John Marshall Bancorp, Inc. Reports Record Earnings for 2020
John Marshall Bancorp, Inc. (OTCQB: JMSB) (the “Company”), parent company of John Marshall Bank (the “Bank”), reported its financial results for the three and twelve months ended December 31, 2020.
Selected Highlights
-
Record Earnings for the Year and Quarter - Net income increased
16.4% to$18.5 million for the twelve months ended December 31, 2020, compared to$15.9 million for the twelve months ended December 31, 2019. Earnings per diluted share were$1.35 for the twelve months ended December 31, 2020, an increase of15.4% from$1.17 per diluted share for the twelve months ended December 31, 2019. The Company reported its eighth consecutive quarter of record earnings with net income of$4.8 million for the three months ended December 31, 2020 compared to$4.5 million for the three months ended December 31, 2019, an increase of7.4% . Earnings per diluted share were$0.35 for the three months ended December 31, 2020, an increase of6.1% from$0.33 per diluted share for the three months ended December 31, 2019.
-
Record Pre-Tax, Pre-Provision Income - The Company achieved record pre-tax, pre-provision (“PTPP”) income of
$29.3 million for the twelve months ended December 31, 2020, an increase of$8.0 million or37.5% over the$21.3 million for the same period in 2019. The PTPP return on average assets increased from1.45% for the twelve months ended December 31, 2019 to1.68% for the same period in 2020. PTPP income was$8.7 million for the three months ended December 31, 2020, a47.3% increase from the same period a year ago. PTPP annualized return on average assets was1.85% for the three months ended December 31, 2020 versus1.50% for the three months ended December 31, 2019. Management believes PTPP income enables financial statement users to assess the Company’s ability to generate capital to cover potential credit losses which could arise before the COVID pandemic’s eradication.
-
Stable Net Interest Margin - The net interest margin was
3.43% for the three months ended December 31, 2020 as compared to3.31% for the three months ended December 31, 2019. During the fourth quarter of 2020, Paycheck Protection Program (“PPP”), loans declined$33.7 million from$148.2 million at September 30, 2020 to$114.4 million at December 31, 2020. The net interest margin, exclusive of the impact of PPP loans, was3.34% for both the three months ended September 30, 2020 and December 31, 2020.
-
Sub
-50% Efficiency Ratio - The efficiency ratio declined from54.4% for the three months ended December 31, 2019 to46.2% for the three months ended December 31, 2020. Revenues increased24.8% to$16.1 million in the fourth quarter of 2020 as compared to$12.9 million for the same period in 2019. Noninterest expense increased6.0% to$7.4 million in the fourth quarter of 2020 as compared to$7.0 million for the same period in 2019. Noninterest expense to average assets declined from1.80% for the three months ended December 31, 2019 to1.59% for the three months ended December 31, 2020. The efficiency ratio decreased from57.4% for the twelve months ended December 31, 2019 to49.9% for the twelve months ended December 31, 2020. Noninterest expense to average assets declined from1.95% for the twelve months ended December 31, 2019 to1.67% for the twelve months ended December 31, 2020.
-
Superb Asset Quality Continues - For the fifth consecutive quarter, the Company had no non-performing assets, no loans 30 days or more past due and no real estate owned at quarter-end December 31, 2020. During the twelve months ended December 31, 2020, the Company reported
$43 thousand in net recoveries, compared to$145 thousand in net charge-offs during the same period in 2019. Troubled debt restructurings were$604 thousand at December 31, 2020, a decline of$291 thousand , compared to$895 thousand at December 31, 2019. The Company had no COVID modifications as of December 31, 2020.
-
Record Balance Sheet Growth -Total assets were
$1.89 billion at December 31, 2020, an increase of$303.6 million or19.2% when compared to December 31, 2019. Gross loans net of unearned income increased$237.0 million or17.9% from December 31, 2019 to December 31, 2020. Total deposits grew$331.4 million , or25.3% from December 31, 2019 to December 31, 2020. Non-interest bearing demand deposits grew$89.1 million , or32.6% from December 31, 2019 to December 31, 2020.
Chris Bergstrom, President and Chief Executive Officer, commented, “John Marshall Bank achieved record results despite the near-zero interest rate environment brought about by the pandemic. We made extensive use of our digital platform to keep our employees safe and provide our customers with the needed services to sustain and grow their businesses. We believe our strong growth in assets, loans, deposits and earnings in 2020 demonstrates the resiliency of our team and our commitment to providing exceptional client experiences. We expect that our results will compare favorably to our peers. Our Company has ample capital, liquidity and excellent asset quality. We feel we are well-positioned with solid momentum heading into 2021.”
