John Marshall Bancorp, Inc. Reports Third Quarter 2023 Results
- John Marshall Bancorp, Inc. reports strong loan growth with a 11.3% annualized increase in loans, net of unearned income, from June 30 to September 30, 2023.
- The company maintains a pristine asset quality with no nonperforming loans or loans past due.
- The bank's regulatory capital ratios are well in excess of the regulatory threshold to be considered well capitalized.
- The company reduced wholesale deposits by $58.7 million or 16.3% during the quarter.
- Non-interest bearing demand deposits and non-maturing deposits increased during the quarter.
- None.
Selected Highlights
-
Strong Loan Growth – Loans, net of unearned income, grew
or$95.0 million 5.5% from September 30, 2022 to September 30, 2023. Loans, net of unearned income, grew or$50.3 million 11.3% annualized from June 30, 2023 to September 30, 2023. The Company’s loan pipeline headed into the fourth quarter of 2023 continues to be strong as we are seeing increased lending opportunities that meet our underwriting standards and, in many cases, fewer competitors for those loans as some market participants have scaled back lending efforts. - Pristine Asset Quality – For the sixteenth consecutive quarter, the Company had no nonperforming loans, no other real estate owned and no loans 30 days or more past due. There were no charge-offs during the quarter. The Company continues to adhere to strict underwriting standards and proactively manages the portfolio.
-
Well Capitalized – Each of the Bank’s regulatory capital ratios is well in excess of the regulatory threshold to be considered well capitalized. The Bank’s equity to assets and total risk-based capital ratios were
10.6% and15.7% , respectively, as of September 30, 2023. -
Continued Strength in CRE Loan Portfolio – The Company’s loan portfolio remains a source of strength. As of September 30, 2023, the Company’s commercial real estate (“CRE”) non-owner occupied and owner-occupied portfolios had a weighted average loan-to-values of
50.2% and55.1% , respectively, and weighted average debt service coverage ratios of 2.1x and 3.5x, respectively. -
Decreased Wholesale Deposits – The Company reduced wholesale deposits (i.e., Brokered and QwickRate CDs) by
or$58.7 million 16.3% during the three months ended September 30, 2023. Year-to-date, the Company reduced wholesale deposits by or$73.7 million 19.7% . As outlined in the deposit detail table included in this release, wholesale deposits have declined in each of the past two quarters by a total of .$95.4 million -
Increased Core Deposits – During the quarter, the Company grew non-interest bearing demand deposits by
or$3.9 million 3.6% annualized. Non-interest bearing deposits as a percentage of total deposits increased from21.2% at June 30, 2023 to22.1% as of September 30, 2023. Non-maturing deposits increased during the three months ended September 30, 2023, representing$16.5 million 5.7% annualized growth. Core customer funding sources, as defined in the deposit detail table included with this release, increased from80.3% as of June 30, 2023 to82.6% as of September 30, 2023. -
Stabilizing Net Interest Margin – Net interest margin was
2.08% for the three months ended September 30, 2023 compared to2.10% for the three months ended June 30, 2023 and3.10% for the three months ended September 30, 2022. The Company realized the initial benefits of the July 2023 balance sheet restructuring disclosed in the Company’s earnings release and Form 10-Q for the second quarter of 2023 (the “Restructuring”). We continue to redeploy the Restructuring proceeds into higher yielding, high-quality earning assets and pay down higher cost funding sources. As a result of the Restructuring, strong loan growth and reduction of wholesale deposits, net interest margin progressively improved throughout the quarter and ended the month of September at2.13% .
Chris Bergstrom, President and Chief Executive Officer, commented, “By selling low yielding assets through the Restructuring, we increased the flexibility and earnings horsepower of our balance sheet. Part of the proceeds from the Restructuring were redeployed into the loan growth anticipated in last quarter’s earnings release and enabled us to enhance our earning asset yield. Part of the Restructuring proceeds were utilized to pay down higher cost wholesale funding, which we expect will slow the rate of increase on our cost of funds. Part of the proceeds are awaiting redeployment, but are earning a higher yield than they were prior to the Restructuring. We anticipate putting these funds to work in the fourth quarter, as our loan pipeline remains strong. In addition, we are encouraged by our core non-maturing deposit growth and improved funding mix during the quarter. Our balance sheet remains strong. We continue to have excellent asset quality and robust liquidity. While the quarter’s reported results reflect the non-recurring impact of the Restructuring, core operating performance of the Company remains strong and we have enhanced our ability to drive earnings growth.”
Balance Sheet, Liquidity and Credit Quality
Total assets were
Total loans, net of unearned income, increased
The carrying value of the Company’s fixed income securities portfolio was
The Company’s balance sheet remains highly liquid. The Company’s liquidity position, defined as the sum of cash, unencumbered securities and available secured borrowing capacity, totaled
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Liquidity Trends |
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September 30, 2023 |
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June 30, 2023 |
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March 31, 2023 |
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December 31, 2022 |
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September 30, 2022 |
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(Dollars in thousands) |
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Amount |
% of Assets |
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Amount |
% of Assets |
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Amount |
% of Assets |
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Amount |
% of Assets |
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Amount |
% of Assets |
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Cash |
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$ |
192,656 |
8.4 |
% |
$ |
129,551 |
5.5 |
% |
$ |
103,359 |
4.4 |
% |
$ |
61,599 |
2.6 |
% |
$ |
74,756 |
3.2 |
% |
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Unencumbered Securities |
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80,267 |
3.5 |
% |
|
233,695 |
9.9 |
% |
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298,194 |
12.7 |
% |
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313,618 |
13.4 |
% |
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345,987 |
15.0 |
% |
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Available Secured Borrowing Capacity |
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469,524 |
20.4 |
% |
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476,144 |
20.1 |
% |
|
451,008 |
19.2 |
% |
|
388,257 |
16.5 |
% |
|
401,828 |
17.4 |
% |
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Total Liquidity |
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$ |
742,447 |
32.3 |
% |
$ |
839,390 |
35.5 |
% |
$ |
852,561 |
36.3 |
% |
$ |
763,474 |
32.5 |
% |
$ |
822,571 |
35.6 |
% |
If the Company were to avail itself of additional Bank Term Funding Program (“BTFP”) funding, we estimate an incremental increase in our liquidity position of approximately
Total deposits were
The Company obtained a
Shareholders’ equity increased
The Bank’s capital ratios at September 30, 2023 improved when compared to September 30, 2022 and remained well above regulatory thresholds for well-capitalized banks. As of September 30, 2023, the Bank’s total risk-based capital ratio was
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Bank Regulatory Capital Ratios (As Reported) |
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Well-Capitalized Threshold |
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September 30, 2023 |
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December 31, 2022 |
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September 30, 2022 |
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Total risk-based capital ratio |
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10.0 |
% |
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15.7 |
% |
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15.6 |
% |
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15.4 |
% |
Tier 1 risk-based capital ratio |
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8.0 |
% |
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14.6 |
% |
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14.4 |
% |
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14.3 |
% |
Common equity tier 1 ratio |
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6.5 |
% |
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14.6 |
% |
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14.4 |
% |
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14.3 |
% |
Leverage ratio |
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5.0 |
% |
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11.3 |
% |
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11.3 |
% |
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11.0 |
% |
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Bank Regulatory Capital Ratios (Hypothetical Scenario of Selling All Bonds at Fair Market Value - Non-GAAP) |
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Well-Capitalized Threshold |
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September 30, 2023 |
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December 31, 2022 |
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September 30, 2022 |
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Total risk-based capital ratio |
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10.0 |
% |
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14.1 |
% |
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13.8 |
% |
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13.4 |
% |
Tier 1 risk-based capital ratio |
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8.0 |
% |
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12.9 |
% |
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12.6 |
% |
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12.2 |
% |
Common equity tier 1 ratio |
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6.5 |
% |
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12.9 |
% |
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12.6 |
% |
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12.2 |
% |
Leverage ratio |
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5.0 |
% |
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11.3 |
% |
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11.8 |
% |
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11.4 |
% |
The Company recorded no charge-offs during the third quarter of 2023, during the second quarter of 2023 or during the third quarter of 2022. As of September 30, 2023, the Company had no non-accrual loans, no loans greater than 30 days past due and no other real estate owned assets.
At September 30, 2023, the allowance for loan credit losses was
At September 30, 2023, the allowance for credit losses on unfunded loan commitments was
The Company did not have an allowance for credit losses on held-to-maturity securities as of September 30, 2023 or June 30, 2023.
The Company’s owner occupied and non-owner occupied CRE portfolios continue to be of sound credit quality. The following table provides a detailed breakout of the two aforementioned portfolios as of September 30, 2023, demonstrating their strong debt-service-coverage and loan-to-value ratios.
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Commercial Real Estate |
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Owner Occupied |
Non-owner Occupied |
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Asset Class |
Weighted Average Loan-to-Value(1) |
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Weighted Average Debt Service Coverage Ratio(2) |
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Number of Total Loans |
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Principal Balance(3)
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Weighted Average Loan-to-Value(1) |
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Weighted Average Debt Service Coverage Ratio(2) |
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Number of Total Loans |
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Principal Balance(3)
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Office |
60.7 |
% |
4.3 |
x |
129 |
$ |
84,512 |
47.1 |
% |
1.9 |
x |
64 |
$ |
124,288 |
Retail |
61.0 |
% |
2.3 |
x |
43 |
|
61,170 |
51.2 |
% |
1.9 |
x |
142 |
|
396,544 |
Warehouse |
62.3 |
% |
2.4 |
x |
28 |
|
37,359 |
46.5 |
% |
3.0 |
x |
24 |
|
33,558 |
Church |
32.4 |
% |
3.1 |
x |
19 |
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37,799 |
- - |
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- - |
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- - |
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- - |
Hotel/Motel |
- - |
|
- - |
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- - |
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- - |
48.6 |
% |
2.2 |
x |
7 |
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39,282 |
Industrial |
55.8 |
% |
4.7 |
x |
24 |
|
37,603 |
52.8 |
% |
2.5 |
x |
16 |
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66,210 |
Other(4) |
52.5 |
% |
3.6 |
x |
50 |
|
104,574 |
50.0 |
% |
1.8 |
x |
16 |
|
23,804 |
Total |
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293 |
$ |
363,017 |
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269 |
$ |
683,686 |
___________________________ | ||
(1) |
Loan-to-value is determined at origination date and is divided by principal balance as of September 30, 2023. |
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(2) |
The debt service coverage ratio (“DSCR”) is calculated from the primary source of repayment for the loan. Owner occupied DSCR’s are derived from cash flows from the owner occupant’s business, property and their guarantors, while non-owner occupied DSCR’s are derived from the net operating income of the property. |
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(3) |
Principal balance excludes deferred fees or costs. |
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(4) |
Other asset class is primarily comprised of schools, daycares and country clubs. |
Income Statement Review
Quarterly Results
The Company reported a net loss of
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For the Three Months Ended |
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September 30, 2023 |
June 30, 2023 |
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September 30, 2022 |
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Net income (loss) (GAAP) |
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$ |
(10,137 |
) |
$ |
4,490 |
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$ |
8,045 |
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Add: Loss on securities sale, net of tax |
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13,520 |
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- |
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- |
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Add: Non-recurring tax and |
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1,101 |
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- |
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- |
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Core net income (Non-GAAP) |
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$ |
4,484 |
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$ |
4,490 |
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$ |
8,045 |
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Earnings per share - diluted (GAAP) |
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$ |
(0.72 |
) |
$ |
0.32 |
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$ |
0.57 |
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Core earnings per share - diluted (Non-GAAP) |
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$ |
0.32 |
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$ |
0.32 |
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$ |
0.57 |
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Return on average assets (annualized) (GAAP) |
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(1.73 |
)% |
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0.77 |
% |
|
1.38 |
% |
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Core return on average assets (annualized) (Non-GAAP) |
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0.76 |
% |
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0.77 |
% |
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1.38 |
% |
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Return on average equity (annualized) (GAAP) |
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(18.24 |
)% |
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8.13 |
% |
|
15.07 |
% |
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Core return on average equity (annualized) (Non-GAAP) |
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8.07 |
% |
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8.13 |
% |
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15.07 |
% |
Refer to “Explanation of Non-GAAP Measures” and the “Reconciliation of Certain Non-GAAP Financial Measures” table for further details about financial measures used in this release that were determined by methods other than in accordance with GAAP.
