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John Marshall Bancorp, Inc. Reports Strong Quarterly Financial Results
[April 24, 2018]

John Marshall Bancorp, Inc. Reports Strong Quarterly Financial Results


John Marshall Bancorp, Inc. (OTCQB: JMSB) (the "Company") reported net income of $3.2 million for the three months ended March 31, 2018, an increase of $733 thousand, or 29.2%, as compared to net income of $2.5 million for the three months ended March 31, 2017. Net income per diluted share was $0.24 per share during the first three months of 2018, compared to $0.19 per diluted share during the same period in 2017, as adjusted for the 5 for 4 stock split in the form of a 25% dividend paid September 5, 2017. As of March 31, 2018, the Company's tangible book value per share was $10.26, up 7.9% compared to $9.51 as of March 31, 2017, as adjusted for the 5 for 4 stock split in the form of a 25% dividend paid September 5, 2017. Income tax expense decreased 32.9% for the three months ended March 31, 2018 compared to the three months ended March 31, 2017 due to the federal corporate tax rate reduction that was effective January 1, 2018.

For the three months ended March 31, 2018, the Company produced a 1.09% return on average assets and 10.07% on average equity, compared to 0.95% and 8.42%, for the first quarter of 2017.

The Company's capital ratios remain well above regulatory minimums for well capitalized banks. As of March 31, 2018, the Company's total risk-based capital ratio was 14.9%, compared to 12.3% at March 31, 2017.

Balance Sheet Review

Total assets were $1.23 billion at March 31, 2018, $1.18 billion at December 31, 2017 and $1.08 billion at March 31, 2017. During the first three months of 2018 assets increased $57.3 million, or 4.9%. Year-over-year asset growth, from March 31, 2017 to March 31, 2018, was $151.3 million, or 14.0%. Gross loans were $1.012 billion at March 31, 2018, $1.009 billion at December 31, 2017 and $920.4 million at March 31, 2017. During the first three months of 2018 gross loans increased $3.5 million, or 0.3%. Year-over-year gross loans increased $91.8 million, or 10.0% from March 31, 2017 to March 31, 2018. During the first quarter of 2018, loan originations continued to be strong, but the Company experienced abnormally high levels of payoffs.

The Company's investment portfolio comprised of held-to-maturity and available-for-sale securities was $96.4 million at March 31, 2018, $96.3 million at December 31, 2017 and $86.0 million at March 31, 2017. As of March 31, 2018, the Company held $40.7 million of its investment portfolio as held-to-maturity, and $55.7 million as available-for-sale. The Company also had restricted securities totaling $8.4 million at March 31, 2018 and December 31, 2017 and $7.9 million at March 31, 2017. At March 31, 2018, the estimated fair value of bank owned life insurance was $19.2 million, compared to $19.1 million at December 31, 2017 and $18.7 million at March 31, 2017.

Total deposits were $967.0 million at March 31, 2018, $896.9 million at December 31, 2017 and $836.4 million at March 31, 2017. During the first three months of 2018, deposits increased $70.0 million, or 7.8%. Year-over-year deposit growth, from March 31, 2017 to March 31, 2018, was $130.6 million, or 15.6%. Total borrowings, consisting of Federal Home Loan Bank advances, customer repurchase agreements and Federal funds purchased, were $103.5 million at March 31, 2018, $118.5 million at December 31, 2017 and $116.3 million at March 31, 2017.

QwickRate certificates of deposit were $26.0 million at March 31, 2018, $24.7 million at December 31, 2017 and $21.9 million at March 31, 2017. Year-over-year QwickRate certificates of deposit increased $4.1 million from March 31, 2017 to March 31, 2018. CDARs were $91.6 million at March 31, 2018, $77.5 million at December 31, 2017 and $69.9 million at March 31, 2017. Year-over-year CDARs increased $21.7 million. Brokered deposits were $50.9 million at March 31, 2018, $42.4 million at December 31, 2017 and $48.5 million at March 31, 2017. Year-over-year, brokered deposits increased $2.4 million from March 31, 2017 to March 31, 2018. There were no customer repurchase agreements at March 31, 2018 and December 31, 2017 and $9.3 million at March 31, 2017. The Company had $68.8 million in ICS deposits as of March 31, 2018, $65.3 million at December 31, 2017 and $20.9 million as of March 31, 2017. Federal Home Loan Bank advances were $103.5 million at March 31, 2018, $108.5 million at December 31, 2017 and $102.0 million at March 31, 2017. Year-over-year Federal Home Loan Bank advances increased $1.5 million or 1.5%. Core customer funding was $890.1 million at March 31, 2018, $829.8 million at December 31, 2017 and $775.2 million at March 31, 2017. Year-over-year core customer funding sources, which include deposits, customer repurchase agreements, ICS and CDARs, increased by $114.8 million, or 14.8%, from March 31, 2017 to March 31, 2018.

