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Impressive Growth, Record Earnings and Pristine Asset Quality Continue

John Marshall Bancorp, Inc. (OTCQB: JMSB) (the “Company”), parent company of John Marshall Bank (the “Bank”), reported net income of $7.7 million ($0.55 per diluted common share) for the quarter ended March 31, 2022.

Selected Highlights

  • One-time Special Cash Dividend On March 16, 2022, the Company declared a one-time, special cash dividend of $0.20 per outstanding share of common stock to be paid on May 24, 2022 to shareholders of record as of May 10, 2022.
  • Thirteenth Consecutive Quarter of Record Earnings – The Company reported record net income of $7.7 million for the first quarter of 2022, a $2.6 million or 51.2% increase over the $5.1 million reported for the first quarter of 2021. Earnings per diluted share for the three months ended March 31, 2022 were $0.55, a 48.6% increase over the $0.37 reported for the three months ended March 31, 2021.
  • Robust Returns – Annualized Return on Average Assets (“ROAA”) was 1.40% and Return on Average Equity (“ROAE”) was 14.76% for the three months ended March 31, 2022. ROAA and ROAE were 1.05% and 10.89%, respectively, for the three months ended March 31, 2021. Excluding 2010, when the Company realized a significant, non-recurring income tax benefit from the removal of the valuation allowance on its deferred tax assets in Q2 of that year, the ROAE represents a Company record.
  • Strong Growth – Year-over-year total assets increased 11.9% or $239.6 million to $2.25 billion at March 31, 2022. Excluding Paycheck Protection Program (“PPP”) loans, gross loans net of unearned income grew $132.8 million or 8.9% from March 31, 2021 to March 31, 2022. Total deposits grew $221.7 million or 12.6% from March 31, 2021 to March 31, 2022. Non-interest bearing demand deposits grew $76.0 million or 18.1% from March 31, 2021 to March 31, 2022.
  • Strong Operating Revenues – Revenues, defined as the sum of net interest income and non-interest income, increased 9.5% or $1.6 million to $18.3 million in the first quarter of 2022 as compared to $16.7 million for the first quarter of 2021.
  • Cost Consciousness – The Company actively manages expenses while investing for future growth. The efficiency ratio for the first quarter of 2022 was 47.9% compared to 47.1% for the first quarter of 2021. The ratio of annualized non-interest expense to average assets was 1.61% for the first quarter of 2022 and 1.64% for the first quarter of 2021.
  • Well-Capitalized, Liquid Balance Sheet – At March 31, 2022, the equity to assets ratio of the Bank was 10.2% and interest bearing cash and investment securities represented 26.1% of earning assets. We believe our loan pipeline to be strong and that we are well-positioned to redeploy this liquidity into higher yielding earning assets.
  • Asset Quality Remains Pristine – For the tenth consecutive quarter, the Company had no non-performing loans, no loans 30 days or more past due, and no other real estate owned assets at March 31, 2022. The Company believes its allowance for loan losses is appropriate for the inherent risks and uncertainties associated with the portfolio.

Chris Bergstrom, President and Chief Executive Officer, commented, “We are proud to have achieved 13 consecutive quarters of record earnings leading to our first cash dividend in the Company’s history. However, we are not resting on our laurels. The outlook for our loan pipeline remains very good and our balance sheet liquidity and capitalization are primed to support future growth. As we have done in the past, we will continue to invest in personnel who we believe will augment our growth and earnings; stay vigilant on credit; and actively manage our expenses. We believe this model, in conjunction with the anticipated registration of our shares with the Securities and Exchange Commission and contemplated listing on the Nasdaq Capital Market will continue to create value for John Marshall Bancorp, Inc. shareholders.”

Balance Sheet and Credit Quality

Total assets were $2.25 billion at March 31, 2022, $2.15 billion at December 31, 2021 and $2.01 billion at March 31, 2021. Asset growth from March 31, 2021 to March 31, 2022 was $239.6 million or 11.9%. During the first quarter of 2022, assets increased $100.3 million or 18.9% annualized. Asset growth was primarily comprised of loans and securities available for sale.

Total loans, net of unearned income, increased by 1.6% to $1.63 billion at March 31, 2022, compared to $1.61 billion at March 31, 2021. Excluding PPP loans, total loans, net of unearned income, at March 31, 2022 grew 8.9% to $1.62 billion as compared to $1.49 billion at March 31, 2021. The year-over-year increase in the loan portfolio is primarily attributable to growth in the residential mortgage, investor real estate, and commercial owner-occupied real estate loan portfolios of $74.4 million, $50.2 million, and $32.0 million, respectively. At March 31, 2022, PPP loans totaled $7.8 million with $187 thousand of net deferred fees remaining to be realized.

Total loans, net of unearned income, decreased $35.2 million from $1.67 billion at December 31, 2022. Excluding PPP loans, total loans, net of unearned income, increased $24.9 million quarter-over-quarter primarily due to increases of $31.1 million and $13.8 million in the investor real estate and residential mortgage portfolios, respectively.

