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John Marshall Bank Reports Strong Earnings and Growth for 2015

January 28, 2016

RESTON, Va.--(BUSINESS WIRE)-- John Marshall Bank (OTCQB: JMSB) (the “Bank”) reported net income of $8.9 million for the year ended December 31, 2015, an increase of $848 thousand, or 10.6%, as compared to net income of $8.0 million for the year ended December 31, 2014. Net income per diluted share increased 10.4% during 2015 to $0.85 per share, compared to $0.77 per share during 2014, as adjusted for the 6 for 5 stock split in the form of a 20% dividend paid July 1, 2015. As of December 31, 2015, the Bank’s tangible book value per share was $10.91, up 9.1% compared to $10.00 as of December 31, 2014, as adjusted for the 6 for 5 stock split in the form of a 20% dividend paid July 1, 2015.

For the fourth quarter of 2015, the Bank reported net income of $2.3 million, a 5.7% increase as compared to the same period in 2014. The Bank’s fourth quarter results produced an annualized return of 1.02% on average assets and 8.44% on average equity, compared to 1.14% and 8.78%, respectively, for the same period a year ago. For the twelve months ended December 31, the Bank produced a 1.04% return on average assets and 8.44% on average equity, compared to 1.11% and 8.38%, respectively during 2014.

The Bank’s capital ratios remain well above regulatory minimums for well capitalized banks. As of December 31, 2015, the Bank’s total risk-based capital ratio was 13.6%, compared to 14.0% at December 31, 2014.

Balance Sheet Review

At December 31, 2015, total assets were $928.6 million, an increase of $141.8 million, or 18.0%, from total assets of $786.8 million at December 31, 2014. Gross loans increased $98.6 million, or 14.4%, to $783.2 million at December 31, 2015, compared to $684.6 million at December 31, 2014. The Bank’s investment portfolio increased to $84.8 million at December 31, 2015, compared to $68.8 million at December 31, 2014. As of December 31, 2015 the Bank held $46.5 million of its investment portfolio as held-to-maturity, and $32.1 million as available-for-sale.

Total deposits were $730.9 million at December 31, 2015, representing an increase of 18.3%, or $113.3 million, compared to $617.6 million at December 31, 2014. Total borrowings, consisting of Federal Home Loan Bank advances and customer repurchase agreements, were $83.0 million at December 31, 2015, an increase of 28.8%, or $18.6 million, compared to $64.4 million at December 31, 2014.

During 2015, certificates of deposit obtained through a deposit listing service provided by QwickRate, Inc. increased by $9.4 million. Brokered certificates of deposit increased by $1.2 million during 2015 and increased by $2.4 million, or 11.7% since September 30, 2015. Federal Home Loan Bank advances increased by $19.0 million, or 36.5%, during 2015. Core customer funding sources increased by $102.2 million, or 17.2% during 2015.

Total shareholders’ equity was $109.3 million at December 31, 2015, an increase of $9.7 million, or 9.7%, compared to $99.6 million at December 31, 2014. The increase in shareholder’ equity was due to net income of $8.9 million during 2015, and net proceeds from the exercise of 23,850 employee stock options during the year. Total common shares outstanding increased from 9,966,103 at December 31, 2014 to 10,016,574 at December 31, 2015, as adjusted for the 6 for 5 stock split in the form of a 20% dividend paid July 1, 2015.

Income Statement Review

Net interest income

Net interest income, the Bank’s primary source of revenue, was $33.7 million for the year ended December 31, 2015, up 12.4% from $30.0 million for the year ended December 31, 2014. The net interest margin was 4.01% for the year ended December 31, 2015 as compared to 4.24% for the year ended December 31, 2014. The decline in the net interest margin during 2015 is primarily attributed to a decline in the Bank’s yield on earning assets to 4.64% during 2015 from 4.85% in 2014, which is substantially the result of a 26 basis point year-over-year decline in loan yield and a 26 basis point decline in securities yield. The average balance for loans, net of unearned income increased $115.0 million and securities increased $22.2 million from December 31, 2014 to December 31, 2015. During the fourth quarter of 2015, a large increase in cash and interest bearing deposits in other banks also contributed to the decline in the margin.

