John Marshall Bank Reports Strong Growth and Profitability
John Marshall Bank Reports Strong Growth and Profitability
Net Income Rises by 77%
RESTON, Va.--(BUSINESS WIRE)-- John Marshall Bank reported net income of $5.0 million for the year ended December 31, 2012, an increase of $2.2 million, or 77.1%, as compared to net income of $2.8 million reported for the year ended December 31, 2011.
Key financial results for the period include the following:
Total assets at December 31, 2012 increased by 28.9% to $563.4 million as compared to $436.9 million as of December 31, 2011.
Gross loans at December 31, 2012 increased by 28.6% to $498.6 million as compared to $387.6 million as of December 31, 2011.
Total deposits at December 31, 2012 increased by 30.5% to $463.3 million as compared to $355.0 million as of December 31, 2011.
The Bank's net interest margin remained very strong at 4.63% during 2012, compared to 4.55% during 2011.
Net interest income, the Bank's primary source of income, increased 34.5% to $22.3 million during 2012, compared to $16.6 million during 2011.
Non-interest expense increased by 21.1%, or $2.2 million, during 2012 as compared to 2011, reflecting increased operating expenses required to support the Bank's growth. The Bank's efficiency ratio, which compares non-interest expense to total net interest and non-interest income, improved from 62.2% during 2011 to 56.4% during 2012.
Return on average assets increased to 1.03% during 2012 compared to .77% during 2011. Return on average equity increased to 9.97% during 2012 compared to 6.94% during 2011.
Earnings per common share increased to $1.07 in 2012 compared to $.67 in 2011 and book value per common share increased to $11.27 at December 31, 2012, compared to $10.07 at December 31, 2011.
Asset quality remains strong. As of December 31, 2012, non-accrual loans were .04% of total loans, compared to .61% as of as of December 31, 2011. As of December 31, 2012, the Bank's allowance for loan losses was 1.01% of total loans and covered non-accrual loans by over 27 times.
Capital levels remain above regulatory minimums for well capitalized banks. As of December 31, 2012, the Bank reported a total risk-based capital ratio of 10.8%, compared to 12.7% as of December 31, 2011.
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) | |||||||||||||||||||||||
Year Ended | Quarter Ended | ||||||||||||||||||||||
December 31, 2012 | December 31, 2011 | $ Change | % Change | December 31, 2012 | September 30, 2012 | ||||||||||||||||||
Operating Results | |||||||||||||||||||||||
Net Interest Income | $ | 22,306 | $ | 16,585 | $ | 5,721 | 34.5 | % | $ | 6,155 | $ | 5,612 | |||||||||||
Less Provision for Loan Losses | (2,050 | ) | (1,768 | ) | (282 | ) | 16.0 | % | (540 | ) | (370 | ) | |||||||||||
Net Interest income after provision for loan losses | 20,256 | 14,817 | 5,439 | 36.7 | % | 5,615 | 5,242 | ||||||||||||||||
Non-interest income | 257 | 317 | (60 | ) | -18.9 | % | 75 | 69 | |||||||||||||||
Non-interest expense | 12,734 | 10,518 | 2,216 | 21.1 | % | 3,368 | 3,167 | ||||||||||||||||
Income before income taxes | 7,779 | 4,616 | 3,163 | 68.5 | % | 2,322 | 2,144 | ||||||||||||||||
Income tax expense | 2,764 | 1,784 | 980 | 54.9 | % | 828 | 760 | ||||||||||||||||
Net income | $ | 5,015 | $ | 2,832 | 2,183 | 77.1 | % | $ | 1,494 | $ | 1,384 | ||||||||||||
Per-Share Data | |||||||||||||||||||||||
Earnings per share - basic | $ | 1.07 | $ | 0.67 | $ | 0.32 | $ | 0.30 | |||||||||||||||
Earnings per share - diluted | $ | 1.07 | $ | 0.67 | $ | 0.32 | $ | 0.30 | |||||||||||||||
Book value per share | $ | 11.27 | $ | 10.07 | $ | 11.27 | $ | 10.94 | |||||||||||||||
Selected Balance Sheet Data | |||||||||||||||||||||||
Investments | $ | 43,083 | $ | 35,217 | $ | 7,866 | 22.3 | % | $ | 43,083 | $ | 41,052 | |||||||||||
Total Loans (gross) | $ | 498,602 | $ | 387,632 | $ | 110,970 | 28.6 | % | $ | 498,602 | $ | 445,904 | |||||||||||
Total Assets | $ | 563,386 | $ | 436,935 | $ | 126,451 | 28.9 | % | $ | 563,386 | $ | 510,812 | |||||||||||
Total Deposits | $ | 463,326 | $ | 354,993 | $ | 108,333 | 30.5 | % | $ | 463,326 | $ | 418,922 | |||||||||||
Borrowings | $ | 45,558 | $ | 33,335 | $ | 12,223 | 36.7 | % | $ | 45,558 | $ | 38,916 | |||||||||||
Stockholders' Equity | $ | 53,064 | $ | 47,403 | $ | 5,661 | 11.9 | % | $ | 53,064 | $ | 51,481 | |||||||||||
Performance Ratios | |||||||||||||||||||||||
Return on average assets (annualized) | 1.03 | % | 0.77 | % | 1.12 | % | 1.12 | % | |||||||||||||||
Return on average equity (annualized) | 9.97 | % | 6.94 | % | 11.30 | % | 10.80 | % | |||||||||||||||
Net interest margin | 4.63 | % | 4.55 | % | 4.66 | % | 4.65 | % | |||||||||||||||
Efficiency Ratio | 56.44 | % | 62.23 | % | 54.06 | % | 55.75 | % | |||||||||||||||
Credit Quality Ratios | |||||||||||||||||||||||
Allowance for loan losses to gross loans | 1.01 | % | 1.29 | % | 1.01 | % | 1.03 | % | |||||||||||||||
Past due loans 30-89 days* to gross loans | 0.00 | % | 0.25 | % | 0.00 | % | 0.01 | % | |||||||||||||||
Past due loans 90 days or more* to gross loans | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||
Non-accrual loans to gross loans | 0.04 | % | 0.61 | % | 0.04 | % | 0.35 | % | |||||||||||||||
Net loan chargeoffs (recoveries) | $ | 1,998 | $ | (20 | ) | $ | 54 | $ | 510 | ||||||||||||||
*and still accruing interest | |||||||||||||||||||||||
Regulatory Capital Ratios | |||||||||||||||||||||||
Total risk-based capital ratio | 10.8 | % | 12.7 | % | 10.8 | % | 11.6 | % | |||||||||||||||
Tier 1 risk-based capital ratio | 9.9 | % | 11.5 | % | 9.9 | % | 10.7 | % | |||||||||||||||
Leverage ratio | 9.9 | % | 11.1 | % | 9.9 | % | 10.4 | % | |||||||||||||||
John Marshall Bank
John R. Maxwell, 703-584-0840
KEYWORDS: United States North America Virginia
INDUSTRY KEYWORDS:
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