John Marshall Bancorp, Inc. Reports Strong Loan Demand, Net Interest Margin Growth, and Better Efficiency Drive 42% Annualized Increase in Earnings Per Share

Key Terms

net interest margin financial

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

loan-to-value financial

Loan-to-value is the percentage that shows how large a loan is compared with the appraised value of the asset backing it, for example a house or other property. Investors care because a higher percentage means more of the asset’s value is borrowed — like buying a car with almost no down payment — which increases the chance of loss for lenders and can lead to higher interest rates, stricter terms, or greater risk for holders of related securities.

debt service coverage ratio financial

Debt service coverage ratio measures how many times a company's available cash flow can pay its scheduled debt payments (interest plus principal). Think of it like checking how many months of take-home pay it would take to cover your mortgage and loan bills; a higher number means a bigger cushion against missed payments. Investors use it to gauge credit risk, the likelihood of default, and whether a company can afford dividends or new borrowing.

Federal Home Loan Bank financial

A Federal Home Loan Bank is one of a group of regional cooperative banks that provide low-cost loans and short-term cash to local banks and credit unions so those institutions can lend for mortgages, community projects and other housing needs. Think of it as a shared emergency fund and wholesale lender for lenders; its actions affect how easily banks can extend credit, which influences mortgage availability, bank stability and related bond markets that investors watch.

SBA 7(a) loan financial

A SBA 7(a) loan is a U.S. government‑backed business loan where the Small Business Administration guarantees part of a bank’s lending to small companies, acting like a partial co‑signer to make credit easier to get. It matters to investors because easier access to capital helps small businesses grow or survive, which can boost sales for suppliers, reduce default risk for lenders, and influence the health of local economies and bank portfolios.

available-for-sale financial

A classification for bonds, stocks or other investments that a company plans to keep but might sell before they reach full term. Think of it like items a shop keeps on a shelf for potential sale: their market value can go up or down while the company holds them, and those unrealized gains or losses are shown separately from operating profit until they are sold. Investors watch this because large swings can change a company’s reported net worth and signal how much flexibility it has to raise cash quickly.

held-to-maturity financial

A held-to-maturity asset is a debt investment a company plans and is able to keep until the loan or bond reaches its scheduled end, when the principal is repaid. For investors, this classification matters because the holder treats the investment like a locked-in loan—avoiding short-term price swings in financial statements and signaling a steady income expectation, similar to lending money to a friend with a fixed repayment date.

allowance for loan credit losses financial

A bank’s allowance for loan credit losses is a reserve of money set aside to cover loans the lender expects may not be repaid. Think of it as a rainy‑day fund that reduces the reported value of loan assets and reflects management’s estimate of future loan losses; larger reserves can signal weaker borrower health or more conservative accounting, while smaller reserves can boost reported profits but increase risk if actual losses rise. Investors watch this number to gauge a lender’s credit risk, earnings quality, and how prepared it is for economic stress.

RESTON, Va.--(BUSINESS WIRE)-- John Marshall Bancorp, Inc. (Nasdaq: JMSB) (the “Company”), parent company of John Marshall Bank (the “Bank”), reported net income of $5.9 million for the quarter ended December 31, 2025 compared to $4.8 million for the quarter ended December 31, 2024, an increase of $1.1 million or 23.9%. Diluted earnings per common share were $0.42 for the quarter ended December 31, 2025 compared to $0.33 for the quarter ended December 31, 2024, an increase of 27.3%. Annualized return on average assets was 1.01% for the quarter ended December 31, 2025 compared to 0.85% for the quarter ended December 31, 2024, an increase of 18.8%.

Selected Highlights

• Accelerating Earnings Momentum – Net income of $5.9 million for the quarter ended December 31, 2025 represented a 9.5% increase over the $5.4 million net income reported for the quarter ended September 30, 2025 or an annualized quarter-over-quarter increase of 37.5%.  The quarter ended December 31, 2025 marked the sixth consecutive quarter of quarterly net income growth.  Diluted earnings per common share were $0.42 for the quarter ended December 31, 2025 and represented a 10.5% increase over the $0.38 diluted earnings per common share reported for the quarter ended September 30, 2025 or an annualized quarter-over-quarter increase of 41.8%.
• Strong Loan Growth and Exceptional Loan Demand – The Company’s loan portfolio, net of unearned income, grew $37.3 million or 7.6% annualized during the fourth quarter 2025. Loans, net of unearned income, increased $103.2 million or 5.5% from December 31, 2024 to December 31, 2025. The Company’s loan pipeline remained strong with $139.7 million in new commitments recorded during the three months ended December 31, 2025, a 46.7% improvement on the $95.2 million of new commitments recorded during the three months ended September 30, 2025. The most recent quarter’s new commitment production represented the highest quarterly level since the fourth quarter of 2022. New commitments represent loans closed, but not necessarily fully funded as of the end of the respective reporting period.
• Higher Net Interest Income – For the three months ended December 31, 2025, the Company reported net interest income of $15.9 million, a $1.9 million or 13.3% increase over the prior year quarter.
• Continued Net Interest Margin Growth – Net interest margin expanded for the seventh consecutive quarter to 2.73%, a 21 basis point improvement from the 2.52% reported for the fourth quarter of 2024. The Company continued to decrease its funding costs as the Federal Reserve lowered the effective federal funds rate over the past year.
• Positive Operating Leverage – Revenues (net interest income plus non-interest income) grew 17.5% for the twelve months ended December 31, 2025 relative to the twelve months ended December 31, 2024. Over the same period, overhead increased 5.5%. Non-interest expense was $8.0 million for the quarter ended December 31, 2025, a decrease of $1.1 million or 11.8% when compared to the quarter ended September 30, 2025.
• Strong Asset Quality – As of December 31, 2025 the Company had no non-accrual loans and no other real estate owned assets.
• Growing Book Value per Share and Dividends – Book value per share increased from $17.28 as of December 31, 2024 to $18.70 as of December 31, 2025, an 8.2% increase. Including the $0.30 per share annual cash dividend declared on April 22, 2025 and paid on July 7, 2025, the annual book value return was 10.0%. On January 27, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.09 per share on the Company’s common stock. The dividend is payable on March 4, 2026 to shareholders of record at the close of business on February 11, 2026. The annualized quarterly cash dividend represents a 20% increase over the 2025 annual cash dividend.
• Robust Capitalization – Each of the Bank’s regulatory capital ratios remained well in excess of the regulatory well-capitalized thresholds as of December 31, 2025. During the twelve months ended December 31, 2025, the Company repurchased 135,640 shares of its common stock at a weighted average price of $17.80. The aggregate repurchase activity was accretive to the Company’s book value per share.

Chris Bergstrom, President and Chief Executive Officer, commented, “We are pleased to report a 24% increase in net income for 2025. We grew our loan portfolio over $103 million in 2025, with 35% of that growth coming in the 4^th quarter. The nearly $140 million in loan commitments booked during the quarter should provide a nice tailwind headed into 2026. Loan growth and the re-pricing of our funding and bond portfolios drove the seventh consecutive quarter of net interest margin expansion and 17.5% revenue growth. We believe that additional Federal Open Market Committee rate reductions and a continuing normalization of the yield curve could enhance our profitability. We continue to invest in technology and personnel to cultivate new relationships and deepen existing ones. Despite increasing our headcount by 5%, overhead grew only 5.5% during 2025 and resulted in significant operating leverage. As we look ahead to 2026, we remain focused on delivering tailored banking services and exceptional client experiences. The strength of our balance sheet and consistent performance enabled us to implement a quarterly cash dividend. We believe our fortress balance sheet allows us to focus on continued growth and drive increased returns and shareholder value.”

Balance Sheet, Liquidity and Credit Quality

Total assets were $2.33 billion at December 31, 2025, $2.32 billion at September 30, 2025, and $2.23 billion at December 31, 2024. Total assets increased $8.0 million or 1.4% annualized since September 30, 2025 and $98.0 million or 4.4% from December 31, 2024.