Net interest income for the third quarter of 2023 decreased
The Company recorded an
Non-interest income decreased
Non-interest expense decreased
For the three months ended September 30, 2023, annualized non-interest expense to average assets was
For the three months ended September 30, 2023, the annualized core efficiency ratio (Non-GAAP), which excludes the impact of the Restructuring, was
Year-to-Date Results
The Company reported net income of
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For the Nine Months Ended |
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September 30, 2023 |
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September 30, 2022 |
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Net income (GAAP) |
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$ |
656 |
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$ |
23,601 |
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Add: Loss on securities sale, net of tax |
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13,520 |
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- |
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Add: Non-recurring tax and |
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1,101 |
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- |
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Core net income (Non-GAAP) |
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$ |
15,277 |
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$ |
23,601 |
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Earnings per share - diluted (GAAP) |
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$ |
0.05 |
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$ |
1.67 |
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Core earnings per share - diluted (Non-GAAP) |
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$ |
1.08 |
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$ |
1.67 |
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Return on average assets (annualized) (GAAP) |
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0.04 |
% |
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1.40 |
% |
Core return on average assets (annualized) (Non-GAAP) |
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0.87 |
% |
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1.40 |
% |
Return on average equity (annualized) (GAAP) |
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0.40 |
% |
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15.03 |
% |
Core return on average equity (annualized) (Non-GAAP) |
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9.25 |
% |
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15.03 |
% |
Refer to “Explanation of Non-GAAP Measures” and the “Reconciliation of Certain Non-GAAP Financial Measures” table for further details about financial measures used in this release that were determined by methods other than in accordance with GAAP.
Net interest income for the nine months ended September 30, 2023 decreased
The Company recorded a
Non-interest income decreased
Non-interest expense decreased
For the nine months ended September 30, 2023, annualized non-interest expense to average assets was
For the nine months ended September 30, 2023, the annualized core efficiency ratio (Non-GAAP) was
Explanation of Non-GAAP Financial Measures
This release contains financial information determined by methods other than in accordance with GAAP. Management believes that the supplemental non-GAAP information provides a better comparison of the impact of unrealized losses in the Company’s bond portfolio on the Bank’s regulatory capital ratios and period-to-period operating performance, respectively. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. Non-GAAP measures used in this release consist of the following:
- The impact to the Bank’s regulatory capital ratios in the hypothetical scenario where the entire bond portfolio was sold at fair market value and the losses realized.
- Non-interest income, income before taxes, income tax expense, net income, earnings per share (basic and diluted), return on average assets (annualized), return on average equity (annualized), non-interest income as a percentage of average assets (annualized) and efficiency ratio excluding the impact of losses recognized in July 2023 on the sale of available-for-sale securities and taxes paid on the early surrender of bank owned life insurance policies.
These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Please refer to the Reconciliation of Certain Non-GAAP Financial Measures table for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.
About John Marshall Bancorp, Inc.
John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank. The Bank is a
In addition to historical information, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that 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. Our 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 the Bank include, but are not limited to, the following: the concentration of our business in the
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John Marshall Bancorp, Inc. |
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Financial Highlights (Unaudited) |
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(Dollar amounts in thousands, except per share data) |
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At or For the Three Months Ended |
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At or For the Nine Months Ended |
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September 30, |
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September 30, |
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2023 |
2022 |
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2023 |
2022 |
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Selected Balance Sheet Data |
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Cash and cash equivalents |
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$ |
192,656 |
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$ |
74,756 |
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$ |
192,656 |
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$ |
74,756 |
|
Total investment securities |
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272,881 |
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473,478 |
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272,881 |
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473,478 |
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Loans, net of unearned income |
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1,820,132 |
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1,725,114 |
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1,820,132 |
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1,725,114 |
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Allowance for loan credit losses |
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20,036 |
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20,032 |
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20,036 |
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20,032 |
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Total assets |
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2,298,202 |
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2,305,540 |
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2,298,202 |
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2,305,540 |
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Non-interest bearing demand deposits |
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437,880 |
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535,186 |
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437,880 |
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535,186 |
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Interest bearing deposits |
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1,543,743 |
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1,528,155 |
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1,543,743 |
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1,528,155 |
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Total deposits |
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1,981,623 |
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2,063,341 |
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1,981,623 |