Balance Sheet Review
Assets
Total assets were
Loans
Gross loans were
Investment Securities
The Company’s portfolio of investments in fixed income securities was
Interest Bearing Deposits in Banks
Interest-bearing deposits in banks were
Deposits
Total deposits were
Non-interest bearing demand deposits were
Core customer funding was
Insured Cash Sweep (“ICS”) deposits were
Certificates of deposits were
Borrowings
Total borrowings, consisting of FHLB advances and Federal funds purchased were
The Company had subordinated notes with a balance of
Shareholders’ Equity and Capital Levels
Total shareholders’ equity was
The Bank’s capital ratios remain well above regulatory minimums for well-capitalized banks. As of December 31, 2020, the Bank’s total risk-based capital ratio was
Asset Quality
For the fifth consecutive quarter, the Company had no non-accrual loans, no loans 30 days or more past due and no other real estate owned at quarter-end December 31, 2020.
Troubled debt restructurings were
As reported in our earnings release for the third quarter of 2020, as of October 16, 2020 the Company had six loans totaling
Income Statement Review
Net Interest Income
Net interest income, the Company’s primary source of revenue, was
The net interest margin was
The average cost of funds declined 79 basis points, or
On a linked quarterly basis, net interest margin increased 17 basis points to
For the twelve months ended December 31, 2020, net interest income was
Provision for Loan Losses
The Company had a
During the twelve months ended December 31, 2020, the Company recognized a provision for loan losses of
During 2020, the increase in the Company’s provision for loan losses when compared to the corresponding periods in the prior year is primarily related to COVID and its impact on the qualitative factors included in the allowance estimate. The increased reserves take into consideration, among other things, the rising number of COVID cases, increased hospitalizations and deaths in the Bank’s market area, the elevated level of unemployment and uncertainty around the amount and timing of additional stimulus and additional restrictions mandated by the Governors of Virginia and Maryland and the Mayor of the District of Columbia. The provision increased the allowance for loan losses as a percentage of total loans from
Noninterest Income
The Company’s recurring sources of noninterest income consist primarily of bank owned life insurance income, service charges on deposit accounts and insurance commissions. The majority of loan fees are included in interest income on the loan portfolio and not reported as noninterest income.
For the three months ended December 31, 2020, the Company reported total noninterest income of
For the twelve months ended December 31, 2020, the Company reported total noninterest income of
Noninterest Expense
For the three months ended December 31, 2020, noninterest expense increased
For the twelve months ended December 31, 2020, noninterest expense increased
About John Marshall Bancorp, Inc.
John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank. John Marshall Bank is headquartered in Reston, Virginia with eight full-service branches located in Alexandria, Arlington, Loudoun, Prince William, Reston, Rockville, Tysons, and Washington, D.C. and one loan production office in Arlington, Virginia. The Company is dedicated to providing an exceptional customer experience and value to local businesses, business owners and consumers in the Washington D.C. Metro area. The Bank offers a comprehensive line of sophisticated banking products, services and a digital platform that rival those of the largest banks. Dedicated relationship managers serving as direct point-of-contact along with an experienced staff help achieve customer’s financial goals. Learn more at www.johnmarshallbank.com.