Total shareholders' equity was $131.6 million at March 31, 2018, $128.9 million at December 31, 2017 and $121.7 million at March 31, 2017. Year-over-year shareholders' equity increased by $9.9 million, or 8.2%. Total common shares outstanding increased from 10,235,311 at March 31, 2017 to 12,829,888, including 57,550 unvested shares, at March 31, 2018. The majority of the increase in shares year-over-year was related to the 5 for 4 stock split in the form of a 25% dividend paid September 5, 2017.

The Company completed a private placement of $25.0 million of fixed-to-floating subordinated notes on July 6, 2017. Unless redeemed earlier, the notes will mature on July 15, 2027. The notes qualify as Tier 2 capital for the Company for regulatory purposes. The notes are carried at their principal amount, less unamortized issuance costs. The balance was $24.5 million at March 31, 2018 and December 31, 2017.

Income Statement Review

Net interest income

Net interest income, the Company's primary source of revenue, was $10.4 million for the three months ended March 31, 2018, up 8.5% from $9.6 million for the three months ended March 31, 2017. The net interest margin was 3.60% for the three months ended March 31, 2018 as compared to 3.74% for the three months ended March 31, 2017. The yield on average net loans increased 17 basis points year-over-year from March 31, 2017 to March 31, 2018. The average cost of interest bearing liabilities increased 37 basis points year-over-year from March 31, 2017 to March 31, 2018. The increase in cost of liabilities year-over-year 2017 was primarily related to the Company's issuance of subordinated debt and higher cost term funding. During the past twelve months, the Federal Reserve increased rates by 100 basis points to a target of 1.75% as of March 31, 2018.

Despite the decline in the net interest margin over the past year, net interest income increased by 8.5% during the first quarter of 2018, compared to the first quarter of 2017, resulting primarily from a $132.7 million, or 12.7%, increase in average earning assets for the three months ended March 31, 2017, compared to the three months ended March 31, 2018.

Provision for loan losses

The Company recognized a provision for loan losses of $190 thousand for the three months ended March 31, 2018, compared to provision of $265 thousand for the same period in 2017. The Company reported net loan charge-offs of $1 thousand in the first quarter of 2018, compared to net loan recoveries $7 thousand in the first quarter of 2017.

Noninterest income

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

For the three months ended March 31, 2018, the Company reported total noninterest income of $334 thousand, compared to $348 thousand during the three months ended March 31, 2017, a decrease of 4.0%. The year-over-year decrease for the three months ended March 31, 2018 was primarily related to the gain on sale of securities of $76 thousand during the first quarter of 2017. Excluding the gain on sale of securities, noninterest income increased 22.8% from the three months ended March 31, 2017 compared to the three months ended March 31, 2018. The increase is related to higher CDARs fees collected in the first quarter of 2018.

Noninterest expense

The largest component of the Company's noninterest expense is employee salaries and benefits. For the three months ended March 31, 2018, salaries and employee benefits expense increased 14.1% to $4.1 million, compared to $3.6 million for the same period in 2017. All other noninterest expenses increase of 1.9% during the first quarter of 2018, compared to the same period in 2017.

The increase in salaries and benefits is related to additional staff needed for our new loan production office in Arlington and staff needed for the conversion of our limited service branch to a full service branch in Washington, DC. Additional staff was also hired to support the overall growth of the Company. The increase in other operating expenses was mostly related to additional rent and furniture expense related to the new Washington DC branch location and the loan production office in Arlington, VA.

