John Marshall Bancorp, Inc. Reports Margin Expansion Drives 20% Increase in Net Interest Income, Balance Sheet Remains Source of Strength

RESTON, Va.--(BUSINESS WIRE)-- John Marshall Bancorp, Inc. (Nasdaq: JMSB) (the “Company”), parent company of John Marshall Bank (the “Bank”), reported net income of $4.8 million for the quarter ended March 31, 2025 compared to $4.2 million for the quarter ended March 31, 2024, an increase of $606 thousand or 14.4%. Diluted earnings per share were $0.34 for the quarter ended March 31, 2025 compared to $0.30 for the quarter ended March 31, 2024, an increase of 13.3%. For the quarter ended December 31, 2024, reported net income was $4.8 million or $0.33 per diluted share.

Selected Highlights

• Earnings Accelerating – Pre-tax, pre-provision earnings (Non-GAAP) for the three months ended March 31, 2025 was $6.4 million, representing an increase of $1.7 million or 37.0% when compared to the three months ended March 31, 2024. Refer to “Explanation of Non-GAAP Measures” and the “Reconciliation of Certain Non-GAAP Financial Measures” table for further details about financial measures used in this release that were determined by methods other than in accordance with GAAP.

• Significant Increase in Net Interest Income and Margin – For the three months ended March 31, 2025, the Company reported net interest income of $14.1 million, a $2.4 million or 20.0% increase over the $11.7 million reported for the three months ended March 31, 2024. The increase in net interest income was driven by growth in net interest margin. Net interest margin increased 47 basis points from 2.11% for the three months ended March 31, 2024 to 2.58% for the three months ended March 31, 2025.

• Focused on Core Funding Growth – The Company remains focused on driving value through core funding growth. Non-interest bearing demand deposits grew 8.2% from March 31, 2024 to March 31, 2025. Non-interest bearing demand deposits increased from 21.3% of total deposits as of March 31, 2024 to 22.8% as of March 31, 2025. The Company decreased its wholesale funding sources by 8.8% from March 31, 2024 to March 31, 2025.

• Excellent Asset Quality – As of March 31, 2025 the Company had no loans greater than 30 days past due, no non-accrual loans and no other real estate owned assets. The Company recorded no net charge-offs during the first quarter of 2025. The Company had zero loans classified as substandard as of March 31, 2025.

• Robust Capitalization – Each of the Bank’s regulatory capital ratios remained well in excess of the regulatory well-capitalized thresholds as of March 31, 2025. The Company’s capitalization positions it well for organic growth, potential acquisitions, share repurchases or cash dividends.

• Growing Book Value per Share – Book value per share increased from $16.51 as of March 31, 2024 to $17.72 as of March 31, 2025, a 7.3% increase. When factoring in the $0.25 cash dividend per share paid in July 2024, the book value per share return was 8.8%.

• 20% Annual Cash Dividend Increase – On April 22, 2025, the Company declared an annual cash dividend of $0.30 per outstanding share of common stock. The dividend will be payable on July 7, 2025 to shareholders of record as of the close of business on June 27, 2025. This per share amount equates to a 20.0% increase over the 2024 annual cash dividend and marks the third consecutive increase in the annual cash dividend per share.

Chris Bergstrom, President and Chief Executive Officer, commented, “Despite a quarter marked by economic volatility, John Marshall Bank continued to expand margin, increase earnings and book loan commitments that are prudently underwritten. In the first quarter of 2025, the Company produced $96.5 million in loan commitments; our strongest first quarter since 2022. In March alone, we booked over $46 million in commitments. The overlay of tariffs and government efficiency initiatives have restrained borrowing by business owners and individuals. We believe that our commitment activity will translate into loan growth once greater economic clarity is realized. The Washington, DC metropolitan statistical area, is one of the most vibrant and resilient metro areas in the country and the percentage of Federal employees that are not in defense or security positions, by our estimates, represents about 4% of the workforce. In addition to solid demographic underpinnings, banking consolidation continues in the Washington, DC area dislocating both customers and experienced bankers. Our balance sheet, represented by our strong capitalization and excellent asset quality, is a source of strength that we intend to use to grow our customer base, attract qualified bankers, increase core funding, grow loans sensibly and continue to drive earnings growth.”

Balance Sheet, Liquidity and Credit Quality

Total assets were $2.27 billion at March 31, 2025, $2.23 billion at December 31, 2024, and $2.25 billion at March 31, 2024. Total assets have increased $37.5 million or 1.7% since December 31, 2024 and increased $20.6 million or 0.9% since March 31, 2024.

Total loans, net of unearned income, increased $44.5 million or 2.4% to $1.87 billion at March 31, 2025, compared to $1.83 billion at March 31, 2024 and decreased $1.7 million during the quarter ended March 31, 2025 or 0.1% from December 31, 2024. The increase in loans from March 31, 2024, was primarily attributable to growth in the investor real estate loan and the construction & development loan portfolios, partially offset by a decrease in the commercial owner-occupied real estate loan portfolio. Refer to the Loan, Deposit and Borrowing table for further information.

The carrying value of the Company’s fixed income securities portfolio was $215.6 million at March 31, 2025, $222.3 million at December 31, 2024 and $253.4 million at March 31, 2024. The decrease in carrying value of the Company’s fixed income securities portfolio since March 31, 2024 was primarily attributable to maturities and the amortization of the portfolio. As of March 31, 2025, 95.3% of our bond portfolio carried the implied guarantee of the United States government or one of its agencies. At March 31, 2025, 63% of the fixed income portfolio was invested in amortizing bonds, which provides the Company with a source of steady cash flow. At March 31, 2025, the fixed income portfolio had an estimated weighted average life of 4.2 years. The available-for-sale portfolio comprised approximately 60% of the fixed income securities portfolio and had a weighted average life of 3.1 years at March 31, 2025. The held-to-maturity portfolio comprised approximately 40% of the fixed income securities portfolio and had a weighted average life of 5.8 years at March 31, 2025.

