# EDGAR Filing Document

**Accession Number:** 0001710482
**File Stem:** 0001104659-26-007250
**Filing Date:** 2026-1
**Character Count:** 82100
**Document Hash:** a1f2ed6f6ee8bba51d77acd2410d41e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-007250.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001104659-26-007250

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260128

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** John Marshall Bancorp, Inc.
- **CENTRAL INDEX KEY:** 0001710482
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 815424879
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41315
- **FILM NUMBER:** 26568711

**BUSINESS ADDRESS:**
- **STREET 1:** 1943 ISAAC NEWTON SQUARE
- **STREET 2:** SUITE 100
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20190
- **BUSINESS PHONE:** 703-584-0840

**MAIL ADDRESS:**
- **STREET 1:** 1943 ISAAC NEWTON SQUARE
- **STREET 2:** SUITE 100
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20190

?xml version='1.0' encoding='ASCII'? John Marshall Bancorp, Inc._January 28, 2026

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

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

Date of Report (Date of earliest event reported): January 28, 2026

**John Marshall Bancorp, Inc.**

 *(Exact name of registrant as specified in its charter)*

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| | | |
|:---|:---|:---|
| -<br>|  |  |
| **Virginia** | **001-41315** | **81-5424879** |
| *(State or other jurisdiction*<br>*of incorporation)* | *(Commission*<br>*File Number)* | *(IRS Employer*<br>*Identification No.)* |

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**1943 Isaac Newton Square East, Suite 100**

**Reston, Virginia 20190**

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

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

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

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

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

Emerging growth company ☒

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

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**Item 2.02 Results of Operations and Financial Condition.**

On January 28, 2026, John Marshall Bancorp, Inc. (the "Company") issued a press release announcing its results of operations and financial condition for the quarter ended December 31, 2025. A copy of the press release is included as Exhibit 99.1 to this report.

**Item 9.01 Financial Statements and Exhibits.**

Exhibits<br>

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press release dated January 28, 2026.](jmsb-20260128xex99d1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**SIGNATURES**

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

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| | | |
|:---|:---|:---|
|  | JOHN MARSHALL BANCORP, INC.  | JOHN MARSHALL BANCORP, INC.  |
| Date: January 28, 2026 | By: | /s/ Kent D. Carstater |
|  |  | Kent D. Carstater<br>Senior Executive Vice President, Chief Financial Officer  |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](jmsb-20260128xex99d1001.jpg)

For Immediate Release

January 28, 2026

**Strong Loan Demand, Net Interest Margin Growth, and Better Efficiency Drive 42% Annualized Increase in Earnings Per Share.**

Reston, VA – John Marshall Bancorp, Inc. (Nasdaq: JMSB) (the "Company"), parent company of John Marshall Bank (the "Bank"), reported net income of $5.9 million for the quarter ended December 31, 2025 compared to $4.8 million for the quarter ended December 31, 2024, an increase of $1.1 million or 23.9%. Diluted earnings per common share were $0.42 for the quarter ended December 31, 2025 compared to $0.33 for the quarter ended December 31, 2024, an increase of 27.3%. Annualized return on average assets was 1.01% for the quarter ended December 31, 2025 compared to 0.85% for the quarter ended December 31, 2024, an increase of 18.8%.

**Selected Highlights**

● **Accelerating Earnings Momentum –** Net income of $5.9 million for the quarter ended December 31, 2025 represented a 9.5% increase over the $5.4 million net income reported for the quarter ended September 30, 2025 or an annualized quarter-over-quarter increase of 37.5%. The quarter ended December 31, 2025 marked the sixth consecutive quarter of quarterly net income growth. Diluted earnings per common share were $0.42 for the quarter ended December 31, 2025 and represented a 10.5% increase over the $0.38 diluted earnings per common share reported for the quarter ended September 30, 2025 or an annualized quarter-over-quarter increase of 41.8%.

● **Strong Loan Growth and Exceptional Loan Demand** – The Company's loan portfolio, net of unearned income, grew $37.3 million or 7.6% annualized during the fourth quarter 2025. Loans, net of unearned income, increased $103.2 million or 5.5% from December 31, 2024 to December 31, 2025. The Company's loan pipeline remained strong with $139.7 million in new commitments recorded during the three months ended December 31, 2025, a 46.7% improvement on the $95.2 million of new commitments recorded during the three months ended September 30, 2025. The most recent quarter's new commitment production represented the highest quarterly level since the fourth quarter of 2022. New commitments represent loans closed, but not necessarily fully funded as of the end of the respective reporting period.

● **Higher Net Interest Income –** For the three months ended December 31, 2025, the Company reported net interest income of $15.9 million, a $1.9 million or 13.3% increase over the prior year quarter.

● **Continued Net Interest Margin Growth –** Net interest margin expanded for the seventh consecutive quarter to 2.73%, a 21 basis point improvement from the 2.52% reported for the fourth quarter of 2024. The Company continued to decrease its funding costs as the Federal Reserve lowered the effective federal funds rate over the past year.

● **Positive Operating Leverage** – Revenues (net interest income plus non-interest income) grew 17.5% for the twelve months ended December 31, 2025 relative to the twelve months ended December 31, 2024. Over the same period, overhead increased 5.5%. Non-interest expense was $8.0 million for the quarter ended December 31, 2025, a decrease of $1.1 million or 11.8% when compared to the quarter ended September 30, 2025.

● **Strong Asset Quality –** As of December 31, 2025 the Company had no non-accrual loans and no other real estate owned assets.

● **Growing Book Value per Share and Dividends** – Book value per share increased from $17.28 as of December 31, 2024 to $18.70 as of December 31, 2025, an 8.2% increase. Including the $0.30 per share annual cash dividend declared on April 22, 2025 and paid on July 7, 2025, the annual book value return was 10.0%. On January 27, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.09 per share on the Company's common stock. The dividend is payable on March 4, 2026 to

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shareholders of record at the close of business on February 11, 2026. The annualized quarterly cash dividend represents a 20% increase over the 2025 annual cash dividend.

● **Robust Capitalization** – Each of the Bank's regulatory capital ratios remained well in excess of the regulatory well-capitalized thresholds as of December 31, 2025. During the twelve months ended December 31, 2025, the Company repurchased 135,640 shares of its common stock at a weighted average price of $17.80. The aggregate repurchase activity was accretive to the Company's book value per share.

Chris Bergstrom, President and Chief Executive Officer, commented, "We are pleased to report a 24% increase in net income for 2025. We grew our loan portfolio over $103 million in 2025, with 35% of that growth coming in the 4<sup>th</sup> quarter. The nearly $140 million in loan commitments booked during the quarter should provide a nice tailwind headed into 2026. Loan growth and the re-pricing of our funding and bond portfolios drove the seventh consecutive quarter of net interest margin expansion and 17.5% revenue growth. We believe that additional Federal Open Market Committee rate reductions and a continuing normalization of the yield curve could enhance our profitability. We continue to invest in technology and personnel to cultivate new relationships and deepen existing ones. Despite increasing our headcount by 5%, overhead grew only 5.5% during 2025 and resulted in significant operating leverage. As we look ahead to 2026, we remain focused on delivering tailored banking services and exceptional client experiences. The strength of our balance sheet and consistent performance enabled us to implement a quarterly cash dividend. We believe our fortress balance sheet allows us to focus on continued growth and drive increased returns and shareholder value."

**Balance Sheet, Liquidity and Credit Quality**

Total assets were $2.33 billion at December 31, 2025, $2.32 billion at September 30, 2025, and $2.23 billion at December 31, 2024. Total assets increased $8.0 million or 1.4% annualized since September 30, 2025 and $98.0 million or 4.4% from December 31, 2024.

