Financial News

JMSB Reports 54.3% Increase in Quarterly Diluted EPS and Record Loan Growth

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, 2021.

Selected Highlights

  • Strong Growth – Year-over-year total assets increased 14.0% or $263.8 million to $2.15 billion at December 31, 2021. Excluding Paycheck Protection Program (“PPP”) loans, gross loans net of unearned income grew $150.7 million or 10.4% from December 31, 2020 to December 31, 2021. Total deposits grew $241.4 million or 14.7% from December 31, 2020 to December 31, 2021. Non-interest bearing demand deposits grew $126.3 million or 34.8% from December 31, 2020 to December 31, 2021. During the fourth quarter, the Company experienced record loan growth, net of unearned income and PPP.
  • Record Returns – Return on Average Assets (ROAA) was 1.25% and Return on Average Equity (ROAE) was 12.90% for the twelve months ended December 31, 2021. Annualized ROAA was 1.41% and ROAE was 14.52% for the three months ended December 31, 2021. Excluding 2010, when the Company realized a significant, non-recurring income tax benefit from the removal of the valuation allowance on its deferred tax assets in Q2 of that year, these returns represent annual and quarterly records for the Company.
  • Twelfth Consecutive Quarter of Record Earnings – The Company reported net income of $7.5 million for the three months ended December 31, 2021, a 57.1% increase over the $4.8 million reported for the three months ended December 31, 2020. The Company reported net income of $25.5 million for the twelve months ended December 31, 2021, a 37.4% increase over the $18.5 million reported for the twelve months ended December 31, 2020. Earnings per diluted share for the three months ended December 31, 2021 were $0.54, a 54.3% increase over the $0.35 reported for the three months ended December 31, 2020. Earnings per diluted share for the twelve months ended December 31, 2021 were $1.83, a 35.6% increase over the $1.35 reported for the twelve months ended December 31, 2020.
  • Stable Net Interest Margin – On a linked quarterly basis, net interest margin, excluding PPP loans, increased 5 basis points from 3.19% for the quarter ended September 30, 2021 to 3.24% for the quarter ended December 31, 2021. The increase was due to a decrease in the average cost of interest-bearing deposits, as well as higher non-recurring fee income earned during the fourth quarter as a result of elevated payoff activity. Excluding the effect of this elevated payoff activity, net interest margin, excluding PPP loans, would have been 3.20%, or a 1 basis point increase from that reported for the quarter ended September 30, 2021.
  • Increased Operating Leverage – Revenues, defined as the sum of net interest income and noninterest income, were $17.5 million or 8.6% greater in the fourth quarter of 2021 as compared to $16.1 million for the fourth quarter of 2020. This $1.4 million increase more than offset the increase in noninterest expense for the fourth quarter of 2021 of $239 thousand or 3.2% to $7.7 million, when compared to the $7.4 million for the fourth quarter of 2020. This continued improvement in operating leverage enabled the efficiency ratio to decrease from 46.2% for the three months ended December 31, 2020 to 43.9% for the three months ended December 31, 2021. Annualized noninterest expense to average assets declined from 1.59% for the three months ended December 31, 2020 to 1.44% for the three months ended December 31, 2021.
  • Asset Quality Remains Pristine – For the ninth consecutive quarter, the Company had no non-performing loans, no loans 30 days or more past due, and no other real estate owned assets at December 31, 2021. During the twelve months ended December 31, 2021, the Company reported net charge-offs totaling $90 thousand compared to $43 thousand of net recoveries for the same period in 2020. Troubled debt restructurings were $549 thousand at December 31, 2021, a decrease of $55 thousand, from $604 thousand at December 31, 2020. The Company had no COVID-19 modifications as of December 31, 2021. The Company believes its allowance for loan losses is appropriate for the inherent risks and uncertainties associated with the portfolio.

Chris Bergstrom, President and Chief Executive Officer, commented, “John Marshall Bancorp, Inc. delivered its best earnings year ever in 2021. We produced record core returns by growing loans and deposits, staying vigilant on credit quality, increasing our non-interest income and exercising discipline with regard to overhead. We increased our momentum throughout 2021. The fourth quarter represented the best quarter of loan growth, ex-PPP, in the Company’s history and resulted in record core quarterly returns. We are well-positioned for 2022 with a strong capital position, excellent asset quality and a liquid balance sheet with ample capacity to convert cash and investments into loans.”

Balance Sheet Review

Assets

Total assets were $2.15 billion at December 31, 2021, $2.10 billion at September 30, 2021 and $1.89 billion at December 31, 2020. Asset growth from December 31, 2020 to December 31, 2021 was $263.8 million or 14.0%. During the fourth quarter of 2021, assets increased $53.8 million or 10.2% annualized.

Loans

Excluding PPP loans, gross loans net of unearned income increased $150.7 million or 10.4% from December 31, 2020 to December 31, 2021. Excluding PPP loans, gross loans net of unearned income increased $70.1 million, 18.2% annualized, during the three months ended December 31, 2021.

Gross loans net of unearned income were $1.67 billion at December 31, 2021, $1.60 billion at September 30, 2021 and $1.56 billion at December 31, 2020. Gross loans net of unearned income increased $103.9 million or 6.7% from December 31, 2020 to December 31, 2021. Gross loans net of unearned income grew $64.1 million or 15.9% annualized, during the three months ended December 31, 2021.

Investment Securities

The Company’s portfolio of investments in fixed income securities was $344.8 million at December 31, 2021, $342.1 million at September 30, 2021 and $151.9 million at December 31, 2020. Bond growth from December 31, 2020 to December 31, 2021 was $192.9 million or 127.0%. The increase in fixed income securities was funded primarily by PPP loan payoffs and deposit growth.

Interest-Bearing Deposits in Banks

Interest-bearing deposits in banks were $102.9 million at December 31, 2021, $110.5 million at September 30, 2021 and $130.2 million at December 31, 2020. The Company expects to continue to redeploy these funds in higher yielding assets as opportunities and liquidity management allow.

