Exhibit 99
[Logo Omitted]
James Monroe Bancorp, Inc.
3033 Wilson Blvd.
Arlington, VA 22201
JAMES MONROE BANCORP REPORTS THIRD QUARTER 2003 EARNINGS...
ARLINGTON, VA, (BUSINESS WIRE)--October 9, 2003.--James Monroe Bancorp, Inc.
(Nasdaq Small Cap: JMBI - news) today announced record earnings for the third
quarter of 2003 and for the nine-months ended September 30, 2003. Third quarter
net income was $735,000 or $.29 per share on a diluted basis, compared to net
income of $382,000, or $.16 per share on a diluted basis for the third quarter
of 2002, a 92% increase in net income. For the nine-month period ended September
30, 2003, net income was $1,808,000 or $.73 per share compared to $892,000, or
$.43 per share for the first nine-months of 2002, both on a diluted basis. For
the comparative nine-month period this represents a 102% increase in net income.
The per share amounts for all periods reported have been adjusted for the 3 for
2 stock split in 2002 and the 5 for 4 stock split in 2003.
Total assets at September 30, 2003, were $288.9 million, a 21% increase over
assets of $238.8 million at December 31, 2002, and a 42% increase over the
assets at the same period a year ago. Total deposits at the end of September
2003 were $258.5 million an increase of 21% from December 31 and 43% from
September 30 of 2002. Loans outstanding at September 30, 2003 were $154.0
million, an increase of 27% from December 31 and 34% from September 30, 2002.
James Monroe Bancorp's President and Chief Executive Officer, John R. Maxwell,
commented, "We are extremely pleased with the excellent growth and profitability
we have experienced this year. Despite economic conditions and strong
competition from other financial institutions, we continue to experience
excellent loan growth and deposit growth."
James Monroe Bank, a full-service community bank and a wholly owned subsidiary
of James Monroe Bancorp, opened for business on June 8, 1998, at 3033 Wilson
Boulevard in Arlington, Virginia. The Bank now has branches in Annandale,
Leesburg (2), and Fairfax City. The Company's common stock is traded on the
Nasdaq Small Cap Market under the symbol JMBI. This press release does not
constitute an offer to sell, or the solicitation of an offer to purchase,
securities.
Forward Looking Statements: 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. These statements are based upon current
and anticipated economic conditions, including the effect changes in economic
conditions may have on overall loan quality, changes in net interest margin due
to changes in interest rates, possible loss of key personnel, need for
additional capital should James Monroe experience faster than anticipated
growth, factors which could affect James Monroe's ability to implement its
strategy, changes in regulations and governmental policies, 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 in the future 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 of operations do not
necessarily indicate future results.
NON-GAAP PRESENTATIONS
This press release refers to the efficiency ratio, which is computed by dividing
non-interest expense by the sum of net interest income on a tax equivalent basis
using a 34% rate and non-interest income. This is a financial measure is not
recognized under generally accepted accounting principles, but which we believe
provides investors with important information regarding our operational
efficiency. Comparison of our efficiency ratio with those of other companies may
not be possible because other companies may calculate the efficiency ratio
differently. The Company, in referring to its net income, is referring to income
under generally accepted accounting principles, or "GAAP".
James Monroe Bancorp's news releases are available on our website at
www.jamesmonroebank.com.
Contact: John R. Maxwell, President & CEO
Richard I. Linhart, Executive Vice President & COO
Phone: (703) 524-8100.
SOURCE: James Monroe Bancorp, Inc.
FINANCIAL HIGHLIGHTS FOLLOWS...
Financial Highlights
--------------------
JAMES MONROE BANCORP, INC.