Total loans, net of unearned income, increased $37.3 million or 7.6% annualized to $1.98 billion at December 31, 2025 compared to $1.94 billion at September 30, 2025 and increased $103.2 million or 5.5% from $1.87 billion at December 31, 2024. The increase in loans from September 30, 2025, was primarily attributable to growth in construction & development loans and residential mortgage loans, partially offset by a decline in investor real estate loans. All other portfolios remained relatively unchanged during the most recent quarter. Refer to the Loan, Deposit and Borrowing Detail table for further information.

The carrying value of the Company’s fixed income securities portfolio was $212.3 million at December 31, 2025, $205.7 million at September 30, 2025, and $222.3 million at December 31, 2024. The increase in carrying value of the Company’s fixed income securities portfolio since September 30, 2025 was primarily attributable to purchases of six fixed income securities, designated as available-for-sale, with the total carrying amount of $16.4 million. As of December 31, 2025, 95.3% of our bond portfolio carried the implied guarantee of the United States government or one of its agencies. At December 31, 2025, 67.5% of the fixed income portfolio was invested in amortizing bonds, which provides the Company with a source of steady cash flow. At December 31, 2025, the fixed income portfolio had an estimated weighted average life of 3.9 years. The available-for-sale portfolio comprised approximately 60% of the fixed income securities portfolio and had a weighted average life of 3.1 years at December 31, 2025. The held-to-maturity portfolio comprised approximately 40% of the fixed income securities portfolio and had a weighted average life of 5.2 years at December 31, 2025.

The Company’s balance sheet remains highly liquid. The Company’s liquidity position, defined as the sum of cash, unencumbered securities and available secured borrowing capacity, totaled $827.0 million as of December 31, 2025 compared to $824.3 million as of September 30, 2025 and represented 35.6% and 35.5% of total assets, respectively. In addition to available secured borrowing capacity, the Bank had available federal funds lines of $110.0 million at December 31, 2025.

Total deposits were relatively unchanged at $1.97 billion at December 31, 2025 compared to September 30, 2025, and increased $79.9 million or 4.2% from $1.89 billion at December 31, 2024. During the most recent quarter, total deposits increased $3.5 million or 0.2% when compared to September 30, 2025, primarily due to a 3.6% or $13.4 million increase in interest-bearing demand deposits, a 1.3% or $4.7 million increase in money market accounts, and a 1.0% or $4.4 million increase in core time deposits. These increases were partially offset by a 3.2% or $14.2 million decrease in non-interest bearing demand deposits. Detail on the deposit activity can be seen in the Loan, Deposit and Borrowing Detail table. As of December 31, 2025, the Company had $691.5 million of deposits that were not insured or not collateralized compared to $682.8 million and $659.2 million at September 30, 2025 and December 31, 2024, respectively.

Federal Home Loan Bank (“FHLB”) advances remained unchanged at $56.0 million as of December 31, 2025 compared to September 30, 2025 and December 31, 2024. The three FHLB advances have a weighted average fixed interest rate of 3.99%. In addition to outstanding FHLB advances, total borrowings as of December 31, 2025 included subordinated debt totaling $24.9 million.

Shareholders’ equity increased $19.0 million or 7.7% to $265.6 million at December 31, 2025 compared to $246.6 million at December 31, 2024. Book value per share was $18.70 as of December 31, 2025 compared to $17.28 as of December 31, 2024, an increase of 8.2%. The year-over-year change in book value per share was primarily due to the Company’s earnings over the previous twelve months and a decrease in accumulated other comprehensive loss, resulting from an increase in the market value of our available-for-sale investment portfolio. This increase was partially offset by cash dividend paid and increased share count from shareholder option exercises and restricted share award issuances, partially offset by the Company’s share repurchases during the period.

The Bank’s capital ratios remained well above regulatory thresholds for well-capitalized banks. As of December 31, 2025, the Bank’s total risk-based capital ratio was 16.3%, compared to 16.6% at September 30, 2025, and 16.2% at December 31, 2024.

During the quarter ended December 31, 2025, the Company charged-off a commercial business U.S. Small Business Administration (“SBA”) 7(a) loan in the total amount of $361 thousand. The charged-off amount represented the unguaranteed portion of the loan. The Company has submitted a reimbursement claim to the SBA for the guaranteed portion of the loan in the amount of $1.1 million and expects to be paid in full during the first quarter of 2026. As of December 31, 2025, the Company had no non-accrual loans and no other real estate owned assets.

At December 31, 2025, the allowance for loan credit losses was $19.8 million or 1.0% of outstanding loans, net of unearned income, compared to $19.7 million or 1.02% of outstanding loans, net of unearned income, at September 30, 2025. The increase in the allowance for loan credit losses during the most recent quarter is predominantly attributable to the growth of the loan portfolio along with the impact of management’s assessment of qualitative factors, mainly related to the evaluation of the existing local economic conditions, as well as considerations of the concentrations of the Company’s loan segments. These factors contributing to an increase in allowance for credit losses were partially offset by the previously mentioned charge-off of the commercial business SBA 7(a) loan.

At December 31, 2025, the allowance for credit losses on unfunded loan commitments was $1.3 million compared to $1.1 million at September 30, 2025, due to a higher amount of available loan commitments.

The Company did not have an allowance for credit losses on held-to-maturity securities as of December 31, 2025 or September 30, 2025. As of December 31, 2025, 93.2% of our held-to-maturity portfolio carried the implied guarantee of the United States government or one of its agencies.

The Company believes its owner occupied and non-owner occupied commercial real estate portfolios continue to be of sound credit quality. The following table demonstrates their strong debt-service-coverage and loan-to-value ratios as of December 31, 2025.

Commercial Real Estate
	Owner Occupied										Non-owner Occupied
Asset Class	Weighted Average Loan-to-Value(1)			Weighted Average Debt Service Coverage Ratio(2)			Number of Total Loans			Principal Balance(3) (Dollars in thousands)	Weighted Average Loan-to-Value(1)			Weighted Average Debt Service Coverage Ratio(2)			Number of Total Loans			Principal Balance(3) (Dollars in thousands)
Warehouse & Industrial	49.3	%		3.2	x		55		$	68,629	47.3	%		2.3	x		43		$	100,089
Office	57.6	%		3.7	x		136			87,045	44.3	%		2.0	x		57			105,309
Retail	58.9	%		3.1	x		43			77,439	49.9	%		1.8	x		144			447,696
Church	25.0	%		2.5	x		16			24,988	71.2	%		1.0	x		2			5,625
Hotel/Motel	- -			- -			- -			- -	50.6	%		1.5	x		12			82,539
Other(4)	36.1	%		3.4	x		39			65,385	44.8	%		2.2	x		7			15,362
Total							289		$	323,486							265		$	756,620

(1)	Loan-to-value is determined at origination date and is divided by principal balance as of December 31, 2025.
(2)	The debt service coverage ratio (“DSCR”) is calculated from the primary source of repayment for the loan. Owner occupied DSCR’s are derived from cash flows from the owner occupant’s business, property and their guarantors, while non-owner occupied DSCR’s are derived from the net operating income of the property.
(3)	Principal balance excludes deferred fees or costs.
(4)	Other asset class is primarily comprised of schools, daycares and country clubs.

The following charts provide geographic detail and stated maturity summaries for the Company’s non-owner occupied office portfolio as of December 31, 2025:

Non-owner occupied office: Geography
Geography	Commitment (in 000s)		Percentage
Virginia	$70,639		64.4%
Maryland	24,217		22.1%
DC	14,315		13.1%
Other	427		0.4%
Total	$109,598		100.0%

Non-owner occupied office: Maturity
Maturity Year	Commitment (in 000s)		Percentage
2026	5,766		5.3%
2027	6,553		6.0%
2028	14,215		13.0%
2029	26,488		24.1%
2030+	56,576		51.6%
Total	$109,598		100.0%

Income Statement Review

Quarterly Results

The Company reported net income of $5.9 million for the fourth quarter of 2025, an increase of $1.1 million or 23.9% when compared to $4.8 million for the fourth quarter of 2024.

