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     459  0 Kommentare John Marshall Bancorp, Inc. Reports Continued Momentum with Record Quarterly Earnings and Strong Growth

    John Marshall Bancorp, Inc. (OTCQB: JMSB) (the “Company”), parent company of John Marshall Bank (the “Bank”) reported its financial results for the three months ended March 31, 2019.

    Selected Highlights

    • Earnings Momentum - The Company reported net income of $3.6 million or $0.27 per diluted share for the three months ended March 31, 2019. This compares to $3.0 million or $0.22 per diluted share for the three months ended December 31, 2018. EPS increased 22.7% on a sequential quarter basis from December 31, 2018 to March 31, 2019.
    • Improved Quarterly Returns - Quarterly return on average assets (“ROAA”) increased from 0.89% for the three months ended December 31, 2018, to 1.04% for the three months ended March 31, 2019. Quarterly return on average equity (“ROAE”) increased from 8.57% for the three months ended December 31, 2018, to 10.09% for the three months ended March 31, 2019.
    • Improved Efficiency Ratio - The efficiency ratio decreased from 64.4% for the fourth quarter of 2018 to 59.2% for the first quarter of 2019. The Company continues to leverage its 2018 investment in new personnel and new offices.
    • Strong Asset Growth - Total assets were $1.43 billion at March 31, 2019, an increase of $193.2 million or 15.7% since March 31, 2018. Total assets increased $30.9 million during the first quarter of 2019, despite a reduction in brokered deposits and other wholesale funding of $27.8 million during the quarter.
    • Robust Loan Growth - Gross loans net of unearned income equaled $1.18 billion at March 31, 2019. Gross loans net of unearned income increased $167.0 million or 16.5% since March 31, 2018. Gross loans net of unearned income increased $15.9 million since December 31, 2018, despite higher payoff activity during the quarter.
    • Improved Liquidity as Deposit Growth Exceeded Asset Growth - Total deposits amounted to $1.18 billion at March 31, 2019, an increase of $211.6 million or 21.9% since March 31, 2018, including a 23.1% increase in core deposits. Total Deposits increased $40.2 million since December 31, 2018, despite a reduction of QwickRate and brokered deposits of $5.8 million.
    • Continued Funding Composition Improvement - Core customer deposits grew $205.4 million or 23.1% since March 31, 2018. Wholesale funding decreased $35.8 million or 19.9% since March 31, 2018. Wholesale funding represented 11.4% of total funding sources at March 31, 2019 compared to 13.8% at December 31, 2018 and 16.5% at March 31, 2018.

    Chris Bergstrom, President and Chief Executive Officer, commented “Over the past year the Company has launched initiatives to enhance growth and profitability, diversify the loan and deposit portfolios and reduce non-core funding. The Company remains well positioned to leverage its 2018 investment in personnel and new offices for future growth.”

    Balance Sheet Review

    Assets

    Total assets were $1.43 billion at March 31, 2019, $1.39 billion at December 31, 2018 and $1.23 billion at March 31, 2018. During the first quarter of 2019 assets increased $30.9 million, or 2.2%. Year-over-year asset growth, from March 31, 2018 to March 31, 2019, was $193.2 million, or 15.7%. During the first quarter of 2019, asset growth was restrained as strong core deposit growth was used to pay off Federal funds purchased and reduce brokered deposits and FHLB advances.

    Loans

    Gross loans were $1.18 billion at March 31, 2019, $1.16 billion at December 31, 2018 and $1.01 billion at March 31, 2018. During the first quarter, gross loans net of unearned income grew $15.9 million or 1.4%. Year-over-year gross loans net of unearned income increased $167.0 million, or 16.5% from March 31, 2018 to March 31, 2019. Loan originations were strong during the first quarter of 2019, but were offset by higher than anticipated loan payoffs or paydowns.

    Investment Securities

    The Company’s investment portfolio comprised of held-to-maturity and available-for-sale securities was $104.2 million at March 31, 2019, $97.2 million at December 31, 2018 and $96.4 million at March 31, 2018. Year-over-year the investment portfolio growth, from March 31, 2018 to March 31, 2019, was $7.8 million, or 8.0%. As of March 31, 2019, the Company held $31.9 million of its investment portfolio as held-to-maturity, and $72.3 million as available-for-sale. The Company also had restricted securities totaling $7.1 million at March 31, 2019, $7.3 million at December 31, 2018 and $8.4 million at March 31, 2018.

