John Marshall Bancorp posts 27% profit jump

John Marshall Bancorp, Inc. reported stronger first quarter results, with net income of $6.1 million for the quarter ended March 31, 2026, up 26.8% from $4.8 million a year earlier.

Rhea-AI Filing Summary

John Marshall Bancorp, Inc. reported stronger first quarter results, with net income of $6.1 million for the quarter ended March 31, 2026, up 26.8% from $4.8 million a year earlier. Diluted earnings per share rose to $0.43 from $0.34.

Profitability improved as the annualized net interest margin increased to 2.87% from 2.58%, driven by higher loan and securities yields and lower deposit costs. Return on average assets reached 1.06% and return on average equity was 9.19%, both higher than the prior-year quarter.

The balance sheet expanded moderately, with total assets of $2.35 billion and loans of $1.97 billion, up 5.5% year over year. Deposits rose to $1.99 billion, with growth in non-interest-bearing balances and reduced reliance on wholesale funding. Asset quality remained strong, with non-performing assets at 0.04% of total assets and an allowance for loan credit losses equal to 1.01% of total loans.

Positive

• Stronger profitability: Net income rose 26.8% year over year to $6.1 million, with diluted EPS up 26.5% to $0.43, driven by higher net interest income and improved efficiency.
• Margin and credit strength: Net interest margin expanded to 2.87% from 2.58%, while non-performing assets remained low at 0.04% of total assets and capital ratios stayed well above regulatory well-capitalized levels.

Negative

• None.

Insights

Regional banking analyst

Solid quarter with higher margin, stronger earnings and clean credit profile.

John Marshall Bancorp delivered a 26.8% increase in net income to $6.1M, with diluted EPS up 26.5% to $0.43. The key driver was net interest income, which grew 17.1% as funding costs fell while loan and securities yields improved.

Annualized net interest margin expanded from 2.58% to 2.87%, reflecting an eight basis point increase in loan yield and lower rates on interest-bearing deposits. The cost of interest-bearing liabilities declined to 3.15%, helped by 34 basis points of deposit rate reductions.

Credit quality appears strong: non-performing assets were just 0.04% of total assets at March 31, 2026, and the allowance for loan credit losses covered 1.01% of loans. Capital remains robust with a total risk-based capital ratio of 16.5%, giving the bank room to support loan growth or continue share repurchases as disclosed.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net income: $6.1M Diluted EPS: $0.43 Net interest margin: 2.87% +5 more

8 metrics

Net income $6.1M Quarter ended March 31, 2026; up 26.8% from $4.8M in Q1 2025

Diluted EPS $0.43 Quarter ended March 31, 2026; up from $0.34 in Q1 2025

Net interest margin 2.87% Annualized, Q1 2026 vs 2.58% in Q1 2025

Total assets $2.35B Balance at March 31, 2026; up from $2.27B at March 31, 2025

Loans, net of unearned income $1.97B Balance at March 31, 2026; 5.5% higher than March 31, 2025

Total deposits $1.99B Balance at March 31, 2026; 3.4% higher than March 31, 2025

Non-performing assets ratio 0.04% Non-performing assets as a percentage of total assets at March 31, 2026

Total risk-based capital ratio 16.5% Bank-level capital ratio as of March 31, 2026

Key Terms

net interest margin, efficiency ratio, non-performing assets, allowance for loan credit losses, +1 more

5 terms

net interest margin financial

"The annualized net interest margin for the first quarter of 2026 was 2.87% compared to 2.58% for the same period in 2025."

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.

efficiency ratio financial

"For the three months ended March 31, 2026, the efficiency ratio declined to 53.1% compared to 56.5% for the three months ended March 31, 2025."

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

non-performing assets financial

"Non-performing assets to total assets | 0.04 % | - - %"

Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.

allowance for loan credit losses financial

"At March 31, 2026, the allowance for loan credit losses was $20.0 million or 1.01% of outstanding loans, net of unearned income."

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.

total risk-based capital ratio financial

"As of March 31, 2026, the Bank’s total risk-based capital ratio was 16.5%, compared to 16.3% at December 31, 2025, and 16.5% at March 31, 2025."

The total risk-based capital ratio measures a financial firm's cushion against losses by comparing its available capital to its assets after those assets are adjusted for how risky they are. Think of it as the size of a safety net relative to the weight of everything being balanced on it: the bigger the ratio, the more able the firm is to absorb bad outcomes without defaulting or needing help. Investors watch this number because it signals regulatory strength, solvency, and how much room the firm has to pay dividends, lend or grow safely.

Earnings Snapshot

Net income: $6.1M

Q1 2026

Net income $6.1M +26.8% YoY

Diluted EPS $0.43 +26.5% YoY

Net interest income $16.5M +17.1% YoY

Net interest margin (annualized) 2.87% +0.29 pp YoY

Return on average assets (annualized) 1.06% up from 0.87% YoY

Return on average equity (annualized) 9.19% up from 7.76% YoY

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did John Marshall Bancorp (JMSB) perform financially in Q1 2026?

John Marshall Bancorp reported net income of $6.1 million in Q1 2026, up 26.8% from $4.8 million a year earlier. Diluted EPS increased to $0.43 from $0.34 as higher net interest income and controlled expenses lifted profitability and efficiency.

What happened to John Marshall Bancorp’s net interest margin in Q1 2026?

Net interest margin improved to 2.87% in Q1 2026 from 2.58% a year earlier. The increase came from higher average loan and securities yields combined with lower rates paid on interest-bearing deposits, which reduced overall funding costs for the bank.

How strong is John Marshall Bancorp’s asset quality as of March 31, 2026?

Asset quality remained strong, with non-performing assets at 0.04% of total assets and non-performing loans at 0.05% of total loans. The allowance for loan credit losses was $20.0 million, equal to 1.01% of outstanding loans, supporting the loan portfolio’s risk profile.

What were John Marshall Bancorp’s loan and deposit levels in Q1 2026?

Loans, net of unearned income, totaled $1.97 billion at March 31, 2026, up 5.5% year over year. Total deposits reached $1.99 billion, increasing 3.4% from the prior year, with growth in non-interest-bearing demand deposits and stable overall funding sources.

How did John Marshall Bancorp’s capital ratios look at the end of Q1 2026?

The bank’s capital position was strong, with a total risk-based capital ratio of 16.5%, common equity tier 1 ratio of 15.4%, and leverage ratio of 12.6%. These levels are well above regulatory well-capitalized standards, supporting future growth and risk absorption.

How efficient was John Marshall Bancorp’s operations in Q1 2026?

The efficiency ratio improved to 53.1% in Q1 2026 from 56.5% a year earlier. This reflects total revenue growth of 15.0% outpacing an 8.2% rise in non-interest expenses, indicating better cost control relative to income generation during the quarter.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/29/2026 - 08:40 AM EDT Learn about SEC filing dates

0001710482false00017104822026-04-292026-04-29

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

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CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

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Date of Report (Date of earliest event reported): April 29, 2026

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John Marshall Bancorp, Inc.

