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John Marshall Bancorp, Inc. Surpasses $2 Billion in Assets; 9th Consecutive Quarter of Record Earnings

 

John Marshall Bancorp, Inc. (OTCQB: JMSB) (the “Company”), parent company of John Marshall Bank (the “Bank”), reported its financial results for the three months ended March 31, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210421005196/en/

Total Assets (in millions) (Graphic: Business Wire)

Total Assets (in millions) (Graphic: Business Wire)

Selected Highlights

  • Ninth Consecutive Quarter of Record Earnings - The Company reported net income of $5.1 million for the three months ended March 31, 2021, a 12.7% increase over the $4.5 million reported for the three months ended March 31, 2020. Earnings per diluted share for the three months ended March 31, 2021 were $0.37, a 12.1% increase over the $0.33 reported for the three months ended March 31, 2020. Return on average assets was 1.05% and return on average equity was 10.89% for the three months ended March 31, 2021. Return on average assets was 1.14% and return on average equity was 10.87% for the three months ended March 31, 2020.
  • Record Pre-Tax, Pre-Provision Income - The Company achieved record pre-tax, pre-provision (“PTPP”) income of $8.9 million for the three months ended March 31, 2021, a 49.3% increase from the same period a year ago. Management believes PTPP income enables financial statement users to assess the Company’s ability to generate capital to cover potential credit losses which could arise before the COVID pandemic’s eradication. PTPP annualized return on average assets was 1.84% for the three months ended March 31, 2021 versus 1.50% for the three months ended March 31, 2020.
  • Strong Growth as Assets Surpass $2.0 Billion - Total assets increased 23.8% or $386.9 million to $2.01 billion at March 31, 2021. Gross loans net of unearned income increased $269.0 million or 20.1% from March 31, 2020 to March 31, 2021. Gross loans net of unearned income and Paycheck Protection Program (“PPP”) loans grew $151.2 million or 11.3% from March 31, 2020 to March 31, 2021. Total deposits grew $381.9 million or 27.7% from March 31, 2020 to March 31, 2021. Non-interest bearing demand deposits grew 52.7% or $144.9 million from March 31, 2020 to March 31, 2021.
  • Asset Quality Remains Pristine - For the sixth consecutive quarter, the Company had no non-performing loans, no loans 30 days or more past due and no real estate owned at quarter-end March 31, 2021. The Company had $1 thousand in charge-offs during the first quarter of 2021 and no charge-offs during the first quarter of 2020. Troubled debt restructurings were $589 thousand at March 31, 2021, a decrease of $58 thousand, from $647 thousand at March 31, 2020. The Company had no COVID modifications as of March 31, 2021. The Company believes its allowance for loan losses is appropriate for the inherent risks and uncertainties associated with the pandemic.
  • Net Interest Margin Unchanged from 4Q 2020 - The net interest margin was 3.43% for the three months ended March 31, 2021, unchanged from the three months ended December 31, 2020 and an increase of 10 basis points from the three months ended March 31, 2020. Excluding the impact of PPP loans, the net interest margin was 3.25% for the three months ended March 31, 2021, a decrease of eight basis points from 3.33% a year ago.
  • Efficiency Ratio Under 50% - The efficiency ratio improved from 54.6% for the three months ended March 31, 2020 to 47.1% for the three months ended March 31, 2021. Noninterest expense to average assets declined from 1.81% for the three months ended March 31, 2020 to 1.64% for the three months ended March 31, 2021.

Chris Bergstrom, President and Chief Executive Officer, commented, “One year ago, our Company revamped the way we conducted business. While the delivery of our products and services necessarily changed due to the pandemic, our mission of building value by delivering tailored banking services and exceptional client experiences has not. Through the resolve, adaptability and commitment of the economic first responders at John Marshall Bank, we are reporting our best quarter ever while exceeding the milestone of $2 billion in assets. Our strong balance sheet provides the support for the future growth of our Company. We believe we are well-positioned for continued success.”

Balance Sheet Review

Assets

Total assets were $2.01 billion at March 31, 2021, $1.89 billion at December 31, 2020 and $1.62 billion at March 31, 2020. During the first quarter of 2021, assets increased $124.5 million or 26.8% annualized. Year-over-year asset growth from March 31, 2020 to March 31, 2021 was $386.9 million or 23.8%.