Asset Quality Review

As of March 31, 2018, non-performing assets were 0.08% of total assets, compared to 0.31% at March 31, 2017. The Company's allowance for loan losses covered non-performing loans by 14.3 times as of March 31, 2018, compared to 2.5 times as of March 31, 2017. As of March 31, 2018, non-accrual loans totaled $638 thousand, an 81.2% decrease from $3.4 million at March 31, 2017. As of March 31, 2018 and 2017, there were no loans 30-89 days past due and still accruing interest.

Troubled debt restructurings were $491 thousand at March 31, 2018, a decrease of $13 thousand, or 2.6%, from $504 thousand at March 31, 2017. All troubled debt restructurings were performing in accordance with modified terms as of March 31, 2018. The Company had $379 thousand in other real estate owned as of March 31, 2018 and no other real estate owned as of March 31, 2017.

John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank. John Marshall Bank is headquartered in Reston, Virginia and has six full-service branches located in Reston, Leesburg, Arlington, Alexandria, Rockville and Washington DC. The Bank also has two loan production offices located in Tysons Corner, VA and Arlington, VA. Further information on the Bank can be obtained by visiting its website 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.
Consolidated Balance Sheets
 
(Dollar amounts in thousands, except per share data)
 
        % Change
March 31,
2018 		December 31,
2017 		March 31,
2017 		Last Three
Months 		  Year Over
Year
Assets (Unaudited) (Unaudited) (Unaudited)
 
Cash and due from banks $ 5,178 $ 7,256 $ 5,266 -28.6 % -1.7 %
Interest-bearing deposits in banks 87,098 30,873 37,309 182.1 % 133.5 %
Federal funds sold 80 40 52 100.0 % 53.8 %
Securities available-for-sale, at fair value 55,702 54,699 44,068 1.8 % 26.4 %

Securities held-to-maturity, fair value of $39,902 at 3/31/2018, $41,500 at 12/31/2017 and $41,997 at 3/31/2017

40,720 41,570 41,939 -2.0 % -2.9 %
Restricted securities, at cost 8,415 8,447 7,888 -0.4 % 6.7 %

Loans, net of allowance for loan losses of $9,117 at 3/31/2018, $8,927 at 12/31/2017 and $8,474 at 3/31/2017

1,001,245 997,945 910,204 0.3 % 10.0 %
Bank premises and equipment, net 2,480 2,480 2,592 0.0 % -4.3 %

Accrued interest receivable

3,125

3,263 2,778 -4.2 % 12.5 %
Bank owned life insurance 19,224 19,093 18,680 0.7 % 2.9 %
Other real estate owned 379 379 - - 0.0 % N/M
Other assets   8,643     8,980     10,220   -3.8 % -15.4 %
 
Total assets $ 1,232,289   $ 1,175,025   $ 1,080,996   4.9 % 14.0 %
 
Liabilities and Shareholders' Equity
 
Liabilities
Deposits:
Non-interest bearing demand deposits $ 185,151 $ 174,686 $ 182,371 6.0 % 1.5 %
Interest bearing demand deposits 293,171 258,306 225,736 13.5 % 29.9 %
Savings deposits 7,163 6,709 7,516 6.8 % -4.7 %
Time deposits   481,468     457,240     420,745   5.3 % 14.4 %
Total deposits 966,953 896,941 836,368 7.8 % 15.6 %
Federal funds purchased - - 10,001 5,000 N/M -100.0 %
Repurchase agreements - - - - 9,293 N/M N/M
Federal Home Loan Bank advances 103,500 108,500 102,000 -4.6 % 1.5 %
Subordinated Debt 24,544 24,531 - - 0.1 % N/M
Accrued interest payable 736 996 235 -26.1 % 213.2 %
Other liabilities   4,929     5,189     6,407   -5.0 % -23.1 %
Total liabilities   1,100,662     1,046,158     959,303   5.2 % 14.7 %
 
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, 12,829,888 at 3/31/2018 including 57,550 unvested shares, 12,824,233 shares at 12/31/2017 including 85,007 unvested shares and 10,235,311 at 3/31/17

