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John Marshall Bancorp, Inc. Reports 43.9% Increase in Net Income and Record Earnings for the Third Quarter 2019

RESTON, Va.–(BUSINESS WIRE)–John 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, 2019.

Selected Highlights

  • Record Earnings – Net income increased 43.9% to $4.0 million for three months ended September 30, 2019, compared to $2.8 million for the three months ended September 30, 2018. Earnings per diluted share were $0.29 for the three months ended September 30, 2019, a 38.1% increase from to $0.21 per diluted share for the three months ended September 30, 2018. On a year-to-date basis, net income increased 25.2% to $11.4 million for the nine months ended September 30, 2019, compared to $9.1 million for the same period in 2018. Earnings per diluted share were $0.84 for the nine months ended September 30, 2019, a 25.4% increase from $0.67 per diluted share for the nine months ended September 30, 2018.
  • Enhanced Returns – The Return on Average Assets (“ROAA”) increased from 0.86% for the three months ended September 30, 2018 to 1.07% for the three months ended September 30, 2019. The Return on Average Equity (“ROAE”) increased from 8.09% for the three months ended September 30, 2018, to 10.26% for the three months ended September 30, 2019. Year-to-date ROAA and ROAE were 1.06% and 10.18%, respectively, for the nine months ended September 30, 2019, compared to 0.98% and 9.13%, respectively, for the nine months ended September 30, 2018. This marks the 4th consecutive quarter of increasing returns.
  • Excellent Asset Quality – Non-performing assets represented 0.09% of total assets and non-performing loans were 0.11% of total loans as of September 30, 2019. There were no charge-offs during the third quarter of 2019 and $145 thousand in charge-offs, or 0.02% of loans, for the nine months ended September 30, 2019. The Company’s allowance for loan losses was 7.4x non-performing loans at September 30, 2019.
  • Solid Growth – Total assets increased 14.4% from $1.32 billion at September 30, 2018 to $1.51 billion at September 30, 2019. Gross loans, net of unearned income, increased 13.5% from $1.11 billion at September 30, 2018 to $1.26 billion at September 30, 2019. Total deposits grew 17.0% from $1.09 billion at September 30, 2018 to $1.27 billion at September 30, 2019.
  • Record Quarterly Net Interest Income – Despite the Federal Reserve dropping the federal funds target rate 25 basis points on both July 30, 2019 and September 18, 2019, the Company reported net interest income during the third quarter of 2019 of $12.4 million, a 14.2% increase from $10.9 million for the same period in 2018.
  • Continued Improvement in Efficiency – Revenues (net interest income and non-interest income) were $12.8 million or 14.2% greater in the third quarter of 2019 than the third quarter of 2018. Non-interest expenses or overhead was 2.4% greater than a year ago. As a result, the efficiency ratio improved from 64.6% in the third quarter of 2018 to 57.9% in the third quarter of 2019. Year-to-date, the efficiency ratio was 58.4% for the nine months ended September 30, 2019, down from 63.1% for the same period in 2018. Non-interest expense to average assets was 1.96% for the three months ended September 30, 2019, down 26 bps when compared to the same period in 2018.
  • Improved Tangible Book Value – Tangible book value per share at September 30, 2019 was $12.03, a 12.3% increase from $10.71 at September 30, 2018.

Chris Bergstrom, President and Chief Executive Officer, commented “The Company experienced record payoffs/paydowns and two rate cuts during the third quarter. The payoffs/paydowns, while higher than normal, were consistent with original underwriting expectations. Despite these challenges, our plan to diversify the balance sheet and improve core funding is working, as evidenced by excellent asset quality, a strong balance sheet and record earnings. I am comfortable with our pipeline of expected business and believe that we are well-positioned for continued profitable growth.”

Balance Sheet Review

Assets

Total assets were $1.51 billion at September 30, 2019, $1.39 billion at December 31, 2018 and $1.32 billion at September 30, 2018. During the third quarter of 2019 assets increased $19.0 million. During the first nine months of 2019 assets increased $118.6 million, or 8.5%. Year-over-year asset growth, from September 30, 2018 to September 30, 2019, was $190.2 million, or 14.4%.

