John Marshall Bank Reports Six Month Financial Results

  John Marshall Bank Reports Six Month Financial Results

Business Wire

RESTON, Va. -- July 16, 2013

John Marshall Bank reported net income of $3.4 million for the six months
ended June 30, 2013, an increase of $1.2 million, or 56.9%, as compared to net
income of $2.1 million reported for the six months ended June 30, 2012.

Key financial results for the period include the following:

  *Total assets at June 30, 2013 increased by 23.1% to $596.6 million as
    compared to $484.6 million as of June 30, 2012.
  *Gross loans at June 30, 2013 increased by 24.8% to $534.3 million as
    compared to $428.2 million as of June 30, 2012.
  *Total deposits at June 30, 2013 increased by 21.9% to $483.6 million as
    compared to $396.6 million as of June 30, 2012.
  *The Bank’s net interest margin remains strong at 4.59% for the first six
    months of 2013 as compared to 4.67% during the first six months of 2012,
    and 4.61% during the first three months of 2013.
  *Net interest income, the Bank’s main source of income, increased 21.6% to
    $12.8 million during the first six months of 2013, compared to $10.5
    million during the first six months of 2012.
  *Non-interest income increased by 60.7% to $180 thousand during the first
    six months of 2013 as compared to $112 thousand during the first six
    months of 2012.
  *Non-interest expense increased by 21.0%, or $1.3 million, during the first
    six months of 2013 as compared to 2012, reflecting increased operating
    expenses required to support the Bank’s growth.
  *Asset quality remains very strong. As of June 30, 2013, non-accrual loans
    were .09% of total loans, down slightly from .10% as of March 31, 2013.
    There were no loans past due 30 or more days that were not already on
    non-accrual status as of June 30, 2013. The allowance for loan losses
    covered non-accrual loans by over 11.3 times as of June 30, 2013. The Bank
    reported no other real estate owned as of June 30, 2013.
  *Capital ratios remain above regulatory minimums for well capitalized
    banks. As of June 30, 2013, the Bank’s total risk-based capital ratio was
    10.8%, which was unchanged as compared to March 31, 2013.

John Marshall Bank is headquartered in Reston, Virginia and has five
full-service branches located in Reston, Falls Church, Leesburg, Arlington,
and Rockville. The Bank also has two limited-service commercial branches
located in Alexandria, and Washington, DC. Further information on the Bank can
be obtained by visiting its website at www.johnmarshallbank.com.


John Marshall Bank
Financial Highlights (Unaudited)
(Dollars in 000's except per-share data)

               Six Months Ended                                 Quarter Ended
                June 30,     June 30,     $ Change   %         June 30,     March 31,
                2013          2012                      Change    2013          2013
Operating
Results
Net Interest    $ 12,819      $ 10,540      $ 2,279     21.6  %   $ 6,497       $ 6,323
Income
Less
Provision for    (377    )    (1,140  )    763       -66.9 %    (127    )    (250    )
Loan Losses
Net Interest
income after      12,442        9,400         3,042     32.4  %     6,370         6,073
provision for
loan losses
Non-interest      180           112           68        60.7  %     86            94
income
Non-interest     7,503       6,199       1,304     21.0  %    3,769       3,735   
expense
Income before     5,119         3,313         1,806     54.5  %     2,687         2,432
income taxes
Income tax       1,767       1,177       590       50.1  %    960         807     
expense
Net income      $ 3,352      $ 2,136       1,216     56.9  %   $ 1,727      $ 1,625   
                                                                                
Per-Share
Data ^(1)
Earnings per    $ 0.57        $ 0.36        $ 0.21      56.9  %   $ 0.29        $ 0.28
share - basic
Earnings per
share -         $ 0.56        $ 0.36        $ 0.20      55.1  %   $ 0.29        $ 0.27
diluted
Book value      $ 9.50        $ 8.47        $ 1.03      12.1  %   $ 9.50        $ 9.31
per share
                                                                                
Selected
Balance Sheet
Data
Investments     $ 37,733      $ 35,670      $ 2,063     5.8   %   $ 37,733      $ 40,854
Total Loans     $ 534,309     $ 428,162     $ 106,147   24.8  %   $ 534,309     $ 518,297
(gross)
Total Assets    $ 596,624     $ 484,594     $ 112,030   23.1  %   $ 596,624     $ 572,495
Total           $ 483,585     $ 396,561     $ 87,024    21.9  %   $ 483,585     $ 464,609
Deposits
Borrowings      $ 55,730      $ 37,223      $ 18,507    49.7  %   $ 55,730      $ 50,728
Stockholders'   $ 55,899      $ 49,861      $ 6,038     12.1  %   $ 55,899      $ 54,784
Equity
                                                                                
Performance
Ratios
Return on
average           1.19    %     0.93    %                           1.20    %     1.17    %
assets
(annualized)
Return on
average           12.25   %     8.80    %                           12.35   %     12.14   %
equity
(annualized)
Net interest      4.59    %     4.67    %                           4.57    %     4.61    %
margin
Efficiency        57.81   %     58.20   %                           57.25   %     58.20   %
Ratio
                                                                                
Credit
Quality
Ratios
Allowance for
loan losses       1.01    %     1.10    %                           1.01    %     1.02    %
to gross
loans
Past due
loans 30-89       0.00    %     0.20    %                           0.00    %     0.00    %
days to gross
loans ^(2)
Past due
loans 90 days
or more to        0.00    %     0.00    %                           0.00    %     0.00    %
gross loans
^(2)
Non-accrual
loans to          0.09    %     0.49    %                           0.09    %     0.10    %
gross loans
Net loan
chargeoffs      $ 11          $ 1,433                             $ 11          $ -
(recoveries)
Other real      $ -           $ -                                 $ -           $ -
estate owned
                                                                                
Regulatory
Capital
Ratios
Total
risk-based        10.8    %     11.8    %                           10.8    %     10.8    %
capital ratio
Tier 1
risk-based        9.8     %     10.8    %                           9.8     %     9.9     %
capital ratio
Leverage          9.8     %     10.4    %                           9.8     %     9.7     %
ratio
                                                                                

(1) On June 20, 2013, the Board of Directors announced a 5-for-4 stock split
of the Bank's common stock in the form of a 25% stock dividend payable July
22, 2013 for shareholders of record as of July 1, 2013. All per share
information for all periods presented has been retroactively adjusted to
reflect the stock split.
(2) And still accruing interest


Contact:

John Marshall Bank
John R. Maxwell, 703-584-0840
 
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