Business
John Marshall Bancorp, Inc. Reports Record Earnings and Growth Asset Quality, Capital and Liquidity Positions Remain Strong
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":" 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 six months ended June 30, 2020.\n\n\nSelected Highlights\n\n\n\nSeventh Consecutive Quarter of Record Earnings - The Company reported net income of $4.6 million for the three months ended June 30, 2020 compared to $3.8 million for the three months ended June 30, 2019, an increase of 19.7%. The Company reported net income of $9.1 million for the six months ended June 30, 2020, compared to $7.4 million for the six months ended June 30, 2019, an increase of 22.1%. Earnings per diluted share was $0.33 for the three months ended June 30, 2020, an increase of 17.9% from $0.28 per diluted share for the three months ended June 30, 2019. Earnings per diluted share was $0.66 for the six months ended June 30, 2020, an increase of 22.2% from $0.54 per for the six months ended June 30, 2019.\n\n\n\n\nCompany Best Growth in Assets, Loans and Deposits – Growth in assets, loans and deposits in the second quarter of 2020 represented records for the Company. Total assets exceeded $1.80 billion at June 30, 2020, an increase of $308.3 million or 20.6% when compared to the same period in 2019. Gross loans net of unearned income increased $275.5 million, or 22.2% from June 30, 2019 to June 30, 2020. Total deposits grew $298.2 million, or 23.6% from June 30, 2019 to June 30, 2020.\n\n\n\n\nOutstanding Asset Quality – The second quarter of 2020 marked the third consecutive quarter of no non-performing assets, no loans 30 days or more past due and no real estate owned. There have been no charge-offs during the first six months of 2020. The Company reported $42 thousand in net loan recoveries during the first six months of 2020, compared to $146 thousand in net loan charge-offs during the first six months of 2019.\n\n\n\n\nStrong Capital and Liquidity - While the Company is exempt from the regulatory capital rules at the holding company level, both the Company and the Bank materially exceed the regulatory thresholds defining well-capitalized. Cash and unencumbered securities equaled $207 million, or 11.5% of total assets as of June 30, 2020. Exclusive of the available PPP Lending Facility, the Company had $293 million of secured borrowing capacity available at June 3...