Earnings release
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1 Exhibit 99.1 For Immediate Release October 29, 2025 Continuing Strong Momentum and Growth in Margin, Core Deposits and Loan Demand Drives 28% Increase in Net Income. Asset Quality Remains Pristine. Reston, VA – John Marshall Bancorp, Inc. (Nasdaq: JMSB) (the “Company”), parent company of John Marshall Bank (the “Bank”), reported net income of $5.4 million for the quarter ended September 30, 2025 compared to $4.2 million for the quarter ended September 30, 2024, an increase of $1.2 million or 27.6%. Diluted earnings per common share were $0.38 for the quarter ended September 30, 2025 compared to $0.30 for the quarter ended September 30, 2024, an increase of 26.7%. Selected Highlights ● Earnings Accelerating – Net income of $5.4 million for the quarter ended September 30, 2025 represents a 23.4% annualized increase over the $5.1 million net income reported for the quarter ended June 30, 2025. Diluted earnings per common share were $0.38 for the quarter ended September 30, 2025 and represented a 22.0% annualized increase over the $0.36 diluted earnings per common share reported for the quarter ended June 30, 2025. ● Continued Margin Expansion – The tax-equivalent net interest margin (Non-GAAP) expanded for the sixth consecutive quarter to 2.73% compared to 2.70% for the second quarter of 2025 and 2.30% for the third quarter of 2024. Refer to “Explanation of Non-GAAP Financial Measures,” the “Reconciliation of Certain Non-GAAP Financial Measures” table and the “Average Balance Sheets, Interest and Rates” tables 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 – For the three months ended September 30, 2025, the Company reported net interest income of $15.6 million, a $0.7 million or 17.9% annualized increase over the previous quarter and a $2.4 million or 18.6% increase over the prior year quarter. ● Strong Core Deposit Growth and Loan Demand – Total deposits increased $71.9 million or 15.0% annualized during the most recent quarter. Wholesale funding sources decreased $16.5 million during the third quarter. Loans, net of unearned income, increased $21.2 million or 4.4% annualized during the most recent quarter. During the nine months ended September 30, 2025, the Company recorded $327.3 million in new loan commitments, a 22.4% improvement on the $267.5 million of new loan commitments recorded during the nine months ended September 30, 2024. The current year’s new loan commitment production represents the highest level since 2022. New commitments represent loans closed, but not necessarily fully funded as of the end of the respective reporting period. ● Outstanding Asset Quality – As of September 30, 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 third quarter of 2025 and there were no loans classified as substandard as of September 30, 2025. ● Robust Capitalization – Each of the Bank’s regulatory capital ratios remained well in excess of the regulatory well-capitalized thresholds as of September 30, 2025. During the quarter ended September 30, 2025, the Company repurchased 15,660 shares of its common stock at weighted average price of $18.74. ● Growing Book Value per Share – Book value per share increased from $17.07 as of September 30, 2024 to $18.27 as of September 30, 2025, a 7.0% increase. Including the $0.30 per share cash dividend declared on April 22, 2025 and paid on July 7, 2025, the annual book value return was 8.8%.
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2 Chris Bergstrom, President and Chief Executive Officer, commented, “The Company is on track to produce a significant increase in loan commitments in 2025. These commitments continue to convert into loan balances. Our year-to-date gross loan production is 34% ahead of last year. Rigorous underwriting and prudent growth take precedence over growth for growth’s sake. During the third quarter, we increased the volume and quality of our funding. We believe that additional Federal Open Market Committee rate reductions and a continuing normalization of the yield curve could enhance our performance trend by increasing loan demand, lowering the cost of funds and further improving net interest margin and profitability. John Marshall has the capital, liquidity, market opportunity and team to support growth and, we believe, increasing shareholder value. The strength and preparedness of our balance sheet enabled us to increase earnings 28% this quarter. We believe having an unfettered balance sheet allows us to focus on organic growth, consider mergers and acquisitions, as appropriate, and drive increased growth and returns.” Balance Sheet, Liquidity and Credit Quality Total assets were $2.32 billion at September 30, 2025, $2.23 billion at December 31, 2024, and $2.27 billion at September 30, 2024. Total assets have increased $89.6 million or 4.0% and $50.2 million or 2.2% since December 31, 2024 and September 30, 2024, respectively. Total loans, net of unearned income, were $1.94 billion at September 30, 2025, $1.87 billion at December 31, 2024, and $1.84 billion at September 30, 2024. Total loans, net of unearned income have increased $65.9 million or 4.7% annualized since December 31, 2024 and $95.5 million or 5.2% since September 30, 2024. Total loans, net of unearned income, increased $21.2 million or 1.1% to $1.94 billion at September 30, 2025, compared to $1.92 billion at June 30, 2025. The increase in loans from June 30, 2025, was primarily attributable to growth in residential mortgage loans, commercial owner-occupied real estate loans, and construction & development loans. All other portfolios remained relatively unchanged during the most recent quarter. Refer to the Loan, Deposit and Borrowing Detail table for further information. The carrying value of the Company’s fixed income securities portfolio was $205.7 million at September 30, 2025, $222.3 million at December 31, 2024 and $237.5 million at September 30, 2024. The decrease in carrying value of the Company’s fixed income securities portfolio since September 30, 2024 was primarily attributable to maturities and the amortization of the portfolio. As of September 30, 2025, 95.1% of our bond portfolio carried the implied guarantee of the United States government or one of its agencies. At September 30, 2025, 65.1% of the fixed income portfolio was invested in amortizing bonds, which provides the Company with a source of steady cash flow. At September 30, 2025, the fixed income portfolio had an estimated weighted average life of 4.1 years. The available-for-sale portfolio comprised approximately 59% of the fixed income securities portfolio and had a weighted average life of 3.1 years at September 30, 2025. The held-to-maturity portfolio comprised approximately 41% of the fixed income securities portfolio and had a weighted average life of 5.4 years at September 30, 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 $826.7 million as of September 30, 2025 compared