Deposits

Total deposits were $1.88 billion at December 31, 2021, $1.84 billion at September 30, 2021 and $1.64 billion at December 31, 2020. Deposit growth from December 31, 2020 to December 31, 2021 was $241.4 million or 14.7%. Deposits grew $44.0 million or 9.5% annualized during the three months ended December 31, 2021.

Non-interest bearing demand deposits were $488.8 million at December 31, 2021, $463.9 million at September 30, 2021 and $362.6 million at December 31, 2020. Non-interest bearing demand deposit growth from December 31, 2020 to December 31, 2021 was $126.3 million or 34.8%. During the three months ended December 31, 2021, non-interest bearing deposits grew $25.0 million or 21.4% annualized. Non-interest bearing demand deposits represented 26.0% of total deposits at December 31, 2021 and 22.1% of total deposits at December 31, 2020.

Core customer funding, which includes non-interest bearing demand deposits, NOW accounts, money market accounts, savings accounts, certificates of deposit, and IntraFi® certificates of deposit, was $1.64 billion at December 31, 2021, $1.59 billion at September 30, 2021 and $1.40 billion at December 31, 2020. Core customer funding sources increased by $235.9 million or 16.8% from December 31, 2020 to December 31, 2021. Non-maturing deposits were 65.0% of total deposits as of December 31, 2021, 64.7% as of September 30, 2021 and 60.3% as of December 31, 2020.

Core certificates of deposits, which includes certificates of deposit and IntraFi® certificates of deposit, were $414.6 million at December 31, 2021, $404.1 at September 30, 2021 and $414.1 million at December 31, 2020. Core certificates of deposits increased $466 thousand or 0.1% from December 31, 2020 to December 31, 2021.

Wholesale Funding Sources

Wholesale funding, consisting of QwickRate® and brokered deposits, fed funds purchased and Federal Home Loan Bank of Atlanta (“FHLB”) advances, grew $1.6 million or 0.6% from $259.3 million at December 31, 2020 to $260.9 million at December 31, 2021. Management continues to selectively utilize wholesale funding in order to realize lower funding costs and achieve certain asset/liability management objectives.

FHLB advances were $18.0 million at both December 31, 2021 and September 30, 2021 and $22.0 million at December 31, 2020. FHLB advances decreased $4.0 million or 18.2% from December 31, 2020 to December 31, 2021. Management continues to retire FHLB advances as they mature to increase contingent funding sources. As of December 31, 2021, the Bank had approximately $316 million remaining in secured borrowing capacity with the FHLB, an increase of $52 million over the $264 million of FHLB secured borrowing capacity as of December 31, 2020.

Subordinated Debt

The Company had subordinated notes with a balance of $24.7 million at December 31, 2021, September 30, 2021 and December 31, 2020. The notes are callable, in whole or part, at the Company’s option commencing July 2022.

Shareholders’ Equity and Capital Levels

Total shareholders’ equity was $208.5 million at December 31, 2021, $202.2 million at September 30, 2021 and $186.1 million at December 31, 2020. Year-over-year shareholders’ equity increased by $22.4 million or 12.0%. Accumulated other comprehensive income declined from $3.8 million at December 31, 2020 to a loss of $0.4 million at December 31, 2021. This change was primarily due to an increase in market yields on the Company’s available-for-sale bond portfolio, as bond prices and yields vary inversely.

Total common shares outstanding increased from 13,606,558, including 74,000 shares relating to unvested stock awards, at December 31, 2020, to 13,745,598, including 75,826 shares relating to unvested stock awards, at December 31, 2021. The year-over-year increase in shares outstanding was the result of exercises of share options and additional grants of unvested stock awards.

The Bank’s capital ratios remain well above regulatory thresholds for well-capitalized banks. As of December 31, 2021, the Bank’s total risk-based capital ratio was 15.3%, compared to 14.6% at December 31, 2020.

Asset Quality

As of December 31, 2021, for the ninth consecutive quarter, the Company had no non-accrual loans, no loans 30 days or more past due and no other real estate owned assets.

Troubled debt restructurings were $549 thousand at December 31, 2021, a decrease of $55 thousand, from $604 thousand at December 31, 2020. All troubled debt restructurings were performing in accordance with their modified terms as of December 31, 2021 and December 31, 2020.

The Company did not have any loans with COVID-19 loan modifications as of December 31, 2021.

Income Statement Review

Net Interest Income

Net interest income was $17.0 million for the three months ended December 31, 2021, an increase of $1.3 million or 8.0% from $15.7 million for the three months ended December 31, 2020. The net interest margin was 3.22% for the three months ended December 31, 2021 as compared to 3.43% for the three months ended December 31, 2020.

Average loans net of unearned income increased $87.9 million or 5.7% compared to the three months ended December 31, 2020, with a 39 basis point decline in yield. Average securities increased $209.1 million or 142.4% compared to the three months ended December 31, 2020, with a 65 basis point decline in yield. Average interest-bearing deposits in other banks decreased $30.4 million or 22.5% compared to the three months ended December 31, 2020, with a 5 basis point increase in yield. The average yield on interest-earning assets decreased 52 basis points from 4.07% for the three months ended December 31, 2020 to 3.55% for the three months ended December 31, 2021, primarily due to the decline in rates in 2021 coupled with a change in asset and funding composition.

The average cost of interest-bearing liabilities declined 44 basis points or 47.6% from 0.92% for the three months ended December 31, 2020 to 0.48% for the three months ended December 31, 2021. The average cost of interest-bearing deposits decreased 44 basis points when comparing the quarter ended December 31, 2020 to the quarter ended December 31, 2021. The average cost of other borrowed funds decreased 13 basis points when comparing the quarter ended December 31, 2020 to the quarter ended December 31, 2021. The declines in funding costs were also primarily due to the decline in rates in 2021 and the repricing of existing certificates of deposit.

Net interest margin, excluding PPP loans, was 3.24% for the three months ended December 31, 2021 and 3.34% for the same period in 2020. The yield on interest-earning assets would have been 3.58% and the yield on loans would have been 4.30% for the three months ended December 31, 2021, if PPP loans were excluded.

Net interest income was $65.9 million for the twelve months ended December 31, 2021, an increase of $9.1 million or 16.0% from $56.8 million for the twelve months ended December 31, 2020. The net interest margin was 3.27% for the twelve months ended December 31, 2021 as compared to 3.32% for the twelve months ended December 31, 2020.