The Company’s portfolio of investments in fixed income securities was $402.3 million at March 31, 2022, $344.8 million at December 31, 2021, and $212.6 million at March 31, 2021. The increase in the fixed income securities portfolio was primarily driven by redeployment of PPP loan payoffs and deposit growth. All but $15.5 million of the fixed income portfolio is backed by the explicit or implicit guarantees of the United States Federal Government or one of its agencies.

Total deposits were $1.98 billion at March 31, 2022, $1.88 billion at December 31, 2021 and $1.76 billion at March 31, 2021. Deposit growth was 12.6% during the past twelve months, as saving deposits grew 58.7%, interest-bearing demand deposits grew 28.8% and non-interest bearing deposits grew 18.1%. Deposit growth was 5.4% during the past three months as interest-bearing demand deposits grew 19.9% and savings deposits grew 12.2%.

Shareholders’ equity was $204.9 million at March 31, 2022, an increase of $15.9 million or 8.4% from March 31, 2021. This increase year-over-year was due to net income of $28.1 million and the exercise of stock options totaling $2.8 million, partially offset by reductions in accumulated other comprehensive income of $12.2 million and dividends payable of $2.8 million. Tangible book value per share was $14.68 as of March 31, 2022 compared to $13.85 as of March 31, 2021. The change in tangible book value per share year-over-year was due to earnings, partially offset by increases in unrealized losses on our available-for-sale investment portfolio as a result of rising interest rates, shareholder option exercises, restricted share award issuances, and dividends payable. The Bank’s capital ratios remain well above regulatory thresholds for well-capitalized banks. As of March 31, 2022, the Bank’s total risk-based capital ratio was 15.4%, compared to 14.6% at March 31, 2021.

The Company recorded net charge-offs of $1 thousand for the first quarter of 2022, as compared to no net charge-offs in the fourth quarter of 2021 and $1 thousand during the first quarter of 2021. As of March 31, 2022, the Company had no non-accrual loans, no loans 30 days or more past due and no other real estate owned assets.

At March 31, 2022, the allowance for loan losses was $20.0 million or 1.23% of outstanding loans, net of unearned income, compared to $20.0 million or 1.20% of outstanding loans, net of unearned income, at December 31, 2021. Excluding PPP loans, the allowance for loan losses to outstanding loans, net of unearned income, decreased from 1.25% at December 31, 2021 to 1.23% at March 31, 2022. The Company does not have a reserve on PPP loan balances, as they are 100% guaranteed by the U.S. Small Business Administration. The decrease in the allowance to outstanding loans, net of unearned income, was primarily due to a decrease in the uncertainty of the COVID-19 pandemic’s estimated impact on the Company’s loan portfolio, which was partially offset by the estimated impact of rising inflation and the impact on the global economy due to the war in Ukraine.

Quarterly Results

Net income for the first quarter of 2022 increased $2.6 million or 51.2% to $7.7 million compared to $5.1 million for the first quarter of 2021 and net income increased $127 thousand or 1.7% compared to $7.6 million for the fourth quarter of 2021. The results for the current quarter reflect a combination of the impact of an increase in net interest income and decreased provision for loan loss expense, partially offset by growth in non-interest expense.

Net interest income for the first quarter of 2022 increased $1.6 million or 10.0% compared to the first quarter of 2021, driven primarily by growth in the Company’s loan and investment portfolios. The annualized net interest margin for the first quarter of 2022 was 3.33% as compared to 3.43% for the same quarter of the prior year. The yield on interest earning assets for the first quarter of 2022 was 3.67% compared to 3.95% for the same quarter of the prior year. The year-over-year decrease in net interest margin and yield on interest earning assets was primarily due to a lower yield on fixed rate investments purchased between the first quarter of 2021 and the first quarter of 2022. The cost of interest-bearing liabilities was 0.49% for the first quarter of 2022 compared to 0.74% for the same quarter of the prior year. The decrease in the cost of interest-bearing liabilities was primarily due to a 27 basis point reduction in the cost of interest-bearing deposits as a result of the repricing of the Company’s time deposits, partially offset by the accelerated amortization of $104 thousand in deferred issuance costs associated with our subordinated debt. Subject to market conditions, the Company intends to refinance its subordinated debt when it becomes callable in July 2022.

The Company did not record a provision for loan losses for the first quarter of 2022, compared to a $2.4 million provision for the first quarter of 2021. The decrease in the provision for loan losses as compared to the same period in 2021 primarily reflects changes in the Company’s evaluation of environmental factors impacting the Company’s loan portfolio during 2022. During 2021, the environmental or qualitative factor allocations within the allowance for loan losses were adjusted to account for the risks to certain industry subgroups and portfolio segments within our portfolio as a result of the continuing COVID-19 pandemic. The decrease in the provision for loan losses primarily reflects an estimated decrease in uncertainty as it relates to the estimated impact of the COVID-19 pandemic on the Company’s loan portfolio and the broader economy.