Loans

Gross loans were $1.26 billion at September 30, 2019, $1.16 billion at December 31, 2018 and $1.11 billion at September 30, 2018. Gross loans, net of unearned income, increased $13.8 million during the third quarter of 2019, despite record payoffs/paydowns of $92.9 million, which were contemplated by the original terms of the loans. Gross loans, net of unearned income, increased $94.4 million, or 8.1% during the first nine months of 2019. Year-over-year gross loans, net of unearned income, increased $149.3 million, or 13.5% from September 30, 2018 to September 30, 2019.

Investment Securities

The Company’s portfolio of investments in debt securities was $108.0 million at September 30, 2019, $97.2 million at December 31, 2018 and $97.7 million at September 30, 2018. The investment portfolio growth, from September 30, 2018 to September 30, 2019, was $10.2 million, or 10.5%. The Company also had restricted securities totaling $6.5 million at September 30, 2019 and $7.3 million at December 31, 2018 and September 30, 2018. The reduction in restricted securities stems from the decrease in FHLB advances.

In April 2019, the entire held-to-maturity portfolio, totaling $31.9 million, was transferred to available-for-sale. The Company’s held-to-maturity portfolio was primarily comprised of municipal bonds. The Company elected to sell certain lower tax equivalent yield municipal bonds and reinvest the proceeds in higher yielding agency bonds with similar pre-payment protection features. The municipal bonds sold resulted in a net gain of $14 thousand.

Interest Bearing Deposits in Banks

Interest-bearing deposits in banks were $98.0 million at September 30, 2019, $93.7 million at December 31, 2018 and $75.0 million at September 30, 2018. The higher cash balances at the period ending September 30, 2019 continue to be a result of deposit growth.

Deposits

Total deposits were $1.27 billion at September 30, 2019, $1.14 billion at December 31, 2018 and $1.09 billion at September 30, 2018. During the first nine months of 2019, deposits increased $132.6 million, or 11.6%. Year-over-year deposit growth, from September 30, 2018 to September 30, 2019, was $184.3 million, or 17.0%. Core customer funding was $1.14 billion at September 30, 2019, $1.05 billion at December 31, 2018 and $1.01 billion at September 30, 2018.

ICS deposits were $175.3 million at September 30, 2019, $135.1 million at December 31, 2018 and $94.1 million at September 30, 2018. Year-over-year, ICS deposits increased $81.3 million from September 30, 2018 to September 30, 2019. CDARS were $65.9 million at September 30, 2019, $112.2 million at December 31, 2018 and $112.9 million at September 30, 2018. Reciprocal deposits tend to fluctuate with customers’ preferences to receive fixed (CDARS) or floating (ICS) yields.

Certificates of deposits were $369.3 million at September 30, 2019, $341.4 million at December 31, 2018 and $325.4 million at September 30, 2018. Year-over-year, certificate of deposits increased $43.8 million from September 30, 2018 to September 30, 2019. QwickRate certificates of deposit were $17.9 million at September 30, 2019, $20.6 million at December 31, 2018 and $24.1 million at September 30, 2018. Year-over-year QwickRate certificates of deposit decreased $6.2 million from September 30, 2018 to September 30, 2019. Brokered deposits were $112.7 million at September 30, 2019, $68.2 million at December 31, 2018 and $55.0 million at September 30, 2018. Brokered deposits increased $57.7 million from September 30, 2018 to September 30, 2019. The increase in brokered deposits continues to be related to a migration from FHLB borrowings to brokered deposits as part of liquidity management.

Core customer funding was 85.0% of all funding sources as of September 30, 2019, as compared to 84.2% at December 31, 2018 and 85.4% as of September 30, 2018. Year-over-year, non-interest bearing deposits grew $36.9 million or 17.0% from September 30, 2018 to September 30, 2019.

