Exhibit 99
[Logo Omitted]
James Monroe Bancorp, Inc.
3033 Wilson Blvd.
Arlington, VA 22201
PRESS RELEASE
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FOR IMMEDIATE RELEASE
JAMES MONROE BANCORP REPORTS THIRD QUARTER RESULTS...
ARLINGTON, VA, (BUSINESS WIRE)--October 19, 2004.--James Monroe Bancorp, Inc.
(Nasdaq Small Cap: JMBI - news) today announced record growth in assets and
earnings for the first nine months of 2004. Total assets at September 30, 2004
were $416.4 million, an increase of $127.5 million or 44.1% over assets of
$288.9 million at September 30, 2003 and a 36.6% increase over 2003 year-end
assets of $305 million. Deposits at the end of September 2004 were $370.6
million, an increase of $112.1 million or 43.4% from a year ago. Loans as of
September 30 were $230.1 million, an increase of $76.1 million or 49% from the
$154 million in loans at September 30, 2003. Loan demand continues to
strengthen, with loans increasing $61 million over the first nine months of
2004, and $25.5 million during the third quarter of 2004.
Third-quarter net income was $705,000 compared with $686,000 for the second
quarter of 2004 and $735,000 for the third-quarter of 2003. For the nine-month
period, net income for 2004 was $2,145,000 compared with $1,809,000 for the
first nine-months of 2003, an increase of 18.5%. On a diluted basis, earnings
per share for the third-quarter of 2004 were $.15 per share compared with $.19
per share for the third-quarter of 2003. The Company earned $.46 per share for
the first nine months of 2004 compared with $.49 per share for the first nine
months of last year. The comparative earnings per share are impacted by the
600,000 shares issued in late 2003, coupled with the 3-for-2 stock split this
year, resulting in approximately 900,000 more shares outstanding in computing
the 2004 earnings per share.
James Monroe Bancorp's President and Chief Executive Officer, John R. Maxwell,
commented, "We are pleased with our growth in earnings and assets while we
aggressively invested in our operating facilities and branch network. We opened
two branches and moved into our new operations center during the third quarter,
all as a result of expanding market opportunities. With these branches now open
and generating excellent deposit growth, together with the strong loan growth we
have been achieving, we look forward to improving our earnings, net interest
margin, and efficiency ratio in the quarters ahead."
In the third-quarter the Company opened two new branches--one in Chantilly and
one in Manassas. Both branches are performing better than expected. The
Chantilly branch, opened in July, already has over $18 million in loans and $16
million in deposits. The Manassas branch, opened in late September, is also
being extremely well received in the community.
David W. Pijor, James Monroe Bancorp's Chairman stated, "We are excited about
the continued growth of our Bank. With our substantial recent investments in
facilities and personnel already starting to yield results, we believe James
Monroe Bank is well positioned to continue expanding in the Northern Virginia
market."
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 Arlington,
Annandale, Leesburg, Fairfax City, Chantilly and Manassas. The Company's common
stock is traded on the Nasdaq Small Cap Market under the symbol JMBI.
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) 707-8855
SOURCE: James Monroe Bancorp, Inc.
Financial Highlights
JAMES MONROE BANCORP, INC.