    Subsequent to March 31, 2019, the entire held-to-maturity portfolio, totaling $31.9 million was transferred to available-for-sale. The Company’s held-to-maturity portfolio was primarily comprised of municipal bonds whose tax equivalent yield was, on an aggregated basis, lower than agency guaranteed fixed income investment alternatives of a comparable maturity. By moving the held-to-maturity portfolio to available-for-sale, the Company can evaluate economically advantageous opportunities to sell certain municipal bonds and redeploy the proceeds in higher yielding alternatives. The portfolio migration resulted in an immaterial second quarter adjustment to accumulated other comprehensive income (loss) as a result of recording the securities at their fair value on the date of the transfer. The transfer will impact net income only to the extent of any gains or losses realized on the sale of specific securities subsequent to their transfer to the available-for-sale classification.

    Interest Bearing Deposits in Banks

    Interest-bearing deposits in banks were $96.4 million at March 31, 2019, $93.7 million at December 31, 2018 and $87.1 million at March 31, 2018. The higher cash balances at March 31, 2019 continue to be a result of the recent deposit growth. These funds will continue to be deployed into higher earning assets.

    Deposits

    Total deposits were $1.18 billion at March 31, 2019, $1.14 billion at December 31, 2018 and $967.0 million at March 31, 2018. During the first quarter, deposits grew $40.2 million or 3.5%. Year-over-year deposit growth, from March 31, 2018 to March 31, 2019, was $211.6 million, or 21.9%. Core customer funding was $1.10 billion at March 31, 2019, $1.05 billion at December 31, 2018 and $890.1 million at March 31, 2018. Year-over-year core customer funding sources increased by $205.4 million, or 23.1%, from March 31, 2018 to March 31, 2019.

    ICS deposits were $154.6 million at March 31, 2019, $135.1 million at December 31, 2018 and $68.8 million at March 31, 2018. Year-over-year, ICS deposits increased $85.8 million from March 31, 2018 to March 31, 2019. CDARS were $91.0 million at March 31, 2019, $112.2 million at December 31, 2018 and $91.6 million at March 31, 2018. The decline in CDARS was part of a management decision to not renew higher priced deposits to help improve funding composition.

    QwickRate certificates of deposit were $19.6 million at March 31, 2019, $20.6 million at December 31, 2018 and $26.0 million at March 31, 2018. Year-over-year QwickRate certificates of deposit decreased $6.4 million from March 31, 2018 to March 31, 2019. Brokered deposits were $63.4 million at March 31, 2019, $68.2 million at December 31, 2018 and $50.9 million at March 31, 2018. Brokered deposits increased $12.6 million from March 31, 2018 to March 31, 2019.

    Core customer funding was 86.6% of all funding sources as of March 31, 2019, as compared to 84.2% at December 31, 2018 and 81.3% as of March 31, 2018. Increasing core customer funding is a key strategic initiative for the Company.

    Borrowings

    Total borrowings, consisting of Federal Home Loan Bank advances and Federal funds purchased, were $61.5 million at March 31, 2019, $83.5 million at December 31, 2018 and $103.5 million at March 31, 2018. Total borrowings decreased $42.0 million, or 40.6%, from March 31, 2018 to March 31, 2019. Federal Home Loan Bank advances were $61.5 million at March 31, 2019, $68.5 million at December 31, 2018 and $103.5 million at March 31, 2018. The 40.6% decrease year-over-year in borrowings was a result of the overall growth in core customer deposits, as mentioned above.

    Wholesale funding, which includes QwickRate certificates, brokered deposits, Federal funds purchased and FHLB borrowings, was $144.6 million at March 31, 2019, $172.3 million at December 31, 2018 and $180.4 million at March 31, 2018. Wholesale funding decreased $27.8 million, or 16.1% during the first three months of 2019. Year-over-year, wholesale funding declined $35.8 million, or 19.9%, from March 31, 2018 to March 31, 2019.

