News Column

John Marshall Bank Reports Continued Strong Growth and Profitability

February 6, 2014

RESTON, Va.--(BUSINESS WIRE)-- John Marshall Bank (OTCQB: JMSB) reported net income of $7.1 million for the year ended December 31, 2013, an increase of $2.1 million, or 41.4%, as compared to net income of $5.0 million reported for the year ended December 31, 2012. Net income per diluted share increased 31.8% during 2013 to $1.12 per share, compared to $0.85 per share during 2012. As of December 31, 2013, the Bank’s tangible book value per share was $10.94, up 21.3% compared to $9.02 as of December 31, 2012.

For the fourth quarter of 2013, the Bank reported net income of $1.9 million, a 27.3% increase as compared to the same period in 2012. Net income per diluted share for the fourth quarter of $0.26 represented a 4.0% increase, compared to $0.25 per share during the same period in 2012. The Bank’s fourth quarter results produced an annualized return of 1.17% on average assets and 10.03% on average equity, compared to 1.12% and 11.30%, respectively, for the same period a year ago. For the full year, the Bank produced a 1.18% return on average assets and 11.67% on average equity, compared to 1.03% and 9.97%, respectively during 2012.

As previously reported, in November 2013, the Bank completed an offering of 2.4 million shares of common stock at $13.50 per share, for net proceeds after offering costs of $30.9 million. The Bank’s capital ratios strengthened significantly due to the offering and are well above regulatory minimums for well capitalized banks. As of December 31, 2013, the Bank’s total risk-based capital ratio was 15.7%, compared 10.6% as of September 30, 2013.

The Bank opened its sixth full service branch on December 3, 2013 in Alexandria, Virginia, replacing a loan production office that had been operating in the Alexandria market since 2011. As of December 31, 2013, the Alexandria branch had $64.5 million in deposits and $111.8 million in loans.

Balance Sheet Review

At December 31, 2013, total assets were $662.5 million, an increase of $99.2 million, or 17.6%, from total assets of $563.4 million at December 31, 2012. Gross loans increased $74.8 million, or 15.0%, to $573.4 million at December 31, 2013, compared to $498.6 million at December 31, 2012. The Bank’s investment portfolio increased to $55.2 million at December 31, 2013, compared to $43.1 million at December 31, 2012.

Total deposits were $514.9 million at December 31, 2013, representing an increase of 11.1%, or $51.6 million, compared to December 31, 2012. Total borrowings, consisting of Federal Home Loan Bank advances and customer repurchase agreements, were $52.3 million at December 31, 2013, an increase of 14.8%, or $6.7 million, compared to December 31, 2012.

Although total deposits declined slightly during the fourth quarter of 2013, this was due primarily to an intentional reduction of wholesale funding sources and a focus on core customer funding sources. During the fourth quarter certificates of deposit obtained through a deposit listing service provided by QwickRate, Inc. declined by $7.3 million. Brokered certificates of deposit declined by $1.1 million and Federal Home Loan Bank advances declined by $4 million. Core customer funding sources increased by $11.7 million during the fourth quarter, and by $62.1 million during 2013.

Total stockholder’s equity was $90.7 million at December 31, 2013, an increase of $37.6 million, or 70.9%, compared to December 31, 2012. The increase in stockholders’ equity was due to net income of $7.1 million during 2013, net proceeds of $30.9 million from the Bank’s recent offering, and net proceeds from the exercise of 1,550 employee stock options during the year. Total common shares outstanding increased from 5,884,786 at December 31, 2012 to 8,286,336 at December 31, 2013.

Income Statement Review

Net interest income

Net interest income, the Bank’s primary source of revenue, was $26.4 million for the year ended December 31, 2013, up 18.3% from $22.3 million for the year ended December 31, 2012. The net interest margin was 4.45% for the year ended December 31, 2013 as compared to 4.63% for the year ended December 31, 2012.

Net interest income was $6.9 million for the fourth quarter of 2013, compared to $6.2 million for the same period in 2012. The net interest margin declined from 4.66% during the fourth quarter of 2012 to 4.31% during the fourth quarter of 2013. The decline in the net interest margin is attributed to a decline in the Bank’s yield on earning assets from 5.36% during the fourth quarter of 2012 to 4.94% during the fourth quarter of 2013.