For the three months ended December 31, 2025, net interest income increased $1.8 million or 13.3% to $15.9 million compared to $14.1 million for the three months ended December 31, 2024. During the same period, interest income grew $1.2 million or 4.2%, driven by higher interest income on loans, while interest expense declined by $0.7 million or 5.1%, predominantly due to lower interest expense on time deposits, interest-bearing checking accounts and money market accounts.

The annualized net interest margin for the fourth quarter of 2025 was 2.73% as compared to 2.52% for the same period in 2024. The increase in net interest margin was primarily due to an increase in average balances of the loan portfolio in combination with the lower rates on interest-bearing deposits.

The cost of interest-bearing liabilities was 3.28% for the fourth quarter of 2025 compared to 3.62% for the same quarter in the prior year driven by the 35 basis points decline in rates on interest-bearing deposits. Rates declined across all deposit categories, most notably in interest-bearing demand deposits, time deposits, and money market accounts, which declined by 38 basis points, 37 basis points, and 36 basis points, respectively. The yield on interest-earning assets was 4.99% for the fourth quarter of 2025 compared to 5.01% for the same period in 2024 primarily due to a three basis points decrease in loan yield coupled with an 81 basis points decrease in yield on interest-bearing deposits in other banks. These decreases were partially offset by a 12 basis points increase in securities yield. Average loans increased by $107.9 million between the three months ended December 31, 2025 and the three months ended December 31, 2024, which was primarily attributable to origination volume in the construction & development and residential mortgage loan portfolios subsequent to December 31, 2024.

Management has been repricing deposits concurrently with each of the three federal funds rate cuts totaling 75 basis points since September 2025. Management believes that the full benefit of these rate reductions has yet to be realized and expects that the repricing of time deposits should continue to reduce the cost of funds and have a positive impact on the Company’s net interest margin prospectively.

The Company recorded a $624 thousand provision for credit losses for the fourth quarter of 2025 compared to $298 thousand for the fourth quarter of 2024. Provision for credit losses on funded loans totaled $451 thousand, while provision for credit losses on unfunded loan commitments totaled $173 thousand during the three months ended December 31, 2025. The provision for credit losses on funded loans during the most recent quarter reflected the impact of the charge-off of the unguaranteed portion of a commercial business SBA 7(a) loan, as well as the growth of the Company’s loan portfolio quarter-over-quarter coupled with the impact of management’s assessment of the qualitative adjustments related to existing local economic conditions and loan segments concentrations.

Non-interest income increased $128 thousand or 45.6% during the fourth quarter of 2025 compared to the fourth quarter of 2024. This increase was primarily attributable to a $108 thousand increase in gains recorded on sales of the guaranteed portions of the SBA 7(a) loans in combination with the $100 thousand increase in mark-to-market adjustments on investments related to the Company’s nonqualified deferred compensation (“NQDC”) plan.

Non-interest expense increased $26 thousand or 0.3% during the fourth quarter of 2025 compared to the fourth quarter of 2024 primarily resulting from an increase in salaries and employee benefits and higher professional fees. These increases were partially offset by lower occupancy expense. Salaries and employee benefits increased by $100 thousand, which was mainly related to increases in headcount within the Bank during the current fiscal year. Professional fees increased by $89 thousand due to higher consulting fees. The $91 thousand decrease in occupancy expense was due to a lower office rent resulting from the renegotiation of certain leases during the current year.

For the three months ended December 31, 2025, annualized non-interest expense to average assets was 1.36% compared to 1.41% for the three months ended December 31, 2024. This decrease was primarily due to the growth in average assets and stable non-interest expense, when comparing the two periods. For the three months ended December 31, 2025, the efficiency ratio declined to 48.8% compared to 55.4% for the three months ended December 31, 2024. The improvement in the efficiency ratio was due to a 14.0% growth in total revenue, which outpaced 0.3% increase in non-interest expense over the period.

Return on average assets for the quarter ended December 31, 2025 was 1.01% and return on average equity was 8.89% compared to 0.85% and 7.71%, respectively, for the fourth quarter of 2024.

Year-End Results

The Company reported net income of $21.2 million for the twelve months ended December 31, 2025, an increase of $4.1 million or 24.0% when compared to the same period in 2024.

Net interest income for the twelve months ended December 31, 2025 increased $9.5 million or 18.6% compared to the same period of 2024. The net interest margin for the twelve months ended December 31, 2025 was 2.68% as compared to 2.28% for the same period in the prior year. These increases were driven primarily by the decrease in rates of interest-bearing deposits coupled with increases in average balances and yields of the loan portfolio.

The cost of interest-bearing liabilities was 3.37% for the twelve months ended December 31, 2025 compared to 3.78% for the twelve months ended December 31, 2024. The decrease in the cost of interest-bearing liabilities was primarily due to a 40 basis points decrease in the cost of interest-bearing deposits as a result of the repricing of the Company’s time deposits coupled with a decrease in rates offered on money market, interest-bearing demand deposits and savings deposit accounts since the fourth quarter of 2024. The yield on interest-earning assets was 5.01% for the twelve months ended December 31, 2025 compared to 4.91% for the same period in 2024. The increase in yield on interest-earning assets was primarily due to a 13 basis point increase in loan yield and an eight basis point increase in securities yield, as a result of higher prevailing interest rates as assets repriced subsequent to the fourth quarter of 2024. Average loans increased $73.1 million between the twelve months ended December 31, 2025 and 2024, which was primarily attributable to origination volume in the construction & development and residential mortgage loan portfolios subsequent to December 31, 2024. These positive contributing factors to the year-over-year increase in the net interest margin were partially offset by lower yields and average balances of interest-bearing deposits in other banks.

The Company recorded a $1.7 million provision for credit losses for the twelve months ended December 31, 2025 compared to a $0.4 million recovery of provision for credit losses for the twelve months ended December 31, 2024. The provision for credit losses during the twelve months ended December 31, 2025 was primarily a result of growth of the loan portfolio and the related changes in the portfolio mix, coupled with the impact of the charge-off of the unguaranteed portion of a commercial business SBA 7(a) loan and management’s assessment of the qualitative adjustments reflecting changing local economic conditions monitored throughout the year.

Non-interest income decreased $197 thousand or 8.7% during the twelve months ended December 31, 2025 compared to the same period of 2024. The decrease was primarily driven by a $198 thousand decrease in the recorded gain on sale of the government guaranteed portion of the SBA 7(a) loans due to lower sale activity along with the $88 thousand decrease in insurance commissions. These decreases were partially offset by a $166 thousand increase to the mark-to-market adjustments on the Company’s NQDC plan and a $37 thousand increase in swap fee income.

Non-interest expense increased $1.8 million or 5.5% during the twelve months ended December 31, 2025 compared to the same period in 2024 primarily resulting from increases in salaries and employee benefits and other expense, predominantly due to higher data processing service fees and professional fees. The $1.5 million or 7.7% increase in salaries and employee benefits was mainly associated with the higher headcount within the Company and an increase in incentive compensation tied to the Company’s operating performance. The investments made to expand the headcount during the current year are expected to contribute to the future growth of the Company and subsequent increases in revenues. Increase in incentive compensation was commensurate with the 24% year-over-year increase in net income and the fact that the Company’s operating performance for 2025 exceeded the budget and strategic plan. The $168 thousand or 7.6% increase in data processing service fees was primarily due to contractual increases and volume-based activity. Professional fees increased $146 thousand or 14.6% for the period, driven primarily by higher consulting fees. These increases were partially offset by a decrease in the Company’s occupancy expense, which declined by $216 thousand or 12.3%, due to a decrease in office rent as a result of the renegotiation of more favorable terms on certain leases.