In addition to historical information, this press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiary include, but are not limited to the following: changes in interest rates, general economic conditions, public health crises (such as the governmental, social and economic effects of COVID), levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, accounting principles and guidelines, and other conditions which by their nature are not susceptible to accurate forecast, and are subject to significant uncertainty. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
| John Marshall Bancorp, Inc. | ||||||||||||
| Financial Highlights (Unaudited) | ||||||||||||
| (Dollar amounts in thousands, except per share data) | ||||||||||||
At or For the Three Months Ended |
|
At or For the Twelve Months Ended |
||||||||||
December 31, |
|
December 31, |
||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||
| Selected Balance Sheet Data | ||||||||||||
| Cash and cash equivalents | $ |
8,228 |
$ |
7,471 |
$ |
8,228 |
|
7,471 |
||||
| Total investment securities |
|
158,543 |
|
130,348 |
|
158,543 |
|
130,348 |
||||
| Loans net of unearned income |
|
1,562,524 |
|
1,325,532 |
|
1,562,524 |
|
1,325,532 |
||||
| Allowance for loan losses |
|
17,017 |
|
10,756 |
|
17,017 |
|
10,756 |
||||
| Total assets |
|
1,885,496 |
|
1,581,883 |
|
1,885,496 |
|
1,581,883 |
||||
| Non-interest bearing demand deposits |
|
362,582 |
|
273,459 |
|
362,582 |
|
273,459 |
||||
| Interest bearing deposits |
|
1,277,538 |
|
1,035,245 |
|
1,277,538 |
|
1,035,245 |
||||
| Total deposits |
|
1,640,120 |
|
1,308,704 |
|
1,640,120 |
|
1,308,704 |
||||
| Shareholders' equity |
|
186,081 |
|
161,982 |
|
186,081 |
|
161,982 |
||||
| Summary Results of Operations | ||||||||||||
| Interest income | $ |
18,666 |
$ |
17,796 |
$ |
72,446 |
$ |
68,990 |
||||
| Interest expense |
|
2,947 |
|
5,217 |
|
15,607 |
|
20,322 |
||||
| Net interest income |
|
15,719 |
|
12,579 |
|
56,839 |
|
48,668 |
||||
| Provision for loan losses |
|
2,575 |
|
360 |
|
6,217 |
|
1,170 |
||||
| Net interest income after provision for loan losses |
|
13,144 |
|
12,219 |
|
50,622 |
|
47,498 |
||||
| Noninterest income |
|
374 |
|
315 |
|
1,613 |
|
1,335 |
||||
| Noninterest expense |
|
7,440 |
|
7,018 |
|
29,163 |
|
28,701 |
||||
| Income before income taxes |
|
6,078 |
|
5,516 |
|
23,072 |
|
20,132 |
||||
| Net income |
|
4,804 |
|
4,472 |
|
18,526 |
|
15,921 |
||||
| Per Share Data and Shares Outstanding | ||||||||||||
| Earnings per share - basic | $ |
0.35 |
$ |
0.34 |
$ |
1.37 |
$ |
1.22 |
||||
| Earnings per share - diluted | $ |
0.35 |
$ |
0.33 |
$ |
1.35 |
$ |
1.17 |
||||
| Tangible book value per share | $ |
13.68 |
$ |
12.34 |
$ |
13.68 |
$ |
12.34 |
||||
| Weighted average common shares (basic) |
|
13,528,409 |
|
13,044,751 |
|
13,460,940 |
|
12,991,911 |
||||
| Weighted average common shares (diluted) |
|
13,707,301 |
|
13,628,507 |
|
13,658,618 |
|
13,574,984 |
||||
| Common shares outstanding at end of period |
|
13,606,558 |
|
13,127,661 |
|
13,606,558 |
|
13,127,661 |
||||
| Performance Ratios | ||||||||||||
| Return on average assets (annualized) |
|
|
|
|
|
|
|
|
||||
| Return on average equity (annualized) |
|
|
|
|
|
|
|
|
||||
| Net interest margin |
|
|
|
|
|
|
|
|
||||
| Noninterest income as a percentage of average assets (annualized) |
