John Marshall Bancorp, Inc. Reports 19.0% Increase in Net Income, Strong Core Loan and Deposit Growth and Excellent Asset Quality

Rhea-AI Summary

John Marshall Bancorp (JMSB) reported a net income of $8.0 million ($0.57 per diluted share) for Q3 2022, a 19.0% increase from $6.8 million in Q3 2021. This marks the fifteenth consecutive quarter of record earnings, supported by strong loan growth of 12.8% year-over-year and a 10.0% revenue increase. Core deposits also grew by 15.4%. The Company's efficiency ratio improved to 43.9%. Notably, total assets rose to $2.31 billion, with no non-performing loans reported. The results reflect effective management and growth strategies amidst rising interest rates.

Positive

• Net income increased by 19.0% to $8.0 million compared to Q3 2021.
• Fifteenth consecutive quarter of record earnings.
• Core Loans grew 12.8% year-over-year, reaching $1.73 billion.
• Non-interest bearing deposits increased by 15.4%.
• Efficiency ratio improved to 43.9% from 46.2% year-over-year.

Negative

• Net interest margin decreased to 3.10% from 3.15% year-over-year.
• Book value per share fell to $14.37 from $14.82 year-over-year.
• Non-interest income decreased 19.3% for the nine months ended September 30, 2022.

RESTON, Va.--(BUSINESS WIRE)-- John Marshall Bancorp, Inc. (Nasdaq: JMSB) (the “Company”), parent company of John Marshall Bank (the “Bank”), today reported net income of $8.0 million ($0.57 per diluted common share) for the quarter ended September 30, 2022. The current quarter’s result compares favorably to net income of $6.8 million ($0.48 per diluted common share) for the third quarter of 2021.

Third Quarter Highlights

• Fifteenth Consecutive Quarter of Record Earnings – The Company reported record net income of $8.0 million for the third quarter of 2022, a $1.2 million or 19.0% increase over the $6.8 million reported for the third quarter of 2021. Earnings per diluted share for the three months ended September 30, 2022 were $0.57, an 18.8% increase over the $0.48 reported for the three months ended September 30, 2021.
• Strong Returns – Annualized Return on Average Assets (“ROAA”) was 1.38% and annualized Return on Average Equity (“ROAE”) was 15.07% for the three months ended September 30, 2022. ROAA and ROAE were 1.30% and 13.35%, respectively, for the three months ended September 30, 2021.
• Robust Loan Production – Excluding Paycheck Protection Program (“PPP”) loans, gross loans net of unearned income (“Core Loans”) grew $196.0 million or 12.8% from September 30, 2021 to September 30, 2022. The Company remains highly selective when underwriting potential borrowers.
• Increased Core Deposits – The Company continued to grow core deposits. Non-interest bearing deposits grew $71.3 million or 15.4% from September 30, 2021 to September 30, 2022. Non-interest bearing deposits grew $22.9 million or 17.7% annualized from June 30, 2022 to September 30, 2022. The non-interest bearing deposit growth rate exceeded that of total deposits, thereby increasing the ratio of non-interest bearing deposit to total deposits from 25.2% as of September 30, 2021 to 25.9% as of September 30, 2022.
• Operating Leverage – Revenues (net interest income plus non-interest income) grew 10.0% for the three months ended September 30, 2022 relative to the three months ended September 30, 2021. Over the same period, overhead grew only 4.4%. The Company remains vigilant on identifying more cost effective means to achieve future growth. The efficiency ratio for the third quarter of 2022 was 43.9% compared to 46.2% for the third quarter of 2021. The ratio of annualized non-interest expense to average assets was 1.36% for the third quarter of 2022 compared to 1.46% for the third quarter of 2021.
• No Non-performing Assets; No Loans More Than 15 Days Past Due – For the twelfth consecutive quarter, the Company had no nonperforming loans, no other real estate owned, and no loans 30 days or more past due. As of September 30, 2022, there were no loans more than 15 days past due. There were no charge offs during the quarter. The Company believes its allowance for loan losses is appropriate for the inherent risks and uncertainties associated with the portfolio.

Chris Bergstrom, President and Chief Executive Officer, on third quarter results, “We are pleased to announce that third quarter results were among the best in the Company’s history. We benefited from another quarter of deposit and loan growth. Growth, operating leverage and exceptional credit quality enabled us to report our 15th consecutive quarter of record earnings. We closed the quarter with strong capital and liquidity levels and well positioned to prudently pursue continued growth.”

Balance Sheet and Credit Quality

Total assets were $2.31 billion at September 30, 2022, $2.32 billion at June 30, 2022 and $2.10 billion at September 30, 2021. Total assets during the most recent quarter were impacted by the Company’s redemption of its subordinated debt issuance as described further below. Asset growth from September 30, 2021 to September 30, 2022 was $210.0 million or 10.0%.

Total loans, net of unearned income, increased by 7.7% to $1.73 billion at September 30, 2022, compared to $1.60 billion at September 30, 2021. Core Loans as of September 30, 2022 grew 12.8% to $1.73 billion as compared to $1.53 billion at September 30, 2021. The year-over-year increase in the loan portfolio was primarily attributable to growth in the investor real estate, residential mortgage, commercial owner-occupied real estate, and multi-family loan portfolios.

Total loans, net of unearned income, increased $32.5 million during the quarter ended September 30, 2022 or 7.6% annualized from $1.69 billion at June 30, 2022. Core Loans increased $35.5 million during the quarter ended September 30, 2022 or 8.3% annualized from June 30, 2022. The increase in loans was primarily attributable to growth in the investor real estate, residential mortgage, and construction and land development loan portfolios.

The Company’s portfolio of investments in fixed income securities was $467.1 million at September 30, 2022, $467.4 million at June 30, 2022, and $342.1 million at September 30, 2021. All but $13.7 million of the fixed income portfolio is backed by the explicit or implicit guarantees of the United States Government or one of its agencies.

Total deposits were $2.06 billion at September 30, 2022, $2.04 billion at June 30, 2022, and $1.84 billion at September 30, 2021. Deposit growth was 12.3% during the past twelve months, as non-interest bearing demand deposits grew 15.4%, interest-bearing demand deposits grew 11.8%, time deposits grew 11.1%, and saving deposits grew 8.5%.