    The Company had subordinated notes with balances of $24.6 million at March 31, 2019 and December 31, 2018 and $24.5 million at March 31, 2018. The notes qualify as Tier 2 capital for the Company for regulatory purposes.

    Shareholders’ Equity and Capital Levels

    Total shareholders’ equity was $147.2 million at March 31, 2019, $142.0 million at December 31, 2018 and $131.6 million at March 31, 2018. Year-over-year shareholders’ equity increased by $15.6 million, or 11.9%. Total common shares outstanding increased from 12,829,888, including 57,550 unvested shares, at March 31, 2018, to 13,034,794, including 59,604 unvested shares, at March 31, 2019.

    The Company’s capital ratios remain well above regulatory minimums for well capitalized banks. As of March 31, 2019, the Company’s total risk-based capital ratio was 14.0%, compared to 14.9% at March 31, 2018.

    Income Statement Review

    Net Interest Income

    Net interest income, the Company’s primary source of revenue, was $11.6 million for the three months ended March 31, 2019, up 11.0% from $10.4 million for the three months ended March 31, 2018. The net interest margin was 3.43% for the three months ended March 31, 2019 as compared to 3.60% for the three months ended March 31, 2018. Average net loans increased $155.7 million compared to the three months ended March 31, 2018, with a 25 basis point increase in yield. Average interest-bearing deposits in other banks increased $36.4 million compared to the three months ended March 31, 2018, with an 87 basis point increase in yield. The higher level of interest-bearing deposit balances resulting from the growth in customer deposits have and will continue to be deployed into higher earning assets. The average cost of interest-bearing liabilities increased 59 basis points when comparing the quarter ended March 31, 2018 to the quarter ended March 31, 2019. The Company’s margin compression is reflective of the yield curve as loan yields and yield on earning assets have increased by 25 basis points and 26 basis points, respectively, a significantly lower degree than short term deposit rates.

    Provision for Loan Losses

    The Company had a $221 thousand provision for loan losses for the three months ended March 31, 2019, compared to a provision of $190 thousand for the same period in 2018. The Company had $169 thousand in net loan charge-offs during the first quarter of 2019, compared to net loan charge-offs of $1 thousand in the first quarter of 2018. The charge-off in the first quarter of 2019 was related to one loan.

    Noninterest Income

    The Company’s noninterest income consists primarily of bank owned life insurance income and service charges on deposit accounts. 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 March 31, 2019, the Company reported total noninterest income of $307 thousand, compared to $334 thousand during the three months ended March 31, 2018. Service charges on deposit accounts increased $22 thousand, or 19.3%, for the three months ended March 31, 2019 as compared to the same period in the prior year. The increase in service charges on deposit accounts is mostly related to higher ATM and debit interchange fees collected. Other service charges and fees decreased $38 thousand for the three months ended March 31, 2019 as compared to the same period in the prior year. Other service charges and fees during the first quarter of 2018 were higher due to fees collected on CDARS balances.

    Noninterest Expense

    For the three months ended March 31, 2019, salaries and employee benefits expense increased 11.1% to $4.6 million, compared to $4.1 million for the same period in 2018. All other noninterest expenses increased by 3.7%, or $86 thousand, during the first quarter of 2019, compared to the same period in 2018.

    The increase in salaries and benefits for the three month periods ended March 31, 2019 was primarily attributable to increased employee count year-over-year, including staff for our branch in Woodbridge, Virginia and Tysons Corner, Virginia which converted from a loan production office to a full service branch. In addition to the staff needed at our new locations, over the past year we hired key executives, loan and business development officers as well as support staff in our operations office. The expansion of branches and staff correspond to the overall growth initiatives for the Company. The increase in occupancy and furniture and equipment expenses was mostly related to additional rent and furniture expenses related to the new locations listed above.

    Asset Quality

    As of March 31, 2019, non-performing assets were 0.10% of total assets, compared to 0.08% at March 31, 2018. As of March 31, 2019, non-accrual loans totaled $1.4 million, up $768 thousand from $638 thousand as of March 31, 2018. During the first quarter of 2019, loans totaling $1.4 million were added to non-accrual, which includes three loans to one borrower, all of which are well secured.