(Unaudited) (Unaudited)
THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
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(DOLLARS IN THOUSANDS EXCEPT SHARE DATA) 2004 2003 % 2004 2003 %
CHANGE CHANGE
------------ ----------- --------- ------------- ------------ --------
RESULTS OF OPERATIONS:
Total interest income $ 4,426 $ 3,371 31.3% $ 12,129 $ 9,459 28.2%
Total interest expense 1,237 876 41.2% 3,201 2,653 20.7%
Net interest income 3,189 2,495 27.8% 8,928 6,806 31.2%
Provision for loan losses 273 123 122.0% 766 472 62.3%
Gain on sale of securities -- 101 -100.0% 54 157 -65.6%
Gain on sale of mortgages 77 106 -27.4% 248 191 29.8%
Noninterest income - other 154 151 2.0% 519 439 18.2%
Noninterest expense 2,075 1,608 29.0% 5,713 4,396 30.0%
Income before taxes 1,072 1,122 -4.5% 3,270 2,725 20.0%
Net income 705 735 -4.1% 2,145 1,809 18.5%
PER SHARE DATA:
Earnings per share, basic $ 0.16 $ 0.21 -23.1% $ 0.48 $ 0.52 -7.0%
Earnings per share, diluted $ 0.15 $ 0.19 -22.1% $ 0.46 $ 0.49 -5.7%
Weighted average shares
outstanding - basic 4,437,527 3,499,775 26.8% 4,434,214 3,467,888 27.9%
-diluted 4,678,247 3,738,317 25.1% 4,672,501 3,710,541 25.9%
Book value (at period-end) $ 8.15 $ 5.91 37.9% $ 8.15 $ 5.91 37.9%
Shares outstanding (at period-end) 4,437,869 3,500,463 26.8% 4,437,869 3,500,463 26.8%
PERFORMANCE RATIOS (ANNUALIZED):
Return on average assets 0.76% 1.01% 0.85% 0.94%
Return on average equity 7.89% 14.50% 8.14% 12.15%
Net interest margin 3.67% 3.65% 3.78% 3.76%
Efficiency Ratio 62.07% 60.77% 60.47% 60.68%
OTHER RATIOS:
Allowance for loan losses to total loans 1.12% 1.15% 1.12% 1.15%
Equity to assets 8.69% 7.16% 8.69% 7.16%
Non-performing loans:
Amount $ 400 $ 407 $ 400 $ 407
Percent of total loans 0.17% 0.27% 0.17% 0.27%
Charged-off loans:
Net amount $ -- $ 27 $ 143 $ 97
Percent of average loans 0.00% 0.02% 0.07% 0.07%
Risk-adjusted capital ratios
Tier I 17.4% 14.7% 17.4% 14.7%
Total 18.3% 16.9% 18.3% 16.9%
Leverage ratio 12.3% 9.4% 12.3% 9.4%
AVERAGE BALANCES:
Assets $ 366,990 $ 288,594 27.2% $ 335,206 $ 256,962 30.4%
Earning assets 346,130 271,360 27.6% 315,455 242,032 30.3%
Loans 216,656 150,034 44.4% 197,572 139,758 41.4%
Deposits 321,435 260,030 23.6% 286,223 230,344 24.3%
Stockholders' equity 35,552 20,117 76.7% 35,178 19,914 76.7%
Condensed Balance Sheet
JAMES MONROE BANCORP, INC.
(Unaudited) (Unaudited)
SEPTEMBER 30, SEPTEMBER 30,
(DOLLARS IN THOUSANDS) 2004 2003 % Chg.
----------------- ------------------ ---------------
ASSETS
Cash and due from banks $ 14,831 $ 14,282 3.8%
Interest-bearing deposits in banks 1,668 266 527.1%
Federal funds sold and cash equivalents 48,275 12,581 283.7%
Investment securities available for sale 118,053 105,292 12.1%
Mortgages held for sale 549 808 -32.1%
Loans 230,104 154,012 49.4%
Less: Allowance for loan losses (2,577) (1,765) 46.0%
Other assets 5,531 3,438 60.9%
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TOTAL ASSETS $ 416,434 $ 288,914 44.1%
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LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits $ 102,054 $ 80,982 26.0%
Interest-bearing deposits 268,565 177,545 51.3%
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Total deposits 370,619 258,527 43.4%
Trust preferred capital notes 9,000 9,000 0.0%
Other liabilities 643 692 -7.1%
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Total liabilities 380,262 268,219 41.8%
Stockholders' equity 36,172 20,695 74.8%
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 416,434 $ 288,914 44.1%
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