to $755.6 million as of June 30, 2025 and represented 35.6% and 33.3% of total assets, respectively. In addition to available secured borrowing capacity, the Bank had available federal funds lines of $110.0 million at September 30, 2025. Total deposits were $1.97 billion at September 30, 2025, $1.89 billion at December 31, 2024 and $1.94 billion at September 30, 2024. During the most recent quarter, total deposits increased $71.9 million or 3.8% when compared to June 30, 2025 primarily due to a 7.2% or $24.3 million increase in money market accounts, a 4.9% or $21.1 million increase in core time deposits, and a 1.9% or $8.3 million increase in non-interest bearing demand deposits. As further detailed in the tables included in this release, core funding sources have increased $71.9 million, while wholesale funding sources have decreased $16.5 million since June 30, 2025. As of September 30, 2025, the Company had $682.8 million of deposits that were not insured or not collateralized compared to $714.2 million at September 30, 2024. Federal Home Loan Bank (“FHLB”) advances were $56.0 million as of September 30, 2025, December 31, 2024 and September 30, 2024. The three FHLB advances have a weighted average fixed interest rate of 3.99%. In addition to
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3 outstanding FHLB advances, total borrowings as of September 30, 2025 included subordinated debt totaling $24.9 million. During the most recent quarter, the Company repaid the $16.5 million of federal funds purchased that were outstanding as of June 30, 2025. Shareholders’ equity increased $16.6 million or 6.8% to $259.7 million at September 30, 2025 compared to $243.1 million at September 30, 2024. Book value per share was $18.27 as of September 30, 2025 compared to $17.07 as of September 30, 2024, an increase of 7.0%. 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 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 an increase in the market value of our available-for-sale investment portfolio. The Bank’s capital ratios remained well above regulatory thresholds for well-capitalized banks. As of September 30, 2025, the Bank’s total risk-based capital ratio was 16.6%, compared to 16.2% at December 31, 2024 and 16.3% at September 30, 2024. As outlined below, the Bank would continue to remain well above regulatory thresholds for well-capitalized banks at September 30, 2025 in the hypothetical scenario where the entire bond portfolio was sold at fair market value and any losses realized (Non-GAAP). Bank Regulatory Capital Ratios (As Reported) Well- Capitalized Threshold September 30, 2025 December 31, 2024 September 30, 2024 Total risk-based capital ratio 10.0% 16.6% 16.2% 16.3% Tier 1 risk-based capital ratio 8.0% 15.5% 15.2% 15.3% Common equity tier 1 ratio 6.5% 15.5% 15.2% 15.3% Leverage ratio 5.0% 12.7% 12.4% 11.9% Adjusted Bank Regulatory Capital Ratios (Hypothetical Scenario of Selling All Bonds at Fair Market Value - Non-GAAP) Well- Capitalized Threshold September 30, 2025 December 31, 2024 September 30, 2024 Adjusted total risk-based capital ratio 10.0% 16.0% 15.3% 15.6% Adjusted tier 1 risk-based capital ratio 8.0% 14.9% 14.2% 14.5% Adjusted common equity tier 1 ratio 6.5% 14.9% 14.2% 14.5% Adjusted leverage ratio 5.0% 12.0% 11.5% 11.2% The Company recorded no charge-offs during the nine months ended September 30, 2025. As of September 30, 2025, the Company had no loans greater than 30 days past due, no non-accrual loans and no other real estate owned assets. At September 30, 2025, the allowance for loan credit losses was $19.7 million or 1.02% of outstanding loans, net of unearned income, compared to $19.3 million or 1.01% of outstanding loans, net of unearned income, at June 30, 2025. An increase in the allowance for loan credit losses during the most recent quarter is attributable to the growth in the loan portfolio combined with the impact of updated economic forecasts used in the allowance estimate. At September 30, 2025, the allowance for credit losses on unfunded loan commitments was $1.1 million compared to $1.2 million at June 30, 2025. The Company did not have an allowance for credit losses on held-to-maturity securities as of September 30, 2025 or June 30, 2025. As of September 30, 2025, 93.3% of our held-to-maturity portfolio carried the implied guarantee of the United States government or one of its agencies. The Company believes its owner occupied and non-owner occupied CRE portfolios continue to be of sound credit quality. The following table demonstrates their strong debt-service-coverage and loan-to- value ratios as of September 30, 2025.
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4 Commercial Real Estate Owner Occupied Non-owner Occupied Asset Class Weighted Average Loan-to- Value(1) Weighted Average Debt Service Coverage Ratio(2) Number of Total Loans Principal Balance(3) (Dollars in thousands) Weighted Average Loan-to- Value(1) Weighted Average Debt Service Coverage Ratio(2) Number of Total Loans Principal Balance(3) (Dollars in thousands) Warehouse & Industrial 49.1% 3.2x 55$ 69,065 49.2% 2.2x 47$ 119,888 Office 57.7% 3.6x 137 87,445 45.9% 1.9x 56 99,726 Retail 59.4% 2.8x 43 77,817 50.2% 1.8x 143 449,123 Church 25.8% 2.6x 17 26,774 71.6% 1.0x 2 5,658 Hotel/Motel - - - - - - - - 51.6% 1.5x 11 80,504 Other(4) 36.4% 3.4x 38 66,168 45.0% 2.2x 7 15,506 Total 290$ 327,269 266$ 770,405 (1) Loan-to-value is determined at origination date and is divided by principal balance as of September 30, 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 September 30, 2025: Non-owner occupied office: Geography Geography Commitment (in 000s) Percentage Virginia $69,942 67.6% Maryland 27,368 26.4% DC 5,833 5.6% Other 438 0.4% Total $103,581 100.0% Non-owner occupied office: Maturity Maturity Year Commitment (in 000s) Percentage 2025 $4,338 4.2% 2026 5,804 5.6% 2027 1,387 1.3% 2028 14,361 13.9% 2029+ 77,691 75.0% Total $103,581 100.0% Income Statement Review Quarterly Results The Company reported net income of $5.4 million for the third quarter of 2025, an increase of $1.2 million or 27.6% when compared to $4.2 million for the third quarter of 2024. For the three months ended September 30, 2025, net interest income increased $2.4 million or 18.6% to $15.6 million compared to $13.2 million for the three months ended September 30, 2024. During the same period, interest income increased $0.5 million or 1.8%, driven by higher interest income on loans, while interest expense declined by $1.9 million or 12.6%, predominantly due to lower interest expense on time deposits, money market accounts and borrowings. The annualized tax-equivalent net interest margin (Non-GAAP) for the third quarter of 2025 was 2.73% as compared to 2.30% for the same period in 2024. The increase in tax-equivalent net interest margin was primarily due to lower rates on interest-bearing deposits in combination with the increase in average balances and yields of the loan portfolio.