    At March 31, 2018, other real estate owned had a balance of $379 thousand. In February 2019, the other real estate owned was sold for $379 thousand. The Company had no other real estate owned as of March 31, 2019.

    Troubled debt restructurings were $2.3 million at March 31, 2019, an increase of $1.9 million, compared to $491 thousand at March 31, 2018. During the first quarter of 2019, four loans totaling $1.6 million were added as troubled debt restructurings. There were $935 thousand of the troubled debt restructurings that were performing in accordance with their modified terms as of March 31, 2019.

    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 and has eight full-service banking centers located in Reston, Leesburg, Arlington Alexandria, Tysons Corner and Woodbridge, Virginia; Rockville, Maryland; Washington, DC and one loan production office in Arlington, Virginia. 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.
    Financial Highlights (Unaudited)
    (Dollar amounts in thousands, except per share data)
             
    At or For the Three Months Ended
    March 31,
    2019 2018
    Selected Balance Sheet Data
    Cash and cash equivalents $ 5,709 $ 5,178
    Total investment securitites 111,447 104,837
    Loans net of unearned income 1,177,319 1,010,362
    Allowance for loan losses 9,783 9,117
    Total assets 1,425,477 1,232,289
    Non-interest bearing demand deposits 228,826 185,151
    Interest bearing deposits 949,708 781,802
    Total deposits 1,178,534 966,953
    Shareholders' equity 147,226 131,627
     
    Summary Results of Operations
    Interest income $ 16,377

     

    $ 13,281
    Interest expense 4,798

     

    2,853
    Net interest income 11,579 10,428
    Provision for loan losses 221

     

    190
    Net interest income after provision for loan losses 11,358 10,238
    Noninterest income 307

     

    334
    Noninterest expense 7,033

     

    6,485
    Income before income taxes 4,632

     

    4,087
    Net income 3,610

     

    3,244
     
    Per share Data and Shares Outstanding
    Earnings per share - basic $ 0.28 $ 0.25
    Earnings per share - diluted $ 0.27 $ 0.24
    Tangible book value per share $ 11.29 $ 10.26
    Weighted average common shares (basic) 12,910,845 12,826,941
    Weighted average common shares (diluted) 13,532,074 13,572,417
    Common shares outstanding at end of period 13,034,794 12,829,888
     
    Performance Ratios
    Return on average assets (annualized) 1.04% 1.09%
    Return on average equity (annualized) 10.09% 10.07%
    Net interest margin 3.43% 3.60%
    Noninterest income as a percentage of average assets (annualized) 0.09% 0.11%
    Noninterest expense to average assets (annualized) 2.03% 2.18%
    Efficiency ratio 59.2% 60.3%
     
    Asset Quality
    Non-performing assets to total assets 0.10% 0.08%
    Non-performing loans to total loans 0.12% 0.06%
    Allowance for loan losses to non-performing loans 7.0x 14.3x
    Allowance for loan losses to total loans 0.83% 0.90%
    Net charge-offs to average loans (annualized) 0.06% 0.00%
     
    Loans 30-89 days past due and accruing interest $ - - $ - -
    Non-accrual loans $ 1,406 $ 638
    Other real estate owned $ - - $ 379
    Non-performing assets (1) $ 1,406 $ 1,017
    Troubled debt restructurings (total) $ 2,341 $ 491
    Performing in accordance with modified terms $ 935 $ 491
    Not performing in accordance with modified terms $ 1,406 $ - -
     
    Capital Ratios
    Tangible equity / tangible assets 10.3% 10.7%
    Total risk-based capital ratio 14.0% 14.9%
    Tier 1 risk-based capital ratio 11.3% 11.9%
    Leverage ratio 10.5% 11.0%
    Common equity tier 1 ratio 11.3% 11.9%
     
    Other Information
    Number of full time equivalent employees 141 126
    # Full service branch offices 8 6
    # Loan production or limited service branch offices 1 2
     
     
    (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 ("TDRs") which were accruing interest at the date indicated.
     
