest component of the Bank's noninterest expense is employee salaries and benefits. Salary and employee benefits expense increased by 14.3%, to $8.6 million, during the first nine months of 2015 compared to $7.5 million during the first nine months of 2014. All other operating expenses increased by 10.3%, or $523 thousand, to $5.6 million, during the first nine months of 2015, compared to $5.1 million during the first nine 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 continues to remain exceptionally strong and is significantly better than the Bank's peers. As of September 30, 2015, non-performing assets were $1.4 million, or 0.15% of total assets, compared to $645 thousand, or 0.09%, at September 30, 2014. Included in total non-performing assets as of September 30, 2015, was $1.0 million in other real estate owned. The Bank's allowance for loan losses covered non-performing loans by 19.1 times as of September 30, 2015, compared to 13.2 times at September 30, 2014.

Non-performing loans decreased $107 thousand from $471 thousand as of September 30, 2014, to $364 thousand at September 30, 2015. Additionally, the Bank had total troubled debt restructurings of $1.5 million as of September 30, 2015 and 2014. All restructured loans were performing in accordance with modified terms as of September 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  
September 30, December 31, September 30, Current Year Over
2015 2014 2014 Year Year
Assets (Unaudited) (Audited) (Unaudited)
 
Cash and due from banks $ 5,581 $ 10,799 $ 13,623 -48.3 % -59.0 %
Interest-bearing deposits in banks 19,961 17,786 24,896 12.2 % -19.8 %
Securities available-for-sale, at fair value 33,384 13,482 9,476 147.6 % 252.3 %
Securities held-to-maturity, fair value of $48,267
at 9/30/2015, $50,499 at 12/31/2014 and
$48,745 at 9/30/2014 47,610 49,934 48,315 -4.7 % -1.5 %
Restricted securities, at cost 6,168 5,401 5,131 14.2 % 20.2 %
Loans, net of allowance for loan losses of $6,937 at
9/30/2015; $6,506 at 12/31/2014 and $6,203 at 9/30/2014 757,976 676,777 645,555 12.0 % 17.4 %
Bank premises and equipment, net 2,744 3,041 2,982 -9.8 % -8.0 %
Accrued interest receivable 2,290 2,168 1,938 5.6 % 18.2 %
Other real estate owned 998 - - - - -- --
Other assets   7,825     7,450     6,361   5.0 % 23.0 %
 
Total assets $ 884,537   $ 786,838   $ 758,277   12.4 % 16.7 %
 
Liabilities and Shareholders' Equity
 
Liabilities
Deposits:
Non-interest bearing demand deposits $ 130,844 $ 121,219 $ 98,019 7.9 % 33.5 %
Interest bearing demand deposits 219,367 198,438 192,924 10.5 % 13.7 %
Savings deposits 5,717 6,500 8,456 -12.0 % -32.4 %
Time deposits   334,998     291,456     298,678   14.9 % 12.2 %
Total deposits 690,926 617,613 598,077 11.9 % 15.5 %
Repurchase agreements 11,822 12,404 12,275 -4.7 % -3.7 %
Federal Home Loan Bank advances 70,000 52,000 46,000 34.6 % 52.2 %
Accrued interest payable 118 132 177 -10.6 % -33.3 %
Other liabilities   4,727     5,040     4,366   -6.2 % 8.3 %
Total liabilities   777,593     687,189     660,895   13.2 % 17.7 %
 
Shareholders' Equity
Common stock, voting, par value $5 per share; authorized
20,000,000 shares; issued and outstanding, 10,011,624 shares
at 9/30/2015, 8,305,086 at 12/31/2014,
and 8,304,961 at 9/30/2014 50,058 41,525 41,525 20.5 % 20.5 %
Additional paid-in capital 31,149 39,023 38,957 -20.2 % -20.0 %
Retained earnings 25,839 19,288 17,097 34.0 % 51.1 %
Accumulated other comprehensive loss   (102 )   (187 )   (197 ) 45.5 % 48.2 %
 
Total shareholders' equity   106,944     99,649     97,382   7.3 % 9.8 %
 
Total liabilities and shareholders' equity $ 884,537   $ 786,838   $ 758,277   12.4 % 16.7 %
 
John Marshall Bank
           
Statements of Income
(Dollar amounts in thousands, except per share data)
 