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2,063,341 |
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Federal funds purchased |
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- - |
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- - |
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- - |
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- - |
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Federal Home Loan Bank advances |
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- - |
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- - |
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- - |
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- - |
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Federal Reserve Bank borrowings |
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54,000 |
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- - |
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54,000 |
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- - |
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Shareholders' equity |
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220,567 |
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202,212 |
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220,567 |
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202,212 |
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Summary Results of Operations |
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Interest income |
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$ |
26,263 |
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$ |
21,208 |
|
$ |
74,171 |
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$ |
60,509 |
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Interest expense |
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14,284 |
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3,516 |
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35,715 |
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|
7,593 |
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Net interest income |
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11,979 |
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17,692 |
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38,456 |
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52,916 |
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Provision for (recovery of) credit losses |
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(829 |
) |
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- - |
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(2,471 |
) |
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- - |
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Net interest income after provision for (recovery of) credit losses |
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12,808 |
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17,692 |
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40,927 |
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52,916 |
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Non-interest income (loss) |
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(16,815 |
) |
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450 |
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(15,564 |
) |
|
973 |
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Core non-interest income(1) |
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299 |
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|
450 |
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1,550 |
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|
973 |
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Non-interest expense |
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7,660 |
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7,958 |
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23,261 |
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|
24,425 |
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Income (Loss) before income taxes |
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(11,667 |
) |
|
10,184 |
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|
2,102 |
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|
29,464 |
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Core income before income taxes(1) |
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5,447 |
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10,184 |
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|
19,216 |
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|
29,464 |
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Net income (loss) |
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(10,137 |
) |
|
8,045 |
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|
656 |
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|
23,601 |
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Core net income(1) |
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|
4,484 |
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|
8,045 |
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|
15,277 |
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|
23,601 |
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Per Share Data and Shares Outstanding |
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Earnings (loss) per share - basic |
|
$ |
(0.72 |
) |
$ |
0.57 |
|
$ |
0.05 |
|
$ |
1.69 |
|
Core earnings per share - basic(1) |
|
$ |
0.32 |
|
$ |
0.57 |
|
$ |
1.08 |
|
$ |
1.69 |
|
Earnings (loss) per share - diluted |
|
$ |
(0.72 |
) |
$ |
0.57 |
|
$ |
0.05 |
|
$ |
1.67 |
|
Core earnings per share - diluted(1) |
|
$ |
0.32 |
|
$ |
0.57 |
|
$ |
1.08 |
|
$ |
1.67 |
|
Book value per share |
|
$ |
15.61 |
|
$ |
14.37 |
|
$ |
15.61 |
|
$ |
14.37 |
|
Weighted average common shares (basic) |
|
|
14,080,026 |
|
|
13,989,414 |
|
|
14,126,522 |
|
|
13,902,324 |
|
Weighted average common shares (diluted) |
|
|
14,080,026 |
|
|
14,108,286 |
|
|
14,199,179 |
|
|
14,065,887 |
|
Common shares outstanding at end of period |
|
|
14,126,084 |
|
|
14,070,080 |
|
|
14,126,084 |
|
|
14,070,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
||
Return on average assets (annualized) |
|
|
(1.73 |
)% |
|
1.38 |
% |
|
0.04 |
% |
|
1.40 |
% |
Core return on average assets (annualized)(1) |
|
|
0.76 |
|
|
1.38 |
|
|
0.87 |
|
|
1.40 |
|
Return on average equity (annualized) |
|
|
(18.24 |
)% |
|
15.07 |
% |
|
0.40 |
% |
|
15.03 |
% |
Core return on average equity (annualized)(1) |
|
|
8.07 |
|
|
15.07 |
|
|
9.25 |
|
|
15.03 |
|
Net interest margin |
|
|
2.08 |
% |
|
3.10 |
% |
|
2.25 |
% |
|
3.19 |
% |
Non-interest income (loss) as a percentage of average assets (annualized) |
|
|
(2.86 |
)% |
|
0.08 |
% |
|
(0.89 |
)% |
|
0.06 |
% |
Core non-interest income as a percentage of average assets (annualized)(1) |
|
|
0.05 |
|
|
0.08 |
|
|
0.09 |
|
|
0.06 |
|
Non-interest expense to average assets (annualized) |
|
|
1.30 |
% |
|
1.36 |
% |
|
1.33 |
% |
|
1.45 |
% |
Efficiency ratio |
|
|
(158.4 |
)% |
|
43.9 |
% |
|
101.6 |
% |
|
45.3 |
% |
Core efficiency ratio(1) |
|
|
62.4 |
|
|
43.9 |
|
|
58.1 |
|
|
45.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
||
Non-performing assets to total assets |
|
|
- - |
% |
|
- - |
% |
|
- - |
% |
|
- - |
% |
Non-performing loans to total loans |
|
|
- - |
% |
|
- - |
% |
|
- - |
% |
|
- - |
% |
Allowance for loan credit losses to non-performing loans |
|
|
N/M |
|
|
N/M |
|
|
N/M |
|
|
N/M |
|
Allowance for loan credit losses to total loans |
|
|
1.10 |
% |
|
1.16 |
% |
|
1.10 |
% |
|
1.16 |
% |
Net charge-offs (recoveries) to average loans (annualized) |
|
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||
Loans 30-89 days past due and accruing interest |
|
$ |
- - |
|
$ |
- - |
|
$ |
- - |
|
$ |
- - |
|
Non-accrual loans |
|
|
- - |
|
|
- - |
|
|
- - |
|
|
- - |
|
Other real estate owned |
|
|
- - |
|
|
- - |
|
|
- - |
|
|
- - |
|
Non-performing assets (2) |
|
|
- - |
|
|
- - |
|
|
- - |
|
|
- - |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Capital Ratios (Bank Level) |
|
|
|
|
|
|
|
|
|
|
|
||
Equity / assets |
|
|
10.6 |
% |
|
9.7 |
% |
|
10.6 |
% |
|
9.7 |
% |
Total risk-based capital ratio |
|
|
15.7 |
% |
|
15.4 |
% |
|
15.7 |
% |
|
15.4 |
% |
Tier 1 risk-based capital ratio |
|
|
14.6 |
% |
|
14.3 |
% |
|
14.6 |
% |
|
14.3 |
% |