Total loans, net of unearned income, increased $37.3 million or 7.6% annualized to $1.98 billion at December 31, 2025 compared to $1.94 billion at September 30, 2025 and increased $103.2 million or 5.5% from $1.87 billion at December 31, 2024. The increase in loans from September 30, 2025, was primarily attributable to growth in construction & development loans and residential mortgage loans, partially offset by a decline in investor real estate 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 $212.3 million at December 31, 2025, $205.7 million at September 30, 2025, and $222.3 million at December 31, 2024. The increase in carrying value of the Company's fixed income securities portfolio since September 30, 2025 was primarily attributable to purchases of six fixed income securities, designated as available-for-sale, with the total carrying amount of $16.4 million. As of December 31, 2025, 95.3% of our bond portfolio carried the implied guarantee of the United States government or one of its agencies. At December 31, 2025, 67.5% of the fixed income portfolio was invested in amortizing bonds, which provides the Company with a source of steady cash flow. At December 31, 2025, the fixed income portfolio had an estimated weighted average life of 3.9 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 December 31, 2025. The held-to-maturity portfolio comprised approximately 40% of the fixed income securities portfolio and had a weighted average life of 5.2 years at December 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 $827.0 million as of December 31, 2025 compared to $824.3 million as of September 30, 2025 and represented 35.6% and 35.5% of total assets, respectively. In addition to available secured borrowing capacity, the Bank had available federal funds lines of $110.0 million at December 31, 2025.

Total deposits were relatively unchanged at $1.97 billion at December 31, 2025 compared to September 30, 2025, and increased $79.9 million or 4.2% from $1.89 billion at December 31, 2024. During the most recent quarter, total deposits increased $3.5 million or 0.2% when compared to September 30, 2025, primarily due to a 3.6% or $13.4 million increase in interest-bearing demand deposits, a 1.3% or $4.7 million increase in money market accounts, and a 1.0% or $4.4 million increase in core time deposits. These increases were partially offset by a 3.2% or $14.2 million

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decrease in non-interest bearing demand deposits. Detail on the deposit activity can be seen in the Loan, Deposit and Borrowing Detail table. As of December 31, 2025, the Company had $691.5 million of deposits that were not insured or not collateralized compared to $682.8 million and $659.2 million at September 30, 2025 and December 31, 2024, respectively.

Federal Home Loan Bank ("FHLB") advances remained unchanged at $56.0 million as of December 31, 2025 compared to September 30, 2025 and December 31, 2024. The three FHLB advances have a weighted average fixed interest rate of 3.99%. In addition to outstanding FHLB advances, total borrowings as of December 31, 2025 included subordinated debt totaling $24.9 million.

Shareholders' equity increased $19.0 million or 7.7% to $265.6 million at December 31, 2025 compared to $246.6 million at December 31, 2024. Book value per share was $18.70 as of December 31, 2025 compared to $17.28 as of December 31, 2024, an increase of 8.2%. The year-over-year change in book value per share was primarily due to the Company's earnings over the previous twelve months and a decrease in accumulated other comprehensive loss, resulting from an increase in the market value of our available-for-sale investment portfolio. This increase was partially offset by cash dividend paid and increased share count from shareholder option exercises and restricted share award issuances, partially offset by the Company's share repurchases during the period.

The Bank's capital ratios remained well above regulatory thresholds for well-capitalized banks. As of December 31, 2025, the Bank's total risk-based capital ratio was 16.3%, compared to 16.6% at September 30, 2025, and 16.2% at December 31, 2024.

During the quarter ended December 31, 2025, the Company charged-off a commercial business U.S. Small Business Administration ("SBA") 7(a) loan in the total amount of $361 thousand. The charged-off amount represented the unguaranteed portion of the loan. The Company has submitted a reimbursement claim to the SBA for the guaranteed portion of the loan in the amount of $1.1 million and expects to be paid in full during the first quarter of 2026. As of December 31, 2025, the Company had no non-accrual loans and no other real estate owned assets.

At December 31, 2025, the allowance for loan credit losses was $19.8 million or 1.0% of outstanding loans, net of unearned income, compared to $19.7 million or 1.02% of outstanding loans, net of unearned income, at September 30, 2025. The increase in the allowance for loan credit losses during the most recent quarter is predominantly attributable to the growth of the loan portfolio along with the impact of management's assessment of qualitative factors, mainly related to the evaluation of the existing local economic conditions, as well as considerations of the concentrations of the Company's loan segments. These factors contributing to an increase in allowance for credit losses were partially offset by the previously mentioned charge-off of the commercial business SBA 7(a) loan.

At December 31, 2025, the allowance for credit losses on unfunded loan commitments was $1.3 million compared to $1.1 million at September 30, 2025, due to a higher amount of available loan commitments.

The Company did not have an allowance for credit losses on held-to-maturity securities as of December 31, 2025 or September 30, 2025. As of December 31, 2025, 93.2% 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 commercial real estate portfolios continue to be of sound credit quality. The following table demonstrates their strong debt-service-coverage and loan-to-value ratios as of December 31, 2025.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Commercial Real Estate** | **Commercial Real Estate** | **Commercial Real Estate** | **Commercial Real Estate** | **Commercial Real Estate** | **Commercial Real Estate** | **Commercial Real Estate** | **Commercial Real Estate** | **Commercial Real Estate** |
|  | **Owner Occupied** | **Owner Occupied** | **Owner Occupied** | **Owner Occupied** | **Non-owner Occupied** | **Non-owner Occupied** | **Non-owner Occupied** | **Non-owner Occupied** |
| **Asset Class** | **Weighted Average Loan-to-Value**<sup>(1)</sup>  | **Weighted Average Debt Service Coverage Ratio**<sup>(2)</sup>  | **Number of Total Loans**  | **Principal Balance**<sup>(3)</sup><sup></sup>**(Dollars in thousands)** | **Weighted Average Loan-to-Value**<sup>(1)</sup>  | **Weighted Average Debt Service Coverage Ratio**<sup>(2)</sup>  | **Number of Total Loans**  | **Principal Balance**<sup>(3)</sup><sup></sup>**(Dollars in thousands)** |
| Warehouse & Industrial | 49.3% | 3.2<br> x | 55 | $68629 | 47.3% | 2.3<br> x | 43 | $100089 |
| Office | 57.6% | 3.7<br> x | 136 | 87045 | 44.3% | 2.0<br> x | 57 | 105309 |
| Retail | 58.9% | 3.1<br> x | 43 | 77439 | 49.9% | 1.8<br> x | 144 | 447696 |
| Church | 25.0% | 2.5<br> x | 16 | 24988 | 71.2% | 1.0<br> x | 2 | 5625 |
| Hotel/Motel | - - | - - | - - | - - | 50.6% | 1.5<br> x | 12 | 82539 |
| Other<sup>(4)</sup> | 36.1% | 3.4<br> x | 39 | 65385 | 44.8% | 2.2<br> x | 7 | 15362 |
| &nbsp;&nbsp;&nbsp;**Total** |  |  | **289** | $**323486** |  |  | **265** | $**756620** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Loan-to-value is determined at origination date and is divided by principal balance as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Principal balance excludes deferred fees or costs.