Borrowings

Total borrowings, consisting of Federal Home Loan Bank advances and Federal funds purchased, were $47.0 million at September 30, 2019, $83.5 million at December 31, 2018 and $69.0 million at September 30, 2018. Total borrowings decreased $22.0 million, or 31.9%, from September 30, 2018 to September 30, 2019. Federal Home Loan Bank advances were $47.0 million at September 30, 2019, $68.5 million at December 31, 2018 and $69.0 million at September 30, 2018.

The Company had subordinated notes with a balance of $24.6 million at September 30, 2019, December 31, 2018 and September 30, 2018. The notes qualify as Tier 2 capital for the Company for regulatory purposes.

Shareholders’ Equity and Capital Levels

Total shareholders’ equity was $157.3 million at September 30, 2019, $142.0 million at December 31, 2018 and $138.0 million at September 30, 2018. Year-over-year shareholders’ equity increased by $19.4 million, or 14.0%. Total common shares outstanding increased from 12,888,350, including 86,725 unvested shares, at September 30, 2018, to 13,076,081, including 49,068 unvested shares, at September 30, 2019. The year-over-year increase in shares outstanding was primarily from the exercise of stock options and issuance of restricted stock.

The Company’s capital ratios remain well above regulatory minimums for well capitalized banks. As of September 30, 2019, the Company’s total risk-based capital ratio was 13.8%, compared to 14.3% at September 30, 2018.

Income Statement Review

Net Interest Income

Net interest income, the Company’s primary source of revenue, was $12.4 million for the three months ended September 30, 2019, up 14.2% from $10.9 million for the three months ended September 30, 2018. The net interest margin was 3.38% for the three months ended September 30, 2019 as compared to 3.43% for the three months ended September 30, 2018. Average net loans increased $185.3 million, or 17.4%, compared to the three months ended September 30, 2018, with a 15 basis point increase in yield. Average securities increased $11.8 million, or 11.5%, compared to the three months ended September 30, 2018, with a 21 basis point increase in yield. The average cost of interest-bearing liabilities increased 34 basis points when comparing the quarter ended September 30, 2018 to the quarter ended September 30, 2019.

For the nine months ended September 30, 2019, net interest income was $36.1 million, up 12.6% from $32.1 million for the nine months ended September 30, 2018. The net interest margin was 3.43% during the first nine months of 2019, compared to 3.52% during the first nine months of 2018. Despite the decline in the net interest margin over the past year, net interest income increased, resulting primarily from a $185.9 million, or 15.3%, increase in average earning assets during the first nine months of 2019, compared to the first nine months of 2018.

On a linked quarterly basis, net interest margin decreased 11 basis points to 3.38% for the three months ended September 30, 2019, with the yield on earning assets declining from 4.93% for the three months ended June 30, 2019, to 4.84% for the three months ended September 30, 2019. This is primarily a result of the two 25 basis point rate cuts made by the Federal Reserve in July and September of 2019. The average cost of interest-bearing liabilities increased 1 basis point from the three months ended June 30, 2019, compared to the three months ended September 30, 2019. Funding rates typically lag as the rates are not tied to a key index and term funding does not reprice until maturity.

Provision for Loan Losses

The Company had $205 thousand in provision for loan losses for the three months ended September 30, 2019, compared to a provision of $476 thousand for the same period in 2018. The Company had no loan charge-offs during the third quarter of 2019 and 2018.

During the first nine months of 2019, the Company recognized a provision for loan losses of $810 thousand, compared to a provision of $666 thousand during the first nine months of 2018. The increase in provisions for nine months ended September 30, 2019 is due to the growth in the loan portfolio. The Company reported $145 thousand in net loan charge-offs during the first nine months of 2019, compared to $86 thousand in net loan charge-offs during the first nine months of 2018.

Noninterest Income

The Company’s noninterest income consists primarily of bank owned life insurance income and service charges on deposit accounts. The majority of loan fees are included in interest income on the loan portfolio and not reported as noninterest income.

For the three months ended September 30, 2019, the Company reported total noninterest income of $344 thousand, an increase of $37 thousand, or 12.1%, compared to $307 thousand during the three months ended September 30, 2018. Other operating income increased $18 thousand during the three months ended September 30, 2019, primarily related to insurance commissions.

