News Column

John Marshall Bank Reports Mid-Year Financial Results

July 30, 2014

RESTON, Va.--(BUSINESS WIRE)-- John Marshall Bank (OTCQB: JMSB) (the “Bank”) reported net income of $3.8 million for the six months ended June 30, 2014, an increase of $425 thousand, or 12.7%, as compared to net income of $3.4 million reported for the six months ended June 30, 2013. Net income per diluted share declined 23.2% to $0.43 per share during the first six months of 2014, compared $0.56 per share during the same period in 2013. The decline in net income per diluted share is primarily attributed to the dilutive effect of the Bank’s November 2013 common stock offering of 2.4 million shares at $13.50 per share. As of June 30, 2014, the Bank’s tangible book value per share was $11.47, up 20.8% compared to $9.50 as of June 30, 2013.

The Bank’s six month results produced an annualized return of 1.11% on average assets and 8.15% on average equity, compared to 1.19% and 12.25%, respectively, for the same period a year ago.

The Bank’s capital ratios remain well above regulatory minimums for well capitalized banks. As of June 30, 2014, the Bank’s total risk-based capital ratio was 14.9%, compared 10.8% at June 30, 2013.

The increase in the Bank’s capital ratios, and declines in return on average assets and average equity, are similarly reflective of the impact of the November 2013 common stock offering.

Balance Sheet Review

At June 30, 2014, total assets were $721.4 million, an increase of $58.9 million, or 8.9%, from total assets of $662.5 million at December 31, 2013, and an increase of $124.8 million, or 20.9% from total assets of $596.6 million at June 30, 2013. Gross loans increased $46.2 million, or 8.1%, to $619.7 million at June 30, 2014, compared to $573.4 million at December 31, 2013. Year-over-year loan growth, from June 30, 2013 to June 30, 2014, was $85.3 million, or 16.0%. The Bank’s investment portfolio increased to $60.5 million at June 30, 2014, compared to $55.2 million at December 31, 2013, and $37.7 million at June 30, 2013. It should be noted that during the second quarter of 2014 the Bank reclassified $20 million of its investment securities portfolio from available-for-sale to held-to-maturity. As of June 30, 2014 the Bank held $48.3 million of its investment portfolio as held-to-maturity, and $7.5 million as available-for-sale. The reclassification will help protect the Bank’s book value from deterioration in a rising interest rate environment.

Total deposits were $572.9 million at June 30, 2014, representing an increase of 11.3%, or $58.0 million, compared to December 31, 2013. Year-over-year deposit growth, from June 30, 2013 to June 30, 2014, was $89.3 million, or 18.5% Total borrowings, consisting of Federal Home Loan Bank advances and customer repurchase agreements, were $49.0 million at June 30, 2014, a decrease of 6.4%, or $3.3 million, compared to December 31, 2013. Year-over-year, from June 30, 2013 to June 30, 2014, total borrowings declined by $6.8 million, or 12.1%.

During the first six months of 2014 certificates of deposit obtained through a deposit listing service provided by QwickRate, Inc. declined by $6.9 million. Year-over-year, QwickRate certificates of deposit declined by $15.5 million. Brokered certificates of deposit increased by $524 thousand during the first six months of 2014 and declined by $1.6 million, or 8.1% since June 30, 2013. Federal Home Loan Bank advances declined by $2 million during the first six months of 2014, and by $10 million, or 21.3%, compared to June 30, 2013. Core customer funding sources increased by $63.0 million during the first six months of 2014, and by $109.7 million, or 24.7%, compared to June 30, 2013.

Total shareholders’ equity was $95.2 million at June 30, 2014, an increase of $4.5 million, or 5.0%, compared to December 31, 2013. Year-over-year, total shareholders’ equity increased by $39.3 million, or 70.3%, compared to June 30, 2013. The increase in shareholders’ equity over the past year is attributed to net income retained during the period, net proceeds of $30.9 million from the Bank’s November 2013 stock offering, and net proceeds from the exercise of 12,550 employee stock options during the past twelve months. Total common shares outstanding increased from 5,884,786 at June 30, 2013 to 8,297,336 at June 30, 2014.