Average loans net of unearned income increased $134.1 million or 9.2% compared to the twelve months ended December 31, 2020, with a 35 basis point decline in yield. Average securities increased $140.7 million or 101.0% compared to the twelve months ended December 31, 2020, with a 77 basis point decline in yield. Average interest-bearing deposits in other banks increased $26.7 million or 24.6% compared to the twelve months ended December 31, 2020, with a 24 basis point decline in yield. The average yield on interest-earning assets decreased 55 basis points from 4.23% for the twelve months ended December 31, 2020 to 3.68% for the twelve months ended December 31, 2021, primarily due to the decline in rates in 2021.

The average cost of interest-bearing liabilities declined 71 basis points or 54.4% from 1.30% for the twelve months ended December 31, 2020 to 0.59% for the twelve months ended December 31, 2021. The average cost of interest-bearing deposits decreased 71 basis points when comparing the twelve months ended December 31, 2020 to same period in 2021. The average cost of other borrowed funds decreased 52 basis points when comparing the twelve months ended December 31, 2020 to the same period in 2021. The declines in funding costs were also primarily due to the decline in rates in 2021 and the repricing of existing certificates of deposit.

Net interest margin, excluding PPP loans, was 3.25% for the twelve months ended December 31, 2021 compared to 3.33% for the twelve months ended December 31, 2020. The yield on interest-earning assets would have been 3.68% and the yield on loans would have been 4.38% for the twelve months ended December 31, 2021, if PPP loans were excluded.

Provision for Loan Losses

The Company recorded a $325 thousand provision for loan losses for the three months ended December 31, 2021, compared to $2.6 million for the same period in 2020. There were no charge-offs during the fourth quarter of 2021 or 2020.

The Company had a $3.1 million provision for loan losses for the twelve months ended December 31, 2021, compared to $6.2 million for the same period in 2020. The Company had $90 thousand in charge-offs during the twelve months ended 2021 and $43 thousand in net loan recoveries during the twelve months ended 2020.

The allowance for loan losses as a percentage of total loans increased from 1.09% at December 31, 2020 to 1.20% at December 31, 2021. The allowance for loan losses increased $3.0 million or 17.7% from December 31, 2020 to December 31, 2021. The allowance for loan losses as a percentage of total loans (excluding PPP loans) increased from 1.17% at December 31, 2020 to 1.26% at December 31, 2021. The Company does not have a reserve on PPP loan balances, as they are 100% guaranteed by the U.S. Small Business Administration.

The Company continues to monitor and evaluate additional information as it becomes available concerning COVID-19 and a number of economic performance metrics, including those related to the overall economy as well as specific industry sectors. The Company believes the allowance for loan losses was adequate to absorb probable losses inherent in the loan portfolio as of December 31, 2021. The continued evolution of COVID-19 and the intensity of its socioeconomic effects, which are inherently uncertain, may positively or negatively impact the level of the allowance and provision in future periods.

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. Generally speaking, loan fees are included in interest income on the loan portfolio and not reported as noninterest income.

For the three months ended December 31, 2021, the Company reported total noninterest income of $513 thousand compared to $374 thousand for the same period in 2020 resulting in a 37.2% increase.

For the twelve months ended December 31, 2021, the Company reported total noninterest income of $1.72 million compared to $1.61 million for the twelve months ended December 31, 2020 resulting in a 6.6% increase. Excluding the $10 thousand and $309 thousand gains on securities recorded in 2021 and 2020, respectively, noninterest income increased 31.1% year-over-year.

For both the three and twelve months ended December 31, 2021, the increase in noninterest income was primarily due to an increase in insurance commissions as a result of higher production and related incentives and increases in service charges on deposits primarily associated with account analysis and ATM fees. These increases were partially offset by a decrease in bank owned life insurance income.

Noninterest Expense

For the three months ended December 31, 2021, noninterest expense increased 3.2% to $7.7 million relative to the same period in 2020. Salaries and employee benefits expense was $4.8 million during the three months ended December 31, 2021, up $229 thousand or 5.0% when compared to $4.5 million during the three months ended December 31, 2020. Occupancy expense decreased 2.8% or $14 thousand and furniture and equipment expense decreased 1.6% or $6 thousand when comparing the three months ended December 31, 2021 to the same period in 2020. Other operating expense increased by 1.5% or $30 thousand when comparing the three months ended December 31, 2021 to the same period in 2020.

For the twelve months ended December 31, 2021, noninterest expense increased 10.6% to $32.3 million relative to the same period in 2020. For the twelve months ended December 31, 2021, salaries and employee benefits expense increased 12.4% or $2.2 million compared to the twelve months ended December 31, 2020. Occupancy expense increased 1.8% or $35 thousand and furniture and equipment expense decreased 11.7% or $190 thousand when comparing the twelve months ended December 31, 2021 to the same period in 2020. Other operating expense increased by 13.6% or $1.0 million, during the twelve months ended December 31, 2021, compared to the same period in 2020.

For both the three and twelve months ended December 31, 2021, the increase in salaries and employee benefits was primarily related to merit based compensation adjustments and incentive compensation tied to performance. Incentive compensation expense can fluctuate from quarter to quarter, based upon the Company’s financial performance and conditions measured against, among other evaluation criteria, our strategic plan and budget.

The decrease in furniture and equipment expense for the twelve months ended December 31, 2021 when compared to the same period in 2020 was primarily due to the lower equipment maintenance expense and renegotiation of certain equipment contracts.

The increase in other operating expense for the twelve months ended December 31, 2021 when compared to the same period in 2020 was primarily due to increases in legal expenses (including contemplated registration of the Company’s shares with the Securities and Exchange Commission), consulting expenses, marketing expenses, state bank franchise taxes, and expense associated with higher Federal Deposit Insurance Corporation deposit insurance that correlates directly to the Bank’s increase of insured deposit balances.