For the twelve months ended December 31, 2025, non-interest expense to average assets was 1.48% compared to 1.41% for the twelve months ended December 31, 2024. The increase was primarily due to higher non-interest expenses, as outlined above, when comparing the two periods.

For the twelve months ended December 31, 2025, the efficiency ratio was 53.6% compared to 59.7% for the twelve months ended December 31, 2024. The improvement in the efficiency ratio was due to a 17.5% growth in total revenue, which outpaced a 5.5% increase in non-interest expense over the period.

Return on average assets for the twelve months ended December 31, 2025 was 0.93% and return on average equity was 8.26% compared to 0.76% and 7.16%, respectively, for the twelve months ended December 31, 2024.

About John Marshall Bancorp, Inc.

John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank. The Bank is headquartered in Reston, Virginia with eight full-service branches located in Alexandria, Arlington, Loudoun, Prince William, Reston, and Tysons, Virginia, as well as Rockville, Maryland, and Washington, D.C. The Bank is dedicated to providing exceptional value, personalized service and convenience to local businesses and professionals in the Washington, D.C. Metropolitan area. The Bank offers a comprehensive line of sophisticated banking products and services that rival those of the largest banks along with experienced staff to help achieve customers’ financial goals. Dedicated relationship managers serve as direct points-of-contact, providing subject matter expertise in a variety of niche industries including charter and private schools, government contractors, health services, nonprofits and associations, professional services, property management companies and title companies. Learn more at www.johnmarshallbank.com.

Cautionary Note Regarding Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of confidence. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and the Bank include, but are not limited to, the following: the concentration of our business in the Washington, D.C. metropolitan area and the effect of changes in the economic, political and environmental conditions on this market, including potential reductions in spending by the U.S. Government and related reductions in the federal workforce; adequacy of our allowance for loan credit losses, allowance for unfunded commitments credit losses, and allowance for credit losses associated with our held-to-maturity and available-for-sale securities portfolios; deterioration of our asset quality; future performance of our loan portfolio with respect to recently originated loans; the level of prepayments on loans and mortgage-backed securities; liquidity, interest rate and operational risks associated with our business; changes in our financial condition or results of operations that reduce capital; our ability to maintain existing deposit relationships or attract new deposit relationships; changes in consumer spending, borrowing and savings habits; inflation and changes in interest rates that may reduce our margins or reduce the fair value of financial instruments; changes in the monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; additional risks related to new lines of business, products, product enhancements or services; increased competition with other financial institutions and fintech companies; adverse changes in the securities markets; changes in the financial condition or future prospects of issuers of securities that we own; our ability to maintain an effective risk management framework; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory structure and in regulatory fees and capital requirements; compliance with legislative or regulatory requirements; results of examination of us by our regulators, including the possibility that our regulators may require us to increase our allowance for credit losses or to write-down assets or take similar actions; potential claims, damages, and fines related to litigation or government actions; the effectiveness of our internal controls over financial reporting and our ability to remediate any future material weakness in our internal controls over financial reporting; geopolitical conditions, including trade restrictions and tariffs, and acts or threats of terrorism and/or military conflicts, or actions taken by the U.S. or other governments in response to trade restrictions and tariffs, and acts or threats of terrorism and/or military conflicts, negatively impacting business and economic conditions in the U.S. and abroad; the effects of weather-related or natural disasters, which may negatively affect our operations and/or our loan portfolio and increase our cost of conducting business; public health events (such as the COVID-19 pandemic) and governmental and societal responses thereto; technological risks and developments, and cyber threats, attacks, or events; changes in accounting policies and practices; our ability to successfully capitalize on growth opportunities; our ability to retain key employees; deteriorating economic conditions, either nationally or in our market area, including higher unemployment and lower real estate values; implications of our status as a smaller reporting company and as an emerging growth company; and other factors discussed in the Company’s reports (such as our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

John Marshall Bancorp, Inc.
Financial Highlights (Unaudited)
(Dollar amounts in thousands, except per share data)
		At or For the Three Months Ended						At or For the Twelve Months Ended
			December 31						December 31
		2025			2024			2025			2024
Selected Balance Sheet Data
Cash and cash equivalents		$	129,974		$	122,469		$	129,974		$	122,469
Total investment securities			222,760			232,732			222,760			232,732
Loans, net of unearned income			1,975,360			1,872,173			1,975,360			1,872,173
Allowance for loan credit losses			19,805			18,715			19,805			18,715
Total assets			2,332,550			2,234,947			2,332,550			2,234,947
Non-interest bearing demand deposits			432,733			433,288			432,733			433,288
Interest-bearing deposits			1,539,552			1,459,127			1,539,552			1,459,127
Total deposits			1,972,285			1,892,415			1,972,285			1,892,415
Federal Home Loan Bank advances			56,000			56,000			56,000			56,000
Shareholders' equity			265,638			246,614			265,638			246,614
Summary Results of Operations
Interest income		$	29,164		$	27,995		$	113,257		$	110,133
Interest expense			13,224			13,929			52,693			59,086
Net interest income			15,940			14,066			60,564			51,047
Provision for (recovery of) credit losses			624			298			1,688			(370)
Net interest income after provision for (recovery of) credit losses			15,316			13,768			58,876			51,417
Non-interest income			409			281			2,074			2,271
Non-interest expense			7,971			7,945			33,567			31,809
Income before income taxes			7,754			6,104			27,383			21,879
Net income			5,916			4,776			21,233			17,121
Per Share Data and Shares Outstanding
Earnings per common share - basic		$	0.42		$	0.34		$	1.49		$	1.20
Earnings per common share - diluted		$	0.42		$	0.33		$	1.49		$	1.20
Book value per share		$	18.70		$	17.28		$	18.70		$	17.28
Weighted average common shares (basic)			14,142,249			14,196,309			14,189,520			14,172,166
Weighted average common shares (diluted)			14,142,249			14,224,287			14,194,601			14,206,109
Common shares outstanding at end of period			14,204,877			14,269,469			14,204,877			14,269,469
Performance Ratios
Return on average assets (annualized)			1.01	%		0.85	%		0.93	%		0.76	%
Return on average equity (annualized)			8.89	%		7.71	%		8.26	%		7.16	%
Net interest margin (annualized)			2.73	%		2.52	%		2.68	%		2.28	%
Non-interest income as a percentage of average assets (annualized)			0.07	%		0.05	%		0.09	%		0.10	%
Non-interest expense to average assets (annualized)			1.36	%		1.41	%		1.48	%		1.41	%
Efficiency ratio			48.8	%		55.4	%		53.6	%		59.7	%
Asset Quality
Non-performing assets to total assets			0.05	%		0.45	%		0.05	%		0.45	%
Non-performing loans to total loans			0.05	%		0.53	%		0.05	%		0.53	%
Allowance for loan credit losses to non-performing assets			18.3	x		1.9	x		18.3	x		1.9	x
Allowance for loan credit losses to total loans			1.00	%		1.00	%		1.00	%		1.00	%
Net charge-offs to average loans (annualized)			0.07	%		- -	%		0.02	%		- -	%
Loans 30-89 days past due and accruing interest		$	- -		$	- -		$	- -		$	- -
90 days past due and still accruing interest			1,084			9,978			1,084			9,978
Non-accrual loans			- -			- -			- -			- -
Other real estate owned			- -			- -			- -			- -
Non-performing assets (1)			1,084			9,978			1,084			9,978
Capital Ratios (Bank Level)
Equity / assets			12.2	%		11.9	%		12.2	%		11.9	%
Total risk-based capital ratio			16.3	%		16.2	%		16.3	%		16.2	%
Tier 1 risk-based capital ratio			15.2	%		15.2	%		15.2	%		15.2	%
Common equity tier 1 ratio			15.2	%		15.2	%		15.2	%		15.2	%
Leverage ratio			12.5	%		12.4	%		12.5	%		12.4	%
Other Information
Number of full time equivalent employees			139			132			139			132
# Full service branch offices			8			8			8			8

(1)	Non-performing assets consist of non-accrual loans, loans 90 days or more past due and still accruing interest and other real estate owned.

