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RESTON, Va.–(BUSINESS WIRE)–John Marshall Bancorp, Inc. (Nasdaq: JMSB) (the “Firm”), guardian firm of John Marshall Financial institution (the “Financial institution”), right this moment reported web revenue of $7.9 million ($0.56 per diluted widespread share) for the quarter ended June 30, 2022. The present quarter’s end result compares to web revenue of $6.1 million ($0.44 per diluted widespread share) for the second quarter of 2021 and web revenue of $7.7 million ($0.55 per diluted widespread share) for the primary quarter of 2022.
Second Quarter Highlights
- Fourteenth Consecutive Quarter of Report Earnings – The Firm reported document web revenue of $7.9 million for the second quarter of 2022, a $1.Eight million or 29.7% enhance over the $6.1 million reported for the second quarter of 2021. Earnings per diluted share for the three months ended June 30, 2022 had been $0.56, a 27.3% enhance over the $0.44 reported for the three months ended June 30, 2021.
- Report Returns – Annualized Return on Common Belongings (“ROAA”) was 1.41% and annualized Return on Common Fairness (“ROAE”) was 15.28% for the three months ended June 30, 2022. ROAA and ROAE had been 1.20% and 12.64%, respectively, for the three months ended June 30, 2021. Excluding the second quarter of 2010, when the Firm realized a big, non-recurring revenue tax profit from the elimination of the valuation allowance on its deferred tax property, the ROAA and ROAE characterize Firm data.
- Robust Mortgage Development – Excluding Paycheck Safety Program (“PPP”) loans, gross loans web of unearned revenue (“Core Loans”) grew $204.1 million or 13.7% from June 30, 2021 to June 30, 2022. Core loans grew $68.Eight million or 17.0% annualized from March 31, 2022 to June 30, 2022, representing the threerd finest quarter of core mortgage manufacturing within the Firm’s historical past.
- Overhead Self-discipline – The Firm continues to actively handle prices whereas investing for future development. The effectivity ratio for the second quarter of 2022 was 44.1% in comparison with 53.6% for the second quarter of 2021. The ratio of annualized non-interest expense to common property was 1.38% for the second quarter of 2022 and 1.79% for the second quarter of 2021.
- Asset High quality Stays Pristine – For the eleventh consecutive quarter, the Firm had no non-performing loans, no loans 30 days or extra overdue, and no different actual property owned property at June 30, 2022. The Firm believes its allowance for mortgage losses is suitable for the inherent dangers and uncertainties related to the portfolio.
Chris Bergstrom, President and Chief Govt Officer, commented, “In the course of the second quarter of 2022, the Firm achieved a lot of vital milestones – registering our inventory with the Securities and Trade Fee to offer shareholders with better disclosure and transparency, itemizing on the Nasdaq to facilitate better buying and selling quantity, paying a money dividend to reward our shareholders and refinancing our subordinated debt to decrease our curiosity expense and price of capital. Whereas engaged on these priorities, we had been capable of obtain our 3rd finest quarter of core mortgage development. The PPP mortgage payoffs that we have now not but redeployed into loans had been invested into liquid, money flowing securities that we count on to transform into future loans and additional enhance our profitability. Our stability sheet stays well-capitalized with stellar asset high quality, ample liquidity, and is primed for continued development.”
Steadiness Sheet and Credit score High quality
Whole property had been $2.32 billion at June 30, 2022, $2.25 billion at March 31, 2022 and $2.07 billion at June 30, 2021. Asset development from June 30, 2021 to June 30, 2022 was $250.5 million or 12.1%. In the course of the second quarter of 2022, property elevated $66.Eight million or 11.9% annualized. Asset development was primarily comprised of loans and securities obtainable on the market.
Whole loans, web of unearned revenue, elevated by 8.0% to $1.69 billion at June 30, 2022, in comparison with $1.57 billion at June 30, 2021. Excluding PPP loans, complete loans, web of unearned revenue, at June 30, 2022 grew 13.7% to $1.69 billion as in comparison with $1.49 billion at June 30, 2021. The year-over-year enhance within the mortgage portfolio is primarily attributable to development within the investor actual property, residential mortgage, business owner-occupied actual property, and multi-family mortgage portfolios. At June 30, 2022, PPP loans, web of unearned revenue, totaled $216 thousand.
Whole loans, web of unearned revenue, elevated $61.Four million throughout the quarter ended June 30, 2022 or 15.1% annualized from $1.63 billion at March 31, 2022. Excluding PPP loans, complete loans, web of unearned revenue, elevated $68.Eight million throughout the quarter ended June 30, 2022 or 17.0% annualized from March 31, 2022. The rise in loans was attributable to development within the investor actual property, business owner-occupied, residential mortgage, and multi-family mortgage portfolios.
The Firm’s portfolio of investments in mounted revenue securities was $467.Four million at June 30, 2022, $402.Three million at March 31, 2022, and $299.5 million at June 30, 2021. The rise within the mounted revenue securities portfolio was primarily pushed by redeployment of PPP mortgage payoffs and deposit development. All however $15.2 million of the mounted revenue portfolio is backed by the specific or implicit ensures of america Authorities or one in all its businesses.
Whole deposits had been $2.04 billion at June 30, 2022, $1.98 billion at March 31, 2022 and $1.82 billion at June 30, 2021. Deposit development was 12.6% throughout the previous twelve months, as saving deposits grew 41.9%, interest-bearing demand deposits grew 25.6%, and non-interest bearing deposits grew 7.0%. Deposit development was 8.6% throughout the previous six months as interest-bearing demand deposits grew 16.5% and financial savings deposits grew 10.8%.
Whole borrowings, outlined as Federal Dwelling Mortgage Financial institution (“FHLB”) advances and subordinated debt, elevated by 15.7% or $6.Eight million to $49.6 million at June 30, 2022 in comparison with $42.Eight million at March 31, 2022. The rise was primarily because of the Firm’s June 2022 issuance of a 5.25% fixed-to-floating price subordinated notice (“2022 notice”) due in 2032 within the principal quantity of $25.Zero million. On July 15, 2022, the Firm used the proceeds from the issuance to redeem the 5.75% fixed-to-floating price subordinated notes (“2017 notes”) due 2027. The rise in complete borrowings was partially offset by an $18.Zero million lower in FHLB advances because of the name of the Firm’s excellent FHLB advances throughout the three months ended June 30, 2022.
Shareholders’ fairness was $207.5 million at June 30, 2022, a rise of $12.Three million or 6.3% from June 30, 2021. This enhance year-over-year was resulting from web revenue of $29.9 million and the train of inventory choices totaling $3.5 million, partially offset by reductions in gathered different complete revenue of $18.Three million and dividends paid of $2.Eight million. E book worth per share was $14.80 as of June 30, 2022 in comparison with $14.32 as of June 30, 2021. The change in guide worth per share year-over-year was resulting from earnings, partially offset by will increase in unrealized losses on our available-for-sale funding portfolio on account of rising rates of interest, shareholder possibility workouts, restricted share award issuances, and dividends paid. The Financial institution’s capital ratios stay effectively above regulatory thresholds for well-capitalized banks. As of June 30, 2022, the Financial institution’s complete risk-based capital ratio was 15.1%, in comparison with 15.0% at June 30, 2021.
The Firm recorded no web charge-offs for the second quarter of 2022, as in comparison with web charge-offs of $1 thousand throughout the first quarter of 2022 and $90 thousand throughout the second quarter of 2021. As of June 30, 2022, the Firm had no non-accrual loans, no loans 30 days or extra overdue and no different actual property owned property.
At June 30, 2022, the allowance for mortgage losses was $20.Zero million or 1.18% of excellent loans, web of unearned revenue, in comparison with $20.Zero million or 1.23% of excellent loans, web of unearned revenue, at March 31, 2022. The lower within the allowance to excellent loans, web of unearned revenue, was primarily resulting from enchancment in danger rankings and the online adjustments in different qualitative changes.
Revenue Assertion Evaluation
Quarterly Outcomes
Web revenue for the second quarter of 2022 elevated $1.Eight million or 29.7% to $7.9 million in comparison with $6.1 million for the second quarter of 2021. Web revenue elevated $208 thousand or 2.7% in comparison with $7.7 million for the primary quarter of 2022.
Web curiosity revenue for the second quarter of 2022 elevated $817 thousand or 5.5% in comparison with the second quarter of 2021, pushed primarily by development within the Firm’s funding portfolio. The annualized web curiosity margin excluding the results of accelerated amortization on the 2017 notes and curiosity expense on 2022 notice (non-GAAP) for the second quarter of 2022 was 3.18% as in comparison with 3.31% for a similar quarter of the prior 12 months. The tax-equivalent yield on curiosity incomes property was 3.57% for the second quarter of 2022 in comparison with 3.75% for a similar interval in 2021. The year-over-year lower in web curiosity margin and tax-equivalent yield on curiosity incomes property was primarily resulting from decrease yields on the Firm’s mortgage portfolio. The non-GAAP price of interest-bearing liabilities was 0.56% for the second quarter of 2022 in comparison with 0.62% for a similar quarter of the prior 12 months. The lower in the price of interest-bearing liabilities was primarily resulting from a six foundation level discount in the price of interest-bearing deposits on account of the repricing of the Firm’s time deposits. Discuss with “Clarification of Non-GAAP Measures” and the “Reconciliation of Sure Non-GAAP Monetary Measures” desk for additional particulars about monetary measures used on this launch that had been decided by strategies aside from in accordance with United States usually accepted accounting ideas (“GAAP”).