The Company’s balance sheet remains highly liquid. The Company’s liquidity position, defined as the sum of cash, unencumbered securities and available secured borrowing capacity, totaled $786.9 million as of March 31, 2025 compared to $727.3 million as of December 31, 2024 and represented 34.5% and 32.5% 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, 2025.

Total deposits were $1.92 billion at March 31, 2025, $1.89 billion at December 31, 2024 and $1.90 billion at March 31, 2024. During the quarter, total deposits increased $29.8 million or 1.6% when compared to December 31, 2024. Deposits increased $21.2 million or 1.1% when compared to March 31, 2024. The Bank reduced costlier time deposits by $64.7 million since March 31, 2024. As further detailed in the tables included in this release, core funding sources have increased $35.2 million and wholesale funding sources have decreased $34.2 million since March 31, 2024. As of March 31, 2025, the Company had $660.8 million of deposits that were not insured or not collateralized compared to $627.1 million at March 31, 2024.

On September 3, 2024, the Company paid off its $77.0 million Bank Term Funding Program (“BTFP”) advance and concurrently secured three Federal Home Loan Bank (“FHLB”) advances totaling $56.0 million. The FHLB advances have a weighted average fixed interest rate of 4.01% compared to 4.76% for the retired BTFP advance. Total borrowings as of March 31, 2025 consisted of subordinated debt totaling $24.8 million and the FHLB advances.

Shareholders’ equity increased $18.4 million or 7.8% to $253.0 million at March 31, 2025 compared to $234.6 million at March 31, 2024. Book value per share was $17.72 as of March 31, 2025 compared to $16.51 as of March 31, 2024, an increase of 7.3%. 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. This increase was partially offset by increased cash dividends paid and increased share count from shareholder option exercises and restricted share award issuances. The decrease in accumulated other comprehensive loss was attributable to decreases in unrealized losses on our available-for-sale investment portfolio due to market value increases.

The Bank’s capital ratios remained well above regulatory thresholds for well-capitalized banks. As of March 31, 2025, the Bank’s total risk-based capital ratio was 16.5%, compared to 16.1% at March 31, 2024 and 16.2% at December 31, 2024. As outlined below, the Bank would continue to remain well above regulatory thresholds for well-capitalized banks at March 31, 2025 in the hypothetical scenario where the entire bond portfolio was sold at fair market value and any losses realized (Non-GAAP). Refer to “Explanation of Non-GAAP Measures” and the “Reconciliation of Certain Non-GAAP Financial Measures” table for further details about financial measures used in this release that were determined by methods other than in accordance with GAAP.

Bank Regulatory Capital Ratios (As Reported)
			Well-Capitalized Threshold			March 31, 2025			December 31, 2024			March 31, 2024
Total risk-based capital ratio			10.0	%		16.5	%		16.2	%		16.1	%
Tier 1 risk-based capital ratio			8.0	%		15.4	%		15.2	%		15.1	%
Common equity tier 1 ratio			6.5	%		15.4	%		15.2	%		15.1	%
Leverage ratio			5.0	%		12.6	%		12.4	%		11.8	%

Adjusted Bank Regulatory Capital Ratios (Hypothetical Scenario of Selling All Bonds at Fair Market Value - Non-GAAP)
			Well-Capitalized Threshold			March 31, 2025			December 31, 2024			March 31, 2024
Adjusted total risk-based capital ratio			10.0	%		15.7	%		15.3	%		15.0	%
Adjusted tier 1 risk-based capital ratio			8.0	%		14.6	%		14.2	%		14.0	%
Adjusted common equity tier 1 ratio			6.5	%		14.6	%		14.2	%		14.0	%
Adjusted leverage ratio			5.0	%		11.8	%		11.5	%		10.8	%

The Company recorded no charge-offs during the first quarter of 2025, the fourth quarter of 2024 or the first quarter of 2024. As of March 31, 2025, the Company had no loans greater than 30 days past due, no non-accrual loans and no other real estate owned assets.

At March 31, 2025, the allowance for loan credit losses was $18.8 million or 1.01% of outstanding loans, net of unearned income, compared to $18.7 million or 1.02% of outstanding loans, net of unearned income, at March 31, 2024. The decrease in the allowance as a percentage of outstanding loans, net of unearned income, resulted from changes in the Company’s loss driver analysis and assumptions, changes in the composition of the loan portfolio, and considerations of qualitative factors combined with the continued strong credit performance of our loan portfolio segments.

At March 31, 2025, the allowance for credit losses on unfunded loan commitments was $1.1 million compared to $1.1 million at December 31, 2024.

The Company did not have an allowance for credit losses on held-to-maturity securities as of March 31, 2025 or December 31, 2024. As of March 31, 2025, 93.4% of our held-to-maturity portfolio carried the implied guarantee of the United States Government or one of its agencies.

The Company’s owner occupied and non-owner occupied CRE portfolios continue to be of sound credit quality. The following table provides a detailed breakout of the two aforementioned segments as of March 31, 2025, demonstrating their strong debt-service-coverage and loan-to-value ratios.