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5 The cost of interest-bearing liabilities was 3.37% for the third quarter of 2025 compared to 3.86% for the same quarter in the prior year driven by 49 basis points decline in rates on interest-bearing deposits. Rates declined across all deposit categories, most notably in NOW accounts, money market, and time deposits, which declined by 59 basis points, 52 basis points, and 41 basis points, respectively. Cost of borrowings declined from 4.88% for the prior year quarter to 4.52% in the most recent quarter, mainly as a result of the payoff of higher cost Bank Term Funding Program borrowings in September 2024, which were partially refinanced with lower cost FHLB advances. The yield on interest-earning assets was 5.06% for the third quarter of 2025 compared to 4.97% for the same period in 2024 primarily due to 11 basis points increases in both loan and investment securities yields. Average loans increased $93.8 million between the three months ended September 30, 2025 and the three months ended September 30, 2024, which was primarily attributable to origination volume in the investor real estate, construction and development, and residential mortgage loan portfolios subsequent to September 30, 2024. The Company recorded a $356 thousand provision for credit losses for the third quarter of 2025 compared to $400 thousand for the third quarter of 2024. The provision for credit losses during the most recent quarter was directly attributable to the growth in the Company’s loan portfolio quarter-over-quarter coupled with the impact of updated economic forecasts used in the quantitative portion of the model. All other credit-related assumptions used in the allowance estimate, including qualitative adjustments, remained relatively consistent compared to the previous quarter. Non-interest income increased $36 thousand during the third quarter of 2025 compared to the third quarter of 2024. This increase was primarily attributable to a $101 thousand increase in customer swap fee income, partially offset by a $54 thousand reduction in gains recorded on sales of the guaranteed portions of SBA 7(a) loans due to lower sale activity. Non-interest expense increased $1.0 million or 12.5% during the third quarter of 2025 compared to the third quarter of 2024 primarily as a result of increases in salaries and employee benefits and other expenses. The $796 thousand or 16.3% increase in salaries and employee benefits was primarily related to increases in headcount within the Bank and incentive compensation tied to performance. The headcount increases are investments in the Bank’s future growth. As in the past, management expects these staffing additions will lead to subsequent increases in revenues. Incentive compensation expense accruals can fluctuate significantly from quarter to quarter, based upon the Company’s financial performance and condition measured against, among other evaluation criteria, our strategic plan and budget. Other expenses grew by $221 thousand or 9.3% due to a combination of higher state franchise taxes, marketing expense and general operating expenses. These increases were partially offset by lower occupancy expense, resulting from the negotiation of more favorable rents on three branch locations. For the three months ended September 30, 2025, annualized non-interest expense to average assets was 1.57% compared to 1.39% for the three months ended September 30, 2024. The increase was primarily due to higher non-interest expense, as described above, when comparing the two periods. For the three months ended September 30, 2025, the efficiency ratio declined to 55.6% compared to 58.3% for the three months ended September 30, 2024. The improvement in the efficiency ratio was due to an 18.0% growth in total revenue, which outpaced a 12.5% increase in non-interest expense over the period. Return on average assets for the quarter ended September 30, 2025 was 0.94% and return on average equity was 8.31% compared to 0.73% and 7.00%, respectively, for the third quarter of 2024. Year-to-Date Results The Company reported net income of $15.3 million for the nine months ended September 30, 2025, an increase of $3.0 million or 24.1% when compared to the same period in 2024. Net interest income for the nine months ended September 30, 2025 increased $7.6 million or 20.7% compared to the same period of 2024. The annualized net interest margin and tax-equivalent net interest margin (Non-GAAP) for the nine months ended September 30, 2025 were 2.66% and 2.67%, respectively, as compared to 2.20% for the same periods in the prior year. These increases were driven primarily by the decrease in rates of interest-bearing deposits coupled with increases in average balances and yields of the loan portfolio. The cost of interest-bearing liabilities was 3.41% for the nine months ended September 30, 2025 compared to 3.83% for the nine months ended September 30, 2024. The decrease in the cost of interest- bearing liabilities was primarily
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6 due to a 40 basis points decrease in the cost of interest-bearing deposits as a result of the repricing of the Company’s time deposits coupled with a decrease in rates offered on money market, NOW and savings deposit accounts since the third quarter of 2024. The yield on interest-earning assets was 5.03% for the nine months ended September 30, 2025 compared to 4.88% for the same period in 2024. The increase in yield on interest-earning assets was primarily due to an 18 basis point and a seven basis point increase in yields on the Company’s loans and securities, respectively, as a result of higher prevailing interest rates as assets repriced subsequent to the third quarter of 2024. Average loans increased $61.4 million between the nine months ended September 30, 2025 and 2024, which was primarily attributable to origination volume in the investor real estate, construction and development, and residential mortgage loan portfolios subsequent to September 30, 2024. The Company recorded a $1.1 million provision for credit losses for the nine months ended September 30, 2025 compared to a $0.7 million recovery of provision for credit losses for the nine months ended September 30, 2024. The provision for credit losses during the nine months ended September 30, 2025 was primarily a result of changes in the composition and volume of the loan portfolio, updated economic forecasts used in the quantitative portion of the model and an assessment of management’s considerations of qualitative factors. Non-interest income decreased $325 thousand or 16.3% during the nine months ended September 30, 2025 compared to the same period of 2024. The decrease was primarily driven by a $306 thousand decrease on the recorded gain on sale of the government guaranteed portion of the SBA 7(a) loans due to decreased sale activity along with a $53 thousand decrease in insurance commissions. These decreases were partially offset by a $66 thousand increase to the mark-to-market adjustments on the Company’s nonqualified deferred compensation plan and a $37 thousand increase in swap fee income. Non-interest expense increased $1.7 million or 7.3% during the nine months ended September 30, 2025 compared to the same period in 2024 predominantly due to a $1.4 million or 9.5% increase in salaries and employee benefits, as discussed above in the quarterly results. Other expenses increased $411 thousand or 5.8% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Increases were primarily in data processing, state franchise tax and other general operating expenses. Furniture and equipment expenses increased $57 thousand or 6.3% for the nine months ended September 30, 2025 compared to the same period in 2024. The increase was due to investment and maintenance in technology. These increases were partially offset by a decrease in the Company’s occupancy expense, which declined by $125 thousand or 9.3% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, as a result of the negotiation of more favorable rents on three branch locations. For the nine months ended September 30, 2025, annualized non-interest expense to average assets was 1.52% compared to 1.41% for the nine months ended September 30, 2024. The increase was primarily due to higher non-interest expenses combined with lower average assets when comparing the two periods. For the nine months ended September 30, 2025, the efficiency ratio was 55.3% compared to 61.2% for the nine months ended September 30, 2024. The improvement in the efficiency ratio was due to an 18.8% growth in total revenue, which outpaced a 7.3% increase in non-interest expense over the period. Return on average assets for the nine months ended September 30, 2025 was 0.91% and return on average equity was 8.05% compared to 0.73% and 6.97%, respectively, for the nine months ended September 30, 2024.
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7 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; and ● Adjusted Bank regulatory capital ratios in the hypothetical scenario where the entire bond portfolio was sold at fair market value and any losses realized. 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.
