RESTON, Va.--(BUSINESS WIRE)--
John Marshall Bancorp, Inc. (OTCQB: JMSB) (the “Company”) reported net
income of $2.5 million for the three months ended March 31, 2017, an
increase of $2.0 million, as compared to net income of $560 thousand for
the three months ended March 31, 2016. Net income per diluted share was
$0.23 per share during the first three months of 2017, compared to $0.05
per diluted share during the same period in 2016. As of March 31, 2017,
the Company’s tangible book value per share was $11.89, up 8.2% compared
to $10.99 as of March 31, 2016. As previously disclosed, the Company
incurred a $1.9 million charge-off during the first quarter of 2016.
Return on average assets was 0.95% and return on average equity was
8.42% for the first quarter of 2017, compared to 0.24% and 2.03%,
respectively, for the first quarter of 2016.
The Company’s capital ratios remain well above regulatory minimums for
well capitalized banks. As of March 31, 2017, the Company’s total
risk-based capital ratio was 12.3%, compared to 13.2% at March 31, 2016.
In March 2017, the formation of John Marshall Bancorp, Inc. as the
holding company for John Marshall Bank (“the Bank”) was completed. As a
result of the holding company formation, each share of common stock of
the Bank was automatically converted into one share of Company common
stock. Financial information as of or for any period prior to January 1,
2017 reflects the financial position and results of the Bank. The
Company’s common stock will continue to trade on the OTCQB Marketplace
under the symbol “JMSB”.
Balance Sheet Review
At March 31, 2017, total assets were $1.1 billion, an increase of $139.8
million, or 14.8% from total assets of $941.2 million at March 31, 2016.
Gross loans increased $65.4 million, or 7.7%, to $920.4 million at March
31, 2017, compared to $896.0 million at December 31, 2016 and increased
$126.4 million, or 15.9% year-over-year, from March 31, 2016 to March
31, 2017. Year-over-year net loan growth, from March 31, 2016 to March
31, 2017, was $125.5 million, or 16.0%. The Company’s investment
portfolio was $93.9 million at March 31, 2017, compared to $100.3
million at December 31, 2016 and $92.1 million at March 31, 2016. As of
March 31, 2017, the Company held $41.9 million of its investment
portfolio as held-to-maturity, and $44.1 million as available-for-sale.
The Company purchased $18.0 million of bank owned life insurance during
the first quarter of 2016. The cash values of the policies are estimates
using information provided by insurance carriers. These policies are
carried at their cash surrender value, which approximates their fair
value. At March 31, 2017, the estimated fair value was $18.7 million,
compared to $18.5 million at December 31, 2016 and $18.1 million at
March 31, 2016.
Total deposits were $836.4 million at March 31, 2017, $832.9 million at
December 31, 2016 and $738.1 million at March 31, 2016. Year-over-year
deposit growth, from March 31, 2016 to March 31, 2017, was $98.3
million, or 13.3%. Total borrowings, consisting of Federal funds
purchased, Federal Home Loan Bank advances and customer repurchase
agreements, were $116.3 million at March 31, 2017, a decrease of $1.9
million, or 1.6%, compared to $118.2 million at December 31, 2016.
Year-over-year, from March 31, 2016 to March 31, 2017, total borrowings
increased $23.7 million, or 27.0%.
During the first quarter of 2017, QwickRate certificates of deposits
decreased $897 thousand from $22.8 million at December 31, 2016 to $21.9
million at March 31, 2017 and decreased by $632 thousand year-over-year
from March 31, 2016 to March 31, 2017. CDARs increased $7.1 million
year-over-year. Brokered certificates of deposit increased by $1.6
million from $46.9 million at December 31, 2016 to $48.5 million at
March 31, 2017. Year-over-year, brokered certificates increased $27.0
million from March 31, 2016 to March 31, 2017. Customer repurchase
agreements decreased by $4.9 million during the first quarter of 2017
and decreased $6.3 million year-over-year from March 31, 2016 to March
31, 2017. During the first quarter of 2017, the Company partnered with
Promontory to offer insured cash sweep products (“ICS”). As of March 31,
2017, the Company had $20.9 million in ICS deposits. During the first
quarter of 2017, Federal Home Loan Bank advances decreased $2.0 million
or 1.9% from December 31, 2016 to March 31, 2017. Year-over-year Federal
Home Loan Bank advances increased $30.0 million or 41.7%. Core customer
funding sources decreased by $2.1 million, or 0.3%, from December 31,
2016 to March 31, 2017. Year-over-year, core customer funding sources
increased by $65.6 million, or 9.2%, from March 31, 2016 to March 31,
2017.