Commercial Real Estate
	Owner Occupied								Non-owner Occupied
Asset Class	Weighted Average Loan-to-Value(1)		Weighted Average Debt Service Coverage Ratio(2)		Number of Total Loans			Principal Balance(3) (Dollars in thousands)	Weighted Average Loan-to-Value(1)		Weighted Average Debt Service Coverage Ratio(2)		Number of Total Loans			Principal Balance(3) (Dollars in thousands)
Warehouse & Industrial	49.4	%	3.3	x	54		$	68,271	50.4	%	2.6	x	45		$	114,251
Office	57.1	%	3.7	x	134			80,839	47.6	%	2.0	x	55			113,936
Retail	58.1	%	2.9	x	41			71,634	49.9	%	1.9	x	146			456,058
Church	26.9	%	2.7	x	17			29,484	- -		- -		- -			- -
Hotel/Motel	- -		- -		- -			- -	59.1	%	1.5	x	10			53,030
Other(4)	37.0	%	3.5	x	36			67,787	53.0	%	1.9	x	8			21,728
Total					282		$	318,015					264		$	759,003

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

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

Non-owner occupied office: Geography
Geography	Commitment (in 000s)		Percentage
Virginia	$78,608		65.7%
Maryland	$34,580		28.9%
DC	$5,922		5.0%
Other	$460		0.4%
Total	$119,570		100.0%

Non-owner occupied office: Maturity
Maturity Year	Commitment (in 000s)		Percentage
2025	$19.310		16.2%
2026	$5,877		4.9%
2027	$700		0.6%
2028	$19,032		15.9%
2029+	$74,651		62.4%
Total	$119,570		100.0%

Income Statement Review

The Company reported net income of $4.8 million for the first quarter of 2025, an increase of $606 thousand or 14.4% when compared to the first quarter of 2024. Pre-tax, pre provision earnings (Non-GAAP) were $6.4 million for the three months ended March 31, 2025, a 37.0% increase compared to the $4.6 million reported for the three months ended March 31, 2024.

Net interest income for the first quarter of 2025 increased $2.4 million or 20.0% compared to the first quarter of 2024, driven primarily by the increase in loan yields, reduction in the average balance of maturing deposits and borrowings, and the increase in the average balance of loans. The annualized net interest margin and tax-equivalent net interest margin (Non-GAAP) for the three months ended March 31, 2025 were 2.58% and 2.58%, as compared to 2.02% and 2.09%, respectively, for the same period in the prior year.

The yield on interest earning assets was 4.99% for the first quarter of 2025 compared to 4.83% for the same period in 2024. The increase in yield on interest earning assets was primarily due to higher yields on the Company’s commercial real estate portfolio. The cost of interest-bearing liabilities was 3.48% for the first quarter of 2025 compared to 3.81% for the same quarter in the prior year. The decrease in the cost of interest-bearing liabilities was primarily due to the decrease in the cost of non-maturing deposits, retail time deposits and borrowing costs.

The Company recorded a $170 thousand provision for credit losses for the first quarter of 2025 compared to a recovery of provision for credit losses of $776 thousand for the first quarter of 2024.

Non-interest income was $505 thousand for the first quarter of 2025 compared to $818 thousand for the first quarter of 2024. The $313 thousand decrease in non-interest income was primarily attributable to a decrease of $100 thousand due to unfavorable mark-to-market adjustments on investments related to the Company’s nonqualified deferred compensation plan (“NQDC”), a $97 thousand decrease in gains recorded on the sale of the guaranteed portion of SBA 7(a) loans due to decreased sale activity, a $64 thousand decrease in swap fee income and a $39 thousand decrease in insurance commissions.

Non-interest expense increased $324 thousand or 4.1% during the first quarter of 2025 compared to the first quarter of 2024 primarily as a result of an increase in salary and employee benefit expense. The $289 thousand or 6.0% increase in salary and employee benefit expense stemmed from the hiring of additional personnel. The Company hired three business development officers during the three months ended March 31, 2025. The Company’s occupancy expense decreased $44 thousand or 9.8% when comparing the three months ended March 31, 2025 to the same period in 2024. The decrease resulted from relocating a branch to a lower cost and more favorable location. Furniture and equipment expenses increased $19 thousand or 6.4% for the three months ended March 31, 2025 versus the comparable quarter a year ago. The increase resulted from investment in and maintenance of technology. Other expenses for the three months ended March 31, 2025 increased $60 thousand or 2.5% when compared to the three months ended March 31, 2024. Increases primarily in data processing and marketing were partially offset by a reduction in professional fees.

For the three months ended March 31, 2025, annualized non-interest expense to average assets was 1.50% compared to 1.41% for the three months ended March 31 2024. The increase was primarily due to lower average assets when comparing the two periods. For the three months ended March 31, 2025, the efficiency ratio was 56.5% compared to 63.1% for the three months ended March 31, 2024. This decrease was primarily due to an increase in net interest income.

Explanation of Non-GAAP Financial Measures

This release contains financial information determined by methods other than in accordance with GAAP. Management believes that the supplemental Non-GAAP information provides a better comparison of period-to-period operating performance and unrealized losses in the Company’s bond portfolio on the Bank’s regulatory capital ratios. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. Non-GAAP measures used in this release consist of the following:

• Tax-equivalent net interest margin reflects adjustments for differences in tax treatment of interest income sources;
• Adjusted Bank regulatory capital ratios in the hypothetical scenario where the entire bond portfolio was sold at fair market value and any losses realized; and
• Pre-tax, pre-provision earnings excludes income tax expense and the provision for (recovery of) credit losses.

These disclosures should not be viewed as a substitute for, or more important than, financial results in accordance with GAAP, nor are they necessarily comparable to Non-GAAP performance measures which may be presented by other companies. Please refer to the Reconciliation of Certain Non-GAAP Financial Measures table and Average Balance Sheets, Interest and Rates tables for the respective periods for a reconciliation of these Non-GAAP measures to the most directly comparable GAAP measure.

About John Marshall Bancorp, Inc.