John Marshall Bancorp, Inc.
Consolidated Balance Sheets
(Dollar amounts in thousands, except per share data)
														% Change
		December 31,				September 30,				December 31,				Last Three				Year Over
		2025				2025				2024				Months				Year
Assets		(Unaudited)				(Unaudited)				*
Cash and due from banks		$	6,492			$	8,867			$	5,945			(26.8	)	%		9.2		%
Interest-bearing deposits in banks			123,482				154,778				116,524			(20.2	)	%		6.0		%
Securities available-for-sale, at fair value			123,852				116,378				130,257			6.4		%		(4.9	)	%
Securities held-to-maturity at amortized cost, fair value of $77,575, $77,647, and $76,270 at 12/31/2025, 9/30/2025, and 12/31/2024, respectively			88,421				89,291				92,009			(1.0	)	%		(3.9	)	%
Restricted securities, at cost			7,644				7,641				7,634			- -		%		0.1		%
Equity securities, at fair value			2,843				2,809				2,832			1.2		%		0.4		%
Loans, net of unearned income			1,975,360				1,938,108				1,872,173			1.9		%		5.5		%
Allowance for loan credit losses			(19,805	)			(19,714	)			(18,715	)		0.5		%		5.8		%
Net loans			1,955,555				1,918,394				1,853,458			1.9		%		5.5		%
Bank premises and equipment, net			1,315				1,424				1,318			(7.7	)	%		(0.2	)	%
Accrued interest receivable			5,890				5,819				5,996			1.2		%		(1.8	)	%
Right of use assets			4,551				4,583				5,013			(0.7	)	%		(9.2	)	%
Other assets			12,505				14,560				13,961			(14.1	)	%		(10.4	)	%
Total assets		$	2,332,550			$	2,324,544			$	2,234,947			0.3		%		4.4		%
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Non-interest bearing demand deposits		$	432,733			$	446,925			$	433,288			(3.2	)	%		(0.1	)	%
Interest-bearing demand deposits			745,323				727,295				705,097			2.5		%		5.7		%
Savings deposits			34,683				39,427				44,367			(12.0	)	%		(21.8	)	%
Time deposits			759,546				755,181				709,663			0.6		%		7.0		%
Total deposits			1,972,285				1,968,828				1,892,415			0.2		%		4.2		%
Federal Home Loan Bank advances			56,000				56,000				56,000			- -		%		- -		%
Subordinated debt, net			24,875				24,854				24,791			0.1		%		0.3		%
Accrued interest payable			2,124				1,869				2,394			13.6		%		(11.3	)	%
Lease liabilities			4,819				4,941				5,369			(2.5	)	%		(10.2	)	%
Other liabilities			6,809				8,360				7,364			(18.6	)	%		(7.5	)	%
Total liabilities			2,066,912				2,064,852				1,988,333			0.1		%		4.0		%
Shareholders' Equity
Preferred stock, par value $0.01 per share; authorized 1,000,000 shares; none issued			- -				- -				- -			N/M				N/M
Common stock, nonvoting, par value $0.01 per share; authorized 1,000,000 shares; none issued			- -				- -				- -			N/M				N/M
Common stock, voting, par value $0.01 per share; authorized 30,000,000 shares; issued and outstanding, 14,204,877 at 12/31/2025 including 58,821 unvested shares, issued and outstanding, 14,216,781 at 9/30/2025 including 51,085 unvested shares, issued and outstanding, and 14,269,469 at 12/31/2024 including 54,388 unvested shares, issued and outstanding			141				142				142			(0.7	)	%		(0.7	)	%
Additional paid-in capital			95,699				96,311				97,173			(0.6	)	%		(1.5	)	%
Retained earnings			176,913				170,998				159,951			3.5		%		10.6		%
Accumulated other comprehensive loss			(7,115	)			(7,759	)			(10,652	)		(8.3	)	%		(33.2	)	%
Total shareholders' equity			265,638				259,692				246,614			2.3		%		7.7		%
Total liabilities and shareholders' equity		$	2,332,550			$	2,324,544			$	2,234,947			0.3		%		4.4		%
* Derived from audited consolidated financial statements.

John Marshall Bancorp, Inc.
Consolidated Statements of Income
(Dollar amounts in thousands, except per share data)
		Three Months Ended												Twelve Months Ended
		December 31,												December 31,
		2025				2024				% Change				2025				2024				% Change
		(Unaudited)				(Unaudited)								(Unaudited)				*
Interest and Dividend Income
Interest and fees on loans		$	26,433			$	25,044			5.5		%		$	102,651			$	96,332			6.6		%
Interest on investment securities, taxable			1,053				1,091			(3.5	)	%			4,198				4,692			(10.5	)	%
Interest on investment securities, tax-exempt			9				9			- -		%			36				36			- -		%
Dividends			120				128			(6.3	)	%			484				391			23.8		%
Interest on deposits in other banks			1,549				1,723			(10.1	)	%			5,888				8,682			(32.2	)	%
Total interest and dividend income			29,164				27,995			4.2		%			113,257				110,133			2.8		%
Interest Expense
Deposits			12,303				13,008			(5.4	)	%			49,027				54,492			(10.0	)	%
Federal funds purchased			- -				- -			N/M					2				2			- -		%
Federal Home Loan Bank advances			572				572			- -		%			2,268				745			204.4		%
Federal Reserve Bank borrowings			- -				- -			N/M					- -				2,451			(100.0	)	%
Subordinated debt			349				349			- -		%			1,396				1,396			- -		%
Total interest expense			13,224				13,929			(5.1	)	%			52,693				59,086			(10.8	)	%
Net interest income			15,940				14,066			13.3		%			60,564				51,047			18.6		%
Provision for (recovery of) Credit Losses			624				298			109.4		%			1,688				(370	)		N/M
Net interest income after provision for (recovery of) credit losses			15,316				13,768			11.2		%			58,876				51,417			14.5		%
Non-interest Income
Service charges on deposit accounts			81				89			(9.0	)	%			336				349			(3.7	)	%
Other service charges and fees			142				181			(21.5	)	%			571				655			(12.8	)	%
Insurance commissions			24				59			(59.3	)	%			328				416			(21.2	)	%
Gain on sale of government guaranteed loans			119				11			981.8		%			322				520			(38.1	)	%
Non-qualified deferred compensation plan asset gains, net			38				(62	)		N/M					402				236			70.3		%
Other income			5				3			66.7		%			115				95			21.1		%
Total non-interest income			409				281			45.6		%			2,074				2,271			(8.7	)	%
Non-interest Expenses
Salaries and employee benefits			4,758				4,658			2.1		%			20,729				19,240			7.7		%
Occupancy expense of premises			326				417			(21.8	)	%			1,544				1,760			(12.3	)	%
Furniture and equipment expenses			326				319			2.2		%			1,285				1,220			5.3		%
Other expenses			2,561				2,551			0.4		%			10,009				9,589			4.4		%
Total non-interest expenses			7,971				7,945			0.3		%			33,567				31,809			5.5		%
Income before income taxes			7,754				6,104			27.0		%			27,383				21,879			25.2		%
Income Tax Expense			1,838				1,328			38.4		%			6,150				4,758			29.3		%
Net income		$	5,916			$	4,776			23.9		%		$	21,233			$	17,121			24.0		%
Earnings Per Share
Basic		$	0.42			$	0.34			23.5		%		$	1.49			$	1.20			24.2		%
Diluted		$	0.42			$	0.33			27.3		%		$	1.49			$	1.20			24.2		%
* Derived from audited consolidated financial statements.