Total shareholders’ equity was $121.7 million at March 31, 2017, an
increase of $2.9 million, or 2.4%, compared to $118.8 million at
December 31, 2016 and an increase of $11.5 million, or 10.4%, compared
to $110.2 million at March 31, 2016. Of the year-over-year increase in
shareholders’ equity, $10.3 million is related to net income retained
during the past twelve months. Total common shares outstanding increased
from 10,030,599 at March 31, 2016 to 10,235,311, including 67,170
unvested shares, at March 31, 2017.
Income Statement Review
Net interest income
Net interest income, the Company’s primary source of revenue, was $9.6
million for the three months ended March 31, 2017, up 11.2% from $8.6
million for the three months ended March 31, 2016. The net interest
margin was 3.74% during the first quarter of 2017, compared to 3.80%
during the first quarter of 2016. The decline in the net interest margin
year-over-year is attributed to a decline in the Company’s yield on
earning assets to 4.44% during the first quarter of 2017 from 4.46%
during the first quarter of 2016, which is substantially the result of
an 11 basis point year-over-year decline in loan yields. In addition,
the cost of funds increased 6 basis points year-over-year from 0.88% at
March 31, 2016, compared to 0.94% during the first quarter of 2017. The
Federal Reserve increased rates by 25 basis points in December 2016 and
March 2017, which is contributing to the higher cost for brokered
deposits and other borrowed funds in the first quarter of 2017.
Despite the decline in the net interest margin over the past year, net
interest income increased by 11.2% during the first quarter of 2017,
compared to the first quarter of 2016, resulting primarily from a $126.4
million, or 13.8%, increase in average earning assets during the first
quarter of 2017, compared to the first quarter of 2016.
Provision for loan losses
The Company recognized a provision for loan losses of $265 thousand
during the first three months of 2017, compared to a provision of $2.7
million during the first three months of 2016. The Company reported $7
thousand in net recoveries during the first quarter of 2017 and $1.9
million in net loan charge-offs during the first quarter of 2016.
Noninterest income
The Company’s noninterest income consists primarily of bank owned life
insurance income and service charges on deposit accounts. Loan fees are
included in interest income on the loan portfolio and not reported as
noninterest income.
For the three months ended March 31, 2017, the Company reported total
noninterest income of $348 thousand compared to $195 thousand during the
first quarter of 2016. The year-over-year increase was primarily
attributable to the increase in income related to bank owned life
insurance that was purchased in the first quarter of 2016 and a $76
thousand gain on sale of a security in the first quarter of 2017.
Noninterest expense
The largest component of the Company’s noninterest expense is employee
salaries and benefits. Salary and benefits expense increased by 19.4%,
to $3.6 million, during the first quarter of 2017 compared to $3.0
million during the first quarter of 2016. All other operating expenses
increased by 3.6%, or $79 thousand, to $2.3 million, during the first
quarter of 2017, compared to $2.2 million during the first quarter of
2016.
The increase in salary and benefits is related to additional staff
needed to support the growth of the Company. The increase in other
operating expenses was mostly related to one-time expenses related to
the formation of the Holding Company in March 2017 as well as higher
FDIC insurance and franchise tax related to growth.
Asset Quality Review
As of March 31, 2017, non-performing assets were 0.31% of total assets,
down from 0.55% at March 31, 2016. The Company’s allowance for loan
losses covered non-performing loans by 2.5 times as of March 31, 2017,
compared to 1.5 times as of March 31, 2016. In the first quarter of
2017, eight commercial loans relating to one customer relationship
totaling $3.3 million were put on non-accrual. These loans are secured
by real estate and a specific reserve of $250 thousand was recorded.
Included in the first quarter of 2016 there were loans totaling $2.2
million to one borrower which were on non-accrual. Of the $2.2 million,
$310 thousand was charged-off and the remaining balance was paid-off
after the first quarter of 2016.
As of March 31, 2017, there were no loans 30-89 days past due and still
accruing interest. As of March 31, 2016, there were $119 thousand in
loans 30-89 days past due and still accruing interest.
Troubled debt restructurings were $504 thousand at March 31, 2017, a
decrease of $967 thousand, or 65.7%, from $1.5 million at March 31,
2016. All troubled debt restructurings were performing in accordance
with modified terms as of March 31, 2017. There was no other real estate
owned as of March 31, 2017 and 2016.