Loans

Gross loans were $1.61 billion at March 31, 2021, $1.56 billion at December 31, 2020 and $1.34 billion at March 31, 2020. Gross loans net of unearned income increased $269.0 million or 20.1% from March 31, 2020 to March 31, 2021. Excluding PPP loans, gross loans net of unearned income increased $151.2 million or 11.3% from March 31, 2020 to March 31, 2021. Gross loans net of unearned income grew $43.3 million or 11.2% annualized during the first quarter of 2021. Excluding the impact of PPP loans, gross loans net of unearned income grew 11.0% annualized during the first quarter of 2021.

Investment Securities

The Company’s portfolio of investments in fixed income securities was $212.6 million at March 31, 2021, $151.9 million at December 31, 2020 and $139.4 million at March 31, 2020. Year-over-year bond growth from March 31, 2020 to March 31, 2021 was $73.1 million or 52.5%. The year-over year increase in fixed income securities was funded by PPP loan payoffs and deposit growth.

Interest Bearing Deposits in Banks

Interest-bearing deposits in banks were $154.5 million at March 31, 2021, $130.2 million at December 31, 2020 and $101.7 million at March 31, 2020. The Company expects to continue to reinvest these funds in higher yielding assets as opportunities and liquidity management allow.

Deposits

Total deposits were $1.76 billion at March 31, 2021, $1.64 billion at December 31, 2020 and $1.38 billion at March 31, 2020. Year-over-year deposit growth from March 31, 2020 to March 31, 2021 was $381.9 million or 27.7%. Deposits grew $121.3 million or 30.0% annualized during the first quarter of 2021.

Non-interest bearing demand deposits were $419.8 million at March 31, 2021, $362.6 million at December 31, 2020 and $274.9 million at March 31, 2020. Year-over-year non-interest bearing demand deposit growth from March 31, 2020 to March 31, 2021 was $144.9 million, or 52.7%. During the first quarter of 2021, non-interest bearing deposits grew $57.2 million or 64.0% annualized. Non-interest bearing demand deposits represented 23.8% of total deposits at March 31, 2021, 22.1% of total deposits at December 31, 2020 and 19.9% at March 31, 2020.

Core customer funding (includes IntraFi Demand®, IntraFi Money Market® and IntraFi CD®, which are all reciprocal deposits maintained by customers) was $1.51 billion at March 31, 2021, $1.40 billion at December 31, 2020 and $1.21 billion at March 31, 2020. Year-over-year core customer funding sources increased by $294.5 million or 24.3% from March 31, 2020 to March 31, 2021. Non-maturing deposits were 61.4% of total deposits as of March 31, 2021, 60.3% as of December 31, 2020 and 56.3% as of March 31, 2020.

IntraFi® certificates of deposits (formerly known as Certificate of Deposit Account Registry Service (CDARS)) deposits were $38.3 million at March 31, 2021, $39.7 million at December 31, 2020 and $57.4 million at March 31, 2020. Year-over-year, IntraFi® certificates of deposits decreased $19.1 million from March 31, 2020 to March 31, 2021.

Certificates of deposits were $385.6 million at March 31, 2021, $374.4 million at December 31, 2020 and $378.0 million at March 31, 2020. Year-over-year certificates of deposit increased $7.6 million from March 31, 2020 to March 31, 2021. QwickRate® certificates of deposit were $38.6 million at March 31, 2021, $29.8 million at December 31, 2020 and $20.0 million at March 31, 2020. Year-over-year QwickRate® certificates of deposit increased $18.6 million from March 31, 2020 to March 31, 2021. Brokered deposits were $217.0 million at March 31, 2021, $207.6 million at December 31, 2020 and $148.1 million at March 31, 2020. Brokered deposits increased $68.9 million from March 31, 2020 to March 31, 2021. Management continues to utilize wholesale funding in order to selectively realize lower funding costs and achieve certain asset/liability objectives.

Borrowings

Borrowings, consisting of Federal Home Loan Bank of Atlanta (“FHLB”) advances were $22.0 million at March 31, 2021, $22.0 million at December 31, 2020 and $37.0 million at March 31, 2020. FHLB advances decreased $15.0 million or 40.5% from March 31, 2020 to March 31, 2021. Management continues to retire FHLB advances as they mature to increase contingent funding sources. As of March 31, 2021, the Bank had approximately $288 million remaining in secured borrowing capacity with the FHLB, an increase of $72 million over the $216 million of FHLB secured borrowing capacity as of March 31, 2020.