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8 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 the ongoing shutdown of the U.S. Government and potential reductions in spending by the U.S. Government and related reductions in the federal workforce; adequacy of our allowance for loan credit losses; allowance for unfunded commitments credit losses, and allowance for credit losses associated with our held-to-maturity and available- for-sale securities portfolios; deterioration of our asset quality; future performance of our loan portfolio with respect to recently originated loans; the level of prepayments on loans and mortgage-backed securities; liquidity, interest rate and operational risks associated with our business; changes in our financial condition or results of operations that reduce capital; our ability to maintain existing deposit relationships or attract new deposit relationships; changes in consumer spending, borrowing and savings habits; inflation and changes in interest rates that may reduce our margins or reduce the fair value of financial instruments; changes in the monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; additional risks related to new lines of business, products, product enhancements or services; increased competition with other financial institutions and fintech companies; adverse changes in the securities markets; changes in the financial condition or future prospects of issuers of securities that we own; our ability to maintain an effective risk management framework; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory structure and in regulatory fees and capital requirements; compliance with legislative or regulatory requirements; results of examination of us by our regulators, including the possibility that our regulators may require us to increase our allowance for credit losses or to write-down assets or take similar actions; potential claims, damages, and fines related to litigation or government actions; the effectiveness of our internal controls over financial reporting and our ability to remediate any future material weakness in our internal controls over financial reporting; geopolitical conditions, including trade restrictions and tariffs, and acts or threats of terrorism and/or military conflicts, or actions taken by the U.S. or other governments in response to trade restrictions and tariffs, and acts or threats of terrorism and/or military conflicts, negatively impacting business and economic conditions in the U.S. and abroad; the effects of weather-related or natural disasters, which may negatively affect our operations and/or our loan portfolio and increase our cost of conducting business; public health events (such as the COVID-19 pandemic) and governmental and societal responses thereto; technological risks and developments, and cyber threats, attacks, or events; changes in accounting policies and practices; our ability to successfully capitalize on growth opportunities; our ability to retain key employees; deteriorating economic conditions, either nationally or in our market area, including higher unemployment and lower real estate values; implications of our status as a smaller reporting company and as an emerging growth company; and other factors discussed in the Company’s reports (such as our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. # # #
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9 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 2025 2024 2025 2024 Selected Balance Sheet Data Cash and cash equivalents $ 163,645 $ 177,227 $ 163,645 $ 177,227 Total investment securities 216,119 247,840 216,119 247,840 Loans, net of unearned income 1,938,108 1,842,598 1,938,108 1,842,598 Allowance for loan credit losses 19,714 18,481 19,714 18,481 Total assets 2,324,544 2,274,363 2,324,544 2,274,363 Non-interest bearing demand deposits 446,925 472,422 446,925 472,422 Interest bearing deposits 1,521,903 1,463,728 1,521,903 1,463,728 Total deposits 1,968,828 1,936,150 1,968,828 1,936,150 Federal Home Loan Bank advances 56,000 56,000 56,000 56,000 Shareholders' equity 259,692 243,118 259,692 243,118 Summary Results of Operations Interest income $ 28,945 $ 28,428 $ 84,092 $ 82,138 Interest expense 13,345 15,272 39,470 45,158 Net interest income 15,600 13,156 44,622 36,980 Provision for (recovery of) credit losses 356 400 1,064 (667) Net interest income after provision for (recovery of) credit losses 15,244 12,756 43,558 37,647 Non-interest income 653 617 1,665 1,990 Non-interest expense 9,034 8,031 25,594 23,863 Income before income taxes 6,863 5,342 19,629 15,774 Net income 5,404 4,235 15,317 12,344 Per Share Data and Shares Outstanding Earnings per common share - basic $ 0.38 $ 0.30 $ 1.07 $ 0.87 Earnings per common share - diluted $ 0.38 $ 0.30 $ 1.07 $ 0.87 Book value per share $ 18.27 $ 17.07 $ 18.27 $ 17.07 Weighted average common shares (basic) 14,172,953 14,187,691 14,205,357 14,164,060 Weighted average common shares (diluted) 14,172,953 14,214,586 14,211,882 14,198,332 Common shares outstanding at end of period 14,216,781 14,238,677 14,216,781 14,238,677 Performance Ratios Return on average assets (annualized) 0.94 % 0.73 % 0.91 % 0.73 % Return on average equity (annualized) 8.31 % 7.00 % 8.05 % 6.97 % Net interest margin 2.72 % 2.30 % 2.66 % 2.20 % Tax-equivalent net interest margin (Non-GAAP)(1) 2.73 % 2.30 % 2.67 % 2.20 % Non-interest income as a percentage of average assets (annualized) 0.11 % 0.11 % 0.10 % 0.12 % Non-interest expense to average assets (annualized) 1.57 % 1.39 % 1.52 % 1.41 % Efficiency ratio 55.6 % 58.3 % 55.3 % 61.2 % 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 N/M N/M Allowance for loan credit losses to total loans 1.02 % 1.00 % 1.02 % 1.00 % 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 12.1 % 11.6 % 12.1 % 11.6 % Total risk-based capital ratio 16.6 % 16.3 % 16.6 % 16.3 % Tier 1 risk-based capital ratio 15.5 % 15.3 % 15.5 % 15.3 % Common equity tier 1 ratio 15.5 % 15.3 % 15.5 % 15.3 % Leverage ratio 12.7 % 11.9 % 12.7 % 11.9 % Other Information Number of full time equivalent employees 134 134 134 134 # Full service branch offices 8 8 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.
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10 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 2025 2024 2024 Months Year Assets (Unaudited) * (Unaudited) Cash and due from banks $ 8,867 $ 5,945 $ 8,164 49.2% 8.6% Interest-bearing deposits in banks 154,778 116,524 169,063 32.8% (8.4)% Securities available-for-sale, at fair value 116,378 130,257 144,649 (10.7)% (19.5)% Securities held-to-maturity at amortized cost, fair value of $77,647, $76,270, and $79,731 at 9/30/2025, 12/31/2024, and 9/30/2024, respectively. 89,291 92,009 92,863 (3.0)% (3.8)% Restricted securities, at cost 7,641 7,634 7,630 - - % 0.1% Equity securities, at fair value 2,809 2,832 2,698 (0.8)% 4.1% Loans, net of unearned income 1,938,108 1,872,173 1,842,598 3.5% 5.2% Allowance for loan credit losses (19,714) (18,715) (18,481) 5.3% 6.7% Net loans 1,918,394 1,853,458 1,824,117 3.5% 5.2% Bank premises and equipment, net 1,424 1,318 1,179 8.0% 20.8% Accrued interest receivable 5,819 5,996 5,657 (3.0)% 2.9% Right of use assets 4,583 5,013 3,824 (8.6)% 19.8% Other assets 14,560 13,961 14,519 4.3% 0.3% Total assets $ 2,324,544 $ 2,234,947 $ 2,274,363 4.0% 2.2% Liabilities and Shareholders' Equity Liabilities Deposits: Non-interest bearing demand deposits $ 446,925 $ 433,288 $ 472,422 3.1% (5.4)% Interest-bearing demand deposits 727,295 705,097 685,385 3.1% 6.1% Savings deposits 39,427 44,367 43,779 (11.1)% (9.9)% Time deposits 755,181 709,663 734,564 6.4% 2.8% Total deposits 1,968,828 1,892,415 1,936,150 4.0% 1.7% Federal Home Loan Bank advances 56,000 56,000 56,000 - - % - - % Subordinated debt, net 24,854 24,791 24,770 0.3% 0.3% Accrued interest payable 1,869 2,394 2,304 (21.9)% (18.9)% Lease liabilities 4,941 5,369 4,090 (8.0)% 20.8% Other liabilities 8,360 7,364 7,931 13.5% 5.4% Total liabilities 2,064,852 1,988,333 2,031,245 3.8% 1.7% 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, 14,216,781 at 9/30/2025 including 51,085 unvested shares, issued and outstanding, 14,269,469 at 12/31/2024 including 54,388 unvested shares, and issued and outstanding, 14,238,677 at 9/30/2024 including 45,753 unvested shares 142 142 142 - - % - - % Additional paid-in capital 96,311 97,173 97,017 (0.9)% (0.7)% Retained earnings 170,998 159,951 155,174 6.9% 10.2% Accumulated other comprehensive loss (7,759) (10,652) (9,215) (27.2)% (15.8)% Total shareholders' equity 259,692 246,614 243,118 5.3% 6.8% Total liabilities and shareholders' equity $ 2,324,544 $ 2,234,947 $ 2,274,363 4.0% 2.2% * Derived from audited consolidated financial statements.
