John Marshall Bank Reports Third Quarter Financial Results

John Marshall Bank Reports Third Quarter Financial Results

Total Assets Top $500 Million

RESTON, Va.--(BUSINESS WIRE)-- John Marshall Bank reported net income of $3.5 million for the nine months ended September 30, 2012, an increase of $1.5 million, or 78.0%, as compared to net income of $2.0 million reported for nine months ended September 30, 2011. This represents the Bank's thirteenth consecutive quarterly profit.


Key financial results for the period include the following:

  • Total assets at September 30, 2012 increased by 26.6% to $510.8 million as compared to $403.6 million as of September 30, 2011.

  • Gross loans at September 30, 2012 increased by 25.2% to $445.9 million as compared to $356.1 million as of September 30, 2011.

  • Total deposits at September 30, 2012 increased by 27.4% to $418.9 million as compared to $328.8 million as of September 30, 2011.

  • The Bank's net interest margin remains strong at 4.66% for the first nine months of 2012 as compared to 4.65% during the first nine months of 2011.

  • Net interest income, the Bank's main source of income, increased 35.8% to $16.2 million during the first nine months of 2012, compared to $11.9 million during the first nine months of 2011.

  • Non-interest expense increased by 21.4%, or $1.7 million, during the first nine months of 2012 as compared to 2011, reflecting increased operating expenses required to support the Bank's growth. Notwithstanding, the Bank's efficiency ratio declined to 57.3% during the first nine months of 2012, compared to 62.9% during the first nine months of 2011.

  • Asset quality remains strong. As of September 30, 2012, non-accrual loans were .35% of total loans, down from .49% as of June 30, 2012. Loans past due 30-89 days declined to .01% of total loans as of September 30, 2012, compared to .20% as of June 30, 2012. The allowance for loan losses covered non-accrual loans by over 2.9 times as of September 30, 2012. The Bank reported no other real estate owned as of September 30, 2012.

  • Capital ratios remain well above regulatory minimums for well capitalized banks. As of September 30, 2012, the Bank reported a total risk-based capital ratio of 11.6%, compared to 11.8% as of June 30, 2012.

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

John Marshall Bank

Financial Highlights (Unaudited)

(Dollars in 000's except per-share data)

Nine Months Ended

Quarter Ended

September 30, 2012

September 30, 2011

$ Change

% Change

September 30, 2012

June 30, 2012

Operating Results

Net Interest Income

$

16,152

$

11,891

$

4,261

35.8

%

$

5,612

$

5,393

Less Provision for Loan Losses

(1,510

)

(1,318

)

$

(192

)

14.6

%

(370

)

(550

)

Net Interest income after provision for loan losses

14,642

10,573

$

4,069

38.5

%

5,242

4,843

Non-interest income

182

367

$

(185

)

-50.4

%

69

59

Non-interest expense

9,366

7,713

$

1,653

21.4

%

3,167

3,139

Income before income taxes

5,458

3,227

$

2,231

69.1

%

2,144

1,763

Income tax expense

1,936

1,248

$

688

55.1

%

760

636

Net income

$

3,522

$

1,979

$

1,543

78.0

%

$

1,384

$

1,127

Per-Share Data

Earnings per share - basic

$

0.75

$

0.49

$

0.30

$

0.24

Earnings per share - diluted

$

0.75

$

0.49

$

0.30

$

0.24

Book value per share

$

10.94

$

9.88

$

10.94

$

10.59

Selected Balance Sheet Data

Investments

$

41,052

$

31,630

$

9,423

29.8

%

$

41,052

$

35,670

Total Loans (gross)

$

445,904

$

356,094

$

89,810

25.2

%

$

445,904

$

428,162

Total Assets

$

510,812

$

403,642

$

107,170

26.6

%

$

510,812

$

484,594

Total Deposits

$

418,922

$

328,756

$

90,166

27.4

%

$

418,922

$

396,561

Borrowings

$

38,916

$

27,219

$

11,697

43.0

%

$

38,916

$

37,223

Stockholders' Equity

$

51,481

$

46,493

$

4,988

10.7

%

$

51,481

$

49,861

Performance Ratios

Return on average assets (annualized)

0.99

%

0.75

%

1.12

%

0.95

%

Return on average equity (annualized)

9.49

%

6.85

%

10.80

%

9.17

%

Net interest margin

4.66

%

4.65

%

4.65

%

4.66

%

Efficiency Ratio

57.34

%

62.92

%

55.75

%

57.58

%

Credit Quality Ratios

Allowance for loan losses to gross loans

1.03

%

1.28

%

1.03

%

1.10

%

Past due loans 30-89 days to gross loans*

0.01

%

0.25

%

0.01

%

0.20

%

Past due loans 90 days or more to gross loans*

0.00

%

0.00

%

0.00

%

0.00

%

Non-accrual loans to gross loans

0.35

%

0.66

%

0.35

%

0.49

%

Net loan chargeoffs (recoveries)

$

1,944

$

(23

)

$

510

$

577

*and still accruing interest

Regulatory Capital Ratios

Total risk-based capital ratio

11.6

%

13.3

%

11.6

%

11.8

%

Tier 1 risk-based capital ratio

10.7

%

12.1

%

10.7

%

10.8

%

Leverage ratio

10.4

%

12.1

%

10.4

%

10.4

%



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

KEYWORDS: United States North America District of Columbia Virginia

INDUSTRY KEYWORDS:

The article John Marshall Bank Reports Third Quarter Financial Results originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.