&nbsp;&nbsp;&nbsp;&nbsp;(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 December 31, 2025:

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| | | |
|:---|:---|:---|
| **Non-owner occupied office: Geography** | **Non-owner occupied office: Geography** | **Non-owner occupied office: Geography** |
| **Geography** | **Commitment<br>(in 000s)** | **Percentage** |
| Virginia | $70639 | 64.4% |
| Maryland | 24217 | 22.1% |
| DC | 14315 | 13.1% |
| Other | 427 | 0.4% |
| Total | **$109598** | **100.0%** |

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| | | |
|:---|:---|:---|
| **Non-owner occupied office: Maturity** | **Non-owner occupied office: Maturity** | **Non-owner occupied office: Maturity** |
| **Maturity<br>Year** | **Commitment<br>(in 000s)** | **Percentage** |
| 2026 | 5766 | 5.3% |
| 2027 | 6553 | 6.0% |
| 2028 | 14215 | 13.0% |
| 2029 | 26488 | 24.1% |
| 2030+ | 56576 | 51.6% |
| Total | **$109598** | **100.0%** |

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**Income Statement Review**

*Quarterly Results*

The Company reported net income of $5.9 million for the fourth quarter of 2025, an increase of $1.1 million or 23.9% when compared to $4.8 million for the fourth quarter of 2024.

For the three months ended December 31, 2025, net interest income increased $1.8 million or 13.3% to $15.9 million compared to $14.1 million for the three months ended December 31, 2024. During the same period, interest income grew $1.2 million or 4.2%, driven by higher interest income on loans, while interest expense declined by $0.7 million or 5.1%, predominantly due to lower interest expense on time deposits, interest-bearing checking accounts and money market accounts.

The annualized net interest margin for the fourth quarter of 2025 was 2.73% as compared to 2.52% for the same period in 2024. The increase in net interest margin was primarily due to an increase in average balances of the loan portfolio in combination with the lower rates on interest-bearing deposits.

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The cost of interest-bearing liabilities was 3.28% for the fourth quarter of 2025 compared to 3.62% for the same quarter in the prior year driven by the 35 basis points decline in rates on interest-bearing deposits. Rates declined across all deposit categories, most notably in interest-bearing demand deposits, time deposits, and money market accounts, which declined by 38 basis points, 37 basis points, and 36 basis points, respectively. The yield on interest-earning assets was 4.99% for the fourth quarter of 2025 compared to 5.01% for the same period in 2024 primarily due to a three basis points decrease in loan yield coupled with an 81 basis points decrease in yield on interest-bearing deposits in other banks. These decreases were partially offset by a 12 basis points increase in securities yield. Average loans increased by $107.9 million between the three months ended December 31, 2025 and the three months ended December 31, 2024, which was primarily attributable to origination volume in the construction & development and residential mortgage loan portfolios subsequent to December 31, 2024.

Management has been repricing deposits concurrently with each of the three federal funds rate cuts totaling 75 basis points since September 2025. Management believes that the full benefit of these rate reductions has yet to be realized and expects that the repricing of time deposits should continue to reduce the cost of funds and have a positive impact on the Company's net interest margin prospectively.

The Company recorded a $624 thousand provision for credit losses for the fourth quarter of 2025 compared to $298 thousand for the fourth quarter of 2024. Provision for credit losses on funded loans totaled $451 thousand, while provision for credit losses on unfunded loan commitments totaled $173 thousand during the three months ended December 31, 2025. The provision for credit losses on funded loans during the most recent quarter reflected the impact of the charge-off of the unguaranteed portion of a commercial business SBA 7(a) loan, as well as the growth of the Company's loan portfolio quarter-over-quarter coupled with the impact of management's assessment of the qualitative adjustments related to existing local economic conditions and loan segments concentrations.

Non-interest income increased $128 thousand or 45.6% during the fourth quarter of 2025 compared to the fourth quarter of 2024. This increase was primarily attributable to a $108 thousand increase in gains recorded on sales of the guaranteed portions of the SBA 7(a) loans in combination with the $100 thousand increase in mark-to-market adjustments on investments related to the Company's nonqualified deferred compensation ("NQDC") plan.

Non-interest expense increased $26 thousand or 0.3% during the fourth quarter of 2025 compared to the fourth quarter of 2024 primarily resulting from an increase in salaries and employee benefits and higher professional fees. These increases were partially offset by lower occupancy expense. Salaries and employee benefits increased by $100 thousand, which was mainly related to increases in headcount within the Bank during the current fiscal year. Professional fees increased by $89 thousand due to higher consulting fees. The $91 thousand decrease in occupancy expense was due to a lower office rent resulting from the renegotiation of certain leases during the current year.

For the three months ended December 31, 2025, annualized non-interest expense to average assets was 1.36% compared to 1.41% for the three months ended December 31, 2024. This decrease was primarily due to the growth in average assets and stable non-interest expense, when comparing the two periods. For the three months ended December 31, 2025, the efficiency ratio declined to 48.8% compared to 55.4% for the three months ended December 31, 2024. The improvement in the efficiency ratio was due to a 14.0% growth in total revenue, which outpaced 0.3% increase in non-interest expense over the period.

Return on average assets for the quarter ended December 31, 2025 was 1.01% and return on average equity was 8.89% compared to 0.85% and 7.71%, respectively, for the fourth quarter of 2024.

*Year-End Results*

The Company reported net income of $21.2 million for the twelve months ended December 31, 2025, an increase of $4.1 million or 24.0% when compared to the same period in 2024.

Net interest income for the twelve months ended December 31, 2025 increased $9.5 million or 18.6% compared to the same period of 2024. The net interest margin for the twelve months ended December 31, 2025 was 2.68% as compared to 2.28% for the same period 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 3.37% for the twelve months ended December 31, 2025 compared to 3.78% for the twelve months ended December 31, 2024. The decrease in the cost of interest-bearing liabilities was primarily

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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, interest-bearing demand deposits and savings deposit accounts since the fourth quarter of 2024. The yield on interest-earning assets was 5.01% for the twelve months ended December 31, 2025 compared to 4.91% for the same period in 2024. The increase in yield on interest-earning assets was primarily due to a 13 basis point increase in loan yield and an eight basis point increase in securities yield, as a result of higher prevailing interest rates as assets repriced subsequent to the fourth quarter of 2024. Average loans increased $73.1 million between the twelve months ended December 31, 2025 and 2024, which was primarily attributable to origination volume in the construction & development and residential mortgage loan portfolios subsequent to December 31, 2024. These positive contributing factors to the year-over-year increase in the net interest margin were partially offset by lower yields and average balances of interest-bearing deposits in other banks.

The Company recorded a $1.7 million provision for credit losses for the twelve months ended December 31, 2025 compared to a $0.4 million recovery of provision for credit losses for the twelve months ended December 31, 2024. The provision for credit losses during the twelve months ended December 31, 2025 was primarily a result of growth of the loan portfolio and the related changes in the portfolio mix, coupled with the impact of the charge-off of the unguaranteed portion of a commercial business SBA 7(a) loan and management's assessment of the qualitative adjustments reflecting changing local economic conditions monitored throughout the year.

Non-interest income decreased $197 thousand or 8.7% during the twelve months ended December 31, 2025 compared to the same period of 2024. The decrease was primarily driven by a $198 thousand decrease in the recorded gain on sale of the government guaranteed portion of the SBA 7(a) loans due to lower sale activity along with the $88 thousand decrease in insurance commissions. These decreases were partially offset by a $166 thousand increase to the mark-to-market adjustments on the Company's NQDC plan and a $37 thousand increase in swap fee income.

Non-interest expense increased $1.8 million or 5.5% during the twelve months ended December 31, 2025 compared to the same period in 2024 primarily resulting from increases in salaries and employee benefits and other expense, predominantly due to higher data processing service fees and professional fees. The $1.5 million or 7.7% increase in salaries and employee benefits was mainly associated with the higher headcount within the Company and an increase in incentive compensation tied to the Company's operating performance. The investments made to expand the headcount during the current year are expected to contribute to the future growth of the Company and subsequent increases in revenues. Increase in incentive compensation was commensurate with the 24% year-over-year increase in net income and the fact that the Company's operating performance for 2025 exceeded the budget and strategic plan. The $168 thousand or 7.6% increase in data processing service fees was primarily due to contractual increases and volume-based activity. Professional fees increased $146 thousand or 14.6% for the period, driven primarily by higher consulting fees. These increases were partially offset by a decrease in the Company's occupancy expense, which declined by $216 thousand or 12.3%, due to a decrease in office rent as a result of the renegotiation of more favorable terms on certain leases.

