John Marshall Bank Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Loan Chargeoffs for the Quarter Ended December 31, 2017
January 30, 2018 at 11:07 am
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John Marshall Bank announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest and dividend income of $13.211 million against $11.205 million a year ago. Net interest income was $10.59 million compared to $9.541 million a year ago. Net interest income after provision for loan losses was $10.355 million compared to $9.061 million a year ago. Income before income taxes was $4.223 million compared to $3.920 million a year ago. Net income was $1.118 million or $0.08 per diluted share compared to $2.702 million or $0.20 per diluted share a year ago. Return on average assets (annualized) was 0.38% compared to 1.03% a year ago. Return on average equity (annualized) was 3.40% compared to 9.09% a year ago.
For the year, the company reported total interest and dividend income of $49.318 million against $42.361 million a year ago. Net interest income was $40.525 million compared to $36.106 million a year ago. Net interest income after provision for loan losses was $39.145 million compared to $32.296 million a year ago. Income before income taxes was $16.248 million compared to $12.342 million a year ago. Net income was $8.984 million or $0.66 per diluted share compared to $8.301 million or $0.63 per diluted share a year ago. Tangible book value per share was $10.05 compared $9.38 a year ago. Return on average assets (annualized) was 0.80% compared to 0.85% a year ago. Return on average equity (annualized) was 7.14% compared to 7.27% a year ago.
For the quarter, Net loan chargeoffs was $324,000 compared to $77,000 a year ago.
John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank (the Bank). The Bank primarily serves small to medium-sized businesses, their owners and employees, professional corporations, non-profits, and individuals with a range of banking products and financial services. Its products and services include commercial checking, savings, and money market accounts, certificates of deposit, treasury and cash management services, commercial and industrial loans, commercial real estate loans, residential and commercial construction and development loans, online banking, and mobile banking. It has approximately eight full-service branches located in Alexandria, Arlington, Loudoun, Prince William, Reston, and Tysons, Virginia, as well as Rockville, Maryland, and Washington, D.C., with one loan production office in Arlington, Virginia. It is also providing personalized service and convenience to local businesses and professionals in the Washington, D.C. metropolitan area.
John Marshall Bank Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Loan Chargeoffs for the Quarter Ended December 31, 2017