The Firm didn’t document a provision for mortgage losses for the second quarter of 2022, in comparison with a $90 thousand provision for the second quarter of 2021. The availability recorded throughout the second quarter of 2021 associated to a charge-off for a mortgage that the Financial institution bought as a part of a portfolio administration technique.
Non-interest revenue decreased $308 thousand or 73.9% throughout the second quarter of 2022 in comparison with the second quarter of 2021. The lower in non-interest revenue was primarily resulting from mark-to-market changes of $(339) thousand ensuing from a discount in worth of investments associated to the Firm’s nonqualified deferred compensation plan. Excluding the affect of the mark-to-market changes, non-interest revenue elevated $31 thousand or 8.9% primarily resulting from will increase in service costs and costs on deposit accounts, interchange and different price revenue, and insurance coverage commissions.
Non-interest expense decreased $1.Four million or 15.3% for the three months ended June 30, 2022 in comparison with the three months ended June 30, 2021. The lower in non-interest expense was primarily resulting from a lower in salaries and worker advantages of $1.Zero million or 18.0% pushed primarily by a lower in incentive compensation accruals. Incentive compensation accruals can fluctuate materially from quarter to quarter, primarily based upon the Firm’s monetary efficiency and situations measured towards, amongst different analysis standards, our strategic plan and price range. On the finish of every 12 months, the last word willpower of the inducement compensation is authorized by the Board of Administrators.
For the three months ended June 30, 2022, annualized non-interest expense to common property was 1.38% in comparison with 1.79% for the three months ended June 30, 2021. The lower was primarily resulting from decrease incentive compensation accruals and non-recurring authorized {and professional} charges incurred in 2021, coupled with continued price consciousness.
For the three months ended June 30, 2022, the annualized effectivity ratio was 44.1% in comparison with 53.6% for the three months ended June 30, 2021. The lower was primarily because of the enhance in web curiosity revenue coupled with a lower in incentive compensation accruals.
12 months-to-Date Outcomes
Web revenue for the six months ended June 30, 2022 elevated $4.Four million or 39.5% to $15.6 million in comparison with $11.2 million for the six months ended June 30, 2021. The outcomes for the six months ended June 30, 2022 replicate a mix of the affect of a rise in web curiosity revenue, a lower in provision for mortgage loss expense, and a lower in non-interest expense, which had been partially offset by a lower in non-interest revenue.
Web curiosity revenue for the six months ended June 30, 2022 elevated $2.5 million or 7.5% in comparison with the six months ended June 30, 2021 and was pushed primarily by development within the Firm’s mortgage and funding portfolios. The annualized non-GAAP web curiosity margin for the six months ended June 30, 2022 was 3.26% as in comparison with 3.37% for a similar interval of the prior 12 months. The tax-equivalent yield on curiosity incomes property for the six months ended June 30, 2022 was 3.62% in comparison with 3.86% for a similar interval within the prior 12 months. The year-over-year lower in web curiosity margin and tax-equivalent yield on curiosity incomes property was primarily resulting from a decrease yield on mounted price investments and decrease yields on the Firm’s mortgage portfolio. The non-GAAP price of interest-bearing liabilities was 0.51% for the six months ended June 30, 2022 in comparison with 0.68% for a similar interval of the prior 12 months. The lower in the price of interest-bearing liabilities was primarily resulting from a 16 foundation level discount in the price of interest-bearing deposits on account of the repricing of the Firm’s time deposits.
The Firm didn’t document a provision for mortgage losses for the six months ended June 30, 2022, in comparison with a $2.5 million provision for the six months ended June 30, 2021. The lower within the provision for mortgage losses as in comparison with the identical interval in 2021 primarily displays adjustments within the Firm’s analysis of environmental components impacting the Firm’s mortgage portfolio throughout 2022. Throughout 2021, the environmental or qualitative issue allocations inside the allowance for mortgage losses had been adjusted to account for the dangers to sure trade subgroups and portfolio segments inside our portfolio on account of the persevering with COVID-19 pandemic. The lower within the provision for mortgage losses primarily displays an estimated lower in uncertainty because it pertains to the estimated affect of the COVID-19 pandemic on the Firm’s mortgage portfolio and the broader financial system.
Non-interest revenue decreased $358 thousand or 40.6% throughout the six months ended June 30, 2022 in comparison with the six months ended June 30, 2021. The lower in non-interest revenue was primarily resulting from mark-to-market changes of $(490) thousand ensuing from a discount in worth of investments associated to the Firm’s nonqualified deferred compensation plan. Moreover, throughout the six months ended June 30, 2021, the Firm realized a $10 thousand acquire on the decision of a safety. Excluding the impacts of the mark-to-market changes and acquire on name, non-interest revenue elevated $142 thousand or 18.4% primarily resulting from will increase in insurance coverage commissions, service costs and costs on deposit accounts, and interchange and different price revenue.
Non-interest expense decreased $493 thousand or 2.9% throughout the six months ended June 30, 2022 in comparison with the six months ended June 30, 2021. The lower in non-interest expense was primarily resulting from non-recurring authorized {and professional} charges incurred in 2021 and reduces in FDIC insurance coverage charges resulting from decrease insurance coverage premiums. These decreases had been partially offset by a rise in state franchise taxes on account of a rise within the Financial institution’s fairness year-over-year.
For the six months ended June 30, 2022, annualized non-interest expense to common property was 1.49% in comparison with 1.72% for the six months ended June 30, 2021. The lower was primarily resulting from non-recurring authorized {and professional} charges incurred in 2021, coupled with continued price consciousness.
For the six months ended June 30, 2022, the annualized effectivity ratio was 46.1% in comparison with 50.4% for the six months ended June 30, 2021. The lower was primarily because of the enhance in web curiosity revenue coupled with a lower in different bills. The rise was partially offset by a lower in non-interest revenue.
Clarification of Non-GAAP Monetary Measures
This launch accommodates monetary info and efficiency measures decided by strategies aside from in accordance with GAAP. Administration believes that the supplemental non-GAAP info supplies a greater comparability of period-to-period working efficiency. Moreover, the Firm believes this info is utilized by regulators and market analysts to guage an organization’s monetary situation and due to this fact, such info is helpful to buyers. Non-GAAP measures used on this launch include the next:
- Price of interest-bearing liabilities that excludes the results of accelerated amortization of debt prices related to the Firm’s 2017 notes and curiosity expense related to the Firm’s 2022 notice. On July 15, 2022, the Firm used the proceeds from the 2022 notice to redeem the 2017 notes.
- Web curiosity margin that excludes the results of accelerated amortization of debt prices related to the Firm’s 2017 notes, and curiosity expense related to the Firm’s 2022 notice.
These disclosures shouldn’t be seen as an alternative to monetary ends in accordance with GAAP, nor are they essentially corresponding to non-GAAP efficiency measures which can be offered by different firms. Please consult with the Reconciliation of Sure Non-GAAP Monetary Measures desk for a reconciliation of those non-GAAP measures to essentially the most instantly comparable GAAP measure.
About John Marshall Bancorp, Inc.
John Marshall Bancorp, Inc. is the financial institution holding firm for John Marshall Financial institution. The Financial institution is a $2.32 billion financial institution headquartered in Reston, Virginia with eight full-service branches positioned in Alexandria, Arlington, Loudoun, Prince William, Reston, and Tysons, Virginia, in addition to Rockville, Maryland, and Washington, D.C. with one mortgage manufacturing workplace in Arlington, Virginia. The Financial institution is devoted to offering distinctive worth, personalised service and comfort to native companies and professionals within the Washington D.C. Metro space. The Financial institution affords a complete line of subtle banking services that rival these of the most important banks together with skilled employees to assist obtain prospects’ monetary objectives. Devoted Relationship Managers function direct points-of-contact, offering material experience in a wide range of area of interest industries together with Constitution and Non-public Colleges, Authorities Contractors, Well being Companies, Nonprofits and Associations, Skilled Companies, Property Administration Corporations, and Title Corporations. Be taught extra at www.johnmarshallbank.com.
Along with historic info, this press launch accommodates forward-looking statements inside the that means of the Non-public Securities Litigation Reform Act of 1995 which might be primarily based on sure assumptions and describe future plans, methods and expectations of the Firm. These forward-looking statements are usually recognized by use of the phrases “imagine,” “count on,” “intend,” “anticipate,” “estimate,” “venture,” “will,” “ought to,” “might,” “view,” “alternative,” “potential,” or related expressions or expressions of confidence. The Firm’s capability to foretell outcomes or the precise impact of future plans or methods is inherently unsure. Elements which may have a fabric adversarial impact on the operations of the Firm and its subsidiary embody, however will not be restricted to the next: adjustments in rates of interest, basic financial situations, public well being crises (such because the governmental, social and financial results of COVID-19), ranges of unemployment within the Financial institution’s lending space, actual property market values within the Financial institution’s lending space, future pure disasters, the extent of prepayments on loans and mortgage-backed securities, legislative/regulatory adjustments, financial and financial insurance policies of the U.S. Authorities together with insurance policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the standard or composition of the mortgage or funding portfolios, demand for mortgage merchandise, deposit flows, competitors, demand for monetary providers within the Firm’s market space, accounting ideas and tips, and different situations which by their nature will not be prone to correct forecast, and are topic to vital uncertainty. These dangers and uncertainties ought to be thought of in evaluating forward-looking statements and undue reliance shouldn’t be positioned on such statements. The Firm doesn’t undertake, and particularly disclaims any obligation, to publicly launch the results of any revisions which can be made to any forward-looking statements to replicate occasions or circumstances after the date of such statements or to replicate the incidence of anticipated or unanticipated occasions. Annualized, professional forma, projected and estimated numbers are used for illustrative function solely, will not be forecasts and should not replicate precise outcomes.