For the twelve months ended December 31, 2025, non-interest expense to average assets was 1.48% compared to 1.41% for the twelve months ended December 31, 2024. The increase was primarily due to higher non-interest expenses, as outlined above, when comparing the two periods.

For the twelve months ended December 31, 2025, the efficiency ratio was 53.6% compared to 59.7% for the twelve months ended December 31, 2024. The improvement in the efficiency ratio was due to a 17.5% growth in total revenue, which outpaced a 5.5% increase in non-interest expense over the period.

Return on average assets for the twelve months ended December 31, 2025 was 0.93% and return on average equity was 8.26% compared to 0.76% and 7.16%, respectively, for the twelve months ended December 31, 2024.

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**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 <u>www.johnmarshallbank.com</u>.

**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 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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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** |
| **Financial Highlights (Unaudited)** | **Financial Highlights (Unaudited)** | **Financial Highlights (Unaudited)** | **Financial Highlights (Unaudited)** | **Financial Highlights (Unaudited)** | **Financial Highlights (Unaudited)** | **Financial Highlights (Unaudited)** | **Financial Highlights (Unaudited)** | **Financial Highlights (Unaudited)** |
| **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** |
|  | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** |  | **At or For the Twelve Months Ended** | **At or For the Twelve Months Ended** | **At or For the Twelve Months Ended** |  |
|  | **December 31** | **December 31** | **December 31** |  | **December 31** | **December 31** | **December 31** |  |
|  | **2025** |  | **2024** |  | **2025** |  | **2024** |  |
| &nbsp;&nbsp;&nbsp;***Selected Balance Sheet Data*** |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $129974 |  | $122469 |  | $129974 |  | $122469 |  |
| Total investment securities | 222760 |  | 232732 |  | 222760 |  | 232732 |  |
| Loans, net of unearned income | 1975360 |  | 1872173 |  | 1975360 |  | 1872173 |  |
| Allowance for loan credit losses | 19805 |  | 18715 |  | 19805 |  | 18715 |  |
| Total assets | 2332550 |  | 2234947 |  | 2332550 |  | 2234947 |  |
| Non-interest bearing demand deposits | 432733 |  | 433288 |  | 432733 |  | 433288 |  |
| Interest-bearing deposits | 1539552 |  | 1459127 |  | 1539552 |  | 1459127 |  |
| &nbsp;&nbsp;&nbsp;Total deposits | 1972285 |  | 1892415 |  | 1972285 |  | 1892415 |  |
| Federal Home Loan Bank advances | 56000 |  | 56000 |  | 56000 |  | 56000 |  |
| Shareholders' equity | 265638 |  | 246614 |  | 265638 |  | 246614 |  |
| &nbsp;&nbsp;&nbsp;***Summary Results of Operations*** |  |  |  |  |  |  |  |  |
| Interest income | $29164 |  | $27995 |  | $113257 |  | $110133 |  |
| Interest expense | 13224 |  | 13929 |  | 52693 |  | 59086 |  |
| &nbsp;&nbsp;&nbsp;Net interest income | 15940 |  | 14066 |  | 60564 |  | 51047 |  |
| Provision for (recovery of) credit losses | 624 |  | 298 |  | 1688 |  | (370) |  |
| &nbsp;&nbsp;&nbsp;Net interest income after provision for (recovery of) credit losses | 15316 |  | 13768 |  | 58876 |  | 51417 |  |
| Non-interest income  | 409 |  | 281 |  | 2074 |  | 2271 |  |
| Non-interest expense | 7971 |  | 7945 |  | 33567 |  | 31809 |  |
| Income before income taxes | 7754 |  | 6104 |  | 27383 |  | 21879 |  |
| Net income | 5916 |  | 4776 |  | 21233 |  | 17121 |  |
| &nbsp;&nbsp;&nbsp;***Per Share Data and Shares Outstanding*** |  |  |  |  |  |  |  |  |
| Earnings per common share - basic | $0.42 |  | $0.34 |  | $1.49 |  | $1.20 |  |
| Earnings per common share - diluted | $0.42 |  | $0.33 |  | $1.49 |  | $1.20 |  |
| Book value per share | $18.70 |  | $17.28 |  | $18.70 |  | $17.28 |  |
| Weighted average common shares (basic) | 14142249 |  | 14196309 |  | 14189520 |  | 14172166 |  |
| Weighted average common shares (diluted) | 14142249 |  | 14224287 |  | 14194601 |  | 14206109 |  |
| Common shares outstanding at end of period | 14204877 |  | 14269469 |  | 14204877 |  | 14269469 |  |
| &nbsp;&nbsp;&nbsp;***Performance Ratios*** |  |  |  |  |  |  |  |  |
| Return on average assets (annualized) | 1.01 | % | 0.85 | % | 0.93 | % | 0.76 | % |
| Return on average equity (annualized) | 8.89 | % | 7.71 | % | 8.26 | % | 7.16 | % |
| Net interest margin (annualized) | 2.73 | % | 2.52 | % | 2.68 | % | 2.28 | % |
| Non-interest income as a percentage of average assets (annualized) | 0.07 | % | 0.05 | % | 0.09 | % | 0.10 | % |
| Non-interest expense to average assets (annualized) | 1.36 | % | 1.41 | % | 1.48 | % | 1.41 | % |
| Efficiency ratio | 48.8 | % | 55.4 | % | 53.6 | % | 59.7 | % |
| &nbsp;&nbsp;&nbsp;***Asset Quality*** |  |  |  |  |  |  |  |  |
| Non-performing assets to total assets | 0.05 | % | 0.45 | % | 0.05 | % | 0.45 | % |
| Non-performing loans to total loans | 0.05 | % | 0.53 | % | 0.05 | % | 0.53 | % |
| Allowance for loan credit losses to non-performing assets | 18.3 | x | 1.9 | x | 18.3 | x | 1.9 | x |
| Allowance for loan credit losses to total loans | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % |
| Net charge-offs to average loans (annualized) | 0.07 | % | - - | % | 0.02 | % | - - | % |
| Loans 30-89 days past due and accruing interest | $- - |  | $- - |  | $- - |  | $- - |  |
| 90 days past due and still accruing interest | 1084 |  | 9978 |  | 1084 |  | 9978 |  |
| Non-accrual loans | - - |  | - - |  | - - |  | - - |  |
| Other real estate owned | - - |  | - - |  | - - |  | - - |  |
| Non-performing assets <sup>(1)</sup> | 1084 |  | 9978 |  | 1084 |  | 9978 |  |
| &nbsp;&nbsp;&nbsp;***Capital Ratios (Bank Level)*** |  |  |  |  |  |  |  |  |
| Equity / assets | 12.2 | % | 11.9 | % | 12.2 | % | 11.9 | % |
| Total risk-based capital ratio | 16.3 | % | 16.2 | % | 16.3 | % | 16.2 | % |
| Tier 1 risk-based capital ratio | 15.2 | % | 15.2 | % | 15.2 | % | 15.2 | % |
| Common equity tier 1 ratio | 15.2 | % | 15.2 | % | 15.2 | % | 15.2 | % |
| Leverage ratio | 12.5 | % | 12.4 | % | 12.5 | % | 12.4 | % |
| &nbsp;&nbsp;&nbsp;***Other Information*** |  |  |  |  |  |  |  |  |
| Number of full time equivalent employees | 139 |  | 132 |  | 139 |  | 132 |  |
| # Full service branch offices | 8 |  | 8 |  | 8 |  | 8 |  |

---

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Non-performing assets consist of non-accrual loans, loans 90 days or more past due and still accruing interest and other real estate owned .