Non-interest income decreased $50 thousand or 10.8% during the current quarter compared to the same quarter of the prior year. The decrease in non-interest income was primarily due to a $150 thousand decrease in the mark-to-market adjustment on the investments in the Company’s nonqualified deferred compensation plans. During the first quarter of 2021, the Company realized a $10 thousand gain on the sale of certain investment securities. Excluding the impacts of the mark-to-market adjustments and gain on sales, non-interest income increased $111 thousand or 26.4% primarily due to increases in insurance commissions paid to the Company.

Non-interest expense increased $893 thousand or 11.3% during the current quarter compared to the same quarter of the prior year. The increase in non-interest expense was primarily due to an increase in salaries and employee benefits of $1.0 million or 20.8% driven by an increase in accrued incentive compensation tied to the Company’s performance. Incentive compensation accruals can fluctuate materially from quarter to quarter, based upon the Company’s financial performance and conditions measured against, among other evaluation criteria, our strategic plan and budget. At the end of each year, the ultimate determination of the incentive compensation is approved by the Board of Directors. The increase in non-interest expense was partially offset by a decrease in other operating expenses of $134 thousand or 6.5% primarily driven by lower FDIC insurance premiums and marketing expense.

For the three months ended March 31, 2022, annualized non-interest expense to average assets was 1.61% compared to 1.64% for the three months ended March 31, 2021. The decrease was primarily due to the renegotiation of certain vendor contracts coupled with the continued disciplined overhead management.

For the three months ended March 31, 2022, the annualized efficiency ratio was 47.9% compared to 47.1% for the three months ended March 31, 2021. The modest increase was primarily due to the increase in salaries and employee benefits.

About John Marshall Bancorp, Inc.

John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank. The Bank is a $2.25 billion bank headquartered in Reston, Virginia with eight full-service branches located in Alexandria, Arlington, Loudoun, Prince William, Reston, and Tysons, Virginia, as well as Rockville, Maryland, and Washington, D.C. with one loan production office in Arlington, Virginia. The Bank is dedicated to providing exceptional value, personalized service and convenience to local businesses and professionals in the Washington D.C. Metro area. The Bank offers a comprehensive line of sophisticated banking products and services that rival those of the largest banks along with experienced staff to help achieve customers’ financial goals. Dedicated Relationship Managers serve as direct points-of-contact, providing subject matter expertise in a variety of niche industries including Charter and Private Schools, Government Contractors, Health Services, Nonprofits and Associations, Professional Services, Property Management Companies, and Title Companies. Learn more at www.johnmarshallbank.com.

In addition to historical information, this press release contains forward-looking statements 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. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiary include, but are not limited to the following: changes in interest rates, general economic conditions, public health crises (such as the governmental, social and economic effects of COVID-19), levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, accounting principles and guidelines, and other conditions which by their nature are not susceptible to accurate forecast, and are subject to significant uncertainty. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

John Marshall Bancorp, Inc.
Financial Highlights (Unaudited)
(Dollar amounts in thousands, except per share data)
 
At or For the Three Months Ended
March 31,

2022

2021

Selected Balance Sheet Data
Cash and cash equivalents

$

182,361

 

$

161,397

 

Total investment securities

 

409,692

 

 

219,106

 

Loans, net of unearned income

 

1,631,260

 

 

1,605,783

 

Allowance for loan losses

 

20,031

 

 

19,381

 

Total assets

 

2,249,609

 

 

2,009,988

 

Non-interest bearing demand deposits

 

495,811

 

 

419,796

 

Interest bearing deposits

 

1,487,288

 

 

1,341,594

 

Total deposits

 

1,983,099

 

 

1,761,390

 

Shareholders' equity

 

204,855

 

 

188,904

 

 
Summary Results of Operations
Interest income

$

19,745

 

$

18,747

 

Interest expense

 

1,829

 

 

2,465

 

Net interest income

 

17,916

 

 

16,282

 

Provision for loan losses

 

- -

 

 

2,365

 

Net interest income after provision for loan losses

 

17,916

 

 

13,917

 

Non-interest income

 

414

 

 

464

 

Non-interest expense

 

8,786

 

 

7,893

 

Income before income taxes

 

9,544

 

 

6,488

 

Net income

 

7,674

 

 

5,074

 

 
Per Share Data and Shares Outstanding
Earnings per share - basic

$

0.55

 

$

0.37

 

Earnings per share - diluted

$

0.55

 

$

0.37

 

Tangible book value per share

$

14.68

 

$

13.85

 

Weighted average common shares (basic)

 

13,783,034

 

 

13,557,779

 

Weighted average common shares (diluted)

 

13,991,692

 

 

13,809,751

 

Common shares outstanding at end of period

 

13,950,570

 

 

13,634,754

 

 
Performance Ratios
Return on average assets (annualized)

 

1.40

%

 

1.05

%

Return on average equity (annualized)

 

14.76

%

 

10.89

%

Net interest margin

 

3.33

%

 

3.43

%

Non-interest income as a percentage of average assets (annualized)

 

0.08

%

 

0.10

%

Non-interest expense to average assets (annualized)

 

1.61

%

 

1.64

%

Efficiency ratio

 

47.9

%

 

47.1

%

 
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)

 

1.23

%

 

1.21

%

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)

 

542

 

 

589

 

Performing in accordance with modified terms

 

542

 

 

