John Marshall Bank reported a net income of $1.9 million for the three months ended March 31, a 14.3 percent increase over the same period last year.
Net income per diluted share declined 21.8 percent to $0.21 per share during the first three months of 2014, compared to $0.27 per share during the same period in 2013. The decline in net income per diluted share is primarily attributed to the dilutive effect of the bank's November 2013 common stock offering of 2.4 million shares at $13.50 per share, the proceeds to which have not yet been fully deployed in loans.
As of March 31, the bank’s tangible book value per share was $11.22, up 20.5 percent over the same period last year.
John Marshall Bank has been named one of the 100 best performing community banks in the nation by SNL Financial, an international information service that tracks the banking and financial sectors.
John Marshall, based in Reston, was rated the 26th top-performing bank in the nation by SNL. The bank, which operates throughout Loudoun County with a branch office in downtown Leesburg, was also the highest ranked community bank in Virginia with assets between $500 million and $5 billion.
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