The Company had subordinated notes with a balance of $24.7 million at March 31, 2021 and December 31, 2020 and $24.6 million at March 31, 2020.

Shareholders’ Equity and Capital Levels

Total shareholders’ equity was $188.9 million at March 31, 2021, $186.1 million at December 31, 2020 and $170.8 million at March 31, 2020. Year-over-year shareholders’ equity increased by $18.1 million, or 10.6%. Accumulated other comprehensive income declined from $3.6 million at March 31, 2020 to $1.2 million at March 31, 2021. An increase in market yields for investments with maturities three years or longer has reduced the Company’s unrealized gains in its bond portfolio, as bond prices and yields vary inversely.

Total common shares outstanding increased from 13,445,479, including 55,908 shares relating to unvested stock awards, at March 31, 2020, to 13,634,754, including 68,375 shares relating to unvested stock awards, at March 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 minimums for well-capitalized banks. As of March 31, 2021, the Bank’s total risk-based capital ratio was 14.6%, compared to 13.9% at March 31, 2020.

Asset Quality

For the sixth consecutive quarter, the Company had no non-accrual loans, no loans 30 days or more past due and no other real estate owned at quarter-end March 31, 2021.

Troubled debt restructurings were $589 thousand at March 31, 2021, a decrease of $58 thousand, from $647 thousand at March 31, 2020. All troubled debt restructurings were performing in accordance with their modified terms as of March 31, 2021 and March 31, 2020.

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

Income Statement Review

Net Interest Income

Net interest income was $16.3 million for the three months ended March 31, 2021, an increase of $3.5 million or 26.9% from $12.8 million for the three months ended March 31, 2020. The net interest margin was 3.43% for the three months ended March 31, 2021 as compared to 3.33% for the three months ended March 31, 2020.

Average loans net of unearned income increased $255.4 million or 19.3% compared to the three months ended March 31, 2020, with a 47 basis point decline in yield. Average securities increased $43.3 million, or 31.6% compared to the three months ended March 31, 2020, with a 68 basis point decline in yield. Average interest-bearing deposits in other banks increased $73.3 million or 78.5% compared to the three months ended March 31, 2020, with a 118 basis point decline in yield. The average yield on interest-bearing assets decreased 67 basis points from 4.62% for the three months ended March 31, 2020 to 3.95% for the three months ended March 31, 2021, primarily due to the decline in rates since the end of the first quarter of 2020.

The average cost of interest-bearing liabilities declined 103 basis points or 58.2% from 1.77% for the three months ended March 31, 2020 to 0.74% for the three months ended March 31, 2021. The average cost of interest-bearing deposits decreased 104 basis points when comparing the quarter ended March 31, 2020 to the quarter ended March 31, 2021. The average cost of other borrowed funds decreased 75 basis points when comparing the quarter ended March 31, 2020 to the quarter ended March 31, 2021. The declines in funding costs were similarly due to the decline in rates since the end of the first quarter of 2020.

Excluding PPP loans, the net interest margin was 3.25% for the three months ended March 31, 2021. The yield on earning assets would have been 3.81% and the yield on loans would have been 4.47% for the three months ended March 31, 2021, if PPP loans were excluded.

On a linked quarterly basis, net interest margin was unchanged at 3.43% for the three months ended March 31, 2021 and the three months ended December 31, 2020. The average yield on interest-bearing assets decreased 12 basis points from 4.07% for the three months ended December 31, 2020 to 3.95% for the three months ended March 31, 2021. The average cost of interest-bearing liabilities declined 18 basis points from 0.92% for the three months ended December 31, 2020, compared to 0.74% for the three months ended March 31, 2021.

Provision for Loan Losses

The Company had a $2.4 million provision for loan losses for the three months ended March 31, 2021, compared to $419 thousand for the same period in 2020. The Company had $1 thousand in charge-offs during the first quarter of 2021 and no charge-offs during the first quarter of 2020.

The allowance for loan losses as a percentage of total loans increased from 0.84% at March 31, 2020 to 1.21% at March 31, 2021. The allowance for loan losses increased $8.2 million or 73.4% from March 31, 2020 to March 31, 2021. The allowance for loan losses as a percentage of total loans (excluding PPP loans) increased from 0.84% at March 31, 2020 to 1.30% at March 31, 2021. There were no PPP loans at March 31, 2020. The Company does not have a reserve on PPP loan balances, as they are 100% guaranteed by the Small Business Administration. The Company continues to monitor and evaluate the adequacy of the allowance for loan losses as additional data becomes available.