128 127 102 0.8 % 25.5 %
Additional paid-in capital 84,077 83,867 83,134 0.3 % 1.1 %
Retained earnings 48,676 45,432 38,965 7.1 % 24.9 %
Accumulated other comprehensive loss   (1,254 )   (559 )   (508 ) -124.3 % -146.9 %
 
Total shareholders' equity   131,627     128,867     121,693   2.1 % 8.2 %
 
Total liabilities and shareholders' equity $ 1,232,289   $ 1,175,025   $ 1,080,996   4.9 % 14.0 %
 

 
John Marshall Bancorp, Inc.
Consolidated Statements of Income
 
(Dollar amounts in thousands, except per share data)
 
  Three Months Ended
March 31, 		 
2018   2017 % Change
(Unaudited) (Unaudited)
Interest and Dividend Income
Interest and fees on loans $ 12,436 $ 10,812 15.0 %
Interest on investment securities, taxable 414 361 14.7 %
Interest on investment securities, tax-exempt 85 52 63.5 %
Dividends 114 98 16.3 %
Interest on deposits in banks   232   79 193.7 %
Total interest and dividend income   13,281   11,402 16.5 %
 
Interest Expense
Deposits 2,068 1,474 40.3 %
Federal Home Loan Bank advances 411 301 36.5 %
Subordinated debt 372 - - N/M
Other short-term borrowings   2   12 -83.3 %
Total interest expense   2,853   1,787 59.7 %
 
Net interest income 10,428 9,615 8.5 %
 
Provision for loan losses   190   265 -28.3 %
 
Net interest income after provision for loan losses   10,238   9,350 9.5 %
 
Noninterest Income
Service charges on deposit accounts 114 97 17.5 %
Bank owned life insurance 131 140 -6.4 %
Other service charges and fees 81 24 237.5 %
Gain on sale of securities available for sale - - 76 N/M
Other operating income   8   11 -27.3 %
Total noninterest income   334   348 -4.0 %
 
Noninterest Expenses
Salaries and employee benefits 4,148 3,636 14.1 %
Occupancy expense of premises 511 435 17.5 %
Furniture and equipment expenses 302 277 9.0 %
Other operating expenses   1,524   1,582 -3.7 %
Total noninterest expenses   6,485   5,930 9.4 %
 
Income before income taxes 4,087 3,768 8.5 %
 
Income tax expense  

843

  1,257 -32.9 %
 
Net income $ 3,244 $ 2,511 29.2 %
 
Earnings Per Share
Basic $ 0.25 $ 0.20 25.0 %
Diluted $ 0.24 $ 0.19 26.3 %
 
 
John Marshall Bancorp, Inc.
 
Loan, Deposit and Borrowing Detail (Unaudited)
(Dollar amounts in thousands)
 
  March 31, 2018   December 31, 2017   March 31, 2017   Percentage Change
Loans $ Amount   % of Total $ Amount   % of Total $ Amount   % of Total Last 3 Mos   Last 12 Mos
Mortgage loans on real estate
Commercial $ 610,735 60.3 % $ 577,016 57.1 % $ 544,473 59.2 % 5.8 % 12.2 %
Construction and land development 197,813 19.6 % 218,538 21.7 % 177,439 19.3 % -9.5 % 11.5 %
Residential   140,589   13.9 %   135,791   13.5 %   118,256   12.8 % 3.5 % 18.9 %
Total mortgage loans on real estate $ 949,137 93.8 % $ 931,345 92.3 % $ 840,168 91.3 % 1.9 % 13.0 %
Commercial loans 61,722 6.1 % 76,573 7.6 % 78,565 8.5 % -19.4 % -21.4 %
Consumer loans   1,304   0.1 %   777   0.1 %   1,665   0.2 % 67.8 % -21.7 %
Total loans $ 1,012,163 100.0 % $ 1,008,695 100.0 % $ 920,398 100.0 % 0.3 % 10.0 %
Less: Allowance for loan losses (9,117 ) (8,927 ) (8,474 )
Net deferred loan fees   (1,801 )   (1,823 )   (1,720 )
Net loans $ 1,001,245   $ 997,945   $ 910,204  
 