Income Statement Review

Net interest income

Net interest income, the Bank’s primary source of revenue, was $14.4 million for the six months ended June 30, 2014, up 12.3% from $12.8 million for the six months ended June 30, 2013. The net interest margin was 4.28% during the first six months of 2014, compared to 4.60% during the first six months of 2013. The decline in the net interest margin from year-to-year is primarily attributed to a decline in the Bank’s yield on earning assets to 4.90% during the first six months of 2014 from 5.27% during the first six months of 2013, which is substantially the result of a 22 basis point year-to-year decline in loan yields. In addition, there was a $22.6 million increase in average interest-bearing deposits in other banks, at a yield of 0.25%, during the first six months of 2014. The large increase in interest-bearing deposits at other banks is primarily attributed to net proceeds from the Bank’s November 2013 stock offering, and an $82.6 million increase in total deposits and borrowings over the past twelve months.

Notwithstanding the decline in the net interest margin over the past year, net interest income increased by 12.3% during the first six months of 2014, compared to the first six months of 2013, resulting primarily from a $120.1 million, or 21.5%, increase in average earning assets during the first six months of 2014, compared to the first six months of 2013.

Provision for loan losses

The Bank recognized a provision for loan losses of $446 thousand during the first six months of 2014, compared to a provision of $377 thousand during the first six months of 2013. The increase in the provision for loan losses primarily reflects the relative growth of the Bank’s loan portfolio of $46.2 million during the first six months of 2014, compared to $35.7 million during the first six months of 2013. The Bank reported a small net loan loss recovery of $1 thousand during the first six months of 2014, compared to a net loan charge-off of $11 thousand during the first six months of 2013.

Noninterest income

The Bank’s primary source of noninterest income is service charges on deposit accounts. Loan fees are included in interest income on the loan portfolio and not reported as noninterest income. For the six months ended June 30, 2014, the Bank reported total noninterest income of $209 thousand, compared to $172 thousand during the first six months of 2013, an increase of 21.5%.

Noninterest expense

The largest component of the Bank’s noninterest expense is employee salaries and benefits. Salary and employee benefits expense increased by 14.5%, to $4.9 million, during the first six months of 2014 compared to $4.3 million during the first six months of 2013. All other operating expenses increased by 4.9%, or $156 thousand, to $3.4 million, during the first six months of 2014, compared to $3.2 million during the first six months of 2013.

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 and equipment expenses associated with our Alexandria regional office, which opened in December 2013, 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 June 30, 2014, non-performing assets were 0.10% of total assets, compared to .04% at December 31, 2013 and .08% at June 30, 2013. The Bank’s allowance for loan losses covered non-performing loans by 8.3 times as of June 30, 2014, compared to 21.4 times at December 31, 2013 and 11.3 times at June 30, 2013.

Non-performing loans increased from $268 thousand at December 31, 2013 to $743 thousand at June 30, 2014. This was due to the addition of three commercial loan relationships totaling approximately $480 thousand to non-accrual status during the second quarter of 2014. One of the relationships, totaling $291 thousand, is well secured and the collateral is in the process of being sold by the borrower. The remaining loans totaling $189 thousand have been fully reserved and are in the process of collection negotiations with the borrowers. It should be noted that a $1.3 million commercial real estate loan that matured, and was placed on non-accrual status during the first quarter of 2014, was paid in full through the sale of the underlying collateral during the second quarter of 2014. As of June 30, 2014 the Bank had total troubled debt restructurings of $1.8 million, compared to $2.0 million at June 30, 2013. All but one restructured loan for $117 thousand was performing in accordance with modified terms as of June 30, 2014.