(Exact name of registrant as specified in its charter)

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Virginia		001-41315		81-5424879
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

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1943 Isaac Newton Square East, Suite 100

Reston, Virginia 20190

(Address, including zip code, of principal executive offices)

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Registrant’s telephone number, including area code: (703) 584-0840

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class registered		Trading symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		JMSB		The Nasdaq Stock Market LLC

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging growth company ☒

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

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Item 2.02 Results of Operations and Financial Condition.

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On April 29, 2026, John Marshall Bancorp, Inc. (the “Company”) issued a press release announcing its results of operations and financial condition for the quarter ended March 31, 2026. A copy of the press release is included as Exhibit 99.1 to this report.

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Item 9.01 Financial Statements and Exhibits.

Exhibits

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Exhibit No.	​	Description
99.1	​	Press release dated April 29, 2026.
104	​	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				JOHN MARSHALL BANCORP, INC.
Date: April 29, 2026				By:		/s/ Kent D. Carstater
						Kent D. Carstater Senior Executive Vice President, Chief Financial Officer

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Exhibit 99.1

For Immediate Release

April 29, 2026

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Continued Net Interest Margin Growth Drives 27% Increase in Net Income

Core Deposits and Loans Expand and Asset Quality Remains Strong

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Reston, VA – John Marshall Bancorp, Inc. (Nasdaq: JMSB) (the “Company”), parent company of John Marshall Bank (the “Bank”), reported net income of $6.1 million for the quarter ended March 31, 2026 compared to $4.8 million for the quarter ended March 31, 2025, an increase of $1.3 million or 26.8%.  Diluted earnings per common share were $0.43 for the quarter ended March 31, 2026 compared to $0.34 for the quarter ended March 31, 2025, an increase of 26.5%. Annualized return on average assets was 1.06% for the quarter ended March 31, 2026 compared to 0.87% for the quarter ended March 31, 2025. Annualized return on average equity was 9.19% for the quarter ended March 31, 2026 compared to 7.76% for the quarter ended March 31, 2025.

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Selected Highlights

● Earnings Growth Momentum – Net income of $6.1 million for the quarter ended March 31, 2026 represented a 3.1% increase over the $5.9 million net income reported for the quarter ended December 31, 2025 or an annualized quarter-over-quarter increase of 12.7%. The quarter ended March 31, 2026 marked the seventh consecutive quarter of net income growth.  Diluted earnings per common share were $0.43 for the quarter ended March 31, 2026 and represented a 2.4% increase over the $0.42 diluted earnings per common share reported for the quarter ended December 31, 2025 or an annualized quarter-over-quarter increase of 9.7%.

● Significant Increase in Net Interest Income - For the three months ended March 31, 2026, the Company reported net interest income of $16.5 million, a $2.4 million or 17.1% increase over the prior year first quarter.

● Continued Net Interest Margin Expansion - Net interest margin expanded for the eighth consecutive quarter. Net interest margin increased 29 basis points, from 2.58% for the first quarter of 2025 to 2.87% for the first quarter of 2026. Net interest margin grew 14 basis points when compared to 2.73% for the fourth quarter of 2025.

● Focused on Core Funding and Loan Growth - The Company remains focused on driving value through core funding growth. For the twelve months ended March 31, 2026, total deposits increased $65.6 million or 3.4%.  For the twelve months ended March 31, 2026, non-interest bearing demand deposits increased $20.4 million or 4.7%. Non-interest bearing demand deposits grew $25.5 million or 5.9% from December 31, 2025 to March 31, 2026. Non-interest bearing demand deposits represented 23.1% of total deposits as of March 31, 2026, an increase from 21.9% as of December 31, 2025. For the twelve months ended March 31, 2026, gross loans increased $103.3 million or 5.5%.

● Positive Operating Leverage – Revenues (net interest income plus non-interest income) grew 15.0% for the quarter ended March 31, 2026 relative to the quarter ended March 31, 2025, while non-interest expense increased 8.2%, over the same period. This positive trend in operating leverage improved the efficiency ratio from 56.5% for the three months ended March 31, 2025 to 53.1% for the three months ended March 31, 2026.

● Strong Asset Quality – Overall credit quality of the loan portfolio remains exceptional. The Company recorded no charge-offs during the first quarter of 2026 and had no other real estate owned assets as of March 31, 2026. During the most recent quarter, management placed one U.S. Small Business Administration (“SBA”) 7(a) loan in the total amount of $984 thousand on non-accrual status, representing the Company’s only non-accrual loan as of March 31, 2026. The entire outstanding loan amount is fully guaranteed by the SBA. The Company has submitted the guaranty purchase to the SBA and expects to receive the full guarantee payment. This is the only non-accrual loan since the third quarter of 2019.

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● Growing Book Value per Share and Dividends – Book value per share increased from $17.72 as of March 31, 2025 to $19.00 as of March 31, 2026, a 7.2% increase.  On April 28, 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 June 3, 2026 to shareholders of record at the close of business on May 13, 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 March 31, 2026.  During the three months ended March 31, 2026, the Company repurchased 103,507 shares of its common stock at a weighted average price of $19.69.  

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Chris Bergstrom, President and Chief Executive Officer, commented, “The first quarter of 2026 marks the eighth consecutive quarter of net interest margin improvement. Of the 29 basis points of margin improvement over the last year, 14 basis points of that increase occurred during the first quarter of 2026. Increased margin and $103 million in loan growth over the last twelve months enabled the Company to grow both net income and earnings per share by 27%. Our asset quality remains outstanding. We expect the SBA to pay their guarantee and resolve our one non-accruing loan. With 16.5% total risk-based capital, we have the requisite equity to grow loans at appropriate risk-adjusted returns. Alternatively, we have ample excess capital to build upon the 103,000 shares we repurchased during the first quarter. Our priorities remain unchanged. We continue to invest in technology and personnel to cultivate new relationships and deepen existing ones. We remain focused on delivering tailored banking services and exceptional client experiences. As demonstrated by the nearly 23% increase in our share price from March 31, 2025 to March 31, 2026 and our increased quarterly cash dividend rate, we believe our balance sheet allows us to focus on continued growth, and drive increased returns and shareholder value.”

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Balance Sheet, Liquidity and Credit Quality

Total assets were $2.35 billion at March 31, 2026, $2.33 billion at December 31, 2025, and $2.27 billion at March 31, 2025.  Total assets increased $19.8 million or 3.4% annualized since December 31, 2025 and $79.9 million or 3.5% from March 31, 2025.

Total loans, net of unearned income, declined $1.6 million or 0.3% annualized to $1.97 billion at March 31, 2026 compared to $1.98 billion at December 31, 2025 and increased $103.3 million or 5.5% from $1.87 billion at March 31, 2025.  The increase in loans over the preceding twelve months was primarily attributable to growth in construction & development loans and residential mortgage loans.  Refer to the Loan, Deposit and Borrowing Detail table for further information.