Common equity tier 1 ratio |
|
|
14.6 |
% |
|
14.3 |
% |
|
14.6 |
% |
|
14.3 |
% |
Leverage ratio |
|
|
11.3 |
% |
|
11.0 |
% |
|
11.3 |
% |
|
11.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||
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) |
Non-GAAP financial measure. Refer to “Reconciliation of Certain Non-GAAP Financial Measures” for further details. |
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
John Marshall Bancorp, Inc. |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Consolidated Balance Sheets |
||||||||||||||||||
(Dollar amounts in thousands, except per share data) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
% Change |
|||||||
|
|
September 30, |
|
December 31, |
|
September 30, |
|
Last Nine |
|
Year Over |
||||||||
|
|
2023 |
|
2022 |
|
2022 |
|
Months |
|
Year |
||||||||
Assets |
|
(Unaudited) |
|
* |
|
(Unaudited) |
|
|
|
|
||||||||
Cash and due from banks |
|
$ |
7,642 |
|
|
$ |
6,583 |
|
|
$ |
14,957 |
|
|
16.1 |
% |
|
(48.9 |
)% |
Interest-bearing deposits in banks |
|
|
185,014 |
|
|
|
55,016 |
|
|
|
59,799 |
|
|
236.3 |
% |
|
209.4 |
% |
Securities available-for-sale, at fair value |
|
|
169,084 |
|
|
|
357,576 |
|
|
|
366,546 |
|
|
(52.7 |
)% |
|
(53.9 |
)% |
Securities held-to-maturity, fair value of |
|
|
96,347 |
|
|
|
99,415 |
|
|
|
100,598 |
|
|
(3.1 |
)% |
|
(4.2 |
)% |
Restricted securities, at cost |
|
|
5,007 |
|
|
|
4,425 |
|
|
|
4,421 |
|
|
13.2 |
% |
|
13.3 |
% |
Equity securities, at fair value |
|
|
2,443 |
|
|
|
2,115 |
|
|
|
1,913 |
|
|
15.5 |
% |
|
27.7 |
% |
Loans, net of unearned income |
|
|
1,820,132 |
|
|
|
1,789,508 |
|
|
|
1,725,114 |
|
|
1.7 |
% |
|
5.5 |
% |
Allowance for credit losses |
|
|
(20,036 |
) |
|
|
(20,208 |
) |
|
|
(20,032 |
) |
|
(0.9 |
)% |
|
0.0 |
% |
Net loans |
|
|
1,800,096 |
|
|
|
1,769,300 |
|
|
|
1,705,082 |
|
|
1.7 |
% |
|
5.6 |
% |
Bank premises and equipment, net |
|
|
1,264 |
|
|
|
1,219 |
|
|
|
1,331 |
|
|
3.7 |
% |
|
(5.0 |
)% |
Accrued interest receivable |
|
|
5,701 |
|
|
|
5,531 |
|
|
|
4,744 |
|
|
3.1 |
% |
|
20.2 |
% |
Bank owned life insurance |
|
|
- |
|
|
|
21,170 |
|
|
|
21,071 |
|
|
(100.0 |
)% |
|
(100.0 |
)% |
Right of use assets |
|
|
4,136 |
|
|
|
4,611 |
|
|
|
3,936 |
|
|
(10.3 |
)% |
|
5.1 |
% |
Other assets |
|
|
21,468 |
|
|
|
21,274 |
|
|
|
21,142 |
|
|
0.9 |
% |
|
1.5 |
% |
Total assets |
|
$ |
2,298,202 |
|
|
$ |
2,348,235 |
|
|
$ |
2,305,540 |
|
|
(2.1 |
)% |
|
(0.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest bearing demand deposits |
|
$ |
437,880 |
|
|
$ |
476,697 |
|
|
$ |
535,186 |
|
|
(8.1 |
)% |
|
(18.2 |
)% |
Interest-bearing demand deposits |
|
|
675,819 |
|
|
|
691,945 |
|
|
|
705,593 |
|
|
(2.3 |
)% |
|
(4.2 |
)% |
Savings deposits |
|
|
57,408 |
|
|
|
95,241 |
|
|
|
102,909 |
|
|
(39.7 |
)% |
|
(44.2 |
)% |
Time deposits |
|
|
810,516 |
|
|
|
803,857 |
|
|
|
719,653 |
|
|
0.8 |
% |
|
12.6 |
% |
Total deposits |
|
|
1,981,623 |
|
|
|
2,067,740 |
|
|
|
2,063,341 |
|
|
(4.2 |
)% |
|
(4.0 |
)% |
Federal funds purchased |
|
|
- - |
|
|
|
25,500 |
|
|
|
- - |
|
|
N/M |
|
|
N/M |
|
Federal Reserve Bank borrowings |
|
|
54,000 |
|
|
|
- - |
|
|
|
- - |
|
|
N/M |
|
|
N/M |
|
Subordinated debt, net |
|
|
24,687 |
|
|
|
24,624 |
|
|
|
24,603 |
|
|
0.3 |
% |
|
0.3 |
% |
Accrued interest payable |
|
|
2,610 |
|
|
|
1,035 |
|
|
|
643 |
|
|
152.2 |
% |
|
305.9 |
% |
Lease liabilities |
|
|
4,415 |
|
|
|
4,858 |
|
|
|
4,186 |
|
|
(9.1 |
)% |
|
5.5 |
% |
Other liabilities |
|
|
10,300 |
|
|
|
11,678 |
|
|
|
10,555 |
|
|
(11.8 |
)% |
|
(2.4 |
)% |
Total liabilities |
|
|
2,077,635 |
|
|
|
2,135,435 |
|
|
|
2,103,328 |
|
|
(2.7 |
)% |
|
(1.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Preferred stock, par value |
|
|
- - |
|
|
|
- - |
|
|
|
- - |
|
|
N/M |
|
|
N/M |
|
Common stock, nonvoting, par value |
|
|
- - |
|
|
|
- - |
|
|
|
- - |
|
|
N/M |
|
|
N/M |
|
Common stock, voting, par value |
|
|
141 |
|
|
|
141 |
|
|
|
140 |
|
|
- - |
% |
|
0.7 |
% |
Additional paid-in capital |
|
|
95,510 |
|
|
|
94,726 |
|
|
|
94,560 |
|
|
0.8 |
% |
|
1.0 |
% |
Retained earnings |
|
|
141,886 |
|
|
|
146,630 |
|
|
|
138,428 |
|
|
(3.2 |
)% |
|
2.5 |
% |
Accumulated other comprehensive loss |
|
|
(16,970 |
) |
|
|
(28,697 |
) |
|
|
(30,916 |
) |
|
(40.9 |
)% |
|
(45.1 |
)% |
Total shareholders' equity |
|
|
220,567 |
|
|
|
212,800 |
|
|
|
202,212 |
|
|
3.6 |
% |
|
9.1 |
% |
Total liabilities and shareholders' equity |
|
$ |
2,298,202 |
|
|
$ |
2,348,235 |
|
|
$ |
2,305,540 |
|
|
(2.1 |
)% |
|
(0.3 |
)% |
* Derived from audited consolidated financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
John Marshall Bancorp, Inc. |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consolidated Statements of Income |
||||||||||||||||||||||
(Dollar amounts in thousands, except per share data) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
||||||||||||||
|
|
September 30, |
|
|
|
September 30, |
|
|
||||||||||||||
|
|
2023 |
|
2022 |
|
% Change |
|
2023 |
|
2022 |
|
% Change |
||||||||||
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
||||||||||
Interest and Dividend Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest and fees on loans |
|
$ |
21,925 |
|
|
$ |
18,222 |
|
|
20.3 |
% |
|
$ |
63,355 |
|
|
$ |
53,740 |
|
|
17.9 |
% |
Interest on investment securities, taxable |
|
|
1,507 |
|
|
|
2,323 |
|
|
(35.1 |
)% |
|
|
5,895 |
|
|
|
5,597 |
|
|
5.3 |
% |
Interest on investment securities, tax-exempt |
|
|
10 |
|
|
|
30 |
|
|
(66.7 |
)% |
|
|
45 |
|
|
|
90 |
|
|
(50.0 |
)% |
Dividends |
|
|
75 |
|
|
|
62 |
|
|
21.0 |
% |
|
|
222 |
|
|
|
185 |
|
|
20.0 |
% |
Interest on deposits in other banks |
|
|
2,746 |
|
|
|
571 |
|
|
N/M |
|
|
|
4,654 |
|
|
|
897 |
|
|
N/M |
|
Total interest and dividend income |
|
|
26,263 |
|
|
|
21,208 |
|
|
23.8 |
% |
|
|
74,171 |
|
|
|
60,509 |
|
|
22.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deposits |
|
|
13,273 |
|
|
|
3,068 |
|
|
N/M |
|
|
|
33,590 |
|
|
|
6,090 |
|
|
N/M |
|
Federal funds purchased |
|
|
- - |
|
|
|
- - |
|
|
N/M |
|
|
|
10 |
|
|
|
- - |
|
|
N/M |
|
Federal Home Loan Bank advances |
|
|
- - |
|
|
|
- - |
|
|
N/M |
|
|
|
67 |
|
|
|
42 |
|
|
59.5 |
% |
Federal Reserve Bank borrowings |
|
|
662 |
|
|
|
- - |
|
|
N/M |
|
|
|
1,001 |
|
|
|
- - |
|
|
N/M |
|
Subordinated debt |
|
|
349 |
|
|
|
448 |
|
|
(22.1 |
)% |
|
|
1,047 |
|
|
|
1,461 |
|
|
(28.3 |
)% |
Total interest expense |
|
|
14,284 |
|
|
|
3,516 |
|
|
306.3 |
% |
|
|
35,715 |
|
|
|
7,593 |
|
|
370.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income |
|
|
11,979 |
|
|
|
17,692 |
|
|
(32.3 |
)% |
|
|
38,456 |
|
|
|
52,916 |
|
|
(27.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Provision for (recovery of) Credit Losses |
|
|
(829 |
) |
|
|
- - |
|
|
N/M |
|
|
|
(2,471 |
) |
|
|
- - |
|
|
N/M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income after provision for (recovery of) credit losses |
|
|
12,808 |
|
|
|
17,692 |
|
|
(27.6 |
)% |
|
|
40,927 |
|
|
|
52,916 |
|
|
(22.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Service charges on deposit accounts |
|
|
85 |
|
|
|
79 |
|
|
7.6 |
% |
|
|
239 |
|
|
|
240 |
|
|
(0.4 |
)% |
Bank owned life insurance |
|
|
23 |
|
|
|
255 |
|
|
(91.0 |
)% |
|
|
224 |
|
|
|
445 |
|
|
(49.7 |
)% |
Other service charges and fees |
|
|
160 |
|
|
|
175 |
|
|
(8.6 |
)% |
|
|
677 |
|
|
|
469 |
|
|
44.3 |
% |
Losses on sale of available-for-sale securities |
|
|
(17,114 |
) |
|
|
- - |
|
|
N/M |
|
|
|
(17,316 |
) |
|
|
- - |
|
|
N/M |
|
Insurance commissions |
|
|
54 |
|
|
|
47 |
|
|
14.9 |
% |
|
|
310 |
|
|
|
312 |
|
|
(0.6 |
)% |
Gain on sale of government guaranteed loans |
|
|
27 |
|
|
|
- - |
|
|
N/M |
|
|
|
50 |
|
|
|
- - |
|
|
N/M |
|
Non-qualified deferred compensation plan asset gains (losses), net |
|
|
(60 |
) |
|
|
(107 |
) |
|
(43.9 |
)% |
|
|
112 |
|
|
|
(498 |
) |
|
(122.5 |
)% |
Other income |
|
|
10 |
|
|
|
1 |
|
|
N/M |
|
|
|
140 |
|
|
|
5 |
|
|
N/M |
|
Total non-interest income (loss) |
|
|
(16,815 |
) |
|
|
450 |
|
|
(3,836.7 |
)% |
|
|
(15,564 |
) |
|
|
973 |
|
|
(1,699.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-interest Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Salaries and employee benefits |
|
|
5,052 |
|
|
|
5,072 |
|
|
(0.4 |
)% |
|
|
14,929 |
|
|
|
15,754 |
|
|
(5.2 |
)% |
Occupancy expense of premises |
|
|
445 |
|
|
|
461 |
|
|
(3.5 |
)% |
|
|
1,363 |
|
|
|
1,435 |
|
|
(5.0 |
)% |
Furniture and equipment expenses |
|
|
282 |
|
|
|
323 |
|
|
(12.7 |
)% |
|
|
882 |