Total borrowings, defined as Federal Home Loan Bank advances and subordinated debt, decreased by 50.4% or $25.0 million to $24.6 million at September 30, 2022 compared to $49.6 million at June 30, 2022. The Company completed a private placement of a $25.0 million fixed-to-floating 5.25% subordinated note on June 15, 2022 (“2022 note”). On July 15, 2022, the earliest available call date, the Company utilized the proceeds from the 2022 note issuance to redeem its $25.0 million fixed-to-floating 5.75% subordinated notes that were issued on July 6, 2017 (“2017 notes”), which was the driver of the quarter-over-quarter decrease.

Shareholders’ equity remained flat at $202.2 million at September 30, 2022 when compared to September 30, 2021, as the increases in retained earnings and additional paid-in capital were offset by the increase in the unrealized loss on our available-for-sale investment portfolio. Book value per share was $14.37 as of September 30, 2022 compared to $14.82 as of September 30, 2021. The year-over-year change in book value per share was primarily due to increased unrealized losses on our available-for-sale investment portfolio, increased share count from shareholder option exercises and restricted share award issuances, and cash dividends paid, partially offset by the Company’s earnings over the previous twelve months. The increase in unrealized losses on our available-for-sale investment portfolio was due to market value changes as a result of rising interest rates. The Bank’s capital ratios remain well above regulatory thresholds for well-capitalized banks. As of September 30, 2022, the Bank’s total risk-based capital ratio was 15.4%, compared to 15.2% at September 30, 2021.

The Company recorded no net charge-offs during the third quarter of 2022, the second quarter of 2022, and the third quarter of 2021. As of September 30, 2022, the Company had no non-accrual loans, no loans more than 15 days past due and no other real estate owned assets.

At September 30, 2022, the allowance for loan losses was $20.0 million or 1.16% of outstanding loans, net of unearned income, compared to $20.0 million or 1.18% of outstanding loans, net of unearned income, at June 30, 2022. The decrease in the allowance as a percentage of outstanding loans, net of unearned income, was primarily due to changes in the loan portfolio’s composition as well as net changes in qualitative adjustments.

Income Statement Review

Quarterly Results

Net income for the third quarter of 2022 increased $1.2 million or 19.0% to $8.0 million compared to $6.8 million for the third quarter of 2021. Net income increased $163 thousand or 2.1% compared to $7.9 million for the second quarter of 2022.

Net interest income for the third quarter of 2022 increased $1.5 million or 9.4% compared to the third quarter of 2021, driven primarily by growth in the Company’s loan and investment portfolios. The yield on interest earning assets was 3.71% for the third quarter of 2022 compared to 3.52% for the same period in 2021. The increase in yield on interest earning assets was primarily due to higher yields on the Company’s loan and investment portfolios as a result of increases in interest rates during the first nine months of 2022. The cost of interest-bearing liabilities was 0.90% for the third quarter of 2022 compared to 0.54% for the same quarter of the prior year. The increase in the cost of interest-bearing liabilities was primarily due to a 0.36% increase in the cost of interest-bearing deposits as a result of the repricing of the Company’s time deposits coupled with an increase in rates offered on NOW and money market deposit accounts during the first nine months of 2022. The annualized net interest margin for the third quarter of 2022 was 3.10% as compared to 3.15% for the same quarter of the prior year. The decrease in net interest margin was primarily due to the increase in cost of interest-bearing deposits, which was partially offset by increases in yields on the Company’s loan and investment portfolios.

The Company did not record a provision for loan losses for the third quarter of 2022, compared to a $325 thousand provision for the third quarter of 2021. The decrease in the provision for loan losses as compared to the same period in 2021 primarily reflects changes in the Company’s evaluation of environmental factors impacting the Company’s loan portfolio during 2022. During 2021, the environmental or qualitative factor allocations within the allowance for loan losses were adjusted to account for the risks to certain industry subgroups and portfolio segments within our portfolio as a result of the continuing COVID-19 pandemic. The decrease in the provision for loan losses primarily reflects an estimated decrease in uncertainty as it relates to the estimated impact of the COVID-19 pandemic on the Company’s loan portfolio and the broader economy.

Non-interest income increased $125 thousand or 38.5% during the third quarter of 2022 compared to the third quarter of 2021. The increase in non-interest income was primarily due to a $153 thousand increase in bank owned life insurance (“BOLI”) income as a result of a benefit claim realized. In addition, we realized increases in insurance commissions, service charges and fees on deposit accounts, and interchange and other fee income. The increase was partially offset by mark-to-market adjustments of $(93) thousand resulting from a reduction in value of investments related to the Company’s nonqualified deferred compensation plan.

Non-interest expense increased $335 thousand or 4.4% for the three months ended September 30, 2022 compared to the three months ended September 30, 2021. The increase in non-interest expense was primarily due to increases in data processing fees, salaries and employee benefits, and franchise tax expense. The increase in data processing fees was primarily due to investments in technology solutions supporting our operations. The increase in salaries and employee benefits were driven by an increase in accrued incentive compensation tied to the Company’s performance that was offset in part by lower employee insurance costs as well as lower accruals related to deferred compensation. The increase in state franchise taxes was due to an increase in the Bank’s equity as that is the basis the Commonwealth of Virginia uses to assess taxes on banking institutions. The increase in non-interest expense was partially offset by decreases in furniture and equipment expense and occupancy expense of premises. The decrease in furniture and fixture expense was due to lower depreciation expense on fixed assets. The decrease in occupancy expense of premises was due to a decrease in office rent as a result of the renegotiation of certain leases.

For the three months ended September 30, 2022, annualized non-interest expense to average assets was 1.36% compared to 1.46% for the three months ended September 30, 2021. The decrease was primarily due to lower occupancy expense and furniture and equipment expense, coupled with continued cost consciousness.

For the three months ended September 30, 2022, the annualized efficiency ratio was 43.9% compared to 46.2% for the three months ended September 30, 2021. The decrease was primarily due to increases in net interest income and non-interest income outpacing the modest increase in non-interest expense.

