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

Nachrichtenquelle: Business Wire (engl.)
22.04.2019, 23:41  |  367   |   |   

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.”

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