|
|
|
989 |
|
|
(10.8 |
)% |
Other expenses |
|
|
1,881 |
|
|
|
2,102 |
|
|
(10.5 |
)% |
|
|
6,087 |
|
|
|
6,247 |
|
|
(2.6 |
)% |
Total non-interest expenses |
|
|
7,660 |
|
|
|
7,958 |
|
|
(3.7 |
)% |
|
|
23,261 |
|
|
|
24,425 |
|
|
(4.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income (Loss) before income taxes |
|
|
(11,667 |
) |
|
|
10,184 |
|
|
(214.6 |
)% |
|
|
2,102 |
|
|
|
29,464 |
|
|
(92.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income tax Expense (Benefit) |
|
|
(1,530 |
) |
|
|
2,139 |
|
|
(171.5 |
)% |
|
|
1,446 |
|
|
|
5,863 |
|
|
(75.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income (loss) |
|
$ |
(10,137 |
) |
|
$ |
8,045 |
|
|
(226.0 |
)% |
|
$ |
656 |
|
|
$ |
23,601 |
|
|
(97.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Earnings (Loss) Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic |
|
$ |
(0.72 |
) |
|
$ |
0.57 |
|
|
(226.3 |
)% |
|
$ |
0.05 |
|
|
$ |
1.69 |
|
|
(97.0 |
)% |
Diluted |
|
$ |
(0.72 |
) |
|
$ |
0.57 |
|
|
(226.3 |
)% |
|
$ |
0.05 |
|
|
$ |
1.67 |
|
|
(97.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
John Marshall Bancorp, Inc. |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Historical Trends - Quarterly Financial Data (Unaudited) |
|||||||||||||||||||||||
(Dollar amounts in thousands, except per share data) |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
2023 |
|
2022 |
|
||||||||||||||||||
|
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
Profitability for the Quarter: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
$ |
26,263 |
|
$ |
24,455 |
|
$ |
23,453 |
|
$ |
23,557 |
|
$ |
21,208 |
|
$ |
19,555 |
|
$ |
19,745 |
|
|
Interest expense |
|
|
14,284 |
|
|
12,446 |
|
|
8,984 |
|
|
6,052 |
|
|
3,516 |
|
|
2,247 |
|
|
1,829 |
|
|
Net interest income |
|
|
11,979 |
|
|
12,009 |
|
|
14,469 |
|
|
17,505 |
|
|
17,692 |
|
|
17,308 |
|
|
17,916 |
|
|
Provision for (recovery of) credit losses |
|
|
(829 |
) |
|
(868 |
) |
|
(774 |
) |
|
175 |
|
|
- - |
|
|
- - |
|
|
- - |
|
|
Non-interest income (loss) |
|
|
(16,815 |
) |
|
685 |
|
|
566 |
|
|
718 |
|
|
450 |
|
|
109 |
|
|
414 |
|
|
Non-interest expenses |
|
|
7,660 |
|
|
7,831 |
|
|
7,770 |
|
|
7,449 |
|
|
7,958 |
|
|
7,681 |
|
|
8,786 |
|
|
Income (loss) before income taxes |
|
|
(11,667 |
) |
|
5,731 |
|
|
8,039 |
|
|
10,599 |
|
|
10,184 |
|
|
9,736 |
|
|
9,544 |
|
|
Income tax expense (benefit) |
|
|
(1,530 |
) |
|
1,241 |
|
|
1,735 |
|
|
2,397 |
|
|
2,139 |
|
|
1,854 |
|
|
1,870 |
|
|
Net income (loss) |
|
$ |
(10,137 |
) |
$ |
4,490 |
|
$ |
6,304 |
|
$ |
8,202 |
|
$ |
8,045 |
|
$ |
7,882 |
|
$ |
7,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Return on average assets (annualized) |
|
|
(1.73 |
)% |
|
0.77 |
% |
|
1.10 |
% |
|
1.40 |
% |
|
1.38 |
% |
|
1.41 |
% |
|
1.40 |
% |
|
Return on average equity (annualized) |
|
|
(18.24 |
)% |
|
8.13 |
% |
|
11.83 |
% |
|
15.65 |
% |
|
15.07 |
% |
|
15.28 |
% |
|
14.76 |
% |
|
Net interest margin |
|
|
2.08 |
% |
|
2.10 |
% |
|
2.57 |
% |
|
3.05 |
% |
|
3.10 |
% |
|
3.16 |
% |
|
3.34 |
% |
|
Non-interest income (loss) as a percentage of average assets (annualized) |
|
|
(2.86 |
)% |
|
0.12 |
% |
|
0.10 |
% |
|
0.12 |
% |
|
0.08 |
% |
|
0.02 |
% |
|
0.08 |
% |
|
Non-interest expense to average assets (annualized) |
|
|
1.30 |
% |
|
1.34 |
% |
|
1.35 |
% |
|
1.27 |
% |
|
1.36 |
% |
|
1.38 |
% |
|
1.61 |
% |
|
Efficiency ratio |
|
|
(158.4 |
)% |
|
61.7 |
% |
|
51.7 |
% |
|
40.9 |
% |
|
43.9 |
% |
|
44.1 |
% |
|
47.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per share - basic |
|
$ |
(0.72 |
) |
$ |
0.32 |
|
$ |
0.45 |
|
$ |
0.58 |
|
$ |
0.57 |
|
$ |
0.56 |
|
$ |
0.55 |
|
|
Earnings (loss) per share - diluted |
|
$ |
(0.72 |
) |
$ |
0.32 |
|
$ |
0.44 |
|
$ |
0.58 |
|
$ |
0.57 |
|
$ |
0.56 |
|
$ |
0.55 |
|
|
Book value per share |
|
$ |
15.61 |
|
$ |
15.50 |
|
$ |
15.63 |
|
$ |
15.09 |
|
$ |
14.37 |
|
$ |
14.80 |
|
$ |
14.68 |
|
|
Dividends declared per share |
|
$ |
- - |
|
$ |
0.22 |
|
$ |
- - |
|
$ |
- - |
|
$ |
- - |
|
$ |
- - |
|
$ |
0.20 |
|
|
Weighted average common shares (basic) |
|
|
14,080,026 |
|
|
14,077,658 |
|
|
14,067,047 |
|
|
14,019,429 |
|
|
13,989,414 |
|
|
13,932,256 |
|
|
13,783,034 |
|
|
Weighted average common shares (diluted) |
|
|
14,080,026 |
|
|
14,143,253 |
|
|
14,156,724 |
|
|
14,131,352 |
|
|
14,108,286 |
|
|
14,085,160 |
|
|
13,991,692 |
|
|
Common shares outstanding at end of period |
|
|
14,126,084 |
|
|
14,126,138 |
|
|
14,125,208 |
|
|
14,098,986 |
|
|
14,070,080 |
|
|
14,026,589 |
|
|
13,950,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Service charges on deposit accounts |
|
$ |
85 |
|
$ |
82 |
|
$ |
72 |
|
$ |
84 |
|
$ |
79 |
|
$ |
84 |
|
$ |
77 |
|
|
Bank owned life insurance |
|
|
23 |
|
|
101 |
|
|
100 |
|
|
99 |
|
|
255 |
|
|
95 |
|
|
95 |
|
|
Other service charges and fees |
|
|
160 |
|
|
314 |
|
|
203 |
|
|
187 |
|
|
175 |
|
|
157 |
|
|
137 |
|
|
Losses on securities |
|
|
(17,114 |
) |
|
- - |
|
|
(202 |
) |
|
- - |
|
|
- - |
|
|
- - |
|
|
- - |
|
|
Insurance commissions |
|
|
54 |
|
|
50 |
|
|
206 |
|
|
70 |
|
|
47 |
|
|
44 |
|
|
221 |
|
|
Gain on sale of government guaranteed loans |
|
|
27 |
|
|
23 |
|
|
- - |
|
|
- - |
|
|
- - |
|
|
- - |
|
|
- - |
|
|
Non-qualified deferred compensation plan asset gains (losses), net |
|
|
(60 |
) |
|
83 |
|
|
89 |
|
|
144 |
|
|
(107 |
) |
|
(274 |
) |
|
(117 |
) |
|
Other income |
|
|
10 |
|
|
32 |
|
|
98 |
|
|
134 |
|
|
1 |
|
|
3 |
|
|
1 |
|
|
Total non-interest income (loss) |
|
$ |
(16,815 |
) |
$ |
685 |
|
$ |
566 |
|
$ |
718 |
|
$ |
450 |
|
$ |
109 |
|
$ |
414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-interest Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits |
|
$ |
5,052 |
|
$ |
4,965 |
|
$ |
4,912 |
|
$ |
4,436 |
|
$ |
5,072 |
|
$ |
4,655 |
|
$ |
6,027 |
|
|
Occupancy expense of premises |
|
|
445 |
|
|
448 |
|
|
470 |
|
|
458 |
|
|
461 |
|
|
482 |
|
|
493 |
|
|
Furniture and equipment expenses |
|
|
282 |
|
|
304 |
|
|
296 |
|
|
336 |
|
|
323 |
|
|
341 |
|
|
325 |
|
|
Other expenses |
|
|
1,881 |
|
|
2,114 |
|
|
2,092 |
|
|
2,219 |
|
|
2,102 |
|
|
2,203 |
|
|
1,941 |
|
|
Total non-interest expenses |
|
$ |
7,660 |
|
$ |
7,831 |
|
$ |
7,770 |
|
$ |
7,449 |
|
$ |
7,958 |
|
$ |
7,681 |
|
$ |
8,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance Sheets at Quarter End: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total loans, net of unearned income |
|
$ |
1,820,132 |
|
$ |
1,769,801 |
|
$ |
1,771,272 |
|
$ |
1,789,508 |
|
$ |
1,725,114 |
|
$ |
1,692,652 |
|
$ |
1,631,260 |
|
|
Allowance for loan credit losses |
|
|
(20,036 |
) |
|
(20,629 |
) |
|
(21,619 |
) |
|
(20,208 |
) |
|
(20,032 |
) |
|
(20,031 |
) |
|
(20,031 |
) |
|
Investment securities |
|
|
272,881 |
|
|
429,954 |
|
|
445,785 |
|
|
463,531 |
|
|
473,478 |
|
|
473,914 |
|
|
409,692 |
|
|
Interest-earning assets |
|
|
2,278,027 |
|
|
2,315,368 |
|
|
2,312,404 |
|
|
2,308,055 |
|
|
2,258,822 |
|
|
2,274,968 |
|
|
2,217,553 |
|
|
Total assets |
|
|
2,298,202 |
|
|
2,364,250 |
|
|
2,351,307 |
|
|
2,348,235 |
|
|
2,305,540 |
|
|
2,316,374 |
|
|
2,249,609 |
|
|
Total deposits |
|
|
1,981,623 |
|
|
2,046,309 |
|
|
2,088,642 |
|
|
2,067,740 |
|
|
2,063,341 |
|
|
2,043,741 |
|
|
1,983,099 |
|
|
Total interest-bearing liabilities |
|
|
1,622,430 |
|
|
1,691,044 |
|
|
1,665,837 |
|
|
1,641,167 |
|
|
1,552,758 |
|
|
1,581,017 |
|
|
1,530,133 |
|
|
Total shareholders' equity |
|
|
220,567 |
|
|
218,970 |
|
|
220,823 |
|
|
212,800 |
|
|
202,212 |
|
|
207,530 |
|
|
204,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Quarterly Average Balance Sheets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total loans, net of unearned income |
|
$ |
1,790,720 |
|
$ |
1,767,831 |
|
$ |
1,772,922 |
|
$ |
1,759,747 |
|
$ |
1,684,796 |
|
$ |
1,641,914 |
|
$ |
1,620,533 |
|
|
Investment securities |
|
|
310,407 |
|
|
441,778 |
|
|
463,254 |
|
|
468,956 |
|
|
488,860 |
|
|
447,688 |
|
|
376,608 |
|
|
Interest-earning assets |
|
|
2,301,642 |
|
|
2,305,050 |
|
|
2,295,677 |
|
|
2,289,061 |
|
|
2,277,325 |
|
|
2,204,709 |
|
|
2,183,897 |
|
|
Total assets |
|
|
2,331,403 |
|
|
2,344,712 |
|
|
2,334,695 |
|
|
2,330,307 |
|
|
2,314,825 |
|
|
2,240,119 |
|
|
2,216,131 |
|
|
Total deposits |
|
|
2,012,934 |
|
|
2,051,702 |
|
|
2,066,139 |
|
|
2,079,161 |
|
|
2,057,640 |
|
|
1,980,231 |
|
|
1,946,882 |
|
|
Total interest-bearing liabilities |
|
|
1,660,980 |
|
|
1,667,597 |
|
|
1,621,131 |
|
|
1,566,902 |
|
|
1,547,766 |
|
|
1,504,574 |
|