(Unaudited) (Audited) (Unaudited)
SEPTEMBER 30 DECEMBER 31 SEPTEMBER 30
($ IN THOUSANDS) 2003 2002 2002
--------------- ----------------- ----------------
ASSETS
Cash and due from banks $ 14,282 $ 11,051 $ 17,432
Federal funds sold and cash equivalents 12,847 29,481 11,259
Investment securities available for sale 105,292 76,063 58,990
Mortgages held for sale 808 - -
Loans 154,012 121,047 115,303
Less: Allowance for loan losses (1,765) (1,390) (1,414)
Other assets 3,438 2,541 2,518
--------------- ----------------- ----------------
TOTAL ASSETS $ 288,914 $ 238,793 $ 204,088
=============== ================= ================
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits $ 80,982 $ 66,729 $ 56,543
Interest-bearing deposits 177,545 147,141 123,795
--------------- ----------------- ----------------
Total deposits 258,527 213,870 180,338
Trust preferred capital notes 9,000 5,000 5,000
Other liabilities 692 728 621
--------------- ----------------- ----------------
Total liabilities 268,219 219,598 185,959
Shareholders' equity 20,695 19,195 18,129
--------------- ----------------- ----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 288,914 $ 238,793 $ 204,088
=============== ================= ================
Financial Highlights
JAMES MONROE BANCORP, INC.
THREE MONTHS ENDED SEPTEMBER 30 NINE MONTHS ENDED SEPTEMBER 30
------------------------------------------- --------------------------------------
% %
($ IN THOUSANDS EXCEPT SHARE DATA) 2003 2002 CHANGE 2003 2002 CHANGE
-------------- ---------------- -------- ------------ ------------- --------
RESULTS OF OPERATIONS:
Total interest income $ 3,371 $ 2,741 23.0% $ 9,459 $ 7,177 31.8%
Total interest expense 876 1,026 -14.6% 2,653 2,627 1.0%
Net interest income 2,495 1,715 45.5% 6,806 4,550 49.6%
Provision for loan losses 123 134 -8.2% 472 386 22.3%
Noninterest income 358 134 167.2% 787 403 95.3%
Noninterest expense 1,608 1,134 41.8% 4,396 3,206 37.1%
Income before taxes 1,122 581 93.1% 2,725 1,361 100.2%
Net income 735 382 92.4% 1,809 892 102.8%
PER SHARE DATA:
Earnings per share, basic $ 0.31 $ 0.17 82.4% $ 0.78 $ 0.45 73.3%
Earnings per share, diluted $ 0.29 $ 0.16 84.3% $ 0.73 $ 0.43 69.8%
Weighted average shares
outstanding-basic 2,333,183 2,299,455 1.5% 2,311,925 1,972,843 17.2%
-diluted 2,492,211 2,405,840 3.6% 2,473,694 2,073,640 19.3%
Book value (at period-end) $ 8.87 $ 7.88 12.5% $ 8.87 $ 7.88 12.5%
Shares outstanding (at period-end) 2,333,642 2,299,455 1.5% 2,333,642 2,299,455 1.5%
PERFORMANCE RATIOS (ANNUALIZED):
Return on average assets 1.01% 0.79% 0.94% 0.73%
Return on average equity 14.50% 8.49% 12.15% 8.39%
Net interest margin 3.65% 3.75% 3.76% 3.99%
Efficiency Ratio 56.36% 61.33% 57.90% 64.73%
OTHER RATIOS:
Allowance for loan losses to total
loans 1.15% 1.23% 1.15% 1.23%
Equity to assets 7.16% 8.88% 7.16% 8.88%
Nonperforming loans to total
loans 0.27% 0.34% 0.27% 0.34%
Net charge-offs to average loans 0.02% 0.00% 0.07% 0.00%
AVERAGE BALANCES:
Assets $ 288,594 $ 192,350 50.0% $ 256,962 $ 162,414 58.2%
Earning assets 271,360 181,655 49.4% 242,032 152,501 58.7%
Loans 150,033 110,956 35.2% 139,758 101,637 37.5%
Deposits 260,029 168,935 53.9% 230,181 144,130 59.7%
Stockholders' equity 20,117 17,846 12.7% 19,914 14,212 40.1%