The ongoing increase in the Company’s provision for loan losses takes into consideration, among other things, the continued weakness in sectors such as hospitality and retail, how companies may perform when stimulus funds are no longer available, government restrictions that remain in place, the delayed rollout of the vaccines and the uncertainty surrounding the COVID variants and whether another surge may arise. While the Company’s loan portfolio, generally speaking, continues to perform very well, certain borrowers’ ability to service their debt could depend upon resolution of the above uncertainties.

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 March 31, 2021, the Company reported total noninterest income of $464 thousand, compared to $244 thousand during the three months ended March 31, 2020. The Company experienced a $127 thousand year-over-year increase in insurance commissions for the three months ended March 31, 2021 when compared to the same period in 2020. The increase was a result of higher production and related incentives. As a result of stock market appreciation, the market adjustment on equity securities increased $129 thousand in the three months ended March 31, 2021 as compared to the three months ended March 31, 2020. Service charges on deposit accounts declined $13 thousand, bank owned life insurance declined $12 thousand and other service charges and fees decreased $6 thousand for the three months ended March 31, 2021 when compared to the same period in 2020. The year-over-year decline in service charges and other fees was mostly related to lower account activity for the three months ended March 31, 2021 when compared to the same period in 2020.

Noninterest Expense

For the three months ended March 31, 2021, noninterest expense increased 10.5%, to $7.9 million, compared to $7.1 million for the same period in 2020. Salaries and employee benefits expense was $5.0 million during the three months ended March 31, 2021, up $503 thousand or 11.2% when compared to $4.5 million during the three months ended March 31, 2020. The increase was primarily the result of incentive compensation tied to performance and six net new hires over the last twelve months. Occupancy expense increased 4.1% or $20 thousand and furniture and equipment expense decreased 12.7% or $47 thousand when comparing the three months ended March 31, 2021 to the same period in 2020. The increase in occupancy expense was mostly related to additional cleaning expenses related to COVID and general increase in rent expenses. Furniture and equipment expense declined due to renegotiation of software and equipment contracts during the past year. Other operating expense increased by 15.4%, or $277 thousand when comparing the three months ended March 31, 2021 to the same period in 2020. The higher other operating expense for the three months ended March 31, 2021 when compared to the same period in 2020, was mostly related to higher Federal Deposit Insurance Corporation deposit insurance, state bank franchise tax and higher marketing expenses.

About John Marshall Bancorp, Inc.

John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank. John Marshall Bank is headquartered in Reston, Virginia with eight full-service branches located in Alexandria, Arlington, Loudoun, Prince William, Reston, Rockville, Tysons, and Washington, D.C. and one loan production office in Arlington, Virginia. The Company is dedicated to providing an exceptional customer experience and value to local businesses, business owners and consumers in the Washington D.C. Metro area. The Bank offers a comprehensive line of sophisticated banking products, services and a digital platform that rival those of the largest banks. Dedicated relationship managers serving as direct point-of-contact along with an experienced staff help achieve customer’s financial goals. Learn more at www.johnmarshallbank.com.

In addition to historical information, this press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiary include, but are not limited to the following: changes in interest rates, general economic conditions, public health crises (such as the governmental, social and economic effects of COVID), levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, accounting principles and guidelines, and other conditions which by their nature are not susceptible to accurate forecast, and are subject to significant uncertainty. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

John Marshall Bancorp, Inc.
 
Financial Highlights (Unaudited)
(Dollar amounts in thousands, except per share data)
 

At or For the Three Months Ended

March 31,

2021

2020

Selected Balance Sheet Data
Cash and cash equivalents

$

161,397

 

$

110,490

 

Total investment securities

 

219,106

 

 

146,371

 

Loans net of unearned income

 

1,605,783

 

 

1,336,821

 

Allowance for loan losses

 

19,381

 

 

11,176

 

Total assets

 

2,009,988

 

 

1,623,045

 

Non-interest bearing demand deposits

 

419,796

 

 

274,878

 

Interest bearing deposits

 

1,341,594

 

 

1,104,564

 

Total deposits

 

1,761,390

 