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

Cautionary Note Regarding Forward-Looking Statements

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

John Marshall Bancorp, Inc.
Financial Highlights (Unaudited)
(Dollar amounts in thousands, except per share data)
		At or For the Three Months Ended
			March 31,
		2025			2024
Selected Balance Sheet Data
Cash and cash equivalents		$	169,060		$	153,016
Total investment securities			226,163			261,341
Loans, net of unearned income			1,870,472			1,825,931
Allowance for loan credit losses			18,826			18,671
Total assets			2,272,432			2,251,837
Non-interest bearing demand deposits			437,822			404,669
Interest bearing deposits			1,484,353			1,496,321
Total deposits			1,922,175			1,900,990
Federal Home Loan Bank advances			56,000			- -
Federal Reserve Bank borrowings			- -			77,000
Shareholders' equity			252,958			234,550
Summary Results of Operations
Interest income		$	27,305		$	26,919
Interest expense			13,208			15,175
Net interest income			14,097			11,744
Provision for (recovery of) credit losses			170			(776)
Net interest income after provision for (recovery of) credit losses			13,927			12,520
Non-interest income			505			818
Non-interest expense			8,248			7,924
Income before income taxes			6,184			5,414
Net income			4,810			4,204
Per Share Data and Shares Outstanding
Earnings per share - basic		$	0.34		$	0.30
Earnings per share - diluted		$	0.34		$	0.30
Book value per share		$	17.72		$	16.51
Weighted average common shares (basic)			14,223,046			14,130,986
Weighted average common shares (diluted)			14,241,114			14,181,254
Common shares outstanding at end of period			14,275,885			14,209,606
Performance Ratios
Return on average assets (annualized)			0.87	%		0.75	%
Return on average equity (annualized)			7.76	%		7.23	%
Net interest margin			2.58	%		2.11	%
Tax-equivalent net interest margin (Non-GAAP)(1)			2.58	%		2.11	%
Non-interest income as a percentage of average assets (annualized)			0.09	%		0.15	%
Non-interest expense to average assets (annualized)			1.50	%		1.41	%
Efficiency ratio			56.5	%		63.1	%
Asset Quality
Non-performing assets to total assets			- -	%		- -	%
Non-performing loans to total loans			- -	%		- -	%
Allowance for loan credit losses to non-performing loans			N/M			N/M
Allowance for loan credit losses to total loans			1.01	%		1.02	%
Net charge-offs to average loans (annualized)			- -	%		- -	%
Loans 30-89 days past due and accruing interest		$	- -		$	- -
90 days past due and still accruing interest			- -			- -
Non-accrual loans			- -			- -
Other real estate owned			- -			- -
Non-performing assets (2)			- -			- -
Capital Ratios (Bank Level)
Equity / assets			11.9	%		11.3	%
Total risk-based capital ratio			16.5	%		16.1	%
Tier 1 risk-based capital ratio			15.4	%		15.1	%
Common equity tier 1 ratio			15.4	%		15.1	%
Leverage ratio			12.6	%		11.8	%
Other Information
Number of full time equivalent employees			136			132
# Full service branch offices			8			8

____________________
(1)		Non-GAAP financial measure. Refer to “Average Balance, Interest and Rates table” for further details.
(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.

John Marshall Bancorp, Inc.
Consolidated Balance Sheets
(Dollar amounts in thousands, except per share data)
														% Change
		March 31,				December 31,				March 31,				Last Three			Year Over
		2025				2024				2024				Months			Year
Assets		(Unaudited)				*				(Unaudited)
Cash and due from banks		$	10,541			$	5,945			$	5,696			77.3	%		85.1	%
Interest-bearing deposits in banks			158,519				116,524				147,320			36.0	%		7.6	%
Securities available-for-sale, at fair value			124,469				130,257				158,757			(4.4	)%		(21.6	)%
Securities held-to-maturity at amortized cost, fair value of $77,455, $76,270, and $77,995 at 3/31/2025, 12/31/2024, and 3/31/2024, respectively.			91,172				92,009				94,662			(0.9	)%		(3.7	)%
Restricted securities, at cost			7,634				7,634				4,962			- -	%		53.8	%
Equity securities, at fair value			2,888				2,832				2,960			2.0	%		(2.4	)%
Loans, net of unearned income			1,870,472				1,872,173				1,825,931			(0.1	)%		2.4	%
Allowance for loan credit losses			(18,826	)			(18,715	)			(18,671	)		0.6	%		0.8	%
Net loans			1,851,646				1,853,458				1,807,260			(0.1	)%		2.5	%
Bank premises and equipment, net			1,484				1,318				1,244			12.6	%		19.3	%
Accrued interest receivable			5,902				5,996				6,410			(1.6	)%		(7.9	)%
Right of use assets			4,752				5,013				3,872			(5.2	)%		22.7	%
Other assets			13,425				13,961				18,694			(3.8	)%		(28.2	)%
Total assets		$	2,272,432			$	2,234,947			$	2,251,837			1.7	%		0.9	%
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Non-interest bearing demand deposits		$	437,822			$	433,288			$	404,669			1.0	%		8.2	%
Interest-bearing demand deposits			705,386				705,097				644,580			0.0	%		9.4	%
Savings deposits			42,583				44,367				50,664			(4.0	)%		(16.0	)%
Time deposits			736,384				709,663				801,077			3.8	%		(8.1	)%
Total deposits			1,922,175				1,892,415				1,900,990			1.6	%		1.1	%
Federal Home Loan Bank advances			56,000				56,000				- -			- -	%		N/M
Federal Reserve Bank borrowings			- -				- -				77,000			N/M			(100.0	)%
Subordinated debt, net			24,812				24,791				24,729			0.1	%		0.3	%
Accrued interest payable			2,072				2,394				2,949			(13.5	)%		(29.7	)%
Lease liabilities			5,101				5,369				4,141			(5.0	)%		23.2	%
Other liabilities			9,314				7,364				7,478			26.5	%		24.6	%
Total liabilities			2,019,474				1,988,333				2,017,287			1.6	%		0.1	%
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, 14,275,885 at 3/31/25 including 50,419 unvested shares, issued and outstanding, 14,269,469 at 12/31/2024 including 54,388 unvested shares, and issued and outstanding, 14,209,606 at 3/31/2024 including 45,929 unvested shares			142				142				142			- -	%		- -	%
Additional paid-in capital			97,310				97,173				96,469			0.1	%		0.9	%
Retained earnings			164,761				159,951				150,592			3.0	%		9.4	%
Accumulated other comprehensive loss			(9,255	)			(10,652	)			(12,653	)		(13.1	)%		(26.9	)%
Total shareholders' equity			252,958				246,614				234,550			2.6	%		7.8	%
Total liabilities and shareholders' equity		$	2,272,432			$	2,234,947			$	2,251,837			1.7	%		0.9	%
* Derived from audited consolidated financial statements.