|
1,505,854 |
|
|
Total shareholders' equity |
|
|
220,473 |
|
|
221,608 |
|
|
220,282 |
|
|
207,906 |
|
|
212,147 |
|
|
206,967 |
|
|
210,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Measures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Average equity to average assets |
|
|
9.5 |
% |
|
9.5 |
% |
|
9.4 |
% |
|
8.9 |
% |
|
9.2 |
% |
|
9.2 |
% |
|
9.5 |
% |
|
Investment securities to earning assets |
|
|
12.0 |
% |
|
18.6 |
% |
|
19.3 |
% |
|
20.1 |
% |
|
21.0 |
% |
|
20.8 |
% |
|
18.5 |
% |
|
Loans to earning assets |
|
|
79.9 |
% |
|
76.4 |
% |
|
76.6 |
% |
|
77.5 |
% |
|
76.4 |
% |
|
74.4 |
% |
|
73.6 |
% |
|
Loans to assets |
|
|
79.2 |
% |
|
74.9 |
% |
|
75.3 |
% |
|
76.2 |
% |
|
74.8 |
% |
|
73.1 |
% |
|
72.5 |
% |
|
Loans to deposits |
|
|
91.9 |
% |
|
86.5 |
% |
|
84.8 |
% |
|
86.5 |
% |
|
83.6 |
% |
|
82.8 |
% |
|
82.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Capital Ratios (Bank Level): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity / assets |
|
|
10.6 |
% |
|
10.2 |
% |
|
10.3 |
% |
|
10.0 |
% |
|
9.7 |
% |
|
9.9 |
% |
|
10.2 |
% |
|
Total risk-based capital ratio |
|
|
15.7 |
% |
|
16.1 |
% |
|
16.1 |
% |
|
15.6 |
% |
|
15.4 |
% |
|
15.1 |
% |
|
15.4 |
% |
|
Tier 1 risk-based capital ratio |
|
|
14.6 |
% |
|
15.0 |
% |
|
14.9 |
% |
|
14.4 |
% |
|
14.3 |
% |
|
14.0 |
% |
|
14.2 |
% |
|
Common equity tier 1 ratio |
|
|
14.6 |
% |
|
15.0 |
% |
|
14.9 |
% |
|
14.4 |
% |
|
14.3 |
% |
|
14.0 |
% |
|
14.2 |
% |
|
Leverage ratio |
|
|
11.3 |
% |
|
11.6 |
% |
|
11.5 |
% |
|
11.3 |
% |
|
11.0 |
% |
|
11.0 |
% |
|
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
John Marshall Bancorp, Inc. |
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Loan, Deposit and Borrowing Detail (Unaudited) |
|||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) |
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
2023 |
|
|
|
|
2022 |
|
|
|
|
|
|||||||||||||||||||||||||
|
|
September 30 |
|
June 30 |
|
March 31 |
|
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
|||||||||||||||||||||
Loans |
|
$ Amount |
% of Total |
|
$ Amount |
% of Total |
|
$ Amount |
% of Total |
|
|
$ Amount |
% of Total |
|
$ Amount |
% of Total |
|
$ Amount |
% of Total |
|
$ Amount |
% of Total |
|
||||||||||||||
Commercial business loans |
|
$ |
37,793 |
|
2.1 |
% |
$ |
40,156 |
|
2.3 |
% |
$ |
41,204 |
|
2.3 |
% |
|
$ |
44,788 |
|
2.5 |
% |
$ |
44,967 |
|
2.6 |
% |
$ |
47,654 |
|
2.8 |
% |
$ |
52,569 |
|
3.2 |
% |
Commercial PPP loans |
|
|
132 |
|
0.0 |
% |
|
133 |
|
0.0 |
% |
|
135 |
|
0.0 |
% |
|
|
136 |
|
0.0 |
% |
|
138 |
|
0.0 |
% |
|
224 |
|
0.0 |
% |
|
7,781 |
|
0.5 |
% |
Commercial owner-occupied real estate loans |
|
|
363,017 |
|
20.0 |
% |
|
360,859 |
|
20.4 |
% |
|
363,495 |
|
20.6 |
% |
|
|
366,131 |
|
20.5 |
% |
|
362,346 |
|
21.1 |
% |
|
378,457 |
|
22.4 |
% |
|
339,933 |
|
20.9 |
% |
Total business loans |
|
|
400,942 |
|
22.1 |
% |
|
401,148 |
|
22.7 |
% |
|
404,834 |
|
22.9 |
% |
|
|
411,055 |
|
23.0 |
% |
|
407,451 |
|
23.7 |
% |
|
426,335 |
|
25.2 |
% |
|
400,283 |
|
24.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investor real estate loans |
|
|
683,686 |
|
37.6 |
% |
|
654,623 |
|
37.0 |
% |
|
660,740 |
|
37.4 |
% |
|
|
662,769 |
|
37.1 |
% |
|
622,415 |
|
36.1 |
% |
|
598,501 |
|
35.5 |
% |
|
553,093 |
|
34.0 |
% |
Construction & development loans |
|
|
179,570 |
|
9.9 |
% |
|
179,656 |
|
10.2 |
% |
|
179,606 |
|
10.2 |
% |
|
|
195,027 |
|
11.0 |
% |
|
199,324 |
|
11.6 |
% |
|
189,644 |
|
11.2 |
% |
|
219,160 |
|
13.4 |
% |
Multi-family loans |
|
|
86,366 |
|
4.8 |
% |
|
86,061 |
|
4.9 |
% |
|
88,670 |
|
5.0 |
% |
|
|
89,227 |
|
5.0 |
% |
|
106,460 |
|
6.2 |
% |
|
106,236 |
|
6.3 |
% |
|
99,100 |
|
6.1 |
% |
Total commercial real estate loans |
|
|
949,622 |
|
52.3 |
% |
|
920,340 |
|
52.1 |
% |
|
929,016 |
|
52.6 |
% |
|
|
947,023 |
|
53.1 |
% |
|
928,199 |
|
53.9 |
% |
|
894,381 |
|
53.0 |
% |
|
871,353 |
|
53.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage loans |
|
|
464,509 |
|
25.7 |
% |
|
443,305 |
|
25.2 |
% |
|
433,076 |
|
24.5 |
% |
|
|
426,841 |
|
23.9 |
% |
|
385,696 |
|
22.4 |
% |
|
368,370 |
|
21.8 |
% |
|
356,331 |
|
21.9 |
% |
Consumer loans |
|
|
467 |
|
0.0 |
% |
|
646 |
|
0.0 |
% |
|
324 |
|
0.0 |
% |
|
|
529 |
|
0.0 |
% |
|
585 |
|
0.0 |
% |
|
651 |
|
0.0 |
% |
|
513 |
|
0.0 |
% |
Total loans |
|
$ |
1,815,540 |
|
100.0 |
% |
$ |
1,765,439 |
|
100.0 |
% |
$ |
1,767,250 |
|
100.0 |
% |
|
$ |
1,785,448 |
|
100.0 |
% |
$ |
1,721,931 |
|
100.0 |
% |
$ |
1,689,737 |
|
100.0 |
% |
$ |
1,628,480 |
|
100.0 |
% |
Less: Allowance for loan credit losses |
|
|
(20,036 |
) |
|
|
|
(20,629 |
) |
|
|
|
(21,619 |
) |
|
|
|
|
(20,208 |
) |
|
|
|
(20,032 |
) |
|
|
|
(20,031 |
) |
|
|
|
(20,031 |
) |
|
|
Net deferred loan costs (fees) |
|
|
4,592 |
|
|
|
|
4,362 |
|
|
|
|
4,022 |
|
|
|
|
|
4,060 |
|
|
|
|
3,183 |
|
|
|
|
2,915 |
|
|
|
|
2,780 |
|
|
|
Net loans |
|
$ |
1,800,096 |
|
|
|
$ |
1,749,172 |
|
|
|
$ |
1,749,653 |
|
|
|
|
$ |
1,769,300 |
|
|
|
$ |
1,705,082 |
|
|
|
$ |
1,672,621 |
|
|
|
$ |
1,611,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
2023 |
|
|
|
|
2022 |
|
|
|
|
|
|||||||||||||||||||||||||
|
|
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 |
|
||||||||||||||
Non-interest bearing demand deposits |
|
$ |
437,880 |
|
22.1 |
% |
$ |
433,931 |
|
21.2 |
% |
$ |
447,450 |
|
21.4 |
% |
|
$ |
476,697 |
|
23.1 |
% |
$ |
535,186 |
|
25.9 |
% |
$ |
512,284 |
|
25.1 |
% |
$ |
495,811 |
|
25.0 |
% |
Interest-bearing demand deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
NOW accounts(1) |
|
|
345,522 |
|
17.4 |
% |
|
311,225 |
|
15.2 |
% |
|
284,872 |
|
13.7 |
% |
|
|
253,148 |
|
12.3 |
% |
|
293,558 |
|
14.2 |
% |
|
338,789 |
|
16.6 |
% |
|
345,087 |
|
17.4 |
% |
Money market accounts(1) |
|
|
330,297 |
|
16.7 |
% |
|
341,413 |
|
16.7 |
% |
|
392,962 |
|
18.8 |
% |
|
|
438,797 |
|
21.2 |
% |
|
412,035 |
|
20.0 |
% |
|
399,877 |
|
19.6 |
% |
|
414,987 |
|
20.9 |
% |
Savings accounts |
|
|
57,408 |
|
3.0 |
% |
|
68,013 |
|
3.4 |
% |
|
81,150 |
|
3.9 |
% |
|
|
95,241 |
|
4.6 |
% |
|
102,909 |
|
5.0 |
% |
|
112,276 |
|
5.4 |
% |
|
114,427 |
|
5.8 |
% |
Certificates of deposit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
364,805 |
|
18.4 |
% |
|
376,899 |
|
18.4 |
% |
|
338,824 |
|
16.2 |
% |
|
|
314,738 |
|
15.2 |
% |
|
280,027 |
|
13.6 |
% |
|
255,411 |
|
12.5 |
% |
|
241,230 |
|
12.1 |
% |
Less than |
|
|
103,600 |
|
5.2 |
% |
|
105,956 |
|
5.2 |
% |
|
94,429 |
|
4.5 |
% |
|
|
89,247 |
|
4.3 |
% |
|
88,421 |
|
4.3 |
% |
|
87,505 |
|
4.3 |
% |
|
91,050 |
|
4.6 |
% |
QwickRate® certificates of deposit |
|
|
11,526 |
|
0.6 |
% |
|
12,772 |
|
0.6 |
% |
|
16,952 |
|
0.8 |
% |
|
|
22,163 |
|
1.1 |
% |
|
20,154 |
|
1.0 |
% |
|
20,154 |
|
1.0 |
% |
|
23,136 |
|
1.2 |
% |
IntraFi® certificates of deposit |
|
|
41,659 |
|
2.1 |
% |
|
49,729 |
|
2.4 |
% |
|
53,178 |
|
2.5 |
% |
|
|
25,757 |
|
1.2 |
% |
|
46,305 |
|
2.2 |
% |
|
32,686 |
|
1.6 |
% |
|
39,628 |
|
2.0 |
% |
Brokered deposits |
|
|
288,926 |
|
14.6 |
% |
|
346,371 |
|
16.9 |
% |
|
378,825 |
|
18.2 |
% |
|
|
351,952 |
|
17.0 |
% |
|
284,746 |
|
13.8 |
% |
|
284,759 |
|
13.9 |
% |
|
217,743 |
|
11.0 |
% |
Total deposits |
|
$ |
1,981,623 |
|
100.0 |
% |
$ |
2,046,309 |
|
100.0 |
% |
$ |
2,088,642 |
|
100.0 |
% |
|
$ |
2,067,740 |
|
100.0 |
% |
$ |
2,063,341 |
|
100.0 |
% |
$ |
2,043,741 |
|
100.0 |
% |
$ |
1,983,099 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Federal funds purchased |
|
$ |
- - |
|
0.0 |
% |
$ |
- - |
|
0.0 |
% |
$ |
- - |
|
0.0 |
% |
|
$ |
25,500 |
|
50.9 |
% |
$ |
- - |
|
0.0 |
% |
$ |
- - |
|
0.0 |
% |
$ |
- - |
|
0.0 |
% |
Federal Home Loan Bank advances |
|
|
- - |
|
0.0 |
% |
|
- - |
|
0.0 |
% |
|
- - |
|
0.0 |
% |
|
|
- - |
|
0.0 |
% |
|
- - |
|
0.0 |
% |
|
- - |
|
0.0 |
% |
|
18,000 |
|
42.0 |
% |
Federal Reserve Bank borrowings |
|
|
54,000 |
|
68.6 |
% |
|
54,000 |
|
68.6 |
% |
|
- - |
|
0.0 |
|
|
|
- - |
|
0.0 |
% |
|
- - |
|
0.0 |
% |
|
- - |
|
0.0 |
% |
|
- - |
|
0.0 |
% |
Subordinated debt |
|
|
24,687 |
|
31.4 |
% |
|
24,666 |
|
31.4 |
% |
|
24,645 |
|
100.0 |
% |
|
|
24,624 |
|
49.1 |
% |
|
24,603 |
|
100.0 |
% |
|
49,560 |
|
100.0 |
% |
|
24,845 |
|
58.0 |
% |
Total borrowings |
|
$ |
78,687 |
|
100.0 |
% |
$ |
78,666 |
|
100.0 |
% |
$ |
24,645 |
|
100.0 |
% |
|
$ |
50,124 |
|
100.0 |
% |
$ |
24,603 |
|
100.0 |
% |
$ |
49,560 |
|
100.0 |
% |
$ |
42,845 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total deposits and borrowings |
