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2025-09-24 15:02 John Marshall Bancorp , Inc. | John Marshall Bancorp , Inc. Surpasses $ 2 Billion in Assets ; 9th Consecutive Quarter of Record Earnings John Marshall Bancorp , Inc. Surpasses $ 2 Billion in Assets ; 9th Consecutive Quarter of Record Earnings April 21 , 2021 RESTON , Va .-- ( BUSINESS WIRE ) -- John Marshall Bancorp , Inc. ( OTCQB : JMSB ) ( the “ Company ” ) , parent company of John Marshall Bank ( the " Bank " ) , reported its financial results for the three months ended March 31 , 2021 . This press release features multimedia . View the full release here : https://www.businesswire.com/news/home/20210421005196/en/ Total Assets ( in millions ) $ 1,623 $ 1,582 $ 1,494 $ 1,513 $ 1,425 1Q2019 2Q2019 3Q2019 4Q2019 $ 1.885 $ 1,862 $ 1,803 $ 2.010 1Q2020 202020 302020 4Q2020 1Q2021 Total Assets ( in millions ) ( Graphic : Business Wire ) Selected Highlights Net Income and Pre - Tax , Pre - Provision Earnings ( in thousands ) $ 8,853 $ 8,653 $ 7,560 $ 7,145 $ 5,876 $ 5,931 $ 5,209 $ 5,364 $ 4,853 $ 5,074 $ 4,472 $ 4,501 $ 4,559 $ 4,663 $ 4,804 $ 4,030 $ 3,809 $ 3,610 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 202020 3Q2020 4Q2020 1Q2021 ■ Net Income Pre - tax , Pre - Provision Earnings Net Income and Pre - Tax , Pre - Provision Earnings ( in thousands ) ( Graphic : Business Wire ) Ninth Consecutive Quarter of Record Earnings - The Company reported net income of $ 5.1 million for the three months ended March 31 , 2021 , a 12.7 % increase over the $ 4.5 million reported for the three months ended March 31 , 2020. Earnings per diluted share for the three months ended March 31 , 2021 were $ 0.37 , a 12.1 % increase over the $ 0.33 reported for the three months ended March 31 , 2020. Return on average assets was 1.05 % and return on average equity was 10.89 % for the three months ended March 31 , 2021. Return on average assets was 1.14 % and return on average equity was 10.87 % for the three months ended March 31 , 2020 . Record Pre - Tax , Pre - Provision Income - The Company achieved record pre - tax , pre - provision ( “ PTPP ” ) income of $ 8.9 million for the three months ended March 31 , 2021 , a 49.3 % increase from the same period a year ago . Management believes PTPP income enables financial statement users to assess the Company's ability to generate capital to cover potential credit losses which could arise before the COVID pandemic's eradication . PTPP annualized return on average assets was 1.84 % for the three months ended March 31 , 2021 versus 1.50 % for the three months ended March 31 , 2020 . Strong Growth as Assets Surpass $ 2.0 Billion - Total assets increased 23.8 % or $ 386.9 million to $ 2.01 billion at March 31 , 2021. Gross loans net of unearned income increased $ 269.0 million or 20.1 % from March 31 , 2020 to March 31 , 2021. Gross loans net of unearned income and Paycheck Protection Program ( “ PPP " ) loans grew $ 151.2 million or 11.3 % from March 31 , 2020 to March 31 , 2021. Total deposits grew $ 381.9 million or 27.7 % from March 31 , 2020 to March 31 , 2021. Non - interest bearing demand deposits grew 52.7 % or $ 144.9 million from March 31 , 2020 to March 31 , 2021 . Asset Quality Remains Pristine - For the sixth consecutive quarter , the Company had no non - performing loans , no loans 30 days or more past due and no real estate owned at quarter - end March 31 , 2021. The Company had $ 1 thousand in charge - offs during the first quarter of 2021 and no charge - offs during the first quarter of 2020. Troubled debt restructurings were $ 589 thousand at March 31 , 2021 , a decrease of $ 58 thousand , from $ 647 thousand at March 31 , 2020. The Company had no COVID modifications as of March 31 , 2021. The Company believes its allowance for loan losses is appropriate for the inherent risks and uncertainties associated with the pandemic . Net Interest Margin Unchanged from 4Q 2020 - The net interest margin was 3.43 % for the three months ended March 31 , 2021 , unchanged from the three months ended December 31 , 2020 and an increase of 10 basis points from the three months ended March 31 , 2020. Excluding the impact of PPP loans , the net interest margin was 3.25 % for the three months ended March 31 , 2021 , a decrease of eight basis points from 3.33 % a year ago . Efficiency Ratio Under 50 % - The efficiency ratio improved from 54.6 % for the three months ended March 31 , 2020 to 47.1 % for the three months ended March 31 , 2021. Noninterest expense to average assets declined from 1.81 % for the three months ended March 31 , 2020 to 1.64 % for the three months ended March 31 , 2021 . https : //investor.johnmarshallbank.com/news/press-releases/news-details/2021/John-Marshall-Bancorp-Inc.-Surpasses-2-Billion-in-Assets-9th-Consecutive-Qua ... 1/10