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 FIRST QUARTER 2005 EARNINGS...
ARLINGTON, VA, (BUSINESS WIRE)--April 27, 2005.--James Monroe Bancorp, Inc.
(Nasdaq Small Cap: JMBI - news) today announced earnings for the first quarter
of 2005. Net income was $768,000 or $.16 per fully diluted share, compared to
net income of $754,000, or $.16 per fully diluted share for the first quarter of
2004.
Total assets at March 31, 2005 were $464.6 million, a 39% increase over assets
of $334.4 million at March 31, 2004. Total deposits at the end of March
increased 47.4% to $417.7 million and loans increased 54% to $291.6 million.
Return on average assets was .70% for the first quarter of 2005 compared to .98%
for the first quarter of 2004.
James Monroe Bancorp's President and Chief Executive Officer, John R. Maxwell,
commented, "We have added significantly to our lending staff in the past year
resulting in increased loan production. In the first quarter of this year we
added $41.6 million of net loan growth compared to net growth of $20.1 million
during the first quarter of 2004. Following our Allowance for Loan Loss
Methodology, this translated to a first quarter provision of $434 thousand. This
is an increase of $135 thousand over the first quarter of 2004 on a pre-tax
basis and approximately $89 thousand on an after-tax basis. This is significant
when comparing the first quarter of 2005 with the first quarter of 2004. This
excellent growth in loans will translate into stronger earnings in the following
quarters."
Mr. Maxwell went on to say that, "We also experienced strong deposit growth of
$134.4 million, or a 47% increase over the first quarter of 2004. We continue to
show significant growth year after year in both loans and deposits. "
"We are pleased with the overall strength of our earnings in this environment of
continued pressure on our net interest margin. We see strong competitive
pressures on both the loan yields being quoted and on recent increases in
deposit rates. Notwithstanding this, we are on track with our expectations for
2005 in terms of growth and profitability. Our asset quality remains very
strong." said David W. Pijor, James Monroe Bancorp's Chairman. "Our record of
consistent high performance will allow us to focus on further expansion 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 Annandale,
Leesburg, Manassas, Chantilly, and Fairfax City. 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)524-8100.
SOURCE: James Monroe Bancorp, Inc.
Condensed Balance Sheet
JAMES MONROE BANCORP, INC.
(Unaudited) (Unaudited)
MARCH 31, MARCH 31, %
(Dollars in thousands) 2005 2004 Change
----------------- ----------------- ---------------
ASSETS
Cash and due from banks $ 20,569 $ 15,845 29.8%
Interest-bearing deposits in banks 554 - n.m.
Federal funds sold and cash equivalents 2,040 16,365 (87.5)%
Investment securities available for sale 142,279 110,158 29.2%
Mortgages held for sale 3,224 590 446.4%
Loans 291,600 189,314 54.0%
Less: Allowance for loan losses (3,223) (2,111) 52.7%
Other assets 7,584 4,222 79.6%
----------------- -----------------
TOTAL ASSETS $ 464,627 $ 334,383 39.0%
================= =================
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits $ 108,502 $ 91,350 18.8%
Interest-bearing deposits 309,247 192,031 61.0%
----------------- -----------------
Total deposits 417,749 283,381 47.4%
Federal funds purchased - 5,000 n.m.
Trust preferred capital notes 9,279 9,279 0.0%
Other liabilities 1,346 1,105 21.8%
----------------- -----------------
Total liabilities 428,374 298,765 43.4%
Stockholders' equity 36,253 35,618 1.8%
----------------- -----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 464,627 $ 334,383 39.0%
================= =================
FINANCIAL HIGHLIGHTS
James Monroe Bancorp, Inc.
(Unaudited)
THREE MONTHS ENDED MARCH 31,
-----------------------------------------------------
(Dollars in thousands except share data) 2005 2004 % Change
----------------- ----------------- ---------------
RESULTS OF OPERATIONS:
Total interest income $ 5,780 $ 3,823 51.2%
Total interest expense 1,756 962 82.5%
Net interest income 4,024 2,861 40.7%
Provision for loan losses 434 299 45.2%
Gain on sale of securities 8 40 -80.0%
Gain on sale of mortgages 162 63 157.1%
Noninterest income - other 162 178 -9.0%
Noninterest expense 2,753 1,697 62.2%
Income before taxes 1,169 1,146 2.0%
Net income 768 754 1.9%
PER SHARE DATA:
Earnings per share, basic $ 0.17 $ 0.17 0.0%
Earnings per share, diluted $ 0.16 $ 0.16 0.0%
Weighted average shares
outstanding - basic 4,445,269 4,429,442 0.4%
- diluted 4,693,041 4,662,740 0.6%
Book value per share (at period-end) $ 8.15 $ 8.03 1.6%
Shares outstanding (at period-end) 4,447,252 4,435,331 0.3%
PERFORMANCE RATIOS (ANNUALIZED):
Return on average assets 0.70% 0.98%
Return on average equity 8.36% 8.70%
Net interest margin 3.82% 3.91%
Efficiency Ratio 63.20% 54.01%
OTHER RATIOS:
Allowance for loan losses to total loans 1.11% 1.12%
Equity to assets 7.80% 10.65%
Non-performing loans:
Amount $ 315 $ 343
Percent of total loans 0.11% 0.18%
Charged-off loans:
Net amount $ 2 $ 143
Percent of average loans 0.00% 0.08%
Risk-adjusted capital ratios:
Leverage ratio 10.5% 14.2%
Tier I 14.7% 20.4%
Total 15.8% 21.4%
AVERAGE BALANCES:
Assets $ 445,879 $ 309,402 44.1%
Earning assets 426,838 294,654 44.9%
Loans 269,057 177,350 51.7%
Deposits 396,099 256,803 54.2%
Stockholders' equity 37,286 34,862 7.0%
Information has been adjusted to reflect the 3-for-2 stock split paid in 2004.