|
|
|
|
|
|
|
|
||||
| Noninterest expense to average assets (annualized) |
|
|
|
|
|
|
|
|
||||
| Efficiency ratio |
|
|
|
|
|
|
|
|
||||
| Asset Quality | ||||||||||||
| Non-performing assets to total assets |
|
|
|
|
|
|
|
|
||||
| Non-performing loans to total loans |
|
|
|
|
|
|
|
|
||||
| Allowance for loan losses to non-performing loans |
|
N/M |
|
N/M |
|
N/M |
|
N/M |
||||
| Allowance for loan losses to total loans (2) |
|
|
|
|
|
|
|
|
||||
| Net charge-offs (recoveries) to average loans (annualized) |
|
|
|
|
|
|
|
|
||||
| Loans 30-89 days past due and accruing interest | $ |
- - |
$ |
- - |
$ |
- - |
$ |
- - |
||||
| Non-accrual loans | $ |
- - |
$ |
- - |
$ |
- - |
$ |
- - |
||||
| Other real estate owned | $ |
- - |
$ |
- - |
$ |
- - |
$ |
- - |
||||
| Non-performing assets (1) | $ |
- - |
$ |
- - |
$ |
- - |
$ |
- - |
||||
| Troubled debt restructurings (total) | $ |
604 |
$ |
895 |
$ |
604 |
$ |
895 |
||||
| Performing in accordance with modified terms | $ |
604 |
$ |
895 |
$ |
604 |
$ |
895 |
||||
| Not performing in accordance with modified terms | $ |
- - |
$ |
- - |
$ |
- - |
$ |
- - |
||||
| Bank Capital Ratios | ||||||||||||
| Tangible equity / tangible assets |
|
|
|
|
|
|
|
|
||||
| Total risk-based capital ratio |
|
|
|
|
|
|
|
|
||||
| Tier 1 risk-based capital ratio |
|
|
|
|
|
|
|
|
||||
| Leverage ratio |
|
|
|
|
|
|
|
|
||||
| Common equity tier 1 ratio |
|
|
|
|
|
|
|
|
||||
| Other Information | ||||||||||||
| Number of full time equivalent employees |
|
136 |
|
131 |
|
136 |
|
131 |
||||
| # Full service branch offices |
|
8 |
|
8 |
|
8 |
|
8 |
||||
| # Loan production or limited service branch offices |
|
1 |
|
1 |
|
1 |
|
1 |
||||
(1) 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 which were accruing interest at the date indicated. |
||||||||||||
(2) The allowance for loan losses to total loans, excluding PPP loans of |
||||||||||||
| John Marshall Bancorp, Inc. | ||||||||||||||||
| Consolidated Balance Sheets | ||||||||||||||||
| (Dollar amounts in thousands, except per share data) | ||||||||||||||||
|
|
|
|
|
|
% Change |
||||||||||
December 31, |
|
September 30, |
|
December 31, |
|
Last Three |
|
Year Over |
||||||||
2020 |
|
2020 |
|
2019 |
|
Months |
|
Year |
||||||||
Assets |
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|||||||
| Cash and due from banks | $ |
8,228 |
|
$ |
7,918 |
|
$ |
7,471 |
|
|
|
|||||
| Interest-bearing deposits in banks |
|
130,229 |
|
|
154,581 |
|
|
87,019 |
|
- |
|
|||||
| Securities available-for-sale, at fair value |
|
151,900 |
|
|
131,211 |
|
|
122,729 |
|
|
|
|||||
| Restricted securities, at cost |
|
5,676 |
|
|
5,673 |
|
|
7,188 |
|
|
- |
|||||
| Equity securities, at fair value |
|
967 |
|
|
831 |
|
|
431 |
|
|
|
|||||
| Loans net of unearned income |
|
1,562,524 |
|
|
1,532,713 |
|
|
1,325,532 |
|
|
|
|||||
| Allowance for loan losses |
|
(17,017 |
) |
|
(14,441 |
) |
|
(10,756 |
) |
|
|
|||||
| Net loans |
|
1,545,507 |
|
|
1,518,272 |
|
|
1,314,776 |
|
|
|
|||||
| Bank premises and equipment, net |
|
2,422 |
|
|
2,209 |
|
|
2,318 |
|
|
|
|||||
| Accrued interest receivable |
|
5,308 |
|
|
5,708 |
|
|
4,010 |
|
- |
|
|||||
| Bank owned life insurance |
|
20,587 |
|
|
20,470 |
|
|
20,118 |
|
|
|
|||||
| Right of use assets |
|
5,944 |
|
|
6,274 |
|
|
7,254 |
|
- |
- |
|||||
| Other assets |