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11 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, 2025 2024 % Change 2025 2024 % Change (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest and Dividend Income Interest and fees on loans $ 26,191 $ 24,306 7.8% $ 76,218 $ 71,289 6.9% Interest on investment securities, taxable 1,043 1,138 (8.3)% 3,145 3,602 (12.7)% Interest on investment securities, tax-exempt 9 9 -- % 27 27 -- % Dividends 119 97 22.7% 363 262 38.5% Interest on deposits in other banks 1,583 2,878 (45.0)% 4,339 6,958 (37.6)% Total interest and dividend income 28,945 28,428 1.8% 84,092 82,138 2.4% Interest Expense Deposits 12,424 14,102 (11.9)% 36,725 41,484 (11.5)% Federal funds purchased - - - - N/M 2 2 -- % Federal Home Loan Bank advances 572 174 228.7 1,696 174 874.7% Federal Reserve Bank borrowings - - 647 (100.0)% - - 2,451 (100.0)% Subordinated debt 349 349 -- % 1,047 1,047 -- % Total interest expense 13,345 15,272 (12.6)% 39,470 45,158 (12.6)% Net interest income 15,600 13,156 18.6% 44,622 36,980 20.7% Provision for (recovery of) Credit Losses 356 400 (11.0)% 1,064 (667) (259.5)% Net interest income after provision for (recovery of) credit losses 15,244 12,756 19.5% 43,558 37,647 15.7% Non-interest Income Service charges on deposit accounts 87 84 3.6% 255 260 (1.9)% Other service charges and fees 135 160 (15.6)% 429 474 (9.5)% Insurance commissions 58 64 (9.4)% 304 357 (14.8)% Gain on sale of government guaranteed loans 106 160 (33.8)% 203 509 (60.1)% Non-qualified deferred compensation plan asset gains, net 158 139 13.7% 364 298 22.1% Other income 109 10 990.0% 110 92 19.6% Total non-interest income 653 617 5.8% 1,665 1,990 (16.3)% Non-interest Expenses Salaries and employee benefits 5,693 4,897 16.3% 15,971 14,583 9.5% Occupancy expense of premises 405 444 (8.8)% 1,218 1,343 (9.3)% Furniture and equipment expenses 329 304 8.2% 959 902 6.3% Other expenses 2,607 2,386 9.3% 7,446 7,035 5.8% Total non-interest expenses 9,034 8,031 12.5% 25,594 23,863 7.3% Income before income taxes 6,863 5,342 28.5% 19,629 15,774 24.4% Income Tax Expense 1,459 1,107 31.8% 4,312 3,430 25.7% Net income $ 5,404 $ 4,235 27.6% $ 15,317 $ 12,344 24.1% Earnings Per Share Basic $ 0.38 $ 0.30 26.7% $ 1.07 $ 0.87 23.0% Diluted $ 0.38 $ 0.30 26.7% $ 1.07 $ 0.87 23.0%
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12 John Marshall Bancorp, Inc. Historical Trends - Quarterly Financial Data (Unaudited) (Dollar amounts in thousands, except per share data) 2025 2024 September 30 June 30 March 31 December 31 September 30 June 30 March 31 Profitability for the Quarter: Interest income $ 28,945 $ 27,843 $ 27,305 $ 27,995 $ 28,428 $ 26,791 $ 26,919 Interest expense 13,345 12,917 13,208 13,929 15,272 14,710 15,175 Net interest income 15,600 14,926 14,097 14,066 13,156 12,081 11,744 Provision for (recovery of) credit losses 356 537 170 298 400 (292) (776) Non-interest income 653 507 505 281 617 555 818 Non-interest expenses 9,034 8,313 8,248 7,945 8,031 7,909 7,924 Income before income taxes 6,863 6,583 6,184 6,104 5,342 5,019 5,414 Income tax expense 1,459 1,480 1,374 1,328 1,107 1,114 1,210 Net income $ 5,404 $ 5,103 $ 4,810 $ 4,776 $ 4,235 $ 3,905 $ 4,204 Financial Performance: Return on average assets (annualized) 0.94% 0.91% 0.87% 0.85% 0.73% 0.70% 0.75% Return on average equity (annualized) 8.31% 8.06% 7.76% 7.71% 7.00% 6.68% 7.23% Net interest margin 2.72% 2.69% 2.58% 2.52% 2.30% 2.19% 2.11% Tax-equivalent net interest margin (Non-GAAP) 2.73% 2.70% 2.58% 2.52% 2.30% 2.19% 2.11% Non-interest income as a percentage of average assets (annualized) 0.11% 0.09% 0.09% 0.05% 0.11% 0.10% 0.15% Non-interest expense to average assets (annualized) 1.57% 1.49% 1.50% 1.41% 1.39% 1.42% 1.41% Efficiency ratio 55.6% 53.9% 56.5% 55.4% 58.3% 62.6% 63.1% Per Share Data: Earnings per common share - basic $ 0.38 $ 0.36 $ 0.34 $ 0.34 $ 0.30 $ 0.27 $ 0.30 Earnings per common share - diluted $ 0.38 $ 0.36 $ 0.34 $ 0.33 $ 0.30 $ 0.27 $ 0.30 Book value per share $ 18.27 $ 17.83 $ 17.72 $ 17.28 $ 17.07 $ 16.54 $ 16.51 Dividends declared per share $ - - $ 0.30 $ - - $ - - $ - - $ 0.25 $ - - Weighted average common shares (basic) 14,172,953 14,221,597 14,223,046 14,196,309 14,187,691 14,173,245 14,130,986 Weighted average common shares (diluted) 14,172,953 14,223,418 14,241,114 14,224,287 14,214,586 14,200,171 14,181,254 Common shares outstanding at end of period 14,216,781 14,231,389 14,275,885 14,269,469 14,238,677 14,229,853 14,209,606 Non-interest Income: Service charges on deposit accounts $ 87 $ 86 $ 82 $ 89 $ 84 $ 88 $ 88 Other service charges and fees 135 141 153 181 160 165 149 Insurance commissions 58 33 213 59 64 40 252 Gain on sale of government guaranteed loans 106 61 36 11 160 216 133 Non-qualified deferred compensation plan asset gains (losses), net 158 182 24 (62) 139 35 124 Other income (loss) 109 4 (3) 3 10 11 72 Total