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The carrying value of the Company’s fixed income securities portfolio was $213.8 million at March 31, 2026, $212.3 million at December 31, 2025, and $215.6 million at March 31, 2025.  During the most recent quarter, the Company purchased seven fixed income securities, designated as available-for-sale, with the total carrying amount of $15.0 million and a weighted average purchase yield of 4.08%. The current quarter’s maturities had an average yield of 2.07%. As of March 31, 2026, 95.3% of our bond portfolio carried the implied guarantee of the United States government or one of its agencies.  At March 31, 2026, 70.6% of the fixed income portfolio was invested in amortizing bonds, which provides the Company with a source of steady cash flow.  At March 31, 2026, the fixed income portfolio had an estimated weighted average life of 3.9 years.  The available-for-sale portfolio comprised approximately 61% of the fixed income securities portfolio and had a weighted average life of 3.2 years at March 31, 2026.  The held-to-maturity portfolio comprised approximately 39% of the fixed income securities portfolio and had a weighted average life of 4.9 years at March 31, 2026.

The Company did not have an allowance for credit losses on held-to-maturity securities as of March 31, 2026 or December 31, 2025.  As of March 31, 2026, 93.1% of our held-to-maturity portfolio carried the implied guarantee of the United States government or one of its agencies.

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 $881.0 million as of March 31, 2026 compared to $827.0 million as of December 31, 2025 and represented 37.5% 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 March 31, 2026.

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Total deposits increased $15.4 million or 3.2% annualized to $1.99 billion at March 31, 2026 compared to $1.97 billion at December 31, 2025, and increased $65.6 million or 3.4% from $1.92 billion at March 31, 2025.  During the most recent quarter, total non-interest bearing deposits increased $25.5 million or 23.9% annualized when compared to December 31, 2025, while total interest-bearing deposits declined $10.0 million or 2.6% annualized over the same period. As further detailed in the tables included in this release, core funding sources have increased $15.7 million, while wholesale funding sources have decreased $0.2 million since December 31, 2025. Detail on the deposit activity can be seen in the Loan, Deposit and Borrowing Detail table.  As of March 31, 2026, the Company had $724.6 million of deposits that were not insured or not collateralized compared to $691.5 million and $660.8 million at December 31, 2025 and March 31, 2025, respectively.

Federal Home Loan Bank (“FHLB”) advances remained unchanged at $56.0 million as of March 31, 2026 compared to December 31, 2025 and March 31, 2025.  During the first quarter of 2026, a $15.0 million maturing FHLB advance, carrying an interest rate of 4.14%, was replaced with the FHLB advance of the same principal amount and the interest rate of 3.61%. As of March 31, 2026, the FHLB advances had a weighted average fixed interest rate of 3.85%.  In addition to outstanding FHLB advances, total borrowings as of March 31, 2026 included subordinated debt totaling $24.9 million.

Shareholders’ equity increased $15.1 million or 6.0% to $268.1 million at March 31, 2026 compared to $253.0 million at March 31, 2025. Book value per share was $19.00 as of March 31, 2026 compared to $17.72 as of March 31, 2025, an increase of 7.2%. 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. These increases were partially offset by cash dividends paid and a reduction of additional paid-in capital due to the Company’s share repurchases during the period.

The Bank’s capital ratios remained well above regulatory thresholds for well-capitalized banks. As of March 31, 2026, the Bank’s total risk-based capital ratio was 16.5%, compared to 16.3% at December 31, 2025, and 16.5% at March 31, 2025.

During the quarter ended March 31, 2026, the Company designated one commercial business SBA 7(a) loan as non-accrual. As of March 31, 2026, the total outstanding principal amount of the loan was $984 thousand and is fully guaranteed by the SBA. The Company charged-off the unguaranteed portion of the loan, in the total amount of $361 thousand, during the fourth quarter of 2025 and submitted a reimbursement claim to the SBA for the guaranteed portion. We expect the SBA to pay their guarantee and resolve our one non-accruing loan. During the three months ended March 31, 2026, the Company recorded no charge-offs and had no other real estate owned assets as of March 31, 2026.

At March 31, 2026, the allowance for loan credit losses was $20.0 million or 1.01% of outstanding loans, net of unearned income, compared to $19.8 million or 1.00% of outstanding loans, net of unearned income, at December 31, 2025. Asset quality remains strong. Management continues to assess credit risk exposure and monitor macroeconomic indicators that may impact borrower behavior and repayment capacity. Management believes the current allowance for credit losses is appropriate given the composition and performance of the loan portfolio.

At March 31, 2026, the allowance for credit losses on unfunded loan commitments was $1.2 million compared to $1.3 million at December 31, 2025, due to a lower amount of available loan commitments.

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 March 31, 2026.

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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	54.0	%	3.2	x	55	$	68,336	47.5	%	2.2	x	46	$	110,270
Office	57.5	%	3.7	x	133	​	84,129	47.5	%	1.7	x	57	​	105,145
Retail	61.0	%	3.0	x	43	​	75,998	50.6	%	1.8	x	141	​	442,845
Church	24.2	%	2.3	x	17	​	25,852	70.8	%	3.0	x	2	​	5,590
Hotel/Motel	- -	​	- -	​	- -	​	- -	50.4	%	1.5	x	12	​	82,152
Other(4)	41.7	%	3.7	x	40	​	67,543	45.6	%	2.3	x	8	​	16,156
Total	​	​	​	​	288	$	321,858	​	​	​	​	266	$	762,158

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(1) Loan-to-value is determined at origination date and is divided by principal balance as of March 31, 2026.

(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 March 31, 2026:

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Non-owner occupied office: Geography
Geography	Commitment (in thousands)	​	Percentage
Virginia	$68,064	​	64.0%
Maryland	24,014	​	22.6%
DC	14,246	​	13.4%
Total	$106,324	​	100.0%

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Non-owner occupied office: Maturity
Maturity Year	Commitment (in thousands)	​	Percentage
2026	$2,728	​	2.6%
2027	6,523	​	6.2%
2028	14,063	​	13.2%
2029	26,292	​	24.7%
2030+	56,718	​	53.3%
Total	$106,324	​	100.0%

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Income Statement Review

Quarterly Results

The Company reported net income of $6.1 million for the first quarter of 2026, an increase of $1.3 million or 26.8% when compared to $4.8 million for the first quarter of 2025.  

For the three months ended March 31, 2026, net interest income increased $2.4 million or 17.1% to $16.5 million compared to $14.1 million for the three months ended March 31, 2025. During the same period, interest income grew $1.8 million or 6.5%, driven by higher interest income on loans, while interest expense declined by $0.6 million or 4.8%, predominantly due to lower interest expense on time deposits, interest-bearing checking accounts and money market accounts.

The annualized net interest margin for the first quarter of 2026 was 2.87% compared to 2.58% for the same period in 2025. The increase in net interest margin was primarily due to increases in average balances and yields of the loan portfolio, coupled with lower rates on interest-bearing deposits.

