Business
John Marshall Bancorp, Inc. Reports Record Earnings for 2020
Record Growth in Assets, Loans and Deposits; Asset Quality Remains Exceptional RESTON, Va.--(BUSINESS WIRE)-- John Marshall Bancorp, Inc. (OTCQB: JMSB) (the
About this update from John Marshall Bancorp, Inc.
[{"type":"text","content":"\nRecord Growth in Assets, Loans and Deposits; Asset Quality Remains Exceptional\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, 2020.\n\nSelected Highlights\n\n\nRecord Earnings for the Year and Quarter - Net income increased 16.4% to $18.5 million for the twelve months ended December 31, 2020, compared to $15.9 million for the twelve months ended December 31, 2019. Earnings per diluted share were $1.35 for the twelve months ended December 31, 2020, an increase of 15.4% from $1.17 per diluted share for the twelve months ended December 31, 2019. The Company reported its eighth consecutive quarter of record earnings with net income of $4.8 million for the three months ended December 31, 2020 compared to $4.5 million for the three months ended December 31, 2019, an increase of 7.4%. Earnings per diluted share were $0.35 for the three months ended December 31, 2020, an increase of 6.1% from $0.33 per diluted share for the three months ended December 31, 2019.\n\n\n\nRecord Pre-Tax, Pre-Provision Income - The Company achieved record pre-tax, pre-provision (“PTPP”) income of $29.3 million for the twelve months ended December 31, 2020, an increase of $8.0 million or 37.5% over the $21.3 million for the same period in 2019. The PTPP return on average assets increased from 1.45% for the twelve months ended December 31, 2019 to 1.68% for the same period in 2020. PTPP income was $8.7 million for the three months ended December 31, 2020, a 47.3% increase from the same period a year ago. PTPP annualized return on average assets was 1.85% for the three months ended December 31, 2020 versus 1.50% for the three months ended December 31, 2019. Management believes PTPP income enables financial statement users to assess the Company’s ability to generate capital to cover potential credit losses which could arise before the COVID pandemic’s eradication.\n\n\n\nStable Net Interest Margin - The net interest margin was 3.43% for the three months ended December 31, 2020 as compared to 3.31% for the three months ended December 31, 2019. During the fourth quarter of 2020, Paycheck Protection Program (“PPP”), loans declined $33.7 million from $148.2 million at September 30, 2020...