John Marshall Bank is headquartered in Reston, Virginia and has five full-service branches located in Reston, 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
(In thousands, except share and per share data)
 
% Change
June 30December 31June 30CurrentYear Over
201420132013YearYear

Assets

(Unaudited)(Audited)(Unaudited)
 
Cash and due from banks $ 8,392 $ 5,978 $ 5,280 40.4 % 58.9 %
Interest-bearing deposits in banks 28,871 23,198 18,280 24.5 % 57.9 %
Securities available-for-sale, at fair value 7,475 48,743 30,427 -84.7 % -75.4 %

Securities held-to-maturity, fair value of $48,742 at 6/30/2014, $2,625 at 12/31/2013 and $3,074 at 6/30/2013

48,327 2,466 2,906 1859.7 % 1563.0 %
Restricted securities, at cost 4,726 4,005 4,400 18.0 % 7.4 %

Loans, net of allowance for loan losses of $6,195 at 6/30/2014; $5,748 at 12/31/2013 and $5,417 at 6/30/2013

612,324 566,729 528,054 8.0 % 16.0 %
Bank premises and equipment, net 2,950 3,112 2,407 -5.2 % 22.6 %
Accrued interest receivable 1,846 1,894 1,723 -2.5 % 7.1 %
Other assets   6,492     6,415     3,147   1.2 % 106.3 %
 
Total assets $ 721,403   $ 662,540   $ 596,624   8.9 % 20.9 %
 
Liabilities and Shareholders' Equity
 
Liabilities
Deposits:
Non-interest bearing demand deposits $ 93,319 $ 84,350 $ 83,908 10.6 % 11.2 %
Interest bearing demand deposits 175,911 145,354 119,032 21.0 % 47.8 %
Savings deposits 8,407 5,073 3,820 65.7 % 120.1 %
Time deposits   295,259     280,149     276,825   5.4 % 6.7 %
Total deposits 572,896 514,926 483,585 11.3 % 18.5 %
Repurchase agreements 11,972 13,305 8,730 -10.0 % 37.1 %
Federal Home Loan Bank advances 37,000 39,000 47,000 -5.1 % -21.3 %
Accrued interest payable 165 132 163 25.0 % 1.2 %
Other liabilities   4,167     4,509     1,247   -7.6 % 234.2 %
Total liabilities   626,200     571,872     540,725   9.5 % 15.8 %
 
Shareholders' Equity

Common stock, voting, par value $5 per share; authorized 10,000,000 shares; issued and outstanding, 8,297,336 shares at 6/30/2014, 8,286,336 at 12/31/2013, and 5,884,786 at 6/30/2013

41,487 41,432 29,424 0.1 % 41.0 %
Additional paid-in capital 38,866 38,605 19,432 0.7 % 100.0 %
Retained earnings 15,046 11,269 7,532 33.5 % 99.8 %
Accumulated other comprehensive loss   (196 )   (638 )   (489 ) 69.3 % -59.9 %
 
Total shareholders' equity   95,203     90,668     55,899   5.0 % 70.3 %
 
Total liabilities and shareholders' equity $ 721,403   $ 662,540   $ 596,624   8.9 % 20.9 %
 
 
John Marshall Bank
 
Statements of Income
(Dollar amounts in thousands, except per share data)
 
  For the Three Months Ended     For the Six Months Ended  
June 30June 30
2014   2013% Change2014   2013% Change
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Interest and Dividend Income
Interest and fees on loans $ 8,035 $ 7,247 10.9 % $ 15,774 $ 14,294 10.4 %
Interest on investment securities, taxable 262 145 80.7 % 523 296 76.7 %
Interest on investment securities, tax-exempt 22 19 15.8 % 43 35 22.9 %
Dividends 59 38 55.3 % 101 71 42.3 %
Interest on deposits in banks   23   9 155.6 %   41   14 192.9 %
Total interest and dividend income   8,401   7,458 12.6 %   16,482   14,710 12.0 %
 
Interest Expense
Deposits 977 845 15.6 % 1,873 1,662 12.7 %
Federal Home Loan Bank advances 91 108 -15.7 % 191 214 -10.7 %
Other short-term borrowings   14   8 75.0 %   28   15 86.7 %
Total interest expense   1,082   961 12.6 %   2,092   1,891 10.6 %
 
Net interest income 7,319 6,497 12.7 % 14,390 12,819 12.3 %
 
Provision for loan losses   254   127 100.0 %   446   377 18.3 %
 
Net interest income after provision for loan losses   7,065   6,370 10.9 %   13,944   12,442 12.1 %
 
Noninterest Income
Service charges on deposit accounts 98 76 28.9 % 182 151 20.5 %
Other service charges and fees   12   10 20.0 %   27   21 28.6 %
Total noninterest income   110   86 27.9 %   209   172 21.5 %
 