The cost of interest-bearing liabilities was 3.15% for the first quarter of 2026 compared to 3.48% for the same quarter in the prior year driven by the 34 basis points decline in rates on interest-bearing deposits. Rates declined across all

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deposit categories, most notably in money market accounts, time deposits and interest-bearing demand deposits, which declined by 37 basis points, 36 basis points, and 31 basis points, respectively.  The yield on interest-earning assets was 5.07% for the first quarter of 2026 compared to 4.99% for the same period in 2025 primarily due to an eight basis point increase in loan yield coupled with a 28 basis point increase in securities yield.  These increases were partially offset by a 76 basis points decrease in yield on interest-bearing deposits in other banks, as a result of three federal funds rate cuts totaling 75 basis points during the previous year.  Average loans increased by $105.9 million between the three months ended March 31, 2026 and the three months ended March 31, 2025, which was primarily attributable to origination volume in the construction & development and residential mortgage loan portfolios subsequent to March 31, 2025.

The Company recorded a $23 thousand provision for credit losses for the first quarter of 2026 compared to $170 thousand for the first quarter of 2025.  Provision for credit losses on funded loans totaled $143 thousand, while provision for credit losses on unfunded loan commitments was a recovery of $120 thousand during the three months ended March 31, 2026.  The provision for credit losses on funded loans during the most recent quarter reflected the change in the Company’s loan portfolio mix quarter-over-quarter along with the updated forecasted economic variables utilized in the quantitative portion of the allowance calculation. Recovery of the provision for credit losses on unfunded loan commitments was due to lower amount of available loan commitments at March 31, 2026 as compared to December 31, 2025.

Non-interest income decreased $221 thousand or 43.8% during the first quarter of 2026 compared to the first quarter of 2025. This decrease was primarily attributable to a $149 thousand decrease in insurance commissions, in combination with a $37 thousand decrease in mark-to-market adjustments on investments related to the Company’s nonqualified deferred compensation plan and a $30 thousand decline in gains recorded on sales of the guaranteed portions of the SBA 7(a) loans.

Non-interest expense increased $0.7 million or 8.2% during the first quarter of 2026 compared to the first quarter of 2025 primarily resulting from an increase in salaries and employee benefits and higher other expenses. Salaries and employee benefits increased by $522 thousand, which was mainly related to increases in headcount within the Bank during the preceding twelve months and an annual salary merit increase in combination with lower direct loan origination costs when compared to the same period of the prior year. Salaries and employee benefit expense is reduced to account for the portion of salary costs incurred to originate a loan and are subsequently amortized into interest income to match the costs incurred with the economic benefit derived from originating a loan. Other expenses increased by $124 thousand mainly due to higher franchise tax and FDIC insurance, due to higher assessment bases, partially offset by lower marketing expense.

For the three months ended March 31, 2026, annualized non-interest expense to average assets was 1.54% compared to 1.50% for the three months ended March 31, 2025.  This increase was primarily due to the growth in non-interest expense outpacing the growth in average assets during the period.  For the three months ended March 31, 2026, the efficiency ratio declined to 53.1% compared to 56.5% for the three months ended March 31, 2025. The improvement in the efficiency ratio was due to a 15.0% growth in total revenue, which outpaced an 8.2% increase in non-interest expense over the period.

​

Return on average assets for the quarter ended March 31, 2026 was 1.06% and return on average equity was 9.19% compared to 0.87% and 7.76%, respectively, for the first quarter of 2025.

​

​

5

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 consumers in the Washington, D.C. Metropolitan area. The Bank offers a comprehensive line of sophisticated banking products and services 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 commercial real estate, trade contractors, government contractors, health services, nonprofits, private and charter schools, professional services, property management, community associations, and title and escrow services. 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 shutdowns and 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 purposes only, are not forecasts and may not reflect actual results.

​

# # #

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6

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​	​	​	​	​	​	​	​
John Marshall Bancorp, Inc.
​	​	​	​	​	​	​	​
Financial Highlights (Unaudited)
(Dollar amounts in thousands, except per share data)
​	​	​	​	​	​	​	​
​	​	At or For the Three Months Ended					​
​	​	​	March 31				​
​	​	2026		​ ​ ​	2025		​ ​ ​
Selected Balance Sheet Data	​	​	​	​	​	​	​
Cash and cash equivalents	​	$	150,193	​	$	169,060	​
Total investment securities	​	​	224,367	​	​	226,163	​
Loans, net of unearned income	​	​	1,973,743	​	​	1,870,472	​
Allowance for loan credit losses	​	​	19,983	​	​	18,826	​
Total assets	​	​	2,352,350	​	​	2,272,432	​
Non-interest bearing demand deposits	​	​	458,197	​	​	437,822	​
Interest-bearing deposits	​	​	1,529,531	​	​	1,484,353	​
Total deposits	​	​	1,987,728	​	​	1,922,175	​
Federal Home Loan Bank advances	​	​	56,000	​	​	56,000	​
Shareholders' equity	​	​	268,147	​	​	252,958	​
​	​	​	​	​	​	​	​
Summary Results of Operations	​	​	​	​	​	​	​
Interest income	​	$	29,082	​	$	27,305	​
Interest expense	​	​	12,573	​	​	13,208	​
Net interest income	​	​	16,509	​	​	14,097	​
Provision for credit losses	​	​	23	​	​	170	​
Net interest income after provision for credit losses	​	​	16,486	​	​	13,927	​
Non-interest income	​	​	284	​	​	505	​
Non-interest expense	​	​	8,923	​	​	8,248	​
Income before income taxes	​	​	7,847	​	​	6,184	​
Net income	​	​	6,101	​	​	4,810	​
​	​	​	​	​	​	​	​
Per Share Data and Shares Outstanding	​	​	​	​	​	​	​
Earnings per common share - basic	​	$	0.43	​	$	0.34	​
Earnings per common share - diluted	​	$	0.43	​	$	0.34	​
Book value per share	​	$	19.00	​	$	17.72	​
Weighted average common shares (basic)	​	​	14,125,649	​	​	14,223,046	​
Weighted average common shares (diluted)	​	​	14,125,649	​	​	14,241,114	​
Common shares outstanding at end of period	​	​	14,112,259	​	​	14,275,885	​
​	​	​	​	​	​	​	​
Performance Ratios	​	​	​	​	​	​	​
Return on average assets (annualized)	​	​	1.06	%	​	0.87	%
Return on average equity (annualized)	​	​	9.19	%	​	7.76	%
Net interest margin (annualized)	​	​	2.87	%	​	2.58	%
Non-interest income as a percentage of average assets (annualized)	​	​	0.05	%	​	0.09	%
Non-interest expense to average assets (annualized)	​	​	1.54	%	​	1.50	%
Efficiency ratio	​	​	53.1	%	​	56.5	%
​	​	​	​	​	​	​	​
Asset Quality	​	​	​	​	​	​	​
Non-performing assets to total assets	​	​	0.04	%	​	- -	%
Non-performing loans to total loans	​	​	0.05	%	​	- -	%
Allowance for loan credit losses to non-performing assets	​	​	20.3	x	​	- -	x
Allowance for loan credit losses to total loans	​	​	1.01	%	​	1.01	%
Net recoveries to average loans (annualized)	​	​	0.01	%	​	- -	%
​	​	​	​	​	​	​	​
Loans 30-89 days past due and accruing interest	​	$	450	​	$	- -	​
90 days past due and still accruing interest	​	​	- -	​	​	- -	​
Non-accrual loans	​	​	984	​	​	- -	​
Other real estate owned	​	​	- -	​	​	- -	​
Non-performing assets (1)	​	​	984	​	​	- -	​
​	​	​	​	​	​	​	​
Capital Ratios (Bank Level)	​	​	​	​	​	​	​
Equity / assets	​	​	12.2	%	​	11.9	%
Total risk-based capital ratio	​	​	16.5	%	​	16.5	%
Tier 1 risk-based capital ratio	​	​	15.4	%	​	15.4	%
Common equity tier 1 ratio	​	​	15.4	%	​	15.4	%
Leverage ratio	​	​	12.6	%	​	12.6	%
​	​	​	​	​	​	​	​
Other Information	​	​	​	​	​	​	​
Number of full time equivalent employees	​	​	139	​	​	136	​
# Full service branch offices	​	​	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.