589

 

Not performing in accordance with modified terms

 

- -

 

 

- -

 

 
Capital Ratios (Bank Level)
Tangible equity / tangible assets

 

10.2

%

 

10.5

%

Total risk-based capital ratio

 

15.4

%

 

14.6

%

Tier 1 risk-based capital ratio

 

14.2

%

 

13.4

%

Leverage ratio

 

10.8

%

 

10.8

%

Common equity tier 1 ratio

 

14.2

%

 

13.4

%

 
Other Information
Number of full time equivalent employees

 

141

 

 

143

 

# 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, net of unearned income, of $7.6 million, was 1.23% at March 31 2022. The allowance for loan losses to total loans, excluding PPP loans, net of unearned income, of $115.0 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 days or more past due and still accruing interest, and other real estate owned. Does not include troubled debt restructurings which were accruing interest at the date indicated.

John Marshall Bancorp, Inc.
   
Consolidated Balance Sheets
(Dollar amounts in thousands, except per share data)
   
  % Change
  March 31, December 31, March 31, Last Three Year Over
 

 

2022

 

 

2021

 

 

2021

 

Months

Year

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

$

6,189

 

$

2,920

 

$

6,868

 

112.0

%

-9.9

%

Interest-bearing deposits in banks  

 

176,172

 

 

102,879

 

 

154,529

 

71.2

%

14.0

%

Securities available-for-sale, at fair value  

 

298,103

 

 

239,300

 

 

212,562

 

24.6

%

40.2

%

Securities held-to-maturity, fair value of $102,988 and $103,258 at 3/31/2022 and 12/31/2022, respectively.

104,177

105,509

- -

-1.3

%

N/M

 
Restricted securities, at cost  

 

5,088

 

 

4,951

 

 

5,089

 

2.8

%

0.0

%

Equity securities, at fair value  

 

2,324

 

 

1,869

 

 

1,455

 

24.3

%

59.7

%

Loans, net of unearned income  

 

1,631,260

 

 

1,666,469

 

 

1,605,783

 

-2.1

%

1.6

%

Allowance for loan losses  

 

(20,031

)

 

(20,032

)

 

(19,381

)

0.0

%

3.4

%

Net loans  

 

1,611,229

 

 

1,646,437

 

 

1,586,402

 

-2.1

%

1.6

%

Bank premises and equipment, net  

 

1,532

 

 

1,620

 

 

1,990

 

-5.4

%

-23.0

%

Accrued interest receivable  

 

4,354

 

 

4,943

 

 

4,818

 

-11.9

%

-9.6

%

Bank owned life insurance  

 

21,093

 

 

20,998

 

 

20,694

 

0.5

%

1.9

%

Right of use assets  

 

4,567

 

 

4,913

 

 

5,611

 

-7.0

%

-18.6

%

Other assets  

 

14,781

 

 

12,970

 

 

9,970

 

14.0

%

48.3

%

   
Total assets  

$

2,249,609

 

$

2,149,309

 

$

2,009,988

 

4.7

%

11.9

%

   
Liabilities and Shareholders' Equity  
   
Liabilities  
Deposits:  
Non-interest bearing demand deposits  

$

495,811

 

$

488,838

 

$

419,796

 

1.4

%

18.1

%

Interest-bearing demand deposits  

 

760,074

 

 

633,901

 

 

590,083

 

19.9

%

28.8

%

Savings deposits  

 

114,427

 

 

101,376

 

 

72,102

 

12.9

%

58.7

%

Time deposits  

 

612,787

 

 

657,438

 

 

679,409

 

-6.8

%

-9.8

%

Total deposits  

 

1,983,099

 

 

1,881,553

 

 

1,761,390

 

5.4

%

12.6

%

Federal Home Loan Bank advances  

 

18,000

 

 

18,000

 

 

22,000

 

0.0

%

-18.2

%

Subordinated debt  

 

24,845

 

 

24,728

 

 

24,692

 

0.5

%

0.6

%

Accrued interest payable  

 

477

 

 

843

 

 

692

 

-43.4

%

-31.1

%

Lease liabilities  

 

4,830

 

 

5,182

 

 

5,873

 

-6.8

%

-17.8

%

Dividends payable  

 

2,790

 

 

- -

 

 

- -

 

N/M

 

N/M

 

Other liabilities  

 

10,713

 

 

10,533

 

 

6,437

 

1.7

%

66.4

%

Total liabilities  

 

2,044,754

 

 

1,940,839

 

 

1,821,084

 

5.4

%

12.3

%

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

 

- -

 

 

- -

 

 

- -

 

- -

 

- -

 

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

 

- -

 

 

- -

 

 

- -

 

- -

 

- -

 

Common stock, voting, par value $0.01 per share; authorized  
30,000,000 shares; issued and outstanding, 13,950,570  
at 3/31/2022 including 60,366 unvested shares, 13,745,598  
shares at 12/31/2021 including 75,826 unvested shares  
and 13,634,754 at 3/31/2021, including 68,375 unvested shares  

 

139

 

 

137

 

 

136

 

1.5

%

2.2

%

Additional paid-in capital  

 

93,135

 

 

91,107

 

 

90,295

 

2.2

%

3.1

%

Retained earnings  

 

122,510

 

 

117,626

 

 

97,239

 

4.2

%

26.0

%

Accumulated other comprehensive income (loss)  

 

(10,929

)

 

(400

)

 

1,234

 

-2,632.3

%

985.7

%

   
Total shareholders' equity  

 

204,855

 

 

208,470

 

 

188,904

 

-1.7

%

8.4

%

   
Total liabilities and shareholders' equity  

$

2,249,609

 

$

2,149,309

 

$

2,009,988

 

4.7

%

11.9

%

   
   
John Marshall Bancorp, Inc.
 