     
    John Marshall Bancorp, Inc.
    Consolidated Balance Sheets
    (Dollar amounts in thousands, except per share data)
                       
    % Change
    March 31,

    December 31,

    March 31, Last Three Year Over
    2019 2018 2018 Months Year
    Assets (Unaudited) (Unaudited) (Unaudited)
     
    Cash and due from banks $ 5,709 $ 7,853 $ 5,178 -27.3% 10.3%
    Interest-bearing deposits in banks 96,376 93,716 87,098 2.8% 10.7%
    Federal funds sold 78 126 80 -38.1% -2.5%
    Securities available-for-sale, at fair value 72,284 61,055 55,702 18.4% 29.8%

    Securities held-to-maturity, fair value of $31,801 at 3/31/2019, $35,589 at 12/31/2018 and $39,902 at 3/31/2018

    31,896 36,177 40,720 -11.8% -21.7%
    Restricted securities, at cost 7,147 7,283 8,415 -1.9% -15.1%
    Equity securitites, at fair value 120 120 - - 0.0% N/M
    Loans net of unearned income 1,177,319 1,161,455 1,010,362 1.4% 16.5%
    Allowance for loan losses   (9,783)   (9,731)   (9,117) 0.5% 7.3%
    Net loans 1,167,536 1,151,724 1,001,245 1.4% 16.6%
    Bank premises and equipment, net 2,668 2,852 2,480 -6.5% 7.6%
    Accrued interest receivable 4,030 3,623 3,125 11.2% 29.0%
    Bank owned life insurance 19,743 19,617 19,224 0.6% 2.7%
    Other real estate owned - - 379 379 N/M N/M
    Right of use assets 9,204 - - - - N/M N/M
    Other assets   8,686   10,096   8,643 -14.0% 0.5%
     
    Total assets $ 1,425,477 $ 1,394,621 $ 1,232,289 2.2% 15.7%
     
    Liabilities and Shareholders' Equity

    Liabilities

    Deposits:
    Non-interest bearing demand deposits $ 228,826 $ 222,299 $ 185,151 2.9% 23.6%
    Interest bearing demand deposits 430,512 367,656 293,171 17.1% 46.8%
    Savings deposits 15,628 6,987 7,163 123.7% 118.2%
    Time deposits   503,568   541,426   481,468 -7.0% 4.6%
    Total deposits 1,178,534 1,138,368 966,953 3.5% 21.9%
    Federal funds purchased - - 15,001 - - N/M N/M
    Federal Home Loan Bank advances 61,500 68,500 103,500 -10.2% -40.6%
    Subordinated debt 24,593 24,581 24,544 0.0% 0.2%
    Accrued interest payable 780 1,243 736 -37.2% 6.0%
    Lease liabilities 9,431 - - - - N/M N/M
    Other liabilities   3,413   4,910   4,929 -30.5% -30.8%
    Total liabilities   1,278,251   1,252,603   1,100,662 2.0% 16.1%

     

     

    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; authorized 20,000,000 shares; issued and outstanding, 13,034,794 at 3/31/2019 including 59,604 unvested shares, 12,900,125 shares at 12/31/2018 including 86,400 unvested shares and 12,829,888 at 3/31/18, including 57,550 unvested shares

    130 128 128 1.6% 1.6%
    Additional paid-in capital 86,052 85,127 84,077 1.1% 2.3%
    Retained earnings 61,329 57,718 48,676 6.3% 26.0%
    Accumulated other comprehensive loss   (285)   (955)   (1,254) 70.2% 77.3%
     
    Total shareholders' equity   147,226   142,018   131,627 3.7% 11.9%
     
    Total liabilities and shareholders' equity $ 1,425,477 $ 1,394,621 $ 1,232,289 2.2% 15.7%
     
     
    John Marshall Bancorp, Inc.
    Consolidated Statements of Income

    (Dollar amounts in thousands, except per share data)

     

                 
    Three Months Ended
    March 31,
    2019 2018 % Change
    (Unaudited) (Unaudited)
    Interest and Dividend Income
    Interest and fees on loans $ 15,078 $ 12,436 21.2%
    Interest on investment securities, taxable 529 414 27.8%
    Interest on investment securities, tax-exempt 72 85 -15.3%
    Dividends 116 114 1.8%
    Interest on federal funds sold 1 - - N/M
    Interest on deposits in banks   581   232 150.4%
    Total interest and dividend income   16,377   13,281 23.3%
     