John Marshall Bancorp, Inc.
Consolidated Statements of Income
(Dollar amounts in thousands, except per share data)
		Three Months Ended
		March 31,
		2025				2024				% Change
		(Unaudited)				(Unaudited)
Interest and Dividend Income
Interest and fees on loans		$	24,807			$	23,623			5.0	%
Interest on investment securities, taxable			1,032				1,269			(18.7	)%
Interest on investment securities, tax-exempt			9				9			0.0	%
Dividends			123				82			50.0	%
Interest on deposits in other banks			1,334				1,936			(31.1	)%
Total interest and dividend income			27,305				26,919			1.4	%
Interest Expense
Deposits			12,300				13,931			(11.7	)%
Federal funds purchased			- -				2			(100.0	)%
Federal Home Loan Bank advances			559				- -			N/M
Federal Reserve Bank borrowings			- -				893			(100.0	)%
Subordinated debt			349				349			--	%
Total interest expense			13,208				15,175			(13.0	)%
Net interest income			14,097				11,744			20.0	%
Provision for (recovery of) Credit Losses			170				(776	)		(121.9	)%
Net interest income after provision for (recovery of) credit losses			13,927				12,520			11.2	%
Non-interest Income
Service charges on deposit accounts			82				88			(6.8	)%
Other service charges and fees			153				149			2.7	%
Insurance commissions			213				252			(15.5	)%
Gain on sale of government guaranteed loans			36				133			(72.9	)%
Non-qualified deferred compensation plan asset gains, net			24				124			(80.6	)%
Other income (loss)			(3	)			72			(104.2	)%
Total non-interest income			505				818			(38.3	)%
Non-interest Expenses
Salaries and employee benefits			5,099				4,810			6.0	%
Occupancy expense of premises			407				451			(9.8	)%
Furniture and equipment expenses			316				297			6.4	%
Other expenses			2,426				2,366			2.5	%
Total non-interest expenses			8,248				7,924			4.1	%
Income before income taxes			6,184				5,414			14.2	%
Income Tax Expense			1,374				1,210			13.6	%
Net income		$	4,810			$	4,204			14.4	%
Earnings Per Share
Basic		$	0.34			$	0.30			13.3	%
Diluted		$	0.34			$	0.30			13.3	%

John Marshall Bancorp, Inc.
Historical Trends - Quarterly Financial Data (Unaudited)
(Dollar amounts in thousands, except per share data)
		2025				2024
		March 31			December 31			September 30			June 30				March 31
Profitability for the Quarter:
Interest income		$	27,305		$	27,995		$	28,428		$	26,791		$	26,919
Interest expense			13,208			13,929			15,272			14,710			15,175
Net interest income			14,097			14,066			13,156			12,081			11,744
Provision for (recovery of) credit losses			170			298			400			(292	)		(776	)
Non-interest income			505			281			617			555			818
Non-interest expenses			8,248			7,945			8,031			7,909			7,924
Income before income taxes			6,184			6,104			5,342			5,019			5,414
Income tax expense			1,374			1,328			1,107			1,114			1,210
Net income		$	4,810		$	4,776		$	4,235		$	3,905		$	4,204
Financial Performance:
Return on average assets (annualized)			0.87	%		0.85	%		0.73	%		0.70	%		0.75	%
Return on average equity (annualized)			7.76	%		7.71	%		7.00	%		6.68	%		7.23	%
Net interest margin			2.58	%		2.52	%		2.30	%		2.19	%		2.11	%
Tax-equivalent net interest margin (Non-GAAP)			2.58	%		2.52	%		2.30	%		2.19	%		2.11	%
Non-interest income as a percentage of average assets (annualized)			0.09	%		0.05	%		0.11	%		0.10	%		0.15	%
Non-interest expense to average assets (annualized)			1.50	%		1.41	%		1.39	%		1.42	%		1.41	%
Efficiency ratio			56.5	%		55.4	%		58.3	%		62.6	%		63.1	%
Per Share Data:
Earnings per share - basic		$	0.34		$	0.34		$	0.30		$	0.27		$	0.30
Earnings per share - diluted		$	0.34		$	0.33		$	0.30		$	0.27		$	0.30
Book value per share		$	17.72		$	17.28		$	17.07		$	16.54		$	16.51
Dividends declared per share		$	- -		$	- -		$	- -		$	0.25		$	- -
Weighted average common shares (basic)			14,223,046			14,196,309			14,187,691			14,173,245			14,130,986
Weighted average common shares (diluted)			14,241,114			14,224,287			14,214,586			14,200,171			14,181,254
Common shares outstanding at end of period			14,275,885			14,269,469			14,238,677			14,229,853			14,209,606
Non-interest Income:
Service charges on deposit accounts		$	82		$	89		$	84		$	88		$	88
Other service charges and fees			153			181			160			165			149
Insurance commissions			213			59			64			40			252
Gain on sale of government guaranteed loans			36			11			160			216			133
Non-qualified deferred compensation plan asset gains (losses), net			24			(62	)		139			35			124
Other income (loss)			(3	)		3			10			11			72
Total non-interest income		$	505		$	281		$	617		$	555		$	818
Non-interest Expenses:
Salaries and employee benefits		$	5,099		$	4,658		$	4,897		$	4,875		$	4,810
Occupancy expense of premises			407			417			444			448			451
Furniture and equipment expenses			316			319			304			301			297
Other expenses			2,426			2,551			2,386			2,285			2,366
Total non-interest expenses		$	8,248		$	7,945		$	8,031		$	7,909		$	7,924
Balance Sheets at Quarter End:
Total loans, net of unearned income		$	1,870,472		$	1,872,173		$	1,842,598		$	1,827,187		$	1,825,931
Allowance for loan credit losses			(18,826	)		(18,715	)		(18,481	)		(18,433	)		(18,671	)
Investment securities			226,163			232,732			247,840			249,582			261,341
Interest-earning assets			2,255,154			2,221,429			2,259,501			2,249,350			2,234,592
Total assets			2,272,432			2,234,947			2,274,363			2,269,757			2,251,837
Total deposits			1,922,175			1,892,415			1,936,150			1,912,840			1,900,990
Total interest-bearing liabilities			1,565,165			1,539,918			1,544,498			1,577,420			1,598,050
Total shareholders' equity			252,958			246,614			243,118			235,346			234,550
Quarterly Average Balance Sheets:
Total loans, net of unearned income		$	1,868,303		$	1,838,526		$	1,818,472		$	1,810,722		$	1,835,966
Investment securities			231,479			243,329			249,354			255,940			270,760
Interest-earning assets			2,220,730			2,223,725			2,277,427			2,222,658			2,247,620
Total assets			2,233,627			2,238,062			2,292,385			2,239,261			2,264,544
Total deposits			1,884,969			1,893,976			1,939,601			1,883,010			1,914,173
Total interest-bearing liabilities			1,540,974			1,532,452			1,573,631			1,551,953			1,600,197
Total shareholders' equity			251,425			246,525			240,609			235,136			233,952
Financial Measures:
Average equity to average assets			11.3	%		11.0	%		10.5	%		10.5	%		10.3	%
Investment securities to earning assets			10.0	%		10.5	%		11.0	%		11.1	%		11.7	%
Loans to earning assets			82.9	%		84.3	%		81.5	%		81.2	%		81.7	%
Loans to assets			82.3	%		83.8	%		81.0	%		80.5	%		81.1	%
Loans to deposits			97.3	%		98.9	%		95.2	%		95.5	%		96.1	%
Capital Ratios (Bank Level):
Equity / assets			11.9	%		11.9	%		11.6	%		11.4	%		11.3	%
Total risk-based capital ratio			16.5	%		16.2	%		16.3	%		16.4	%		16.1	%
Tier 1 risk-based capital ratio			15.4	%		15.2	%		15.3	%		15.4	%		15.1	%
Common equity tier 1 ratio			15.4	%		15.2	%		15.3	%		15.4	%		15.1	%
Leverage ratio			12.6	%		12.4	%		11.9	%		12.2	%		11.8	%