Net interest income was $8.7 million for the fourth quarter of 2015, compared to $8.0 million for the same period in 2014. The net interest margin declined from 4.24% during the fourth quarter of 2014 to 3.88% during the fourth quarter of 2015. The decline in the net interest margin is mostly attributed to the decline in the Bank’s yield on loans from 5.24% during the fourth quarter of 2014 to 4.96% during the fourth quarter of 2015.

Notwithstanding the decline in the net interest margin over the past year, net interest income increased by 12.4% during 2015, compared to 2014, resulting primarily from a $131.5 million, or 18.6%, increase in average earning assets from December 31, 2015, compared to December 31, 2014.

Provision for loan losses

The Bank recognized a provision for loan losses of $1.2 million for the year ended December 31, 2015, compared to provision of $1.0 million for the year ended December 31, 2014. The Bank’s provision for loan losses was $145 thousand during the fourth quarter of 2015, compared to $302 thousand during the same period in 2014. In addition, the Bank reported net loan charge-offs of $573 thousand during 2015, compared to $260 thousand in 2014. The loan charge-offs reported in 2015 were on two commercial loans that were already on non-accrual status and the estimated impairment had been fully reserved in prior periods.

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, 2015, the Bank reported total noninterest income of $579 thousand, compared to $466 thousand during the year ended December 31, 2014, an increase of 24.2%. For the three months ended December 31, 2015, the Bank’s noninterest income was $157 thousand, compared to $125 thousand during the same period in 2014.

Noninterest expense

The largest component of the Bank’s noninterest expense is employee salaries and benefits. Salaries and employee benefits expense increased by 12.5% during 2015 to $11.4 million, compared to $10.2 million during 2014. All other operating expense increased by $991 thousand during 2015, from $6.9 million in 2014 to $7.9 million in 2015, an increase of 14.4%.

For the three months ended December 31, 2015, salary and benefits expense increased 7.4% to $2.9 million, compared to $2.7 million for the same period in 2014. All other noninterest expenses totaled $2.3 million during the fourth quarter of 2015, an increase of 26.0% compared to $1.8 million reported for the same period in 2014.

The increase in salary and benefits expense was due to additional staffing required to support the Bank’s growth. The increase in occupancy expense and furniture and equipment was associated with the expansion of our Reston corporate/operations office during the past year. Other operating expense increased due to data processing and technology related expenses associated with our impending core conversion in April 2016 as well as a growing customer base. The Bank incurred $247 thousand in expenses related to other real estate owned in 2015, of which $147 thousand was an impairment charge prior to the sale of the property and an additional loss of $33 thousand when the property was sold in December. There was no other real estate owned expense in 2014.

Asset Quality Review

Asset quality remains strong and better than the Bank’s peers. As of December 31, 2015, non-performing assets were 0.32% of total assets, up from 0.22% at December 31, 2014. The Bank’s allowance for loan losses covered non-performing loans by 2.4 times as of December 31, 2015, compared to 3.7 times as of December 31, 2014. The increase in non-performing assets is related to the reclassification of $2.5 million of residential real estate investment loans to non-accrual status during the fourth quarter of 2015. The loans are to one customer and are well secured. The Bank does not anticipate any loss related to these loans.

As of December 31, 2015 and 2014 there were no loans 30-89 days past due and still accruing interest. As of December 31, 2015 the Bank had total troubled debt restructurings of $1.5 million, compared to $1.8 million at December 31, 2014. All troubled debt restructurings were performing in accordance with modified terms as of December 31, 2015. There was no other real estate owned as of December 31, 2015 and 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
December 31,September 30,December 31,Last ThreeYear Over
201520152014MonthsYear
Assets(Unaudited)(Unaudited)(Audited)
 
Cash and due from banks $ 8,217 $ 5,581 $ 10,799 47.2 % -23.9 %
Interest-bearing deposits in banks 46,738 19,961 17,786 134.1 % 162.8 %
Securities available-for-sale, at fair value 32,145 33,384 13,482 -3.7 % 138.4 %

Securities held-to-maturity, fair value of $46,780 at 12/31/2015, $48,267 at 9/30/2015 and $50,499 at 12/31/2014

 46,479 47,610 49,934 -2.4 % -6.9 %
Restricted securities, at cost 6,210 6,168 5,401 0.7 % 15.0 %

Loans, net of allowance for loan losses of $7,130 at 12/31/2015; $6,937 at 9/30/2015 and $6,506 at 12/31/2014