For the nine months ended September 30, 2019, the Company reported total noninterest income of $1.0 million, compared to $934 thousand during the first nine months of 2018, an increase of $86 thousand, or 9.2%.

The year-over-year change for the nine month period ended September 30, 2019 was primarily attributable to an increase in service charges on deposit accounts of $55 thousand, or 14.9% when compared to the same period in 2018. The increase in service charges on deposit accounts is mostly related to higher ATM and debit interchange fees collected. Fees collected on CDARs balances have declined year-over-year, which resulted in the decline in other service charge fees when comparing the nine months ended September 30, 2019 to the same period in 2018. Noninterest income for the nine month period ended September 30, 2019 included a $14 thousand gain on sale of securities.

Noninterest Expense

For the three months ended September 30, 2019, noninterest expense increased 2.4%, to $7.4 million, compared to $7.2 million for the same period in 2018. Salary and employee benefit expense was $4.6 million during the three months ended September 30, 2019, down $92 thousand, or 2.0%, when compared to $4.7 million during the three months ended September 30, 2018. Occupancy expense increased 8.2%, or $42 thousand and furniture and equipment increased 7.3% or $24 thousand when comparing the three months ended September 30, 2019 to the same period in 2018. Other operating expense increased by $199 thousand, or 11.8%, when comparing the three months ended September 30, 2019 to the same period in 2018.

For the nine months ended September 30, 2019, noninterest expense increased 4.1% to $21.7 million, compared to $20.8 million for the same period in 2018. For the nine months ended September 30, 2019 and September 30, 2018, salaries and employee benefits expense increased 2.8%, or $376 thousand. Occupancy expense increased 10.7%, or $161 thousand and furniture and equipment increased 8.6%, or $82 thousand when comparing the nine months ended September 30, 2019 to the same period in 2018. Other operating expense increased by 4.9%, or $244 thousand, during the nine months ended September 30, 2019, compared to the same period in 2018.

The increase in occupancy and furniture and equipment expenses for both the three and nine month periods was mostly related to additional rent and furniture expenses related to the newest locations in Woodbridge, Virginia and Tysons Corner, Virginia. The increase in other operating expenses for both the three month and nine month periods was related to higher franchise tax and reserves on unfunded commitments.

Asset Quality

As of September 30, 2019, non-performing assets were 0.09% of total assets, compared to 0.07% at September 30, 2018. As of September 30, 2019, non-accrual loans totaled $1.4 million, up $1.0 million from $390 thousand as of September 30, 2018. The $1.4 million of non-accrual loans as of September 30, 2019, include three loans to one borrower, all of which are well secured. As of September 30, 2019, there were $406 thousand in loans past due and still accruing interest compared to $372 thousand as of September 30, 2018. The balance of accruing past due loans at September 30, 2019 was one loan that was subsequently paid in full after September 30, 2019.

At September 30, 2018, other real estate owned had a balance of $379 thousand. In February 2019, the other real estate owned was sold for $379 thousand. The Company had no other real estate owned as of September 30, 2019.

Troubled debt restructurings were $2.3 million at September 30, 2019, an increase of $1.8 million, from $484 thousand at September 30, 2018. During the first quarter of 2019, four loans totaling $1.4 million were added as troubled debt restructurings. There were $909 thousand of the troubled debt restructurings that were performing in accordance with their modified terms as of September 30, 2019. The $1.4 million troubled debt restructurings that were not performing in accordance with their modified terms are the non-performing loans mentioned above.

About John Marshall Bancorp, Inc.

John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank. John Marshall Bank is headquartered in Reston, Virginia with eight full-service branches located in Alexandria, Arlington, Loudoun, Prince William, Reston, Rockville, Tysons, and Washington, D.C. and one loan production office in Arlington, Virginia. The Company is dedicated to providing an exceptional customer experience and value to local businesses, business owners and consumers in the Washington DC Metro area. The Bank offers a comprehensive line of sophisticated banking products, services and a digital platform that rival those of the largest banks. Dedicated relationship managers serving as direct point-of-contact along with an experienced staff help achieve customer’s financial goals. Learn more at www.johnmarshallbank.com.