non-interest income $ 653 $ 507 $ 505 $ 281 $ 617 $ 555 $ 818 Non-interest Expenses: Salaries and employee benefits $ 5,693 $ 5,178 $ 5,099 $ 4,658 $ 4,897 $ 4,875 $ 4,810 Occupancy expense of premises 405 407 407 417 444 448 451 Furniture and equipment expenses 329 315 316 319 304 301 297 Other expenses 2,607 2,413 2,426 2,551 2,386 2,285 2,366 Total non-interest expenses $ 9,034 $ 8,313 $ 8,248 $ 7,945 $ 8,031 $ 7,909 $ 7,924 Balance Sheets at Quarter End: Total loans, net of unearned income $ 1,938,108 $ 1,916,915 $ 1,870,472 $ 1,872,173 $ 1,842,598 $ 1,827,187 $ 1,825,931 Allowance for loan credit losses (19,714) (19,298) (18,826) (18,715) (18,481) (18,433) (18,671) Investment securities 216,119 226,495 226,163 232,732 247,840 249,582 261,341 Interest-earning assets 2,309,005 2,250,921 2,255,154 2,221,429 2,259,501 2,249,350 2,234,592 Total assets 2,324,544 2,267,953 2,272,432 2,234,947 2,274,363 2,269,757 2,251,837 Total deposits 1,968,828 1,896,893 1,922,175 1,892,415 1,936,150 1,912,840 1,900,990 Total interest-bearing liabilities 1,602,757 1,555,598 1,565,165 1,539,918 1,544,498 1,577,420 1,598,050 Total shareholders' equity 259,692 253,732 252,958 246,614 243,118 235,346 234,550 Quarterly Average Balance Sheets: Total loans, net of unearned income $ 1,912,275 $ 1,868,290 $ 1,868,303 $ 1,838,526 $ 1,818,472 $ 1,810,722 $ 1,835,966 Investment securities 221,802 229,171 231,479 243,329 249,354 255,940 270,760 Interest-earning assets 2,275,386 2,224,806 2,220,730 2,223,725 2,277,427 2,222,658 2,247,620 Total assets 2,289,352 2,238,955 2,233,761 2,238,062 2,292,385 2,239,261 2,264,544 Total deposits 1,934,456 1,883,425 1,884,969 1,893,976 1,939,601 1,883,010 1,914,173 Total interest-bearing liabilities 1,571,390 1,530,811 1,540,974 1,532,452 1,573,631 1,551,953 1,600,197 Total shareholders' equity 257,993 254,071 251,559 246,525 240,609 235,136 233,952 Financial Measures: Average equity to average assets 11.3% 11.3% 11.3% 11.0% 10.5% 10.5% 10.3% Investment securities to earning assets 9.4% 10.1% 10.0% 10.5% 11.0% 11.1% 11.7% Loans to earning assets 83.9% 85.2% 82.9% 84.3% 81.5% 81.2% 81.7% Loans to assets 83.4% 84.5% 82.3% 83.8% 81.0% 80.5% 81.1% Loans to deposits 98.4% 101.1% 97.3% 98.9% 95.2% 95.5% 96.1% Capital Ratios (Bank Level): Equity / assets 12.1% 12.2% 11.9% 11.9% 11.6% 11.4% 11.3% Total risk-based capital ratio 16.6% 16.3% 16.5% 16.2% 16.3% 16.4% 16.1% Tier 1 risk-based capital ratio 15.5% 15.3% 15.4% 15.2% 15.3% 15.4% 15.1% Common equity tier 1 ratio 15.5% 15.3% 15.4% 15.2% 15.3% 15.4% 15.1% Leverage ratio 12.7% 12.8% 12.6% 12.4% 11.9% 12.2% 11.8%
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13 John Marshall Bancorp, Inc. Loan, Deposit and Borrowing Detail (Unaudited) (Dollar amounts in thousands) 2025 2024 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 $ 46,486 2.4%$ 43,158 2.3%$ 46,479 2.5%$ 47,612 2.5%$ 39,741 2.2%$ 41,806 2.3%$ 42,779 2.3% Commercial PPP loans 124 0.0% 124 0.0% 124 0.0% 124 0.0% 126 0.0% 127 0.0% 129 0.0% Commercial owner-occupied real estate loans 327,269 16.9% 320,061 16.7% 318,087 17.1% 329,222 17.6% 343,906 18.7% 349,644 19.2% 356,335 19.6% Total business loans 373,879 19.3% 363,343 19.0% 364,690 19.6% 376,958 20.2% 383,773 20.9% 391,577 21.5% 399,243 21.9% Investor real estate loans 770,405 39.9% 777,591 40.7% 759,002 40.7% 757,173 40.5% 726,771 39.5% 722,419 39.6% 692,418 38.0% Construction & development loans 193,444 10.0% 186,409 9.7% 173,270 9.3% 164,988 8.8% 161,466 8.8% 138,744 7.6% 151,476 8.3% Multi-family loans 93,477 4.8% 94,415 4.9% 95,556 5.1% 94,695 5.1% 91,426 5.0% 91,925 5.1% 94,719 5.2% Total commercial real estate loans 1,057,326 54.7% 1,058,415 55.3% 1,027,828 55.1% 1,016,856 54.4% 979,663 53.3% 953,088 52.3% 938,613 51.5% Residential mortgage loans 501,104 25.9% 489,522 25.6% 472,747 25.3% 472,932 25.3% 473,787 25.8% 476,764 26.2% 482,254 26.5% Consumer loans 1,029 0.1% 998 0.1% 809 0.0% 906 0.0% 877 0.0% 876 0.0% 772 0.1% Total loans $ 1,933,338 100.0%$ 1,912,278 100.0%$ 1,866,074 100.0%$ 1,867,652 100.0%$ 1,838,100 100.0%$ 1,822,305 100.0%$ 1,820,882 100.0% Less: Allowance for loan credit losses (19,714) (19,298) (18,826) (18,715) (18,481) (18,433) (18,671) Net deferred loan costs 4,770 4,637 4,398 4,521 4,498 4,882 5,049 Net loans $ 1,918,394 $ 1,897,617 $ 1,851,646 $ 1,853,458 $ 1,824,117 $ 1,808,754 $ 1,807,260 2025 2024 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 $ 446,925 22.7%$ 438,628 23.1%$ 437,822 22.8%$ 433,288 22.9%$ 472,422 24.4%$ 437,169 22.8%$ 404,669 21.3% Interest-bearing demand deposits: NOW accounts(1) 366,655 18.6% 344,931 18.2% 355,752 18.5% 355,840 18.8% 324,660 16.8% 321,702 16.8% 318,445 16.8% Money market accounts(1) 360,640 18.3% 336,299 17.7% 349,634 18.2% 349,257 18.5% 360,725 18.6% 346,249 18.1% 326,135 17.1% Savings accounts 39,427 2.0% 42,966 2.3% 42,583 2.2% 44,367 2.3% 43,779 2.3% 45,884 2.4% 