John Marshall Bancorp, Inc. is the bank holding company for John
Marshall Bank. 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 and a loan production office
located in Tysons Corner, VA. 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 Company 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 Company’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 Company’s past results are not
necessarily indicative of future performance.
|
| |
| |
| |
| |
| |
| John Marshall Bancorp, Inc. |
| | | | | | | | | |
|
| Consolidated Balance Sheets |
| (In thousands) |
| | | | | | | | | |
|
| | | | | | | | % Change |
| | March 31, | | December 31, | | March 31, | | Last Three | | Year Over |
| | 2017 | | 2016 | | 2016 | | Months | | Year |
| Assets | | (Unaudited) | | (Unaudited) | | (Unaudited) | | | | |
| | | | | | | | | |
|
|
Cash and due from banks
| |
$
|
5,266
| | |
$
|
4,898
| | |
$
|
5,306
| | |
7.5%
| |
-0.8%
|
|
Federal funds sold
| | |
52
| | | |
60
| | | |
- -
| | |
-13.3%
| |
N/M
|
|
Interest-bearing deposits in banks
| | |
37,309
| | | |
49,717
| | | |
27,154
| | |
-25.0%
| |
37.4%
|
|
Securities available-for-sale, at fair value
| | |
44,068
| | | |
48,312
| | | |
37,774
| | |
-8.8%
| |
16.7%
|
Securities held-to-maturity, fair value of $41,997 at 3/31/17,
$44,067 at 12/31/16 and $48,660 at 3/31/16 | | |
41,939
| | | |
44,073
| | | |
47,943
| | |
-4.8%
| |
-12.5%
|
|
Restricted securities, at cost
| | |
7,888
| | | |
7,873
| | | |
6,380
| | |
0.2%
| |
23.6%
|
Loans, net of allowance for loan losses of $8,474 at 3/31/17;
$8,202 at 12/31/16 and $7,929 at 3/31/16 | | |
910,204
| | | |
886,220
| | | |
784,681
| | |
2.7%
| |
16.0%
|
|
Bank premises and equipment, net
| | |
2,592
| | | |
2,471
| | | |
2,736
| | |
4.9%
| |
-5.3%
|
|
Accrued interest receivable
| | |
2,778
| | | |
2,988
| | | |
2,388
| | |
-7.0%
| |
16.3%
|
|
Bank owned life insurance
| | |
18,680
| | | |
18,540
| | | |
18,054
| | |
0.8%
| |
3.5%
|
|
Other assets
| |
|
10,220
|
| |
|
10,205
|
| |
|
8,829
| | |
0.1%
| |
15.8%
|
| | | | | | | | | |
|
|
Total assets
| |
$
|
1,080,996
|
| |
$
|
1,075,357
|
| |
$
|
941,245
| | |
0.5%
| |
14.8%
|
| | | | | | | | | |
|
| Liabilities and Shareholders' Equity | | | | | | | | | | |
| | | | | | | | | |
|
| Liabilities | | | | | | | | | | |
|
Deposits:
| | | | | | | | | | |
|
Non-interest bearing demand deposits
| |
$
|
182,371
| | |
$
|
195,065
| | |
$
|
129,760
| | |
-6.5%
| |
40.5%
|
|
Interest bearing demand deposits
| | |
225,736
| | | |
211,495
| | | |
236,083
| | |
6.7%
| |
-4.4%
|
|
Savings deposits
| | |
7,516
| | | |
6,856
| | | |
12,077
| | |
9.6%
| |
-37.8%
|
|
Time deposits
| |
|
420,745
|
| |
|
419,449
|
| |
|
360,146
| | |
0.3%
| |
16.8%
|
|
Total deposits
| | |
836,368
| | | |
832,865
| | | |
738,066
| | |
0.4%
| |
13.3%
|
|
Federal funds purchased
| | |
5,000
| | | |
- -
| | | |
- -
| | |
N/M
| |
N/M
|
|
Repurchase agreements
| | |
9,293
| | | |
14,206
| | | |
15,638
| | |
-34.6%
| |
-40.6%
|
| Federal Home Loan Bank advances
| | |
102,000
| | | |
104,000
| | | |
72,000
| | |
-1.9%
| |
41.7%
|
|