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John Marshall Bancorp, Inc. |
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Monetary Highlights (Unaudited) |
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(Greenback quantities in 1000’s, besides per share information) |
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At or For the Three Months Ended |
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At or For the Six Months Ended |
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June 30, |
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June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Chosen Steadiness Sheet Information |
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Money and money equivalents |
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$ |
120,887 |
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$ |
168,004 |
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$ |
120,887 |
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$ |
168,004 |
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Whole funding securities |
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473,914 |
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306,030 |
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473,914 |
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306,030 |
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Loans, web of unearned revenue |
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1,692,652 |
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1,567,112 |
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1,692,652 |
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1,567,112 |
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Allowance for mortgage losses |
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20,031 |
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19,381 |
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20,031 |
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19,381 |
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Whole property |
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2,316,374 |
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2,065,895 |
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2,316,374 |
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2,065,895 |
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Non-interest bearing demand deposits |
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512,284 |
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478,705 |
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512,284 |
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478,705 |
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Curiosity bearing deposits |
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1,531,457 |
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1,336,327 |
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1,531,457 |
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1,336,327 |
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Whole deposits |
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2,043,741 |
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1,815,032 |
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2,043,741 |
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1,815,032 |
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Shareholders’ fairness |
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207,530 |
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195,246 |
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207,530 |
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195,246 |
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Abstract Outcomes of Operations |
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Curiosity revenue |
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$ |
19,555 |
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$ |
18,627 |
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$ |
39,300 |
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$ |
37,374 |
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Curiosity expense |
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2,247 |
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2,136 |
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4,076 |
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4,601 |
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Web curiosity revenue |
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17,308 |
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16,491 |
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35,224 |
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32,773 |
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Provision for mortgage losses |
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– – |
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90 |
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– – |
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2,455 |
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Web curiosity revenue after provision for mortgage losses |
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17,308 |
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16,401 |
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35,224 |
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30,318 |
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Non-interest revenue |
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109 |
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417 |
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523 |
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881 |
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Non-interest expense |
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7,681 |
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9,067 |
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16,467 |
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16,960 |
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Revenue earlier than revenue taxes |
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9,736 |
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7,751 |
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19,280 |
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14,239 |
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Web revenue |
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7,882 |
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6,079 |
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15,556 |
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11,153 |
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Per Share Information and Shares Excellent |
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Earnings per share – primary |
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$ |
0.56 |
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$ |
0.45 |
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$ |
1.11 |
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$ |
0.82 |
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Earnings per share – diluted |
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$ |
0.56 |
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$ |
0.44 |
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$ |
1.10 |
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$ |
0.80 |
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E book worth per share |
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$ |
14.80 |
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$ |
14.32 |
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$ |
14.80 |
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$ |
14.32 |
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Weighted common widespread shares (primary) |
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13,932,256 |
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13,572,779 |
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13,858,057 |
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13,565,320 |
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Weighted common widespread shares (diluted) |
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14,085,160 |
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13,868,173 |
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14,042,205 |
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13,852,936 |
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Frequent shares excellent at finish of interval |
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14,026,589 |
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13,639,173 |
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14,026,589 |
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13,639,173 |
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Efficiency Ratios |
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Return on common property (annualized) |
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1.41 |
% |
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1.20 |
% |
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1.41 |
% |
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1.13 |
% |
Return on common fairness (annualized) |
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15.28 |
% |
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12.64 |
% |
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15.02 |