7

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John Marshall Bancorp, Inc.

​

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​

Consolidated Balance Sheets

(Dollar amounts in thousands, except per share data)

​

​

​

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

% Change

​

​

March 31

​

December 31,

​

March 31

​

Last Three

​

Year Over

​

​

2026

​

2025

​

2025

​

Months

​

Year

Assets

​

(Unaudited)

​

*

​

(Unaudited)

​

​

​ ​ ​

​

​

​ ​ ​

Cash and due from banks

​

$

9,132

​

$

6,492

​

$

10,541

​

40.7

%

​

(13.4)

%

Interest-bearing deposits in banks

​

​

141,061

​

​

123,482

​

​

158,519

​

14.2

%

​

(11.0)

%

Securities available-for-sale, at fair value

​

​

126,166

​

​

123,852

​

​

124,469

​

1.9

%

​

1.4

%

Securities held-to-maturity at amortized cost, fair value of $76,669, $77,575, and $77,455 at 3/31/2026, 12/31/2025, and 3/31/2025, respectively

​

​

87,598

​

​

88,421

​

​

91,172

​

(0.9)

%

​

(3.9)

%

Restricted securities, at cost

​

​

7,717

​

​

7,644

​

​

7,634

​

- -

%

​

1.1

%

Equity securities, at fair value

​

​

2,886

​

​

2,843

​

​

2,888

​

1.5

%

​

(0.1)

%

Loans, net of unearned income

​

​

1,973,743

​

​

1,975,360

​

​

1,870,472

​

(0.1)

%

​

5.5

%

Allowance for loan credit losses

​

​

(19,983)

​

​

(19,805)

​

​

(18,826)

​

0.9

%

​

6.1

%

Net loans

​

​

1,953,760

​

​

1,955,555

​

​

1,851,646

​

(0.1)

%

​

5.5

%

Bank premises and equipment, net

​

​

1,191

​

​

1,315

​

​

1,484

​

(9.4)

%

​

(19.7)

%

Accrued interest receivable

​

​

6,071

​

​

5,890

​

​

5,902

​

3.1

%

​

2.9

%

Right of use assets

​

​

4,289

​

​

4,551

​

​

4,752

​

(5.8)

%

​

(9.7)

%

Other assets

​

​

12,479

​

​

12,505

​

​

13,425

​

(0.2)

%

​

(7.0)

%

Total assets

​

$

2,352,350

​

$

2,332,550

​

$

2,272,432

​

0.8

%

​

3.5

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities and Shareholders' Equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deposits:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-interest bearing demand deposits

​

$

458,197

​

$

432,733

​

$

437,822

​

5.9

%

​

4.7

%

Interest-bearing demand deposits

​

​

734,164

​

​

745,323

​

​

705,386

​

(1.5)

%

​

4.1

%

Savings deposits

​

​

33,525

​

​

34,683

​

​

42,583

​

(3.3)

%

​

(21.3)

%

Time deposits

​

​

761,842

​

​

759,546

​

​

736,384

​

0.3

%

​

3.5

%

Total deposits

​

​

1,987,728

​

​

1,972,285

​

​

1,922,175

​

0.8

%

​

3.4

%

Federal Home Loan Bank advances

​

​

56,000

​

​

56,000

​

​

56,000

​

- -

%

​

- -

%

Subordinated debt, net

​

​

24,896

​

​

24,875

​

​

24,812

​

0.1

%

​

0.3

%

Accrued interest payable

​

​

1,988

​

​

2,124

​

​

2,072

​

(6.4)

%

​

(4.1)

%

Lease liabilities

​

​

4,542

​

​

4,819

​

​

5,101

​

(5.7)

%

​

(11.0)

%

Other liabilities

​

​

9,049

​

​

6,809

​

​

9,314

​

32.9

%

​

(2.8)

%

Total liabilities

​

​

2,084,203

​

​

2,066,912

​

​

2,019,474

​

0.8

%

​

3.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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, 14,112,259 at 3/31/2026 including 68,207 unvested shares, 14,214,603 at 12/31/2025 including 68,547 unvested shares, and 14,275,885 at 3/31/2025 including 50,419 unvested shares

​

​

140

​

​

141

​

​

142

​

(0.7)

%

​

(1.4)

%

Additional paid-in capital

​

​

93,796

​

​

95,699

​

​

97,310

​

(2.0)

%

​

(3.6)

%

Retained earnings

​

​

181,736

​

​

176,913

​

​

164,761

​

2.7

%

​

10.3

%

Accumulated other comprehensive loss

​

​

(7,525)

​

​

(7,115)

​

​

(9,255)

​

5.8

%

​

(18.7)

%

Total shareholders' equity

​

​

268,147

​

​

265,638

​

​

252,958

​

0.9

%

​

6.0

%

Total liabilities and shareholders' equity

​

$

2,352,350

​

$

2,332,550

​

$

2,272,432

​

0.8

%

​

3.5

%

​

​

​

​

* Derived from audited consolidated financial statements.