Accrued interest payable
| | |
235
| | | |
220
| | | |
132
| | |
6.8%
| |
78.0%
|
|
Other liabilities
| |
|
6,407
|
| |
|
5,271
|
| |
|
5,222
| | |
21.6%
| |
22.7%
|
|
Total liabilities
| |
|
959,303
|
| |
|
956,562
|
| |
|
831,058
| | |
0.3%
| |
15.4%
|
| | | | | | | | | |
|
| Shareholders' Equity | | | | | | | | | | |
Preferred stock, par value $0.01 per share; authorized 1,000,000
shares; none issued
| | |
- -
| | | |
- -
| | | |
- -
| | |
- -
| |
- -
|
Common stock, nonvoting, par value $0.01 per share; authorized
1,000,000 shares; none issued
| | |
- -
| | | |
- -
| | | |
- -
| | |
- -
| |
- -
|
Common stock, voting, par value $0.01 per share at 3/31/17 and par
value $5 per share at 12/31/16 and 3/31/16; authorized 20,000,000
shares; issued and outstanding, 10,235,311 shares at 3/31/17,
including 67,170 unvested shares, 10,137,149 at 12/31/16, and
10,030,599 at 3/31/16 | | |
102
| | | |
50,686
| | | |
50,153
| | |
N/M
| |
N/M
|
|
Additional paid-in capital
| | |
83,134
| | | |
32,112
| | | |
31,443
| | |
N/M
| |
N/M
|
|
Retained earnings
| | |
38,965
| | | |
36,454
| | | |
28,713
| | |
6.9%
| |
35.7%
|
|
Accumulated other comprehensive loss
| |
|
(508
|
)
| |
|
(457
|
)
| |
|
(122
|
)
| |
-11.2%
| |
-316.4%
|
| | | | | | | | | |
|
|
Total shareholders' equity
| |
|
121,693
|
| |
|
118,795
|
| |
|
110,187
| | |
2.4%
| |
10.4%
|
| | | | | | | | | |
|
|
Total liabilities and shareholders' equity
| |
$
|
1,080,996
|
| |
$
|
1,075,357
|
| |
$
|
941,245
| | |
0.5%
| |
14.8%
|
| | | | | | | | | |
|
|
| |
| |
| |
| John Marshall Bancorp, Inc |
| | | | | |
|
| Consolidated Statements of Income |
| For the Three Months Ended March 31, 2017 and 2016 |
| (Dollar amounts in thousands, except per share data) |
| | | | | |
|
| | Three Months Ended | | |
| | March 31, | | |
| | 2017 | | 2016 | | % Change |
| | (Unaudited) | | (Unaudited) | | |
| Interest and Dividend Income | | | | | | |
|
Interest and fees on loans
| |
$
|
10,812
| |
$
|
9,659
| |
11.9%
|
|
Interest on investment securities, taxable
| | |
361
| | |
322
| |
12.1%
|
|
Interest on investment securities, tax-exempt
| | |
52
| | |
33
| |
57.6%
|
|
Dividends
| | |
98
| | |
79
| |
24.1%
|
|
Interest on deposits in banks
| |
|
79
| |
|
53
| |
49.1%
|
|
Total interest and dividend income
| |
|
11,402
| |
|
10,146
| |
12.4%
|
| | | | | |
|
| Interest Expense | | | | | | |
|
Deposits
| | |
1,474
| | |
1,318
| |
11.8%
|
| Federal Home Loan Bank advances
| | |
301
| | |
168
| |
79.2%
|
|
Other short-term borrowings
| |
|
12
| |
|
15
| |
-20.0%
|
|
Total interest expense
| |
|
1,787
| |
|
1,501
| |
19.1%
|
| | | | | |
|
|
Net interest income
| | |
9,615
| | |
8,645
| |
11.2%
|
| | | | | |
|
| Provision for loan losses | |
|
265
| |
|
2,735
| |
-90.3%
|
| | | | | |
|
|
Net interest income after provision for loan losses
| |
|
9,350
| |
|
5,910
| |
58.2%
|
| | | | | |
|
| Noninterest Income | | | | | | |
|
Service charges on deposit accounts
| | |
97
| | |
122
| |
-20.5%
|
|
Bank owned life insurance
| | |
140
| | |
54
| |
159.3%
|
|
Other service charges and fees
| | |
24
| | |