% |
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11.78 |
% |
Web curiosity margin |
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3.16 |
% |
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3.31 |
% |
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3.25 |
% |
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3.37 |
% |
Non-interest revenue as a proportion of common property (annualized) |
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0.02 |
% |
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0.08 |
% |
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0.05 |
% |
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0.09 |
% |
Non-interest expense to common property (annualized) |
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1.38 |
% |
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1.79 |
% |
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1.49 |
% |
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1.72 |
% |
Effectivity ratio |
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44.1 |
% |
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53.6 |
% |
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46.1 |
% |
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50.4 |
% |
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Asset High quality |
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Non-performing property to complete property |
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– – |
% |
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– – |
% |
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– – |
% |
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– – |
% |
Non-performing loans to complete loans |
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– – |
% |
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– – |
% |
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– – |
% |
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– – |
% |
Allowance for mortgage losses to non-performing loans |
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N/M |
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N/M |
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N/M |
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N/M |
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Allowance for mortgage losses to complete loans (1) |
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1.18 |
% |
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1.24 |
% |
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1.18 |
% |
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1.24 |
% |
Web charge-offs (recoveries) to common loans (annualized) |
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– – |
% |
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0.02 |
% |
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0.00 |
% |
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0.01 |
% |
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Loans 30-89 days overdue and accruing curiosity |
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$ |
– – |
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$ |
– – |
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$ |
– – |
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$ |
– – |
|
Non-accrual loans |
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– – |
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– – |
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– – |
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– – |
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Different actual property owned |
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|
– – |
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– – |
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– – |
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– – |
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Non-performing property (2) |
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|
– – |
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– – |
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– – |
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– – |
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Troubled debt restructurings (complete) |
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|
536 |
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|
473 |
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|
536 |
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473 |
|
Performing in accordance with modified phrases |
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|
536 |
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|
473 |
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|
536 |
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|
473 |
|
Not performing in accordance with modified phrases |
|
|
– – |
|
|
– – |
|
|
– – |
|
|
– – |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios (Financial institution Stage) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fairness / property |
|
|
9.9 |
% |
|
9.5 |
% |
|
9.9 |
% |
|
9.5 |
% |
Whole risk-based capital ratio |
|
|
15.1 |
% |
|
15.0 |
% |
|
15.1 |
% |
|
15.0 |
% |
Tier 1 risk-based capital ratio |
|
|
14.0 |
% |
|
13.9 |
% |
|
14.0 |
% |
|
13.9 |
% |
Leverage ratio |
|
|
11.0 |
% |
|
10.7 |
% |
|
11.0 |
% |
|
10.7 |
% |
Frequent fairness tier 1 ratio |
|
|
14.0 |
% |
|
12.3 |
% |
|
14.0 |
% |
|
12.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Different Info |
|
|
|
|
|
|
|
|
|
|
|
|
|
Variety of full time equal staff |
|
|
144 |
|
|
143 |
|
|
144 |
|
|
143 |
|
# Full service department workplaces |
|
|
8 |
|
|
8 |
|
|
8 |
|
|
8 |
|
# Mortgage manufacturing or restricted service department workplaces |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
(1) |
The allowance for mortgage losses to complete loans, excluding PPP loans, web of unearned revenue, of $216 thousand, was 1.18% at June 30, 2022. The allowance for mortgage losses to complete loans, excluding PPP loans, web of unearned revenue, of $79.9 million, was 1.30% at June 30, 2021. PPP loans acquired no allocations within the allowance estimate because of the underlying ensures. |
|
(2) |
Non-performing property include non-accrual loans, loans 90 days or extra overdue and nonetheless accruing curiosity, and different actual property owned. Doesn’t embody troubled debt restructurings which had been accruing curiosity on the date indicated. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John Marshall Bancorp, Inc. |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Steadiness Sheets |
||||||||||||||
(Greenback quantities in 1000’s, besides per share information) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|||
|
|
June 30, |
|
December 31, |
|
June 30, |
|
Final Six |
12 months Over |
|||||
|
|
2022 |
|
2021 |
2021 |
|
Months |
12 months |
||||||
Belongings |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|||
Money and due from banks |
|
$ |
12,915 |
|
$ |
2,920 |
|
$ |
9,341 |
|
342.3 |
% |
38.3 |
% |
Curiosity-bearing deposits in banks |
|
|
107,972 |
|
|
102,879 |
|
|
158,663 |
|
5.0 |
% |
(31.9) |
% |
Securities available-for-sale, at truthful worth |
|
|
365,134 |
|
|
239,300 |
|
|
299,485 |
|
52.6 |
% |
21.9 |
% |
Securities held-to-maturity, truthful worth of $88,862 and $103,258 at 6/30/2022 and 12/31/2021, respectively. |
|
|
102,265 |
|
|
105,509 |
|
|
– – |
|
(3.1) |
% |
N/M |
|
Restricted securities, at price |
|
|
4,417 |
|
|
4,951 |
|
|
4,939 |
|
(10.8) |
% |
(10.6) |
% |
Fairness securities, at truthful worth |
|
|
2,098 |
|
|
1,869 |
|
|
1,606 |
|
12.3 |
% |
30.6 |
% |
Loans, web of unearned revenue |
|
|
1,692,652 |
|
|
1,666,469 |
|
|
1,567,112 |
|
1.6 |
% |
8.0 |
% |
Allowance for mortgage losses |
|
|
(20,031) |
|
|
(20,032) |
|
|
(19,381) |
|
(0.0) |
% |
3.4 |
% |
Web loans |
|
|
1,672,621 |
|
|
1,646,437 |
|
|
1,547,731 |
|
1.6 |
% |
8.1 |
% |
Financial institution premises and tools, web |
|
|
1,443 |
|
|
1,620 |
|
|
1,955 |
|
(10.9) |
% |
(26.2) |
% |
Accrued curiosity receivable |
|
|
4,451 |
|
|
4,943 |
|
|
4,513 |
|
(10.0) |
% |
(1.4) |
% |
Financial institution owned life insurance coverage |
|
|
21,188 |
|
|
20,998 |
|
|
20,794 |
|
0.9 |
% |
1.9 |
% |
Proper of use property |
|
|
4,281 |
|
|
4,913 |
|
|
5,608 |
|
(12.9) |
% |
(23.7) |
% |
Different property |
|
|
17,589 |
|
|
12,970 |
|
|
11,260 |
|
35.6 |
% |
56.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Whole property |
|
$ |
2,316,374 |
|
$ |
2,149,309 |
|
$ |
2,065,895 |
|
7.8 |
% |
12.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Fairness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand deposits |
|
$ |
512,284 |
|
$ |
488,838 |
|
$ |
478,705 |
|
4.8 |
% |
7.0 |
% |
Curiosity-bearing demand deposits |
|
|
738,666 |
|
|
633,901 |
|
|
587,878 |
|
16.5 |
% |
25.6 |
% |
Financial savings deposits |
|
|
112,276 |
|
|
101,376 |
|
|
79,119 |
|
10.8 |
% |
41.9 |
% |
Time deposits |
|
|
680,515 |
|
|
657,438 |
|
|
669,330 |
|
3.5 |
% |
1.7 |
% |
Whole deposits |
|
|
2,043,741 |
|
|
1,881,553 |
|
|
1,815,032 |
|
8.6 |
% |
12.6 |
% |
Federal Dwelling Mortgage Financial institution advances |
|
|
– – |
|
|
18,000 |
|
|
18,000 |
|
(100.0) |
% |
(100.0) |
% |
Subordinated debt |
|
|
49,560 |
|
|
24,728 |
|
|
24,704 |
|
100.4 |
% |
100.6 |
% |
Accrued curiosity payable |
|
|
896 |
|
|
843 |
|
|
884 |
|
6.3 |
% |
1.4 |
% |
Lease liabilities |
|
|
4,538 |
|
|
5,182 |
|
|
5,873 |
|
(12.4) |
% |
(22.7) |
% |
Different liabilities |