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** |
|  |  |  |  | **% Change** | **% Change** |
|  | **December 31,** | **September 30,** | **December 31,** | **Last Three** | **Year Over** |
|  | **2025** | **2025** | **2024** | **Months** | **Year** |
| **Assets** | **(Unaudited)** | **(Unaudited)** | **\*** |  |  |
| Cash and due from banks | $6492 | $8867 | $5945 | (26.8)% | 9.2% |
| Interest-bearing deposits in banks | 123482 | 154778 | 116524 | (20.2)% | 6.0% |
| Securities available-for-sale, at fair value | 123852 | 116378 | 130257 | 6.4% | (4.9)% |
| Securities held-to-maturity at amortized cost, fair value of $77,575, $77,647, and $76,270 at 12/31/2025, 9/30/2025, and 12/31/2024, respectively | 88421 | 89291 | 92009 | (1.0)% | (3.9)% |
| Restricted securities, at cost | 7644 | 7641 | 7634 | - -% | 0.1% |
| Equity securities, at fair value | 2843 | 2809 | 2832 | 1.2% | 0.4% |
| Loans, net of unearned income | 1975360 | 1938108 | 1872173 | 1.9% | 5.5% |
| &nbsp;&nbsp;&nbsp;Allowance for loan credit losses | (19805) | (19714) | (18715) | 0.5% | 5.8% |
| &nbsp;&nbsp;&nbsp;Net loans | 1955555 | 1918394 | 1853458 | 1.9% | 5.5% |
| Bank premises and equipment, net | 1315 | 1424 | 1318 | (7.7)% | (0.2)% |
| Accrued interest receivable | 5890 | 5819 | 5996 | 1.2% | (1.8)% |
| Right of use assets | 4551 | 4583 | 5013 | (0.7)% | (9.2)% |
| Other assets | 12505 | 14560 | 13961 | (14.1)% | (10.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2332550 | $2324544 | $2234947 | 0.3% | 4.4% |
| **Liabilities and Shareholders' Equity** |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |
| Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-interest bearing demand deposits | $432733 | $446925 | $433288 | (3.2)% | (0.1)% |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand deposits | 745323 | 727295 | 705097 | 2.5% | 5.7% |
| &nbsp;&nbsp;&nbsp;Savings deposits | 34683 | 39427 | 44367 | (12.0)% | (21.8)% |
| &nbsp;&nbsp;&nbsp;Time deposits | 759546 | 755181 | 709663 | 0.6% | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 1972285 | 1968828 | 1892415 | 0.2% | 4.2% |
| Federal Home Loan Bank advances | 56000 | 56000 | 56000 | - -% | - -% |
| Subordinated debt, net | 24875 | 24854 | 24791 | 0.1% | 0.3% |
| Accrued interest payable | 2124 | 1869 | 2394 | 13.6% | (11.3)% |
| Lease liabilities | 4819 | 4941 | 5369 | (2.5)% | (10.2)% |
| Other liabilities | 6809 | 8360 | 7364 | (18.6)% | (7.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2066912 | 2064852 | 1988333 | 0.1% | 4.0% |
| **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, 14,204,877 at 12/31/2025 including 58,821 unvested shares, issued and outstanding, 14,216,781 at 9/30/2025 including 51,085 unvested shares, issued and outstanding, and 14,269,469 at 12/31/2024 including 54,388 unvested shares, issued and outstanding | 141 | 142 | 142 | (0.7)% | (0.7)% |
| Additional paid-in capital | 95699 | 96311 | 97173 | (0.6)% | (1.5)% |
| Retained earnings | 176913 | 170998 | 159951 | 3.5% | 10.6% |
| Accumulated other comprehensive loss | (7115) | (7759) | (10652) | (8.3)% | (33.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 265638 | 259692 | 246614 | 2.3% | 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $2332550 | $2324544 | $2234947 | 0.3% | 4.4% |

---

\* Derived from audited consolidated financial statements.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** |
| **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** |
| **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** |
|  | **Three Months Ended** | **Three Months Ended** |  | **Twelve Months Ended** | **Twelve Months Ended** |  |
|  | **December 31,** | **December 31,** |  | **December 31,** | **December 31,** |  |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
|  | **(Unaudited)** | **(Unaudited)** |  | **(Unaudited)** | **\*** |  |
| **Interest and Dividend Income** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and fees on loans | $26433 | $25044 | 5.5% | $102651 | $96332 | 6.6% |
| &nbsp;&nbsp;&nbsp;Interest on investment securities, taxable | 1053 | 1091 | (3.5)% | 4198 | 4692 | (10.5)% |
| &nbsp;&nbsp;&nbsp;Interest on investment securities, tax-exempt | 9 | 9 | - -% | 36 | 36 | - -% |
| &nbsp;&nbsp;&nbsp;Dividends | 120 | 128 | (6.3)% | 484 | 391 | 23.8% |
| &nbsp;&nbsp;&nbsp;Interest on deposits in other banks | 1549 | 1723 | (10.1)% | 5888 | 8682 | (32.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 29164 | 27995 | 4.2% | 113257 | 110133 | 2.8% |
| **Interest Expense** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 12303 | 13008 | (5.4)% | 49027 | 54492 | (10.0)% |
| &nbsp;&nbsp;&nbsp;Federal funds purchased | - - | - - | N/M | 2 | 2 | - -% |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances | 572 | 572 | - -% | 2268 | 745 | 204.4% |
| &nbsp;&nbsp;&nbsp;Federal Reserve Bank borrowings | - - | - - | N/M | - - | 2451 | (100.0)% |
| &nbsp;&nbsp;&nbsp;Subordinated debt | 349 | 349 | - -% | 1396 | 1396 | - -% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 13224 | 13929 | (5.1)% | 52693 | 59086 | (10.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 15940 | 14066 | 13.3% | 60564 | 51047 | 18.6% |
| **Provision for (recovery of) Credit Losses** | 624 | 298 | 109.4% | 1688 | (370) | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for (recovery of) credit losses | 15316 | 13768 | 11.2% | 58876 | 51417 | 14.5% |
| **Non-interest Income** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 81 | 89 | (9.0)% | 336 | 349 | (3.7)% |
| &nbsp;&nbsp;&nbsp;Other service charges and fees | 142 | 181 | (21.5)% | 571 | 655 | (12.8)% |
| &nbsp;&nbsp;&nbsp;Insurance commissions | 24 | 59 | (59.3)% | 328 | 416 | (21.2)% |
| &nbsp;&nbsp;&nbsp;Gain on sale of government guaranteed loans | 119 | 11 | 981.8% | 322 | 520 | (38.1)% |
| &nbsp;&nbsp;&nbsp;Non-qualified deferred compensation plan asset gains, net | 38 | (62) | N/M | 402 | 236 | 70.3% |
| &nbsp;&nbsp;&nbsp;Other income | 5 | 3 | 66.7% | 115 | 95 | 21.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 409 | 281 | 45.6% | 2074 | 2271 | (8.7)% |
| **Non-interest Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 4758 | 4658 | 2.1% | 20729 | 19240 | 7.7% |
| &nbsp;&nbsp;&nbsp;Occupancy expense of premises | 326 | 417 | (21.8)% | 1544 | 1760 | (12.3)% |
| &nbsp;&nbsp;&nbsp;Furniture and equipment expenses | 326 | 319 | 2.2% | 1285 | 1220 | 5.3% |
| &nbsp;&nbsp;&nbsp;Other expenses | 2561 | 2551 | 0.4% | 10009 | 9589 | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expenses | 7971 | 7945 | 0.3% | 33567 | 31809 | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 7754 | 6104 | 27.0% | 27383 | 21879 | 25.2% |
| **Income Tax Expense** | 1838 | 1328 | 38.4% | 6150 | 4758 | 29.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $5916 | $4776 | 23.9% | $21233 | $17121 | 24.0% |
| **Earnings Per Share** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.42 | $0.34 | 23.5% | $1.49 | $1.20 | 24.2% |
| &nbsp;&nbsp;&nbsp;Diluted | $0.42 | $0.33 | 27.3% | $1.49 | $1.20 | 24.2% |

