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

John Marshall Bank
Financial Highlights (Unaudited)
(Dollars in 000's except per-share data)
Year EndedQuarter Ended

December 31, 2012

December 31, 2011

$ Change

% Change

December 31, 2012

September 30, 2012

Operating Results
Net Interest Income$22,306$16,585$5,72134.5%$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 losses20,25614,8175,43936.7%5,6155,242
Non-interest income257317(60)-18.9%7569
Non-interest expense 12,734  10,518  2,216 21.1% 3,368  3,167 
Income before income taxes7,7794,6163,16368.5%2,3222,144
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
Total Loans (gross)$498,602$387,632$110,97028.6%$498,602$445,904
Total Assets$563,386$436,935$126,45128.9%$563,386$510,812
Total Deposits$463,326$354,993$108,33330.5%$463,326$418,922
Stockholders' Equity$53,064$47,403$5,66111.9%$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 margin4.63%4.55%4.66%4.65%
Efficiency Ratio56.44%62.23%54.06%55.75%
Credit Quality Ratios
Allowance for loan losses to gross loans1.01%1.29%1.01%1.03%
Past due loans 30-89 days* to gross loans0.00%0.25%0.00%0.01%
Past due loans 90 days or more* to gross loans0.00%0.00%0.00%0.00%
Non-accrual loans to gross loans0.04%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 ratio10.8%12.7%10.8%11.6%
Tier 1 risk-based capital ratio9.9%11.5%9.9%10.7%
Leverage ratio9.9%11.1%9.9%10.4%

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

KEYWORDS:   United States  North America  Virginia


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