Notwithstanding the decline in the net interest margin during 2013, net interest income increased by 18.3%, resulting from a $112.2 million, or 23.1%, increase in average earning assets during the year.

Provision for loan losses

The Bank recognized a provision for loan losses of $760 thousand for the year ended December 31, 2013, compared to provision of $2.1 million during 2012. The Bank’s provision for loan losses was $211 thousand during the fourth quarter of 2013, compared to $540 thousand during the same period in 2012. The decline in the provision for loan losses was due primarily to a decline in non-performing and impaired loans, and a resulting decline in allocation of reserves to cover potential losses on impaired loans. Also contributing to the decline in the loan loss provision during 2013 was a decline in net loan charge-offs from $2.0 million in 2012 to $63 thousand in 2013.

Noninterest income

The Bank’s primary source of noninterest income is service charges on deposit account. Loan fees are included in interest income on the loan portfolio and not reported as noninterest income. For the year ended December 31, 2013, the Bank reported total noninterest income of $371 thousand, compared to $257 thousand during the year ended December 31, 2012, an increase of 44.4%. For the three months ended December 31, 2013, the Bank’s noninterest income was $104 thousand, compared to $75 thousand during the same period in 2012, an increase of 38.7%.

Noninterest expense

The largest component of the Bank’s noninterest expense is employee salaries and benefits. Salary and benefits expense increased by 24.6% during 2013 to $8.8 million, compared to $7.0 million during 2012. All other operating expense increased by $472 thousand during 2013, from $5.7 million to $6.2 million, an increase of 8.3%.

For the three months ended December 31, 2013, salary and benefits expense increased 25.4% to $2.3 million, compared to $1.8 million for the same period in 2012. All other noninterest expenses totaled $1.5 million during the fourth quarter of 2013, unchanged the same period in 2012.

The increase in salary and benefits expense was due to additional staffing required to support the Bank’s growth and branch expansion. The increase in other operating expenses was due primarily to increased occupancy expense associated with our Alexandria regional office, and increased data processing and technology related expenses associated with a growing customer base.

Asset Quality Review

Asset quality remains exceptionally strong and is significantly better than the Bank’s peers. As of December 31, 2013, non-performing assets were 0.04% of total assets, down from 0.12% at December 31, 2012. The Bank’s allowance for loan losses covered non-performing loans by 21.4 times as of December 31, 2013, compared to 27.2 times as of December 31, 2012.

Although loans 30-89 days past due and still accruing interest increased by $1.7 million during the year, this was due to a matured $1.3 million commercial real estate loan that has since been restructured; and a $334 thousand residential mortgage troubled debt restructuring that was over 30-days past due at December 31, 2013, but has since been brought current. Both loans are well secured with no impairment. As of December 31, 2013 the Bank had total troubled debt restructurings of $1.8 million, compared to $2.1 million at December 31, 2012, $1.5 million of which was performing in accordance with modified terms.

John Marshall Bank is headquartered in Reston, Virginia and has six full-service branches located in Reston, Falls Church, 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
(Dollar amounts in thousands)
 
% Change
December 31September 30December 31Last ThreeYear Over
201320132012MonthsYear
Assets(Unaudited)(Unaudited)
 
Cash and due from banks $ 5,978 $ 7,756 $ 9,230 -22.9 % -35.2 %
Interest-bearing deposits in banks 23,198 30,505 11,316 -24.0 % 105.0 %
Securities available-for-sale, at fair value 48,743 33,678 35,477 44.7 % 37.4 %

Securities held-to-maturity, fair value of $2,625 at 12/31/2013, $2,840 at 9/30/2013 and $4,025 at 12/31/2012

2,466 2,653 3,726 -7.0 % -33.8 %
Restricted securities, at cost 4,005 4,138 3,880 -3.2 % 3.2 %

Loans, net of allowance for loan losses of $5,748 in at 12/31/2013; $5,589 at 9/30/2013 and $5,051 at 12/31/2012