 
March 31, 2018 December 31, 2017 March 31, 2017 Percentage Change
Deposits $ Amount % of Total $ Amount % of Total $ Amount % of Total Last 3 Mos Last 12 Mos
Noninterest-bearing demand deposits $ 185,151 19.1 % $ 174,686 19.5 % $ 182,371 21.8 % 6.0 % 1.5 %
Interest-bearing demand deposits:
NOW accounts 46,148 4.8 % 33,505 3.7 % 17,124 2.0 % 37.7 % 169.5 %
Money market accounts 171,475 17.7 % 159,508 17.8 % 176,677 21.1 % 7.5 % -2.9 %
Savings accounts 7,163 0.7 % 6,709 0.8 % 7,516 0.9 % 6.8 % -4.7 %
Certificates of deposit
$250,000 or more 207,402 21.5 % 199,161 22.2 % 188,712 22.6 % 4.1 % 9.9 %
Less than $250,000 112,392 11.6 % 113,374 12.6 % 102,753 12.3 % -0.9 % 9.4 %
QwickRate® Certificates of deposit 26,024 2.7 % 24,735 2.8 % 21,947 2.6 % 5.2 % 18.6 %
ICS® 68,788 7.1 % 65,293 7.3 % 20,922 2.5 % 5.4 % 228.8 %
CDARS® 91,560 9.5 % 77,531 8.6 % 69,877 8.4 % 18.1 % 31.0 %
Brokered deposits   50,850   5.3 %   42,439   4.7 %   48,469   5.8 % 19.8 % 4.9 %
Total deposits $ 966,953   100.0 % $ 896,941   100.0 % $ 836,368   100.0 % 7.8 % 15.6 %
 
Borrowings
Federal funds purchased $ - - 0.0 % $ 10,001 7.0 % $ 5,000 4.3 % -100.0 % -100.0 %
Customer repurchase agreements - - 0.0 % - - 0.0 % 9,293 8.0 % N/M -100.0 %
Federal Home Loan Bank advances 103,500 80.8 % 108,500 75.9 % 102,000 87.7 % -4.6 % 1.5 %
Subordinated debt   24,544   19.2 %   24,531   17.1 %   - -   0.0 % 0.1 % N/M  
Total borrowings $ 128,044   100.0 % $ 143,032   100.0 % $ 116,293   100.0 % -10.5 % 10.1 %
 
Total deposits and borrowings $ 1,094,997   $ 1,039,973   $ 952,661   5.3 % 14.9 %
 
Core customer funding sources (1) $ 890,079 81.3 % $ 829,767 79.8 % $ 775,245 81.4 % 7.3 % 14.8 %
Wholesale funding sources (2) 180,374 16.5 % 185,675 17.8 % 177,416 18.6 % -2.9 % 1.7 %
Subordinated debt (3)   24,544   2.2 %   24,531   2.4 %   - -   0.0 % 0.1 % N/M  
Total funding sources $ 1,094,997   100.0 % $ 1,039,973   100.0 % $ 952,661   100.0 % 5.3 % 14.9 %
 
(1)   Includes ICS and CDARS(r), which are all reciprocal deposits maintained by customers, and repurchase agreements, which represent sweep accounts tied to customer operating accounts.
(2) Consists of QwickRate(r) certificates of deposit, brokered deposits and Federal Home Loan Bank advances.
(3) Subordinated debt obligation qualifies as Tier 2 capital.
 
 
John Marshall Bancorp, Inc.
Average Balance Sheets, Interest and Rates (unaudited)
(Dollar amounts in thousands)
 
  Three Months Ended March 31, 2018   Three Months Ended March 31, 2017
Average
Balance 		  Interest
Income-
Expense 		  Average
Yields
/Rates 		Average
Balance 		  Interest
Income-
Expense 		  Average
Yields
/Rates
Assets
Securities $ 105,009 $ 613 2.37 % $ 95,883 $ 511 2.16 %
Loans, net of unearned income 1,009,332 12,436 5.00 % 907,948 10,812 4.83 %
Interest-bearing deposits in other banks 60,030 232 1.57 % 37,799 79 0.85 %
Federal funds sold   62   - - 0.00 %   56   - - 0.00 %
Total interest-earning assets $ 1,174,433 $ 13,281 4.59 % $ 1,041,686 $ 11,402 4.44 %
Other assets   31,154   31,939
Total assets $ 1,205,587 $ 1,073,625
Liabilities & Shareholders' equity
Interest-bearing deposits
NOW accounts $ 58,152 $ 55 0.38 % $ 17,552 $ 15 0.35 %
Money market accounts 210,418 385 0.74 % 207,961 255 0.50 %
Savings accounts 6,853 4 0.24 % 7,239 4 0.22 %
Time deposits   469,297   1,624 1.40 %   424,357   1,200 1.15 %
Total interest-bearing deposits $ 744,720 $ 2,068 1.13 % $ 657,109 $ 1,474 0.91 %