Year-to-Date Results

Net income for the nine months ended September 30, 2022 increased $5.7 million or 31.7% to $23.6 million compared to $17.9 million for the nine months ended September 30, 2021. The results for the nine months ended September 30, 2022 reflect a combination of the impact of an increase in net interest income, a decrease in provision for loan loss expense, and a decrease in non-interest expense, which were partially offset by a decrease in non-interest income.

Net interest income for the nine months ended September 30, 2022 increased $4.0 million or 8.1% compared to the nine months ended September 30, 2021 and was driven primarily by growth in the Company’s loan and investment portfolios. The yield on interest earning assets was 3.65% for the nine months ended September 30, 2022 compared to 3.74% for the same period in 2021. The decrease in yield on interest earning assets was primarily due to a lower yield on the Company’s commercial real estate loan portfolio. The cost of interest-bearing liabilities was 0.67% for the nine months ended September 30, 2022 compared to 0.63% for the same period of the prior year. The increase in the cost of interest-bearing liabilities was primarily due to higher interest expense on subordinated debt as a result of carrying the 2017 notes and the 2022 note from June 15, 2022 until July 15, 2022, and increases in the cost of interest-bearing deposits as a result of an increase in rates offered on NOW and money market deposit accounts during the first nine months of 2022. The annualized net interest margin for the nine months ended September 30, 2022 was 3.19% as compared to 3.30% for the same quarter of the prior year. The decrease in net interest margin was primarily due to increases in the cost of interest-bearing deposits and subordinated debt coupled with a decrease in yield on the Company’s loan portfolio. The decrease in yield on the Company’s loan portfolio was primarily due to a modest decrease in the weighted average yield of commercial real estate loans originated subsequent to September 30, 2021.

The Company did not record a provision for loan losses for the nine months ended September 30, 2022, compared to a $2.8 million provision for the nine months ended September 30, 2021. The decrease in the provision for loan losses as compared to the same period in 2021 primarily reflects changes in the Company’s evaluation of environmental factors impacting the Company’s loan portfolio during 2022. During 2021, the environmental or qualitative factor allocations within the allowance for loan losses were adjusted to account for the risks to certain industry subgroups and portfolio segments within our portfolio as a result of the continuing COVID-19 pandemic. The decrease in the provision for loan losses primarily reflects an estimated decrease in uncertainty as it relates to the estimated impact of the COVID-19 pandemic on the Company’s loan portfolio and the broader economy.

Non-interest income decreased $233 thousand or 19.3% during the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021. The decrease in non-interest income was primarily due to mark-to-market adjustments of $(583) thousand resulting from a reduction in value of investments related to the Company’s nonqualified deferred compensation plan. The decrease in non-interest income was partially offset by a non-recurring BOLI related benefit claim realized and increases in insurance commissions and interchange and other fee income due to higher production and increased customer activity, respectively. During the nine months ended September 30, 2021, the Company also realized a $10 thousand gain on a called security. Excluding the impacts of the mark-to-market adjustments, gain on the called security, and BOLI related benefit claim, non-interest income increased $203 thousand or 18.3%.

Non-interest expense decreased $158 thousand or 0.6% during the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021. The decrease in non-interest expense was primarily due to non-recurring legal and professional fees incurred in 2021, as well as decreases in marketing expense and FDIC insurance fees. The decrease in marketing expense was primarily due to lower marketing vendor related expenses. The decrease in FDIC insurance fees was primarily due to lower insurance premiums. These decreases were partially offset by increases in state franchise taxes as a result of an increase in the Bank’s equity year-over-year and data processing fees due to new investments in technology solutions to support our operations.

For the nine months ended September 30, 2022, annualized non-interest expense to average assets was 1.45% compared to 1.63% for the nine months ended September 30, 2021. The decrease was primarily due to non-recurring legal and professional fees incurred in 2021 as well as decreases in marketing expense and FDIC insurance premiums.

For the nine months ended September 30, 2022, the annualized efficiency ratio was 45.3% compared to 49.0% for the nine months ended September 30, 2021. The decrease was primarily due to the increase in net interest income coupled with a decrease in other expenses. The increase was partially offset by a decrease in non-interest income.

About John Marshall Bancorp, Inc.

John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank. The Bank is a $2.31 billion bank 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. with one loan production office in Arlington, Virginia. The Bank is dedicated to providing exceptional value, personalized service and convenience to local businesses and professionals in the Washington D.C. Metro 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.