|
|
10,109 |
|
|
10,533 |
|
|
6,156 |
|
(4.0) |
% |
64.2 |
% |
Whole liabilities |
|
|
2,108,844 |
|
|
1,940,839 |
|
|
1,870,649 |
|
8.7 |
% |
12.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ Fairness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Most popular inventory, par worth $0.01 per share; licensed 1,000,000 shares; none issued |
|
|
– – |
|
|
– – |
|
|
– – |
|
0.0 |
% |
0.0 |
% |
Frequent inventory, nonvoting, par worth $0.01 per share; licensed 1,000,000 shares; none issued |
|
|
– – |
|
|
– – |
|
|
– – |
|
0.0 |
% |
0.0 |
% |
Frequent inventory, voting, par worth $0.01 per share; licensed 30,000,000 shares; issued and excellent, 14,026,589 at 6/30/2022 together with 58,536 unvested shares, 13,745,598 shares at 12/31/2021 together with 75,826 unvested shares and 13,639,173 at 6/30/2021, together with 60,995 unvested shares |
|
|
140 |
|
|
137 |
|
|
136 |
|
2.2 |
% |
2.9 |
% |
Further paid-in capital |
|
|
93,935 |
|
|
91,107 |
|
|
90,448 |
|
3.1 |
% |
3.9 |
% |
Retained earnings |
|
|
130,383 |
|
|
117,626 |
|
|
103,318 |
|
10.8 |
% |
26.2 |
% |
Gathered different complete revenue (loss) |
|
|
(16,928) |
|
|
(400) |
|
|
1,344 |
|
N/M |
|
N/M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Whole shareholders’ fairness |
|
|
207,530 |
|
|
208,470 |
|
|
195,246 |
|
(0.5) |
% |
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Whole liabilities and shareholders’ fairness |
|
$ |
2,316,374 |
|
$ |
2,149,309 |
|
$ |
2,065,895 |
|
7.8 |
% |
12.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John Marshall Bancorp, Inc. |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Revenue |
||||||||||||||||||
(Greenback quantities in 1000’s, besides per share information) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
|
|||||||||
|
|
June 30, |
|
|
|
June 30, |
|
|
|
|||||||||
|
|
2022 |
|
2021 |
|
% Change |
2022 |
|
2021 |
|
% Change |
|||||||
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|||||
Curiosity and Dividend Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Curiosity and costs on loans |
|
$ |
17,334 |
|
$ |
17,499 |
|
(0.9) |
% |
$ |
35,518 |
|
$ |
35,338 |
|
0.5 |
% |
|
Curiosity on funding securities, taxable |
|
|
1,893 |
|
|
993 |
|
90.6 |
% |
|
3,273 |
|
|
1,762 |
|
85.8 |
% |
|
Curiosity on funding securities, tax-exempt |
|
|
30 |
|
|
30 |
|
0.0 |
% |
|
60 |
|
|
60 |
|
0.0 |
% |
|
Dividends |
|
|
64 |
|
|
66 |
|
(3.0) |
% |
|
124 |
|
|
131 |
|
(5.3) |
% |
|
Curiosity on deposits in banks |
|
|
234 |
|
|
39 |
|
500.0 |
% |
|
325 |
|
|
83 |
|
291.6 |
% |
|
Whole curiosity and dividend revenue |
|
|
19,555 |
|
|
18,627 |
|
5.0 |
% |
|
39,300 |
|
|
37,374 |
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Curiosity Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
1,698 |
|
|
1,735 |
|
(2.1) |
% |
|
3,021 |
|
|
3,795 |
|
(20.4) |
% |
|
Federal Dwelling Mortgage Financial institution advances |
|
|
12 |
|
|
30 |
|
(60.0) |
% |
|
42 |
|
|
63 |
|
(33.3) |
% |
|
Subordinated debt |
|
|
537 |
|
|
371 |
|
44.7 |
% |
|
1,013 |
|
|
743 |
|
36.3 |
% |
|
Whole curiosity expense |
|
|
2,247 |
|
|
2,136 |
|
5.2 |
% |
|
4,076 |
|
|
4,601 |
|
(11.4) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Web curiosity revenue |
|
|
17,308 |
|
|
16,491 |
|
5.0 |
% |
|
35,224 |
|
|
32,773 |
|
7.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for mortgage losses |
|
|
– – |
|
|
90 |
|
N/M |
|
|
– – |
|
|
2,455 |
|
N/M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Web curiosity revenue after provision for mortgage losses |
|
|
17,308 |
|
|
16,401 |
|
5.5 |
% |
|
35,224 |
|
|
30,318 |
|
16.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service costs on deposit accounts |
|
|
84 |
|
|
60 |
|
40.0 |
% |
|
161 |
|
|
118 |
|
36.4 |
% |
|
Financial institution owned life insurance coverage |
|
|
95 |
|
|
100 |
|
(5.0) |
% |
|
190 |
|
|
207 |
|
(8.2) |
% |
|
Different service costs and costs |
|
|
157 |
|
|
116 |
|
35.3 |
% |
|
294 |
|
|
220 |
|
33.6 |
% |
|
Good points on securities |
|
|
– – |
|
|
– – |
|
N/M |
|
|
– – |
|
|
10 |
|
N/M |
|
|
Insurance coverage commissions |
|
|
44 |
|
|
22 |
|
100.0 |
% |
|
265 |
|
|
177 |
|
49.7 |
% |
|
Different revenue (loss) |
|
|
(271) |
|
|
119 |
|
(327.7) |
% |
|
(387) |
|
|
149 |
|
(359.7) |
% |
|
Whole non-interest revenue |
|
|
109 |
|
|
417 |
|
(73.9) |
% |
|
523 |
|
|
881 |
|
(40.6) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest Bills |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and worker advantages |
|
|
4,655 |
|
|
5,680 |
|
(18.0) |
% |
|
10,682 |
|
|
10,669 |
|
0.1 |
% |
|
Occupancy expense of premises |
|
|
482 |
|
|
514 |
|
(6.2) |
% |
|
975 |
|
|
1,021 |
|
(4.5) |
% |
|
Furnishings and tools bills |
|
|
341 |
|
|
378 |
|
(9.8) |
% |
|
666 |
|
|
700 |
|
(4.9) |
% |
|
Different bills |
|
|
2,203 |
|
|
2,495 |
|
(11.7) |
% |
|
4,144 |
|
|
4,570 |
|
(9.3) |
% |
|
Whole non-interest expense |
|
|
7,681 |
|
|
9,067 |
|
(15.3) |
% |
|
16,467 |
|
|
16,960 |
|
(2.9) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue earlier than revenue taxes |
|
|
9,736 |
|
|
7,751 |
|
25.6 |
% |
|
19,280 |
|
|
14,239 |
|
35.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue tax expense |
|
|
1,854 |
|
|
1,672 |
|
10.9 |
% |
|
3,724 |
|
|
3,086 |
|
20.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Web revenue |
|
$ |
7,882 |
|
$ |
6,079 |
|
29.7 |
% |
$ |
15,556 |
|
$ |
11,153 |
|
39.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fundamental |
|
$ |
0.56 |
|
$ |
0.45 |
|
24.4 |
% |
$ |
1.11 |
|
$ |
0.82 |
|
35.4 |
% |
|
Diluted |
|
$ |
0.56 |
|
$ |
0.44 |
|
27.3 |
% |
$ |
1.10 |
|
$ |
0.80 |
|
37.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John Marshall Bancorp, Inc. |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historic Developments – Quarterly Monetary Information (Unaudited) |
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(Greenback quantities in 1000’s, besides per share information) |
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2022 |
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2021 |
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June 30 |
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March 31 |
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December 31 |
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September 30 |
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June 30 |
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March 31 |
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Profitability for the quarter: |
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|
Curiosity revenue |
|
$ |
19,555 |
|
$ |
19,745 |
|
$ |
18,703 |
|
$ |
18,042 |
|
$ |
18,627 |
|
$ |
18,747 |
|
Curiosity expense |
|
|
2,247 |
|
|
1,829 |
|
|
1,734 |
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|
1,876 |
|
|
2,136 |
|
|
2,465 |
|
Web curiosity revenue |
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|
17,308 |
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17,916 |
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|
16,969 |
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|
16,166 |
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|
16,491 |
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|
16,282 |
|
Provision for mortgage losses |
|
|
– – |
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|
– – |
|
|
325 |
|
|
325 |
|
|
90 |
|
|
2,365 |
|
Non-interest revenue |
|
|
109 |
|
|
414 |
|
|
513 |
|
|
325 |
|
|
417 |
|
|
464 |
|
Non-interest expense |
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|
7,681 |
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|
8,786 |
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|
7,679 |
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|
7,623 |
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|
9,067 |
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|
7,893 |
|
Revenue earlier than revenue taxes |
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9,736 |
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|
9,544 |
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|
9,478 |
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|
8,543 |
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|
7,751 |
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|
6,488 |
|
Revenue tax expense |
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|
1,854 |
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|
1,870 |
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|
1,931 |
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|
1,782 |
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|
1,672 |
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|
1,414 |
|
Web revenue |
|
$ |
7,882 |
|
$ |
7,674 |
|
$ |
7,547 |
|
$ |
6,761 |
|
$ |
6,079 |
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$ |
5,074 |
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Monetary efficiency: |
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Return on common property (annualized) |
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1.41 |
% |
|
1.40 |
% |
|
1.41 |
% |
|
1.30 |
% |
|
1.20 |
% |
|
1.05 |
% |
Return on common fairness (annualized) |
|
|
15.28 |
% |
|
14.76 |
% |
|
14.52 |
% |
|
13.35 |
% |
|
12.64 |
% |
|
10.89 |
% |
Web curiosity margin |
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|
3.16 |
% |
|
3.33 |
% |
|
3.22 |
% |
|
3.15 |
% |
|
3.31 |
% |
|
3.43 |
% |
Non-interest revenue as a proportion of common property (annualized) |
|
|
0.02 |
% |
|
0.08 |
% |
|
0.10 |
% |
|
0.06 |
% |
|
0.08 |
% |