​

8

​

​	​	​	​	​	​	​	​	​	​
John Marshall Bancorp, Inc.
​
Consolidated Statements of Income
(Dollar amounts in thousands, except per share data)
​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended					​	​	​
​	​	March 31,					​	​	​
​	​	2026		​	2025		​	% Change
​	​	(Unaudited)		​	(Unaudited)		​	​	​ ​ ​
Interest and Dividend Income	​	​	​	​	​	​	​	​	​
Interest and fees on loans	​	$	26,586	​	$	24,807	​	7.2	%
Interest on investment securities, taxable	​	​	1,165	​	​	1,032	​	12.9	%
Interest on investment securities, tax-exempt	​	​	9	​	​	9	​	- -	%
Dividends	​	​	116	​	​	123	​	(5.7)	%
Interest on deposits in other banks	​	​	1,206	​	​	1,334	​	(9.6)	%
Total interest and dividend income	​	​	29,082	​	​	27,305	​	6.5	%
​	​	​	​	​	​	​	​	​	​
Interest Expense	​	​	​	​	​	​	​	​	​
Deposits	​	​	11,673	​	​	12,300	​	(5.1)	%
Federal Home Loan Bank advances	​	​	551	​	​	559	​	(1)	%
Subordinated debt	​	​	349	​	​	349	​	- -	%
Total interest expense	​	​	12,573	​	​	13,208	​	(4.8)	%
​	​	​	​	​	​	​	​	​	​
Net interest income	​	​	16,509	​	​	14,097	​	17.1	%
​	​	​	​	​	​	​	​	​	​
Provision for Credit Losses	​	​	23	​	​	170	​	(86.5)	%
​	​	​	​	​	​	​	​	​	​
Net interest income after provision for credit losses	​	​	16,486	​	​	13,927	​	18.4	%
​	​	​	​	​	​	​	​	​	​
Non-interest Income	​	​	​	​	​	​	​	​	​
Service charges on deposit accounts	​	​	85	​	​	82	​	3.7	%
Other service charges and fees	​	​	138	​	​	153	​	(9.8)	%
Insurance commissions	​	​	64	​	​	213	​	(70.0)	%
Gain on sale of government guaranteed loans	​	​	6	​	​	36	​	(83.3)	%
Non-qualified deferred compensation plan asset gains (losses), net	​	​	(13)	​	​	24	​	N/M	​
Other income (loss)	​	​	4	​	​	(3)	​	N/M	​
Total non-interest income	​	​	284	​	​	505	​	(43.8)	%
​	​	​	​	​	​	​	​	​	​
Non-interest Expenses	​	​	​	​	​	​	​	​	​
Salaries and employee benefits	​	​	5,621	​	​	5,099	​	10.2	%
Occupancy expense of premises	​	​	406	​	​	407	​	(0.2)	%
Furniture and equipment expenses	​	​	346	​	​	316	​	9.5	%
Other expenses	​	​	2,550	​	​	2,426	​	5.1	%
Total non-interest expenses	​	​	8,923	​	​	8,248	​	8.2	%
​	​	​	​	​	​	​	​	​	​
Income before income taxes	​	​	7,847	​	​	6,184	​	26.9	%
​	​	​	​	​	​	​	​	​	​
Income Tax Expense	​	​	1,746	​	​	1,374	​	27.1	%
​	​	​	​	​	​	​	​	​	​
Net income	​	$	6,101	​	$	4,810	​	26.8	%
​	​	​	​	​	​	​	​	​	​
Earnings Per Share	​	​	​	​	​	​	​	​	​
Basic	​	$	0.43	​	$	0.34	​	26.5	%
Diluted	​	$	0.43	​	$	0.34	​	26.5	%

​

​

​

​

9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

2026

​

​

2025

​

​

​

March 31

​

December 31

​

September 30

​

June 30

​

March 31

​

Profitability for the Quarter:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

$

29,082

​

$

29,164

​

$

28,945

​

$

27,843

​

$

27,305

​

Interest expense

​

​

12,573

​

​

13,224

​

​

13,345

​

​

12,917

​

​

13,208

​

Net interest income

​

​

16,509

​

​

15,940

​

​

15,600

​

​

14,926

​

​

14,097

​

Provision for credit losses

​

​

23

​

​

624

​

​

356

​

​

537

​

​

170

​

Non-interest income

​

​

284

​

​

409

​

​

653

​

​

507

​

​

505

​

Non-interest expenses

​

​

8,923

​

​

7,971

​

​

9,034

​

​

8,313

​

​

8,248

​

Income before income taxes

​

​

7,847

​

​

7,754

​

​

6,863

​

​

6,583

​

​

6,184

​

Income tax expense

​

​

1,746

​

​

1,838

​

​

1,459

​

​

1,480

​

​

1,374

​

Net income

​

$

6,101

​

$

5,916

​

$

5,404

​

$

5,103

​

$

4,810

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Performance:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Return on average assets (annualized)

​

​

1.06

%

​

1.01

%

​

0.94

%

​

0.91

%

​

0.87

%

Return on average equity (annualized)

​

​

9.19

%

​

8.89

%

​

8.31

%

​

8.06

%

​

7.76

%

Net interest margin (annualized)

​

​

2.87

%

​

2.73

%

​

2.72

%

​

2.69

%

​

2.58

%

Non-interest income as a percentage of average assets (annualized)

​

​

0.05

%

​

0.07

%

​

0.11

%

​

0.09

%

​

0.09

%

Non-interest expense to average assets (annualized)

​

​

1.54

%

​

1.36

%

​

1.57

%

​

1.49

%

​

1.50

%

Efficiency ratio

​

​

53.1

%

​

48.8

%

​

55.6

%

​

53.9

%

​

56.5

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Per Share Data:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per common share - basic

​

$

0.43

​

$

0.42

​

$

0.38

​

$

0.36

​

$

0.34

​

Earnings per common share - diluted

​

$

0.43

​

$

0.42

​

$

0.38

​

$

0.36

​

$

0.34

​

Book value per share

​

$

19.00

​

$

18.69

​

$

18.27

​

$

17.83

​

$

17.72

​

Dividends declared per share

​

$

0.09

​

$

- -

​

$

- -

​

$

0.30

​

$

- -

​

Weighted average common shares (basic)

​

​

14,125,649

​

​

14,142,249

​

​

14,172,953

​

​

14,221,597

​

​

14,223,046

​

Weighted average common shares (diluted)

​

​

14,125,649

​

​

14,142,249

​

​

14,172,953

​

​

14,223,418

​

​

14,241,114

​

Common shares outstanding at end of period

​

​

14,112,259

​

​

14,214,603

​

​

14,216,781

​

​

14,231,389

​

​

14,275,885

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-interest Income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Service charges on deposit accounts

​

$

85

​

$

81

​

$

87

​

$

86

​

$

82

​

Other service charges and fees

​

​

138

​

​

142

​

​

135

​

​

141

​

​

153

​

Insurance commissions

​

​

64

​

​

24

​

​

58

​

​

33

​

​

213

​

Gain on sale of government guaranteed loans

​

​

6

​

​

119

​

​

106

​

​

61

​

​

36

​

Non-qualified deferred compensation plan asset gains (losses), net

​

​

(13)

​

​

38

​

​

158

​

​

182

​

​

24

​

Other income (loss)

​

​

4

​

​

5

​

​

109

​

​

4

​

​

(3)

​

Total non-interest income

​

$

284

​

$

409

​

$

653

​

$

507

​

$

505

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-interest Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and employee benefits

​

$

5,621

​

$

4,758

​

$

5,693

​

$

5,178

​

$

5,099

​

Occupancy expense of premises

​

​

406

​

​

326

​

​

405

​

​

407

​

​

407

​

Furniture and equipment expenses

​

​

346

​

​

326

​

​

329

​

​

315

​

​

316

​

Other expenses

​

​

2,550

​

​

2,561

​

​

2,607

​

​

2,413

​

​

2,426

​

Total non-interest expenses

​

$

8,923

​

$

7,971

​

$

9,034

​

$

8,313

​

$

8,248

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance Sheets at Quarter End:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total loans, net of unearned income

