Net income rose more than 41 percent at John Marshall Bank in 2013
- February 7, 2014
Reston-based John Marshall Bank reported that net income rose 41.4 percent to $7.1 million last year. Diluted earnings per share rose nearly 32 percent to $1.12.
For the fourth quarter of 2013, the bank reported net income of $1.9 million, a 27.3 percent increase from the same month in 2012. Net income per diluted share for the fourth quarter was 26 cents, an increase of 4 percent.
The bank’s fourth quarter results produced an annualized return of 1.17 percent on average assets and 10.03 percent on average equity.
For 2013, the returns were 1.18 percent and 11.6 percent, respectively.
The bank, which was founded in 2006, completed an offering of 2.4 million shares of common stock at
$13.50 per share, for net proceeds of $30.9 million.
Company officials said the bank has strengthened its capital ratios since the offering and they are well above regulatory minimums for well-capitalized banks.
The banks total risk-based capital ratio was 15.7 percent, compared 10.6 percent at the end of September.
John Marshall Bank opened its sixth full-service branch on Dec. 3 in Alexandria,
replacing a loan production office that operated there since 2011.
As of Dec. 31, the bank had total assets were $662.5 million, an increase of 17.6 percent from the previous year.
Total deposits were $514.9 million on Dec. 31, representing an increase of 11.1 percent, or $51.6 million,
compared with the end of the previous year.