For the three months ended December 31, 2021, annualized noninterest expense to average assets was 1.44% compared to 1.59% for the three months ended December 31, 2020. For the twelve months ended December 31, 2021, annualized noninterest expense to average assets was 1.58% compared to 1.67% for the twelve months ended December 31, 2020. The Company believes its ratio of noninterest expense to average assets compares favorably to peers.

About John Marshall Bancorp, Inc.

John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank. John Marshall Bank (“JMB” or the “Bank”) is a $2.15 billion bank headquartered in Reston, Virginia with eight full-service branches located in Alexandria, Arlington, Loudoun, Prince William, Reston, and Tysons, Virginia, as well as Rockville, Maryland, and Washington, D.C. with one loan production office in Arlington, Virginia. The Bank is dedicated to providing exceptional value, personalized service and convenience to local businesses and professionals in the Washington D.C. Metro area. JMB offers a comprehensive line of sophisticated banking products and services that rival those of the largest banks along with experienced staff to help achieve customers’ financial goals. Dedicated Relationship Managers serve as direct points-of-contact, providing subject matter expertise in a variety of niche industries including Charter and Private Schools, Government Contractors, Health Services, Nonprofits and Associations, Professional Services, Property Management Companies, and Title Companies. 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-19), 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,

2021

 

2020

 

2021

 

2020

Selected Balance Sheet Data
Cash and cash equivalents

$

105,799

$

138,457

$

105,799

$

138,457

Total investment securities

 

351,629

 

158,543

 

351,629

 

158,543

Loans, net of unearned income

 

1,666,469

 

1,562,524

 

1,666,469

 

1,562,524

Allowance for loan losses

 

20,032

 

17,017

 

20,032

 

17,017

Total assets

 

2,149,309

 

1,885,496

 

2,149,309

 

1,885,496

Non-interest bearing demand deposits

 

488,838

 

362,582

 

488,838

 

362,582

Interest bearing deposits

 

1,392,715

 

1,277,538

 

1,392,715

 

1,277,538

Total deposits

 

1,881,553

 

1,640,120

 

1,881,553

 

1,640,120

Shareholders' equity

 

208,470

 

186,081

 

208,470

 

186,081

 
Summary Results of Operations
Interest income

$

18,703

$

18,666

$

74,119

$

72,446

Interest expense

 

1,734

 

2,947

 

8,211

 

15,607

Net interest income

 

16,969

 

15,719

 

65,908

 

56,839

Provision for loan losses

 

325

 

2,575

 

3,105

 

6,217

Net interest income after provision for loan losses

 

16,644

 

13,144

 

62,803

 

50,622

Noninterest income

 

513

 

374

 

1,719

 

1,613

Noninterest expense

 

7,679

 

7,440

 

32,262

 

29,163

Income before income taxes

 

9,478

 

6,078

 

32,260

 

23,072

Net income

 

7,547

 

4,804

 

25,461

 

18,526

 
Per Share Data and Shares Outstanding
Earnings per share - basic

$

0.55

$

0.35

$

1.87

$

1.37

Earnings per share - diluted

$

0.54

$

0.35

$

1.83

$

1.35

Tangible book value per share

$

15.17

$

13.68

$

15.17

$

13.68

Weighted average common shares (basic)

 

13,581,586

 

13,528,409

 

13,614,760

 

13,460,940

Weighted average common shares (diluted)

 

13,879,595

 

13,707,301

 

13,914,724

 

13,658,618

Common shares outstanding at end of period

 

13,745,598

 

13,606,558

 

13,745,598

 

13,606,558

 
Performance Ratios
Return on average assets (annualized)

 

1.41%

 

1.03%

 

1.25%

 

1.06%

Return on average equity (annualized)

 

14.52%

 

10.34%

 

12.90%

 

10.49%

Net interest margin

 

3.22%

 

3.43%

 

3.27%

 

3.32%

Noninterest income as a percentage of average assets (annualized)

 

0.10%

 

0.08%

 

0.08%

 

0.09%

Noninterest expense to average assets (annualized)

 

1.44%

 

1.59%

 

1.58%

 

1.67%

Efficiency ratio

 

43.9%

 

46.2%

 

47.7%

 

49.9%

 
Asset Quality
Non-performing assets to total assets

 

0.00%

 

0.00%

 

0.00%

 

0.00%

Non-performing loans to total loans

 

0.00%

 

0.00%

 

0.00%

 

0.00%

Allowance for loan losses to non-performing loans

 

N/M

 

N/M

 

N/M

 

N/M

Allowance for loan losses to total loans (1)

 

1.20%

 

1.09%

 

1.20%

 

1.09%

Net charge-offs (recoveries) to average loans (annualized)

 

0.00%

 

0.00%

 

0.01%

 

0.00%

 
Loans 30-89 days past due and accruing interest

$

- -

$

- -

$

- -

$

- -

Non-accrual loans

$

- -

$

- -

$

- -

$

- -

Other real estate owned

$

- -

$

- -

$

- -

$

- -

Non-performing assets (2)

$

- -

$

- -

$

- -

$

- -

Troubled debt restructurings (total)

$

549

$

604

$

549

$

604

Performing in accordance with modified terms

$

549

$

604

$

549

$

604

Not performing in accordance with modified terms

$

- -

$

- -

$

- -

$

- -

 
Capital Ratios
Tangible equity / tangible assets

 

9.7%

 

9.9%

 

9.7%

 

9.9%

Total risk-based capital ratio

 

15.3%

 

14.6%

 

15.3%

 

14.6%

Tier 1 risk-based capital ratio

 

14.0%

 

13.5%

 

14.0%

 

13.5%

Leverage ratio

 

11.0%

 

11.0%

 

11.0%

 

11.0%

Common equity tier 1 ratio

 

14.0%

 

13.5%

 

14.0%

 

13.5%

 
Other Information
Number of full time equivalent employees

 

138

 

136

 

138

 

136

# Full service branch offices

 

8

 

8

 

8

 

8

# Loan production or limited service branch offices

 

1

 

1

 

1

 

1

(1) The allowance for loan losses to total loans, excluding PPP loans of $69.6 million, was 1.26% at December 31 2021. The allowance for loan losses to total loans, excluding PPP loans of $114.4 million, was 1.17% at December 31, 2020. PPP loans received no allocations in the allowance estimate due to the underlying guarantees.