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. The Company’s 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 its subsidiary include, but are not limited to the following: changes in interest rates, general economic conditions, public health crises (such as the governmental, social and economic effects of COVID-19), levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, 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, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, accounting principles and guidelines, and other conditions which by their nature are not susceptible to accurate forecast, and are subject to significant uncertainty. 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 Nine Months Ended
		September 30,								September 30,
		2022				2021				2022				2021
Selected Balance Sheet Data
Cash and cash equivalents		$	74,756			$	121,074			$	74,756			$	121,074
Total investment securities			473,478				348,742				473,478				348,742
Loans, net of unearned income			1,725,114				1,602,377				1,725,114				1,602,377
Allowance for loan losses			(20,032)				(19,706)				(20,032)				(19,706)
Total assets			2,305,540				2,095,504				2,305,540				2,095,504
Non-interest bearing demand deposits			535,186				463,868				535,186				463,868
Interest bearing deposits			1,528,155				1,373,680				1,528,155				1,373,680
Total deposits			2,063,341				1,837,548				2,063,341				1,837,548
Shareholders' equity			202,212				202,222				202,212				202,222
Summary Results of Operations
Interest income		$	21,208			$	18,042			$	60,509			$	55,416
Interest expense			3,516				1,876				7,593				6,477
Net interest income			17,692				16,166				52,916				48,939
Provision for loan losses			- -				325				- -				2,780
Net interest income after provision for loan losses			17,692				15,841				52,916				46,159
Non-interest income			450				325				973				1,206
Non-interest expense			7,958				7,623				24,425				24,583
Income before income taxes			10,184				8,543				29,464				22,782
Net income			8,045				6,761				23,601				17,914
Per Share Data and Shares Outstanding
Earnings per share - basic		$	0.57			$	0.50			$	1.69			$	1.31
Earnings per share - diluted		$	0.57			$	0.48			$	1.67			$	1.29
Book value per share		$	14.37			$	14.82			$	14.37			$	14.82
Weighted average common shares (basic)			13,989,414				13,580,538				13,902,324				13,570,449
Weighted average common shares (diluted)			14,108,286				13,883,104				14,065,887				13,865,226
Common shares outstanding at end of period			14,070,080				13,644,985				14,070,080				13,644,985
Performance Ratios
Return on average assets (annualized)			1.38	%			1.30	%			1.40	%			1.19	%
Return on average equity (annualized)			15.07	%			13.35	%			15.03	%			12.32	%
Net interest margin			3.10	%			3.15	%			3.19	%			3.30	%
Non-interest income as a percentage of average assets (annualized)			0.08	%			0.06	%			0.06	%			0.08	%
Non-interest expense to average assets (annualized)			1.36	%			1.46	%			1.45	%			1.63	%
Efficiency ratio			43.9	%			46.2	%			45.3	%			49.0	%
Asset Quality
Non-performing assets to total assets			- -	%			- -	%			- -	%			- -	%
Non-performing loans to total loans			- -	%			- -	%			- -	%			- -	%
Allowance for loan losses to non-performing loans			N/M				N/M				N/M				N/M
Allowance for loan losses to total loans (1)			1.16	%			1.23	%			1.16	%			1.23	%
Net charge-offs (recoveries) to average loans (annualized)			- -	%			- -	%			- -	%			0.01	%
Loans 30-89 days past due and accruing interest		$	- -			$	- -			$	- -			$	- -
Non-accrual loans			- -				- -				- -				- -
Other real estate owned			- -				- -				- -				- -
Non-performing assets (2)			- -				- -				- -				- -
Troubled debt restructurings (total)			530				554				530				554
Performing in accordance with modified terms			530				554				530				554
Not performing in accordance with modified terms			- -				- -				- -				- -
Capital Ratios (Bank Level)
Equity / assets			9.7	%			10.8	%			9.7	%			10.8	%
Total risk-based capital ratio			15.4	%			15.2	%			15.4	%			15.2	%
Tier 1 risk-based capital ratio			14.3	%			14.0	%			14.3	%			14.0	%
Leverage ratio			11.0	%			10.8	%			11.0	%			10.8	%
Common equity tier 1 ratio			14.3	%			14.0	%			14.3	%			14.0	%
Other Information
Number of full time equivalent employees			136				142				136				142
# Full service branch offices			8				8				8				8
# Loan production or limited service branch offices			1				1				1				1

(1)		The allowance for loan losses to total loans, excluding PPP loans, net of unearned income, of $133 thousand, was 1.16% at September 30, 2022. The allowance for loan losses to total loans, excluding PPP loans, net of unearned income, of $73.4 million, was 1.29% at September 30, 2021. PPP loans received no allocations in the allowance estimate due to the underlying guarantees.
(2)		Non-performing assets consist of non-accrual loans, loans 90 days or more past due and still accruing interest, and other real estate owned. Does not include troubled debt restructurings which were accruing interest at the date indicated.

John Marshall Bancorp, Inc.
Consolidated Balance Sheets
(Dollar amounts in thousands, except per share data)
											% Change
		September 30,			December 31,			September 30,			Last Nine			Year Over
		2022			2021			2021			Months			Year
Assets		(Unaudited)			(Unaudited)			(Unaudited)
Cash and due from banks		$	14,957		$	2,920		$	10,624		412.2	%		40.8	%
Interest-bearing deposits in banks			59,799			102,879			110,450		(41.9)	%		(45.9)	%
Securities available-for-sale, at fair value			366,546			239,300			238,628		53.2	%		53.6	%
Securities held-to-maturity, fair value of $81,765 and $103,258 at 9/30/2022 and 12/31/2021, respectively.			100,598			105,509			103,486		(4.7)	%		(2.8)	%
Restricted securities, at cost			4,421			4,951			4,948		(10.7)	%		(10.7)	%
Equity securities, at fair value			1,913			1,869			1,680		2.4	%		13.9	%
Loans, net of unearned income			1,725,114			1,666,469			1,602,377		3.5	%		7.7	%
Allowance for loan losses			(20,032)			(20,032)			(19,706)		-	%		1.7	%
Net loans			1,705,082			1,646,437			1,582,671		3.6	%		7.7	%
Bank premises and equipment, net			1,331			1,620			1,754		(17.8)	%		(24.1)	%
Accrued interest receivable			4,744			4,943			4,661		(4.0)	%		1.8	%
Bank owned life insurance			21,071			20,998			20,896		0.3	%		0.8	%
Right of use assets			3,936			4,913			5,261		(19.9)	%		(25.2)	%
Other assets			21,142			12,970			10,445		63.0	%		102.4	%
Total assets		$	2,305,540		$	2,149,309		$	2,095,504		7.3	%		10.0	%
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Non-interest bearing demand deposits		$	535,186		$	488,838		$	463,868		9.5	%		15.4	%
Interest-bearing demand deposits			705,593			633,901			630,912		11.3	%		11.8	%
Savings deposits			102,909			101,376			94,840		1.5	%		8.5	%
Time deposits			719,653			657,438			647,928		9.5	%		11.1	%
Total deposits			2,063,341			1,881,553			1,837,548		9.7	%		12.3	%
Federal Home Loan Bank advances			- -			18,000			18,000		N/M			N/M
Subordinated debt			24,603			24,728			24,716		(0.5)	%		(0.5)	%
Accrued interest payable			643			843			611		(23.7)	%		5.2	%
Lease liabilities			4,186			5,182			5,534		(19.2)	%		(24.4)	%
Other liabilities			10,555			10,533			6,873		0.2	%		53.6	%
Total liabilities			2,103,328			1,940,839			1,893,282		8.4	%		11.1	%
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, 14,070,080 at 9/30/2022 including 58,046 unvested shares, 13,745,598 shares at 12/31/2021 including 75,826 unvested shares and 13,644,985 at 9/30/2021, including 60,575 unvested shares			140			137			136		2.2	%		2.9	%
Additional paid-in capital			94,560			91,107			90,607		3.8	%		4.4	%
Retained earnings			138,428			117,626			110,079		17.7	%		25.8	%
Accumulated other comprehensive income (loss)			(30,916)			(400)			1,400		N/M			N/M
Total shareholders' equity			202,212			208,470			202,222		(3.0)	%		(0.0)	%
Total liabilities and shareholders' equity		$	2,305,540		$	2,149,309		$	2,095,504		7.3	%		10.0	%