566,729 541,416 492,680 4.7 % 15.0 %
Bank premises and equipment, net 3,112 2,551 2,410 22.0 % 29.1 %
Accrued interest receivable 1,894 1,620 1,676 16.9 % 13.0 %
Other real estate - - - - 486 N/M N/M
Other assets   6,415     3,131     2,505 104.9 % 156.1 %
 
$ 662,540   $ 627,448   $ 563,386 5.6 % 17.6 %
Liabilities and Shareholders' Equity
 
Liabilities
Deposits:
Non-interest bearing demand deposits $ 84,350 $ 92,810 $ 88,117 -9.1 % -4.3 %
Interest bearing demand deposits 145,354 127,241 120,709 14.2 % 20.4 %
Savings deposits 5,073 8,213 4,098 -38.2 % 23.8 %
Time deposits   280,149     287,154     250,402 -2.4 % 11.9 %
Total deposits 514,926 515,418 463,326 -0.1 % 11.1 %
Repurchase agreements 13,305 9,482 7,559 40.3 % 76.0 %
Federal Home Loan Bank advances 39,000 43,000 38,000 -9.3 % 2.6 %
Accrued interest payable 132 175 128 -24.6 % 3.1 %
Other liabilities   4,509     1,551     1,309 190.7 % 244.5 %
Total liabilities   571,872     569,626     510,322 0.4 % 12.1 %
 
Shareholders' Equity

Common stock, voting, par value $5 per share; authorized 10,000,000 shares; issued and outstanding, 8,286,336 shares at 12/31/2013, 5,884,811 at 9/30/2013, and 5,884,786 at 12/31/2012

41,432 29,424 23,539 40.8 % 76.0 %
Additional paid-in capital 38,605 19,559 25,046 97.4 % 54.1 %
Retained earnings 11,269 9,368 4,180 20.3 % 169.6 %
Accumulated other comprehensive income (loss)   (638 )   (529 )   299 20.6 % -313.4 %
 
Total shareholders' equity   90,668     57,822     53,064 56.8 % 70.9 %
 
$ 662,540   $ 627,448   $ 563,386 5.6 % 17.6 %
 
         
John Marshall Bank
 
Statements of Income
For the Three Months and Years Ended December 31, 2013 and 2012
(Dollar amounts in thousands, except per share data)
 
Three Months EndedYear Ended
December 31December 31
20132012% Change20132012
(Unaudited)(Unaudited)(Unaudited)
Interest and Dividend Income
Interest and fees on loans $ 7,616 $ 6,828 11.5 % $ 29,388 $ 25,230
Interest on investment securities, taxable 213 174 22.4 % 658 651
Interest on investment securities, tax-exempt 20 16 25.0 % 74 58
Dividends 53 41 29.3 % 157 124
Interest on deposits in banks   21   12   75.0 %   52   44  
Total interest and dividend income   7,923   7,071   12.0 %   30,329   26,107  
 
Interest Expense
Deposits 906 809 12.0 % 3,462 3,404
Federal Home Loan Bank advances 111 96 15.6 % 442 360
Other short-term borrowings   11   11   0.0 %   35   37  
Total interest expense   1,028   916   12.2 %   3,939   3,801  
 
Net interest income 6,895 6,155 12.0 % 26,390 22,306
 
Provision for loan losses   211   540   -60.9 %   760   2,050  
 
Net interest income after provision for loan losses   6,684   5,615   19.0 %   25,630   20,256  
 
Noninterest Income
Service charges on deposit accounts 86 63 36.5 % 320 211
Other service charges and fees 18 13 38.5 % 51 48
Other operating income (loss)   - -   (1 ) N/M     - -   (2 )
Total noninterest income   104   75   38.7 %   371   257  
 
Noninterest Expenses
Salaries and employee benefits 2,259 1,802 25.4 % 8,775 7,040
Occupancy expense of premises 359 306 17.3 % 1,425 1,225
Furniture and equipment expenses 244 199 22.6 % 899 699
Other operating expenses   930   1,061   -12.3 %   3,942   3,770  
Total noninterest expenses   3,792   3,368   12.6 %   15,041   12,734  
 