John Marshall Bancorp, Inc.
Historical Trends - Quarterly Financial Data (Unaudited)
(Dollar amounts in thousands, except per share data)
At or For the Three Months Ended
		2025																	2024
		December 31				September 30				June 30				March 31				December 31				September 30				June 30				March 31
Profitability for the Quarter:
Interest income		$	29,164			$	28,945			$	27,843			$	27,305			$	27,995			$	28,428			$	26,791			$	26,919
Interest expense			13,224				13,345				12,917				13,208				13,929				15,272				14,710				15,175
Net interest income			15,940				15,600				14,926				14,097				14,066				13,156				12,081				11,744
Provision for (recovery of) credit losses			624				356				537				170				298				400				(292	)			(776	)
Non-interest income			409				653				507				505				281				617				555				818
Non-interest expenses			7,971				9,034				8,313				8,248				7,945				8,031				7,909				7,924
Income before income taxes			7,754				6,863				6,583				6,184				6,104				5,342				5,019				5,414
Income tax expense			1,838				1,459				1,480				1,374				1,328				1,107				1,114				1,210
Net income		$	5,916			$	5,404			$	5,103			$	4,810			$	4,776			$	4,235			$	3,905			$	4,204
Financial Performance:
Return on average assets (annualized)			1.01		%		0.94		%		0.91		%		0.87		%		0.85		%		0.73		%		0.70		%		0.75		%
Return on average equity (annualized)			8.89		%		8.31		%		8.06		%		7.76		%		7.71		%		7.00		%		6.68		%		7.23		%
Net interest margin (annualized)			2.73		%		2.72		%		2.69		%		2.58		%		2.52		%		2.30		%		2.19		%		2.11		%
Non-interest income as a percentage of average assets (annualized)			0.07		%		0.11		%		0.09		%		0.09		%		0.05		%		0.11		%		0.10		%		0.15		%
Non-interest expense to average assets (annualized)			1.36		%		1.57		%		1.49		%		1.50		%		1.41		%		1.39		%		1.42		%		1.41		%
Efficiency ratio			48.8		%		55.6		%		53.9		%		56.5		%		55.4		%		58.3		%		62.6		%		63.1		%
Per Share Data:
Earnings per common share - basic		$	0.42			$	0.38			$	0.36			$	0.34			$	0.34			$	0.30			$	0.27			$	0.30
Earnings per common share - diluted		$	0.42			$	0.38			$	0.36			$	0.34			$	0.33			$	0.30			$	0.27			$	0.30
Book value per share		$	18.70			$	18.27			$	17.83			$	17.72			$	17.28			$	17.07			$	16.54			$	16.51
Dividends declared per share		$	- -			$	- -			$	0.30			$	- -			$	- -			$	- -			$	0.25			$	- -
Weighted average common shares (basic)			14,142,249				14,172,953				14,221,597				14,223,046				14,196,309				14,187,691				14,173,245				14,130,986
Weighted average common shares (diluted)			14,142,249				14,172,953				14,223,418				14,241,114				14,224,287				14,214,586				14,200,171				14,181,254
Common shares outstanding at end of period			14,204,877				14,216,781				14,231,389				14,275,885				14,269,469				14,238,677				14,229,853				14,209,606
Non-interest Income:
Service charges on deposit accounts		$	81			$	87			$	86			$	82			$	89			$	84			$	88			$	88
Other service charges and fees			142				135				141				153				181				160				165				149
Insurance commissions			24				58				33				213				59				64				40				252
Gain on sale of government guaranteed loans			119				106				61				36				11				160				216				133
Non-qualified deferred compensation plan asset gains (losses), net			38				158				182				24				(62	)			139				35				124
Other income (loss)			5				109				4				(3	)			3				10				11				72
Total non-interest income		$	409			$	653			$	507			$	505			$	281			$	617			$	555			$	818
Non-interest Expenses:
Salaries and employee benefits		$	4,758			$	5,693			$	5,178			$	5,099			$	4,658			$	4,897			$	4,875			$	4,810
Occupancy expense of premises			326				405				407				407				417				444				448				451
Furniture and equipment expenses			326				329				315				316				319				304				301				297
Other expenses			2,561				2,607				2,413				2,426				2,551				2,386				2,285				2,366
Total non-interest expenses		$	7,971			$	9,034			$	8,313			$	8,248			$	7,945			$	8,031			$	7,909			$	7,924
Balance Sheets at Quarter End:
Total loans, net of unearned income		$	1,975,360			$	1,938,108			$	1,916,915			$	1,870,472			$	1,872,173			$	1,842,598			$	1,827,187			$	1,825,931
Allowance for loan credit losses			(19,805	)			(19,714	)			(19,298	)			(18,826	)			(18,715	)			(18,481	)			(18,433	)			(18,671	)
Investment securities			222,760				216,119				226,495				226,163				232,732				247,840				249,582				261,341
Interest-earning assets			2,321,602				2,309,005				2,250,921				2,255,154				2,221,429				2,259,501				2,249,350				2,234,592
Total assets			2,332,550				2,324,544				2,267,953				2,272,432				2,234,947				2,274,363				2,269,757				2,251,837
Total deposits			1,972,285				1,968,828				1,896,893				1,922,175				1,892,415				1,936,150				1,912,840				1,900,990
Total interest-bearing liabilities			1,620,427				1,602,757				1,555,598				1,565,165				1,539,918				1,544,498				1,577,420				1,598,050
Total shareholders' equity			265,638				259,692				253,732				252,958				246,614				243,118				235,346				234,550
Quarterly Average Balance Sheets:
Total loans, net of unearned income		$	1,946,386			$	1,912,275			$	1,868,290			$	1,868,303			$	1,838,526			$	1,818,472			$	1,810,722			$	1,835,966
Investment securities			220,324				221,802				229,171				231,479				243,329				249,354				255,940				270,760
Interest-earning assets			2,319,551				2,275,386				2,224,806				2,220,730				2,223,725				2,277,427				2,222,658				2,247,620
Total assets			2,331,563				2,289,352				2,238,955				2,233,761				2,238,062				2,292,385				2,239,261				2,264,544
Total deposits			1,970,486				1,934,456				1,883,425				1,884,969				1,893,976				1,939,601				1,883,010				1,914,173
Total interest-bearing liabilities			1,601,506				1,571,390				1,530,811				1,540,974				1,532,452				1,573,631				1,551,953				1,600,197
Total shareholders' equity			264,175				257,993				254,071				251,559				246,525				240,609				235,136				233,952
Financial Measures:
Average equity to average assets			11.3		%		11.3		%		11.3		%		11.3		%		11.0		%		10.5		%		10.5		%		10.3		%
Investment securities to earning assets			9.6		%		9.4		%		10.1		%		10.0		%		10.5		%		11.0		%		11.1		%		11.7		%
Loans to earning assets			85.1		%		83.9		%		85.2		%		82.9		%		84.3		%		81.5		%		81.2		%		81.7		%
Loans to assets			84.7		%		83.4		%		84.5		%		82.3		%		83.8		%		81.0		%		80.5		%		81.1		%
Loans to deposits			100.2		%		98.4		%		101.1		%		97.3		%		98.9		%		95.2		%		95.5		%		96.1		%
Capital Ratios (Bank Level):
Equity / assets			12.2		%		12.1		%		12.2		%		11.9		%		11.9		%		11.6		%		11.4		%		11.3		%
Total risk-based capital ratio			16.3		%		16.6		%		16.3		%		16.5		%		16.2		%		16.3		%		16.4		%		16.1		%
Tier 1 risk-based capital ratio			15.2		%		15.5		%		15.3		%		15.4		%		15.2		%		15.3		%		15.4		%		15.1		%
Common equity tier 1 ratio			15.2		%		15.5		%		15.3		%		15.4		%		15.2		%		15.3		%		15.4		%		15.1		%
Leverage ratio			12.5		%		12.7		%		12.8		%		12.6		%		12.4		%		11.9		%		12.2		%		11.8		%