John Marshall Bancorp, Inc.
Loan, Deposit and Borrowing Detail (Unaudited)
(Dollar amounts in thousands)
	2025					2024
	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	$	46,479		2.5	%	$	47,612		2.5	%	$	39,741		2.2	%	$	41,806		2.3	%	$	42,779		2.3	%
Commercial PPP loans		124		0.0	%		124		0.0	%		126		0.0	%		127		0.0	%		129		0.0	%
Commercial owner-occupied real estate loans		318,087		17.1	%		329,222		17.6	%		343,906		18.7	%		349,644		19.2	%		356,335		19.6	%
Total business loans		364,690		19.6	%		376,958		20.2	%		383,773		20.9	%		391,577		21.5	%		399,243		21.9	%
Investor real estate loans		759,002		40.7	%		757,173		40.5	%		726,771		39.5	%		722,419		39.6	%		692,418		38.0	%
Construction & development loans		173,270		9.3	%		164,988		8.8	%		161,466		8.8	%		138,744		7.6	%		151,476		8.3	%
Multi-family loans		95,556		5.1	%		94,695		5.1	%		91,426		5.0	%		91,925		5.1	%		94,719		5.2	%
Total commercial real estate loans		1,027,828		55.1	%		1,016,856		54.4	%		979,663		53.3	%		953,088		52.3	%		938,613		51.5	%
Residential mortgage loans		472,747		25.3	%		472,932		25.3	%		473,787		25.8	%		476,764		26.2	%		482,254		26.5	%
Consumer loans		809		0.0	%		906		0.0	%		877		0.0	%		876		0.0	%		772		0.1	%
Total loans	$	1,866,074		100.0	%	$	1,867,652		100.0	%	$	1,838,100		100.0	%	$	1,822,305		100.0	%	$	1,820,882		100.0	%
Less: Allowance for loan credit losses		(18,826	)				(18,715	)				(18,481	)				(18,433	)				(18,671	)
Net deferred loan costs (fees)		4,398					4,521					4,498					4,882					5,049
Net loans	$	1,851,646				$	1,853,458				$	1,824,117				$	1,808,754				$	1,807,260
	2025					2024
	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	$	437,822		22.8	%	$	433,288		22.9	%	$	472,422		24.4	%	$	437,169		22.8	%	$	404,669		21.3	%
Interest-bearing demand deposits:
NOW accounts(1)		355,752		18.5	%		355,840		18.8	%		324,660		16.8	%		321,702		16.8	%		318,445		16.8	%
Money market accounts(1)		349,634		18.2	%		349,257		18.5	%		360,725		18.6	%		346,249		18.1	%		326,135		17.1	%
Savings accounts		42,583		2.2	%		44,367		2.3	%		43,779		2.3	%		45,884		2.4	%		50,664		2.7	%
Certificates of deposit
$250,000 or more		322,630		16.8	%		315,549		16.7	%		334,591		17.3	%		339,908		17.8	%		355,766		18.7	%
Less than $250,000		79,305		4.1	%		83,060		4.4	%		86,932		4.5	%		91,258		4.8	%		99,694		5.2	%
QwickRate® certificates of deposit		249		0.0	%		249		0.0	%		4,119		0.2	%		4,119		0.2	%		5,117		0.3	%
IntraFi® certificates of deposit		36,522		1.9	%		34,288		1.8	%		32,801		1.7	%		32,922		1.7	%		34,443		1.8	%
Brokered deposits		297,678		15.5	%		276,517		14.6	%		276,121		14.2	%		293,629		15.4	%		306,057		16.1	%
Total deposits	$	1,922,175		100.0	%	$	1,892,415		100.0	%	$	1,936,150		100.0	%	$	1,912,840		100.0	%	$	1,900,990		100.0	%
Borrowings
Federal Home Loan Bank advances		56,000		69.3	%		56,000		69.3	%		56,000		69.3	%		- -		0.0	%		- -		0.0	%
Federal Reserve Bank borrowings		- -		0.0	%		- -		0.0	%		- -		0.0	%		77,000		75.7	%		77,000		75.7	%
Subordinated debt, net		24,812		30.7	%		24,791		30.7	%		24,770		30.7	%		24,749		24.3	%		24,729		24.3	%
Total borrowings	$	80,812		100.0	%	$	80,791		100.0	%	$	80,770		100.0	%	$	101,749		100.0	%	$	101,729		100.0	%
Total deposits and borrowings	$	2,002,987				$	1,973,206				$	2,016,920				$	2,014,589				$	2,002,719
Core customer funding sources (2)	$	1,624,248		82.1	%	$	1,615,649		82.9	%	$	1,655,910		83.1	%	$	1,615,092		81.2	%	$	1,589,816		80.4	%
Wholesale funding sources (3)		353,927		17.9	%		332,766		17.1	%		336,240		16.9	%		374,748		18.8	%		388,174		19.6	%
Total funding sources	$	1,978,175		100.0	%	$	1,948,415		100.0	%	$	1,992,150		100.0	%	$	1,989,840		100.0	%	$	1,977,990		100.0	%