​

$

1,973,743

​

$

1,975,360

​

$

1,938,108

​

$

1,916,915

​

$

1,870,472

​

Allowance for loan credit losses

​

​

(19,983)

​

​

(19,805)

​

​

(19,714)

​

​

(19,298)

​

​

(18,826)

​

Investment securities

​

​

224,367

​

​

222,760

​

​

216,119

​

​

226,495

​

​

226,163

​

Interest-earning assets

​

​

2,339,171

​

​

2,321,602

​

​

2,309,005

​

​

2,250,921

​

​

2,255,154

​

Total assets

​

​

2,352,350

​

​

2,332,550

​

​

2,324,544

​

​

2,267,953

​

​

2,272,432

​

Total deposits

​

​

1,987,728

​

​

1,972,285

​

​

1,968,828

​

​

1,896,893

​

​

1,922,175

​

Total interest-bearing liabilities

​

​

1,610,427

​

​

1,620,427

​

​

1,602,757

​

​

1,555,598

​

​

1,565,165

​

Total shareholders' equity

​

​

268,147

​

​

265,638

​

​

259,692

​

​

253,732

​

​

252,958

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarterly Average Balance Sheets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total loans, net of unearned income

​

$

1,974,165

​

$

1,946,386

​

$

1,912,275

​

$

1,868,290

​

$

1,868,303

​

Investment securities

​

​

225,904

​

​

220,324

​

​

221,802

​

​

229,171

​

​

231,479

​

Interest-earning assets

​

​

2,331,813

​

​

2,319,551

​

​

2,275,386

​

​

2,224,806

​

​

2,220,730

​

Total assets

​

​

2,343,457

​

​

2,331,563

​

​

2,289,352

​

​

2,238,955

​

​

2,233,761

​

Total deposits

​

​

1,977,321

​

​

1,970,486

​

​

1,934,456

​

​

1,883,425

​

​

1,884,969

​

Total interest-bearing liabilities

​

​

1,618,347

​

​

1,601,506

​

​

1,571,390

​

​

1,530,811

​

​

1,540,974

​

Total shareholders' equity

​

​

269,327

​

​

264,175

​

​

257,993

​

​

254,071

​

​

251,559

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Measures:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average equity to average assets

​

​

11.5

%

​

11.3

%

​

11.3

%

​

11.3

%

​

11.3

%

Investment securities to earning assets

​

​

9.6

%

​

9.6

%

​

9.4

%

​

10.1

%

​

10.0

%

Loans to earning assets

​

​

84.4

%

​

85.1

%

​

83.9

%

​

85.2

%

​

82.9

%

Loans to assets

​

​

83.9

%

​

84.7

%

​

83.4

%

​

84.5

%

​

82.3

%

Loans to deposits

​

​

99.3

%

​

100.2

%

​

98.4

%

​

101.1

%

​

97.3

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital Ratios (Bank Level):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity / assets

​

​

12.2

%

​

12.2

%

​

12.1

%

​

12.2

%

​

11.9

%

Total risk-based capital ratio

​

​

16.5

%

​

16.3

%

​

16.6

%

​

16.3

%

​

16.5

%

Tier 1 risk-based capital ratio

​

​

15.4

%

​

15.2

%

​

15.5

%

​

15.3

%

​

15.4

%

Common equity tier 1 ratio

​

​

15.4

%

​

15.2

%

​

15.5

%

​

15.3

%

​

15.4

%

Leverage ratio

​

​

12.6

%

​

12.5

%

​

12.7

%

​

12.8

%

​

12.6

%

​

​

10

​

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
John Marshall Bancorp, Inc.
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Loan, Deposit and Borrowing Detail (Unaudited)
(Dollar amounts in thousands)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	2026			​	2025															​
​	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	​
Commercial business loans	$	48,905	2.5	%	$	49,729	2.5	%	$	46,486	2.4	%	$	43,158	2.3	%	$	46,479	2.5	%
Commercial PPP loans	​	- -	- -	%	​	124	0.0	%	​	124	0.0	%	​	124	0.0	%	​	124	0.0	%
Commercial owner-occupied real estate loans	​	321,858	16.3	%	​	323,486	16.4	%	​	327,269	16.9	%	​	320,061	16.7	%	​	318,087	17.1	%
Total business loans	​	370,763	18.8	%	​	373,339	18.9	%	​	373,879	19.3	%	​	363,343	19.0	%	​	364,690	19.6	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Investor real estate loans	​	762,158	38.8	%	​	756,620	38.5	%	​	770,405	39.9	%	​	777,591	40.7	%	​	759,002	40.7	%
Construction & development loans	​	228,591	11.6	%	​	222,659	11.3	%	​	193,444	10.0	%	​	186,409	9.7	%	​	173,270	9.3	%
Multi-family loans	​	92,913	4.7	%	​	93,511	4.7	%	​	93,477	4.8	%	​	94,415	4.9	%	​	95,556	5.1	%
Total commercial real estate loans	​	1,083,662	55.1	%	​	1,072,790	54.5	%	​	1,057,326	54.7	%	​	1,058,415	55.3	%	​	1,027,828	55.1	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Residential mortgage loans	​	513,650	26.1	%	​	522,990	26.5	%	​	501,104	25.9	%	​	489,522	25.6	%	​	472,747	25.3	%
Consumer loans	​	760	0.0	%	​	1,157	0.1	%	​	1,029	0.1	%	​	998	0.1	%	​	809	0.0	%
Total loans	$	1,968,835	100.0	%	$	1,970,276	100.0	%	$	1,933,338	100.0	%	$	1,912,278	100.0	%	$	1,866,074	100.0	%
Less: Allowance for loan credit losses	​	(19,983)	​	​	​	(19,805)	​	​	​	(19,714)	​	​	​	(19,298)	​	​	​	(18,826)	​	​
Net deferred loan costs	​	4,908	​	​	​	5,084	​	​	​	4,770	​	​	​	4,637	​	​	​	4,398	​	​
Net loans	$	1,953,760	​	​	$	1,955,555	​	​	$	1,918,394	​	​	$	1,897,617	​	​	$	1,851,646	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	2026			​	2025															​
​	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	​
Non-interest bearing demand deposits	$	458,197	23.1	%	$	432,733	21.9	%	$	446,925	22.7	%	$	438,628	23.1	%	$	437,822	22.8	%
Interest-bearing demand deposits:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
NOW accounts(1)	​	362,057	18.2	%	​	380,029	19.3	%	​	366,655	18.6	%	​	344,931	18.2	%	​	355,752	18.5	%
Money market accounts(1)	​	372,107	18.7	%	​	365,294	18.5	%	​	360,640	18.3	%	​	336,299	17.7	%	​	349,634	18.2	%
Savings accounts	​	33,525	1.7	%	​	34,683	1.8	%	​	39,427	2.0	%	​	42,966	2.3	%	​	42,583	2.2	%
Certificates of deposit	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
$250,000 or more	​	340,851	17.1	%	​	337,605	17.1	%	​	337,800	17.2	%	​	324,343	17.1	%	​	322,630	16.8	%
Less than $250,000	​	80,058	4.0	%	​	84,710	4.3	%	​	85,719	4.4	%	​	80,500	4.2	%	​	79,305	4.1	%
QwickRate® certificates of deposit	​	- -	0.0	%	​	249	0.0	%	​	249	0.0	%	​	249	0.1	%	​	249	0.0	%
IntraFi® certificates of deposit	​	39,047	2.0	%	​	35,096	1.8	%	​	29,451	1.5	%	​	27,015	1.4	%	​	36,522	1.9	%
Brokered deposits	​	301,886	15.2	%	​	301,886	15.3	%	​	301,962	15.3	%	​	301,962	15.9	%	​	297,678	15.5	%
Total deposits	$	1,987,728	100.0	%	$	1,972,285	100.0	%	$	1,968,828	100.0	%	$	1,896,893	100.0	%	$	1,922,175	100.0	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Borrowings	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Federal funds purchased	$	- -	0.0	%	$	- -	0.0	%	$	- -	0.0	%	$	16,500	17.0	%	$	- -	0.0	%
Federal Home Loan Bank advances	​	56,000	69.2	%	​	56,000	69.2	%	​	56,000	69.3	%	​	56,000	57.5	%	​	56,000	69.3	%
Subordinated debt, net	​	24,896	30.8	%	​	24,875	30.8	%	​	24,854	30.7	%	​	24,833	25.5	%	​	24,812	30.7	%
Total borrowings	$	80,896	100.0	%	$	80,875	100.0	%	$	80,854	100.0	%	$	97,333	100.0	%	$	80,812	100.0	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total deposits and borrowings	$	2,068,624	​	​	$	2,053,160	​	​	$	2,049,682	​	​	$	1,994,226	​	​	$	2,002,987	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Core customer funding sources (2)	$	1,685,842	82.5	%	$	1,670,150	82.3	%	$	1,666,617	82.3	%	$	1,594,682	81.0	%	$	1,624,248	82.1	%
Wholesale funding sources (3)	​	357,886	17.5	%	​	358,135	17.7	%	​	358,211	17.7	%	​	374,711	19.0	%	​	353,927	17.9	%
Total funding sources	$	2,043,728	100.0	%	$	2,028,285	100.0	%	$	2,024,828	100.0	%	$	1,969,393	100.0	%	$	1,978,175	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.