|
$ |
2,060,310 |
|
|
|
$ |
2,124,975 |
|
|
|
$ |
2,113,287 |
|
|
|
|
$ |
2,117,864 |
|
|
|
$ |
2,087,944 |
|
|
|
$ |
2,093,301 |
|
|
|
$ |
2,025,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Core customer funding sources (2) |
|
$ |
1,681,171 |
|
82.6 |
% |
$ |
1,687,166 |
|
80.3 |
% |
$ |
1,692,865 |
|
81.1 |
% |
|
$ |
1,693,625 |
|
80.9 |
% |
$ |
1,758,441 |
|
85.2 |
% |
$ |
1,738,828 |
|
85.1 |
% |
$ |
1,742,220 |
|
87.1 |
% |
Wholesale funding sources (3) |
|
|
354,452 |
|
17.4 |
% |
|
413,143 |
|
19.7 |
% |
|
395,777 |
|
18.9 |
% |
|
|
399,615 |
|
19.1 |
% |
|
304,900 |
|
14.8 |
% |
|
304,913 |
|
14.9 |
% |
|
258,879 |
|
12.9 |
% |
Total funding sources |
|
$ |
2,035,623 |
|
100.0 |
% |
$ |
2,100,309 |
|
100.0 |
% |
$ |
2,088,642 |
|
100.0 |
% |
|
$ |
2,093,240 |
|
100.0 |
% |
$ |
2,063,341 |
|
100.0 |
% |
$ |
2,043,741 |
|
100.0 |
% |
$ |
2,001,099 |
|
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, Federal Home Loan Bank advances and Federal Reserve Bank borrowings. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John Marshall Bancorp, Inc. |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheets, Interest and Rates (unaudited) |
|
||||||||||||||||
(Dollar amounts in thousands) |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2023 |
|
Nine Months Ended September 30, 2022 |
|
||||||||||||
|
|
|
|
|
Interest Income / |
|
Average |
|
|
|
|
Interest Income / |
|
Average |
|
||
|
|
Average Balance |
|
Expense |
|
Rate |
|
Average Balance |
|
Expense |
|
Rate |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
401,623 |
|
$ |
6,117 |
|
2.04 |
% |
$ |
433,128 |
|
$ |
5,782 |
|
1.78 |
% |
Tax-exempt(1) |
|
|
2,678 |
|
|
56 |
|
2.80 |
% |
|
5,002 |
|
|
114 |
|
3.05 |
% |
Total securities |
|
$ |
404,301 |
|
$ |
6,173 |
|
2.04 |
% |
$ |
438,130 |
|
$ |
5,896 |
|
1.80 |
% |
Loans, net of unearned income(2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,748,904 |
|
|
62,664 |
|
4.79 |
% |
|
1,626,661 |
|
|
53,192 |
|
4.37 |
% |
Tax-exempt(1) |
|
|
28,319 |
|
|
875 |
|
4.13 |
% |
|
22,656 |
|
|
694 |
|
4.10 |
% |
Total loans, net of unearned income |
|
$ |
1,777,223 |
|
$ |
63,539 |
|
4.78 |
% |
$ |
1,649,317 |
|
$ |
53,886 |
|
4.37 |
% |
Interest-bearing deposits in other banks |
|
$ |
119,002 |
|
$ |
4,654 |
|
5.23 |
% |
$ |
134,874 |
|
$ |
897 |
|
0.89 |
% |
Total interest-earning assets |
|
$ |
2,300,526 |
|
$ |
74,366 |
|
4.32 |
% |
$ |
2,222,321 |
|
$ |
60,679 |
|
3.65 |
% |
Total non-interest earning assets |
|
|
36,572 |
|
|
|
|
|
|
|
35,066 |
|
|
|
|
|
|
Total assets |
|
$ |
2,337,098 |
|
|
|
|
|
|
$ |
2,257,387 |
|
|
|
|
|
|
Liabilities & Shareholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
|
$ |
291,217 |
|
$ |
4,484 |
|
2.06 |
% |
$ |
325,647 |
|
$ |
829 |
|
0.34 |
% |
Money market accounts |
|
|
374,053 |
|
|
7,560 |
|
2.70 |
% |
|
389,535 |
|
|
1,516 |
|
0.52 |
% |
Savings accounts |
|
|
75,273 |
|
|
673 |
|
1.20 |
% |
|
109,740 |
|
|
284 |
|
0.35 |
% |
Time deposits |
|
|
855,076 |
|
|
20,873 |
|
3.26 |
% |
|
658,897 |
|
|
3,461 |
|
0.70 |
% |
Total interest-bearing deposits |
|
$ |
1,595,619 |
|
$ |
33,590 |
|
2.81 |
% |
$ |
1,483,819 |
|
$ |
6,090 |
|
0.55 |
% |
Federal funds purchased |
|
|
294 |
|
|
10 |
|
4.55 |
% |
|
— |
|
|
— |
|
0.00 |
% |
Subordinated debt |
|
|
24,653 |
|
|
1,047 |
|
5.68 |
% |
|
27,476 |
|
|
1,461 |
|
7.11 |
% |
Other borrowed funds |
|
|
29,483 |
|
|
1,068 |
|
4.84 |
% |
|
8,257 |
|
|
42 |
|
0.68 |
% |
Total interest-bearing liabilities |
|
$ |
1,650,049 |
|
$ |
35,715 |
|
2.89 |
% |
$ |
1,519,552 |
|
$ |
7,593 |
|
0.67 |
% |
Demand deposits |
|
|
447,778 |
|
|
|
|
|
|
|
511,504 |
|
|
|
|
|
|
Other liabilities |
|
|
18,483 |
|
|
|
|
|
|
|
16,321 |
|
|
|
|
|
|
Total liabilities |
|
$ |
2,116,310 |
|
|
|
|
|
|
$ |
2,047,377 |
|
|
|
|
|
|
Shareholders’ equity |
|
$ |
220,788 |
|
|
|
|
|
|
$ |
210,010 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
2,337,098 |
|
|
|
|
|
|
$ |
2,257,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest income and spread |
|
|
|
|
$ |
38,651 |
|
1.43 |
% |
|
|
|
$ |
53,086 |
|
2.98 |
% |
|
|
|
|
|
|
195 |
|
|
|
|
|
|
|
170 |
|
|
|
Net interest income |
|
|
|
|
$ |
38,456 |
|
|
|
|
|
|
$ |
52,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent interest income/earnings assets |
|
|
|
|
|
|
|
4.32 |
% |
|
|
|
|
|
|
3.65 |
% |
Interest expense/earning assets |
|
|
|
|
|
|
|
2.08 |
% |
|
|
|
|
|
|
0.46 |
% |
Net interest margin(3) |
|
|
|
|
|
|
|
2.25 |
% |
|
|
|
|
|
|
3.19 |
% |
________________________________ | ||
(1) |
Tax-equivalent income has been adjusted using the federal statutory tax rate of |
|
(2) |
The Company did not have any loans on non-accrual as of September 30, 2023 or September 30, 2022. |
|
(3) |
The net interest margin has been calculated on a tax-equivalent basis. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John Marshall Bancorp, Inc. |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheets, Interest and Rates (unaudited) |
|
||||||||||||||||
(Dollar amounts in thousands) |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2023 |
|
Three Months Ended September 30, 2022 |
|
||||||||||||
|
|
|
|
|
Interest Income / |
|
Average |
|
|
|
|
Interest Income / |
|
Average |
|
||
|
|
Average Balance |
|
Expense |
|
Rate |
|
Average Balance |
|
Expense |
|
Rate |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
308,723 |
|
$ |
1,582 |
|
2.03 |
% |
$ |
483,861 |
|
$ |
2,385 |
|
1.96 |
% |
Tax-exempt(1) |
|
|
1,684 |
|
|
13 |
|
3.06 |
% |
|
4,999 |
|
|
38 |
|
3.02 |
% |
Total securities |
|
$ |
310,407 |
|
$ |
1,595 |
|
2.04 |
% |
$ |
488,860 |
|
$ |
2,423 |
|
1.97 |
% |
Loans, net of unearned income(2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,762,653 |
|
|
21,695 |
|
4.88 |
% |
|
1,655,670 |
|
|
17,983 |
|
4.31 |
% |
Tax-exempt(1) |
|
|
28,067 |
|
|
292 |
|
4.13 |
% |
|
29,126 |
|
|
302 |
|
4.11 |
% |
Total loans, net of unearned income |
|
$ |
1,790,720 |
|
$ |
21,987 |
|
4.87 |
% |
$ |
1,684,796 |
|
$ |
18,285 |
|
4.31 |
% |
Interest-bearing deposits in other banks |
|
$ |
200,515 |
|
$ |
2,746 |
|
5.43 |
% |
$ |
103,669 |
|
$ |
571 |
|
2.19 |
% |
Total interest-earning assets |
|
$ |
2,301,642 |
|
$ |
26,328 |
|
4.54 |
% |
$ |
2,277,325 |
|
$ |
21,279 |
|
3.71 |
% |
Total non-interest earning assets |
|
|
29,761 |
|
|
|
|
|
|
|
37,500 |
|
|
|
|
|
|
Total assets |
|
$ |
2,331,403 |
|
|
|
|
|
|
$ |
2,314,825 |
|
|
|
|
|
|
Liabilities & Shareholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
|
$ |
327,309 |
|
$ |
2,239 |
|
2.71 |
% |
$ |
329,780 |
|
$ |
404 |
|
0.49 |
% |
Money market accounts |
|
|
341,672 |
|
|
2,609 |
|
3.03 |
% |
|
377,736 |
|
|
727 |
|
0.76 |
% |
Savings accounts |
|
|
63,956 |
|
|
198 |
|
1.23 |
% |
|
106,647 |
|
|
107 |
|
0.40 |
% |
Time deposits |
|
|
849,270 |
|
|
8,227 |
|
3.84 |
% |
|
705,206 |
|
|
1,830 |
|
1.03 |
% |
Total interest-bearing deposits |
|
$ |
1,582,207 |
|
$ |
13,273 |
|
3.33 |
% |
$ |
1,519,369 |
|
$ |
3,068 |
|
0.80 |
% |
Federal funds purchased |
|
|
99 |
|
|
— |
|
— |
% |
|
— |
|
|
— |
|
0.00 |
% |
Subordinated debt, net |
|
|
24,674 |
|
|
349 |
|
5.61 |
% |
|
28,397 |
|
|
448 |
|
6.26 |
% |
Other borrowed funds |
|
|
54,000 |
|
|
662 |
|
4.86 |
% |
|
— |
|
|
— |
|
0.00 |
% |
Total interest-bearing liabilities |
|
$ |
1,660,980 |
|
$ |
14,284 |
|
3.41 |
% |
$ |
1,547,766 |
|
$ |
3,516 |
|
0.90 |
% |
Demand deposits |
|
|
430,727 |
|
|
|
|
|
|
|
538,271 |
|
|
|
|
|
|
Other liabilities |
|
|
19,223 |
|
|
|
|
|
|
|
16,641 |
|
|
|
|
|
|
Total liabilities |
|
$ |
2,110,930 |
|
|
|
|
|
|
$ |
2,102,678 |
|
|
|
|
|
|
Shareholders’ equity |
|
$ |
220,473 |
|
|
|
|
|
|
$ |
212,247 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
2,331,403 |
|
|
|
|
|
|
$ |
2,314,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest income and spread |
|
|
|
|
$ |
12,044 |
|
1.13 |
% |
|
|
|
$ |
17,763 |
|
2.81 |
% |
Less: tax-equivalent adjustment |
|
|
|
|
|
65 |
|
|
|
|
|
|
|
71 |
|
|
|
Net interest income |
|
|
|
|
$ |
11,979 |
|
|
|
|
|
|
$ |
17,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent interest income/earnings assets |
|
|
|
|
|
|
|
4.54 |
% |
|
|
|
|
|
|
3.71 |
% |
Interest expense/earning assets |
|
|
|
|
|
|
|
2.46 |
% |
|
|
|
|
|
|
0.61 |
% |
Net interest margin(3) |
|
|
|
|
|
|
|
2.08 |
% |
|
|
|
|
|
|
3.10 |
% |
____________________________ | ||
(1) |
Tax-equivalent income has been adjusted using the federal statutory tax rate of |
|
(2) |