(2) Non-performing assets consist of non-accrual loans, loans 90 days 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.

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

 

2021

 

2021

 

2020

 

Months

 

Year

Assets

  (Unaudited) (Unaudited) (Unaudited)
   
Cash and due from banks  

$

2,920

 

$

10,624

 

$

8,228

 

-72.5%

-64.5%

Interest-bearing deposits in banks  

 

102,879

 

 

110,450

 

 

130,229

 

-6.9%

-21.0%

Securities available-for-sale, at fair value  

 

239,300

 

 

238,628

 

 

151,900

 

0.3%

57.5%

Securities held-to-maturity, fair value of $103,258 at 12/31/2021  

 

105,509

 

 

103,486

 

 

- -

 

2.0%

N/M

Restricted securities, at cost  

 

4,951

 

 

4,948

 

 

5,676

 

0.1%

-12.8%

Equity securities, at fair value  

 

1,869

 

 

1,680

 

 

967

 

11.3%

93.3%

Loans, net of unearned income  

 

1,666,469

 

 

1,602,377

 

 

1,562,524

 

4.0%

6.7%

Allowance for loan losses  

 

(20,032

)

 

(19,706

)

 

(17,017

)

1.7%

17.7%

Net loans  

 

1,646,437

 

 

1,582,671

 

 

1,545,507

 

4.0%

6.5%

Bank premises and equipment, net  

 

1,620

 

 

1,754

 

 

2,422

 

-7.6%

-33.1%

Accrued interest receivable  

 

4,943

 

 

4,661

 

 

5,308

 

6.1%

-6.9%

Bank owned life insurance  

 

20,998

 

 

20,896

 

 

20,587

 

0.5%

2.0%

Right of use assets  

 

4,913

 

 

5,261

 

 

5,944

 

-6.6%

-17.3%

Other assets  

 

12,970

 

 

10,445

 

 

8,728

 

24.2%

48.6%

   
Total assets  

$

2,149,309

 

$

2,095,504

 

$

1,885,496

 

2.6%

14.0%

   
Liabilities and Shareholders' Equity  
   

Liabilities

 
Deposits:  
Non-interest bearing demand deposits  

$

488,838

 

$

463,868

 

$

362,582

 

5.4%

34.8%

Interest bearing demand deposits  

 

633,901

 

 

630,912

 

 

563,956

 

0.5%

12.4%

Savings deposits  

 

101,376

 

 

94,840

 

 

62,138

 

6.9%

63.1%

Time deposits  

 

657,438

 

 

647,928

 

 

651,444

 

1.5%

0.9%

Total deposits  

 

1,881,553

 

 

1,837,548

 

 

1,640,120

 

2.4%

14.7%

Federal Home Loan Bank advances  

 

18,000

 

 

18,000

 

 

22,000

 

0.0%

-18.2%

Subordinated debt  

 

24,728

 

 

24,716

 

 

24,679

 

0.0%

0.2%

Accrued interest payable  

 

843

 

 

611

 

 

877

 

38.0%

-3.9%

Lease liabilities  

 

5,182

 

 

5,534

 

 

6,208

 

-6.4%

-16.5%

Other liabilities  

 

10,533

 

 

6,873

 

 

5,531

 

53.3%

90.4%

Total liabilities  

 

1,940,839

 

 

1,893,282

 

 

1,699,415

 

2.5%

14.2%

   
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  
30,000,000 shares; issued and outstanding, 13,745,598  
at 12/31/2021 including 75,826 unvested shares, 13,644,985  
shares at 9/30/2021 including 60,575 unvested shares  
and 13,606,558 at 12/31/2020, including 74,000 unvested shares  

 

137

 

 

136

 

 

135

 

0.7%

1.5%

Additional paid-in capital  

 

91,107

 

 

90,607

 

 

89,995

 

0.6%

1.2%

Retained earnings  

 

117,626

 

 

110,079

 

 

92,165

 

6.9%

27.6%

Accumulated other comprehensive income (loss)  

 

(400

)

 

1,400

 

 

3,786

 

-128.6%

-110.6%

   
Total shareholders' equity  

 

208,470

 

 

202,222

 

 

186,081

 

3.1%

12.0%

   
Total liabilities and shareholders' equity  

$

2,149,309

 

$

2,095,504

 

$

1,885,496

 

2.6%

14.0%

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,

 

 

 

2021

 

2020

 

% Change

 

2021

 

2020

 

% Change

  (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Interest and Dividend Income  
Interest and fees on loans  

$

17,340

$

17,845

-2.8%

$

69,415

$

68,714

1.0%

Interest on investment securities, taxable  

 

1,225

 

683

79.4%

 

4,146

 

2,896

43.2%

Interest on investment securities, tax-exempt  

 

30

 

33

-9.1%

 

120

 

117

2.6%

Dividends  

 

67

 

68

-1.5%

 

263

 

315

-16.5%

Interest on deposits in banks  

 

41

 

37

10.8%

 

175

 

404

-56.7%

Total interest and dividend income  

 

18,703

 

18,666

0.2%

 

74,119

 

72,446

2.3%

   
Interest Expense  
Deposits  

 

1,331

 

2,533

-47.5%

 

6,599

 

13,742

-52.0%

Federal Home Loan Bank advances  

 

31

 

42

-26.2%

 

125

 

377

-66.8%

Subordinated debt  

 

372

 

372

0.0%

 

1,487

 

1,487

0.0%

Other short-term borrowings  

 

- -

 

- -

N/M

 

- -

 

1

-100.0%

Total interest expense  

 

1,734

 

2,947

-41.2%

 

8,211

 

15,607

-47.4%

   
Net interest income  

 

16,969

 

15,719

8.0%

 

65,908

 

56,839

16.0%

   
Provision for loan losses  

 

325

 

2,575

-87.4%

 

3,105

 

6,217

-50.1%

   
Net interest income after provision for loan losses  

 

16,644

 

13,144

26.6%

 

62,803

 

50,622

24.1%

   
Noninterest Income  
Service charges on deposit accounts  

 

152

 