 

1,379,442

 

Shareholders' equity

 

188,904

 

 

170,771

 

 
Summary Results of Operations
Interest income

$

18,747

$

17,818

 

Interest expense

 

2,465

 

4,991

 

Net interest income

 

16,282

 

 

12,827

 

Provision for loan losses

 

2,365

 

419

 

Net interest income after provision for loan losses

 

13,917

 

 

12,408

 

Noninterest income

 

464

 

 

244

 

Noninterest expense

 

7,893

 

7,140

 

Income before income taxes

 

6,488

 

 

5,512

 

Net income

 

5,074

 

4,501

 

 
Per Share Data and Shares Outstanding
Earnings per share - basic

$

0.37

 

$

0.34

 

Earnings per share - diluted

$

0.37

 

$

0.33

 

Tangible book value per share

$

13.85

 

$

12.70

 

Weighted average common shares (basic)

 

13,557,779

 

 

13,282,179

 

Weighted average common shares (diluted)

 

13,809,751

 

 

13,688,921

 

Common shares outstanding at end of period

 

13,634,754

 

 

13,445,479

 

 
Performance Ratios
Return on average assets (annualized)

 

1.05

%

 

1.14

%

Return on average equity (annualized)

 

10.89

%

 

10.87

%

Net interest margin

 

3.43

%

 

3.33

%

Noninterest income as a percentage of average assets (annualized)

 

0.10

%

 

0.06

%

Noninterest expense as a percentage of average assets (annualized)

 

1.64

%

 

1.81

%

Efficiency ratio

 

47.1

%

 

54.6

%

 
Asset Quality
Non-performing assets to total assets

 

0.00

%

 

0.00

%

Non-performing loans to total loans

 

0.00

%

 

0.00

%

Allowance for loan losses to non-performing loans

 

N/M

 

 

N/M

 

Allowance for loan losses to total loans (1)

 

1.21

%

 

0.84

%

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

 

0.00

%

 

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)

$

589

 

$

647

 

Performing in accordance with modified terms

$

589

 

$

647

 

Not performing in accordance with modified terms

$

- -

 

$

- -

 

 
Bank Capital Ratios
Tangible equity / tangible assets

 

9.4

%

 

10.5

%

Total risk-based capital ratio

 

14.6

%

 

13.9

%

Tier 1 risk-based capital ratio

 

13.4

%

 

13.1

%

Leverage ratio

 

10.8

%

 

11.9

%

Common equity tier 1 ratio

 

13.4

%

 

13.1

%

 
Other Information
Number of full time equivalent employees

 

143

 

 

137

 

# Full service branch offices

 

8

 

 

8

 

# Loan production or limited service branch offices

 

1

 

 

1

 

(1) The allowance for loan losses to total loans, excluding PPP loans of $117.8 million was 1.30% at March 31, 2021. 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 day or more past due and still accruing interest, and other real estate owned. Does not include troubled debt restructurings which were accruing interest at the date indicated.

John Marshall Bancorp, Inc.
 
Consolidated Balance Sheets
(Dollar amounts in thousands, except per share data)
 

 

 

 

 

 

 

% Change

March 31,

 

December 31,

 

March 31,

 

Last Three

 

Year Over

2021

 

2020

 

2020

 

Months

 

Year

Assets

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 
Cash and due from banks

$

6,868

 

$

8,228

 

$

8,762

 

-16.5

%

-21.6

%

Interest-bearing deposits in banks

 

154,529

 

 

130,229

 

 

101,728

 

18.7

%

51.9

%

Securities available-for-sale, at fair value

 

212,562

 

 

151,900

 

 

139,413

 

39.9

%

52.5

%

Restricted securities, at cost

 

5,089

 

 

5,676

 

 

6,343

 

-10.3

%

-19.8

%

Equity securities, at fair value

 

1,455

 

 

967

 

 

615

 

50.5

%

136.6

%

Loans net of unearned income

 

1,605,783

 

 

1,562,524

 

 

1,336,821

 

2.8

%

20.1

%

Allowance for loan losses

 

(19,381

)

 

(17,017

)

 

(11,176

)

13.9

%

73.4

%

Net loans

 

1,586,402

 

 

1,545,507

 

 

1,325,645

 

2.6

%

19.7

%

Bank premises and equipment, net

 

1,990

 

 

2,422

 

 

2,260

 