 774,633 757,976 676,777 2.2 % 14.5 %
Bank premises and equipment, net 2,690 2,744 3,041 -2.0 % -11.5 %
Accrued interest receivable 2,318 2,290 2,168 1.2 % 6.9 %
Other real estate owned

--

998

--

-- --
Other assets   9,190     7,825     7,450   17.4 % 23.4 %
 
Total assets $ 928,620   $ 884,537   $ 786,838   5.0 % 18.0 %
 
Liabilities and Shareholders' Equity
 
Liabilities
Deposits:
Non-interest bearing demand deposits $ 136,361 $ 130,844 $ 121,219 4.2 % 12.5 %
Interest bearing demand deposits 235,313 219,367 198,438 7.3 % 18.6 %
Savings deposits 17,154 5,717 6,500 200.1 % 163.9 %
Time deposits   342,025     334,998     291,456   2.1 % 17.4 %
Total deposits 730,853 690,926 617,613 5.8 % 18.3 %
Repurchase agreements 11,972 11,822 12,404 1.3 % -3.5 %
Federal Home Loan Bank advances 71,000 70,000 52,000 1.4 % 36.5 %
Accrued interest payable 109 118 132 -7.6 % -17.4 %
Other liabilities   5,384     4,727     5,040   13.9 % 6.8 %
Total liabilities   819,318     777,593     687,189   5.4 % 19.2 %
 
Shareholders' Equity

Common stock, voting, par value $5 per share; authorized 20,000,000 shares; issued and outstanding, 10,016,574 shares at 12/31/2015, 10,011,624 shares at 9/30/2015, and 8,305,086 at 12/31/2014

 50,083 50,058 41,525 0.0 % 20.6 %
Additional paid-in capital 31,313 31,149 39,023 0.5 % -19.8 %
Retained earnings 28,153 25,839 19,288 9.0 % 46.0 %
Accumulated other comprehensive loss   (247 )   (102 )   (187 ) -141.5 % -32.1 %
 
Total shareholders' equity   109,302     106,944     99,649   2.2 % 9.7 %
 
Total liabilities and shareholders' equity $ 928,620   $ 884,537   $ 786,838   5.0 % 18.0 %
 
           
John Marshall Bank
 
Statements of Income
(Dollar amounts in thousands, except per share data)
 
For the Three Months EndedFor the Twelve Months Ended
December 31,December 31,
20152014 (1)% Change20152014 (1)% Change
(Unaudited)(Unaudited)(Unaudited)(Audited)
Interest and Dividend Income
Interest and fees on loans $ 9,684 $ 8,755 10.6 % $ 37,145 $ 32,873 13.0 %
Interest on investment securities, taxable 321 274 17.2 % 1,280 1,061 20.6 %
Interest on investment securities, tax-exempt 26 25 4.0 % 104 91 14.3 %
Dividends 82 73 12.3 % 296 237 24.9 %
Interest on deposits in banks   29   13   123.1 %   65   74   -12.2 %
Total interest and dividend income   10,142

 

  9,140   11.0 %   38,890   34,336   13.3 %
 
Interest Expense
Deposits 1,254 1,025 22.3 % 4,572 3,926 16.5 %
Federal Home Loan Bank advances 175 109 60.6 % 580 392 48.0 %
Other short-term borrowings   12   12   0.0 %   61   54   13.0 %
Total interest expense   1,441

 

  1,146   25.7 %   5,213   4,372   19.2 %
 
Net interest income 8,701

 

7,994 8.8 % 33,677 29,964 12.4 %
 
Provision for loan losses   145   302   -52.0 %   1,197   1,018   17.6 %
 
Net interest income after provision for loan losses   8,556

 

  7,692   11.2 %   32,480   28,946   12.2 %
 
Noninterest Income
Service charges on deposit accounts 113 110 2.7 % 482 409 17.8 %
Other service charges and fees 15 15 0.0 % 68 57 19.3 %
Other operating income   29   - -   N/M     29   - -   N/M  
Total noninterest income   157   125   25.6 %   579   466   24.2 %
 
Noninterest Expenses
Salaries and employee benefits 2,865 2,667 7.4 % 11,421 10,154 12.5 %
Occupancy expense of premises 437 400 9.3 % 1,781 1,581 12.7 %
Furniture and equipment expenses 280 255 9.8 % 1,065 994 7.1 %
Other real estate owned expenses 198 - - N/M 247 - - N/M
Other operating expenses   1,356   1,147   18.2 %   4,767   4,294   11.0 %
Total noninterest expenses   5,136   4,469   14.9 %   19,281   17,023   13.3 %
 