Securities sold under agreement to repurchase and federal funds purchased

$ 333 $ 2 2.44 % $ 12,876 $ 12 0.38 %
Subordinated debt 24,536 372 6.15 % - - - - 0.00 %
Other borrowed funds   114,128   411 1.46 %   103,267   301 1.18 %
Total interest-bearing liabilities $ 883,717 $ 2,853 1.31 % $ 773,252 $ 1,787 0.94 %
Demand deposits and other liabilities   191,168   179,405
Total liabilities $ 1,074,885 $ 952,657
Shareholders' equity   130,702   120,968
Total liabilities and shareholders' equity $ 1,205,587 $ 1,073,625
Interest rate spread 3.28 % 3.50 %
Net interest income and margin $ 10,428 3.60 % $ 9,615 3.74 %
 
 
John Marshall Bancorp, Inc.
Financial Highlights (Unaudited)
(Dollar amounts in thousands, except per share data)
 
  At or For the Three Months Ended
March 31,
2018   2017
Per share Data and Shares Outstanding(1)
Earnings per share - basic $ 0.25 $ 0.20
Earnings per share - diluted $ 0.24 $ 0.19
Tangible book value per share $ 10.26 $ 9.51
Weighted average common shares (basic) 12,826,941 12,756,443
Weighted average common shares (diluted) 13,572,417 13,508,596
Common shares outstanding at end of period 12,829,888 12,794,139
 
Performance Ratios
Return on average assets (annualized) 1.09 % 0.95 %
Return on average equity (annualized) 10.07 % 8.42 %
Yield on earning assets (annualized) 4.59 % 4.44 %
Cost of interest bearing liabilities (annualized) 1.31 % 0.94 %
Net interest spread 3.28 % 3.50 %
Net interest margin 3.60 % 3.74 %
Noninterest income as a percentage of average assets (annualized) 0.11 % 0.13 %
Noninterest expense to average assets (annualized) 2.18 % 2.24 %
Efficiency ratio 60.3 % 59.5 %
 
Asset Quality
Loans 30-89 days past due and accruing interest $ - - $ - -
Non-accrual loans $ 638 $ 3,398
Other real estate owned $ 379 $ - -
Non-performing assets (2) $ 1,017 $ 3,398
Non-performing assets to total assets 0.08 % 0.31 %
Allowance for loan losses to total loans 0.90 % 0.92 %
Allowance for loan losses to non-performing loans 14.3 2.5
Net loan chargeoffs (recoveries) $ 1 $ (7 )
Net charge-offs (recoveries) to average loans (annualized) 0.00 % 0.00 %
Troubled debt restructurings (total) $ 491 $ 504
Performing in accordance with modified terms $ 491 $ 504
Not performing in accordance with modified terms $ - - $ - -
 
Regulatory Capital Ratios
Total risk-based capital ratio 14.9 % 12.3 %
Tier 1 risk-based capital ratio 11.9 % 11.5 %
Leverage ratio 11.0 % 11.4 %
Common equity tier 1 ratio 11.9 % 11.5 %
 
Other Information
Effective income tax rate 20.6 % 33.4 %
Tangible equity / tangible assets 10.7 % 11.3 %
Average tangible equity / average tangible assets 10.8 % 11.3 %
Number of full time equivalent employees 126 117
# Full service branch offices 6 5
# Loan production or limited service branch offices 2 2
 
(1)   Shares and per share amounts for all periods have been adjusted to reflect a 5 for 4 stock split in the form of a 25% stock dividend paid September 5, 2017.
(2) 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.
 


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