Income before income taxes 2,996 2,322 29.0 % 10,960 7,779
 
Income tax expense  

1,094

  828   32.1 %   3,871   2,764  
 
Net income $ 1,902 $ 1,494   27.3 % $ 7,089 $ 5,015  
 
Earnings Per Share
Basic $ 0.27 $ 0.25 8.0 % $ 1.15 $ 0.85
Diluted $ 0.26 $ 0.25 4.0 % $ 1.12 $ 0.85
 
               
John Marshall Bank
 
Loan, Deposit and Borrowing Detail
(Dollar amounts in thousands)
 
December 31, 2013September 30, 2013December 31, 2012Percentage Change
Loans$ Amount% of Total$ Amount% of Total$ Amount% of TotalLast 3 MosLast 12 Mos
Mortgage loans on real estate
Commercial $ 366,276 64 % $ 368,326 67 % $ 332,741 66.7 % -0.6 % 10.1 %
Construction and land development 82,286 14 % 68,513 13 % 53,880 10.8 % 20.1 % 52.7 %
Residential   19,515   3 %   20,102   4 %   20,884   4.2 % -2.9 % -6.6 %
Total mortgage loans on real estate $ 468,077 82 % $ 456,941 83 % $ 407,505 81.7 % 2.4 % 14.9 %
Commercial loans 104,032 18 % 89,670 16 % 89,372 17.9 % 16.0 % 16.4 %
Consumer loans   1,325   0 %   1,245   0 %   1,725   0.3 % 6.4 % -23.2 %
Total loans $ 573,434 100 % $ 547,856 100 % $ 498,602 100.0 % 4.7 % 15.0 %
Less: Allowance for loan losses (5,748 ) (5,589 ) (5,051 )
Net deferred loan fees   (957 )   (851 )   (871 )
Net loans $ 566,729   $ 541,416   $ 492,680  
 
 
December 31, 2013September 30, 2013December 31, 2012Percentage Change
Deposits$ Amount% of Total$ Amount% of Total$ Amount% of TotalLast 3 MosLast 12 Mos
Noninterest-bearing demand deposits $ 84,350 16.4 % $ 92,810 18.0 % $ 88,117 19.0 % -9.1 % -4.3 %
Interest-bearing demand deposits:
NOW accounts 10,903 2.1 % 6,890 1.3 % 7,802 1.7 % 58.2 % 39.7 %
Money market accounts 134,451 26.1 % 120,350 23.3 % 112,907 24.4 % 11.7 % 19.1 %
Savings accounts 5,073 1.0 % 8,213 1.6 % 4,098 0.9 % -38.2 % 23.8 %
Certificates of deposit
$100,000 or more 140,934 27.4 % 136,429 26.5 % 117,830 25.4 % 3.3 % 19.6 %
Less than $100,000 28,252 5.5 % 29,529 5.7 % 27,473 5.9 % -4.3 % 2.8 %
QwickRate® Certificates of deposit 20,761 4.0 % 28,036 5.4 % 29,795 6.4 % -25.9 % -30.3 %
CDARS® 72,690 14.1 % 74,540 14.5 % 62,059 13.4 % -2.5 % 17.1 %
Brokered deposits   17,512   3.4 %   18,621   3.6 %   13,245   2.9 % -6.0 % 32.2 %
Total deposits $ 514,926   100.0 % $ 515,418   100.0 % $ 463,326   100.0 % -0.1 % 11.1 %
 
Borrowings
Customer repurchase agreements $ 13,305 25.4 % $ 9,482 18.1 % $ 7,559 16.6 % 40.3 % 76.0 %
Federal Home Loan Bank advances   39,000   74.6 %   43,000   81.9 %   38,000   83.4 % -9.3 % 2.6 %
Total borrowings $ 52,305   100.0 % $ 52,482   100.0 % $ 45,559   100.0 % -0.3 % 14.8 %
 