Consolidated Statements of Income
(Dollar amounts in thousands, except per share data)
 
Three Months Ended
March 31,

 

2022

 

2021

% Change

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

$

18,184

 

$

17,839

1.9

%

Interest on investment securities, taxable

 

1,380

 

 

769

79.5

%

Interest on investment securities, tax-exempt

 

30

 

 

30

0.0

%

Dividends

 

60

 

 

65

-7.7

%

Interest on deposits in banks

 

91

 

 

44

106.8

%

Total interest and dividend income

 

19,745

 

 

18,747

5.3

%

 
Interest Expense
Deposits

 

1,323

 

 

2,060

-35.8

%

Federal Home Loan Bank advances

 

30

 

 

33

-9.1

%

Subordinated debt

 

476

 

 

372

28.0

%

Total interest expense

 

1,829

 

 

2,465

-25.8

%

 
Net interest income

 

17,916

 

 

16,282

10.0

%

 
Provision for loan losses

 

- -

 

 

2,365

N/M

 

 
Net interest income after provision for loan losses

 

17,916

 

 

13,917

28.7

%

 
Non-interest Income
Service charges on deposit accounts

 

77

 

 

58

32.8

%

Bank owned life insurance

 

95

 

 

107

-11.2

%

Other service charges and fees

 

137

 

 

104

31.7

%

Gain on sale of securities

 

- -

 

 

10

N/M

 

Insurance commissions

 

221

 

 

155

42.6

%

Other income (loss)

 

(116

)

 

30

-486.7

%

Total non-interest income

 

414

 

 

464

-10.8

%

 
Non-interest Expenses
Salaries and employee benefits

 

6,027

 

 

4,989

20.8

%

Occupancy expense of premises

 

493

 

 

507

-2.8

%

Furniture and equipment expenses

 

325

 

 

322

0.9

%

Other expenses

 

1,941

 

 

2,075

-6.5

%

Total non-interest expenses

 

8,786

 

 

7,893

11.3

%

 
Income before income taxes

 

9,544

 

 

6,488

47.1

%

 
Income tax expense

 

1,870

 

 

1,414

32.2

%

 
Net income

$

7,674

 

$

5,074

51.2

%

 
Earnings Per Share
Basic

$

0.55

 

$

0.37

48.6

%

Diluted

$

0.55

 

$

0.37

48.6

%

 
 
John Marshall Bancorp, Inc.
 
Historical Trends - Quarterly Financial Data (Unaudited)
(Dollar amounts in thousands, except per share data)
 

 

2022

 

2021

March 31 December 31 September 30 June 30 March 31
Profitability for the quarter:
Interest income

$

19,745

 

$

18,703

 

$

18,042

 

$

18,627

 

$

18,747

 

Interest expense

 

1,829

 

 

1,734

 

 

1,876

 

 

2,136

 

 

2,465

 

Net interest income

 

17,916

 

 

16,969

 

 

16,166

 

 

16,491

 

 

16,282

 

Provision for loan losses

 

- -

 

 

325

 

 

325

 

 

90

 

 

2,365

 

Non-interest income

 

414

 

 

513

 

 

325

 

 

417

 

 

464

 

Non-interest expense

 

8,786

 

 

7,679

 

 

7,623

 

 

9,067

 

 

7,893

 

Income before income taxes

 

9,544

 

 

9,478

 

 

8,543

 

 

7,751

 

 

6,488

 

Income tax expense

 

1,870

 

 

1,931

 

 

1,782

 

 

1,672

 

 

1,414

 

Net income

$

7,674

 

$

7,547

 

$

6,761

 

$

6,079

 

$

5,074

 

 
Financial performance:
Return on average assets (annualized)

 

1.40

%

 

1.41

%

 

1.30

%

 

1.20

%

 

1.05

%

Return on average equity (annualized)

 

14.76

%

 

14.52

%

 

13.35

%

 

12.64

%

 

10.89

%

Net interest margin

 

3.33

%

 

3.22

%

 

3.15

%

 

3.31

%

 

3.43

%

Non-interest income as a percentage of average assets (annualized)

 

0.08

%

 

0.10

%

 

0.06

%

 

0.08

%

 

0.10

%

Non-interest expense to average assets (annualized)

 

1.61

%

 

1.44

%

 

1.46

%

 

1.79

%

 

1.64

%

Efficency ratio

 

47.9

%

 

43.9

%

 

46.2

%

 

53.6

%

 

