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John Marshall Bank Reports Continued Growth and Profitability

February 6, 2015

RESTON, Va.--(BUSINESS WIRE)-- John Marshall Bank (OTCQB: JMSB) (the “Bank”) reported net income of $8.0 million for the year ended December 31, 2014, an increase of $930 thousand, or 13.1%, as compared to net income of $7.1 million reported for the year ended December 31, 2013. Net income per diluted share declined 17.9% during 2014 to $0.92 per share, compared to $1.12 per share during 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 December 31, 2014, the Bank’s tangible book value per share was $12.00, up 9.7% compared to $10.94 as of December 31, 2013.

For the fourth quarter of 2014, the Bank reported net income of $2.2 million, a 15.1% increase as compared to the same period in 2013. The Bank’s fourth quarter results produced an annualized return of 1.14% on average assets and 8.78% on average equity, compared to 1.17% and 10.03%, respectively, for the same period a year ago. For the full year, the Bank produced a 1.11% return on average assets and 8.38% on average equity, compared to 1.18% and 11.67%, respectively during 2013.

The Bank’s capital ratios remain well above regulatory minimums for well capitalized banks. As of December 31, 2014, the Bank’s total risk-based capital ratio was 14.0%, compared to 15.7% at December 31, 2013.

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

Balance Sheet Review

At December 31, 2014, total assets were $786.8 million, an increase of $124.3 million, or 18.8%, from total assets of $662.5 million at December 31, 2013. Gross loans increased $111.2 million, or 19.4%, to $684.6 million at December 31, 2014, compared to $573.4 million at December 31, 2013. The Bank’s investment portfolio increased to $68.8 million at December 31, 2014, compared to $55.2 million at December 31, 2013. It should be noted that during the first and second quarters of 2014 the Bank reclassified $48 million of its investment securities portfolio from available-for-sale to held-to-maturity. As of December 31, 2014 the Bank held $49.9 million of its investment portfolio as held-to-maturity, and $13.5 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 $617.6 million at December 31, 2014, representing an increase of 19.9%, or $102.7 million, compared to December 31, 2013. Total borrowings, consisting of Federal Home Loan Bank advances and customer repurchase agreements, were $64.4 million at December 31, 2014, an increase of 23.1%, or $12.1 million, compared to December 31, 2013.

Total shareholders’ equity was $99.6 million at December 31, 2014, an increase of $9.0 million, or 9.9%, compared to December 31, 2013. The increase in shareholder’ equity was due to net income of $8.0 million during 2014, and net proceeds from the exercise of 18,750 employee stock options during the year. Total common shares outstanding increased from 8,286,336 at December 31, 2013 to 8,305,086 at December 31, 2014.

Income Statement Review

Net interest income

Net interest income, the Bank’s primary source of revenue, was $30.0 million for the year ended December 31, 2014, up 13.5% from $26.4 million for the year ended December 31, 2013. The net interest margin was 4.24% for the year ended December 31, 2014 as compared to 4.45% for the year ended December 31, 2013. The decline in the net interest margin during 2014 is primarily attributed to a decline in the average yield on the Bank’s loan portfolio from 5.54% to 5.33%.

Net interest income was $8.0 million for the fourth quarter of 2014, compared to $6.9 million for the same period in 2013. The net interest margin declined from 4.31% during the fourth quarter of 2013 to 4.24% during the fourth quarter of 2014. The decline in the net interest margin is attributed to a decline in the Bank’s yield on loans from 5.44% during the fourth quarter of 2013 to 5.24% during the fourth quarter of 2014.

Notwithstanding the decline in the net interest margin during 2014, net interest income increased by 13.5%, resulting from a $114.2 million, or 19.3%, increase in average earning assets during the year.