Total deposits and borrowings $ 567,231   $ 567,900   $ 508,885   -0.1 % 11.5 %
 
Core customer funding sources (1) $ 489,958 86.4 % $ 478,243 84.2 % $ 427,845 84.1 % 2.4 % 14.5 %

Wholesale funding sources (2)

  77,273   13.6 %   89,657   15.8 %   81,040   15.9 % -13.8 % -4.6 %
Total funding sources $ 567,231   100.0 % $ 567,900   100.0 % $ 508,885   100.0 % -0.1 % 11.5 %
 
(1)   Includes CDARS(r), which are all reciprocal deposits maintained by Bank customers, and repurchase agreements, which represent sweep accounts tied to customer operating accounts.
(2) Consists of QwickRate(r) certificates of deposit, brokered deposits and Federal Home Loan Bank advances
 
           
John Marshall Bank
Average Balances Sheets, Interest and Rates
(Dollar amounts in thousands)
 
Year Ended December 31, 2013Year Ended December 31, 2012
InterestAverageInterestAverage
AverageIncome-YieldsAverageIncome-Yields
BalanceExpense/RatesBalanceExpense/Rates
Assets
Securities $ 42,270 $ 889 2.10 % $ 37,587 $ 833 2.22 %
Loans, net of unearned income 530,647 29,388 5.54 % 428,001 25,230 5.89 %
Interest-bearing deposits in other banks   20,376   52 0.26 %   16,462   44 0.27 %
Total interest-earning assets $ 593,293 $ 30,329 5.11 % $ 482,050 $ 26,107 5.42 %
Other assets   7,280   6,114
Total assets $ 600,573 $ 488,164
Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts $ 7,179 $ 18 0.25 % $ 6,547 $ 19 0.29 %
Money market accounts 116,115 577 0.50 % 115,387 674 0.58 %
Savings accounts 5,709 22 0.39 % 3,285 13 0.40 %
Time deposits   271,350   2,845 1.05 %   206,035   2,698 1.31 %
Total interest-bearing deposits $ 400,353 $ 3,462 0.86 % $ 331,254 $ 3,404 1.03 %

Securities sold under agreement to repurchase and federal funds purchased

$ 8,554 $ 35 0.41 % $ 8,371 $ 37 0.43 %
Other borrowed funds   43,875   442 1.01 %   29,104   360 1.24 %
Total interest-bearing liabilities $ 452,782 $ 3,939 0.87 % $ 368,729 $ 3,801 1.03 %
Demand deposits and other liabilities   87,065   69,108
Total liabilities $ 539,847 $ 437,837
Shareholders' equity   60,726   50,327
Total liabilities and shareholders' equity $ 600,573 $ 488,164
Interest rate spread 4.24 % 4.38 %
Net interest income and margin $ 26,390 4.45 % $ 22,306 4.63 %
 
 
3 Months Ended December 31, 20133 Months Ended December 31, 2012
InterestAverageInterestAverage
AverageIncome-YieldsAverageIncome-Yields
BalanceExpense/RatesBalanceExpense/Rates
Assets
Securities $ 48,569 $ 286 2.34 % $ 42,899 $ 230 2.13 %
Loans, net of unearned income 554,940 7,616 5.44 % 463,608 6,829 5.86 %
Interest-bearing deposits in other banks   33,308   21 0.25 %   18,404   12 0.26 %
Total interest-earning assets $ 636,817 $ 7,923 4.94 % $ 524,911 $ 7,071 5.36 %
Other assets   9,125   6,762
Total assets $ 645,942 $ 531,673
Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts $ 7,281 $ 5 0.27 % $ 7,068 $ 5 0.28 %
Money market accounts 126,231 159 0.50 % 112,237 142 0.50 %
Savings accounts 6,795 7 0.41 % 3,525 2 0.23 %
Time deposits   286,415   735 1.02 %   230,474   660 1.14 %
Total interest-bearing deposits $ 426,722 $ 906 0.84 % $ 353,304 $ 809 0.91 %