19
| |
26.3%
|
|
Gain on sale of securities available-for-sale
| | |
76
| | |
- -
| |
N/M
|
|
Gain on sale of fixed assets
| | |
1
| | |
- -
| |
N/M
|
|
Other operating income
| |
|
10
| |
|
- -
| |
N/M
|
|
Total noninterest income
| |
|
348
| |
|
195
| |
78.5%
|
| | | | | |
|
| Noninterest Expenses | | | | | | |
|
Salaries and employee benefits
| | |
3,636
| | |
3,044
| |
19.4%
|
|
Occupancy expense of premises
| | |
435
| | |
419
| |
3.8%
|
|
Furniture and equipment expenses
| | |
277
| | |
332
| |
-16.6%
|
|
Other operating expenses
| |
|
1,582
| |
|
1,464
| |
8.1%
|
|
Total noninterest expenses
| |
|
5,930
| |
|
5,259
| |
12.8%
|
| | | | | |
|
|
Income before income taxes
| | |
3,768
| | |
846
| |
345.4%
|
| | | | | |
|
| Income tax expense | |
|
1,257
| |
|
286
| |
339.5%
|
| | | | | |
|
|
Net income
| |
$
|
2,511
| |
$
|
560
| |
348.4%
|
| | | | | |
|
| Earnings Per Share | | | | | | |
|
Basic
| |
$
|
0.25
| |
$
|
0.06
| |
316.7%
|
|
Diluted
| |
$
|
0.23
| |
$
|
0.05
| |
360.0%
|
| | | | | |
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| John Marshall Bancorp, Inc |
| | | | | | | | | | | | | | | |
|
| Loan, Deposit and Borrowing Detail (Unaudited) |
| (Dollar amounts in thousands) |
| | | | | | | | | | | | | | | |
|
| | March 31, 2017 | | December 31, 2016 | | March 31, 2016 | | Percentage Change |
| Loans | | $ Amount | | % of Total | | $ Amount | | % of Total | | $ Amount | | % of Total | | Last 3 Mos | | Last 12 Mos |
Mortgage loans on real estate
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial
| |
$
|
544,473
| | |
59.2
|
%
| |
$
|
519,857
| | |
58.0
|
%
| |
$
|
457,784
| | |
57.6
|
%
| |
4.7
|
%
| |
18.9
|
%
|
|
Construction and land development
| | |
177,439
| | |
19.3
|
%
| | |
180,318
| | |
20.1
|
%
| | |
157,102
| | |
19.8
|
%
| |
-1.6
|
%
| |
12.9
|
%
|
|
Residential
| |
|
118,256
|
| |
12.8
|
%
| |
|
107,534
|
| |
12.0
|
%
| |
|
95,136
|
| |
12.0
|
%
| |
10.0
|
%
| |
24.3
|
%
|
|
Total mortgage loans on real estate
| |
$
|
840,168
| | |
91.3
|
%
| |
$
|
807,709
| | |
90.1
|
%
| |
$
|
710,022
| | |
89.4
|
%
| |
4.0
|
%
| |
18.3
|
%
|
|
Commercial loans
| | |
78,565
| | |
8.5
|
%
| | |
86,498
| | |
9.7
|
%
| | |
82,709
| | |
10.4
|
%
| |
-9.2
|
%
| |
-5.0
|
%
|
|
Consumer loans
| |
|
1,665
|
| |
0.2
|
%
| |
|
1,820
|
| |
0.2
|
%
| |
|
1,259
|
| |
0.2
|
%
| |
-8.5
|
%
| |
32.2
|
%
|
|
Total loans
| |
$
|
920,398
| | |
100.0
|
%
| |
$
|
896,027
| | |
100.0
|
%
| |
$
|
793,990
| | |
100.0
|
%
| |
2.7
|
%
| |
15.9
|
%
|
|
Less: Allowance for loan losses
| | |
(8,474
|
)
| | | | |
(8,202
|
)
| | | | |
(7,929
|
)
| | | | | | |
|
Net deferred loan fees
| |
|
(1,720
|
)
| | | |
|
(1,605
|
)
| | | |
|
(1,380
|
)
| | | | | | |
|
Net loans
| |
$
|
910,204
|
| | | |
$
|
886,220
|
| | | |
$
|
784,681
|
| | | | | | |
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | |
|
| | March 31, 2017 | | December 31, 2016 | | March 31, 2016 | | Percentage Change |
| Deposits | | $ Amount | | % of Total | | $ Amount | | % of Total | | $ Amount | | % of Total | | Last 3 Mos | | Last 12 Mos |
|
Noninterest-bearing demand deposits