---

\* Derived from audited consolidated financial statements.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** |
| **Historical Trends - Quarterly Financial Data (Unaudited)** | **Historical Trends - Quarterly Financial Data (Unaudited)** | **Historical Trends - Quarterly Financial Data (Unaudited)** | **Historical Trends - Quarterly Financial Data (Unaudited)** | **Historical Trends - Quarterly Financial Data (Unaudited)** | **Historical Trends - Quarterly Financial Data (Unaudited)** | **Historical Trends - Quarterly Financial Data (Unaudited)** | **Historical Trends - Quarterly Financial Data (Unaudited)** | **Historical Trends - Quarterly Financial Data (Unaudited)** |
| **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** | **(Dollar amounts in thousands, except per share data)** |
| **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | **December 31** | **September 30** | **June 30** | **March 31** | **December 31** | **September 30** | **June 30** | **March 31** |
| **Profitability for the Quarter:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $29164 | $28945 | $27843 | $27305 | $27995 | $28428 | $26791 | $26919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense  | 13224 | 13345 | 12917 | 13208 | 13929 | 15272 | 14710 | 15175 |
| Net interest income | 15940 | 15600 | 14926 | 14097 | 14066 | 13156 | 12081 | 11744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for (recovery of) credit losses | 624 | 356 | 537 | 170 | 298 | 400 | (292) | (776) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest income | 409 | 653 | 507 | 505 | 281 | 617 | 555 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest expenses | 7971 | 9034 | 8313 | 8248 | 7945 | 8031 | 7909 | 7924 |
| Income before income taxes | 7754 | 6863 | 6583 | 6184 | 6104 | 5342 | 5019 | 5414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 1838 | 1459 | 1480 | 1374 | 1328 | 1107 | 1114 | 1210 |
| Net income  | $5916 | $5404 | $5103 | $4810 | $4776 | $4235 | $3905 | $4204 |
| **Financial Performance:**  |  |  |  |  |  |  |  |  |
| Return on average assets (annualized) | 1.01% | 0.94% | 0.91% | 0.87% | 0.85% | 0.73% | 0.70% | 0.75% |
| Return on average equity (annualized) | 8.89% | 8.31% | 8.06% | 7.76% | 7.71% | 7.00% | 6.68% | 7.23% |
| Net interest margin (annualized) | 2.73% | 2.72% | 2.69% | 2.58% | 2.52% | 2.30% | 2.19% | 2.11% |
| Non-interest income as a percentage of average assets (annualized) | 0.07% | 0.11% | 0.09% | 0.09% | 0.05% | 0.11% | 0.10% | 0.15% |
| Non-interest expense to average assets (annualized) | 1.36% | 1.57% | 1.49% | 1.50% | 1.41% | 1.39% | 1.42% | 1.41% |
| Efficiency ratio | 48.8% | 55.6% | 53.9% | 56.5% | 55.4% | 58.3% | 62.6% | 63.1% |
| **Per Share Data:** |  |  |  |  |  |  |  |  |
| Earnings per common share - basic | $0.42 | $0.38 | $0.36 | $0.34 | $0.34 | $0.30 | $0.27 | $0.30 |
| Earnings per common share - diluted | $0.42 | $0.38 | $0.36 | $0.34 | $0.33 | $0.30 | $0.27 | $0.30 |
| Book value per share | $18.70 | $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) | 14142249 | 14172953 | 14221597 | 14223046 | 14196309 | 14187691 | 14173245 | 14130986 |
| Weighted average common shares (diluted) | 14142249 | 14172953 | 14223418 | 14241114 | 14224287 | 14214586 | 14200171 | 14181254 |
| Common shares outstanding at end of period | 14204877 | 14216781 | 14231389 | 14275885 | 14269469 | 14238677 | 14229853 | 14209606 |
| **Non-interest Income:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges on deposit accounts | $81 | $87 | $86 | $82 | $89 | $84 | $88 | $88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other service charges and fees | 142 | 135 | 141 | 153 | 181 | 160 | 165 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance commissions | 24 | 58 | 33 | 213 | 59 | 64 | 40 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of government guaranteed loans | 119 | 106 | 61 | 36 | 11 | 160 | 216 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-qualified deferred compensation plan asset gains (losses), net | 38 | 158 | 182 | 24 | (62) | 139 | 35 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (loss) | 5 | 109 | 4 | (3) | 3 | 10 | 11 | 72 |
| Total non-interest income | $409 | $653 | $507 | $505 | $281 | $617 | $555 | $818 |
| **Non-interest Expenses:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | $4758 | $5693 | $5178 | $5099 | $4658 | $4897 | $4875 | $4810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy expense of premises | 326 | 405 | 407 | 407 | 417 | 444 | 448 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Furniture and equipment expenses | 326 | 329 | 315 | 316 | 319 | 304 | 301 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 2561 | 2607 | 2413 | 2426 | 2551 | 2386 | 2285 | 2366 |
| Total non-interest expenses | $7971 | $9034 | $8313 | $8248 | $7945 | $8031 | $7909 | $7924 |
| **Balance Sheets at Quarter End:** |  |  |  |  |  |  |  |  |
| Total loans, net of unearned income  | $1975360 | $1938108 | $1916915 | $1870472 | $1872173 | $1842598 | $1827187 | $1825931 |
| Allowance for loan credit losses  | (19805) | (19714) | (19298) | (18826) | (18715) | (18481) | (18433) | (18671) |
| Investment securities | 222760 | 216119 | 226495 | 226163 | 232732 | 247840 | 249582 | 261341 |
| Interest-earning assets | 2321602 | 2309005 | 2250921 | 2255154 | 2221429 | 2259501 | 2249350 | 2234592 |
| Total assets | 2332550 | 2324544 | 2267953 | 2272432 | 2234947 | 2274363 | 2269757 | 2251837 |
| Total deposits | 1972285 | 1968828 | 1896893 | 1922175 | 1892415 | 1936150 | 1912840 | 1900990 |
| Total interest-bearing liabilities | 1620427 | 1602757 | 1555598 | 1565165 | 1539918 | 1544498 | 1577420 | 1598050 |
| Total shareholders' equity  | 265638 | 259692 | 253732 | 252958 | 246614 | 243118 | 235346 | 234550 |
| **Quarterly Average Balance Sheets:** |  |  |  |  |  |  |  |  |
| Total loans, net of unearned income  | $1946386 | $1912275 | $1868290 | $1868303 | $1838526 | $1818472 | $1810722 | $1835966 |
| Investment securities | 220324 | 221802 | 229171 | 231479 | 243329 | 249354 | 255940 | 270760 |
| Interest-earning assets | 2319551 | 2275386 | 2224806 | 2220730 | 2223725 | 2277427 | 2222658 | 2247620 |
| Total assets | 2331563 | 2289352 | 2238955 | 2233761 | 2238062 | 2292385 | 2239261 | 2264544 |
| Total deposits | 1970486 | 1934456 | 1883425 | 1884969 | 1893976 | 1939601 | 1883010 | 1914173 |
| Total interest-bearing liabilities | 1601506 | 1571390 | 1530811 | 1540974 | 1532452 | 1573631 | 1551953 | 1600197 |
| Total shareholders' equity  | 264175 | 257993 | 254071 | 251559 | 246525 | 240609 | 235136 | 233952 |
| **Financial Measures:** |  |  |  |  |  |  |  |  |
| Average equity to average assets | 11.3% | 11.3% | 11.3% | 11.3% | 11.0% | 10.5% | 10.5% | 10.3% |
| Investment securities to earning assets | 9.6% | 9.4% | 10.1% | 10.0% | 10.5% | 11.0% | 11.1% | 11.7% |
| Loans to earning assets | 85.1% | 83.9% | 85.2% | 82.9% | 84.3% | 81.5% | 81.2% | 81.7% |
| Loans to assets  | 84.7% | 83.4% | 84.5% | 82.3% | 83.8% | 81.0% | 80.5% | 81.1% |
| Loans to deposits | 100.2% | 98.4% | 101.1% | 97.3% | 98.9% | 95.2% | 95.5% | 96.1% |
| **Capital Ratios (Bank Level):** |  |  |  |  |  |  |  |  |
| Equity / assets | 12.2% | 12.1% | 12.2% | 11.9% | 11.9% | 11.6% | 11.4% | 11.3% |
| Total risk-based capital ratio | 16.3% | 16.6% | 16.3% | 16.5% | 16.2% | 16.3% | 16.4% | 16.1% |
| Tier 1 risk-based capital ratio | 15.2% | 15.5% | 15.3% | 15.4% | 15.2% | 15.3% | 15.4% | 15.1% |
| Common equity tier 1 ratio | 15.2% | 15.5% | 15.3% | 15.4% | 15.2% | 15.3% | 15.4% | 15.1% |
| Leverage ratio | 12.5% | 12.7% | 12.8% | 12.6% | 12.4% | 11.9% | 12.2% | 11.8% |