-17.8

%

-11.9

%

Accrued interest receivable

 

4,818

 

 

5,308

 

 

3,982

 

-9.2

%

21.0

%

Bank owned life insurance

 

20,694

 

 

20,587

 

 

20,237

 

0.5

%

2.3

%

Right of use assets

 

5,611

 

 

5,944

 

 

6,929

 

-5.6

%

-19.0

%

Other assets

 

9,970

 

 

8,728

 

 

7,131

 

14.2

%

39.8

%

 
Total assets

$

2,009,988

 

$

1,885,496

 

$

1,623,045

 

6.6

%

23.8

%

 
Liabilities and Shareholders' Equity
 

Liabilities

Deposits:
Non-interest bearing demand deposits

$

419,796

 

$

362,582

 

$

274,878

 

15.8

%

52.7

%

Interest bearing demand deposits

 

590,083

 

 

563,956

 

 

468,330

 

4.6

%

26.0

%

Savings deposits

 

72,102

 

 

62,138

 

 

32,745

 

16.0

%

120.2

%

Time deposits

 

679,409

 

 

651,444

 

 

603,489

 

4.3

%

12.6

%

Total deposits

 

1,761,390

 

 

1,640,120

 

 

1,379,442

 

7.4

%

27.7

%

Federal Home Loan Bank advances

 

22,000

 

 

22,000

 

 

37,000

 

0.0

%

-40.5

%

Subordinated debt

 

24,692

 

 

24,679

 

 

24,642

 

0.1

%

0.2

%

Accrued interest payable

 

692

 

 

877

 

 

899

 

-21.1

%

-23.0

%

Lease liabilities

 

5,873

 

 

6,208

 

 

7,172

 

-5.4

%

-18.1

%

Other liabilities

 

6,437

 

 

5,531

 

 

3,119

 

16.4

%

106.4

%

Total liabilities

 

1,821,084

 

 

1,699,415

 

 

1,452,274

 

7.2

%

25.4

%

 
Shareholders' Equity
Preferred stock, par value $0.01 per share; authorized 1,000,000 shares; none issued

 

- -

 

 

- -

 

 

- -

 

- -

 

- -

 

Common stock, nonvoting, par value $0.01 per share; authorized 1,000,000 shares; none issued

 

- -

 

 

- -

 

 

- -

 

- -

 

- -

 

Common stock, voting, par value $0.01 per share; authorized 20,000,000 shares; issued and outstanding, 13,634,754 at 3/31/2021 including 68,375 unvested shares, 13,606,558 shares at 12/31/2020 including 74,000 unvested shares and 13,445,479 at 3/31/2020, including 55,908 unvested shares

 

136

 

 

135

 

 

134

 

0.7

%

1.5

%

Additional paid-in capital

 

90,295

 

 

89,995

 

 

88,890

 

0.3

%

1.6

%

Retained earnings

 

97,239

 

 

92,165

 

 

78,141

 

5.5

%

24.4

%

Accumulated other comprehensive income

 

1,234

 

 

3,786

 

 

3,606

 

-67.4

%

-65.8

%

 
Total shareholders' equity

 

188,904

 

 

186,081

 

 

170,771

 

1.5

%

10.6

%

 
Total liabilities and shareholders' equity

$

2,009,988

 

$

1,885,496

 

$

1,623,045

 

6.6

%

23.8

%

John Marshall Bancorp, Inc.
 
Consolidated Statements of Income
(Dollar amounts in thousands, except per share data)
 
 

Three Months Ended

March 31,

2021

2020

% Change

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

$

17,839

$

16,625

 

7.3

%

Interest on investment securities, taxable

 

769

 

772

 

-0.4

%

Interest on investment securities, tax-exempt

 

30

 

26

 

15.4

%

Dividends

 

65

 

95

 

-31.6

%

Interest on deposits in banks

 

44

 

300

 

-85.3

%

Total interest and dividend income

 

18,747

 

17,818

 

5.2

%

 
Interest Expense
Deposits

 

2,060

 

4,458

 

-53.8

%

Federal Home Loan Bank advances

 

33

 

160

 

-79.4

%

Subordinated debt

 

372

 

372

 

0.0

%

Other short-term borrowings

 

- -

 

1

 

-100.0

%

Total interest expense

 

2,465

 

4,991

 

-50.6

%

 
Net interest income

 

16,282

 