John Marshall Bancorp, Inc.
Consolidated Statements of Income
(Dollar amounts in thousands, except per share data)
		Three Months Ended									Nine Months Ended
		September 30,									September 30,
		2022			2021			% Change			2022				2021			% Change
		(Unaudited)			(Unaudited)						(Unaudited)				(Unaudited)
Interest and Dividend Income
Interest and fees on loans		$	18,222		$	16,737		8.9	%		$	53,740			$	52,075		3.2	%
Interest on investment securities, taxable			2,323			1,159		100.4	%			5,597				2,921		91.6	%
Interest on investment securities, tax-exempt			30			30		0.0	%			90				90		0.0	%
Dividends			62			65		(4.6)	%			185				196		(5.6)	%
Interest on deposits in banks			571			51		N/M				897				134		N/M
Total interest and dividend income			21,208			18,042		17.5	%			60,509				55,416		9.2	%
Interest Expense
Deposits			3,068			1,473		108.3	%			6,090				5,268		15.6	%
Federal Home Loan Bank advances			- -			31		(100.0)	%			42				94		(55.3)	%
Subordinated debt			448			372		20.4	%			1,461				1,115		31.0	%
Total interest expense			3,516			1,876		87.4	%			7,593				6,477		17.2	%
Net interest income			17,692			16,166		9.4	%			52,916				48,939		8.1	%
Provision for Loan Losses			- -			325		N/M				- -				2,780		N/M
Net interest income after provision for loan losses			17,692			15,841		11.7	%			52,916				46,159		14.6	%
Non-interest Income
Service charges on deposit accounts			79			70		12.9	%			240				188		27.7	%
Bank owned life insurance			255			102		150.0	%			445				309		44.0	%
Other service charges and fees			175			120		45.8	%			469				339		38.3	%
Gains on securities			- -			- -		N/M				- -				10		N/M
Insurance commissions			47			28		67.9	%			312				205		52.2	%
Other income (loss)			(106)			5		N/M				(493	)			155		N/M
Total non-interest income			450			325		38.5	%			973				1,206		(19.3)	%
Non-interest Expenses
Salaries and employee benefits			5,072			4,977		1.9	%			15,754				15,646		0.7	%
Occupancy expense of premises			461			484		(4.8)	%			1,435				1,505		(4.7)	%
Furniture and equipment expenses			323			373		(13.4)	%			989				1,073		(7.8)	%
Other expenses			2,102			1,789		17.5	%			6,247				6,359		(1.8)	%
Total non-interest expense			7,958			7,623		4.4	%			24,425				24,583		(0.6)	%
Income before income taxes			10,184			8,543		19.2	%			29,464				22,782		29.3	%
Income tax Expense			2,139			1,782		20.0	%			5,863				4,868		20.4	%
Net income		$	8,045		$	6,761		19.0	%		$	23,601			$	17,914		31.7	%
Earnings Per Share
Basic		$	0.57		$	0.50		14.0	%		$	1.69			$	1.31		29.0	%
Diluted		$	0.57		$	0.48		18.8	%		$	1.67			$	1.29		29.5	%