The Company did not have any loans on non-accrual as of September 30, 2023 or September 30, 2022. |
|
(3) |
The net interest margin has been calculated on a tax-equivalent basis. |
|
|
|
|
|
|
|
|
|
|
|
John Marshall Bancorp, Inc. |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Certain Non-GAAP Financial Measures (unaudited) |
||||||||||
(Dollar amounts in thousands) |
||||||||||
|
|
As of |
|
|||||||
|
|
September 30, 2023 |
|
December 31, 2022 |
|
September 30, 2022 |
|
|||
Regulatory Ratios (Bank) |
|
|
|
|
|
|
|
|
|
|
Total risk-based capital (GAAP) |
|
$ |
280,891 |
|
$ |
283,471 |
|
$ |
274,611 |
|
Less: Unrealized losses on available-for-sale securities, net of tax benefit (1) |
|
|
17,143 |
|
|
28,942 |
|
|
31,191 |
|
Less: Unrealized losses on held-to-maturity securities, net of tax benefit (1) |
|
|
16,285 |
|
|
14,421 |
|
|
14,878 |
|
Total risk-based capital, excluding unrealized losses on available-for-sale and held-to-maturity securities, net of tax benefit (Non-GAAP) |
|
$ |
247,463 |
|
$ |
240,108 |
|
$ |
228,542 |
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (GAAP) |
|
$ |
261,666 |
|
$ |
262,960 |
|
$ |
254,226 |
|
Less: Unrealized losses on available-for-sale securities, net of tax benefit (1) |
|
|
17,143 |
|
|
28,942 |
|
|
31,191 |
|
Less: Unrealized losses on held-to-maturity securities, net of tax benefit (1) |
|
|
16,285 |
|
|
14,421 |
|
|
14,878 |
|
Tier 1 capital, excluding unrealized losses on available-for-sale and held-to-maturity securities, net of tax benefit (Non-GAAP) |
|
$ |
228,238 |
|
$ |
219,597 |
|
$ |
208,157 |
|
|
|
|
|
|
|
|
|
|
|
|
Risk weighted assets (GAAP) |
|
$ |
1,794,603 |
|
$ |
1,819,305 |
|
$ |
1,783,344 |
|
Less: Risk weighted available-for-sale securities |
|
|
25,094 |
|
|
60,894 |
|
|
62,969 |
|
Less: Risk weighted held-to-maturity securities |
|
|
17,229 |
|
|
17,762 |
|
|
17,973 |
|
Risk weighted assets, excluding available-for-sale and held-to-maturity securities (Non-GAAP) |
|
$ |
1,752,280 |
|
$ |
1,740,649 |
|
$ |
1,702,402 |
|
|
|
|
|
|
|
|
|
|
|
|
Total average assets for leverage ratio (GAAP) |
|
$ |
2,326,722 |
|
$ |
2,327,939 |
|
$ |
2,312,355 |
|
Less: Average available-for-sale securities |
|
|
206,116 |
|
|
362,024 |
|
|
380,324 |
|
Less: Average held-to-maturity securities |
|
|
96,988 |
|
|
100,050 |
|
|
101,558 |
|
Total average assets for leverage ratio, excluding available-for-sale and held-to-maturity securities (Non-GAAP) |
|
$ |
2,023,618 |
|
$ |
1,865,865 |
|
$ |
1,830,473 |
|
|
|
|
|
|
|
|
|
|
|
|
Total risk-based capital ratio (2) |
|
|
|
|
|
|
|
|
|
|
Total risk-based capital ratio (GAAP) |
|
|
15.7 |
% |
|
15.6 |
% |
|
15.4 |
% |
Total risk-based capital ratio (Non-GAAP) |
|
|
14.1 |
% |
|
13.8 |
% |
|
13.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital ratio (3) |
|
|
|
|
|
|
|
|
|
|
Tier 1 risk-based capital ratio (GAAP) |
|
|
14.6 |
% |
|
14.4 |
% |
|
14.3 |
% |
Tier 1 risk-based capital ratio (Non-GAAP) |
|
|
12.9 |
% |
|
12.6 |
% |
|
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 ratio (4) |
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 ratio (GAAP) |
|
|
14.6 |
% |
|
14.4 |
% |
|
14.3 |
% |
Common equity tier 1 ratio (Non-GAAP) |
|
|
12.9 |
% |
|
12.6 |
% |
|
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
Leverage ratio (5) |
|
|
|
|
|
|
|
|
|
|
Leverage ratio (GAAP) |
|
|
11.3 |
% |
|
11.3 |
% |
|
11.0 |
% |
Leverage ratio (Non-GAAP) |
|
|
11.3 |
% |
|
11.8 |
% |
|
11.4 |
% |
__________________________ | ||
(1) |
Includes tax benefit calculated using the federal statutory tax rate of |
|
(2) |
The total risk-based capital ratio is calculated by dividing total risk-based capital by risk weighted assets. |
|
(3) |
The tier 1 capital ratio is calculated by dividing tier 1 capital by risk weighted assets. |
|
(4) |
The common equity tier 1 ratio is calculated by dividing tier 1 capital by risk weighted assets. |
|
(5) |
The leverage ratio is calculated by dividing tier 1 capital by total average assets for leverage ratio. |
|
|
|
|
|
|
|
|
||
John Marshall Bancorp, Inc. |
|||||||||
|
|
|
|
|
|
|
|
||
Reconciliation of Certain Non-GAAP Financial Measures (unaudited) |
|||||||||
(Dollar amounts in thousands) |
|||||||||
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
||||
|
|
September 30, 2023 |
|
September 30, 2023 |
|
||||
Non-interest income (loss) (GAAP) |
|
$ |
(16,815 |
) |
|
$ |
(15,564 |
) |
|
Adjustment: Pre-tax loss recognized on sale of available-for-sale securities |
|
|
17,114 |
|
|
|
17,114 |
|
|
Core non-interest income (Non-GAAP) |
|
$ |
299 |
|
|
$ |
1,550 |
|
|
|
|
|
|
|
|
|
|
||
Income (loss) before taxes (GAAP) |
|
$ |
(11,667 |
) |
|
$ |
2,102 |
|
|
Adjustment: Pre-tax loss recognized on sale of available-for-sale securities |
|
|
17,114 |
|
|
|
17,114 |
|
|
Core income before taxes (Non-GAAP) |
|
$ |
5,447 |
|
|
$ |
19,216 |
|
|
|
|
|
|
|
|
|
|
||
Income tax expense (benefit) (GAAP) |
|
$ |
(1,530 |
) |
|
$ |
1,446 |
|
|
Adjustment: Tax and |
|
|
(1,101 |
) |
|
|
(1,101 |
) |
|
Adjustment: Tax benefit of loss recognized on sale of available-for-sale securities |
|
|
3,594 |
|
|
|
3,594 |
|
|
Core income tax expense (Non-GAAP)(1) |
|
$ |
963 |
|
|
$ |
3,939 |
|
|
|
|
|
|
|
|
|
|
||
Net income (loss) (GAAP) |
|
$ |
(10,137 |
) |
|
$ |
656 |
|
|
Core net income (Non-GAAP)(2) |
|
$ |
4,484 |
|
|
$ |
15,277 |
|
|
|
|
|
|
|
|
|
|
||
Earnings (loss) per share - basic (GAAP) |
|
$ |
(0.72 |
) |
|
$ |
0.05 |
|
|
Core earnings per share - basic (Non-GAAP)(3) |
|
$ |
0.32 |
|
|
$ |
1.08 |
|
|
|
|
|
|
|
|
|
|
||
Earnings (loss) per share - diluted (GAAP) |
|
$ |
(0.72 |
) |
|
$ |
0.05 |
|
|
Core earnings per share - diluted (Non-GAAP)(3) |
|
$ |
0.32 |
|
|
$ |
1.08 |
|
|
|
|
|
|
|
|
|
|
||
Return on average assets (annualized) (GAAP) |
|
|
(1.73 |
) |
% |
|
0.04 |
|
% |
Core return on average assets (annualized) (Non-GAAP)(4) |
|
|
0.76 |
|
% |
|
0.87 |
|
% |
|
|
|
|
|
|
|
|
||
Return on average equity (annualized) (GAAP) |
|
|
(18.24 |
) |
% |
|
0.40 |
|
% |
Core return on average equity (annualized) (Non-GAAP)(5) |
|
|
8.07 |
|
% |
|
9.25 |
|
% |
|
|
|
|
|
|
|
|
||
Non-interest income (loss) as a percentage of average assets (annualized) (GAAP) |
|
|
(2.86 |
) |
% |
|
(0.89 |
) |
% |
Core non-interest income as a percentage of average assets (annualized) (Non-GAAP)(6) |
|
|
0.05 |
|
% |
|
0.09 |
|
% |
|
|
|
|
|
|
|
|
||
Efficiency ratio (GAAP) |
|
|
(158.4 |
) |
% |
|
101.6 |
|
% |
Core efficiency ratio (Non-GAAP)(7) |
|
|
62.4 |
|
% |
|
58.1 |
|
% |
___________________________ | ||
(1) |
Includes tax benefit (expense) calculated using the federal statutory tax rate of |
|
(2) |
Core net income reflects net income adjusted for the non-recurring tax effected loss recognized on the sale of available-for-sale securities in and non-recurring tax expense associated with the surrender of the Company’s BOLI policies in July 2023. It is calculated by subtracting core income tax expense from core income before taxes for each period presented. |
|
(3) |
Core earnings per share – basic and core earnings per share – diluted is calculated by dividing core net income by basic weighted average shares outstanding and diluted weighted average shares outstanding, respectively, for each period presented. |
|
(4) |
Core return on average assets (annualized) is calculated by dividing annualizing core net income by average assets for each period presented. |
|
(5) |
Core return on average equity (annualized) is calculated by dividing annualizing core net income by average equity for each period presented. |
|
(6) |
Core non-interest income as a percentage of average assets (annualized) is calculated by dividing annualized core non-interest income by average assets for each period presented. |
|
(7) |
Core efficiency ratio is calculated by dividing non-interest expense by the sum of core non-interest income and net interest income for each period presented. |
Category: Earnings
View source version on businesswire.com: https://www.businesswire.com/news/home/20231018741695/en/
Christopher W. Bergstrom (703) 584-0840
Kent D. Carstater (703) 289-5922
Source: John Marshall
FAQ
What was the loan growth for John Marshall Bancorp, Inc. in Q3 2023?
Did John Marshall Bancorp, Inc. have any nonperforming loans or loans past due?
How did John Marshall Bancorp, Inc. manage its wholesale deposits during the quarter?
What is the net interest margin for Q3 2023?
What is the total assets of John Marshall Bancorp, Inc. at September 30, 2023?