Securities sold under agreement to repurchase and federal funds purchased

$ 10,808 $ 11 0.40 % $ 10,387 $ 11 0.42 %
Other borrowed funds   40,783   111 1.08 %   32,522   96 1.17 %
Total interest-bearing liabilities $ 478,313 $ 1,028 0.85 % $ 396,213 $ 916 0.92 %
Demand deposits and other liabilities   92,432   82,894
Total liabilities $ 570,745 $ 479,107
Shareholders' equity   75,197   52,566
Total liabilities and shareholders' equity $ 645,942 $ 531,673
Interest rate spread 4.09 % 4.44 %
Net interest income and margin $ 6,895 4.31 % $ 6,155 4.66 %
 
       
John Marshall Bank
Financial Highlights (Unaudited)
(Dollar amounts in thousands, except per share data)
 
At or For the Quarter EndedAt or For the Year Ended
December 31December 31
2013201220132012
Per share Data and Shares Outstanding (1)
Earnings per share - basic $ 0.27 $ 0.25 $ 1.15 $ 0.85
Earnings per share - diluted $ 0.26 $ 0.25 $ 1.12 $ 0.85
Tangible book value per share $ 10.94 $ 9.02 $ 10.94 $ 9.02
Weighted average common shares (basic) 7,085,254 5,884,786 6,187,372 5,884,747
Weighted average common shares (diluted) 7,367,331 5,891,095 6,311,495 5,886,324
Common shares outstanding at end of period 8,286,336 5,884,786 8,286,336 5,884,786
 
Performance Ratios
Return on average assets (annualized) 1.17 % 1.12 % 1.18 % 1.03 %
Return on average equity (annualized) 10.03 % 11.30 % 11.67 % 9.97 %
Yield on earning assets (annualized) 4.94 % 5.36 % 5.11 % 5.42 %
Cost of interest bearing liabilities (annualized) 0.85 % 0.92 % 0.87 % 1.03 %
Net interest spread 4.09 % 4.44 % 4.24 % 4.39 %
Net interest margin 4.31 % 4.66 % 4.45 % 4.63 %
Noninterest income as a percentage of average assets 0.06 % 0.06 % 0.06 % 0.05 %
Noninterest expense to average assets 2.33 % 2.52 % 2.50 % 2.61 %
Efficiency ratio 54.2 % 54.1 % 56.2 % 56.4 %
 
Asset Quality
Loans 30-89 days past due and accruing interest $ 1,657 $ - $ 1,657 $ -
Non-performing assets (2) $ 268 $ 668 $ 268 $ 668
Non-performing assets to total assets 0.04 % 0.12 % 0.04 % 0.12 %
Allowance for loan losses to total loans 1.00 % 1.01 % 1.00 % 1.01 %
Allowance for loan losses to non-performing loans 21.4 27.7 21.4 27.8
Net loan chargeoffs (recoveries) $ 52 $ 54 $ 63 $ 1,998
Net charge-offs to average loans (annualized) 0.04 % 0.05 % 0.01 % 0.47 %
Troubled debt restructurings (total) $ 1,809 $ 2,060 $ 1,809 $ 2,060
Performing in accordance with modified terms $ 1,475 $ 2,060 $ 1,475 $ 2,060

Not performing in accordance with modified terms

$ 334 $ - $ 334 $ -
Other real estate owned $ - $ 486 $ - $ 486
 
Regulatory Capital Ratios
Total risk-based capital ratio 15.7 % 10.8 % 15.7 % 10.8 %
Tier 1 risk-based capital ratio 14.8 % 9.9 % 14.8 % 9.9 %
Leverage ratio 14.1 % 9.9 % 14.1 % 9.9 %
 
Other Information
Effective income tax rate 36.5 % 35.7 % 35.3 % 35.5 %
Tangible equity / tangible assets 13.7 % 9.4 % 13.7 % 9.4 %
Average tangible equity / average tangible assets 11.6 % 9.9 % 10.1 % 10.3 %
Number of full time equivalent employees 82 70 82 70
# Full service branch offices 6 5 6 5
# Loan production offices 1 2 1 2
 
(1)   Shares and per share amounts for all periods have been adjusted to reflect a 5 for 4 stock split in the form of a 25% stock dividend paid on July 22, 2013
(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

Source: John Marshall Bank


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