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
2015 2014 (1) % Change 2015 2014 (1) % Change
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Interest and Dividend Income
Interest and fees on loans $ 9,505 $ 8,344 13.9 % $ 27,461 $ 24,118 13.9 %
Interest on investment securities, taxable 332 264 25.8 % 959 787 21.9 %
Interest on investment securities, tax-exempt 26 23 13.0 % 78 66 18.2 %
Dividends 72 64 12.5 % 214 164 30.5 %
Interest on deposits in banks   16   19   -15.8 %   36   61   -41.0 %
Total interest and dividend income   9,951   8,714   14.2 %   28,748   25,196   14.1 %
 
Interest Expense
Deposits 1,194 1,029 16.0 % 3,318 2,901 14.4 %
Federal Home Loan Bank advances 147 91 61.5 % 405 283 43.1 %
Other short-term borrowings   17   14   21.4 %   49   42   16.7 %
Total interest expense   1,358   1,134   19.8 %   3,772   3,226   16.9 %
 
Net interest income 8,593 7,580 13.4 % 24,976 21,970 13.7 %
 
Provision for loan losses   470   270   74.1 %   1,052   716   46.9 %
 
Net interest income after provision for loan losses   8,123   7,310   11.1 %   23,924   21,254   12.6 %
 
Noninterest Income
Service charges on deposit accounts 137 118 16.1 % 369 299 23.4 %
Other service charges and fees   17   13   30.8 %   53   41   29.3 %
Total noninterest income   154   131   17.6 %   422   340   24.1 %
 
Noninterest Expenses
Salaries and employee benefits 2,857 2,581 10.7 % 8,556 7,487 14.3 %
Occupancy expense of premises 451 400 12.8 % 1,344 1,181 13.8 %
Furniture and equipment expenses 266 267 -0.4 % 785 739 6.2 %
Other operating expenses   1,205   1,032   16.8 %   3,460   3,146   10.0 %
Total noninterest expenses   4,779   4,280   11.7 %   14,145   12,553   12.7 %
 
Income before income taxes 3,498 3,161 10.7 % 10,201 9,041 12.8 %
 
Income tax expense   1,253

 

  1,110   12.9 %   3,648   3,212   13.6 %
 
Net income $ 2,245 $ 2,051   9.5 % $ 6,553 $ 5,829   12.4 %
 
Earnings Per Share
Basic $ 0.22 $ 0.21 4.8 % $ 0.66 $ 0.59 11.9 %
Diluted $ 0.21 $ 0.20 5.0 % $ 0.63 $ 0.56 12.5 %
 

 

(1)   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
(Dollar amounts in thousands)
 
September 30, 2015 December 31, 2014 September 30, 2014 Percentage Change
Loans $ Amount % of Total $ Amount % of Total $ Amount % of Total Last 9 Mos Last 12 Mos
Mortgage loans on real estate
Commercial (1) $ 420,334 54.9 % $ 437,891 64.0 % $ 419,616 64.2 % -4.0 % 0.2 %
Construction and land development 169,564 22.1 % 140,480 20.5 % 129,184 19.8 % 20.7 % 31.3 %
Residential (1)   93,803   12.2 %   23,503   3.4 %   25,880   4.0 % 299.1 % 262.5 %
Total mortgage loans on real estate $ 683,701 89.2 % $ 601,874 87.9 % $ 574,680 88.0 % 13.6 % 19.0 %
Commercial loans 81,684 10.7 % 81,504 11.9 % 77,102 11.8 % 0.2 % 5.9 %
Consumer loans   884   0.1 %   1,232   0.2 %   1,283   0.2 % -28.2 % -31.1 %
Total loans $ 766,269 100.0 % $ 684,610 100.0 % $ 653,065 100.0 % 11.9 % 17.3 %
Less: Allowance for loan losses (6,937 ) (6,506 ) (6,203 )
Net deferred loan fees   (1,356 )   (1,327 )   (1,307 )
Net loans $ 757,976   $ 676,777   $ 645,555  
 