Provision for loan losses

The Bank recognized a provision for loan losses of $1.0 million for the year ended December 31, 2014, compared to provision of $760 thousand during 2013. The Bank’s provision for loan losses was $302 thousand during the fourth quarter of 2014, compared to $211 thousand during the same period in 2013. The increase in the provision for loan losses was due primarily to an increase in net loan growth during 2014 as compared to 2013, and to an increase in reserves allocated to cover potential losses on impaired loans. Also contributing to the increase in the loan loss provision during 2014 was an increase in net loan charge-offs from $63 thousand in 2013 to $260 thousand in 2014.

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 year ended December 31, 2014, the Bank reported total noninterest income of $466 thousand, compared to $371 thousand during the year ended December 31, 2013, an increase of 25.6%. For the three months ended December 31, 2014, the Bank’s noninterest income was $125 thousand, compared to $104 thousand during the same period in 2013, an increase of 20.2%.

Noninterest expense

The largest component of the Bank’s noninterest expense is employee salaries and benefits. Salary and benefits expense increased by 15.7% during 2014 to $10.2 million, compared to $8.8 million during 2013. All other operating expense increased by $603 thousand during 2014, from $6.3 million to $6.9 million, an increase of 9.6%.

For the three months ended December 31, 2014, salary and benefits expense increased 18.1% to $2.7 million, compared to $2.3 million for the same period in 2013. All other noninterest expenses totaled $1.8 million during the fourth quarter of 2014, an increase of 17.5% compared to $1.5 million reported for the same period in 2013.

The increase in salary and benefits expense was due to additional staffing required to support the Bank’s loan and deposit growth. The increase in other operating expenses was primarily due to increased data processing and technology related expenses associated with a growing customer base as well as increased professional fees and expenses.

Asset Quality Review

Asset quality remains strong and better than the Bank’s peers. As of December 31, 2014, non-performing assets were 0.22% of total assets, up from 0.04% at December 31, 2013. The Bank’s allowance for loan losses covered non-performing loans by 3.7 times as of December 31, 2014, compared to 21.4 times as of December 31, 2013. The increase in non-performing assets is related to the conversion of a $1.3 million commercial real estate loan to non-accrual status during the fourth quarter of 2014. Loan loss reserves have been allocated to the loan equal to its estimated impairment.

As of December 31, 2014 there were no loans 30-89 days past due and still accruing interest, compared to $1.7 million as of December 31, 2013. The decline was primarily due to the conversion of the $1.3 million commercial real estate loan referenced above to non-accrual status. The remaining decline is attributed to loans whose payments were brought current during the year. As of December 31, 2014 the Bank had total troubled debt restructurings of $1.8 million, compared to $1.9 million at December 31, 2013. All troubled debt restructurings were performing in accordance with modified terms as of December 31, 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
(Dollar amounts in thousands except per share data)
 
% Change
December 31September 30December 31Last ThreeYear Over
201420142013MonthsYear
Assets(Unaudited)(Unaudited)(Audited)
 
Cash and due from banks $ 10,799 $ 13,623 $ 5,978 -20.7 % 80.6 %
Interest-bearing deposits in banks 17,786 24,896 23,198 -28.6 % -23.3 %
Securities available-for-sale, at fair value 13,482 9,476 48,743 42.3 % -72.3 %

Securities held-to-maturity, fair value of $50,765 at 12/31/2014, $48,745 at 9/30/2014 and $2,625 at 12/31/2013

 49,934 48,315 2,466 3.4 % 1924.9 %
Restricted securities, at cost 5,401 5,131 4,005 5.3 % 34.9 %

Loans, net of allowance for loan losses of $6,506 at 12/31/2014; $6,203 at 9/30/2014 and $5,748 at 12/31/2013

 676,777 645,555 566,729 4.8 % 19.4 %
Bank premises and equipment, net 3,041 2,982 3,112 2.0 % -2.3 %
Accrued interest receivable 2,168 1,938 1,894 11.9 % 14.5 %
Other assets   7,450     6,361     6,415   17.1 % 16.1 %
 