122

24.6%

 

544

 

465

17.0%

Bank owned life insurance  

 

102

 

117

-12.8%

 

411

 

469

-12.4%

Other service charges and fees  

 

60

 

52

15.4%

 

195

 

172

13.4%

Gain on sale of securities  

 

- -

 

- -

N/M

 

10

 

309

-96.8%

Insurance commissions  

 

79

 

9

777.8%

 

284

 

55

416.4%

Other operating income  

 

120

 

74

62.2%

 

275

 

143

92.3%

Total noninterest income  

 

513

 

374

37.2%

 

1,719

 

1,613

6.6%

   
Noninterest Expenses  
Salaries and employee benefits  

 

4,765

 

4,536

5.0%

 

20,411

 

18,167

12.4%

Occupancy expense of premises  

 

480

 

494

-2.8%

 

1,985

 

1,950

1.8%

Furniture and equipment expenses  

 

363

 

369

-1.6%

 

1,436

 

1,626

-11.7%

Other operating expenses  

 

2,071

 

2,041

1.5%

 

8,430

 

7,420

13.6%

Total noninterest expenses  

 

7,679

 

7,440

3.2%

 

32,262

 

29,163

10.6%

   
Income before income taxes  

 

9,478

 

6,078

55.9%

 

32,260

 

23,072

39.8%

   
Income tax expense  

 

1,931

 

1,274

51.6%

 

6,799

 

4,546

49.6%

   
Net income  

$

7,547

$

4,804

57.1%

$

25,461

$

18,526

37.4%

   
Earnings Per Share  
Basic  

$

0.55

$

0.35

57.1%

$

1.87

$

1.37

36.5%

Diluted  

$

0.54

$

0.35

54.3%

$

1.83

$

1.35

35.6%

John Marshall Bancorp, Inc.
                                 
Loan, Deposit and Borrowing Detail (Unaudited)
(Dollar amounts in thousands)
                                 
 

2021

 

2020

Loans

  December 31   September 30   June 30   March 31   December 31   September 30   June 30   March 31
  $ Amount   % of Total   $ Amount   % of Total   $ Amount   % of Total   $ Amount   % of Total   $ Amount   % of Total   $ Amount   % of Total   $ Amount   % of Total   $ Amount   % of Total
Commercial business loans  

$

53,378

 

 

3.2%

 

$

53,166

 

 

3.3%

 

$

55,375

 

 

3.5%

 

$

60,637

 

 

3.8%

 

$

67,549

 

 

4.4%

 

$

77,709

 

 

5.1%

 

$

77,987

 

 

5.1%

 

$

81,553

 

 

6.1%

Commercial PPP loans  

 

69,567

 

 

4.2%

 

 

75,496

 

 

4.7%

 

 

82,190

 

 

5.2%

 

 

117,796

 

 

7.3%

 

 

114,411

 

 

7.3%

 

 

148,156

 

 

9.6%

 

 

148,156

 

 

9.7%

 

 

- -

 

 

0.0%

Commercial owner-occupied real estate loans  

 

345,272

 

 

20.7%

 

 

326,585

 

 

20.4%

 

 

320,519

 

 

20.4%

 

 

307,918

 

 

19.2%

 

 

290,802

 

 

18.6%

 

 

260,575

 

 

17.0%

 

 

267,032

 

 

17.6%

 

 

255,010

 

 

19.1%

Total business loans  

 

468,217

 

 

28.1%

 

 

455,247

 

 

28.4%

 

 

458,084

 

 

29.2%

 

 

486,351

 

 

30.3%

 

 

472,762

 

 

30.3%

 

 

486,440

 

 

31.7%

 

 

493,175

 

 

32.4%

 

 

336,563

 

 

25.2%

                                 
Investor real estate loans  

 

523,038

 

 

31.4%

 

 

519,384

 

 

32.4%

 

 

505,605

 

 

32.3%

 

 

502,940

 

 

31.3%

 

 

497,087

 

 

31.8%

 

 

498,352

 

 

32.5%

 

 

480,220

 

 

31.6%

 

 

470,163

 

 

35.2%

Construction & development loans  

 

231,090

 

 

13.9%

 

 

228,993

 

 

14.3%

 

 

219,175

 

 

14.0%

 

 

250,208

 

 

15.6%

 

 

243,741

 

 

15.6%

 

 

237,195

 

 

15.4%

 

 

236,927

 

 

15.6%

 

 

243,023

 

 

18.2%

Multi-family loans  

 

100,132

 

 

6.0%

 

 

81,226

 

 

5.1%

 

 

92,203

 

 

5.9%

 

 

84,689

 

 

5.3%

 

 

69,367

 

 

4.4%

 

 

49,277

 

 

3.2%

 

 

55,797

 

 

3.7%

 

 

58,362

 

 

4.3%

Total commercial real estate loans  

 

854,260

 

 

51.3%

 

 

829,603

 

 

51.8%

 

 

816,983

 

 

52.1%

 

 

837,837

 

 

52.2%

 

 

810,195

 

 

51.8%

 

 

784,824

 

 

51.1%

 

 

772,944

 

 

50.9%

 

 

771,548

 

 

57.7%

                                 
Residential mortgage loans  

 

342,491

 

 

20.6%

 

 

316,549

 

 

19.8%

 

 

291,615

 

 

18.6%

 

 

281,964

 

 

17.5%

 

 

278,763

 

 

17.8%

 

 

262,049

 

 

17.1%

 

 

252,494

 

 

16.6%

 

 

227,172

 

 

17.0%

Consumer loans  

 

586

 

 

0.0%

 

 

631

 

 

0.0%

 

 

916

 

 

0.1%

 

 

793

 

 

0.0%

 

 

1,000

 

 

0.1%

 

 

1,208

 

 

0.1%

 

 

1,448

 

 

0.1%

 

 

1,099

 

 

0.1%

Total loans  

$

1,665,554

 

 

100.0%

 

$

1,602,030

 

 

100.0%

 

$

1,567,598

 

 

100.0%

 

$

1,606,945

 

 

100.0%

 

$

1,562,720

 

 

100.0%

 

$

1,534,521

 

 

100.0%

 