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

John Marshall Bancorp, Inc.
Average Balance Sheets, Interest and Rates (unaudited)
(Dollar amounts in thousands)
		Three Months Ended March 31, 2025								Three Months Ended March 31, 2024
					Interest Income /			Average					Interest Income /			Average
(Dollars in thousands)		Average Balance			Expense			Rate		Average Balance			Expense			Rate
Assets:
Securities:
Taxable		$	230,100		$	1,155		2.04	%	$	269,380		$	1,351		2.02	%
Tax-exempt(1)			1,379			11		3.24	%		1,380			11		3.21	%
Total securities		$	231,479		$	1,166		2.04	%	$	270,760		$	1,362		2.02	%
Loans, net of unearned income(2):
Taxable			1,851,627			24,679		5.41	%		1,813,528			23,458		5.20	%
Tax-exempt(1)			16,676			162		3.94	%		22,438			209		3.75	%
Total loans, net of unearned income		$	1,868,303		$	24,841		5.39	%	$	1,835,966		$	23,667		5.18	%
Interest-bearing deposits in other banks		$	120,948		$	1,334		4.47	%	$	140,894		$	1,936		5.53	%
Total interest-earning assets		$	2,220,730		$	27,341		4.99	%	$	2,247,620		$	26,965		4.83	%
Total non-interest earning assets			13,031								16,924
Total assets		$	2,233,761							$	2,264,544
Liabilities & Shareholders’ Equity:
Interest-bearing deposits
NOW accounts		$	357,206			2,127		2.41	%	$	313,478		$	2,199		2.82	%
Money market accounts			339,248			2,281		2.73	%		324,753			2,576		3.19	%
Savings accounts			43,062			104		0.98	%		53,064			175		1.33	%
Time deposits			720,658			7,788		4.38	%		808,845			8,981		4.47	%
Total interest-bearing deposits		$	1,460,174		$	12,300		3.42	%	$	1,500,140		$	13,931		3.73	%
Federal funds purchased			—			—		N/M			110			2		7.31	%
Subordinated debt			24,799			349		5.71	%		24,716			349		5.68	%
Federal Reserve Bank borrowings			—			—		N/M	%		75,231			893		4.77	%
Federal Home Loan Bank advances			56,001			559		4.05	%		—			—		NM	%
Total interest-bearing liabilities		$	1,540,974		$	13,208		3.48	%	$	1,600,197		$	15,175		3.81	%
Demand deposits			424,795								414,033
Other liabilities			16,433								16,362
Total liabilities		$	1,982,202							$	2,030,592
Shareholders’ equity		$	251,559							$	233,952
Total liabilities and shareholders’ equity		$	2,233,761							$	2,264,544
Tax-equivalent net interest income and spread (Non-GAAP)(1)					$	14,133		1.51	%				$	11,790		1.02	%
Less: tax-equivalent adjustment						36								46
Net interest income and spread (GAAP)					$	14,097		1.51	%				$	11,744		1.02	%
Interest income/earning assets								4.99	%							4.83	%
Interest expense/earning assets								2.41	%							2.72	%
Net interest margin								2.58	%							2.11	%
Tax-equivalent interest income/earning assets (Non-GAAP)(1)								4.99	%							4.83	%
Interest expense/earning assets								2.41	%							2.72	%
Tax-equivalent net interest margin (Non-GAAP)(3)								2.58	%							2.11	%

____________________
(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 $36 thousand and $46 thousand for the three months ended March 31, 2025 and March 31, 2024, respectively.
(2)		The Company did not have any loans on non-accrual as of March 31, 2025 and March 31, 2024.
(3)		Tax-equivalent net interest margin adjusts for differences in tax treatment of interest income sources. The entire tax-equivalent adjustment is attributable to interest income on earning assets. Interest expense and the related cost of interest-bearing liabilities and cost of funds ratios are not affected by the tax-equivalent components.

