John Marshall Bank Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 25, 2017 at 05:57 pm EST
Share
John Marshall Bank announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest and dividend income of $11.21 million against $10.142 million a year ago. Income before income taxes was $3.920 million against $3.6 million a year ago. Net income was $2.702 million or $0.25 per diluted share against $2.314 million or $0.22 per diluted share a year ago. Return on average assets (annualized) was 1.03% against 1.02% a year ago. Return on average equity (annualized) was 9.09% against 8.44% a year ago. Net interest income, the Bank's primary source of revenue, was $36.1 million for the year ended December 31, 2016, up 7.2% from $33.7 million for the year ended December 31, 2015.
For the year, the company reported total interest and dividend income of $42.4 million against $38.9 million a year ago. Income before income taxes was $12.342 million against $13.8 million a year ago. Net income was $8.301 million or $0.79 per diluted share against $8.9 million or $0.85 per diluted share a year ago. Return on average assets (annualized) was 0.85% against 1.04% a year ago. Return on average equity (annualized) was 7.27% against 8.44% a year ago. Tangible book value per share was $11.72 compared to $10.91 a year ago. Net interest income was $9.5 million for the fourth quarter of 2016, compared to $8.7 million for the same period in 2015.
For the fourth quarter of 2016, the company reported net loan charge-offs of $0.77 million against recoveries of $0.48 million 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, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016