This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as “may,” “will,” “anticipates,” “believes,” “expects,” “plans,” “estimates,” “potential,” “continue,” “should,” and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market, interest rates and interest rate policy, competitive factors, and other conditions which by their nature, are not susceptible to accurate forecast, and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company’s past results are not necessarily indicative of future performance.

 
John Marshall Bancorp, Inc.
Financial Highlights (Unaudited)
(Dollar amounts in thousands, except per share data)
 

At or For the Three Months Ended

 

At or For the Nine Months Ended

September 30,

 

September 30,

2019

 

2018

 

2019

 

2018

Selected Balance Sheet Data
Cash and cash equivalents

$

11,305

$

9,918

$

11,305

$

9,918

Total investment securities

 

114,879

 

105,159

 

114,879

 

105,159

Loans net of unearned income

 

1,255,877

 

1,106,610

 

1,255,877

 

1,106,610

Allowance for loan losses

 

10,396

 

9,508

 

10,396

 

9,508

Total assets

 

1,513,223

 

1,323,028

 

1,513,223

 

1,323,028

Non-interest bearing demand deposits

 

254,359

 

217,430

 

254,359

 

217,430

Interest bearing deposits

 

1,016,575

 

869,238

 

1,016,575

 

869,238

Total deposits

 

1,270,934

 

1,086,668

 

1,270,934

 

1,086,668

Shareholders’ equity

 

157,339

 

137,975

 

157,339

 

137,975

 
Summary Results of Operations
Interest income

$

17,738

$

14,710

$

51,194

$

41,827

Interest expense

 

5,328

 

3,845

 

15,105

 

9,775

Net interest income

 

12,410

 

10,865

 

36,089

 

32,052

Provision for loan losses

 

205

 

476

#

 

810

 

666

Net interest income after provision for loan losses

 

12,205

 

10,389

 

35,279

 

31,386

Noninterest income

 

344

 

307

 

1,020

 

934

Noninterest expense

 

7,390

 

7,217

 

21,683

 

20,820

Income before income taxes

 

5,159

 

3,479

 

14,616

 

11,500

Net income

 

4,030

 

2,800

 

11,449

 

9,143

 
Per share Data and Shares Outstanding
Earnings per share – basic

$

0.31

$

0.22

$

0.88

$

0.71

Earnings per share – diluted

$

0.29

$

0.21

$

0.84

$

0.67

Tangible book value per share

$

12.03

$

10.71

$

12.03

$

10.71

Weighted average common shares (basic)

 

13,026,739

 

12,788,292

 

12,974,104

 

12,777,151

Weighted average common shares (diluted)

 

13,611,615

 

13,550,060

 

13,574,417

 

13,533,384

Common shares outstanding at end of period

 

13,076,081

 

12,888,350

 

13,076,081

 

12,888,350

 
Performance Ratios
Return on average assets (annualized)

 

1.07%

 

0.86%

 

1.06%

 

0.98%

Return on average equity (annualized)

 

10.26%

 

8.09%

 

10.18%

 

9.13%

Net interest margin

 

3.38%

 

3.43%

 

3.43%

 

3.52%

Noninterest income as a percentage of average assets (annualized)

 

0.09%

 

0.09%

 

0.09%

 

0.10%

Noninterest expense to average assets (annualized)

 

1.96%

 

2.22%

 

2.01%

 

2.22%

Efficiency ratio

 

57.9%

 

64.6%

 

58.4%

 

63.1%

 
Asset Quality
Non-performing assets to total assets

 

0.09%

 

0.07%

 

0.09%

 

0.07%

Non-performing loans to total loans

 

0.11%

 

0.05%

 

0.11%

 

0.05%

Allowance for loan losses to non-performing loans

 

7.4

 

17.6

 

7.4

 

17.6

Allowance for loan losses to total loans

 

0.83%

 

0.86%

 

0.83%

 

0.86%

Net charge-offs to average loans (annualized)

 

0.00%

 