Income before income taxes 3,577 3,348 6.8 % 13,778 12,389 11.2 %
 
Income tax expense   1,263

 

  1,158   9.1 %   4,911   4,370   12.4 %
 
Net income $ 2,314 $ 2,190   5.7 % $ 8,867 $ 8,019   10.6 %
 
Earnings Per Share

Basic

$ 0.23 $ 0.22 4.5 % $ 0.89 $ 0.81 9.9 %
Diluted $ 0.22 $ 0.21 4.8 % $ 0.85 $ 0.77 10.4 %
 

(1)

 

Per share amounts for all periods have been adjusted to reflect a 6 for 5 stock split in the form of a 20% stock dividend declared May 19, 2015 and paid July 1, 2015.

               
John Marshall Bank
 
Loan, Deposit and Borrowing Detail
(Dollar amounts in thousands)
 
December 31, 2015September 30, 2015December 31, 2014Percentage Change
Loans$ Amount% of Total$ Amount% of Total$ Amount% of TotalLast 3 MosLast 12 Mos
Mortgage loans on real estate
Commercial (1) $ 441,309 56.3 % $ 420,334 54.9 % $ 437,891 64.0 % 5.0 % 0.8 %
Construction and land development 150,787 19.3 % 169,564 22.1 % 140,480 20.5 % -11.1 % 7.3 %
Residential (1)   95,496   12.2 %   93,803   12.2 %   23,503   3.4 % 1.8 % 306.3 %
Total mortgage loans on real estate $ 687,592 87.8 % $ 683,701 89.2 % $ 601,874 87.9 % 0.6 % 14.2 %
Commercial loans 94,371 12.0 % 81,684 10.7 % 81,504 11.9 % 15.5 % 15.8 %
Consumer loans   1,203   0.2 %   884   0.1 %   1,232   0.2 % 36.1 % -2.4 %
Total loans $ 783,166 100.0 % $ 766,269 100.0 % $ 684,610 100.0 % 2.2 % 14.4 %
Less: Allowance for loan losses (7,130 ) (6,937 ) (6,506 )
Net deferred loan fees   (1,403 )   (1,356 )   (1,327 )
Net loans $ 774,633   $ 757,976   $ 676,777  
 
 
December 31, 2015September 30, 2015December 31, 2014Percentage Change
Deposits$ Amount% of Total$ Amount% of Total$ Amount% of TotalLast 3 MosLast 12 Mos
Noninterest-bearing demand deposits $ 136,361 18.7 % $ 130,844 19.0 % $ 121,219 19.6 % 4.2 % 12.5 %
Interest-bearing demand deposits:
NOW accounts 23,496 3.2 % 18,650 2.7 % 12,774 2.1 % 26.0 % 83.9 %
Money market accounts 211,817 29.0 % 200,717 29.1 % 185,664 30.1 % 5.5 % 14.1 %
Savings accounts 17,154 2.3 % 5,717 0.8 % 6,500 1.0 % 200.1 % 163.9 %

Certificates of deposit $100,000 or more

200,236 27.4 % 205,189 29.7 % 151,435 24.5 % -2.4 % 32.2 %
Less than $100,000 31,309 4.3 % 30,974 4.5 % 29,733 4.8 % 1.1 % 5.3 %
QwickRate® Certificates of deposit 25,018 3.4 % 25,880 3.7 % 15,592 2.5 % -3.3 % 60.5 %
CDARS® 62,943 8.6 % 52,794 7.6 % 73,376 11.9 % 19.2 % -14.2 %
Brokered deposits   22,519   3.1 %   20,161   2.9 %   21,320   3.5 % 11.7 % 5.6 %
Total deposits $ 730,853   100.0 % $ 690,926   100.0 % $ 617,613   100.0 % 5.8 % 18.3 %
 
Borrowings
Customer repurchase agreements $ 11,972 14.4 % $ 11,822 14.4 % $ 12,404 19.3 % 1.3 % -3.5 %
Federal Home Loan Bank advances   71,000   85.6 %   70,000   85.6 %   52,000   80.7 % 1.4 % 36.5 %
Total borrowings $ 82,972   100.0 % $ 81,822   100.0 % $ 64,404   100.0 % 1.4 % 28.8 %
 