|
0.10 |
% |
Non-interest expense to common property (annualized) |
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|
1.38 |
% |
|
1.61 |
% |
|
1.44 |
% |
|
1.46 |
% |
|
1.79 |
% |
|
1.64 |
% |
Efficency ratio |
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|
44.1 |
% |
|
47.9 |
% |
|
43.9 |
% |
|
46.2 |
% |
|
53.6 |
% |
|
47.1 |
% |
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Per share information: |
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Earnings per share – primary |
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$ |
0.56 |
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$ |
0.55 |
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$ |
0.55 |
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$ |
0.50 |
|
$ |
0.45 |
|
$ |
0.37 |
|
Earnings per share – diluted |
|
$ |
0.56 |
|
$ |
0.55 |
|
$ |
0.54 |
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$ |
0.48 |
|
$ |
0.44 |
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$ |
0.37 |
|
E book worth per share |
|
$ |
14.80 |
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$ |
14.68 |
|
$ |
15.17 |
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$ |
14.82 |
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$ |
14.32 |
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$ |
13.85 |
|
Weighted common widespread shares (primary) |
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13,932,256 |
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13,783,034 |
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13,581,586 |
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13,580,538 |
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|
13,572,779 |
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|
13,557,779 |
|
Weighted common widespread shares (diluted) |
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14,085,160 |
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13,991,692 |
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13,879,595 |
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13,883,104 |
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|
13,868,147 |
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13,809,751 |
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Frequent shares excellent at finish of interval |
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14,026,589 |
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13,950,570 |
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13,745,598 |
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13,644,985 |
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13,639,173 |
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13,634,754 |
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Dividends declared per share |
|
$ |
– – |
|
$ |
0.20 |
|
$ |
– – |
|
$ |
– – |
|
$ |
– – |
|
$ |
– – |
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Non-interest Revenue |
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Service costs on deposit accounts |
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$ |
84 |
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$ |
77 |
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$ |
74 |
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$ |
70 |
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$ |
60 |
|
$ |
58 |
|
Financial institution owned life insurance coverage |
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|
95 |
|
|
95 |
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|
102 |
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|
102 |
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|
100 |
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|
107 |
|
Different service costs and costs |
|
|
157 |
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|
137 |
|
|
138 |
|
|
120 |
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|
115 |
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|
104 |
|
Good points on securities |
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– – |
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|
– – |
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|
– – |
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|
– – |
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|
– – |
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|
10 |
|
Insurance coverage commissions |
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|
44 |
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|
221 |
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|
79 |
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|
28 |
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|
22 |
|
|
155 |
|
Different revenue (loss) |
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|
(271) |
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|
(116) |
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|
120 |
|
|
5 |
|
|
120 |
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|
30 |
|
Whole non-interest revenue |
|
$ |
109 |
|
$ |
414 |
|
$ |
513 |
|
$ |
325 |
|
$ |
417 |
|
$ |
464 |
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|
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Non-interest Bills |
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Salaries and worker advantages |
|
$ |
4,655 |
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$ |
6,027 |
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$ |
4,765 |
|
$ |
4,977 |
|
$ |
5,680 |
|
$ |
4,989 |
|
Occupancy expense of premises |
|
|
482 |
|
|
493 |
|
|
480 |
|
|
484 |
|
|
514 |
|
|
507 |
|
Furnishings and tools bills |
|
|
341 |
|
|
325 |
|
|
363 |
|
|
373 |
|
|
378 |
|
|
322 |
|
Different bills |
|
|
2,203 |
|
|
1,941 |
|
|
2,071 |
|
|
1,789 |
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|
2,495 |
|
|
2,075 |
|
Whole non-interest bills |
|
$ |
7,681 |
|
$ |
8,786 |
|
$ |
7,679 |
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$ |
7,623 |
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$ |
9,067 |
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$ |
7,893 |
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Steadiness Sheets at Quarter Finish |
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Whole loans |
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$ |
1,692,652 |
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$ |
1,631,260 |
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$ |
1,666,469 |
|
$ |
1,602,377 |
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$ |
1,567,112 |
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$ |
1,605,783 |
|
Allowance for mortgage losses |
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|
(20,031) |
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|
(20,031) |
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|
(20,032) |
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|
(19,706) |
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|
(19,381) |
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|
(19,381) |
|
Funding securities |
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|
473,914 |
|
|
409,692 |
|
|
351,629 |
|
|
348,742 |
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|
306,030 |
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|
219,106 |
|
Curiosity-earning property |
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|
2,274,968 |
|
|
2,217,553 |
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|
2,121,407 |
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|
2,062,000 |
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|
2,032,235 |
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|
1,979,848 |
|
Whole property |
|
|
2,316,374 |
|
|
2,249,609 |
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|
2,149,309 |
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|
2,095,504 |
|
|
2,065,895 |
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|
2,009,988 |
|
Whole deposits |
|
|
2,043,741 |
|
|
1,983,099 |
|
|
1,881,553 |
|
|
1,837,548 |
|
|
1,815,032 |
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|
1,761,390 |
|
Whole interest-bearing liabilities |
|
|
1,581,017 |
|
|
1,530,133 |
|
|
1,435,443 |
|
|
1,416,396 |
|
|
1,379,031 |
|
|
1,388,286 |
|
Whole shareholders’ fairness |
|
|
207,530 |
|
|
204,855 |
|
|
208,470 |
|
|
202,222 |
|
|
195,246 |
|
|
188,904 |
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Quarterly Common Steadiness Sheets |
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Whole gross loans |
|
$ |
1,641,914 |
|
$ |
1,620,533 |
|
$ |
1,629,124 |
|
$ |
1,580,695 |
|
$ |
1,602,125 |
|
$ |
1,575,847 |
|
Allowance for mortgage losses |
|
|
(20,031) |
|
|
(20,032) |
|
|
(19,889) |
|
|
(19,525) |
|
|
(19,530) |
|
|
(17,816) |
|
Funding securities |
|
|
447,688 |
|
|
376,608 |
|
|
356,007 |
|
|
325,027 |
|
|
256,671 |
|
|
180,180 |
|
Curiosity-earning property |
|
|
2,204,709 |
|
|
2,183,897 |
|
|
2,090,052 |
|
|
2,038,384 |
|
|
1,996,555 |
|
|
1,922,835 |
|
Whole property |
|
|
2,240,119 |
|
|
2,216,131 |
|
|
2,121,980 |
|
|
2,069,143 |
|
|
2,027,364 |
|
|
1,954,088 |
|
Whole deposits |
|
|
1,980,231 |
|
|
1,946,882 |
|
|
1,857,782 |
|
|
1,812,635 |
|
|
1,820,939 |
|
|
1,709,678 |
|
Whole interest-bearing liabilities |
|
|
1,504,574 |
|
|
1,505,854 |
|
|
1,419,679 |
|
|
1,384,867 |
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|
1,381,583 |
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|
1,350,742 |
|
Whole shareholders’ fairness |
|
|
206,967 |
|
|
210,900 |
|
|
206,237 |
