John Marshall Bancorp, Inc. reported net income of $4.2 million, or $0.30 per diluted common share, for the third quarter ended September 30, 2024. This marks a significant improvement compared to a net loss of $10.1 million, or $(0.72) per diluted common share, in the same period of 2023. The prior year's loss was primarily due to a securities portfolio restructuring and surrender of bank-owned life insurance.
Net interest income for Q3 2024 increased by $1.2 million, or 9.8%, compared to Q3 2023, reaching $13.5 million. The annualized net interest margin expanded to 2.30% from 2.07% in the prior year, driven by higher yields on interest-earning assets. The yield on interest-earning assets was 4.97% for the quarter, while the cost of interest-bearing liabilities was 3.86%.
Total loans, net of unearned income, grew by $22.5 million, or 1.2%, to $1.84 billion at September 30, 2024, compared to $1.82 billion a year prior. Total deposits also increased by $23.3 million, or 1.2%, to $1.94 billion. The company maintained strong asset quality with no charge-offs and no loans greater than 30 days past due.
The company enhanced its funding mix by paying off a $77.0 million Bank Term Funding Program (BTFP) advance on September 3, 2024. Concurrently, it secured three Federal Home Loan Bank (FHLB) advances totaling $56.0 million at a weighted average fixed interest rate of 4.01%, lower than the BTFP rate of 4.76%. Shareholders' equity increased by 10.2% to $243.1 million, with book value per share rising 9.4% to $17.07.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.