Noninterest Expenses
Salaries and employee benefits 2,527 2,161 16.9 % 4,907 4,284 14.5 %
Occupancy expense of premises 396 352 12.5 % 781 704 10.9 %
Furniture and equipment expenses 243 222 9.5 % 472 421 12.1 %
Other operating expenses   1,032   1,034 -0.2 %   2,114   2,086 1.3 %
Total noninterest expenses   4,198   3,769 11.4 %   8,274   7,495 10.4 %
 
Income before income taxes 2,977 2,687 10.8 % 5,879 5,119 14.8 %
 
Income tax expense   1,057

 

  960 10.1 %   2,102   1,767 19.0 %
 
Net income $ 1,920 $ 1,727 11.2 % $ 3,777 $ 3,352 12.7 %
 
Earnings Per Share
Basic $ 0.23 $ 0.29 -20.7 % $ 0.46 $ 0.57 -19.3 %
Diluted $ 0.22 $ 0.29 -24.1 % $ 0.43 $ 0.56 -23.2 %
 
 
John Marshall Bank
               
Loan, Deposit and Borrowing Detail
(Dollar amounts in thousands)
 
June 30, 2014December 31, 2013June 30, 2013Percentage Change
Loans$ Amount% of Total$ Amount% of Total$ Amount% of TotalLast 6 MosLast 12 Mos
Mortgage loans on real estate
Commercial $ 402,108 64.9 % $ 366,276 63.9 % $ 356,066 66.6 % 9.8 % 12.9 %
Construction and land development 95,775 15.5 % 82,286 14.3 % 63,572 11.9 % 16.4 % 50.7 %
Residential   21,870   3.5 %   19,515   3.4 %   19,412   3.6 % 12.1 % 12.7 %
Total mortgage loans on real estate $ 519,753 83.9 % $ 468,077 81.6 % $ 439,050 82.2 % 11.0 % 18.4 %
Commercial loans 98,576 15.9 % 104,032 18.1 % 93,929 17.6 % -5.2 % 4.9 %
Consumer loans   1,322   0.2 %   1,325   0.2 %   1,330   0.2 % -0.2 % -0.6 %
Total loans $ 619,651 100.0 % $ 573,434 100.0 % $ 534,309 100.0 % 8.1 % 16.0 %
Less: Allowance for loan losses (6,195 ) (5,748 ) (5,417 )
Net deferred loan fees   (1,132 )   (957 )   (838 )
Net loans $ 612,324   $ 566,729   $ 528,054  
 
 
June 30, 2014December 31, 2013June 30, 2013Percentage Change
Deposits$ Amount% of Total$ Amount% of Total$ Amount% of TotalLast 6 MosLast 12 Mos
Noninterest-bearing demand deposits $ 93,319 16.3 % $ 84,350 16.4 % $ 83,908 17.3 % 10.6 % 11.2 %
Interest-bearing demand deposits:
NOW accounts 10,538 1.8 % 10,903 2.1 % 9,746 2.0 % -3.3 % 8.1 %
Money market accounts 165,374 28.9 % 134,451 26.1 % 109,286 22.6 % 23.0 % 51.3 %
Savings accounts 8,407 1.5 % 5,073 1.0 % 3,820 0.8 % 65.7 % 120.1 %
Certificates of deposit
$100,000 or more 158,243 27.6 % 140,934 27.4 % 129,834 26.8 % 12.3 % 21.9 %
Less than $100,000 29,695 5.2 % 28,252 5.5 % 28,427 5.9 % 5.1 % 4.5 %
QwickRate® Certificates of deposit 13,904 2.4 % 20,761 4.0 % 29,433 6.1 % -33.0 % -52.8 %

CDARS®

75,380 13.2 % 72,690 14.1 % 69,510 14.4 % 3.7 % 8.4 %
Brokered deposits   18,036   3.1 %   17,512   3.4 %   19,621   4.1 % 3.0 % -8.1 %
Total deposits $ 572,896   100.0 % $ 514,926   100.0 % $ 483,585   100.0 % 11.3 % 18.5 %
 