$

1,520,061

 

 

100.0%

 

$

1,336,382

 

 

100.0%

Less: Allowance for loan losses  

 

(20,032

)

   

 

(19,706

)

   

 

(19,381

)

   

 

(19,381

)

   

 

(17,017

)

   

 

(14,441

)

   

 

(12,725

)

   

 

(11,176

)

 
Net deferred loan costs (fees)  

 

915

 

   

 

347

 

   

 

(486

)

   

 

(1,162

)

   

 

(196

)

   

 

(1,808

)

   

 

(2,430

)

   

 

439

 

 
Net loans  

$

1,646,437

 

   

$

1,582,671

 

   

$

1,547,731

 

   

$

1,586,402

 

   

$

1,545,507

 

   

$

1,518,272

 

   

$

1,504,906

 

   

$

1,325,645

 

 
                                 
                                 
 

2021

 

2020

  December 31   September 30   June 30   March 31   December 31   September 30   June 30   March 31

Deposits

  $ Amount   % of Total   $ Amount   % of Total   $ Amount   % of Total   $ Amount   % of Total   $ Amount   % of Total   $ Amount   % of Total   $ Amount   % of Total   $ Amount   % of Total
Noninterest-bearing demand deposits  

$

488,838

 

 

26.0%

 

$

463,868

 

 

25.2%

 

$

478,705

 

 

26.4%

 

$

419,796

 

 

23.8%

 

$

362,582

 

 

22.1%

 

$

385,885

 

 

23.8%

 

$

398,670

 

 

25.5%

 

$

274,878

 

 

19.9%

Interest-bearing demand deposits:                                
NOW accounts(1)  

 

267,594

 

 

14.2%

 

 

294,261

 

 

16.0%

 

 

254,060

 

 

14.0%

 

 

245,274

 

 

13.9%

 

 

233,993

 

 

14.3%

 

 

227,816

 

 

14.1%

 

 

207,558

 

 

13.3%

 

 

179,197

 

 

13.0%

Money market accounts(1)  

 

366,306

 

 

19.4%

 

 

336,651

 

 

18.3%

 

 

333,818

 

 

18.4%

 

 

344,807

 

 

19.6%

 

 

329,960

 

 

20.1%

 

 

321,760

 

 

19.8%

 

 

303,378

 

 

19.4%

 

 

289,131

 

 

21.0%

Savings accounts  

 

101,376

 

 

5.4%

 

 

94,840

 

 

5.2%

 

 

79,119

 

 

4.4%

 

 

72,102

 

 

4.1%

 

 

62,138

 

 

3.8%

 

 

60,418

 

 

3.7%

 

 

49,896

 

 

3.2%

 

 

32,745

 

 

2.4%

Certificates of deposit                                
$250,000 or more  

 

250,204

 

 

13.3%

 

 

232,722

 

 

12.7%

 

 

243,662

 

 

13.4%

 

 

265,772

 

 

15.1%

 

 

258,744

 

 

15.8%

 

 

281,302

 

 

17.4%

 

 

250,779

 

 

16.1%

 

 

249,802

 

 

18.1%

Less than $250,000  

 

103,084

 

 

5.5%

 

 

104,463

 

 

5.7%

 

 

112,991

 

 

6.2%

 

 

119,828

 

 

6.8%

 

 

115,634

 

 

7.0%

 

 

117,171

 

 

7.2%

 

 

121,600

 

 

7.8%

 

 

128,176

 

 

9.3%

QwickRate® certificates of deposit  

 

25,122

 

 

1.3%

 

 

28,998

 

 

1.6%

 

 

31,481

 

 

1.7%

 

 

38,565

 

 

2.2%

 

 

29,765

 

 

1.8%

 

 

29,781

 

 

1.8%

 

 

31,764

 

 

2.0%

 

 

20,011

 

 

1.4%

IntraFi® certificates of deposit  

 

61,281

 

 

3.3%

 

 

66,926

 

 

3.6%

 

 

60,761

 

 

3.3%

 

 

38,284

 

 

2.2%

 

 

39,725

 

 

2.4%

 

 

36,909

 

 

2.3%

 

 

37,320

 

 

2.4%

 

 

57,398

 

 

4.2%

Brokered deposits  

 

217,748

 

 

11.6%

 

 

214,819

 

 

11.7%

 

 

220,435

 

 

12.1%

 

 

216,962

 

 

12.3%

 

 

207,579

 

 

12.7%

 

 

161,104

 

 

9.9%

 

 

160,626

 

 

10.3%

 

 

148,104

 

 

10.7%

Total deposits  

$

1,881,553

 

 

100.0%

 

$

1,837,548

 

 

100.0%

 

$

1,815,032

 

 

100.0%

 

$

1,761,390

 

 

100.0%

 

$

1,640,120

 

 

100.0%

 

$

1,622,146

 

 

100.0%

 

$

1,561,591

 

 

100.0%

 

$

1,379,442

 

 

100.0%

                                 

Borrowings

                               
Federal Home Loan Bank advances  

 

18,000

 

 

42.1%

 

 

18,000

 

 

42.1%

 

$

18,000

 

 

42.2%

 

$

22,000

 

 

47.1%

 

$

22,000

 

 

47.1%

 

$

22,000

 

 

47.1%

 

$

26,000

 

 

51.3%

 

$

37,000

 

 

60.0%

Subordinated debt  

 

24,728

 

 

57.9%

 

 

24,716

 

 

57.9%

 

 

24,704

 

 

57.8%

 

 

24,692

 

 

52.9%

 

 

24,679

 

 

52.9%

 

 

24,667

 

 

52.9%

 

 

24,655

 

 

48.7%

 

 

24,642

 

 

40.0%

Total borrowings  

$

42,728

 

 

100.0%

 

$

42,716

 

 

100.0%

 

$

42,704

 

 

100.0%

 

$

46,692

 

 

100.0%

 

$

46,679

 

 

100.0%

 

$

46,667

 

 

100.0%

 

$

50,655

 

 

100.0%

 

$

61,642

 

 

100.0%

                                 
Total deposits and borrowings  

$

1,924,281

 

   

$

1,880,264

 