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|
200,990 |
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|
192,918 |
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|
188,995 |
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Monetary Measures |
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Common fairness to common property |
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|
9.2 |
% |
|
9.5 |
% |
|
9.7 |
% |
|
9.7 |
% |
|
9.5 |
% |
|
9.7 |
% |
Funding securities to incomes property |
|
|
20.8 |
% |
|
18.5 |
% |
|
16.6 |
% |
|
16.9 |
% |
|
15.1 |
% |
|
11.1 |
% |
Loans to incomes property |
|
|
74.4 |
% |
|
73.6 |
% |
|
78.6 |
% |
|
77.7 |
% |
|
77.1 |
% |
|
81.1 |
% |
Loans to property |
|
|
73.1 |
% |
|
72.5 |
% |
|
77.5 |
% |
|
76.5 |
% |
|
75.9 |
% |
|
79.9 |
% |
Loans to deposits |
|
|
82.8 |
% |
|
82.3 |
% |
|
88.6 |
% |
|
87.2 |
% |
|
86.3 |
% |
|
91.2 |
% |
|
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|
|
|
|
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Capital Ratios (Financial institution Stage) |
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Fairness / property |
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|
9.9 |
% |
|
10.2 |
% |
|
10.8 |
% |
|
10.8 |
% |
|
10.6 |
% |
|
10.5 |
% |
Whole risk-based capital ratio |
|
|
15.1 |
% |
|
15.4 |
% |
|
15.3 |
% |
|
15.2 |
% |
|
15.0 |
% |
|
14.6 |
% |
Tier 1 risk-based capital ratio |
|
|
14.0 |
% |
|
14.2 |
% |
|
14.0 |
% |
|
14.0 |
% |
|
13.9 |
% |
|
13.4 |
% |
Leverage ratio |
|
|
11.0 |
% |
|
10.8 |
% |
|
11.0 |
% |
|
10.8 |
% |
|
10.7 |
% |
|
10.8 |
% |
Frequent fairness tier 1 ratio |
|
|
14.0 |
% |
|
14.2 |
% |
|
14.0 |
% |
|
14.0 |
% |
|
12.3 |
% |
|
13.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
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John Marshall Bancorp, Inc. |
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Mortgage, Deposit and Borrowing Element (Unaudited) |
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(Greenback quantities in 1000’s) |
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2022 |
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2021 |
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||||||||||||||||||||
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June 30 |
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March 31 |
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December 31 |
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September 30 |
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June 30 |
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March 31 |
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||||||||||||
Loans |
|
$ Quantity |
% of Whole |
|
$ Quantity |
% of Whole |
|
$ Quantity |
% of Whole |
|
$ Quantity |
% of Whole |
|
$ Quantity |
% of Whole |
|
$ Quantity |
% of Whole |
|
||||||
Industrial enterprise loans |
|
$ |
47,654 |
2.8 |
% |
$ |
52,569 |
3.2 |
% |
$ |
53,378 |
3.2 |
% |
$ |
53,166 |
3.3 |
% |
$ |
55,375 |
3.5 |
% |
$ |
60,637 |
3.8 |
% |
Industrial PPP loans |
|
|
224 |
0.0 |
% |
|
7,781 |
0.5 |
% |
|
69,567 |
4.2 |
% |
|
75,496 |
4.7 |
% |
|
82,190 |
5.2 |
% |
|
117,796 |
7.3 |
% |
Industrial owner-occupied actual property loans |
|
|
378,457 |
22.4 |
% |
|
339,933 |
20.9 |
% |
|
345,272 |
20.7 |
% |
|
326,585 |
20.4 |
% |
|
320,519 |
20.4 |
% |
|
307,918 |
19.2 |
% |
Whole enterprise loans |
|
|
426,335 |
25.2 |
% |
|
400,283 |
24.6 |
% |
|
468,217 |
28.1 |
% |
|
455,247 |
28.4 |
% |
|
458,084 |
29.2 |
% |
|
486,351 |
30.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor actual property loans |
|
|
598,501 |
35.5 |
% |
|
553,093 |
34.0 |
% |
|
523,038 |
31.4 |
% |
|
519,384 |
32.4 |
% |
|
505,605 |
32.3 |
% |
|
502,940 |
31.3 |
% |
Building & improvement loans |
|
|
189,644 |
11.2 |
% |
|
219,160 |
13.4 |
% |
|
231,090 |
13.9 |
% |
|
228,993 |
14.3 |
% |
|
219,175 |
14.0 |
% |
|
250,208 |
15.6 |
% |
Multi-family loans |
|
|
106,236 |
6.3 |
% |
|
99,100 |
6.1 |
% |
|
100,132 |
6.0 |
% |
|
81,226 |
5.1 |
% |
|
92,203 |
5.9 |
% |
|
84,689 |
5.3 |
% |
Whole business actual property loans |
|
|
894,381 |
53.0 |
% |
|
871,353 |
53.5 |
% |
|
854,260 |
51.3 |
% |
|
829,603 |
51.8 |
% |
|
816,983 |
52.1 |
% |
|
837,837 |
52.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans |
|
|
368,370 |
21.8 |
% |
|
356,331 |
21.9 |
% |
|
342,491 |
20.6 |
% |
|
316,549 |
19.8 |
% |
|
291,615 |
18.6 |
% |
|
281,964 |
17.5 |
% |
Shopper loans |
|
|
651 |
0.0 |
% |
|
513 |
0.0 |
% |
|
586 |
0.0 |
% |
|
631 |
0.0 |
% |
|
916 |
0.1 |
% |
|
793 |
0.0 |
% |
Whole loans |
|
$ |
1,689,737 |
100.0 |
% |
$ |
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 |
% |
Much less: Allowance for mortgage losses |
|
|
(20,031) |
|
|
|
(20,031) |
|
|
|
(20,032) |
|
|
|
(19,706) |
|
|
|
(19,381) |
|
|
|
(19,381) |
|
|
Web deferred mortgage prices (charges) |
|
|
2,915 |
|
|
|
2,780 |
|
|
|
915 |
|
|
|
347 |
|
|
|
(486) |
|
|
|
(1,162) |
|
|
Web loans |
|
$ |
1,672,621 |
|
|
$ |
1,611,229 |
|
|
$ |
1,646,437 |
|
|
$ |
1,582,671 |
|
|
$ |
1,547,731 |
|
|
$ |
1,586,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
||||||||||||||||||||
|
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
||||||||||||
Deposits |
|
$ Quantity |
% of Whole |
|
$ Quantity |
% of Whole |
|
$ Quantity |
% of Whole |
|
$ Quantity |
% of Whole |
|
$ Quantity |
% of Whole |
|
$ Quantity |
% of Whole |
|
||||||
Non-interest bearing demand deposits |
|
$ |
512,284 |
25.1 |
% |
$ |
495,811 |
25.0 |
% |
$ |
488,838 |
26.0 |
% |
$ |
463,868 |
25.2 |
% |
$ |
478,705 |
26.4 |
% |
$ |
419,796 |
23.8 |
% |
Curiosity-bearing demand deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts(1) |
|
|
338,789 |
16.6 |
% |
|
345,087 |
17.4 |
% |
|
267,594 |
14.2 |
% |
|
294,261 |
16.0 |
% |
|
254,060 |
14.0 |
% |
|
245,274 |
13.9 |
% |
Cash market accounts(1) |
|
|
399,877 |
19.6 |
% |
|
414,987 |
20.9 |
% |
|
366,306 |
19.4 |
% |
|
336,651 |
18.3 |
% |
|
333,818 |
18.4 |
% |
|
344,807 |
19.6 |
% |
Financial savings accounts |
|
|
112,276 |
5.4 |
% |
|
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 extra |
|
|
255,411 |
12.5 |
% |
|
241,230 |
12.1 |
% |
|
250,204 |
13.3 |
% |
|
232,722 |
12.7 |
% |
|
243,662 |
13.4 |
% |
|
265,772 |
15.1 |
% |
Lower than $250,000 |
|
|
87,505 |
4.3 |
% |
|
91,050 |
4.6 |
% |
|
103,084 |
5.5 |
% |
|
104,463 |
5.7 |
% |
|
112,991 |
6.2 |
% |
|
119,828 |
6.8 |
% |
QwickRate® certificates of deposit |
|
|
20,154 |
1.0 |
% |
|
23,136 |
1.2 |
% |
|
25,122 |
1.3 |
% |
|
28,998 |
1.6 |
% |
|
31,481 |
1.7 |
% |
|
38,565 |
2.2 |
% |
IntraFi® certificates of deposit |
|
|
32,686 |
1.6 |
% |
|
39,628 |
2.0 |
% |
|
61,281 |
3.3 |
% |
|
66,926 |
3.6 |
% |
|
60,761 |
3.3 |
% |
|
38,284 |
2.2 |
% |
Brokered deposits |
|
|
284,759 |
13.9 |
% |
|
217,743 |
11.0 |
% |
|
217,748 |
11.6 |
% |
|
214,819 |
11.7 |
% |
|
220,435 |
12.1 |
% |
|
216,962 |
12.3 |
% |
Whole deposits |
|
$ |
2,043,741 |
100.0 |
% |
$ |
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 Dwelling Mortgage Financial institution advances |
|
$ |
– – |
0.0 |
% |
$ |
18,000 |
42.0 |
% |
$ |
18,000 |
42.1 |
% |
$ |
18,000 |
42.1 |
% |
$ |
18,000 |
42.2 |
% |
$ |
22,000 |
47.1 |
% |
Subordinated debt |
|
|
49,560 |
100.0 |
% |
|
24,845 |
58.0 |
% |
|
24,728 |
57.9 |
% |
|
24,716 |
57.9 |
% |
|
24,704 |
57.8 |
% |
|
24,692 |
52.9 |
% |
Whole borrowings |
|
$ |
49,560 |
100.0 |
% |
$ |
42,845 |
100.0 |
% |
$ |
42,728 |
100.0 |
% |
$ |
42,716 |
100.0 |
% |
$ |
42,704 |
100.0 |
% |
$ |
46,692 |
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Whole deposits and borrowings |
|
$ |
2,093,301 |
|
|
$ |
2,025,944 |
|
|
$ |
1,924,281 |
|
|
$ |
1,880,264 |
|
|
$ |
1,857,736 |
|
|
$ |
1,808,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core buyer funding sources (2) |
|
$ |
1,738,828 |
85.1 |
% |
$ |
1,742,220 |
85.2 |
% |
$ |
1,638,683 |
86.3 |
% |
$ |
1,593,731 |
85.9 |
% |
$ |
1,563,116 |
85.3 |
% |
$ |
1,505,863 |
84.4 |
% |
Wholesale funding sources (3) |
|
|
304,913 |
14.9 |
% |
|
258,879 |
12.7 |
% |
|
260,870 |
13.7 |
% |
|
261,817 |
14.1 |
% |
|
269,916 |
14.7 |
% |
|
277,527 |
15.6 |
% |
Whole funding sources |
|
$ |
2,043,741 |
100.0 |
% |
$ |
2,001,099 |
97.9 |
% |
$ |
1,899,553 |
100.0 |
% |
$ |
1,855,548 |
100.0 |
% |
$ |
1,833,032 |
100.0 |
% |
$ |
1,783,390 |
100.0 |
% |
(1) |
|
Consists of IntraFi® accounts. |
(2) |
|
Consists of reciprocal IntraFi Demand®, IntraFi Cash Market® and IntraFi CD® deposits, that are maintained by prospects. |
(3) |
|
Consists of QwickRate® certificates of deposit, brokered deposits, federal funds bought and Federal Dwelling Mortgage Financial institution advances.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John Marshall Bancorp, Inc. |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Steadiness Sheets, Curiosity and Charges (unaudited) |
|
||||||||||||||||
(Greenback quantities in 1000’s) |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2022 |
|
Six months ended June 30, 2021 |
|
||||||||||||
|
|
|
|
|
Curiosity Revenue / |
|
Common |
|
|
|
|
Curiosity Revenue / |
|
Common |
|
||
|
|
Common Steadiness |
|
Expense |
|
Price |
|
Common Steadiness |
|
Expense |
|
Price |
|
||||
Belongings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
407,341 |
|
$ |
3,397 |
|
1.68 |
% |
$ |
213,585 |
|
$ |
1,892 |
|
1.79 |
% |
Tax-exempt(1) |
|
|
5,004 |
|
|
76 |
|
3.06 |
% |
|
5,052 |
|
|
77 |
|
3.07 |
% |
Whole securities |
|
$ |
412,345 |
|
$ |
3,473 |
|
1.70 |
% |
$ |
218,637 |
|
$ |
1,969 |
|
1.82 |
% |
Loans, web of unearned revenue(2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,611,916 |