---

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** |
| **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** | **Loan, Deposit and Borrowing Detail (Unaudited)** |
| **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **December 31** | **December 31** | **September 30** | **September 30** | **June 30** | **June 30** | **March 31** | **March 31** | **December 31** | **December 31** | **September 30** | **September 30** | **June 30** | **June 30** | **March 31** | **March 31** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loans**  | **$ Amount** | **% of Total** | **$ Amount** | **% of Total** | **$ Amount** | **% of Total** | **$ Amount** | **% of Total** | **$ Amount** | **% of Total** | **$ Amount** | **% of Total** | **$ Amount** | **% of Total** | **$ Amount** | **% of Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial business loans | $49729 | 2.5% | $46486 | 2.4% | $43158 | 2.3% | $46479 | 2.5% | $47612 | 2.5% | $39741 | 2.2% | $41806 | 2.3% | $42779 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial PPP loans | 124 | 0.0% | 124 | 0.0% | 124 | 0.0% | 124 | 0.0% | 124 | 0.0% | 126 | 0.0% | 127 | 0.0% | 129 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial owner-occupied real estate loans | 323486 | 16.4% | 327269 | 16.9% | 320061 | 16.7% | 318087 | 17.1% | 329222 | 17.6% | 343906 | 18.7% | 349644 | 19.2% | 356335 | 19.6% |
| Total business loans | 373339 | 18.9% | 373879 | 19.3% | 363343 | 19.0% | 364690 | 19.6% | 376958 | 20.2% | 383773 | 20.9% | 391577 | 21.5% | 399243 | 21.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor real estate loans | 756620 | 38.5% | 770405 | 39.9% | 777591 | 40.7% | 759002 | 40.7% | 757173 | 40.5% | 726771 | 39.5% | 722419 | 39.6% | 692418 | 38.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction & development loans | 222659 | 11.3% | 193444 | 10.0% | 186409 | 9.7% | 173270 | 9.3% | 164988 | 8.8% | 161466 | 8.8% | 138744 | 7.6% | 151476 | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Multi-family loans | 93511 | 4.7% | 93477 | 4.8% | 94415 | 4.9% | 95556 | 5.1% | 94695 | 5.1% | 91426 | 5.0% | 91925 | 5.1% | 94719 | 5.2% |
| Total commercial real estate loans | 1072790 | 54.5% | 1057326 | 54.7% | 1058415 | 55.3% | 1027828 | 55.1% | 1016856 | 54.4% | 979663 | 53.3% | 953088 | 52.3% | 938613 | 51.5% |
| Residential mortgage loans | 522990 | 26.5% | 501104 | 25.9% | 489522 | 25.6% | 472747 | 25.3% | 472932 | 25.3% | 473787 | 25.8% | 476764 | 26.2% | 482254 | 26.5% |
| Consumer loans | 1157 | 0.1% | 1029 | 0.1% | 998 | 0.1% | 809 | 0.0% | 906 | 0.0% | 877 | 0.0% | 876 | 0.0% | 772 | 0.1% |
| **Total loans** | $1970276 | 100.0% | $1933338 | 100.0% | $1912278 | 100.0% | $1866074 | 100.0% | $1867652 | 100.0% | $1838100 | 100.0% | $1822305 | 100.0% | $1820882 | 100.0% |
| Less: Allowance for loan credit losses | (19805) |  | (19714) |  | (19298) |  | (18826) |  | (18715) |  | (18481) |  | (18433) |  | (18671) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net deferred loan costs | 5084 |  | 4770 |  | 4637 |  | 4398 |  | 4521 |  | 4498 |  | 4882 |  | 5049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net loans** | $1955555 |  | $1918394 |  | $1897617 |  | $1851646 |  | $1853458 |  | $1824117 |  | $1808754 |  | $1807260 |  |
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **December 31** | **December 31** | **September 30** | **September 30** | **June 30** | **June 30** | **March 31** | **March 31** | **December 31** | **December 31** | **September 30** | **September 30** | **June 30** | **June 30** | **March 31** | **March 31** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Deposits** | **$ Amount** | **% of Total** | **$ 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 | $432733 | 21.9% | $446925 | 22.7% | $438628 | 23.1% | $437822 | 22.8% | $433288 | 22.9% | $472422 | 24.4% | $437169 | 22.8% | $404669 | 21.3% |
| Interest-bearing demand deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW accounts<sup>(1)</sup> | 380029 | 19.3% | 366655 | 18.6% | 344931 | 18.2% | 355752 | 18.5% | 355840 | 18.8% | 324660 | 16.8% | 321702 | 16.8% | 318445 | 16.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market accounts<sup>(1)</sup> | 365294 | 18.5% | 360640 | 18.3% | 336299 | 17.7% | 349634 | 18.2% | 349257 | 18.5% | 360725 | 18.6% | 346249 | 18.1% | 326135 | 17.1% |
| Savings accounts | 34683 | 1.8% | 39427 | 2.0% | 42966 | 2.3% | 42583 | 2.2% | 44367 | 2.3% | 43779 | 2.3% | 45884 | 2.4% | 50664 | 2.7% |
| Certificates of deposit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$250,000 or more | 337605 | 17.1% | 337800 | 17.2% | 324343 | 17.1% | 322630 | 16.8% | 315549 | 16.7% | 334591 | 17.3% | 339908 | 17.8% | 355766 | 18.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less than $250,000 | 84710 | 4.3% | 85719 | 4.4% | 80500 | 4.2% | 79305 | 4.1% | 83060 | 4.4% | 86932 | 4.5% | 91258 | 4.8% | 99694 | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;QwickRate® certificates of deposit | 249 | 0.0% | 249 | 0.0% | 249 | 0.1% | 249 | 0.0% | 249 | 0.0% | 4119 | 0.2% | 4119 | 0.2% | 5117 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;IntraFi® certificates of deposit | 35096 | 1.8% | 29451 | 1.5% | 27015 | 1.4% | 36522 | 1.9% | 34288 | 1.8% | 32801 | 1.7% | 32922 | 1.7% | 34443 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered deposits | 301886 | 15.3% | 301962 | 15.3% | 301962 | 15.9% | 297678 | 15.5% | 276517 | 14.6% | 276121 | 14.2% | 293629 | 15.4% | 306057 | 16.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $1972285 | 100.0% | $1968828 | 100.0% | $1896893 | 100.0% | $1922175 | 100.0% | $1892415 | 100.0% | $1936150 | 100.0% | $1912840 | 100.0% | $1900990 | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Borrowings** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Federal funds purchased | $- - | 0.0% | $- - | 0.0% | $16500 | 17.0% | $- - | 0.0% | $- - | 0.0% | $- - | 0.0% | $- - | 0.0% | $- - | 0.0% |
| Federal Home Loan Bank advances | 56000 | 69.2% | 56000 | 69.3% | 56000 | 57.5% | 56000 | 69.3% | 56000 | 69.3% | 56000 | 69.3% | - - | 0.0% | - - | 0.0% |
| Federal Reserve Bank borrowings | - - | 0.0% | - - | 0.0% | - - | 0.0% | - - | 0.0% | - - | 0.0% | - - | 0.0% | 77000 | 75.7% | 77000 | 75.7% |
| Subordinated debt, net | 24875 | 30.8% | 24854 | 30.7% | 24833 | 25.5% | 24812 | 30.7% | 24791 | 30.7% | 24770 | 30.7% | 24749 | 24.3% | 24729 | 24.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowings | $80875 | 100.0% | $80854 | 100.0% | $97333 | 100.0% | $80812 | 100.0% | $80791 | 100.0% | $80770 | 100.0% | $101749 | 100.0% | $101729 | 100.0% |
| Total deposits and borrowings | $2053160 |  | $2049682 |  | $1994226 |  | $2002987 |  | $1973206 |  | $2016920 |  | $2014589 |  | $2002719 |  |
| Core customer funding sources <sup>(2)</sup> | $1670150 | 82.3% | $1666617 | 82.3% | $1594682 | 81.0% | $1624248 | 82.1% | $1615649 | 82.9% | $1655910 | 83.1% | $1615092 | 81.2% | $1589816 | 80.4% |
| Wholesale funding sources <sup>(3)</sup> | 358135 | 17.7% | 358211 | 17.7% | 374711 | 19.0% | 353927 | 17.9% | 332766 | 17.1% | 336240 | 16.9% | 374748 | 18.8% | 388174 | 19.6% |
| Total funding sources | $2028285 | 100.0% | $2024828 | 100.0% | $1969393 | 100.0% | $1978175 | 100.0% | $1948415 | 100.0% | $1992150 | 100.0% | $1989840 | 100.0% | $1977990 | 100.0% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes IntraFi <sup>®</sup> accounts.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes reciprocal IntraFi Demand <sup>®</sup> IntraFi Money Market <sup>®</sup> and IntraFi CD <sup>®</sup> deposits, which are maintained by customers.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Consists of QwickRate <sup>®</sup> certificates of deposit, brokered deposits, federal funds purchased, Federal Home Loan Bank advances and Federal Reserve Bank borrowings.