0.00%

 

0.02%

 

0.01%

 
Loans 30-89 days past due and accruing interest

$

406

$

222

$

406

$

222

Loans 90 days or more past due and accruing interest

 

– –

 

150

 

– –

 

150

Non-accrual loans

 

1,406

 

390

 

1,406

 

390

Other real estate owned

 

– –

 

379

 

– –

 

379

Non-performing assets (1)

 

1,406

 

919

 

1,406

 

919

Troubled debt restructurings (total)

 

2,315

 

484

 

2,315

 

484

Performing in accordance with modified terms

 

909

 

484

 

909

 

484

Not performing in accordance with modified terms

 

1,406

 

– –

 

1,406

 

– –

 
Capital Ratios
Tangible equity / tangible assets

 

10.4%

 

10.4%

 

10.4%

 

10.4%

Total risk-based capital ratio

 

13.8%

 

14.3%

 

13.8%

 

14.3%

Tier 1 risk-based capital ratio

 

11.3%

 

11.5%

 

11.3%

 

11.5%

Leverage ratio

 

10.4%

 

11.2%

 

10.4%

 

11.2%

Common equity tier 1 ratio

 

11.3%

 

11.5%

 

11.3%

 

11.5%

 
Other Information
Number of full time equivalent employees

 

131

 

145

 

131

 

145

# Full service branch offices

 

8

 

7

 

8

 

7

# Loan production or limited service branch offices

 

1

 

2

 

1

 

2

(1) Non-performing assets consist of non-accrual loans, loans 90 day or more past due and still accruing interest, and other real estate owned. Does not include troubled debt restructurings (“TDRs”) which were accruing interest at the date indicated.
 
John Marshall Bancorp, Inc.
 
Consolidated Balance Sheets
(Dollar amounts in thousands, except per share data)
 

 

 

 

 

 

 

% Change

September 30,

 

December 31,

 

September 30,

 

Last Nine

 

Year Over

2019

 

2018

 

2018

 

Months

 

Year

Assets

(Unaudited) (Unaudited) (Unaudited)
 
Cash and due from banks

$

11,305

 

 

$

7,853

 

 

$

9,918

 

 

44.0%

 

14.0%

Federal funds sold

 

– –

 

 

 

126

 

 

 

96

 

 

N/M

 

N/M

Interest-bearing deposits in banks

 

98,000

 

 

 

93,716

 

 

 

74,982

 

 

4.6%

 

30.7%

Securities available-for-sale, at fair value

 

107,951

 

 

 

61,055

 

 

 

60,915

 

 

76.8%

 

77.2%

Securities held-to-maturity, fair value of $35,589 at 12/31/2018 and $35,730 at 9/30/2018

 

– –

 

 

 

36,177

 

 

 

36,803

 

 

N/M

 

N/M

Restricted securities, at cost

 

6,544

 

 

 

7,283

 

 

 

7,339

 

 

-10.1%

 

-10.8%

Equity securities, at fair value

 

384

 

 

 

120

 

 

 

102

 

 

220.0%

 

276.5%

Loans net of unearned income

 

1,255,877

 

 

 

1,161,455

 

 

 

1,106,610

 

 

8.1%

 

13.5%

Allowance for loan losses

 

(10,396

)

 

 

(9,731

)

 

 

(9,508

)

 

6.8%

 

9.3%

Net loans

 

1,245,481

 

 

 

1,151,724

 

 

 

1,097,102

 

 

8.1%

 

13.5%

Bank premises and equipment, net

 

2,391

 

 

 

2,852

 

 

 

2,561

 

 

-16.2%

 

-6.6%

Accrued interest receivable

 

3,715

 

 

 

3,623

 

 

 

3,613

 

 

2.5%

 

2.8%

Bank owned life insurance

 

19,993

 

 

 

19,617

 

 

 

19,485

 

 

1.9%

 

2.6%

Other real estate owned

 

– –

 

 

 

379

 

 

 

379

 

 

N/M

 

N/M

Right of use assets

 

8,515

 

 

 

– –

 

 

 

– –

 