|
8,728 |
|
|
8,757 |
|
|
8,569 |
|
- |
|
|||||
| Total assets | $ |
1,885,496 |
|
$ |
1,861,904 |
|
$ |
1,581,883 |
|
|
|
|||||
| Liabilities and Shareholders' Equity | ||||||||||||||||
Liabilities |
||||||||||||||||
| Deposits: | ||||||||||||||||
| Non-interest bearing demand deposits | $ |
362,582 |
|
$ |
385,885 |
|
$ |
273,459 |
|
- |
|
|||||
| Interest bearing demand deposits |
|
563,956 |
|
|
549,576 |
|
|
428,529 |
|
|
|
|||||
| Savings deposits |
|
62,138 |
|
|
60,418 |
|
|
29,208 |
|
|
|
|||||
| Time deposits |
|
651,444 |
|
|
626,267 |
|
|
577,508 |
|
|
|
|||||
| Total deposits |
|
1,640,120 |
|
|
1,622,146 |
|
|
1,308,704 |
|
|
|
|||||
| Federal funds purchased |
|
- - |
|
|
- - |
|
|
12,000 |
|
N/M |
N/M |
|||||
| Federal Home Loan Bank advances |
|
22,000 |
|
|
22,000 |
|
|
62,000 |
|
|
- |
|||||
| Subordinated debt |
|
24,679 |
|
|
24,667 |
|
|
24,630 |
|
|
|
|||||
| Accrued interest payable |
|
877 |
|
|
770 |
|
|
1,106 |
|
|
- |
|||||
| Lease liabilities |
|
6,208 |
|
|
6,532 |
|
|
7,474 |
|
- |
- |
|||||
| Other liabilities |
|
5,531 |
|
|
4,362 |
|
|
3,987 |
|
|
|
|||||
| Total liabilities |
|
1,699,415 |
|
|
1,680,477 |
|
|
1,419,901 |
|
|
|
|||||
| Shareholders' Equity | ||||||||||||||||
| Preferred stock, par value |
|
- - |
|
|
- - |
|
|
- - |
|
- - |
- - |
|||||
| Common stock, nonvoting, par value |
|
- - |
|
|
- - |
|
|
- - |
|
- - |
- - |
|||||
| Common stock, voting, par value |
|
135 |
|
|
135 |
|
|
131 |
|
|
|
|||||
| Additional paid-in capital |
|
89,995 |
|
|
89,821 |
|
|
87,435 |
|
|
|
|||||
| Retained earnings |
|
92,165 |
|
|
87,361 |
|
|
73,639 |
|
|
|
|||||
| Accumulated other comprehensive income |
|
3,786 |
|
|
4,110 |
|
|
777 |
|
- |
|
|||||
| Total shareholders' equity |
|
186,081 |
|
|
181,427 |
|
|
161,982 |
|
|
|
|||||
| Total liabilities and shareholders' equity | $ |
1,885,496 |
|
$ |
1,861,904 |
|
$ |
1,581,883 |
|
|
|
|||||
| John Marshall Bancorp, Inc. | ||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||
| (Dollar amounts in thousands, except per share data) | ||||||||||||||||
Three Months Ended |
|
|
|
Twelve Months Ended |
|
|
||||||||||
December 31, |
|
|
|
December 31, |
|
|
||||||||||
2020 |
|
2019 |
|
% Change |
|
2020 |
|
2019 |
|
% Change |
||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Interest and Dividend Income | ||||||||||||||||
| Interest and fees on loans | $ |
17,845 |
$ |
16,531 |
|
$ |
68,714 |
$ |
63,920 |
|
||||||
| Interest on investment securities, taxable |
|
683 |
|
715 |
- |
|
2,896 |
|
2,528 |
|
||||||
| Interest on investment securities, tax-exempt |
|
33 |
|
19 |
|
|
117 |
|
135 |
- |
||||||
| Dividends |
|
68 |
|
95 |
- |
|
315 |
|
424 |
- |
||||||
| Interest on federal funds sold |
|
- - |
|
- - |
N/M |
|
- - |
|
1 |
N/M |
||||||
| Interest on deposits in banks |
|
37 |
|
436 |
- |
|
404 |
|
1,982 |
- |
||||||
| Total interest and dividend income |
|
18,666 |
|
17,796 |
|
|
72,446 |
|
68,990 |
|
||||||
| Interest Expense | ||||||||||||||||
| Deposits |
|
2,533 |
|
4,645 |
- |
|
13,742 |
|
17,817 |
- |
||||||
| Federal Home Loan Bank advances |
|
42 |
|
199 |
- |
|
377 |
|
1,015 |
- |
||||||
| Subordinated debt |
|
372 |
|
372 |
|
|
1,487 |
|
1,487 |
|
||||||
| Other short-term borrowings |
|
- - |
|
1 |
N/M |
|
1 |
|
3 |
- |
||||||
| Total interest expense |
|
2,947 |
|
5,217 |
- |
|
15,607 |