​

​

11

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

John Marshall Bancorp, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Balance Sheets, Interest and Rates (unaudited)

​

(Dollar amounts in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2026

​

Three Months Ended March 31, 2025

​

​ ​ ​

​

​

​ ​ ​

Interest Income /

​ ​ ​

Average

​ ​ ​

​

​

​ ​ ​

Interest Income /

​ ​ ​

Average

(Dollars in thousands)

​

Average Balance

​

Expense

​

Rate(3)

​

Average Balance

​

Expense

​

Rate(3)

Assets:

​

​

​

​

​

​

​

​

​

​

​

Securities:

​

​

​

​

​

​

​

​

​

​

​

Taxable

​

$

224,526

$

1,281

2.31

%

$

230,100

$

1,155

2.04

%

Tax-exempt(1)

​

1,378

​

11

3.24

%

1,379

​

11

3.24

%

Total securities

​

$

225,904

​

$

1,292

2.32

%

$

231,479

​

$

1,166

2.04

%

Loans, net of unearned income(2):

​

​

​

​

​

​

​

​

​

​

​

Taxable

​

1,953,760

​

26,403

5.48

%

1,851,627

​

24,679

5.41

%

Tax-exempt(1)

​

20,405

​

232

4.61

%

16,676

​

162

3.94

%

Total loans, net of unearned income

​

$

1,974,165

​

$

26,635

5.47

%

$

1,868,303

​

$

24,841

5.39

%

Interest-bearing deposits in other banks

​

$

131,744

​

$

1,206

3.71

%

$

120,948

​

$

1,334

4.47

%

Total interest-earning assets

​

$

2,331,813

​

$

29,133

5.07

%

$

2,220,730

​

$

27,341

4.99

%

Total non-interest earning assets

​

11,644

​

​

​

​

​

13,031

​

​

​

​

​

Total assets

​

$

2,343,457

​

​

​

​

​

$

2,233,761

​

​

​

​

​

Liabilities & Shareholders’ Equity:

​

​

​

​

​

​

​

​

​

​

​

Interest-bearing deposits

​

​

​

​

​

​

​

​

​

​

​

NOW accounts

​

$

371,418

​

$

1,926

​

2.10

%

$

357,206

​

$

2,127

​

2.41

%

Money market accounts

​

374,848

​

​

2,183

​

2.36

%

339,248

​

​

2,281

​

2.73

%

Savings accounts

​

34,972

​

​

69

​

0.80

%

43,062

​

​

104

​

0.98

%

Time deposits

​

756,391

​

​

7,495

​

4.02

%

720,658

​

​

7,788

​

4.38

%

Total interest-bearing deposits

​

$

1,537,629

​

$

11,673

​

3.08

%

$

1,460,174

​

$

12,300

​

3.42

%

Federal funds purchased

​

​

1

​

​

—

​

N/M

​

​

—

​

​

—

​

N/M

​

Subordinated debt

​

24,883

​

​

349

5.69

%

24,799

​

​

349

5.71

%

Federal Home Loan Bank advances

​

​

55,834

​

​

551

​

4.00

%

​

56,001

​

​

559

​

4.05

%

Total interest-bearing liabilities

​

$

1,618,347

​

$

12,573

3.15

%

$

1,540,974

​

$

13,208

3.48

%

Demand deposits

​

439,692

​

​

​

​

​

424,795

​

​

​

​

​

Other liabilities

​

16,091

​

​

​

​

​

16,433

​

​

​

​

​

Total liabilities

​

$

2,074,130

​

​

​

​

​

$

1,982,202

​

​

​

​

​

Shareholders’ equity

​

$

269,327

​

​

​

​

​

$

251,559

​

​

​

​

​

Total liabilities and shareholders’ equity

​

$

2,343,457

​

​

​

​

​

$

2,233,761

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax-equivalent net interest income and spread (Non-GAAP)(1)

​

​

​

​

$

16,560

​

1.92

%

​

​

​

$

14,133

​

1.51

%

Less: tax-equivalent adjustment

​

​

​

​

​

51

​

​

​

​

​

​

​

36

​

​

​

Net interest income and spread (GAAP)

​

​

​

​

$

16,509

​

1.91

%

​

​

​

$

14,097

​

1.51

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income/earning assets

​

​

​

​

​

​

​

5.06

%

​

​

​

​

​

​

4.99

%

Interest expense/earning assets

​

​

​

​

​

​

​

2.19

%

​

​

​

​

​

​

2.41

%

Net interest margin

​

​

​

​

​

​

​

2.87

%

​

​

​

​

​

​

2.58

%

​

(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 $51 thousand and $36 thousand for the three months ended March 31, 2026 and March 31, 2025, respectively.

(2) Non-accrual loans are included in the average balances.

(3) Rates and yields are annualized and calculated from rounded amounts in thousands, which appear above.

12

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