 
September 30, 2015 December 31, 2014 September 30, 2014 Percentage Change
Deposits $ Amount % of Total $ Amount % of Total $ Amount % of Total Last 9 Mos Last 12 Mos
Noninterest-bearing demand deposits $ 130,844 19.0 % $ 121,219 19.6 % $ 98,019 16.4 % 7.9 % 33.5 %
Interest-bearing demand deposits:
NOW accounts 18,650 2.7 % 12,774 2.1 % 11,050 1.9 % 46.0 % 68.8 %
Money market accounts 200,717 29.1 % 185,664 30.1 % 181,874 30.4 % 8.1 % 10.4 %
Savings accounts 5,717 0.8 % 6,500 1.0 % 8,456 1.4 % -12.0 % -32.4 %
Certificates of deposit
$100,000 or more 205,189 29.7 % 151,435 24.5 % 160,429 26.8 % 35.5 % 27.9 %
Less than $100,000 30,974 4.5 % 29,733 4.8 % 29,627 5.0 % 4.2 % 4.5 %
QwickRate® Certificates of deposit 25,880 3.7 % 15,592 2.5 % 13,905 2.3 % 66.0 % 86.1 %
CDARS® 52,794 7.6 % 73,376 11.9 % 77,801 13.0 % -28.1 % -32.1 %
Brokered deposits   20,161   2.9 %   21,320   3.5 %   16,916   2.8 % -5.4 % 19.2 %
Total deposits $ 690,926   100.0 % $ 617,613   100.0 % $ 598,077   100.0 % 11.9 % 15.5 %
 
Borrowings
Customer repurchase agreements $ 11,822 14.4 % $ 12,404 19.3 % $ 12,275 21.1 % -4.7 % -3.7 %
Federal Home Loan Bank advances   70,000   85.6 %   52,000   80.7 %   46,000   78.9 % 34.6 % 52.2 %
Total borrowings $ 81,822   100.0 % $ 64,404   100.0 % $ 58,275   100.0 % 27.0 % 40.4 %
 
Total deposits and borrowings $ 772,748   $ 682,017   $ 656,352   13.3 % 17.7 %
 
Core customer funding sources (2) $ 656,707 85.0 % $ 593,105 87.0 % $ 579,531 88.3 % 10.7 % 13.3 %
Wholesale funding sources (3)   116,041   15.0 %   88,912   13.0 %   76,821   11.7 % 30.5 % 51.1 %
Total funding sources $ 772,748   100.0 % $ 682,017   100.0 % $ 656,352   100.0 % 13.3 % 17.7 %
(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
(Dollar amounts in thousands)
           
Three Months Ended September 30, 2015 Three Months Ended September 30, 2014
Interest Average Interest Average
Average Income- Yields Average Income- Yields
Balance Expense /Rates Balance Expense /Rates
Assets
Securities $ 86,822 $ 430 1.96 % $ 62,385 $ 350 2.23 %
Loans, net of unearned income 747,500 9,505 5.04 % 630,511 8,345 5.25 %
Interest-bearing deposits in other banks   31,758   16 0.20 %   32,154   19 0.23 %
Total interest-earning assets $ 866,080 $ 9,951 4.56 % $ 725,050 $ 8,714 4.77 %
Other assets   13,089   14,658
Total assets $ 879,169 $ 739,708
Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts $ 15,730 $ 12 0.30 % $ 10,332 $ 7 0.27 %
Money market accounts 203,194 274 0.53 % 171,599 245 0.57 %
Savings accounts 5,967 5 0.34 % 10,201 14 0.54 %
Time deposits   332,680   904 1.08 %   297,439   763 1.02 %
Total interest-bearing deposits $ 557,571 $ 1,195 0.85 % $ 489,571 $ 1,029 0.83 %
Securities sold under agreement to
repurchase and federal funds purchased $ 15,758 $ 17 0.43 % $ 13,067 $ 14 0.43 %
Other borrowed funds   62,326   147 0.94 %   36,098   91 1.00 %
Total interest-bearing liabilities $ 635,655 $ 1,359 0.85 % $ 538,736 $ 1,134 0.84 %
Demand deposits and other liabilities   137,314   104,195
Total liabilities $ 772,969 $ 642,931
Shareholders' equity   106,200   96,777
Total liabilities and shareholders' equity $ 879,169 $ 739,708
Interest rate spread 3.71 % 3.93 %
Net interest income and margin $ 8,592 3.94 % $ 7,580 4.15 %
 