John Marshall Bancorp, Inc.
Loan, Deposit and Borrowing Detail (Unaudited)
(Dollar amounts in thousands)
	2025																				2024
	December 31					September 30					June 30					March 31					December 31					September 30					June 30					March 31
Loans		$ Amount		% of Total			$ Amount		% of Total			$ Amount		% of Total			$ Amount		% of Total			$ Amount		% of Total			$ Amount		% of Total			$ Amount		% of Total			$ Amount		% of Total
Commercial business loans	$	49,729		2.5	%	$	46,486		2.4	%	$	43,158		2.3	%	$	46,479		2.5	%	$	47,612		2.5	%	$	39,741		2.2	%	$	41,806		2.3	%	$	42,779		2.3	%
Commercial PPP loans		124		0.0	%		124		0.0	%		124		0.0	%		124		0.0	%		124		0.0	%		126		0.0	%		127		0.0	%		129		0.0	%
Commercial owner-occupied real estate loans		323,486		16.4	%		327,269		16.9	%		320,061		16.7	%		318,087		17.1	%		329,222		17.6	%		343,906		18.7	%		349,644		19.2	%		356,335		19.6	%
Total business loans		373,339		18.9	%		373,879		19.3	%		363,343		19.0	%		364,690		19.6	%		376,958		20.2	%		383,773		20.9	%		391,577		21.5	%		399,243		21.9	%
Investor real estate loans		756,620		38.5	%		770,405		39.9	%		777,591		40.7	%		759,002		40.7	%		757,173		40.5	%		726,771		39.5	%		722,419		39.6	%		692,418		38.0	%
Construction & development loans		222,659		11.3	%		193,444		10.0	%		186,409		9.7	%		173,270		9.3	%		164,988		8.8	%		161,466		8.8	%		138,744		7.6	%		151,476		8.3	%
Multi-family loans		93,511		4.7	%		93,477		4.8	%		94,415		4.9	%		95,556		5.1	%		94,695		5.1	%		91,426		5.0	%		91,925		5.1	%		94,719		5.2	%
Total commercial real estate loans		1,072,790		54.5	%		1,057,326		54.7	%		1,058,415		55.3	%		1,027,828		55.1	%		1,016,856		54.4	%		979,663		53.3	%		953,088		52.3	%		938,613		51.5	%
Residential mortgage loans		522,990		26.5	%		501,104		25.9	%		489,522		25.6	%		472,747		25.3	%		472,932		25.3	%		473,787		25.8	%		476,764		26.2	%		482,254		26.5	%
Consumer loans		1,157		0.1	%		1,029		0.1	%		998		0.1	%		809		0.0	%		906		0.0	%		877		0.0	%		876		0.0	%		772		0.1	%
Total loans	$	1,970,276		100.0	%	$	1,933,338		100.0	%	$	1,912,278		100.0	%	$	1,866,074		100.0	%	$	1,867,652		100.0	%	$	1,838,100		100.0	%	$	1,822,305		100.0	%	$	1,820,882		100.0	%
Less: Allowance for loan credit losses		(19,805	)				(19,714	)				(19,298	)				(18,826	)				(18,715	)				(18,481	)				(18,433	)				(18,671	)
Net deferred loan costs		5,084					4,770					4,637					4,398					4,521					4,498					4,882					5,049
Net loans	$	1,955,555				$	1,918,394				$	1,897,617				$	1,851,646				$	1,853,458				$	1,824,117				$	1,808,754				$	1,807,260
	2025																				2024
	December 31					September 30					June 30					March 31					December 31					September 30					June 30					March 31
Deposits		$ Amount		% of Total			$ Amount		% of Total			$ Amount		% of Total			$ Amount		% of Total			$ Amount		% of Total			$ Amount		% of Total			$ Amount		% of Total			$ Amount		% of Total
Non-interest bearing demand deposits	$	432,733		21.9	%	$	446,925		22.7	%	$	438,628		23.1	%	$	437,822		22.8	%	$	433,288		22.9	%	$	472,422		24.4	%	$	437,169		22.8	%	$	404,669		21.3	%
Interest-bearing demand deposits:
NOW accounts(1)		380,029		19.3	%		366,655		18.6	%		344,931		18.2	%		355,752		18.5	%		355,840		18.8	%		324,660		16.8	%		321,702		16.8	%		318,445		16.8	%
Money market accounts(1)		365,294		18.5	%		360,640		18.3	%		336,299		17.7	%		349,634		18.2	%		349,257		18.5	%		360,725		18.6	%		346,249		18.1	%		326,135		17.1	%
Savings accounts		34,683		1.8	%		39,427		2.0	%		42,966		2.3	%		42,583		2.2	%		44,367		2.3	%		43,779		2.3	%		45,884		2.4	%		50,664		2.7	%
Certificates of deposit
$250,000 or more		337,605		17.1	%		337,800		17.2	%		324,343		17.1	%		322,630		16.8	%		315,549		16.7	%		334,591		17.3	%		339,908		17.8	%		355,766		18.7	%
Less than $250,000		84,710		4.3	%		85,719		4.4	%		80,500		4.2	%		79,305		4.1	%		83,060		4.4	%		86,932		4.5	%		91,258		4.8	%		99,694		5.2	%
QwickRate® certificates of deposit		249		0.0	%		249		0.0	%		249		0.1	%		249		0.0	%		249		0.0	%		4,119		0.2	%		4,119		0.2	%		5,117		0.3	%
IntraFi® certificates of deposit		35,096		1.8	%		29,451		1.5	%		27,015		1.4	%		36,522		1.9	%		34,288		1.8	%		32,801		1.7	%		32,922		1.7	%		34,443		1.8	%
Brokered deposits		301,886		15.3	%		301,962		15.3	%		301,962		15.9	%		297,678		15.5	%		276,517		14.6	%		276,121		14.2	%		293,629		15.4	%		306,057		16.1	%
Total deposits	$	1,972,285		100.0	%	$	1,968,828		100.0	%	$	1,896,893		100.0	%	$	1,922,175		100.0	%	$	1,892,415		100.0	%	$	1,936,150		100.0	%	$	1,912,840		100.0	%	$	1,900,990		100.0	%
Borrowings
Federal funds purchased	$	- -		0.0	%	$	- -		0.0	%	$	16,500		17.0	%	$	- -		0.0	%	$	- -		0.0	%	$	- -		0.0	%	$	- -		0.0	%	$	- -		0.0	%
Federal Home Loan Bank advances		56,000		69.2	%		56,000		69.3	%		56,000		57.5	%		56,000		69.3	%		56,000		69.3	%		56,000		69.3	%		- -		0.0	%		- -		0.0	%
Federal Reserve Bank borrowings		- -		0.0	%		- -		0.0	%		- -		0.0	%		- -		0.0	%		- -		0.0	%		- -		0.0	%		77,000		75.7	%		77,000		75.7	%
Subordinated debt, net		24,875		30.8	%		24,854		30.7	%		24,833		25.5	%		24,812		30.7	%		24,791		30.7	%		24,770		30.7	%		24,749		24.3	%		24,729		24.3	%
Total borrowings	$	80,875		100.0	%	$	80,854		100.0	%	$	97,333		100.0	%	$	80,812		100.0	%	$	80,791		100.0	%	$	80,770		100.0	%	$	101,749		100.0	%	$	101,729		100.0	%
Total deposits and borrowings	$	2,053,160				$	2,049,682				$	1,994,226				$	2,002,987				$	1,973,206				$	2,016,920				$	2,014,589				$	2,002,719
Core customer funding sources (2)	$	1,670,150		82.3	%	$	1,666,617		82.3	%	$	1,594,682		81.0	%	$	1,624,248		82.1	%	$	1,615,649		82.9	%	$	1,655,910		83.1	%	$	1,615,092		81.2	%	$	1,589,816		80.4	%
Wholesale funding sources (3)		358,135		17.7	%		358,211		17.7	%		374,711		19.0	%		353,927		17.9	%		332,766		17.1	%		336,240		16.9	%		374,748		18.8	%		388,174		19.6	%
Total funding sources	$	2,028,285		100.0	%	$	2,024,828		100.0	%	$	1,969,393		100.0	%	$	1,978,175		100.0	%	$	1,948,415		100.0	%	$	1,992,150		100.0	%	$	1,989,840		100.0	%	$	1,977,990		100.0	%

(1)	Includes IntraFi® accounts.
(2)	Includes reciprocal IntraFi Demand® IntraFi Money Market® and IntraFi CD® deposits, which are maintained by customers.
(3)	Consists of QwickRate® certificates of deposit, brokered deposits, federal funds purchased, Federal Home Loan Bank advances and Federal Reserve Bank borrowings.