Borrowings
Customer repurchase agreements $ 11,972 24.4 % $ 13,305 25.4 % $ 8,730 15.7 % -10.0 % 37.1 %
Federal Home Loan Bank advances   37,000   75.6 %   39,000   74.6 %   47,000   84.3 % -5.1 % -21.3 %
Total borrowings $ 48,972   100.0 % $ 52,305   100.0 % $ 55,730   100.0 % -6.4 % -12.1 %
 
Total deposits and borrowings $ 621,868   $ 567,231   $ 539,315   9.6 % 15.3 %
 
Core customer funding sources (1) $ 552,928 88.9 % $ 489,958 86.4 % $ 443,261 82.2 % 12.9 % 24.7 %
Wholesale funding sources (2)   68,940   11.1 %   77,273   13.6 %   96,054   17.8 % -10.8 % -28.2 %
Total funding sources $ 621,868   100.0 % $ 567,231   100.0 % $ 539,315   100.0 % 9.6 % 15.3 %
 
(1)

Includes CDARS®, 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® certificates of deposit, brokered deposits and Federal Home Loan Bank advances

 
             
John Marshall Bank
Average Balances Sheets, Interest and Rates
(Dollar amounts in thousands)
 
Three Months Ended June 30, 2014Three Months Ended June 30, 2013
InterestAverageInterestAverage
AverageIncome-YieldsAverageIncome-Yields
BalanceExpense/RatesBalanceExpense/Rates
Assets
Securities $ 59,595 $ 343 2.31 % $ 40,237 $ 202 2.01 %
Loans, net of unearned income 597,645 8,035 5.39 % 516,017 7,247 5.63 %
Interest-bearing deposits in other banks   35,169   23 0.26 %   14,142   9 0.26 %
Total interest-earning assets $ 692,409 $ 8,401 4.87 % $ 570,396 $ 7,458 5.24 %
Other assets   10,448   6,284
Total assets $ 702,857 $ 576,680
Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts $ 10,324 $ 7 0.26 % $ 7,227 $ 5 0.28 %
Money market accounts 156,548 218 0.56 % 110,102 136 0.50 %
Savings accounts 10,237 13 0.52 % 3,900 2 0.21 %
Time deposits   287,449   739 1.03 %   263,009   702 1.07 %
Total interest-bearing deposits $ 464,558 $ 977 0.84 % $ 384,238 $ 845 0.88 %

Securities sold under agreement to repurchase and federal funds purchased

$ 13,810 $ 14 0.42 % $ 7,735 $ 8 0.41 %
Other borrowed funds   33,940   91 1.07 %   43,497   108 1.00 %
Total interest-bearing liabilities $ 512,308 $ 1,082 0.85 % $ 435,470 $ 961 0.89 %
Demand deposits and other liabilities   95,939   85,167
Total liabilities $ 608,247 $ 520,637
Shareholders' equity   94,610   56,075
Total liabilities and shareholders' equity $ 702,857 $ 576,712
Interest rate spread 4.02 % 4.35 %
Net interest income and margin $ 7,319 4.24 % $ 6,497 4.57 %
 
 
Six Months Ended June 30, 2014Six Months Ended June 30, 2013
InterestAverageInterestAverage
AverageIncome-YieldsAverageIncome-Yields
BalanceExpense/RatesBalanceExpense/Rates
Assets
Securities $ 58,098 $ 667 2.31 % $ 41,055 $ 402 1.96 %
Loans, net of unearned income 586,979 15,774 5.42 % 506,494 14,294 5.64 %
Interest-bearing deposits in other banks   32,892   41 0.25 %   10,313   14 0.27 %
Total interest-earning assets $ 677,969 $ 16,482 4.90 % $ 557,862 $ 14,710 5.27 %
Other assets   10,711   11,738
Total assets $ 688,680 $ 569,600
Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts $ 9,736 $ 13 0.27 % $ 7,177 $ 9 0.25 %
Money market accounts 149,074 405 0.55 % 110,026 270 0.49 %
Savings accounts 8,394 18 0.43 % 3,948 4 0.20 %
Time deposits   282,771   1,437 1.02 %   257,198   1,379 1.07 %
Total interest-bearing deposits $ 449,975 $ 1,873 0.84 % $ 378,349 $ 1,662 0.88 %