 

N/M

 

N/M

Other assets

 

8,944

 

 

 

10,096

 

 

 

9,733

 

 

-11.4%

 

-8.1%

 

 

 

 

 

 

 

 

 

Total assets

$

1,513,223

 

 

$

1,394,621

 

 

$

1,323,028

 

 

8.5%

 

14.4%

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

Non-interest bearing demand deposits

$

254,359

 

 

$

222,299

 

 

$

217,430

 

 

14.4%

 

17.0%

Interest bearing demand deposits

 

424,690

 

 

 

367,656

 

 

 

346,146

 

 

15.5%

 

22.7%

Savings deposits

 

26,198

 

 

 

6,987

 

 

 

6,724

 

 

275.0%

 

289.6%

Time deposits

 

565,687

 

 

 

541,426

 

 

 

516,368

 

 

4.5%

 

9.6%

Total deposits

 

1,270,934

 

 

 

1,138,368

 

 

 

1,086,668

 

 

11.6%

 

17.0%

Federal funds purchased

 

– –

 

 

 

15,001

 

 

 

– –

 

 

N/M

 

N/M

Federal Home Loan Bank advances

 

47,000

 

 

 

68,500

 

 

 

69,000

 

 

-31.4%

 

-31.9%

Subordinated Debt

 

24,618

 

 

 

24,581

 

 

 

24,568

 

 

0.2%

 

0.2%

Accrued interest payable

 

1,086

 

 

 

1,243

 

 

 

843

 

 

-12.6%

 

28.8%

Lease liabilities

 

8,782

 

 

 

– –

 

 

 

– –

 

 

N/M

 

N/M

Other liabilities

 

3,464

 

 

 

4,910

 

 

 

3,974

 

 

-29.5%

 

-12.8%

Total liabilities

 

1,355,884

 

 

 

1,252,603

 

 

 

1,185,053

 

 

8.2%

 

14.4%

 
Shareholders’ Equity
Preferred stock, par value $0.01 per share; authorized 1,000,000 shares; none issued

 

– –

 

 

 

– –

 

 

 

– –

 

 

– –

 

– –

Common stock, nonvoting, par value $0.01 per share; authorized 1,000,000 shares; none issued

 

– –

 

 

 

– –

 

 

 

– –

 

 

– –

 

– –

Common stock, voting, par value $0.01 per share; authorized 20,000,000 shares; issued and outstanding, 13,076,081 at 9/30/2019 including 49,068 unvested shares, 12,900,125 shares at 12/31/2018 including 86,400 unvested shares and 12,888,350 at 9/30/18, including 86,725 unvested shares

 

130

 

 

 

128

 

 

 

128

 

 

1.6%

 

1.6%

Additional paid-in capital

 

86,766

 

 

 

85,127

 

 

 

84,828

 

 

1.9%

 

2.3%

Retained earnings

 

69,168

 

 

 

57,718

 

 

 

54,574

 

 

19.8%

 

26.7%

Accumulated other comprehensive income (loss)

 

1,275

 

 

 

(955

)

 

 

(1,555

)

 

233.5%

 

182.0%

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

157,339

 

 

 

142,018

 

 

 

137,975

 

 

10.8%

 

14.0%

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

$

1,513,223

 

 

$

1,394,621

 

 

$

1,323,028

 

 

8.5%

 

14.4%

 

Contacts

Chris Bergstrom

(703) 584-0840

Read full story here

leverton

I have been involved with publishing and marketing for the past 37 years. My passion is helping people share their voice. I am able to do this through two important venues: One, with Area-Info.net where people can share everything from opinions to events to news. It is your choice! What do you want to share? Two, through a new program called America's Real Deal I am involved with to help business owners get their voice heard. For people who love to save money and earn while saving, there is a new program called the r network. You are provided with a card that entitles the user to automatic savings on more than 300,000 products. Learn more about the revv card today. This is by invitation only to be some of the first people to get this card. I schedule speaking engagements with community groups and business groups to share my passion about the importance of "sharing your voice". Contact me directly at [email protected] for scheduling information.

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