John Marshall Bank Reports Six Month Financial Results
John Marshall Bank Reports Six Month Financial Results
RESTON, Va.--(BUSINESS WIRE)-- John Marshall Bank reported net income of $3.4 million for the six months ended June 30, 2013, an increase of $1.2 million, or 56.9%, as compared to net income of $2.1 million reported for the six months ended June 30, 2012.
Key financial results for the period include the following:
Total assets at June 30, 2013 increased by 23.1% to $596.6 million as compared to $484.6 million as of June 30, 2012.
Gross loans at June 30, 2013 increased by 24.8% to $534.3 million as compared to $428.2 million as of June 30, 2012.
Total deposits at June 30, 2013 increased by 21.9% to $483.6 million as compared to $396.6 million as of June 30, 2012.
The Bank's net interest margin remains strong at 4.59% for the first six months of 2013 as compared to 4.67% during the first six months of 2012, and 4.61% during the first three months of 2013.
Net interest income, the Bank's main source of income, increased 21.6% to $12.8 million during the first six months of 2013, compared to $10.5 million during the first six months of 2012.
Non-interest income increased by 60.7% to $180 thousand during the first six months of 2013 as compared to $112 thousand during the first six months of 2012.
Non-interest expense increased by 21.0%, or $1.3 million, during the first six months of 2013 as compared to 2012, reflecting increased operating expenses required to support the Bank's growth.
Asset quality remains very strong. As of June 30, 2013, non-accrual loans were .09% of total loans, down slightly from .10% as of March 31, 2013. There were no loans past due 30 or more days that were not already on non-accrual status as of June 30, 2013. The allowance for loan losses covered non-accrual loans by over 11.3 times as of June 30, 2013. The Bank reported no other real estate owned as of June 30, 2013.
Capital ratios remain above regulatory minimums for well capitalized banks. As of June 30, 2013, the Bank's total risk-based capital ratio was 10.8%, which was unchanged as compared to March 31, 2013.
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 two limited-service commercial branches located in Alexandria, and Washington, DC. 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) | ||||||||||||||||||||||
Six Months Ended | Quarter Ended | |||||||||||||||||||||
June 30, 2013 | June 30, 2012 | $ Change | % Change | June 30, 2013 | March 31, 2013 | |||||||||||||||||
Operating Results | ||||||||||||||||||||||
Net Interest Income | $ | 12,819 | $ | 10,540 | $ | 2,279 | 21.6 | % | $ | 6,497 | $ | 6,323 | ||||||||||
Less Provision for Loan Losses | (377 | ) | (1,140 | ) | 763 | -66.9 | % | (127 | ) | (250 | ) | |||||||||||
Net Interest income after provision for loan losses | 12,442 | 9,400 | 3,042 | 32.4 | % | 6,370 | 6,073 | |||||||||||||||
Non-interest income | 180 | 112 | 68 | 60.7 | % | 86 | 94 | |||||||||||||||
Non-interest expense | 7,503 | 6,199 | 1,304 | 21.0 | % | 3,769 | 3,735 | |||||||||||||||
Income before income taxes | 5,119 | 3,313 | 1,806 | 54.5 | % | 2,687 | 2,432 | |||||||||||||||
Income tax expense | 1,767 | 1,177 | 590 | 50.1 | % | 960 | 807 | |||||||||||||||
Net income | $ | 3,352 | $ | 2,136 | 1,216 | 56.9 | % | $ | 1,727 | $ | 1,625 | |||||||||||
Per-Share Data(1) | ||||||||||||||||||||||
Earnings per share - basic | $ | 0.57 | $ | 0.36 | $ | 0.21 | 56.9 | % | $ | 0.29 | $ | 0.28 | ||||||||||
Earnings per share - diluted | $ | 0.56 | $ | 0.36 | $ | 0.20 | 55.1 | % | $ | 0.29 | $ | 0.27 | ||||||||||
Book value per share | $ | 9.50 | $ | 8.47 | $ | 1.03 | 12.1 | % | $ | 9.50 | $ | 9.31 | ||||||||||
Selected Balance Sheet Data | ||||||||||||||||||||||
Investments | $ | 37,733 | $ | 35,670 | $ | 2,063 | 5.8 | % | $ | 37,733 | $ | 40,854 | ||||||||||
Total Loans (gross) | $ | 534,309 | $ | 428,162 | $ | 106,147 | 24.8 | % | $ | 534,309 | $ | 518,297 | ||||||||||
Total Assets | $ | 596,624 | $ | 484,594 | $ | 112,030 | 23.1 | % | $ | 596,624 | $ | 572,495 | ||||||||||
Total Deposits | $ | 483,585 | $ | 396,561 | $ | 87,024 | 21.9 | % | $ | 483,585 | $ | 464,609 | ||||||||||
Borrowings | $ | 55,730 | $ | 37,223 | $ | 18,507 | 49.7 | % | $ | 55,730 | $ | 50,728 | ||||||||||
Stockholders' Equity | $ | 55,899 | $ | 49,861 | $ | 6,038 | 12.1 | % | $ | 55,899 | $ | 54,784 | ||||||||||
Performance Ratios | ||||||||||||||||||||||
Return on average assets (annualized) | 1.19 | % | 0.93 | % | 1.20 | % | 1.17 | % | ||||||||||||||
Return on average equity (annualized) | 12.25 | % | 8.80 | % | 12.35 | % | 12.14 | % | ||||||||||||||
Net interest margin | 4.59 | % | 4.67 | % | 4.57 | % | 4.61 | % | ||||||||||||||
Efficiency Ratio | 57.81 | % | 58.20 | % | 57.25 | % | 58.20 | % | ||||||||||||||
Credit Quality Ratios | ||||||||||||||||||||||
Allowance for loan losses to gross loans | 1.01 | % | 1.10 | % | 1.01 | % | 1.02 | % | ||||||||||||||
Past due loans 30-89 days to gross loans (2) | 0.00 | % | 0.20 | % | 0.00 | % | 0.00 | % | ||||||||||||||
Past due loans 90 days or more to gross loans (2) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
Non-accrual loans to gross loans | 0.09 | % | 0.49 | % | 0.09 | % | 0.10 | % | ||||||||||||||
Net loan chargeoffs (recoveries) | $ | 11 | $ | 1,433 | $ | 11 | $ | - | ||||||||||||||
Other real estate owned | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Regulatory Capital Ratios | ||||||||||||||||||||||
Total risk-based capital ratio | 10.8 | % | 11.8 | % | 10.8 | % | 10.8 | % | ||||||||||||||
Tier 1 risk-based capital ratio | 9.8 | % | 10.8 | % | 9.8 | % | 9.9 | % | ||||||||||||||
Leverage ratio | 9.8 | % | 10.4 | % | 9.8 | % | 9.7 | % | ||||||||||||||
(1) On June 20, 2013, the Board of Directors announced a 5-for-4 stock split of the Bank's common stock in the form of a 25% stock dividend payable July 22, 2013 for shareholders of record as of July 1, 2013. All per share information for all periods presented has been retroactively adjusted to reflect the stock split. |
(2) And still accruing interest |
John Marshall Bank
John R. Maxwell, 703-584-0840
KEYWORDS: United States North America Virginia
INDUSTRY KEYWORDS:
The article John Marshall Bank Reports Six Month 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 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