John Marshall Bancorp, Inc.
Historical Trends - Quarterly Financial Data (Unaudited)
(Dollar amounts in thousands, except per share data)
		2022												2021
		September 30				June 30				March 31				December 31				September 30				June 30				March 31
Profitability for the Quarter:
Interest income		$	21,208			$	19,555			$	19,745			$	18,703			$	18,042			$	18,627			$	18,747
Interest expense			3,516				2,247				1,829				1,734				1,876				2,136				2,465
Net interest income			17,692				17,308				17,916				16,969				16,166				16,491				16,282
Provision for loan losses			- -				- -				- -				325				325				90				2,365
Non-interest income			450				109				414				513				325				417				464
Non-interest expense			7,958				7,681				8,786				7,679				7,623				9,067				7,893
Income before income taxes			10,184				9,736				9,544				9,478				8,543				7,751				6,488
Income tax expense			2,139				1,854				1,870				1,931				1,782				1,672				1,414
Net income		$	8,045			$	7,882			$	7,674			$	7,547			$	6,761			$	6,079			$	5,074
Financial Performance:
Return on average assets (annualized)			1.38	%			1.41	%			1.40	%			1.41	%			1.30	%			1.20	%			1.05	%
Return on average equity (annualized)			15.07	%			15.28	%			14.76	%			14.52	%			13.35	%			12.64	%			10.89	%
Net interest margin			3.10	%			3.16	%			3.34	%			3.23	%			3.15	%			3.32	%			3.44	%
Non-interest income as a percentage of average assets (annualized)			0.08	%			0.02	%			0.08	%			0.10	%			0.06	%			0.08	%			0.10	%
Non-interest expense to average assets (annualized)			1.36	%			1.38	%			1.61	%			1.44	%			1.46	%			1.79	%			1.64	%
Efficiency ratio			43.9	%			44.1	%			47.9	%			43.9	%			46.2	%			53.6	%			47.1	%
Per Share Data:
Earnings per share - basic		$	0.57			$	0.56			$	0.55			$	0.55			$	0.50			$	0.45			$	0.37
Earnings per share - diluted		$	0.57			$	0.56			$	0.55			$	0.54			$	0.48			$	0.44			$	0.37
Book value per share		$	14.37			$	14.80			$	14.68			$	15.17			$	14.82			$	14.32			$	13.85
Dividends declared per share		$	- -			$	- -			$	0.20			$	- -			$	- -			$	- -			$	- -
Weighted average common shares (basic)			13,989,414				13,932,256				13,783,034				13,581,586				13,580,538				13,572,779				13,557,779
Weighted average common shares (diluted)			14,108,286				14,085,160				13,991,692				13,879,595				13,883,104				13,868,147				13,809,751
Common shares outstanding at end of period			14,070,080				14,026,589				13,950,570				13,745,598				13,644,985				13,639,173				13,634,754
Non-interest Income:
Service charges on deposit accounts		$	79			$	84			$	77			$	74			$	70			$	60			$	58
Bank owned life insurance			255				95				95				102				102				100				107
Other service charges and fees			175				157				137				138				120				115				104
Gains on securities			- -				- -				- -				- -				- -				- -				10
Insurance commissions			47				44				221				79				28				22				155
Other income (loss)			(106)				(271)				(116)				120				5				120				30
Total non-interest income		$	450			$	109			$	414			$	513			$	325			$	417			$	464
Non-interest Expenses:
Salaries and employee benefits		$	5,072			$	4,655			$	6,027			$	4,765			$	4,977			$	5,680			$	4,989
Occupancy expense of premises			461				482				493				480				484				514				507
Furniture and equipment expenses			323				341				325				363				373				378				322
Other expenses			2,102				2,203				1,941				2,071				1,789				2,495				2,075
Total non-interest expenses		$	7,958			$	7,681			$	8,786			$	7,679			$	7,623			$	9,067			$	7,893
Balance Sheets at Quarter End:
Total loans		$	1,725,114			$	1,692,652			$	1,631,260			$	1,666,469			$	1,602,377			$	1,567,112			$	1,605,783
Allowance for loan losses			(20,032)				(20,031)				(20,031)				(20,032)				(19,706)				(19,381)				(19,381)
Investment securities			473,478				473,914				409,692				351,629				348,742				306,030				219,106
Interest-earning assets			2,258,822				2,274,968				2,217,553				2,121,407				2,062,000				2,032,235				1,979,848
Total assets			2,305,540				2,316,374				2,249,609				2,149,309				2,095,504				2,065,895				2,009,988
Total deposits			2,063,341				2,043,741				1,983,099				1,881,553				1,837,548				1,815,032				1,761,390
Total interest-bearing liabilities			1,552,758				1,581,017				1,530,133				1,435,443				1,416,396				1,379,031				1,388,286
Total shareholders' equity			202,212				207,530				204,855				208,470				202,222				195,246				188,904
Quarterly Average Balance Sheets:
Total gross loans		$	1,684,796			$	1,641,914			$	1,620,533			$	1,629,124			$	1,580,695			$	1,602,125			$	1,575,847
Allowance for loan losses			(20,032)				(20,031)				(20,032)				(19,889)				(19,525)				(19,530)				(17,816)
Investment securities			488,860				447,688				376,608				356,007				325,027				256,671				180,180
Interest-earning assets			2,277,325				2,204,709				2,183,897				2,090,052				2,038,384				1,996,555				1,922,835
Total assets			2,314,825				2,240,119				2,216,131				2,121,980				2,069,143				2,027,364				1,954,088
Total deposits			2,057,640				1,980,231				1,946,882				1,857,782				1,812,635				1,820,939				1,709,678
Total interest-bearing liabilities			1,547,766				1,504,574				1,505,854				1,419,679				1,384,867				1,381,583				1,350,742
Total shareholders' equity			212,147				206,967				210,900				206,237				200,990				192,918				188,995
Financial Measures:
Average equity to average assets			9.2	%			9.2	%			9.5	%			9.7	%			9.7	%			9.5	%			9.7	%
Investment securities to earning assets			21.0	%			20.8	%			18.5	%			16.6	%			16.9	%			15.1	%			11.1	%
Loans to earning assets			76.4	%			74.4	%			73.6	%			78.6	%			77.7	%			77.1	%			81.1	%
Loans to assets			74.8	%			73.1	%			72.5	%			77.5	%			76.5	%			75.9	%			79.9	%
Loans to deposits			83.6	%			82.8	%			82.3	%			88.6	%			87.2	%			86.3	%			91.2	%
Capital Ratios (Bank Level):
Equity / assets			9.7	%			9.9	%			10.2	%			10.8	%			10.8	%			10.6	%			10.5	%
Total risk-based capital ratio			15.4	%			15.1	%			15.4	%			15.3	%			15.2	%			15.0	%			14.6	%
Tier 1 risk-based capital ratio			14.3	%			14.0	%			14.2	%			14.0	%			14.0	%			13.9	%			13.4	%
Leverage ratio			11.0	%			11.0	%			10.8	%			11.0	%			10.8	%			10.7	%			10.8	%
Common equity tier 1 ratio			14.3	%			14.0	%			14.2	%			14.0	%			14.0	%			12.3	%			13.4	%