| |
$
|
182,371
| | |
21.8
|
%
| |
$
|
195,065
| | |
23.4
|
%
| |
$
|
129,760
| | |
17.6
|
%
| |
-6.5
|
%
| |
40.5
|
%
|
|
Interest-bearing demand deposits:
| | | | | | | | | | | | | | | | |
|
NOW accounts
| | |
17,124
| | |
2.0
|
%
| | |
12,739
| | |
1.5
|
%
| | |
20,436
| | |
2.8
|
%
| |
34.4
|
%
| |
-16.2
|
%
|
|
Money market accounts
| | |
176,677
| | |
21.1
|
%
| | |
187,748
| | |
22.6
|
%
| | |
215,647
| | |
29.2
|
%
| |
-5.9
|
%
| |
-18.1
|
%
|
|
Savings accounts
| | |
7,516
| | |
0.9
|
%
| | |
6,856
| | |
0.8
|
%
| | |
12,077
| | |
1.6
|
%
| |
9.6
|
%
| |
-37.8
|
%
|
|
Certificates of deposit
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $250,000 or more
| | |
188,712
| | |
22.6
|
%
| | |
187,568
| | |
22.5
|
%
| | |
156,109
| | |
30.1
|
%
| |
0.6
|
%
| |
20.9
|
%
|
|
Less than $250,000 | | |
102,753
| | |
12.3
|
%
| | |
101,368
| | |
12.2
|
%
| | |
97,175
| | |
4.2
|
%
| |
1.4
|
%
| |
5.7
|
%
|
|
QwickRate® Certificates of deposit
| | |
21,947
| | |
2.6
|
%
| | |
22,844
| | |
2.8
|
%
| | |
22,579
| | |
3.1
|
%
| |
-3.9
|
%
| |
-2.8
|
%
|
|
ICS®
| | |
20,922
| | |
2.5
|
%
| | |
-
| | |
0.0
|
%
| | |
-
| | |
0.0
|
%
| |
N/M
| | |
N/M
| |
|
CDARS®
| | |
69,877
| | |
8.4
|
%
| | |
71,799
| | |
8.6
|
%
| | |
62,766
| | |
8.5
|
%
| |
-2.7
|
%
| |
11.3
|
%
|
|
Brokered deposits
| |
|
48,469
|
| |
5.8
|
%
| |
|
46,878
|
| |
5.6
|
%
| |
|
21,517
|
| |
2.9
|
%
| |
3.4
|
%
| |
125.3
|
%
|
|
Total deposits
| |
$
|
836,368
|
| |
100.0
|
%
| |
$
|
832,865
|
| |
100.0
|
%
| |
$
|
738,066
|
| |
100.0
|
%
| |
0.4
|
%
| |
13.3
|
%
|
| | | | | | | | | | | | | | | |
|
| Borrowings | | | | | | | | | | | | | | | | |
|
Federal funds purchased
| |
$
|
5,000
| | |
4.3
|
%
| |
$
|
-
| | |
0.0
|
%
| |
$
|
-
| | |
0.0
|
%
| |
N/M
| | |
N/M
| |
|
Customer repurchase agreements
| | |
9,293
| | |
8.0
|
%
| | |
14,206
| | |
12.0
|
%
| | |
15,638
| | |
17.8
|
%
| |
-34.6
|
%
| |
-40.6
|
%
|
| Federal Home Loan Bank advances
| |
|
102,000
|
| |
87.7
|
%
| |
|
104,000
|
| |
88.0
|
%
| |
|
72,000
|
| |
82.2
|
%
| |
-1.9
|
%
| |
41.7
|
%
|
|
Total borrowings
| |
$
|
116,293
|
| |
100.0
|
%
| |
$
|
118,206
|
| |
100.0
|
%
| |
$
|
87,638
|
| |
100.0
|
%
| |
-1.6
|
%
| |
32.7
|
%
|
| | | | | | | | | | | | | | | |
|
|
Total deposits and borrowings
| |
$
|
952,661
|
| | | |
$
|
951,071
|
| | | |
$
|
825,704
|
| | | |
0.2
|
%
| |
15.4
|
%
|
| | | | | | | | | | | | | | | |
|
|
Core customer funding sources (1)
| |
$
|
775,245
| | |
81.4
|
%
| |
$
|
777,349
| | |
81.7
|
%
| |
$
|
709,608
| | |
85.9
|
%
| |
-0.3
|
%
| |
9.2
|
%
|
|
Wholesale funding sources (2)
| |
|
177,416
|
| |
18.6
|
%
| |
|
173,722
|
| |
18.3
|
%
| |
|
116,096
|
| |
14.1
|
%
| |
2.1
|
%
| |
52.8
|
%
|
|
Total funding sources
| |
$
|
952,661
|
| |
100.0
|
%
| |
$
|
951,071
|
| |
100.0
|
%
| |
$
|
825,704
|
| |
100.0
|
%
| |
0.2
|
%
| |
15.4
|
%
|
| | | | | | | | | | | | | | | |
|
|
(1)
|
|
Includes ICS and CDARS(r), which are all reciprocal deposits
maintained by customers, and repurchase agreements, which represent
sweep accounts tied to customer operating accounts.