12,827

 

26.9

%

 
Provision for loan losses

 

2,365

 

419

 

464.4

%

 
Net interest income after provision for loan losses

 

13,917

 

12,408

 

12.2

%

 
Noninterest Income
Service charges on deposit accounts

 

121

 

134

 

-9.7

%

Bank owned life insurance

 

107

 

119

 

-10.1

%

Other service charges and fees

 

41

 

47

 

-12.8

%

Insurance commissions

 

155

 

28

 

453.6

%

Gain on sale of securities

 

10

 

12

 

-16.7

%

Other operating income (loss)

 

30

 

(96

)

131.3

%

Total noninterest income

 

464

 

244

 

90.2

%

 
Noninterest Expenses
Salaries and employee benefits

 

4,989

 

4,486

 

11.2

%

Occupancy expense of premises

 

507

 

487

 

4.1

%

Furniture and equipment expenses

 

322

 

369

 

-12.7

%

Other operating expenses

 

2,075

 

1,798

 

15.4

%

Total noninterest expenses

 

7,893

 

7,140

 

10.5

%

 
Income before income taxes

 

6,488

 

5,512

 

17.7

%

 
Income tax expense

 

1,414

 

1,011

 

39.9

%

 
Net income

$

5,074

$

4,501

 

12.7

%

 
Earnings Per Share
Basic

$

0.37

$

0.34

 

8.8

%

Diluted

$

0.37

$

0.33

 

12.1

%

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

2021

2020

Loans

1Q Q4 Q3 Q2 Q1
$ Amount % of Total $ Amount % of Total $ Amount % of Total $ Amount % of Total $ Amount % of Total
Commercial business loans

$

60,637

 

3.8

%

$

67,549

 

4.4

%

$

77,709

 

5.1

%

$

77,987

 

5.1

%

$

81,553

 

6.1

%

Commercial PPP loans

 

117,796

 

7.3

%

 

114,411

 

7.3

%

 

148,156

 

9.6

%

 

148,156

 

9.7

%

 

- -

 

0.0

%

Commercial owner-occupied real estate loans

 

307,918

 

19.2

%

 

290,802

 

18.6

%

 

260,575

 

17.0

%

 

267,032

 

17.6

%

 

255,010

 

19.1

%

Total business loans

 

486,351

 

30.3

%

 

472,762

 

30.3

%

 

486,440

 

31.7

%

 

493,175

 

32.4

%

 

336,563

 

25.2

%

 
Investor real estate loans

 

502,940

 

31.3

%

 

497,087

 

31.8

%

 

498,352

 

32.5

%

 

480,220

 

31.6

%

 

470,163

 

35.2

%

Construction & development loans

 

250,208

 

15.6

%

 

243,741

 

15.6

%

 

237,195

 

15.4

%

 

236,927

 

15.6

%

 

243,023

 

18.2

%

Multi-family loans

 

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

 

837,837

 

52.2

%

 

810,195

 

51.8

%

 

784,824

 

51.1

%

 

772,944

 

50.9

%

 

771,548

 

57.7

%

 
Residential mortgage loans

 

281,964

 

17.5

%

 

278,763

 

17.8

%

 

262,049

 

17.1

%

 

252,494

 

16.6

%

 

227,172

 

17.0

%

Consumer loans

 

793

 

0.0

%

 

1,000

 

0.1

%

 

1,208

 

0.1

%

 

1,448

 

0.1

%

 

1,099

 

0.1

%

Total loans

$

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

 

(19,381

)

 

(17,017

)

 

(14,441

)

 

(12,725

)

 

(11,176

)

Net deferred loan costs (fees)

 

(1,162

)

 

(196

)

 

(1,808

)

 

(2,430

)

 

439

 

Net loans

$

1,586,402

 

$

1,545,507

 

$

1,518,272

 

$

1,504,906

 

$

1,325,645

 

 
 

2021

2020

1Q

Q4

Q3

Q2

Q1

Deposits

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

$

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)

 

245,274

 

13.9

%

 

233,993

 

14.3

%

 

227,816

 

14.1

%

 

207,558

 

13.3

%

 

179,197

 

13.0

%

Money market accounts(1)

 

344,807

 

19.6

%

 

329,960

 

20.1

%

 

321,760

 

19.8

%

 

303,378

 

19.4

%

 

289,131

 

21.0

%

Savings accounts

 