47.1

%

 
Per share data:
Earnings per share - basic

$

0.55

 

$

0.55

 

$

0.50

 

$

0.45

 

$

0.37

 

Earnings per share - diluted

$

0.55

 

$

0.54

 

$

0.48

 

$

0.44

 

$

0.37

 

Tangible book value per share

$

14.68

 

$

15.17

 

$

14.82

 

$

14.32

 

$

13.85

 

Weighted average common shares (basic)

 

13,783,034

 

 

13,581,586

 

 

13,580,538

 

 

13,572,779

 

 

13,557,779

 

Weighted average common shares (diluted)

 

13,991,692

 

 

13,879,595

 

 

13,883,104

 

 

13,868,147

 

 

13,809,751

 

Common shares outstanding at end of period

 

13,950,570

 

 

13,745,598

 

 

13,644,985

 

 

13,639,173

 

 

13,634,754

 

Dividends declared per share

$

0.20

 

$

- -

 

$

- -

 

$

- -

 

$

- -

 

 
Non-interest Income
Service charges on deposit accounts

$

77

 

$

74

 

$

70

 

$

60

 

$

58

 

Bank owned life insurance

 

95

 

 

102

 

 

102

 

 

100

 

 

107

 

Other service charges and fees

 

137

 

 

138

 

 

120

 

 

115

 

 

104

 

Gain on sale of securities

 

- -

 

 

- -

 

 

- -

 

 

- -

 

 

10

 

Insurance commissions

 

221

 

 

79

 

 

28

 

 

22

 

 

155

 

Other income (loss)

 

(116

)

 

120

 

 

5

 

 

120

 

 

30

 

Total non-interest income

$

414

 

$

513

 

$

325

 

$

417

 

$

464

 

 
Non-interest Expenses
Salaries and employee benefits

$

6,027

 

$

4,765

 

$

4,977

 

$

5,680

 

$

4,989

 

Occupancy expense of premises

 

493

 

 

480

 

 

484

 

 

514

 

 

507

 

Furniture and equipment expenses

 

325

 

 

363

 

 

373

 

 

378

 

 

322

 

Other expenses

 

1,941

 

 

2,071

 

 

1,789

 

 

2,495

 

 

2,075

 

Total non-interest expenses

$

8,786

 

$

7,679

 

$

7,623

 

$

9,067

 

$

7,893

 

 
Balance Sheets at Quarter End
Total loans

$

1,631,260

 

$

1,666,469

 

$

1,602,377

 

$

1,567,112

 

$

1,605,783

 

Allowance for loan losses

 

(20,031

)

 

(20,032

)

 

(19,706

)

 

(19,381

)

 

(19,381

)

Investment securities

 

409,692

 

 

351,629

 

 

348,742

 

 

306,030

 

 

219,106

 

Interest-earning assets

 

2,217,553

 

 

2,121,407

 

 

2,062,000

 

 

2,032,235

 

 

1,979,848

 

Total assets

 

2,249,609

 

 

2,149,309

 

 

2,095,504

 

 

2,065,895

 

 

2,009,988

 

Total deposits

 

1,983,099

 

 

1,881,553

 

 

1,837,548

 

 

1,815,032

 

 

1,761,390

 

Total interest-bearing liabilities

 

1,530,133

 

 

1,435,443

 

 

1,416,396

 

 

1,379,031

 

 

1,388,286

 

Total shareholders' equity

 

204,855

 

 

208,470

 

 

202,222

 

 

195,246

 

 

188,904

 

 
Quarterly Average Balance Sheets
Total gross loans

$

1,620,533

 

$

1,629,124

 

$

1,580,695

 

$

1,602,125

 

$

1,575,847

 

Allowance for loan losses

 

(20,032

)

 

(19,889

)

 

(19,525

)

 

(19,530

)

 

(17,816

)

Investment securities

 

376,608

 

 

356,007

 

 

325,027

 

 

256,671

 

 

180,180

 

Interest-earning assets

 

2,183,897

 

 

2,090,052

 

 

2,038,384

 

 

1,996,555

 

 

1,922,835

 

Total assets

 

2,216,131

 

 

2,121,980

 

 

2,069,143

 

 

2,027,364

 

 

1,954,088

 

Total deposits

 

1,946,882

 

 

1,857,782

 

 

1,812,635

 

 

1,820,939

 

 

1,709,678

 

Total interest-bearing liabilities

 

1,505,854

 

 

1,419,679

 

 

1,384,867

 

 

1,381,583

 

 

1,350,742

 

Total shareholders' equity

 

210,900

 

 

206,237

 

 

200,990

 

 

192,918

 

 

188,995

 

 
Financial Measures
Average equity to average assets

 

9.5

%

 

9.7

%

 

9.7

%

 

9.5

%

 

9.7

%

Investment securities to earning assets

 

18.5

%

 

16.6

%

 

16.9

%

 

15.1

%

 

11.1

%

Loans to earning assets

 

73.6

%

 

78.6

%

 

77.7

%

 

77.1

%

 

81.1

%

Loans to assets

 

72.5

%

 

77.5

%

 

76.5

%

 