|
|
(2)
| |
Consists of QwickRate(r) certificates of deposit, brokered
deposits,Federal Home Loan Bank advances and Federal funds purchased.
|
| |
|
|
|
| |
| |
| |
| |
| |
| |
| John Marshall Bancorp, Inc. |
| Average Balance Sheets, Interest and Rates (unaudited) |
| (Dollar amounts in thousands) |
| | | | | | | | | | | | |
|
| | | Three Months Ended March 31, 2017 | | Three Months Ended March 31, 2016 |
| | | | | Interest | | Average | | | | Interest | | Average |
| | | Average | | Income- | | Yields | | Average | | Income- | | Yields |
| | | Balance | | Expense | | /Rates | | Balance | | Expense | | /Rates |
| Assets | | | | | | | | | | | | | |
|
Securities
| | |
$
|
95,883
| |
$
|
511
| |
2.16
|
%
| |
$
|
87,230
| |
$
|
434
| |
2.00
|
%
|
|
Loans, net of unearned income
| | | |
907,948
| | |
10,812
| |
4.83
|
%
| | |
786,727
| | |
9,659
| |
4.94
|
%
|
|
Interest-bearing deposits in other banks
| | | |
37,799
| | |
79
| |
0.85
|
%
| | |
41,340
| | |
53
| |
0.52
|
%
|
|
Federal funds sold
| | |
|
56
| |
|
- -
| |
0.00
|
%
| |
|
- -
| |
|
- -
| |
0.00
|
%
|
| Total interest-earning assets | | |
$
|
1,041,686
| |
$
|
11,402
| |
4.44
|
%
| |
$
|
915,297
| |
$
|
10,146
| |
4.46
|
%
|
|
Other assets
| | |
|
31,939
| | | | | |
|
19,217
| | | | |
| Total assets | | |
$
|
1,073,625
| | | | | |
$
|
934,514
| | | | |
| Liabilities & Shareholders' equity | | | | | | | | | | | | | |
|
Interest-bearing deposits
| | | | | | | | | | | | | |
|
NOW accounts
| | |
$
|
17,552
| |
$
|
15
| |
0.35
|
%
| |
$
|
21,301
| |
$
|
16
| |
0.30
|
%
|
|
Money market accounts
| | | |
207,961
| | |
255
| |
0.50
|
%
| | |
211,399
| | |
282
| |
0.54
|
%
|
|
Savings accounts
| | | |
7,239
| | |
4
| |
0.22
|
%
| | |
14,915
| | |
20
| |
0.54
|
%
|
|
Time deposits
| | |
|
424,357
| |
|
1,200
| |
1.15
|
%
| |
|
357,151
| |
|
1,000
| |
1.13
|
%
|
|
Total interest-bearing deposits
| | |
$
|
657,109
| |
$
|
1,474
| |
0.91
|
%
| |
$
|
604,766
| |
$
|
1,318
| |
0.88
|
%
|
Securities sold under agreement to repurchase and federal funds
purchased
| | |
$
|
12,876
| |
$
|
12
| |
0.38
|
%
| |
$
|
13,955
| |
$
|
15
| |
0.43
|
%
|
|
Other borrowed funds
| | |
|
103,267
| |
|
301
| |
1.18
|
%
| |
|
67,603
| |
|
168
| |
1.00
|
%
|
| Total interest-bearing liabilities | | |
$
|
773,252
| |
$
|
1,787
| |
0.94
|
%
| |
$
|
686,324
| |
$
|
1,501
| |
0.88
|
%
|
|
Demand deposits and other liabilities
| | |
|
179,405
| | | | | |
|
137,066
| | | | |
| Total liabilities | | |
$
|
952,657
| | | | | |
$
|
823,390
| | | | |
|
Shareholders' equity
| | |
|
120,968
| | | | | |
|
111,124
| | | | |
| Total liabilities and shareholders' equity | | |
$
|
1,073,625
| | | | | |
$
|
934,514
| | | | |
|
Interest rate spread
| | | | | | |
3.50
|
%
| | | | | |
3.58
|
%
|
| Net interest income and margin | | | | |
$
|
9,615
| |
3.74
|
%
| | | |
$
|
8,645
| |
3.80
|
%
|
| | | | | | | | | | | | | | | | |
|
|
|
| |
|
| |
| John Marshall Bancorp, Inc |
| Financial Highlights (Unaudited) |
| (Dollar amounts in thousands, except per share data) |
| | | | | |
|
| | | At or For the Three Months Ended |
| | | March 31, |
| | | 2017 | | | 2016 |
| Per share Data and Shares Outstanding | | | | | | |
|
Earnings per share - basic
| | |
$