John Marshall Bancorp, Inc.
Reconciliation of Certain Non-GAAP Financial Measures (unaudited)
(Dollar amounts in thousands)
		As of
		March 31, 2025			December 31, 2024				March 31, 2024
Regulatory Ratios (Bank)
Total risk-based capital (GAAP)		$	300,729		$	295,119		$	286,038
Less: Unrealized losses on available-for-sale securities, net of tax benefit (1)			9,328			10,732			12,781
Less: Unrealized losses on held-to-maturity securities, net of tax benefit (1)			10,836			12,353			13,040
Adjusted total risk-based capital, excluding unrealized losses on available-for-sale and held-to-maturity securities, net of tax benefit (Non-GAAP)		$	280,565		$	272,034		$	260,217
Tier 1 capital (GAAP)		$	281,335		$	276,468		$	267,795
Less: Unrealized losses on available-for-sale securities, net of tax benefit (1)			9,328			10,732			12,781
Less: Unrealized losses on held-to-maturity securities, net of tax benefit (1)			10,836			12,353			13,040
Adjusted tier 1 capital, excluding unrealized losses on available-for-sale and held-to-maturity securities, net of tax benefit (Non-GAAP)		$	261,171		$	253,383		$	241,974
Risk weighted assets (GAAP)		$	1,822,248		$	1,819,888		$	1,774,474
Less: Risk weighted available-for-sale securities			19,154			19,623			23,356
Less: Risk weighted held-to-maturity securities			16,320			16,462			16,934
Adjusted risk weighted assets, excluding available-for-sale and held-to-maturity securities (Non-GAAP)		$	1,786,774		$	1,783,803		$	1,734,184
Total average assets for leverage ratio (GAAP)		$	2,230,821		$	2,235,952		$	2,262,501
Less: Unrealized losses on available-for-sale securities, net of tax benefit (1)			9,328			10,732			12,781
Less: Unrealized losses on held-to-maturity securities, net of tax benefit (1)			10,836			12,353			13,040
Adjusted total average assets for leverage ratio, excluding available-for-sale and held-to-maturity securities (Non-GAAP)		$	2,210,657		$	2,212,867		$	2,236,680
Total risk-based capital ratio (2)
Total risk-based capital ratio (GAAP)			16.5	%		16.2	%		16.1	%
Adjusted total risk-based capital ratio (Non-GAAP) (3)			15.7	%		15.3	%		15.0	%
Tier 1 capital ratio (4)
Tier 1 risk-based capital ratio (GAAP)			15.4	%		15.2	%		15.1	%
Adjusted tier 1 risk-based capital ratio (Non-GAAP) (5)			14.6	%		14.2	%		14.0	%
Common equity tier 1 ratio (6)
Common equity tier 1 ratio (GAAP)			15.4	%		15.2	%		15.1	%
Adjusted common equity tier 1 ratio (Non-GAAP) (7)			14.6	%		14.2	%		14.0	%
Leverage ratio (8)
Leverage ratio (GAAP)			12.6	%		12.4	%		11.8	%
Adjusted leverage ratio (Non-GAAP) (9)			11.8	%		11.5	%		10.8	%

____________________
(1)		Includes tax benefit calculated using the federal statutory tax rate of 21%.
(2)		The total risk-based capital ratio is calculated by dividing total risk-based capital by risk weighted assets.
(3)		The adjusted total risk-based capital ratio is calculated by dividing adjusted total risk-based capital by adjusted risk weighted assets.
(4)		The tier 1 capital ratio is calculated by dividing tier 1 capital by risk weighted assets.
(5)		The adjusted tier 1 capital ratio is calculated by dividing adjusted tier 1 capital by adjusted risk weighted assets.
(6)		The common equity tier 1 ratio is calculated by dividing tier 1 capital by risk weighted assets.
(7)		The adjusted common equity tier 1 ratio is calculated by dividing adjusted tier 1 capital by adjusted risk weighted assets.
(8)		The leverage ratio is calculated by dividing tier 1 capital by total average assets for leverage ratio.
(9)		The adjusted leverage ratio is calculated by dividing adjusted tier 1 capital by adjusted total average assets for leverage ratio.

John Marshall Bancorp, Inc.
Reconciliation of Certain Non-GAAP Financial Measures (unaudited)
(Dollar amounts in thousands, except per share data)
		For the Three Months Ended
			March 31, 2025			December 31, 2024			March 31, 2024
Pre-tax, pre-provision earnings (Non-GAAP)
Income before income taxes		$	6,184		$	6,104		$	5,414
Adjustment: Provision for (recovery of) credit losses			170			298			(776	)
Pre-tax, pre-provision earnings (Non-GAAP)(1)		$	6,354		$	6,402		$	4,638
(1) Pre-tax, pre-provision earnings is calculated by adjusting income before taxes for provision for (recovery of) credit losses.

Category: Earnings

View source version on businesswire.com: https://www.businesswire.com/news/home/20250423016848/en/

Christopher W. Bergstrom, (703) 584-0840

Kent D. Carstater, (703) 289-5922

Source: John Marshall

FAQ

What was JMSB's net income and EPS growth in Q1 2025?

JMSB reported net income of $4.8 million in Q1 2025, up 14.4% YoY, with diluted EPS increasing 13.3% to $0.34.

How much did JMSB increase its annual cash dividend in 2025?

JMSB increased its annual cash dividend by 20% to $0.30 per share, payable on July 7, 2025.

What was JMSB's net interest margin in Q1 2025?

Net interest margin increased 47 basis points to 2.58% in Q1 2025 from 2.11% in Q1 2024.

How strong is JMSB's asset quality as of March 2025?

JMSB reported excellent asset quality with no loans past due, no non-accrual loans, and no charge-offs in Q1 2025.

What was JMSB's book value per share growth in Q1 2025?

Book value per share increased 7.3% to $17.72 as of March 31, 2025, compared to $16.51 in March 2024.