John Marshall Bancorp, Inc.
Average Balance Sheets, Interest and Rates (unaudited)
(Dollar amounts in thousands)
		Twelve Months Ended December 31, 2025									Twelve Months Ended December 31, 2024
					Interest Income /			Average						Interest Income /			Average
(Dollars in thousands)		Average Balance			Expense			Rate(3)			Average Balance			Expense			Rate(3)
Assets:
Securities:
Taxable		$	224,275		$	4,682		2.09	%		$	253,421		$	5,083		2.01	%
Tax-exempt(1)			1,378			45		3.27	%			1,379			45		3.26	%
Total securities		$	225,653		$	4,727		2.09	%		$	254,800		$	5,128		2.01	%
Loans, net of unearned income(2):
Taxable			1,881,636			102,086		5.43	%			1,807,547			95,770		5.30	%
Tax-exempt(1)			17,428			716		4.11	%			18,389			712		3.87	%
Total loans, net of unearned income		$	1,899,064		$	102,802		5.41	%		$	1,825,936		$	96,482		5.28	%
Interest-bearing deposits in other banks		$	135,714		$	5,888		4.34	%		$	162,165		$	8,682		5.35	%
Total interest-earning assets		$	2,260,431		$	113,417		5.01	%		$	2,242,901		$	110,292		4.91	%
Total non-interest earning assets			13,288									15,630
Total assets		$	2,273,719								$	2,258,531
Liabilities & Shareholders’ Equity:
Interest-bearing deposits
NOW accounts		$	353,556		$	8,115		2.30	%		$	322,028		$	8,848		2.75	%
Money market accounts			352,226			9,383		2.66	%			342,057			10,707		3.13	%
Savings accounts			41,227			422		1.02	%			48,466			664		1.37	%
Time deposits			733,433			31,107		4.24	%			757,494			34,273		4.52	%
Total interest-bearing deposits		$	1,480,442		$	49,027		3.31	%		$	1,470,045		$	54,492		3.71	%
Federal funds purchased			46			2		4.35	%			28			2		7.14	%
Subordinated debt			24,831			1,396		5.62	%			24,747			1,396		5.64	%
Federal Reserve Bank borrowings			—			—		N/M				51,314			2,451		4.78	%
Federal Home Loan Bank advances			56,000			2,268		4.05	%			18,361			745		4.06	%
Total interest-bearing liabilities		$	1,561,319		$	52,693		3.37	%		$	1,564,495		$	59,086		3.78	%
Demand deposits			438,171									437,694
Other liabilities			17,322									17,261
Total liabilities		$	2,016,812								$	2,019,450
Shareholders’ equity		$	256,907								$	239,081
Total liabilities and shareholders’ equity		$	2,273,719								$	2,258,531
Tax-equivalent net interest income and spread (Non-GAAP)(1)					$	60,724		1.64	%					$	51,206		1.14	%
Less: tax-equivalent adjustment						160									159
Net interest income and spread (GAAP)					$	60,564		1.64	%					$	51,047		1.13	%
Interest income/earning assets								5.01	%								4.91	%
Interest expense/earning assets								2.33	%								2.63	%
Net interest margin								2.68	%								2.28	%

(1)	Tax-equivalent income and related measures have been adjusted using the federal statutory tax rate of 21%. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $160 thousand and $159 thousand for the twelve months ended December 31, 2025 and December 31, 2024, respectively.
(2)	The Company did not have any loans on non-accrual as of December 31, 2025 and December 31, 2024.
(3)	Rates and yields are annualized and calculated from rounded amounts in thousands, which appear above.

John Marshall Bancorp, Inc.
Average Balance Sheets, Interest and Rates (unaudited)
(Dollar amounts in thousands)
		Three Months Ended December 31, 2025									Three Months Ended December 31, 2024
					Interest Income /			Average						Interest Income /			Average
(Dollars in thousands)		Average Balance			Expense			Rate(3)			Average Balance			Expense			Rate(3)
Assets:
Securities:
Taxable		$	218,946		$	1,173		2.13	%		$	241,950		$	1,219		2.00	%
Tax-exempt(1)			1,378			11		3.17	%			1,379			11		3.17	%
Total securities		$	220,324		$	1,184		2.13	%		$	243,329		$	1,230		2.01	%
Loans, net of unearned income(2):
Taxable			1,927,391			26,268		5.41	%			1,821,664			24,913		5.44	%
Tax-exempt(1)			18,995			209		4.37	%			16,862			166		3.92	%
Total loans, net of unearned income		$	1,946,386		$	26,477		5.40	%		$	1,838,526		$	25,079		5.43	%
Interest-bearing deposits in other banks		$	152,841		$	1,549		4.02	%		$	141,870		$	1,723		4.83	%
Total interest-earning assets		$	2,319,551		$	29,210		4.99	%		$	2,223,725		$	28,032		5.01	%
Total non-interest earning assets			12,012									14,337
Total assets		$	2,331,563								$	2,238,062
Liabilities & Shareholders’ Equity:
Interest-bearing deposits
NOW accounts		$	371,619			2,097		2.24	%		$	351,135			2,315		2.62	%
Money market accounts			370,580			2,365		2.53	%			347,105			2,518		2.89	%
Savings accounts			36,401			91		0.99	%			43,720			134		1.22	%
Time deposits			742,042			7,750		4.14	%			709,713			8,041		4.51	%
Total interest-bearing deposits		$	1,520,642		$	12,303		3.21	%		$	1,451,673		$	13,008		3.56	%
Federal funds purchased			1			—		N/M				—			—		N/M
Subordinated debt			24,862			349		5.57	%			24,778			349		5.60	%
Federal Reserve Bank borrowings			—			—		N/M				—			—		N/M
Federal Home Loan Bank advances			56,001			572		4.05	%			56,001			572		4.06	%
Total interest-bearing liabilities		$	1,601,506		$	13,224		3.28	%		$	1,532,452		$	13,929		3.62	%
Demand deposits			449,844									442,303
Other liabilities			16,038									16,782
Total liabilities		$	2,067,388								$	1,991,537
Shareholders’ equity		$	264,175								$	246,525
Total liabilities and shareholders’ equity		$	2,331,563								$	2,238,062
Tax-equivalent net interest income and spread (Non-GAAP)(1)					$	15,986		1.71	%					$	14,103		1.39	%
Less: tax-equivalent adjustment						46									37
Net interest income and spread (GAAP)					$	15,940		1.71	%					$	14,066		1.39	%
Interest income/earning assets								4.99	%								5.01	%
Interest expense/earning assets								2.26	%								2.49	%
Net interest margin								2.73	%								2.52	%

(1)	Tax-equivalent income and related measures have been adjusted using the federal statutory tax rate of 21%. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $160 thousand and $159 thousand for the twelve months ended December 31, 2025 and December 31, 2024, respectively.
(2)	The Company did not have any loans on non-accrual as of December 31, 2025 and December 31, 2024.
(3)	Rates and yields are annualized and calculated from rounded amounts in thousands, which appear above.

Category: Earnings

View source version on businesswire.com: https://www.businesswire.com/news/home/20260128803829/en/

Christopher W. Bergstrom, (703) 584-0840

Kent D. Carstater, (703) 289-5922

Source: John Marshall