75.9

%

 

79.9

%

Loans to deposits

 

82.3

%

 

88.6

%

 

87.2

%

 

86.3

%

 

91.2

%

 
Capital Ratios (Bank Level)
Tangible equity / tangible assets

 

10.2

%

 

10.8

%

 

10.8

%

 

10.6

%

 

10.5

%

Total risk-based capital ratio

 

15.4

%

 

15.3

%

 

15.2

%

 

15.0

%

 

14.6

%

Tier 1 risk-based capital ratio

 

14.2

%

 

14.0

%

 

14.0

%

 

13.9

%

 

13.4

%

Leverage ratio

 

10.8

%

 

11.0

%

 

10.8

%

 

10.7

%

 

10.8

%

Common equity tier 1 ratio

 

14.2

%

 

14.0

%

 

14.0

%

 

12.3

%

 

13.4

%

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

2022

 

2021

Loans March 31   December 31 September 30 June 30 March 31

$ Amount

% of Total

 

$ Amount

% of Total

$ Amount

% of Total

$ Amount

% of Total

$ Amount

% of Total

Commercial business loans

$

52,569

 

3.2

%

 

$

53,378

 

3.2

%

$

53,166

 

3.3

%

$

55,375

 

3.5

%

$

60,637

 

3.8

%

Commercial PPP loans

 

7,781

 

0.5

%

 

 

69,567

 

4.2

%

 

75,496

 

4.7

%

 

82,190

 

5.2

%

 

117,796

 

7.3

%

Commercial owner-occupied real estate loans

 

339,933

 

20.9

%

 

 

345,272

 

20.7

%

 

326,585

 

20.4

%

 

320,519

 

20.4

%

 

307,918

 

19.2

%

Total business loans

 

400,283

 

24.6

%

 

 

468,217

 

28.1

%

 

455,247

 

28.4

%

 

458,084

 

29.2

%

 

486,351

 

30.3

%

   
Investor real estate loans

 

553,093

 

34.0

%

 

 

523,038

 

31.4

%

 

519,384

 

32.4

%

 

505,605

 

32.3

%

 

502,940

 

31.3

%

Construction & development loans

 

219,160

 

13.4

%

 

 

231,090

 

13.9

%

 

228,993

 

14.3

%

 

219,175

 

14.0

%

 

250,208

 

15.6

%

Multi-family loans

 

99,100

 

6.1

%

 

 

100,132

 

6.0

%

 

81,226

 

5.1

%

 

92,203

 

5.9

%

 

84,689

 

5.3

%

Total commercial real estate loans

 

871,353

 

53.5

%

 

 

854,260

 

51.3

%

 

829,603

 

51.8

%

 

816,983

 

52.1

%

 

837,837

 

52.2

%

   
Residential mortgage loans

 

356,331

 

21.9

%

 

 

342,491

 

20.6

%

 

316,549

 

19.8

%

 

291,615

 

18.6

%

 

281,964

 

17.5

%

Consumer loans

 

513

 

0.0

%

 

 

586

 

0.0

%

 

631

 

0.0

%

 

916

 

0.1

%

 

793

 

0.0

%

Total loans

$

1,628,480

 

100.0

%

 

$

1,665,554

 

100.0

%

$

1,602,030

 

100.0

%

$

1,567,598

 

100.0

%

$

1,606,945

 

100.0

%

Less: Allowance for loan losses

 

(20,031

)

 

 

(20,032

)

 

(19,706

)

 

(19,381

)

 

(19,381

)

Net deferred loan costs (fees)

 

2,780

 

 

 

915

 

 

347

 

 

(486

)

 

(1,162

)

Net loans

$

1,611,229

 

 

$

1,646,437

 

$

1,582,671

 

$

1,547,731

 

$

1,586,402

 

   
   

2022

 

2021

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
Non-interest bearing demand deposits

$

495,811

 

25.0

%

 

$

488,838

 

26.0

%

$

463,868

 

25.2

%

$

478,705

 

26.4

%

$

419,796

 

23.8

%

Interest-bearing demand deposits:  
NOW accounts(1)

 

345,087

 

17.4

%

 

 

267,594

 

14.2

%

 

294,261

 

16.0

%

 

254,060

 

14.0

%

 

245,274

 

13.9

%

Money market accounts(1)

 

414,987

 

20.9

%

 

 

366,306

 

19.4

%

 

336,651

 

18.3

%

 

333,818

 

18.4

%

 

344,807

 

19.6

%

Savings accounts

 

114,427

 

5.8

%

 

 

101,376

 

5.4

%

 

94,840

 

5.2

%

 

79,119

 

4.4

%

 

72,102

 

4.1

%

Certificates of deposit  
$250,000 or more

 

241,230

 

12.1

%

 

 

250,204

 

13.3

%

 

232,722

 

12.7

%

 

243,662

 

13.4

%

 

265,772

 

15.1

%

Less than $250,000

 

91,050

 

4.6

%

 

 

103,084

 

5.5

%

 

104,463

 

5.7

%

 

112,991

 

6.2

%

 

119,828

 

6.8

%

QwickRate® certificates of deposit

 