   

$

1,857,736

 

   

$

1,808,082

 

   

$

1,686,799

 

   

$

1,668,813

 

   

$

1,612,246

 

   

$

1,441,084

 

 
                                 
Core customer funding sources (2)  

$

1,638,683

 

 

86.3%

 

$

1,593,731

 

 

85.9%

 

$

1,563,116

 

 

85.3%

 

$

1,505,863

 

 

84.4%

 

$

1,402,776

 

 

84.4%

 

$

1,431,261

 

 

87.1%

 

$

1,369,201

 

 

86.2%

 

$

1,211,327

 

 

85.5%

Wholesale funding sources (3)  

 

260,870

 

 

13.7%

 

 

261,817

 

 

14.1%

 

 

269,916

 

 

14.7%

 

 

277,527

 

 

15.6%

 

 

259,344

 

 

15.6%

 

 

212,885

 

 

12.9%

 

 

218,390

 

 

13.8%

 

 

205,115

 

 

14.5%

Total funding sources  

$

1,899,553

 

 

100.0%

 

$

1,855,548

 

 

100.0%

 

$

1,833,032

 

 

100.0%

 

$

1,783,390

 

 

100.0%

 

$

1,662,120

 

 

100.0%

 

$

1,644,146

 

 

100.0%

 

$

1,587,591

 

 

100.0%

 

$

1,416,442

 

 

100.0%

(1) Includes IntraFi® accounts.
(2) Includes reciprocal IntraFi Demand®, IntraFi Money Market® and IntraFi CD® deposits, which are maintained by customers.
(3) Consists of QwickRate® certificates of deposit, brokered deposits, federal funds purchased and Federal Home Loan Bank advances.
John Marshall Bancorp, Inc.
 
Average Balance Sheets, Interest and Rates (unaudited)
(Dollar amounts in thousands)
 
Three Months Ended December 31, 2021 Three Months Ended December 31, 2020
Interest Average Interest Average
Average Income- Yields Average Income- Yields
Balance Expense /Rates Balance Expense /Rates
Assets
Securities

$

356,007

$

1,322

1.47%

$

146,863

$

784

2.12%

Loans, net of unearned income

 

1,629,124

 

17,340

4.22%

 

1,541,184

 

17,845

4.61%

Interest-bearing deposits in other banks

 

104,921

 

41

0.16%

 

135,300

 

37

0.11%

Total interest-earning assets

$

2,090,052

$

18,703

3.55%

$

1,823,347

$

18,666

4.07%

Other assets

 

31,928

 

34,785

Total assets

$

2,121,980

$

1,858,132

Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts

$

281,690

$

204

0.29%

$

231,479

$

219

0.38%

Money market accounts

 

351,723

 

329

0.37%

 

336,131

 

359

0.42%

Savings accounts

 

101,199

 

89

0.35%

 

62,488

 

65

0.41%

Time deposits

 

642,346

 

709

0.44%

 

593,010

 

1,890

1.27%

Total interest-bearing deposits

$

1,376,958

$

1,331

0.38%

$

1,223,108

$

2,533

0.82%

 
Federal funds purchased

$

- -

$

- -

0.00%

$

- -

$

- -

N/M

Subordinated debt

 

24,720

 

372

5.97%

 

24,671

 

372

6.00%

Other borrowed funds

 

18,001

 

31

0.68%

 

20,533

 

42

0.81%

Total interest-bearing liabilities

$

1,419,679

$

1,734

0.48%

$

1,268,312

$

2,947

0.92%

Demand deposits

 

480,824

 

392,436

Other liabilities

 

15,240

 

12,528

Total liabilities

$

1,915,743

$

1,673,276

Shareholders' equity

 

206,237

 

184,856

Total liabilities and shareholders' equity

$

2,121,980

$

1,858,132

Interest rate spread

3.07%

3.15%

Net interest income and margin

$

16,969

3.22%

$

15,719

3.43%

 
 
Twelve Months Ended December 31, 2021 Twelve Months Ended December 31, 2020
Interest Average Interest Average
Average Income- Yields Average Income- Yields
Balance Expense /Rates Balance Expense /Rates
Assets
Securities

$

280,078

$

4,529

1.62%

$

139,352

$

3,328

2.39%

Loans, net of unearned income

 

1,597,049

 

69,415

4.35%

 

1,462,963

 

68,714

4.70%

Interest-bearing deposits in other banks

 

135,360

 

175

0.13%

 

108,654

 

404

0.37%

Total interest-earning assets

$

2,012,487

$

74,119

3.68%

$

1,710,969

$

72,446

4.23%

Other assets

 

31,132

 

36,878

Total assets

$

2,043,619

$

1,747,847

Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts

$

262,319

$

798

0.30%

$

196,776

$

1,086

0.55%

Money market accounts

 

337,993

 

1,256

0.37%

 

310,789

 

2,202

0.71%

Savings accounts

 

83,032

 

300

0.36%

 

47,263

 

330

0.70%

Time deposits

 

657,986

 

4,245

0.65%

 

588,239

 

10,124

1.72%

Total interest-bearing deposits

$

1,341,330

$

6,599

0.49%

$

1,143,068

$

13,742

1.20%

 
Federal funds purchased

$

- -

$

- -

0.00%

$

184

$

1

0.54%

Subordinated debt

 

24,702

 

1,487

6.02%

 

24,653

 

1,487

6.03%

Other borrowed funds

 

18,375

 

125

0.68%

 

31,481

 

377

1.20%

Total interest-bearing liabilities

$

1,384,407

$

8,211

0.59%

$

1,199,386

$

15,607

1.30%

Demand deposits

 

448,723

 

359,598

Other liabilities

 

13,146

 

12,323

Total liabilities

$

1,846,276

$

1,571,307

Shareholders' equity

 

197,343

 

176,540

Total liabilities and shareholders' equity

$

2,043,619

$

1,747,847

Interest rate spread

3.09%

2.93%

Net interest income and margin

$

65,908

3.27%

$

56,839

3.32%

 

Contacts

Christopher W. Bergstrom, President & CEO of John Marshall Bancorp, Inc.

(703) 584-0840

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