    Interest Expense
    Deposits 4,086 2,068 97.6%
    Federal Home Loan Bank advances 338 411 -17.8%
    Subordinated debt 372 372 0.0%
    Other short-term borrowings   2   2 0.0%
    Total interest expense   4,798   2,853 68.2%
     
    Net interest income 11,579 10,428 11.0%
     
    Provision for loan losses   221   190 16.3%
     
    Net interest income after provision for loan losses   11,358   10,238 10.9%
     
    Noninterest Income
    Service charges on deposit accounts 136 114 19.3%
    Bank owned life insurance 126 131 -3.8%
    Other service charges and fees 43 81 -46.9%
    Other operating income   2   8 N/M
    Total noninterest income   307   334 -8.1%
     
    Noninterest Expenses
    Salaries and employee benefits 4,610 4,148 11.1%
    Occupancy expense of premises 540 511 5.7%
    Furniture and equipment expenses 335 302 10.9%
    Other operating expenses   1,548   1,524 1.6%
    Total noninterest expenses   7,033   6,485 8.5%
     
    Income before income taxes 4,632 4,087 13.3%
     
    Income tax expense   1,022

     

      843 21.2%
     
    Net income $ 3,610 $ 3,244 11.3%
     
    Earnings Per Share
    Basic $ 0.28 $ 0.25 12.0%
    Diluted $ 0.27 $ 0.24 12.5%
     
     
    John Marshall Bancorp, Inc.
    Loan, Deposit and Borrowing Detail (Unaudited)
    (Dollar amounts in thousands)
                                     
    March 31, 2019 December 31, 2018 March 31, 2018 Percentage Change
    Loans $ Amount % of Total $ Amount % of Total $ Amount % of Total Last 3 Mos Last 12 Mos
    Mortgage loans on real estate
    Commercial $ 736,620 62.5% $ 747,342 64.2% $ 610,735 60.3% -1.4% 20.6%
    Construction and land development 226,499 19.2% 204,986 17.6% 197,813 19.6% 10.5% 14.5%
    Residential   149,437 12.7%   143,811 12.4%   140,589 13.9% 3.9% 6.3%
    Total mortgage loans on real estate $ 1,112,556 94.4% $ 1,096,139 94.2% $ 949,137 93.8% 1.5% 17.2%
    Commercial loans 65,334 5.5% 65,815 5.7% 61,722 6.1% -0.7% 5.9%
    Consumer loans   777 0.1%   1,198 0.1%   1,304 0.1% -35.1% -40.4%
    Total loans $ 1,178,667 100.0% $ 1,163,152 100.0% $ 1,012,163 100.0% 1.3% 16.5%
    Less: Allowance for loan losses (9,783) (9,731) (9,117)
    Net deferred loan fees   (1,348)   (1,697)   (1,801)
    Net loans $ 1,167,536 $ 1,151,724 $ 1,001,245
     
     
    March 31, 2019 December 31, 2018 March 31, 2018 Percentage Change
    Deposits $ Amount % of Total $ Amount % of Total $ Amount % of Total Last 3 Mos Last 12 Mos
    Noninterest-bearing demand deposits $ 228,826 19.4% $ 222,299 19.5% $ 185,151 19.1% 2.9% 23.6%
    Interest-bearing demand deposits:
    NOW accounts 70,933 6.0% 44,884 3.9% 46,148 4.8% 58.0% 53.7%
    Money market accounts 204,996 17.4% 186,626 16.4% 171,475 17.7% 9.8% 19.5%
    Savings accounts 15,628 1.3% 6,987 0.6% 7,163 0.7% 123.7% 118.2%
    Certificates of deposit
    $250,000 or more 215,304 18.3% 232,491 20.4% 207,402 21.5% -7.4% 3.8%
    Less than $250,000 114,233 9.7% 108,911 9.6% 112,392 11.6% 4.9% 1.6%
    QwickRate Certificates of deposit 19,645 1.7% 20,642 1.8% 26,024 2.7% -4.8% -24.5%
    ICS 154,579 13.1% 135,135 11.9% 68,788 7.1% 14.4% 124.7%
    CDARS 90,977 7.7% 112,196 9.9% 91,560 9.5% -18.9% -0.6%
    Brokered deposits   63,413 5.4%   68,197 6.0%   50,850 5.3% -7.0% 24.7%
    Total deposits $ 1,178,534 100.0% $ 1,138,368 100.0% $ 966,953 100.0% 3.5% 21.9%
     