Total deposits and borrowings $ 813,825   $ 772,748   $ 682,017   5.3 % 19.3 %
 
Core customer funding sources (2) $ 695,288 85.4 % $ 656,707 85.0 % $ 593,105 87.0 % 5.9 % 17.2 %
Wholesale funding sources (3)   118,537   14.6 %   116,041   15.0 %   88,912   13.0 % 2.2 % 33.3 %
Total funding sources $ 813,825   100.0 % $ 772,748   100.0 % $ 682,017   100.0 % 5.3 % 19.3 %
 
 

(1)

Loan balances totaling $58.8 million were reclassified from the commercial real estate segment to residential real estate segment of the portfolio as of March 31, 2015.

(2)

Includes CDARS(r), which are all reciprocal deposits maintained by Bank customers, and repurchase agreements, which represent sweep accounts tied to customer operating accounts.

(3)

Consists of QwickRate(r) certificates of deposit, brokered deposits and Federal Home Loan Bank advances.

 
         
John Marshall Bank
Average Balance Sheets, Interest and Rates
(Dollar amounts in thousands)
 
Year Ended December 31, 2015Year Ended December 31, 2014
InterestAverageInterestAverage
AverageIncome-YieldsAverageIncome-Yields
BalanceExpense/RatesBalanceExpense/Rates
Assets
Securities $ 83,171 $ 1,680 2.02 % $ 60,974 $ 1,389 2.28 %
Loans, net of unearned income 732,311 37,145 5.07 % 617,229 32,873 5.33 %
Interest-bearing deposits in other banks   23,492   65 0.28 %   29,303   74 0.25 %
Total interest-earning assets $ 838,974 $ 38,890 4.64 % $ 707,506 $ 34,336 4.85 %
Other assets   15,160   12,941
Total assets $ 854,134 $ 720,447
Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts $ 14,989 $ 43 0.29 % $ 10,428 $ 27 0.26 %
Money market accounts 201,563 1,075 0.53 % 164,430 902 0.55 %
Savings accounts 7,163 26 0.36 % 8,504 39 0.46 %
Time deposits   318,342   3,428 1.08 %   288,515   2,958 1.03 %
Total interest-bearing deposits $ 542,057 $ 4,572 0.84 % $ 471,877 $ 3,926 0.83 %

Securities sold under agreement to repurchase and federal funds purchased

$ 14,538 $ 61 0.42 % $ 12,953 $ 54 0.42 %
Other borrowed funds   62,096   580 0.93 %   37,868   392 1.04 %
Total interest-bearing liabilities $ 618,691 $ 5,213 0.84 % $ 522,698 $ 4,372 0.84 %
Demand deposits and other liabilities   130,441   102,044
Total liabilities $ 749,132 $ 624,742
Shareholders' equity   105,002   95,705
Total liabilities and shareholders' equity $ 854,134 $ 720,447
Interest rate spread 3.80 % 4.01 %
Net interest income and margin $ 33,677 4.01 % $ 29,964 4.24 %
 
 
3 Months Ended December 31, 20153 Months Ended December 31, 2014
InterestAverageInterestAverage
AverageIncome-YieldsAverageIncome-Yields
BalanceExpense/RatesBalanceExpense/Rates
Assets
Securities $ 86,130 $ 429 1.98 % $ 65,220 $ 371 2.26 %
Loans, net of unearned income 775,132 9,684 4.96 % 663,460 8,755 5.24 %
Interest-bearing deposits in other banks   29,288   29 0.39 %   19,390   13 0.27 %
Total interest-earning assets $ 890,550 $ 10,142 4.52 % $ 748,070 $ 9,139 4.85 %
Other assets   13,826   15,614
Total assets $ 904,376 $ 763,684
Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts $ 16,500 $ 12 0.29 % $ 11,885 $ 8 0.27 %
Money market accounts 206,162 279 0.54 % 187,470 252 0.53 %
Savings accounts 9,043 10 0.44 % 7,023 7 0.40 %
Time deposits   338,159   953 1.12 %   290,893   757 1.03 %
Total interest-bearing deposits $ 569,864 $ 1,254 0.87 % $ 497,271 $ 1,024 0.82 %