Total Assets $ 786,838   $ 758,277   $ 662,540   3.8 % 18.8 %
 
Liabilities and Shareholders' Equity
 
Liabilities
Deposits:
Non-interest bearing demand deposits $ 121,219 $ 98,019 $ 84,350 23.7 % 43.7 %
Interest bearing demand deposits 198,438 192,924 145,354 2.9 % 36.5 %
Savings deposits 6,500 8,456 5,073 -23.1 % 28.1 %
Time deposits   291,456     298,678     280,149   -2.4 % 4.0 %
Total deposits 617,613 598,077 514,926 3.3 % 19.9 %
Repurchase agreements 12,404 12,275 13,305 1.1 % -6.8 %
Federal Home Loan Bank advances 52,000 46,000 39,000 13.0 % 33.3 %
Accrued interest payable 132 177 132 -25.4 % 0.0 %
Other liabilities   5,040     4,366     4,509   15.4 % 11.8 %
Total liabilities   687,189     660,895     571,872   4.0 % 20.2 %
 
Shareholders' Equity

Common stock, voting, par value $5 per share; authorized 10,000,000 shares; issued and outstanding, 8,305,086 shares at 12/31/2014, 8,304,961 at 9/30/2014, and 8,286,336 at 12/31/2013

 41,525 41,525 41,432 0.0 % 0.2 %
Additional paid-in capital 39,023 38,957 38,605 0.2 % 1.1 %
Retained earnings 19,288 17,097 11,269 12.8 % 71.2 %
Accumulated other comprehensive (loss)   (187 )   (197 )   (638 ) -5.1 % -70.7 %
 
Total shareholders' equity   99,649     97,382     90,668   2.3 % 9.9 %
 
Total Liabilities and Shareholders' Equity $ 786,838   $ 758,277   $ 662,540   3.8 % 18.8 %
 
 
John Marshall Bank
                       
Statements of Income
For the Three Months and Years Ended December 31, 2014 and 2013
(Dollar amounts in thousands, except per share data)
 
Three Months EndedYear Ended
December 31December 31
20142013% Change20142013% Change
(Unaudited)(Unaudited)(Unaudited)(Audited)
Interest and Dividend Income
Interest and fees on loans $ 8,755 $ 7,616 15.0 % $ 32,873 $ 29,388 11.9 %
Interest on investment securities, taxable 274 213 28.6 % 1,061 658 61.2 %
Interest on investment securities, tax-exempt 25 20 25.0 % 91 74 23.0 %
Dividends 73 53 37.7 % 237 157 51.0 %
Interest on deposits in banks   13   21 -38.1 %   74   52 42.3 %
Total interest and dividend income   9,140   7,923 15.4 %   34,336   30,329 13.2 %
 
Interest Expense
Deposits 1,025 906 13.1 % 3,926 3,462 13.4 %
Federal Home Loan Bank advances 109 111 -1.8 % 392 442 -11.3 %
Other short-term borrowings   12   11 9.1 %   54   35 54.3 %
Total interest expense   1,146   1,028 11.5 %   4,372   3,939 11.0 %
 
Net interest income 7,994 6,895 15.9 % 29,964 26,390 13.5 %
 
Provision for loan losses   302   211 43.1 %   1,018   760 33.9 %
 
Net interest income after provision for loan losses   7,692   6,684 15.1 %   28,946   25,630 12.9 %
 
Noninterest Income
Service charges on deposit accounts 110 86 27.9 % 409 320 27.8 %
Other service charges and fees   15   18 -16.7 %   57   51 11.8 %
Total noninterest income   125   104 20.2 %   466   371 25.6 %
 
Noninterest Expenses
Salaries and employee benefits 2,667 2,259 18.1 % 10,154 8,775 15.7 %
Occupancy expense of premises 400 359 11.4 % 1,581 1,425 10.9 %
Furniture and equipment expenses 255 244 4.5 % 994 899 10.6 %
Other operating expenses   1,147   930 23.3 %   4,294   3,942 8.9 %
Total noninterest expenses   4,469   3,792 17.9 %   17,023   15,041 13.2 %
 
