Industries Banking/Finance

Ten-year-old community bank passes $1 billion in assets

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The 10-year-old John Marshall Bank has passed $1 billion in total assets.

On  Sept. 30, assets totaled $1.02 billion, an increase of $132.9 million, or 15 percent from total assets of $884.5 million at Sept. 30, 2015.

On Monday, the bank reported net income of $2.6 million for the three months ended Sept. 30, an increase of $368,000 or 16.4 percent when compared to net income of $2.2 million for the three months ended Sept. 30, 2015.

Net income per diluted share was 25 cents during the three months ended Sept. 30, compared with 21 cents per diluted share during the same period in 2015.

Gross loans increased $88.7 million, or 11.6 percent, to $855 million at Sept. 30, compared to $766.3 million at Sept. 30, 2015. Year-over-year net loan growth was $87.7 million, or 11.6 percent.

Total deposits were $793.9 million at Sept. 30, representing an increase of $103 million, or 14.9 percent, compared with $690.9 million at Sept. 30 2015.




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