50,664 2.7% Certificates of deposit $250,000 or more 337,800 17.2% 324,343 17.1% 322,630 16.8% 315,549 16.7% 334,591 17.3% 339,908 17.8% 355,766 18.7% Less than $250,000 85,719 4.4% 80,500 4.2% 79,305 4.1% 83,060 4.4% 86,932 4.5% 91,258 4.8% 99,694 5.2% QwickRate® certificates of deposit 249 0.0% 249 0.1% 249 0.0% 249 0.0% 4,119 0.2% 4,119 0.2% 5,117 0.3% IntraFi® certificates of deposit 29,451 1.5% 27,015 1.4% 36,522 1.9% 34,288 1.8% 32,801 1.7% 32,922 1.7% 34,443 1.8% Brokered deposits 301,962 15.3% 301,962 15.9% 297,678 15.5% 276,517 14.6% 276,121 14.2% 293,629 15.4% 306,057 16.1% Total deposits $ 1,968,828 100.0%$ 1,896,893 100.0%$ 1,922,175 100.0%$ 1,892,415 100.0%$ 1,936,150 100.0%$ 1,912,840 100.0%$ 1,900,990 100.0% Borrowings Federal funds purchased $ - - 0.0%$ 16,500 17.0%$ - - 0.0%$ - - 0.0%$ - - 0.0%$ - - 0.0%$ - - 0.0% Federal Home Loan Bank advances 56,000 69.3% 56,000 57.5% 56,000 69.3% 56,000 69.3% 56,000 69.3% - - 0.0% - - 0.0% Federal Reserve Bank borrowings - - 0.0% - - 0.0% - - 0.0% - - 0.0% - - 0.0% 77,000 75.7% 77,000 75.7% Subordinated debt, net 24,854 30.7% 24,833 25.5% 24,812 30.7% 24,791 30.7% 24,770 30.7% 24,749 24.3% 24,729 24.3% Total borrowings $ 80,854 100.0%$ 97,333 100.0%$ 80,812 100.0%$ 80,791 100.0%$ 80,770 100.0%$ 101,749 100.0%$ 101,729 100.0% Total deposits and borrowings $ 2,049,682 $ 1,994,226 $ 2,002,987 $ 1,973,206 $ 2,016,920 $ 2,014,589 $ 2,002,719 Core customerfunding sources (2) $ 1,666,617 82.3%$ 1,594,682 81.0%$ 1,624,248 82.1%$ 1,615,649 82.9%$ 1,655,910 83.1%$ 1,615,092 81.2%$ 1,589,816 80.4% Wholesale fundingsources (3) 358,211 17.7% 374,711 19.0% 353,927 17.9% 332,766 17.1% 336,240 16.9% 374,748 18.8% 388,174 19.6% Total funding sources $ 2,024,828 100.0%$ 1,969,393 100.0%$ 1,978,175 100.0%$ 1,948,415 100.0%$ 1,992,150 100.0%$ 1,989,840 100.0%$ 1,977,990 100.0% (1) Includes IntraFi® accounts.(2) Includes reciprocal IntraFi Demand® IntraFi Money Market® and IntraFi CD® deposits, which are maintained by customers.(3) Consists of QwickRate® certificates of deposit, brokered deposits, federal funds purchased, Federal Home Loan Bankadvances and Federal Reserve Bank borrowings.
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14 John Marshall Bancorp, Inc. Average Balance Sheets, Interest and Rates (unaudited) (Dollar amounts in thousands) Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Interest Income / Average Interest Income / Average (Dollars in thousands) Average Balance Expense Rate Average Balance Expense Rate Assets: Securities: Taxable $ 226,070 $ 3,508 2.07% $ 257,272 $ 3,864 2.01% Tax-exempt(1) 1,379 34 3.30% 1,379 34 3.29% Total securities $ 227,449 $ 3,542 2.08% $ 258,651 $ 3,898 2.01% Loans, net of unearned income(2): Taxable 1,866,217 75,818 5.43% 1,802,807 70,858 5.25% Tax-exempt(1) 16,900 507 4.01% 18,901 546 3.86% Total loans, net of unearned income $ 1,883,117 $ 76,325 5.42% $ 1,821,708 $ 71,404 5.24% Interest-bearing deposits in other banks $ 129,942 $ 4,339 4.46% $ 168,979 $ 6,958 5.50% Total interest-earning assets $ 2,240,508 $ 84,206 5.03% $ 2,249,338 $ 82,260 4.88% Total non-interest earning assets 13,718 16,133 Total assets $ 2,254,226 $ 2,265,471 Liabilities & Shareholders’ Equity: Interest-bearing deposits NOW accounts $ 347,468 $ 6,018 2.32% $ 312,255 $ 6,533 2.79% Money market accounts 346,041 7,018 2.71% 340,362 8,190 3.21% Savings accounts 42,853 331 1.03% 50,060 529 1.41% Time deposits 730,532 23,358 4.27% 773,537 26,232 4.53% Total interest-bearing deposits $ 1,466,894 $ 36,725 3.35% $ 1,476,214 $ 41,484 3.75% Federal funds purchased 61 2 4.38% 37 2 7.22% Subordinated debt 24,820 1,047 5.64% 24,737 1,047 5.65% Federal Reserve Bank borrowings — — N/M 68,543 2,451 4.78% Federal Home Loan Bank advances 56,000 1,696 4.05% 5,723 174 4.06% Total interest-bearing liabilities $ 1,547,775 $ 39,470 3.41% $ 1,575,254 $ 45,158 3.83% Demand deposits 434,238 436,147 Other liabilities 17,729 17,489 Total liabilities $ 1,999,742 $ 2,028,890 Shareholders’ equity $ 254,484 $ 236,581 Total liabilities and shareholders’ equity $ 2,254,226 $ 2,265,471 Tax-equivalent net interest income and spread (Non-GAAP)(1) $ 44,736 1.62% $ 37,102 1.06% Less: tax-equivalent adjustment 114 122 Net interest income and spread (GAAP) $ 44,622 1.61% $ 36,980 1.05% Interest income/earning assets 5.02% 4.88% Interest expense/earning assets 2.36% 2.68% Net interest margin 2.66% 2.20% Tax-equivalent interest income/earning assets (Non-GAAP)(1) 5.03% 4.88% Interest expense/earning assets 2.36% 2.68% Tax-equivalent net interest margin (Non-GAAP)(3) 2.67% 2.20% (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 $114 thousand and $122 thousand for the nine months ended September 30, 2025 and September 30, 2024, respectively. (2) The Company did not have any loans on non-accrual as of September 30, 2025 and September 30, 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.