John Marshall Bancorp, Inc.
Loan, Deposit and Borrowing Detail (Unaudited)
(Dollar amounts in thousands)
		2022																					2021
		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
Commercial business loans		$	44,967			2.6	%		$	47,654			2.8	%		$	52,569			3.2	%		$	53,378			3.2	%		$	53,166			3.3	%		$	55,375			3.5	%		$	60,637			3.8	%
Commercial PPP loans			138			0.0	%			224			0.0	%			7,781			0.5	%			69,567			4.2	%			75,496			4.7	%			82,190			5.2	%			117,796			7.3	%
Commercial owner-occupied real estate loans			362,346			21.1	%			378,457			22.4	%			339,933			20.9	%			345,272			20.7	%			326,585			20.4	%			320,519			20.4	%			307,918			19.2	%
Total business loans			407,451			23.7	%			426,335			25.2	%			400,283			24.6	%			468,217			28.1	%			455,247			28.4	%			458,084			29.2	%			486,351			30.3	%
Investor real estate loans			622,415			36.1	%			598,501			35.5	%			553,093			34.0	%			523,038			31.4	%			519,384			32.4	%			505,605			32.3	%			502,940			31.3	%
Construction & development loans			199,324			11.6	%			189,644			11.2	%			219,160			13.4	%			231,090			13.9	%			228,993			14.3	%			219,175			14.0	%			250,208			15.6	%
Multi-family loans			106,460			6.2	%			106,236			6.3	%			99,100			6.1	%			100,132			6.0	%			81,226			5.1	%			92,203			5.9	%			84,689			5.3	%
Total commercial real estate loans			928,199			53.9	%			894,381			53.0	%			871,353			53.5	%			854,260			51.3	%			829,603			51.8	%			816,983			52.1	%			837,837			52.2	%
Residential mortgage loans			385,696			22.4	%			368,370			21.8	%			356,331			21.9	%			342,491			20.6	%			316,549			19.8	%			291,615			18.6	%			281,964			17.5	%
Consumer loans			585			0.0	%			651			0.0	%			513			0.0	%			586			0.0	%			631			0.0	%			916			0.1	%			793			0.0	%
Total loans		$	1,721,931			100.0	%		$	1,689,737			100.0	%		$	1,628,480			100.0	%		$	1,665,554			100.0	%		$	1,602,030			100.0	%		$	1,567,598			100.0	%		$	1,606,945			100.0	%
Less: Allowance for loan losses			(20,032	)						(20,031	)						(20,031	)						(20,032	)						(19,706	)						(19,381	)						(19,381	)
Net deferred loan costs (fees)			3,183							2,915							2,780							915							347							(486	)						(1,162	)
Net loans		$	1,705,082						$	1,672,621						$	1,611,229						$	1,646,437						$	1,582,671						$	1,547,731						$	1,586,402
		2022																					2021
		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
Non-interest bearing demand deposits		$	535,186			25.9	%		$	512,284			25.1	%		$	495,811			25.0	%		$	488,838			26.0	%		$	463,868			25.2	%		$	478,705			26.4	%		$	419,796			23.8	%
Interest-bearing demand deposits:
NOW accounts(1)			293,558			14.2	%			338,789			16.6	%			345,087			17.4	%			267,594			14.2	%			294,261			16.0	%			254,060			14.0	%			245,274			13.9	%
Money market accounts(1)			412,035			20.0	%			399,877			19.6	%			414,987			20.9	%			366,306			19.4	%			336,651			18.3	%			333,818			18.4	%			344,807			19.6	%
Savings accounts			102,909			5.0	%			112,276			5.4	%			114,427			5.8	%			101,376			5.4	%			94,840			5.2	%			79,119			4.4	%			72,102			4.1	%
Certificates of deposit
$250,000 or more			280,027			13.6	%			255,411			12.5	%			241,230			12.1	%			250,204			13.3	%			232,722			12.7	%			243,662			13.4	%			265,772			15.1	%
Less than $250,000			88,421			4.3	%			87,505			4.3	%			91,050			4.6	%			103,084			5.5	%			104,463			5.7	%			112,991			6.2	%			119,828			6.8	%
QwickRate® certificates of deposit			20,154			1.0	%			20,154			1.0	%			23,136			1.2	%			25,122			1.3	%			28,998			1.6	%			31,481			1.7	%			38,565			2.2	%
IntraFi® certificates of deposit			46,305			2.2	%			32,686			1.6	%			39,628			2.0	%			61,281			3.3	%			66,926			3.6	%			60,761			3.3	%			38,284			2.2	%
Brokered deposits			284,746			13.8	%			284,759			13.9	%			217,743			11.0	%			217,748			11.6	%			214,819			11.7	%			220,435			12.1	%			216,962			12.3	%
Total deposits		$	2,063,341			100.0	%		$	2,043,741			100.0	%		$	1,983,099			100.0	%		$	1,881,553			100.0	%		$	1,837,548			100.0	%		$	1,815,032			100.0	%		$	1,761,390			100.0	%
Borrowings
Federal Home Loan Bank advances		$	- -			0.0	%		$	- -			0.0	%		$	18,000			42.0	%		$	18,000			42.1	%		$	18,000			42.1	%		$	18,000			42.2	%		$	22,000			47.1	%
Subordinated debt			24,603			100.0	%			49,560			100.0	%			24,845			58.0	%			24,728			57.9	%			24,716			57.9	%			24,704			57.8	%			24,692			52.9	%
Total borrowings		$	24,603			100.0	%		$	49,560			100.0	%		$	42,845			100.0	%		$	42,728			100.0	%		$	42,716			100.0	%		$	42,704			100.0	%		$	46,692			100.0	%
Total deposits and borrowings		$	2,087,944						$	2,093,301						$	2,025,944						$	1,924,281						$	1,880,264						$	1,857,736						$	1,808,082
Core customer funding sources (2)		$	1,758,441			85.2	%		$	1,738,828			85.1	%		$	1,742,220			87.1	%		$	1,638,683			86.3	%		$	1,593,731			85.9	%		$	1,563,116			85.3	%		$	1,505,863			84.4	%
Wholesale funding sources (3)			304,900			14.8	%			304,913			14.9	%			258,879			12.9	%			260,870			13.7	%			261,817			14.1	%			269,916			14.7	%			277,527			15.6	%
Total funding sources		$	2,063,341			100.0	%		$	2,043,741			100.0	%		$	2,001,099			100.0	%		$	1,899,553			100.0	%		$	1,855,548			100.0	%		$	1,833,032			100.0	%		$	1,783,390			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 and Federal Home Loan Bank advances.