Income before income taxes 3,348 2,996 11.7 % 12,389 10,960 13.0 %
 
Income tax expense   1,158   1,094 5.9 %   4,370   3,871 12.9 %
 
Net income $ 2,190 $ 1,902 15.1 % $ 8,019 $ 7,089 13.1 %
 
Earnings Per Share
Basic $ 0.26 $ 0.27 -3.7 % $ 0.97 $ 1.15 -15.7 %
Diluted $ 0.25 $ 0.26 -3.8 % $ 0.92 $ 1.12 -17.9 %
 
 
John Marshall Bank
                               
Loan, Deposit and Borrowing Detail
(Dollar amounts in thousands)
 
December 31, 2014September 30, 2014December 31, 2013Percentage Change
Loans$ Amount% of Total$ Amount% of Total$ Amount% of TotalLast 3 MosLast 12 Mos
Mortgage loans on real estate
Commercial $ 437,891 64.0 % $ 419,616 64.3 % $ 366,276 63.9 % 4.4 % 19.6 %
Construction and land development 140,481 20.5 % 129,184 19.8 % 82,286 14.3 % 8.7 % 70.7 %
Residential   23,502   3.4 %   25,880   4.0 %   19,515   3.4 % -9.2 % 20.4 %
Total mortgage loans on real estate $ 601,874 87.9 % $ 574,680 88.0 % $ 468,077 81.6 % 4.7 % 28.6 %
Commercial loans 81,504 11.9 % 77,102 11.8 % 104,032 18.1 % 5.7 % -21.7 %
Consumer loans   1,232   0.2 %   1,283   0.2 %   1,325   0.2 % -4.0 % -7.0 %
Total loans $ 684,610 100.0 % $ 653,065 100.0 % $ 573,434 100.0 % 4.8 % 19.4 %
Less: Allowance for loan losses (6,506 ) (6,203 ) (5,748 )
Net deferred loan fees   (1,327 )   (1,307 )   (957 )
Net loans $ 676,777   $ 645,555   $ 566,729  
 
 
December 31, 2014September 30, 2014December 31, 2013Percentage Change
Deposits$ Amount% of Total$ Amount% of Total$ Amount% of TotalLast 3 MosLast 12 Mos
Noninterest-bearing demand deposits $ 121,219 19.6 % $ 98,019 16.4 % $ 84,350 16.4 % 23.7 % 43.7 %
Interest-bearing demand deposits:
NOW accounts 12,774 2.1 % 11,050 1.8 % 10,903 2.1 % 15.6 % 17.2 %
Money market accounts 185,664 30.1 % 181,874 30.4 % 134,451 26.1 % 2.1 % 38.1 %
Savings accounts 6,500 1.0 % 8,456 1.4 % 5,073 1.0 % -23.1 % 28.1 %
Certificates of deposit
$100,000 or more 151,435 24.5 % 160,429 26.8 % 140,934 27.4 % -5.6 % 7.5 %
Less than $100,000 29,733 4.8 % 29,627 5.0 % 28,252 5.5 % 0.4 % 5.2 %
QwickRate® Certificates of deposit 15,592 2.5 % 13,905 2.3 % 20,761 4.0 % 12.1 % -24.9 %
CDARS® 73,376 11.9 % 77,801 13.0 % 72,690 14.1 % -5.7 % 0.9 %
Brokered deposits   21,320   3.5 %   16,916   2.8 %   17,512   3.4 % 26.0 % 21.7 %
Total deposits $ 617,613   100.0 % $ 598,077   100.0 % $ 514,926   100.0 % 3.3 % 19.9 %
 
