Less: Unrealized losses
on available-for-sale
securities, net of tax
benefit (1) 10,732 12,401
Less: Unrealized losses
on held-to-maturity
securities, net of tax
benefit (1) 12,353 12,469
--------------- ---------------
Adjusted total average
assets for leverage
ratio, excluding
available-for-sale and
held-to-maturity
securities (Non-GAAP) $ 2,212,867 $ 2,250,041
=============== ===============
Total risk-based capital
ratio (2)
Total risk-based capital
ratio (GAAP) 16.2% 15.7%
Adjusted total risk-based
capital ratio (Non-GAAP)
(3) 15.3% 14.7%
Tier 1 capital ratio (4)
Tier 1 risk-based capital
ratio (GAAP) 15.2% 14.7%
Adjusted tier 1 risk-based
capital ratio (Non-GAAP)
(5) 14.2% 13.5%
Common equity tier 1
ratio (6)
Common equity tier 1 ratio
(GAAP) 15.2% 14.7%
Adjusted common equity
tier 1 ratio (Non-GAAP)
(7) 14.2% 13.5%
Leverage ratio (8)
Leverage ratio (GAAP) 12.4% 11.6%
Adjusted leverage ratio
(Non-GAAP) (9) 11.5% 10.6%
__________________________
(1) Includes tax benefit calculated using the federal statutory tax rate of
21%.
(2) The total risk-based capital ratio is calculated by dividing total
risk-based capital by risk weighted assets.
(3) The adjusted total risk-based capital ratio is calculated by dividing
adjusted total risk-based capital by adjusted risk weighted assets.
(4) The tier 1 capital ratio is calculated by dividing tier 1 capital by
risk weighted assets.
(5) The adjusted tier 1 capital ratio is calculated by dividing adjusted
tier 1 capital by adjusted risk weighted assets.
(6) The common equity tier 1 ratio is calculated by dividing tier 1 capital
by risk weighted assets.
(7) The adjusted common equity tier 1 ratio is calculated by dividing
adjusted tier 1 capital by adjusted risk weighted assets.
(8) The leverage ratio is calculated by dividing tier 1 capital by total
average assets for leverage ratio.
(9) The adjusted leverage ratio is calculated by dividing adjusted tier 1
capital by adjusted total average assets for leverage ratio.
John Marshall Bancorp, Inc.
Reconciliation of Certain Non-GAAP Financial Measures (unaudited)
(Dollar amounts in thousands, except per share data)
For the Twelve
Months Ended
December 31,
2023
---------------------- ---------------
Non-interest income
(loss) (GAAP) $(14,940)
Adjustment: Pre-tax
loss recognized on
sale of
available-for-sale
securities 17,114
------- -----
Core non-interest
income (Non-GAAP) $ 2,174
======= =====
Income (loss) before
taxes (GAAP) $ 7,981
Adjustment: Pre-tax
loss recognized on
sale of
available-for-sale
securities 17,114
------- -----
Core income before
taxes (Non-GAAP) $ 25,095
======= =====
Income tax expense
(benefit) (GAAP) $ 2,823
Adjustment: Tax and
10% modified
endowment contract
penalty on early
surrender of BOLI
policies (1,101)
Adjustment: Tax
benefit of loss
recognized on sale
of
available-for-sale
securities 3,594
------- -----
Core income tax expense
(Non-GAAP)(1) $ 5,316
======= =====
Net income (loss)
(GAAP) $ 5,158
Core net income
(Non-GAAP)(2) $ 19,779
Earnings (loss) per
share - basic (GAAP) $ 0.36
Core earnings per share
- basic (Non-GAAP)(3) $ 1.40
Earnings (loss) per
share - diluted
(GAAP) $ 0.36
Core earnings per share
- diluted
(Non-GAAP)(3) $ 1.39
Return on average
assets (annualized)
(GAAP) 0.22%
Core return on average
assets (annualized)
(Non-GAAP)(4) 0.85%
Return on average
equity (annualized)
(GAAP) 2.32%
Core return on average
equity (annualized)
(Non-GAAP)(5) 8.91%
Non-interest income
(loss) as a percentage
of average assets
(annualized) (GAAP) (0.64)%
Core non-interest
income as a percentage
of average assets
(annualized)
(Non-GAAP)(6) 0.09%
Efficiency ratio (GAAP) 86.7%
Core efficiency ratio
(Non-GAAP)(7) 58.5%
For the Three Months Ended
December
31, September December
2024 30, 2024 31, 2023
---------------------- -------- --------- ----------
Pre-tax, pre-provision
earnings (Non-GAAP)
Income before income
taxes $ 6,104 $ 5,342 $ 5,878
Adjustment:
Provision for
(recovery of)
credit losses 298 400 (781)
-------- --------- ------
Pre-tax, pre-provision
earnings
(Non-GAAP)(8) $ 6,402 $ 5,742 $ 5,097
======== ========= ======
__________________________
(1) Includes tax benefit (expense) calculated using the federal statutory
tax rate of 21%.
(2) Core net income reflects net income adjusted for the non-recurring tax
effected loss recognized on the sale of available-for-sale securities
in and non-recurring tax expense associated with the surrender of the
Company's BOLI policies in July 2023. It is calculated by subtracting
core income tax expense from core income before taxes for each period
presented.
(3) Core earnings per share -- basic and core earnings per share -- diluted
is calculated by dividing core net income by basic weighted average
shares outstanding and diluted weighted average shares outstanding,
respectively, for each period presented.
(4) Core return on average assets (annualized) is calculated by dividing
annualizing core net income by average assets for each period
presented.
(5) Core return on average equity (annualized) is calculated by dividing
annualizing core net income by average equity for each period
presented.
(6) Core non-interest income as a percentage of average assets (annualized)
is calculated by dividing annualized core non-interest income by
average assets for each period presented.
(7) Core efficiency ratio is calculated by dividing non-interest expense by
the sum of core non-interest income and net interest income for each
period presented.
(8) Pre-tax, pre-provision earnings is calculated by adjusting income
before taxes for provision for (recovery of) credit losses.
Category: Earnings
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129836411/en/
CONTACT: Christopher W. Bergstrom, (703) 584-0840
Kent D. Carstater, (703) 289-5922
(END) Dow Jones Newswires
January 29, 2025 09:15 ET (14:15 GMT)
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