|
|
35,209 |
|
4.40 |
% |
|
1,570,969 |
|
|
35,001 |
|
4.49 |
% |
Tax-exempt(1) |
|
|
19,367 |
|
|
391 |
|
4.07 |
% |
|
18,090 |
|
|
427 |
|
4.76 |
% |
Whole loans, web of unearned revenue |
|
$ |
1,631,283 |
|
$ |
35,600 |
|
4.40 |
% |
$ |
1,589,059 |
|
$ |
35,428 |
|
4.50 |
% |
Curiosity-bearing deposits in different banks |
|
$ |
150,734 |
|
$ |
325 |
|
0.43 |
% |
$ |
152,203 |
|
$ |
83 |
|
0.11 |
% |
Whole interest-earning property |
|
$ |
2,194,362 |
|
$ |
39,398 |
|
3.62 |
% |
$ |
1,959,899 |
|
$ |
37,480 |
|
3.86 |
% |
Whole non-interest incomes property |
|
|
33,830 |
|
|
|
|
|
|
|
31,029 |
|
|
|
|
|
|
Whole property |
|
$ |
2,228,192 |
|
|
|
|
|
|
$ |
1,990,928 |
|
|
|
|
|
|
Liabilities & Shareholders’ Fairness: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Curiosity-bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
|
$ |
323,546 |
|
$ |
424 |
|
0.26 |
% |
$ |
244,952 |
|
$ |
392 |
|
0.32 |
% |
Cash market accounts |
|
|
395,532 |
|
|
789 |
|
0.40 |
% |
|
336,528 |
|
|
630 |
|
0.38 |
% |
Financial savings accounts |
|
|
111,312 |
|
|
177 |
|
0.32 |
% |
|
71,307 |
|
|
135 |
|
0.38 |
% |
Time deposits |
|
|
635,359 |
|
|
1,631 |
|
0.52 |
% |
|
670,014 |
|
|
2,638 |
|
0.79 |
% |
Whole interest-bearing deposits |
|
$ |
1,465,749 |
|
$ |
3,021 |
|
0.42 |
% |
$ |
1,322,801 |
|
$ |
3,795 |
|
0.58 |
% |
Subordinated debt |
|
|
27,007 |
|
|
1,013 |
|
7.56 |
% |
|
24,690 |
|
|
743 |
|
6.07 |
% |
Different borrowed funds |
|
|
12,453 |
|
|
42 |
|
0.68 |
% |
|
18,757 |
|
|
63 |
|
0.68 |
% |
Whole interest-bearing liabilities |
|
$ |
1,505,209 |
|
$ |
4,076 |
|
0.55 |
% |
$ |
1,366,248 |
|
$ |
4,601 |
|
0.68 |
% |
Demand deposits |
|
|
497,899 |
|
|
|
|
|
|
|
421,349 |
|
|
|
|
|
|
Different liabilities |
|
|
16,161 |
|
|
|
|
|
|
|
12,364 |
|
|
|
|
|
|
Whole liabilities |
|
$ |
2,019,269 |
|
|
|
|
|
|
$ |
1,799,961 |
|
|
|
|
|
|
Shareholders’ fairness |
|
$ |
208,923 |
|
|
|
|
|
|
$ |
190,967 |
|
|
|
|
|
|
Whole liabilities and shareholders’ fairness |
|
$ |
2,228,192 |
|
|
|
|
|
|
$ |
1,990,928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent web curiosity revenue and unfold |
|
|
|
|
$ |
35,322 |
|
3.07 |
% |
|
|
|
$ |
32,879 |
|
3.18 |
% |
Much less: tax-equivalent adjustment |
|
|
|
|
|
98 |
|
|
|
|
|
|
|
106 |
|
|
|
Web curiosity revenue |
|
|
|
|
$ |
35,224 |
|
|
|
|
|
|
$ |
32,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Curiosity revenue/earnings property |
|
|
|
|
|
|
|
3.62 |
% |
|
|
|
|
|
|
3.86 |
% |
Curiosity expense/incomes property |
|
|
|
|
|
|
|
0.37 |
% |
|
|
|
|
|
|
0.48 |
% |
Web curiosity margin |
|
|
|
|
|
|
|
3.25 |
% |
|
|
|
|
|
|
3.38 |
% |
(1) |
|
Tax-equivalent revenue has been adjusted utilizing the federal statutory tax price of 21%. The annualized taxable-equivalent changes utilized within the above desk to compute yields aggregated to $98 thousand and $106 thousand in 2022 and 2021, respectively. |
(2) |
|
The Firm didn’t have any loans on non-accrual as of June 30, 2022 or June 30, 2021. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John Marshall Bancorp, Inc. |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Steadiness Sheets, Curiosity and Charges (unaudited) |
|
||||||||||||||||
(Greenback quantities in 1000’s) |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2022 |
|
Three months ended June 30, 2021 |
|
||||||||||||
|
|
|
|
|
Curiosity Revenue / |
|
Common |
|
|
|
|
Curiosity Revenue / |
|
Common |
|
||
|
|
Common Steadiness |
|
Expense |
|
Price |
|
Common Steadiness |
|
Expense |
|
Price |
|
||||
Belongings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
$ |
442,686 |
|
$ |
1,957 |
|
1.77 |
% |
$ |
251,654 |
|
$ |
1,059 |
|
1.69 |
% |
Tax-exempt(1) |
|
|
5,002 |
|
|
38 |
|
3.05 |
% |
|
5,017 |
|
|
38 |
|
3.04 |
% |
Whole securities |
|
$ |
447,688 |
|
$ |
1,995 |
|
1.79 |
% |
$ |
256,671 |
|
$ |
1,097 |
|
1.71 |
% |
Loans, web of unearned revenue(2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,622,666 |
|
|
17,180 |
|
4.25 |
% |
|
1,577,125 |
|
|
17,295 |
|
4.40 |
% |
Tax-exempt(1) |
|
|
19,248 |
|
|
195 |
|
4.06 |
% |
|
25,000 |
|
|
259 |
|
4.16 |
% |
Whole loans, web of unearned revenue |
|
$ |
1,641,914 |
|
$ |
17,375 |
|
4.24 |
% |
$ |
1,602,125 |
|
$ |
17,554 |
|
4.39 |
% |
Curiosity-bearing deposits in different banks |
|
$ |
115,107 |
|
$ |
234 |
|
0.82 |
% |
$ |
137,759 |
|
$ |
39 |
|
0.11 |
% |
Whole interest-earning property |
|
$ |
2,204,709 |
|
$ |
19,604 |
|
3.57 |
% |
$ |
1,996,555 |
|
$ |
18,690 |
|
3.75 |
% |
Whole non-interest incomes property |
|
|
35,410 |
|
|
|
|
|
|
|
30,809 |
|
|
|
|
|
|
Whole property |
|
$ |
2,240,119 |
|
|
|
|
|
|
$ |
2,027,364 |
|
|
|
|
|
|
Liabilities & Shareholders’ Fairness: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Curiosity-bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
|
$ |
322,255 |
|
$ |
222 |
|
0.28 |
% |
$ |
250,845 |
|
$ |
194 |
|
0.31 |
% |
Cash market accounts |
|
|
398,641 |
|
|
439 |
|
0.44 |
% |
|
337,752 |
|
|
314 |
|
0.37 |
% |
Financial savings accounts |
|
|
114,216 |
|
|
89 |
|
0.31 |
% |
|
75,321 |
|
|
70 |
|
0.37 |
% |
Time deposits |
|
|
633,273 |
|
|
948 |
|
0.60 |
% |
|
674,969 |
|
|
1,157 |
|
0.69 |
% |
Whole interest-bearing deposits |
|
$ |
1,468,385 |
|
$ |
1,698 |
|
0.46 |
% |
$ |
1,338,887 |
|
$ |
1,735 |
|
0.52 |
% |
Subordinated debt |
|
|
29,222 |
|
|
537 |
|
7.37 |
% |
|
24,696 |
|
|
371 |
|
6.03 |
% |
Different borrowed funds |
|
|
6,967 |
|
|
12 |
|
0.69 |
% |
|
18,000 |
|
|
30 |
|
0.67 |
% |
Whole interest-bearing liabilities |
|
$ |
1,504,574 |
|
$ |
2,247 |
|
0.60 |
% |
$ |
1,381,583 |
|
$ |
2,136 |
|
0.62 |
% |
Demand deposits |
|
|
511,846 |
|
|
|
|
|
|
|
439,356 |
|
|
|
|
|
|
Different liabilities |
|
|
16,732 |
|
|
|
|
|
|
|
13,507 |
|
|
|
|
|
|
Whole liabilities |
|
$ |
2,033,152 |
|
|
|
|
|
|
$ |
1,834,446 |
|
|
|
|
|
|
Shareholders’ fairness |
|
$ |
206,967 |
|
|
|
|
|
|
$ |
192,918 |
|
|
|
|
|
|
Whole liabilities and shareholders’ fairness |
|
$ |
2,240,119 |
|
|
|
|
|
|
$ |
2,027,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent web curiosity revenue and unfold |
|
|
|
|
$ |
17,357 |
|
2.97 |
% |
|
|
|
$ |
16,554 |
|
3.13 |
% |
Much less: tax-equivalent adjustment |
|
|
|
|
|
49 |
|
|
|
|
|
|
|
63 |
|
|
|
Web curiosity revenue |
|
|
|
|
$ |
17,308 |
|
|
|
|
|
|
$ |
16,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Curiosity revenue/earnings property |
|
|
|
|
|
|
|
3.57 |
% |
|
|
|
|
|
|
3.75 |
% |
Curiosity expense/incomes property |
|
|
|
|
|
|
|
0.41 |
% |
|
|
|
|
|
|
0.43 |
% |
Web curiosity margin |
|
|
|
|
|
|
|
3.16 |
% |
|
|
|
|
|
|
3.32 |
% |
(1) |
|
Tax-equivalent revenue has been adjusted utilizing the federal statutory tax price of 21%. The annualized taxable-equivalent changes utilized within the above desk to compute yields aggregated to $49 thousand and $63 thousand in 2022 and 2021, respectively. |
(2) |
|
The Firm didn’t have any loans on non-accrual as of June 30, 2022 or June 30, 2021. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John Marshall Bancorp, Inc. |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Sure Non-GAAP Monetary Measures (unaudited) |
|
|||||||||||||
(Greenback quantities in 1000’s) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
|
||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
||||
Price of interest-bearing liabilities adjustment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Curiosity expense (GAAP) |
|
$ |
2,247 |
|
$ |
2,136 |
|
|
$ |
4,076 |
|
$ |
4,601 |
|
Much less: Accelerated amortization on 2017 notes |
|
|
104 |
|
|
— |
|
|
|
208 |
|
|
— |
|
Much less: Curiosity expense on 2022 notice |
|
|
62 |
|
|
— |
|
|
|
62 |
|
|
— |
|
Curiosity expense, excluding accelerated amortization on 2017 notes and curiosity expense on 2022 notice (Non-GAAP) |
|
$ |
2,081 |
|
$ |
2,136 |
|
|
$ |
3,806 |
|
$ |
4,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common interest-bearing liabilities (GAAP) |
|
$ |
1,504,574 |
|
$ |
1,381,583 |
|
|
$ |
1,505,209 |
|
$ |
1,366,248 |
|
Much less: Common stability of 2017 notes with out accelerated amortization |
|
|
51 |
|
|
— |
|
|
|
101 |
|
|
— |
|
Much less: Common stability of 2022 notice |
|
|
4,325 |
|
|
— |
|
|
|
2,174 |
|
|
— |
|
Common interest-bearing liabilities, excluding accelerated amortization on 2017 notes and curiosity expense on 2022 notice (Non-GAAP) |
|
$ |
1,500,198 |
|
$ |
1,381,583 |
|
|
$ |
1,502,934 |
|
$ |
1,366,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Price of interest-bearing liabilities (GAAP) |
|
|
0.60 |
% |
|
0.62 |
% |
|
|
0.55 |
% |
|
0.68 |
% |
Price of interest-bearing liabilities, excluding accelerated amortization on 2017 notes and curiosity expense on 2022 notice (GAAP) |
|
|
0.56 |
% |
|
0.62 |
% |
|
|
0.51 |
% |
|
0.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Web curiosity margin adjustment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Curiosity revenue (GAAP) |
|
$ |
19,555 |
|
$ |
18,627 |
|
|
$ |
39,300 |
|
$ |
37,374 |
|
Curiosity expense, excluding accelerated amortization on 2017 notes and curiosity expense on 2022 notice (Non-GAAP) |
|
|
2,081 |
|
|
2,136 |
|
|
|
3,806 |
|
|
4,601 |
|
Common interest-earning property (GAAP) |
|
|
2,204,709 |
|
|
1,996,555 |
|
|
|
2,194,362 |
|
|
1,959,899 |
|
Web curiosity margin (GAAP) |
|
|
3.15 |
% |
|
3.31 |
% |
|
|
3.24 |
% |
|
3.37 |
% |
Web curiosity margin, excluding accelerated amortization on 2017 notes and curiosity expense on 2022 notice (Non-GAAP) |
|
|
3.18 |
% |
|
3.31 |
% |
|
|
3.26 |
% |
|
3.37 |
% |
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