Borrowings
Customer repurchase agreements $ 12,404 19.3 % $ 12,275 21.1 % $ 13,305 25.4 % 1.1 % -6.8 %
Federal Home Loan Bank advances   52,000   80.7 %   46,000   78.9 %   39,000   74.6 % 13.0 % 33.3 %
Total borrowings $ 64,404   100.0 % $ 58,275   100.0 % $ 52,305   100.0 % 10.5 % 23.1 %
 
Total deposits and borrowings $ 682,017   $ 656,352   $ 567,231   3.9 % 20.2 %
 
Core customer funding sources (1) $ 593,105 87.0 % $ 579,531 88.3 % $ 489,958 86.4 % 2.3 % 21.1 %
Wholesale funding sources (2)   88,912   13.0 %   76,821   11.7 %   77,273   13.6 % 15.7 % 15.1 %
Total funding sources $ 682,017   100.0 % $ 656,352   100.0 % $ 567,231   100.0 % 3.9 % 20.2 %
 
     
(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, 2014Year Ended December 31, 2013
InterestAverageInterestAverage
AverageIncome-YieldsAverageIncome-Yields
BalanceExpense/RatesBalanceExpense/Rates
Assets
Securities $ 60,974 $ 1,389 2.28 % $ 42,270 $ 889 2.10 %
Loans, net of unearned income 617,229 32,873 5.33 % 530,647 29,388 5.54 %
Interest-bearing deposits in other banks   29,303   74 0.25 %   20,376   52 0.26 %
Total interest-earning assets $ 707,506 $ 34,336 4.85 % $ 593,293 $ 30,329 5.11 %
Other assets   12,941   7,280
Total assets $ 720,447 $ 600,573
Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts $ 10,428 $ 27 0.26 % $ 7,179 $ 18 0.25 %
Money market accounts 164,430 902 0.55 % 116,115 577 0.50 %
Savings accounts 8,504 39 0.46 % 5,709 22 0.39 %
Time deposits   288,515   2,958 1.03 %   271,350   2,845 1.05 %
Total interest-bearing deposits $ 471,877 $ 3,926 0.83 % $ 400,353 $ 3,462 0.86 %

Securities sold under agreement to repurchase and federal funds purchased

$ 12,953 $ 54 0.42 % $ 8,554 $ 35 0.41 %
Other borrowed funds   37,868   392 1.04 %   43,875   442 1.01 %
Total interest-bearing liabilities $ 522,698 $ 4,372 0.84 % $ 452,782 $ 3,939 0.87 %

Non-interest-bearing demand deposits

97,300 84,758
Other liabilities   4,744   2,307
Total liabilities $ 624,742 $ 539,847
Shareholders' equity   95,705   60,726
Total liabilities and shareholders' equity $ 720,447 $ 600,573
Interest rate spread 4.01 % 4.24 %
Net interest income and margin $ 29,964 4.24 % $ 26,390 4.45 %
 
 
3 Months Ended December 31, 20143 Months Ended December 31, 2013
InterestAverageInterestAverage
AverageIncome-YieldsAverageIncome-Yields
BalanceExpense/RatesBalanceExpense/Rates
Assets
Securities $ 65,220 $ 371 2.26 % $ 48,569 $ 286 2.34 %
Loans, net of unearned income 663,460 8,755 5.24 % 554,940 7,616 5.44 %
Interest-bearing deposits in other banks   19,390   13 0.27 %   33,308   21 0.25 %
Total interest-earning assets $ 748,070 $ 9,139 4.85 % $ 636,817 $ 7,923 4.94 %
Other assets   15,614   9,125
Total assets $ 763,684 $ 645,942
Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts $ 11,885 $ 8 0.27 % $ 7,281 $ 5 0.27 %
Money market accounts 187,470 252 0.53 % 126,231 159 0.50 %
Savings accounts 7,023 7 0.40 % 6,795 7 0.41 %
Time deposits   290,893   757 1.03 %   286,415   735 1.02 %
Total interest-bearing deposits $ 497,271 $ 1,024 0.82 % $ 426,722 $ 906 0.84 %