John Marshall Bancorp, Inc.
Average Balance Sheets, Interest and Rates (unaudited)
(Dollar amounts in thousands)
		Nine months ended September 30, 2022									Nine months ended September 30, 2021
					Interest Income /			Average						Interest Income /			Average
		Average Balance			Expense			Rate			Average Balance			Expense			Rate
Assets:
Securities:
Taxable		$	433,128		$	5,782		1.78	%		$	249,451		$	3,117		1.67	%
Tax-exempt(1)			5,002			114		3.05	%			5,039			114		3.02	%
Total securities		$	438,130		$	5,896		1.80	%		$	254,490		$	3,231		1.70	%
Loans, net of unearned income(2):
Taxable			1,626,661			53,192		4.37	%			1,565,883			51,533		4.40	%
Tax-exempt(1)			22,656			694		4.10	%			20,357			686		4.51	%
Total loans, net of unearned income		$	1,649,317		$	53,886		4.37	%		$	1,586,240		$	52,219		4.40	%
Interest-bearing deposits in other banks		$	134,874		$	897		0.89	%		$	145,618		$	134		0.12	%
Total interest-earning assets		$	2,222,321		$	60,679		3.65	%		$	1,986,348		$	55,584		3.74	%
Total non-interest earning assets			35,066									30,863
Total assets		$	2,257,387								$	2,017,211
Liabilities & Shareholders’ Equity:
Interest-bearing deposits
NOW accounts		$	325,647		$	829		0.34	%		$	255,791		$	594		0.31	%
Money market accounts			389,535			1,516		0.52	%			333,366			927		0.37	%
Savings accounts			109,740			284		0.35	%			76,910			210		0.37	%
Time deposits			658,897			3,461		0.70	%			663,257			3,537		0.71	%
Total interest-bearing deposits		$	1,483,819		$	6,090		0.55	%		$	1,329,324		$	5,268		0.53	%
Subordinated debt			27,476			1,461		7.11	%			24,696			1,115		6.04	%
Other borrowed funds			8,257			42		0.68	%			18,502			94		0.68	%
Total interest-bearing liabilities		$	1,519,552		$	7,593		0.67	%		$	1,372,522		$	6,477		0.63	%
Demand deposits			511,504									437,905
Other liabilities			16,321									12,439
Total liabilities		$	2,047,377								$	1,822,866
Shareholders’ equity		$	210,010								$	194,345
Total liabilities and shareholders’ equity		$	2,257,387								$	2,017,211
Tax-equivalent net interest income and spread					$	53,086		2.98	%					$	49,107		3.11	%
Less: tax-equivalent adjustment						170									168
Net interest income					$	52,916								$	48,939
Tax-equivalent interest income/earnings assets								3.65	%								3.74	%
Interest expense/earning assets								0.46	%								0.44	%
Net interest margin(3)								3.19	%								3.30	%

(1)		Tax-equivalent income has 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 $170 thousand and $168 thousand in 2022 and 2021, respectively.
(2)		The Company did not have any loans on non-accrual as of September 30, 2022 or September 30, 2021.
(3)		The net interest margin has been calculated on a tax-equivalent basis.

John Marshall Bancorp, Inc.
Average Balance Sheets, Interest and Rates (unaudited)
(Dollar amounts in thousands)
		Three months ended September 30, 2022									Three months ended September 30, 2021
					Interest Income /			Average						Interest Income /			Average
		Average Balance			Expense			Rate			Average Balance			Expense			Rate
Assets:
Securities:
Taxable		$	483,861		$	2,385		1.96	%		$	320,014		$	1,224		1.52	%
Tax-exempt(1)			4,999			38		3.02	%			5,013			38		3.01	%
Total securities		$	488,860		$	2,423		1.97	%		$	325,027		$	1,262		1.54	%
Loans, net of unearned income(2):
Taxable			1,655,670			17,983		4.31	%			1,555,877			16,533		4.22	%
Tax-exempt(1)			29,126			302		4.11	%			24,818			259		4.14	%
Total loans, net of unearned income		$	1,684,796		$	18,285		4.31	%		$	1,580,695		$	16,792		4.21	%
Interest-bearing deposits in other banks		$	103,669		$	571		2.19	%		$	132,662		$	51		0.15	%
Total interest-earning assets		$	2,277,325		$	21,279		3.71	%		$	2,038,384		$	18,105		3.52	%
Total non-interest earning assets			37,500									30,759
Total assets		$	2,314,825								$	2,069,143
Liabilities & Shareholders’ Equity:
Interest-bearing deposits
NOW accounts		$	329,780		$	404		0.49	%		$	277,117		$	203		0.29	%
Money market accounts			377,736			727		0.76	%			327,144			296		0.36	%
Savings accounts			106,647			107		0.40	%			87,935			75		0.34	%
Time deposits			705,206			1,830		1.03	%			649,963			899		0.55	%
Total interest-bearing deposits		$	1,519,369		$	3,068		0.80	%		$	1,342,159		$	1,473		0.44	%
Subordinated debt			28,397			448		6.26	%			24,708			372		5.97	%
Other borrowed funds			—			—		0.00	%			18,000			31		0.68	%
Total interest-bearing liabilities		$	1,547,766		$	3,516		0.90	%		$	1,384,867		$	1,876		0.54	%
Demand deposits			538,271									470,476
Other liabilities			16,641									12,810
Total liabilities		$	2,102,678								$	1,868,153
Shareholders’ equity		$	212,147								$	200,990
Total liabilities and shareholders’ equity		$	2,314,825								$	2,069,143
Tax-equivalent net interest income and spread					$	17,763		2.81	%					$	16,229		2.98	%
Less: tax-equivalent adjustment						71									63
Net interest income					$	17,692								$	16,166
Tax-equivalent interest income/earnings assets								3.71	%								3.52	%
Interest expense/earning assets								0.61	%								0.37	%
Net interest margin(3)								3.10	%								3.15	%

(1)		Tax-equivalent income has 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 $71 thousand and $63 thousand in 2022 and 2021, respectively.
(2)		The Company did not have any loans on non-accrual as of September 30, 2022 or September 30, 2021.
(3)		The net interest margin has been calculated on a tax-equivalent basis.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221019005216/en/

Christopher W. Bergstrom (703) 584-0840

Kent D. Carstater (703) 289-5922

Source: John Marshall

FAQ

What were the Q3 2022 earnings for John Marshall Bancorp (JMSB)?

John Marshall Bancorp (JMSB) reported net income of $8.0 million for Q3 2022.

How much did core loans grow for JMSB in Q3 2022?

Core loans for JMSB grew 12.8% year-over-year, totaling $1.73 billion.

What is the efficiency ratio reported by JMSB for Q3 2022?

JMSB reported an efficiency ratio of 43.9% for Q3 2022.

How much did non-interest bearing deposits increase for JMSB?

Non-interest bearing deposits for JMSB increased by 15.4%.

What was the book value per share for JMSB as of September 30, 2022?

The book value per share for JMSB was $14.37 as of September 30, 2022.