John Marshall Bank Reports Nine Month Financial Results

RESTON, Va. - Oct. 22, 2013 - PRLog -- Reston, VA – John Marshall Bank reported net income of $5.2 million for the nine months ended September 30, 2013, an increase of $1.7 million, or 47.3%, as compared to net income of $3.5 million reported for the nine months ended September 30, 2012. Net income per diluted share for the nine month period in 2013 increased 45.0%, to $0.87 per share, from $0.60 per share in the same period in 2012.

Key financial results for the period include the following:

 Total assets at September 30, 2013 increased by 22.8% to $627.4 million as compared to $510.8 million as of September 30, 2012.

 Gross loans at September 30, 2013 increased by 22.9% to $547.9 million as compared to $445.9 million as of September 30, 2012.

 Total deposits at September 30, 2013 increased by 23.0% to $515.4 million as compared to $418.9 million as of September 30, 2012.

 The Bank’s net interest margin declined but remains strong at 4.50% for the first nine months of 2013 as compared to 4.61% during the first nine months of 2012, and 4.57% for the three months ended June 30 (x-apple-data-detectors://19), 2013.

 Net interest income, the Bank’s main source of income, increased 20.7% to $19.5 million during the first nine months of 2013, compared to $16.2 million during the first nine months of 2012.

 Non‐interest income increased by 51.4% to $275 thousand during the first nine months of 2013 as compared to $182 thousand during the first nine months of 2012.

 Non‐interest expense increased by 20.2%, or $1.9 million, during the first nine months of 2013 as compared to 2012, reflecting increased operating expenses required to support the Bank’s growth.

 Asset quality remains very strong. As of September 30, 2013, non‐performing assets were 0.10% of totaL assets, up slightly from 0.08% as of June 30, 2013, and down from 0.31% of total assets at September 30, 2012. There were no loans past due 30 or more days that were not already on non‐accrual status as of September 30, 2013. The allowance for loan losses covered non‐accrual loans by 8.9 times as of September 30, 2013. The Bank reported no other real estate owned as of September 30, 2013.

 Capital ratios remain above regulatory minimums for well capitalized banks. As of September 30, 2013, the Bank’s total risk‐based capital ratio was 10.6%, compared 10.8% as of June 30, 2013.

John Marshall Bank is headquartered in Reston, Virginia and has five full‐service branches located in Reston, Falls Church, Leesburg, Arlington, and Rockville. The Bank also has two limited‐service commercial branches located in Alexandria, and Washington, DC. Further information on the Bank can be obtained by visiting its website at www.johnmarshallbank.com