|
20,322 |
- |
||||||
| Net interest income |
|
15,719 |
|
12,579 |
|
|
56,839 |
|
48,668 |
|
||||||
| Provision for loan losses |
|
2,575 |
|
360 |
|
|
6,217 |
|
1,170 |
|
||||||
| Net interest income after provision for loan losses |
|
13,144 |
|
12,219 |
|
|
50,622 |
|
47,498 |
|
||||||
| Noninterest Income | ||||||||||||||||
| Service charges on deposit accounts |
|
122 |
|
132 |
- |
|
465 |
|
556 |
- |
||||||
| Bank owned life insurance |
|
117 |
|
125 |
- |
|
469 |
|
501 |
- |
||||||
| Other service charges and fees |
|
52 |
|
41 |
|
|
172 |
|
180 |
- |
||||||
| Gain on sale of securities |
|
- - |
|
- - |
N/M |
|
309 |
|
14 |
N/M |
||||||
| Other operating income |
|
83 |
|
17 |
|
|
198 |
|
84 |
|
||||||
| Total noninterest income |
|
374 |
|
315 |
|
|
1,613 |
|
1,335 |
|
||||||
| Noninterest Expenses | ||||||||||||||||
| Salaries and employee benefits |
|
4,536 |
|
4,223 |
|
|
18,167 |
|
18,012 |
|
||||||
| Occupancy expense of premises |
|
494 |
|
517 |
- |
|
1,950 |
|
2,179 |
- |
||||||
| Furniture and equipment expenses |
|
369 |
|
382 |
- |
|
1,626 |
|
1,420 |
|
||||||
| Other operating expenses |
|
2,041 |
|
1,896 |
|
|
7,420 |
|
7,090 |
|
||||||
| Total noninterest expenses |
|
7,440 |
|
7,018 |
|
|
29,163 |
|
28,701 |
|
||||||
| Income before income taxes |
|
6,078 |
|
5,516 |
|
|
23,072 |
|
20,132 |
|
||||||
| Income tax expense |
|
1,274 |
|
1,044 |
|
|
4,546 |
|
4,211 |
|
||||||
| Net income | $ |
4,804 |
$ |
4,472 |
|
$ |
18,526 |
$ |
15,921 |
|
||||||
| Earnings Per Share | ||||||||||||||||
| Basic | $ |
0.35 |
$ |
0.34 |
|
$ |
1.37 |
$ |
1.22 |
|
||||||
| Diluted | $ |
0.35 |
$ |
0.33 |
|
$ |
1.35 |
$ |
1.17 |
|
||||||
| John Marshall Bancorp, Inc. | ||||||||||||||||||||||
| Loan, Deposit and Borrowing Detail (Unaudited) | ||||||||||||||||||||||
| (Dollar amounts in thousands) | ||||||||||||||||||||||
| December 31, 2020 | September 30, 2020 | December 31, 2019 | Percentage Change | |||||||||||||||||||
Loans |
$ Amount | % of Total | $ Amount | % of Total | $ Amount | % of Total | Last 3 Mos | Last 12 Mos | ||||||||||||||
| Mortgage loans on real estate | ||||||||||||||||||||||
| Commercial | $ |
857,256 |
|
|
$ |
808,204 |
|
|
$ |
794,142 |
|
|
|
|
||||||||
| Construction and land development |
|
243,741 |
|
|
|
237,195 |
|
|
|
252,079 |
|
|
|
- |
||||||||
| Residential |
|
278,763 |
|
|
|
262,049 |
|
|
|
202,512 |
|
|
|
|
||||||||
| Total mortgage loans on real estate | $ |
1,379,760 |
|
|
$ |
1,307,448 |
|
|
$ |
1,248,733 |
|
|
|
|
||||||||
| Commercial loans |
|
181,960 |
|
|
|
225,865 |
|
|
|
76,096 |
|
|
- |
|
||||||||
| Consumer loans |
|
1,000 |
|
|
|
1,208 |
|
|
|
653 |
|
|
- |
|
||||||||
| Total loans | $ |
1,562,720 |
|
|
$ |
1,534,521 |
|
|
$ |
1,325,482 |
|
|
|
|
||||||||
| Less: Allowance for loan losses |
|
(17,017 |
) |
|
(14,441 |
) |
|
(10,756 |
) |
|||||||||||||
| Net deferred loan costs (fees) |
|
(196 |
) |
|
(1,808 |
) |
|
50 |
|
|||||||||||||
| Net loans | $ |
1,545,507 |
|
$ |
1,518,272 |
|
$ |
1,314,776 |
|
|||||||||||||
| December 31, 2020 | September 30, 2020 | December 31, 2019 | Percentage Change | |||||||||||||||||||
Deposits |
$ Amount | % of Total | $ Amount | % of Total | $ Amount | % of Total | Last 3 Mos | Last 12 Mos | ||||||||||||||
| Noninterest-bearing demand deposits | $ |
362,582 |
|
|
$ |
385,885 |
|
|
$ |
273,459 |
|
|