 
Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014
Interest Average Interest Average
Average Income- Yields Average Income- Yields
Balance Expense /Rates Balance Expense /Rates
Assets
Securities $ 82,173 $ 1,251 2.04 % $ 59,543 $ 1,017 2.28 %
Loans, net of unearned income 717,880 27,461 5.11 % 601,649 24,118 5.36 %
Interest-bearing deposits in other banks   21,539   36 0.22 %   32,643   61 0.25 %
Total interest-earning assets $ 821,592 $ 28,748 4.68 % $ 693,835 $ 25,196 4.86 %
Other assets   15,611   12,042
Total assets $ 837,203 $ 705,877
Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts $ 14,480 $ 31 0.28 % $ 9,936 $ 19 0.26 %
Money market accounts 200,013 796 0.53 % 156,665 650 0.55 %
Savings accounts 6,529 16 0.32 % 9,003 32 0.48 %
Time deposits   311,664   2,475 1.06 %   287,715   2,200 1.02 %
Total interest-bearing deposits $ 532,686 $ 3,318 0.83 % $ 463,319 $ 2,901 0.84 %
Securities sold under agreement to
repurchase and federal funds purchased $ 15,261 $ 49 0.43 % $ 13,232 $ 42 0.42 %
Other borrowed funds   56,901   405 0.95 %   35,799   283 1.06 %
Total interest-bearing liabilities $ 604,848 $ 3,772 0.83 % $ 512,350 $ 3,226 0.84 %
Demand deposits and other liabilities   128,607   98,928
Total liabilities $ 733,455 $ 611,278
Shareholders' equity   103,748   94,599
Total liabilities and shareholders' equity $ 837,203 $ 705,877
Interest rate spread 3.85 % 4.02 %
Net interest income and margin $ 24,976 4.06 % $ 21,970 4.23 %
 
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 Nine Months Ended

September 30, September 30,
2015 2014 2015 2014
Per share Data and Shares Outstanding (1)
Earnings per share - basic $ 0.22 $ 0.21 $ 0.66 $ 0.59
Earnings per share - diluted $ 0.21 $ 0.20 $ 0.63 $ 0.56
Tangible book value per share $ 10.68 $ 9.77 $ 10.68 $ 9.77
Weighted average common shares (basic) 10,004,168 9,963,485 9,986,544 9,954,108
Weighted average common shares (diluted) 10,486,550 10,447,668 10,471,011 10,434,127
Common shares outstanding at end of period 10,011,624 9,965,953 10,011,624 9,965,953
 
Performance Ratios
Return on average assets (annualized) 1.01 % 1.10 % 1.05 % 1.10 %
Return on average equity (annualized) 8.39 % 8.41 % 8.44 % 8.24 %
Yield on earning assets (annualized) 4.56 % 4.77 % 4.68 % 4.86 %
Cost of interest bearing liabilities (annualized) 0.85 % 0.84 % 0.83 % 0.84 %
Net interest spread 3.71 % 3.93 % 3.85 % 4.02 %
Net interest margin 3.94 % 4.15 % 4.06 % 4.23 %
Noninterest income as a percentage of average assets (annualized) 0.07 % 0.07 % 0.07 % 0.06 %
Noninterest expense to average assets (annualized) 2.16 % 2.30 % 2.26 % 2.38 %
Efficiency ratio 54.6 % 55.5 % 55.7 % 56.3 %
 
Asset Quality
Loans 30-89 days past due and accruing interest $ 2,539 $ 1,287 $ 2,539 $ 1,287
Non-accrual loans $ 364 $ 471 $ 364 $ 471
Non-performing assets (2) $ 1,362 $ 645 $ 1,362 $ 645
Non-performing assets to total assets 0.15 % 0.09 % 0.15 % 0.09 %
Allowance for loan losses to total loans 0.91 % 0.95 % 0.91 % 0.95 %
Allowance for loan losses to non-performing loans 19.1 13.2 19.1 13.2
Net loan chargeoffs $ 343 $ 262 $ 621 $ 261
Net charge-offs to average loans (annualized) 0.18 % 0.16 % 0.12 % 0.06 %
Troubled debt restructurings (total) $ 1,489 $ 1,523 $ 1,489 $ 1,523
Performing in accordance with modified terms $ 1,489 $ 1,523 $ 1,489 $ 1,523
Not performing in accordance with modified terms $ - $ - $ - $ -
Other real estate owned $ 998 $ - $ 998 $ -
 
Regulatory Capital Ratios
Total risk-based capital ratio 13.5 % 14.4 % 13.5 % 14.4 %
Tier 1 risk-based capital ratio 12.7 % 13.5 % 12.7 % 13.5 %
Leverage ratio 12.2 % 13.2 % 12.2 % 13.2 %
 
Other Information
Effective income tax rate 35.8 % 35.1 % 35.8 % 35.5 %
Tangible equity / tangible assets 12.1 % 12.8 % 12.1 % 12.8 %
Average tangible equity / average tangible assets 12.1 % 13.1 % 12.4 % 13.4 %
Number of full time equivalent employees 106 91 106 91
# 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 25% stock dividend 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 foreclosed properties. 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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