Business
John Marshall Bancorp, Inc. Reports 32% Diluted EPS Growth for 2019; Diversified Balance Sheet Growth and Improved Operating Leverage Drive Results
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 twelve months ended December 31, 2019.\n\n\nSelected Highlights\n\n\n\nRecord Annual Earnings - Net income increased 30.8% to $15.9 million for the twelve months ended December 31, 2019, compared to $12.2 million for the same period in 2018. Earnings per diluted share were $1.17 for the twelve months ended December 31, 2019, a 31.5% increase from $0.89 per diluted share for the twelve months ended December 31, 2018.\n\n\n\n\nQuarterly Earnings Improvement Accelerates - Net income improved with each sequential quarter in 2019 and increased 47.5% to $4.5 million for three months ended December 31, 2019, compared to $3.0 million for the three months ended December 31, 2018. Earnings per diluted share were $0.33 for the three months ended December 31, 2019, a 50.0% increase from $0.22 per diluted share for the three months ended December 31, 2018.\n\n\n\n\nPerformance Ramps Up - 4th Quarter 2019 earnings produced an annualized Return on Average Assets (“ROAA”) of 1.14%, an increase over the 0.89% reported for the three months ended December 31, 2018. The annualized Return on Average Equity (“ROAE”) for the three months ended December 31, 2019 was 11.05%, an increase over the 8.57% reported for the three months ended December 31, 2018.\n\n\n\n\nStrong Balance Sheet Growth Continues - Total assets increased 13.4% from $1.39 billion at December 31, 2018 to $1.58 billion at December 31, 2019. Gross loans, net of unearned income, increased 14.1% from $1.16 billion at December 31, 2018 to $1.33 billion at December 31, 2019. Total deposits grew 15.0% from $1.14 billion at December 31, 2018 to $1.31 billion at December 31, 2019.\n\n\n\n\nImproved Funding Composition – Noninterest-bearing demand deposits grew 23.0% or $51.2 million from $222.3 million at December 31, 2018 to $273.5 at December 31, 2019. As a percentage of deposits, noninterest-bearing comprised 20.9% at December 31, 2019 and 19.5% at December 31, 2018. Consistent with our strategic plan, non-interest bearing deposits grew at a rate in excess of total deposits.\n\n\n\n\nFocused on Expenses – For the twelve months ended December 31, 2019, total noninterest expenses grew 0.6% or $17...