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

 

265,772

 

15.1

%

 

258,744

 

15.8

%

 

281,302

 

17.4

%

 

250,779

 

16.1

%

 

249,802

 

18.1

%

Less than $250,000

 

119,828

 

6.8

%

 

115,634

 

7.0

%

 

117,171

 

7.2

%

 

121,600

 

7.8

%

 

128,176

 

9.3

%

QwickRate® certificates of deposit

 

38,565

 

2.2

%

 

29,765

 

1.8

%

 

29,781

 

1.8

%

 

31,764

 

2.0

%

 

20,011

 

1.4

%

IntraFi® certificates of deposit

 

38,284

 

2.2

%

 

39,725

 

2.4

%

 

36,909

 

2.3

%

 

37,320

 

2.4

%

 

57,398

 

4.2

%

Brokered deposits

 

216,962

 

12.3

%

 

207,579

 

12.7

%

 

161,104

 

9.9

%

 

160,626

 

10.3

%

 

148,104

 

10.7

%

Total deposits

$

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

$

22,000

 

47.1

%

$

22,000

 

47.1

%

$

22,000

 

47.1

%

$

26,000

 

51.3

%

$

37,000

 

60.0

%

Subordinated debt

 

24,692

 

52.9

%

 

24,679

 

52.9

%

 

24,667

 

52.9

%

 

24,655

 

48.7

%

 

24,642

 

40.0

%

Total borrowings

$

46,692

 

100.0

%

$

46,679

 

100.0

%

$

46,667

 

100.0

%

$

50,655

 

100.0

%

$

61,642

 

100.0

%

 
Total deposits and borrowings

$

1,808,082

 

$

1,686,799

 

$

1,668,813

 

$

1,612,246

 

$

1,441,084

 

 
Core customer funding sources (2)

$

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)

 

277,527

 

15.6

%

 

259,344

 

15.6

%

 

212,885

 

12.9

%

 

218,390

 

13.8

%

 

205,115

 

14.5

%

Total funding sources

$

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 IntraFi Demand®, IntraFi Money Market® and IntraFi CD®, which are all reciprocal deposits 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 March 31, 2021

Three Months Ended March 31, 2020

Interest

Average

Interest

Average

Average

Income-

Yields

Average

Income-

Yields

Balance

Expense

/Rates

Balance

Expense

/Rates

Assets
Securities

$

180,180

$

864

1.94

%

$

136,918

$

893

2.62

%

Loans, net of unearned income

 

1,575,847

 

17,839

4.59

%

 

1,320,447

 

16,625

5.06

%

Interest-bearing deposits in other banks

 

166,808

 

44

0.11

%

 

93,474

 

300

1.29

%

Total interest-earning assets

$

1,922,835

$

18,747

3.95

%

$

1,550,839

$

17,818

4.62

%

Other assets

 

31,253

 

38,732

Total assets

$

1,954,088

$

1,589,571

Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts

$

238,993

$

198

0.34

%

$

149,077

$

345

0.93

%

Money market accounts

 

335,291

 

317

0.38

%

 

292,886

 

902

1.24

%

Savings accounts

 

67,248

 

65

0.39

%

 

30,797

 

101

1.32

%

Time deposits

 

665,003

 

1,480

0.90

%

 

592,889

 

3,110

2.11

%

Total interest-bearing deposits

$

1,306,535

$

2,060

0.64

%

$

1,065,649

$

4,458

1.68

%

 
Federal funds purchased

$

1

$

- -

0.00

%

$

132

$

1

3.05

%

Subordinated debt

 

24,684

 

372

6.11

%

 

24,635

 

372

6.07

%

Other borrowed funds

 

19,522

 

33

0.69

%

 

44,703

 

160

1.44

%

Total interest-bearing liabilities

$

1,350,742

$

2,465

0.74

%

$

1,135,119

$

4,991

1.77

%

Demand deposits

 

403,143

 

276,209

Other liabilities

 

11,208

 

11,641

Total liabilities

$

1,765,093

$

1,422,969

Shareholders' equity

 

188,995

 

166,602

Total liabilities and shareholders' equity

$

1,954,088

$

1,589,571

Interest rate spread

3.21

%

2.85

%

Net interest income and margin

$

16,282

3.43

%

$

12,827

3.33

%

 

Contacts

Chris Bergstrom

(703) 584-0840

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