    Borrowings
    Federal funds purchased $ - - N/M $ 15,001 13.9% $ - - N/M N/M N/M
    Federal Home Loan Bank advances 61,500 71.4% 68,500 63.4% 103,500 80.8% -10.2% -40.6%
    Subordinated debt   24,593 28.6%   24,581 22.7%   24,544 19.2% 0.0% 0.2%
    Total borrowings $ 86,093 100.0% $ 108,082 100.0% $ 128,044 100.0% -20.3% -32.8%
     
    Total deposits and borrowings $ 1,264,627 $ 1,246,450 $ 1,094,997 1.5% 15.5%
     
    Core customer funding sources (1) $ 1,095,476 86.6% $ 1,049,529 84.2% $ 890,079 81.3% 4.4% 23.1%
    Wholesale funding sources (2) 144,558 11.4% 172,340 13.8% 180,374 16.5% -16.1% -19.9%
    Subordinated debt (3)   24,593 2.0%   24,581 2.0%   24,544 2.2% 0.0% 0.2%
    Total funding sources $ 1,264,627 100.0% $ 1,246,450 100.0% $ 1,094,997 100.0% -11.7% 3.4%
     
     
    (1) Includes ICS and CDARS(r), which are all reciprocal deposits maintained by customers.
    (2) Consists of QwickRate(r) certificates of deposit, brokered deposits 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 March 31, 2019 Three Months Ended March 31, 2018
    Interest Average Interest Average
    Average Income- Yields Average Income- Yields
    Balance Expense /Rates Balance Expense /Rates
    Assets
    Securities $ 107,332 $ 717 2.71% $ 105,009 $ 613 2.37%
    Loans, net of unearned income 1,165,002 15,078 5.25% 1,009,332 12,436 5.00%
    Interest-bearing deposits in other banks 96,444 581 2.44% 60,030 232 1.57%
    Federal funds sold   115   1 3.53%   62 - -   0.00%
    Total interest-earning assets $ 1,368,893 $ 16,377 4.85% $ 1,174,433 $ 13,281 4.59%
    Other assets   33,585   31,154
    Total assets $ 1,402,478 $ 1,205,587
    Liabilities & Shareholders' equity
    Interest-bearing deposits
    NOW accounts $ 122,517 $ 347 1.15% $ 58,152 $ 55 0.38%
    Money market accounts 278,890 1,033 1.50% 210,418 385 0.74%
    Savings accounts 9,965 16 0.65% 6,853 4 0.24%
    Time deposits   521,409   2,690 2.09%   469,297   1,624 1.40%
    Total interest-bearing deposits $ 932,781 $ 4,086 1.78% $ 744,720 $ 2,068 1.13%
     
    Federal funds purchased $ 300 $ 2 2.70% $ 333 $ 2 2.44%
    Subordinated debt 24,585 372 6.14% 24,536 372 6.15%
    Other borrowed funds   67,133   338 2.04%   114,128   411 1.46%
    Total interest-bearing liabilities $ 1,024,799 $ 4,798 1.90% $ 883,717 $ 2,853 1.31%
    Demand deposits and other liabilities   232,580   191,168
    Total liabilities $ 1,257,379 $ 1,074,885
    Shareholders' equity   145,099   130,702
    Total liabilities and shareholders' equity $ 1,402,478 $ 1,205,587
    Interest rate spread 2.95% 3.28%
    Net interest income and margin $ 11,579 3.43% $ 10,428 3.60%
     



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    John Marshall Bancorp, Inc. Reports Continued Momentum with Record Quarterly Earnings and Strong Growth John Marshall Bancorp, Inc. (OTCQB: JMSB) (the “Company”), parent company of John Marshall Bank (the “Bank”) reported its financial results for the three months ended March 31, 2019. Selected Highlights …