Business
JMSB Reports Record ROAA of 1.30% and ROAE of 13.35% for 3Q2021; Linked Quarter Loan Growth (excluding PPP) of 11.2% Annualized
RESTON, Va.--(BUSINESS WIRE)-- John Marshall Bancorp, Inc. (OTCQB: JMSB) (the “Company”), parent company of John Marshall Bank (the “Bank”), reported its
About this update from John Marshall Bancorp, Inc.
[{"type":"text","content":"\n \n\n RESTON, Va.--(BUSINESS WIRE)--\nJohn Marshall Bancorp, Inc. (OTCQB: JMSB) (the “Company”), parent company of John Marshall Bank (the “Bank”), reported its financial results for the three and nine months ended September 30, 2021.\n\nSelected Highlights\n\n\nStrong Growth – Year-over-year total assets increased 12.5% or $233.6 million to $2.10 billion at September 30, 2021. Gross loans net of unearned income and Paycheck Protection Program (“PPP”) loans grew $142.3 million or 10.3% from September 30, 2020 to September 30, 2021. Total deposits grew $215.4 million or 13.3% from September 30, 2020 to September 30, 2021. Non-interest bearing demand deposits grew 20.2% or $78.0 million from September 30, 2020 to September 30, 2021.\n\n\n\nRecord Quarterly Returns – Annualized Return on Average Assets (ROAA) was 1.30% and Return on Average Equity (ROAE) was 13.35% for the three months ended September 30, 2021. Excluding the second quarter of 2010, when the Company realized a significant, non-recurring income tax benefit from the removal of the valuation allowance on its deferred tax assets, these returns represent quarterly records for the Company.\n\n\n\nEleventh Consecutive Quarter of Record Earnings – The Company reported net income of $6.8 million for the three months ended September 30, 2021, a 45.0% increase over the $4.7 million reported for the three months ended September 30, 2020. The Company reported net income of $17.9 million for the nine months ended September 30, 2021, a 30.5% increase over the $13.7 million reported for the nine months ended September 30, 2020. Earnings per diluted share for the three months ended September 30, 2021 were $0.48, a 41.2% increase over the $0.34 reported for the three months ended September 30, 2020. Earnings per diluted share for the nine months ended September 30, 2021 were $1.29, a 29.0% increase over the $1.00 reported for the nine months ended September 30, 2020.\n\n\n\nConsistent Interest Rate Spread – Excluding the impact of PPP loans, the Company’s interest rate spread, defined as yield on earning assets less the cost of funds, has been consistent. Excluding PPP loans, the interest rate spread for the three months ended September 30, 2021 was 3.91% versus 3.99% for the three months ended June 30, 2021, 3.90% for the three months ended December 31, 2020 and 3.90% for the thre...