|
0.25
| | |
$
|
0.06
|
|
Earnings per share - diluted
| | |
$
|
0.23
| | |
$
|
0.05
|
|
Tangible book value per share
| | |
$
|
11.89
| | |
$
|
10.99
|
|
Weighted average common shares (basic)
| | | |
10,205,154
| | | |
10,026,765
|
|
Weighted average common shares (diluted)
| | | |
10,806,877
| | | |
10,544,156
|
|
Common shares outstanding at end of period(1) | | | |
10,235,311
| | | |
10,030,599
|
| | | | | |
|
| Performance Ratios | | | | | | |
|
Return on average assets (annualized)
| | | |
0.95%
| | | |
0.24%
|
|
Return on average equity (annualized)
| | | |
8.42%
| | | |
2.03%
|
|
Yield on earning assets (annualized)
| | | |
4.44%
| | | |
4.46%
|
|
Cost of interest bearing liabilities (annualized)
| | | |
0.94%
| | | |
0.88%
|
|
Net interest spread
| | | |
3.50%
| | | |
3.58%
|
|
Net interest margin
| | | |
3.74%
| | | |
3.80%
|
|
Noninterest income as a percentage of average assets (annualized)
| | | |
0.13%
| | | |
0.08%
|
|
Noninterest expense to average assets (annualized)
| | | |
2.24%
| | | |
2.26%
|
|
Efficiency ratio
| | | |
59.5%
| | | |
59.5%
|
| | | | | |
|
| Asset Quality | | | | | | |
|
Loans 30-89 days past due and accruing interest
| | |
$
|
-
| | |
$
|
119
|
|
Non-accrual loans
| | |
$
|
3,398
| | |
$
|
5,154
|
|
Other real estate owned
| | |
$
|
-
| | |
$
|
-
|
|
Non-performing assets (2) | | |
$
|
3,398
| | |
$
|
5,154
|
|
Non-performing assets to total assets
| | | |
0.31%
| | | |
0.55%
|
|
Allowance for loan losses to total loans
| | | |
0.92%
| | | |
1.00%
|
|
Allowance for loan losses to non-performing loans
| | | |
2.5
| | | |
1.5
|
|
Net loan chargeoffs (recoveries)
| | |
$
|
(7)
| | |
$
|
1,935
|
|
Net charge-offs (recoveries) to average loans (annualized)
| | | |
0.00%
| | | |
0.99%
|
|
Troubled debt restructurings (total)
| | |
$
|
504
| | |
$
|
1,471
|
|
Performing in accordance with modified terms
| | |
$
|
504
| | |
$
|
1,471
|
|
Not performing in accordance with modified terms
| | |
$
|
-
| | |
$
|
-
|
| | | | | |
|
| Regulatory Capital Ratios | | | | | | |
|
Total risk-based capital ratio
| | | |
12.3%
| | | |
13.2%
|
|
Tier 1 risk-based capital ratio
| | | |
11.5%
| | | |
12.3%
|
|
Leverage ratio
| | | |
11.4%
| | | |
11.8%
|
|
Common equity tier 1 ratio
| | | |
11.5%
| | | |
12.3%
|
| | | | | |
|
| Other Information | | | | | | |
|
Effective income tax rate
| | | |
33.4%
| | | |
33.8%
|
|
Tangible equity / tangible assets
| | | |
11.3%
| | | |
11.7%
|
|
Average tangible equity / average tangible assets
| | | |
11.3%
| | | |
11.9%
|
|
Number of full time equivalent employees
| | | |
117
| | | |
108
|
|
# Full service branch offices
| | | |
5
| | | |
5
|
|
# Loan production or limited service branch offices
| | | |
2
| | | |
1
|
| | | | | | | |
|
| (1) Includes 67,170 unvested shares per balance sheet.
|
| (2) Non-performing assets consist of non-accrual loans,
loans 90 day or more past due and still accruing interest, and other
real estate owned. Does not include troubled debt restructurings
("TDRs") which were accruing interest at the date indicated.
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170425007014/en/
John Marshall Bancorp, Inc.
John R. Maxwell, 703-584-0840
Source: John Marshall Bancorp, Inc.