Securities sold under agreement to repurchase and federal funds purchased

$ 13,312 $ 28 0.43 % $ 7,324 $ 15 0.41 %
Other borrowed funds   35,649   191 1.08 %   44,644   214 0.96 %
Total interest-bearing liabilities $ 498,936 $ 2,092 0.85 % $ 430,317 $ 1,891 0.88 %
Demand deposits and other liabilities   96,252   84,087
Total liabilities $ 595,188 $ 514,404
Shareholders' equity   93,492   55,196

Total liabilities and shareholders' equity

$ 688,680 $ 569,600
Interest rate spread 4.05 % 4.39 %
Net interest income and margin $ 14,390 4.28 % $ 12,819 4.60 %
 
         
John Marshall Bank
Financial Highlights (Unaudited)
(Dollar amounts in thousands, except per share data)
 
At or For the Three Months EndedAt or For the Six Months Ended
June 30June 30
2014201320142013
Per share Data and Shares Outstanding (1)
Earnings per share - basic $ 0.23 $ 0.29 $ 0.46 $ 0.57
Earnings per share - diluted $ 0.22 $ 0.29 $ 0.43 $ 0.56
Tangible book value per share $ 11.47 $ 9.50 $ 11.47 $ 9.50
Weighted average common shares (basic) 8,295,462 5,884,786 8,291,118 5,884,786
Weighted average common shares (diluted) 8,699,108 5,971,856 8,689,400 5,953,532
Common shares outstanding at end of period 8,297,336 5,884,786 8,297,336 5,884,786
 
Performance Ratios
Return on average assets (annualized) 1.11 % 1.20 % 1.11 % 1.19 %
Return on average equity (annualized) 8.15 % 12.35 % 8.15 % 12.25 %
Yield on earning assets (annualized) 4.87 % 5.24 % 4.90 % 5.27 %
Cost of interest bearing liabilities (annualized) 0.85 % 0.89 % 0.85 % 0.88 %
Net interest spread 4.02 % 4.35 % 4.05 % 4.39 %
Net interest margin 4.24 % 4.57 % 4.28 % 4.60 %
Noninterest income as a percentage of average assets (annualized) 0.06 % 0.06 % 0.06 % 0.06 %
Noninterest expense to average assets (annualized) 2.40 % 2.62 % 2.42 % 2.66 %
Efficiency ratio 56.5 % 57.3 % 56.7 % 57.7 %
 
Asset Quality
Loans 30-89 days past due and accruing interest $ - $ - $ - $ -
Non-performing assets (2) $ 743 $ 478 $ 743 $ 478
Non-performing assets to total assets 0.10 % 0.08 % 0.10 % 0.08 %
Allowance for loan losses to total loans 1.00 % 1.01 % 1.00 % 1.01 %
Allowance for loan losses to non-performing loans 8.3 11.3 8.3 11.3
Net loan chargeoffs (recoveries) $ (1 ) $ 11 $ (1 ) $ 11
Net charge-offs to average loans (annualized) 0.00 % 0.01 % 0.00 % 0.00 %
Troubled debt restructurings (total) $ 1,789 $ 1,996 $ 1,789 $ 1,996
Performing in accordance with modified terms $ 1,672 $ 1,551 $ 1,672 $ 1,551
Not performing in accordance with modified terms $ 117 $ 445 $ 117 $ 445
Other real estate owned $ - $ - $ - $ -
 
Regulatory Capital Ratios
Total risk-based capital ratio 14.9 % 10.8 % 14.9 % 10.8 %
Tier 1 risk-based capital ratio 13.9 % 9.8 % 13.9 % 9.8 %
Leverage ratio 13.6 % 9.8 % 13.6 % 9.8 %
 
Other Information
Effective income tax rate 35.5 % 35.7 % 35.8 % 34.5 %
Tangible equity / tangible assets 13.2 % 9.4 % 13.2 % 9.4 %
Average tangible equity / average tangible assets 13.5 % 9.7 % 13.6 % 9.7 %
Number of full time equivalent employees 92 78 92 78
# Full service branch offices 5 5 5 5
# Loan production or limited service branch 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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