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15 John Marshall Bancorp, Inc. Average Balance Sheets, Interest and Rates (unaudited) (Dollar amounts in thousands) Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Interest Income / Average Interest Income / Average (Dollars in thousands) Average Balance Expense Rate Average Balance Expense Rate Assets: Securities: Taxable $ 220,424 $ 1,162 2.09% $ 247,975 $ 1,235 1.98% Tax-exempt(1) 1,378 11 3.17% 1,379 11 3.17% Total securities $ 221,802 $ 1,173 2.10% $ 249,354 $ 1,246 1.99% Loans, net of unearned income(2): Taxable 1,894,756 26,047 5.45% 1,801,422 24,173 5.34% Tax-exempt(1) 17,519 182 4.12% 17,050 168 3.92% Total loans, net of unearned income $ 1,912,275 $ 26,229 5.44% $ 1,818,472 $ 24,341 5.33% Interest-bearing deposits in other banks $ 141,309 $ 1,583 4.44% $ 209,601 $ 2,878 5.46% Total interest-earning assets $ 2,275,386 $ 28,985 5.06% $ 2,277,427 $ 28,465 4.97% Total non-interest earning assets 13,966 14,958 Total assets $ 2,289,352 $ 2,292,385 Liabilities & Shareholders’ Equity: Interest-bearing deposits NOW accounts $ 354,918 2,057 2.30% $ 319,463 2,321 2.89% Money market accounts 350,431 2,418 2.74% 374,141 3,068 3.26% Savings accounts 43,401 120 1.10% 45,980 168 1.45% Time deposits 741,797 7,829 4.19% 738,680 8,545 4.60% Total interest-bearing deposits $ 1,490,547 $ 12,424 3.31% $ 1,478,264 $ 14,102 3.80% Federal funds purchased 1 — —% — — N/M Subordinated debt 24,841 349 5.57% 24,758 349 5.61% Federal Reserve Bank borrowings — — N/M 53,565 647 4.81% Federal Home Loan Bank advances 56,001 572 4.05% 17,044 174 4.06% Total interest-bearing liabilities $ 1,571,390 $ 13,345 3.37% $ 1,573,631 $ 15,272 3.86% Demand deposits 443,909 461,337 Other liabilities 16,060 16,808 Total liabilities $ 2,031,359 $ 2,051,776 Shareholders’ equity $ 257,993 $ 240,609 Total liabilities and shareholders’ equity $ 2,289,352 $ 2,292,385 Tax-equivalent net interest income and spread (Non-GAAP)(1) $ 15,640 1.69% $ 13,193 1.11% Less: tax-equivalent adjustment 40 37 Net interest income and spread (GAAP) $ 15,600 1.68% $ 13,156 1.11% Interest income/earning assets 5.05% 4.97% Interest expense/earning assets 2.33% 2.67% Net interest margin 2.72% 2.30% Tax-equivalent interest income/earning assets (Non-GAAP)(1) 5.06% 4.97% Interest expense/earning assets 2.33% 2.67% Tax-equivalent net interest margin (Non-GAAP)(3) 2.73% 2.30% (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 $40 thousand and $37 thousand for the three months ended September 30, 2025 and September 30, 2024, respectively. (2) The Company did not have any loans on non-accrual as of September 30, 2025 and September 30, 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.
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16 John Marshall Bancorp, Inc. Reconciliation of Certain Non-GAAP Financial Measures (unaudited) (Dollar amounts in thousands) As of September 30, 2025 December 31, 2024 September 30, 2024 Regulatory Ratios (Bank) Total risk-based capital (GAAP) $ 310,363 $ 295,119 $ 291,881 Less: Unrealized losses on available-for-sale securities, net of tax benefit (1) 7,818 10,732 9,304 Less: Unrealized losses on held-to-maturity securities, net of tax benefit (1) 9,199 12,353 10,285 Adjusted total risk-based capital, excluding unrealized losses on available-for-sale and held- to-maturity securities, net of tax benefit (Non-GAAP) $ 293,346 $ 272,034 $ 272,292 Tier 1 capital (GAAP) $ 290,073 $ 276,468 $ 273,529 Less: Unrealized losses on available-for-sale securities, net of tax benefit (1) 7,818 10,732 9,304 Less: Unrealized losses on held-to-maturity securities, net of tax benefit (1) 9,199 12,353 10,285 Adjusted tier 1 capital, excluding unrealized losses on available-for-sale and held-to- maturity securities, net of tax benefit (Non-GAAP) $ 273,056 $ 253,383 $ 253,940 Risk weighted assets (GAAP) $ 1,873,668 $ 1,819,888 $ 1,787,663 Less: Risk weighted available-for-sale securities 18,574 19,623 21,440 Less: Risk weighted held-to-maturity securities 15,986 16,462 16,618 Adjusted risk weighted assets, excluding available-for-sale and held-to-maturity securities (Non-GAAP) $ 1,839,108 $ 1,783,803 $ 1,749,605 Total average assets for leverage ratio (GAAP) $ 2,286,186 $ 2,235,952 $ 2,290,205 Less: Unrealized losses on available-for-sale securities, net of tax benefit (1) 7,818 10,732 9,304 Less: Unrealized losses on held-to-maturity securities, net of tax benefit (1) 9,199 12,353 10,285 Adjusted total average assets for leverage ratio, excluding available-for-sale and held-to- maturity securities (Non-GAAP) $ 2,269,169 $ 2,212,867 $ 2,270,616 Total risk-based capital ratio (2) Total risk-based capital ratio (GAAP) 16.6 % 16.2 % 16.3 % Adjusted total risk-based capital ratio (Non-GAAP) (3) 16.0 % 15.3 % 15.6 % Tier 1 capital ratio (4) Tier 1 risk-based capital ratio (GAAP) 15.5 % 15.2 % 15.3 % Adjusted tier 1 risk-based capital ratio (Non-GAAP) (5) 14.9 % 14.2 % 14.5 % Common equity tier 1 ratio (6) Common equity tier 1 ratio (GAAP) 15.5 % 15.2 % 15.3 % Adjusted common equity tier 1 ratio (Non-GAAP) (7) 14.9 % 14.2 % 14.5 % Leverage ratio (8) Leverage ratio (GAAP) 12.7 % 12.4 % 11.9 % Adjusted leverage ratio (Non-GAAP) (9) 12.0 % 11.5 % 11.2 % (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.