23,136

 

1.2

%

 

 

25,122

 

1.3

%

 

28,998

 

1.6

%

 

31,481

 

1.7

%

 

38,565

 

2.2

%

IntraFi® certificates of deposit

 

39,628

 

2.0

%

 

 

61,281

 

3.3

%

 

66,926

 

3.6

%

 

60,761

 

3.3

%

 

38,284

 

2.2

%

Brokered deposits

 

217,743

 

11.0

%

 

 

217,748

 

11.6

%

 

214,819

 

11.7

%

 

220,435

 

12.1

%

 

216,962

 

12.3

%

Total deposits

$

1,983,099

 

100.0

%

 

$

1,881,553

 

100.0

%

$

1,837,548

 

100.0

%

$

1,815,032

 

100.0

%

$

1,761,390

 

100.0

%

   
Borrowings  
Federal Home Loan Bank advances

 

18,000

 

42.0

%

 

$

18,000

 

42.1

%

$

18,000

 

42.1

%

$

18,000

 

42.2

%

$

22,000

 

47.1

%

Subordinated debt

 

24,845

 

58.0

%

 

 

24,728

 

57.9

%

 

24,716

 

57.9

%

 

24,704

 

57.8

%

 

24,692

 

52.9

%

Total borrowings

$

42,845

 

100.0

%

 

$

42,728

 

100.0

%

$

42,716

 

100.0

%

$

42,704

 

100.0

%

$

46,692

 

100.0

%

   
Total deposits and borrowings

$

2,025,944

 

 

$

1,924,281

 

$

1,880,264

 

$

1,857,736

 

$

1,808,082

 

   
Core customer funding sources (2)

$

1,742,220

 

87.1

%

 

$

1,638,683

 

86.3

%

$

1,593,731

 

85.9

%

$

1,563,116

 

85.3

%

$

1,505,863

 

84.4

%

Wholesale funding sources (3)

 

258,879

 

12.9

%

 

 

260,870

 

13.7

%

 

261,817

 

14.1

%

 

269,916

 

14.7

%

 

277,527

 

15.6

%

Total funding sources

$

2,001,099

 

100.0

%

 

$

1,899,553

 

100.0

%

$

1,855,548

 

100.0

%

$

1,833,032

 

100.0

%

$

1,783,390

 

100.0

%

   
(1) Includes IntraFi® accounts.
(2) Includes reciprocal IntraFi Demand®, IntraFi Money Market® and IntraFi CD® deposits, which are maintained by customers.
(3) Consists of QwickRate® certificates of deposit, brokered deposits, federal funds purchased and Federal Home Loan Bank advances.
 
John Marshall Bancorp, Inc.
   
Average Balance Sheets, Interest and Rates (unaudited)
(Dollar amounts in thousands)
   
  Three Months Ended March 31, 2022 Three Months Ended March 31, 2021
  Interest Average Interest Average
  Average Income- Yields Average Income- Yields
  Balance Expense /Rates Balance Expense /Rates
Assets  
Securities  

$

376,608

$

1,470

1.58

%

$

180,180

$

864

1.94

%

Loans, net of unearned income  

 

1,620,533

 

18,184

4.55

%

 

1,575,847

 

17,839

4.59

%

Interest-bearing deposits in other banks  

 

186,756

 

91

0.20

%

 

166,808

 

44

0.11

%

Total interest-earning assets  

$

2,183,897

$

19,745

3.67

%

$

1,922,835

$

18,747

3.95

%

Other assets  

 

32,234

 

31,253

Total assets  

$

2,216,131

$

1,954,088

Liabilities & Shareholders' equity  
Interest-bearing deposits  
NOW accounts  

$

324,852

$

202

0.25

%

$

238,993

$

198

0.34

%

Money market accounts  

 

392,389

 

350

0.36

%

 

335,291

 

317

0.38

%

Savings accounts  

 

108,375

 

88

0.33

%

 

67,248

 

65

0.39

%

Time deposits  

 

637,469

 

683

0.43

%

 

665,003

 

1,480

0.90

%

Total interest-bearing deposits  

$

1,463,085

$

1,323

0.37

%

$

1,306,535

$

2,060

0.64

%

   
Federal funds purchased  

$

- -

$

- -

0.00

%

$

1

$

- -

0.00

%

Subordinated debt  

 

24,769

 

476

7.79

%

 

24,684

 

372

6.11

%

Other borrowed funds  

 

18,000

 

30

0.68

%

 

19,522

 

33

0.69

%

Total interest-bearing liabilities  

$

1,505,854

$

1,829

0.49

%

$

1,350,742

$

2,465

0.74

%

Demand deposits  

 

483,797

 

403,143

Other liabilities  

 

15,580

 

11,208

Total liabilities  

$

2,005,231

$

1,765,093

Shareholders' equity  

 

210,900

 

188,995

Total liabilities and shareholders' equity  

$

2,216,131

$

1,954,088

Interest rate spread  

3.17

%

3.21

%

Net interest income and margin  

$

17,916

3.33

%

$

16,282

3.43

%

   

 

Contacts

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

(703) 584-0840

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