Securities sold under agreement to repurchase and federal funds purchased

$ 12,391 $ 12 0.38 % $ 12,155 $ 12 0.39 %
Other borrowed funds   77,511   175 0.90 %   43,979   109 0.98 %
Total interest-bearing liabilities $ 659,766 $ 1,441 0.87 % $ 553,405 $ 1,145 0.82 %
Demand deposits and other liabilities   135,884   111,292
Total liabilities $ 795,650 $ 664,697
Shareholders' equity   108,726   98,987
Total liabilities and shareholders' equity $ 904,376 $ 763,684
Interest rate spread 3.65 % 4.03 %
Net interest income and margin $ 8,701 3.88 % $ 7,994 4.24 %
 
       
John Marshall Bank
Financial Highlights (Unaudited)
(Dollar amounts in thousands, except per share data)
 
At or For the Three Months EndedAt or For the Year Ended
December 31,December 31,
2015201420152014
Per share Data and Shares Outstanding (1)
Earnings per share - basic $ 0.23 $ 0.22 $ 0.89 $ 0.81
Earnings per share - diluted $ 0.22 $ 0.21 $ 0.85 $ 0.77
Tangible book value per share $ 10.91 $ 10.00 $ 10.91 $ 10.00
Weighted average common shares (basic) 10,013,072 9,966,098 9,993,231 9,957,130
Weighted average common shares (diluted) 10,517,743 10,443,236 10,483,431 10,436,429
Common shares outstanding at end of period 10,016,574 9,966,103 10,016,574 9,966,103
 
Performance Ratios
Return on average assets (annualized) 1.02% 1.14% 1.04% 1.11%
Return on average equity (annualized) 8.44% 8.78% 8.44% 8.38%
Yield on earning assets (annualized) 4.52% 4.85% 4.64% 4.85%
Cost of interest bearing liabilities (annualized) 0.87% 0.82% 0.84% 0.84%
Net interest spread 3.65% 4.03% 3.80% 4.01%
Net interest margin 3.88% 4.24% 4.01% 4.24%
Noninterest income as a percentage of average assets (annualized) 0.07% 0.06% 0.07% 0.06%
Noninterest expense to average assets (annualized) 2.25% 2.32% 2.26% 2.36%
Efficiency ratio 58.0% 55.0% 56.3% 55.9%
 
Asset Quality
Loans 30-89 days past due and accruing interest $ - $ - $ - $ -
Non-accrual loans $ 2,957 $ 1,762 $ 2,957 $ 1,762
Other real estate owned $ - $ - $ - $ -
Non-performing assets (2) $ 2,957 $ 1,762 $ 2,957 $ 1,762
Non-performing assets to total assets 0.32% 0.22% 0.32% 0.22%
Allowance for loan losses to total loans 0.91% 0.95% 0.91% 0.95%
Allowance for loan losses to non-performing loans 2.4 3.7 2.4 3.7
Net loan chargeoffs (recoveries) $ (48) $ 0 $ 573 $ 260
Net charge-offs (recoveries) to average loans (annualized) (0.02)% 0.00% 0.08% 0.04%
Troubled debt restructurings (total) $ 1,474 $ 1,804 $ 1,474 $ 1,804
Performing in accordance with modified terms $ 1,474 $ 1,804 $ 1,474 $ 1,804
Not performing in accordance with modified terms $ - $ - $ - $ -
 
Regulatory Capital Ratios
Total risk-based capital ratio 13.6% 14.0% 13.6% 14.0%
Tier 1 risk-based capital ratio 12.7% 13.2% 12.7% 13.2%
Leverage ratio 12.1% 13.1% 12.1% 13.1%
Common equity tier 1 ratio 12.7% N/A 12.7% N/A
 
Other Information
Effective income tax rate 35.3% 34.6% 35.6% 35.3%
Tangible equity / tangible assets 11.8% 12.7% 11.8% 12.7%
Average tangible equity / average tangible assets 12.0% 13.0% 12.3% 13.3%
Number of full time equivalent employees 106 97 106 97
# Full service branch offices 5 6 5 6
# Loan production or limited service branch offices 1 - 1 -
 
 
(1) Shares and per share amounts for all periods have been adjusted to reflect a 6 for 5 stock split in the form of a 25% stock dividend paid July 1, 2015.
(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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