Securities sold under agreement to repurchase and federal funds purchased

$ 12,155 $ 12 0.39 % $ 10,808 $ 11 0.40 %
Other borrowed funds   43,979   109 0.98 %   40,783   111 1.08 %
Total interest-bearing liabilities $ 553,405 $ 1,145 0.82 % $ 478,313 $ 1,028 0.85 %

Non-interest-bearing demand deposits

106,543 88,915
Other liabilities   4,749   3,517
Total liabilities $ 664,697 $ 570,745
Shareholders' equity   98,987   75,197
Total liabilities and shareholders' equity $ 763,684 $ 645,942
Interest rate spread 4.03 % 4.09 %
Net interest income and margin $ 7,994 4.24 % $ 6,895 4.31 %
 
 
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
2014201320142013
Per share Data and Shares Outstanding (1)
Earnings per share - basic $ 0.26 $ 0.27 $ 0.97 $ 1.15
Earnings per share - diluted $ 0.25 $ 0.26 $ 0.92 $ 1.12
Tangible book value per share $ 12.00 $ 10.94 $ 12.00 $ 10.94
Weighted average common shares (basic) 8,305,082 7,085,254 8,297,608 6,187,372
Weighted average common shares (diluted) 8,702,697 7,367,331 8,697,024 6,311,495
Common shares outstanding at end of period 8,305,086 8,286,336 8,305,086 8,286,336
 
Performance Ratios
Return on average assets (annualized) 1.14 % 1.17 % 1.11 % 1.18 %
Return on average equity (annualized) 8.78 % 10.03 % 8.38 % 11.67 %
Yield on earning assets (annualized) 4.85 % 4.94 % 4.85 % 5.11 %
Cost of interest bearing liabilities (annualized) 0.82 % 0.85 % 0.84 % 0.87 %
Net interest spread 4.03 % 4.09 % 4.01 % 4.24 %
Net interest margin 4.24 % 4.31 % 4.24 % 4.45 %
Noninterest income as a percentage of average assets 0.06 % 0.06 % 0.06 % 0.06 %
Noninterest expense to average assets 2.32 % 2.33 % 2.36 % 2.50 %
Efficiency ratio 55.0 % 54.2 % 55.9 % 56.2 %
 
Asset Quality
Loans 30-89 days past due and accruing interest $ - $ 1,657 $ - $ 1,657
Non-performing assets (2) $ 1,762 $ 268 $ 1,762 $ 268
Non-performing assets to total assets 0.22 % 0.04 % 0.22 % 0.04 %
Allowance for loan losses to total loans 0.95 % 1.00 % 0.95 % 1.00 %
Allowance for loan losses to non-performing loans 3.7 21.4 3.7 21.4
Net loan chargeoffs (recoveries) $ 0 $ 52 $ 260 $ 63
Net charge-offs to average loans (annualized) 0.00 % 0.04 % 0.04 % 0.01 %
Troubled debt restructurings (total) $ 1,804 $ 1,928 $ 1,804 $ 1,928
Performing in accordance with modified terms $ 1,804 $ 1,594 $ 1,804 $ 1,594
Not performing in accordance with modified terms $ - $ 334 $ - $ 334
Other real estate owned $ - $ - $ - $ -
 
Regulatory Capital Ratios
Total risk-based capital ratio 14.0 % 15.7 % 14.0 % 15.7 %
Tier 1 risk-based capital ratio 13.2 % 14.8 % 13.2 % 14.8 %
Leverage ratio 13.1 % 14.1 % 13.1 % 14.1 %
 
Other Information
Effective income tax rate 34.6 % 36.5 % 35.3 % 35.3 %
Tangible equity / tangible assets 12.7 % 13.7 % 12.7 % 13.7 %
Average tangible equity / average tangible assets 13.0 % 11.6 % 13.3 % 10.1 %
Number of full time equivalent employees 97 82 97 82
# Full service branch offices 6 6 6 6
# Loan production offices - 1 - 1
     
(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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