- |
|
||||||||
| Interest-bearing demand deposits: | ||||||||||||||||||||||
| NOW accounts |
|
105,122 |
|
|
|
101,792 |
|
|
|
60,835 |
|
|
|
|
||||||||
| Money market accounts |
|
223,007 |
|
|
|
214,701 |
|
|
|
180,253 |
|
|
|
|
||||||||
| Savings accounts |
|
62,138 |
|
|
|
60,418 |
|
|
|
29,208 |
|
|
|
|
||||||||
| Certificates of deposit | ||||||||||||||||||||||
|
258,744 |
|
|
|
281,302 |
|
|
|
255,220 |
|
|
- |
|
|||||||||
| Less than |
|
115,634 |
|
|
|
117,171 |
|
|
|
128,283 |
|
|
- |
- |
||||||||
| QwickRate® Certificates of deposit |
|
29,765 |
|
|
|
29,781 |
|
|
|
18,030 |
|
|
- |
|
||||||||
| ICS® |
|
235,824 |
|
|
|
233,083 |
|
|
|
187,439 |
|
|
|
|
||||||||
| CDARS® |
|
39,725 |
|
|
|
36,909 |
|
|
|
50,884 |
|
|
|
- |
||||||||
| Brokered deposits |
|
207,579 |
|
|
|
161,104 |
|
|
|
125,093 |
|
|
|
|
||||||||
| Total deposits | $ |
1,640,120 |
|
|
$ |
1,622,146 |
|
|
$ |
1,308,704 |
|
|
|
|
||||||||
Borrowings |
||||||||||||||||||||||
| Federal funds purchased | $ |
- - |
|
|
$ |
- - |
|
|
$ |
12,000 |
|
|
N/M |
- |
||||||||
| Federal Home Loan Bank advances |
|
22,000 |
|
|
|
22,000 |
|
|
|
62,000 |
|
|
|
- |
||||||||
| Subordinated debt |
|
24,679 |
|
|
|
24,667 |
|
|
|
24,630 |
|
|
|
|
||||||||
| Total borrowings | $ |
46,679 |
|
|
$ |
46,667 |
|
|
$ |
98,630 |
|
|
|
- |
||||||||
| Total deposits and borrowings | $ |
1,686,799 |
|
$ |
1,668,813 |
|
$ |
1,407,334 |
|
|
|
|||||||||||
| Core customer funding sources (1) | $ |
1,402,776 |
|
|
$ |
1,431,261 |
|
|
$ |
1,165,581 |
|
|
- |
|
||||||||
| Wholesale funding sources (2) |
|
259,344 |
|
|
|
212,885 |
|
|
|
217,123 |
|
|
|
|
||||||||
| Subordinated debt (3) |
|
24,679 |
|
|
|
24,667 |
|
|
|
24,630 |
|
|
|
|
||||||||
| Total funding sources | $ |
1,686,799 |
|
|
$ |
1,668,813 |
|
|
$ |
1,407,334 |
|
|
|
|
||||||||
(1) Includes ICS(r) and CDARS(r), which are all reciprocal deposits maintained by customers. |
||||||||||||||||||||||
(2) Consists of QwickRate(r) certificates of deposit, brokered deposits, federal funds purchased and Federal Home Loan Bank advances. |
||||||||||||||||||||||
(3) Subordinated debt obligation qualifies as Tier 2 capital. |
||||||||||||||||||||||
| John Marshall Bancorp, Inc. | ||||||||||||||||
| Average Balance Sheets, Interest and Rates (unaudited) | ||||||||||||||||
| (Dollar amounts in thousands) | ||||||||||||||||
| Three Months Ended December 31, 2020 | Three Months Ended December 31, 2019 | |||||||||||||||
| Interest | Average | Interest | Average | |||||||||||||
| Average | Income- | Yields | Average | Income- | Yields | |||||||||||
| Balance | Expense | /Rates | Balance | Expense | /Rates | |||||||||||
| Assets | ||||||||||||||||
| Securities | $ |
146,863 |
$ |
784 |
|
$ |
122,228 |
$ |
829 |
|
||||||
| Loans, net of unearned income |
|
1,541,184 |
|
17,845 |
|
|
1,284,437 |
|
16,531 |
|
||||||
| Interest-bearing deposits in other banks |
|
135,300 |
|
37 |
|
|
103,194 |
|
436 |
|
||||||
| Total interest-earning assets | $ |
1,823,347 |
$ |
18,666 |
|
$ |
1,509,859 |
$ |
17,796 |
|
||||||
| Other assets |
|
34,785 |
|
40,123 |
||||||||||||
| Total assets | $ |
1,858,132 |
$ |
1,549,982 |
||||||||||||
| Liabilities & Shareholders' equity | ||||||||||||||||
| Interest-bearing deposits | ||||||||||||||||
| NOW accounts | $ |
231,479 |
$ |
219 |
|
$ |
151,188 |
$ |
413 |
|
||||||
| Money market accounts |
|
336,131 |
|
359 |
|
|
285,440 |
|
970 |
|
||||||
| Savings accounts |
|
62,488 |
|
65 |
|
|
28,541 |
|
101 |
|
||||||
| Time deposits |
|
593,010 |
|
1,890 |
|
|
563,712 |
|
3,161 |
|
||||||
| Total interest-bearing deposits | $ |
1,223,108 |
$ |
2,533 |
|
$ |
1,028,881 |
$ |
4,645 |
|
||||||
| Federal funds purchased | $ |
- - |
$ |
- - |
N/M |
$ |
130 |
$ |
1 |
|
||||||
| Subordinated debt |
|
24,671 |
|
372 |
|
|
24,622 |
|
372 |
|
||||||
| Other borrowed funds |
|
20,533 |
|
42 |
|
|
44,859 |
|
199 |
|
||||||
| Total interest-bearing liabilities | $ |
1,268,312 |
$ |
2,947 |
|
$ |
1,098,492 |
$ |
5,217 |
|
||||||
| Demand deposits |
|
392,436 |
|
276,981 |
||||||||||||
| Other liabilities |
|
12,528 |
|
13,988 |
||||||||||||
| Total liabilities | $ |
1,673,276 |
$ |
1,389,461 |
||||||||||||
| Shareholders' equity |
|
184,856 |
|
160,521 |
||||||||||||
| Total liabilities and shareholders' equity | $ |
1,858,132 |
$ |
1,549,982 |
||||||||||||
| Interest rate spread |
|
|
||||||||||||||
| Net interest income and margin | $ |
15,719 |
|
$ |
12,579 |
|
||||||||||
| Twelve Months Ended December 31, 2020 | Twelve Months Ended December 31, 2019 | |||||||||||||||
| Interest | Average | Interest | Average | |||||||||||||
| Average | Income- | Yields | Average | Income- | Yields | |||||||||||
| Balance | Expense | /Rates | Balance | Expense | /Rates | |||||||||||
| Assets | ||||||||||||||||
| Securities | $ |
139,352 |
$ |
3,328 |
|
$ |
114,127 |
$ |
3,087 |
|
||||||
| Loans, net of unearned income |
|
1,462,963 |
|
68,714 |
|
|
1,225,187 |
|
63,920 |
|
||||||
| Interest-bearing deposits in other banks |
|
108,654 |
|
404 |
|
|
91,997 |
|
1,982 |
|
||||||
| Federal funds sold |
|
- - |
|
- - |
N/M |
|
54 |
|
1 |
|
||||||
| Total interest-earning assets | $ |
1,710,969 |
$ |
72,446 |
|
$ |
1,431,365 |
$ |
68,990 |
|
||||||
| Other assets |
|
36,878 |
|
39,202 |
||||||||||||
| Total assets | $ |
1,747,847 |
$ |
1,470,567 |
||||||||||||
| Liabilities & Shareholders' equity | ||||||||||||||||
| Interest-bearing deposits | ||||||||||||||||
| NOW accounts | $ |
196,776 |
$ |
1,086 |
|
$ |
139,529 |
$ |
1,661 |
|
||||||
| Money market accounts |
|
310,789 |
|
2,202 |
|
|
279,256 |
|
4,143 |
|
||||||
| Savings accounts |
|
47,263 |
|
330 |
|
|
21,755 |
|
295 |
|
||||||
| Time deposits |
|
588,239 |
|
10,124 |
|
|
533,633 |
|
11,718 |
|
||||||
| Total interest-bearing deposits | $ |
1,143,068 |
$ |
13,742 |
|
$ |
974,173 |
$ |
17,817 |
|
||||||
| Federal funds purchased | $ |
184 |
$ |
1 |
|
$ |
107 |
$ |
3 |
|
||||||
| Subordinated debt |
|
24,653 |
|
1,487 |
|
|
24,604 |
|
1,487 |
|
||||||
| Other borrowed funds |
|
31,481 |
|
377 |
|
|
52,333 |
|
1,015 |
|
||||||
| Total interest-bearing liabilities | $ |
1,199,386 |
$ |
15,607 |
|
$ |
1,051,217 |
$ |
20,322 |
|
||||||
| Demand deposits |
|
359,598 |
|
254,830 |
||||||||||||
| Other liabilities |
|
12,323 |
|
11,617 |
||||||||||||
| Total liabilities | $ |
1,571,307 |
$ |
1,317,664 |
||||||||||||
| Shareholders' equity |
|
176,540 |
|
152,903 |
||||||||||||
| Total liabilities and shareholders' equity | $ |
1,747,847 |
$ |
1,470,567 |
||||||||||||
| Interest rate spread |
|
|
||||||||||||||
| Net interest income and margin | $ |
56,839 |
|
$ |
48,668 |
|
||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210120005092/en/