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** |
| **Average Balance Sheets, Interest and Rates (unaudited)** | **Average Balance Sheets, Interest and Rates (unaudited)** | **Average Balance Sheets, Interest and Rates (unaudited)** | **Average Balance Sheets, Interest and Rates (unaudited)** | **Average Balance Sheets, Interest and Rates (unaudited)** | **Average Balance Sheets, Interest and Rates (unaudited)** | **Average Balance Sheets, Interest and Rates (unaudited)** |
| **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |
|  | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** |
| ***(Dollars in thousands)*** | <br>**Average Balance** | **Interest Income /** <br>**Expense** | **Average** <br>**Rate**<sup>(3)</sup> | <br>**Average Balance** | **Interest Income /** <br>**Expense** | **Average** <br>**Rate**<sup>(3)</sup> |
| **Assets:** |  |  |  |  |  |  |
| Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Taxable | $224275 | $4682 | 2.09% | $253421 | $5083 | 2.01% |
| &nbsp;&nbsp;&nbsp;Tax-exempt<sup>(1)</sup> | 1378 | 45 | 3.27% | 1379 | 45 | 3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total securities | $225653 | $4727 | 2.09% | $254800 | $5128 | 2.01% |
| Loans, net of unearned income<sup>(2)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Taxable | 1881636 | 102086 | 5.43% | 1807547 | 95770 | 5.30% |
| &nbsp;&nbsp;&nbsp;Tax-exempt<sup>(1)</sup> | 17428 | 716 | 4.11% | 18389 | 712 | 3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans, net of unearned income | $1899064 | $102802 | 5.41% | $1825936 | $96482 | 5.28% |
| Interest-bearing deposits in other banks | $135714 | $5888 | 4.34% | $162165 | $8682 | 5.35% |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | $2260431 | $113417 | 5.01% | $2242901 | $110292 | 4.91% |
| Total non-interest earning assets | 13288 |  |  | 15630 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2273719 |  |  | $2258531 |  |  |
| **Liabilities & Shareholders' Equity:** |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NOW accounts | $353556 | $8115 | 2.30% | $322028 | $8848 | 2.75% |
| &nbsp;&nbsp;&nbsp;Money market accounts | 352226 | 9383 | 2.66% | 342057 | 10707 | 3.13% |
| &nbsp;&nbsp;&nbsp;Savings accounts | 41227 | 422 | 1.02% | 48466 | 664 | 1.37% |
| &nbsp;&nbsp;&nbsp;Time deposits | 733433 | 31107 | 4.24% | 757494 | 34273 | 4.52% |
| Total interest-bearing deposits | $1480442 | $49027 | 3.31% | $1470045 | $54492 | 3.71% |
| Federal funds purchased  | 46 | 2 | 4.35% | 28 | 2 | 7.14% |
| Subordinated debt | 24831 | 1396 | 5.62% | 24747 | 1396 | 5.64% |
| Federal Reserve Bank borrowings |  |  | N/M | 51314 | 2451 | 4.78% |
| Federal Home Loan Bank advances | 56000 | 2268 | 4.05% | 18361 | 745 | 4.06% |
| Total interest-bearing liabilities | $1561319 | $52693 | 3.37% | $1564495 | $59086 | 3.78% |
| Demand deposits | 438171 |  |  | 437694 |  |  |
| Other liabilities | 17322 |  |  | 17261 |  |  |
| Total liabilities | $2016812 |  |  | $2019450 |  |  |
| Shareholders' equity | $256907 |  |  | $239081 |  |  |
| Total liabilities and shareholders' equity | $2273719 |  |  | $2258531 |  |  |
| Tax-equivalent net interest income and spread (Non-GAAP)<sup>(1)</sup> |  | $60724 | 1.64% |  | $51206 | 1.14% |
| &nbsp;&nbsp;&nbsp;Less: tax-equivalent adjustment |  | 160 |  |  | 159 |  |
| Net interest income and spread (GAAP) |  | $60564 | 1.64% |  | $51047 | 1.13% |
| Interest income/earning assets |  |  | 5.01% |  |  | 4.91% |
| Interest expense/earning assets  |  |  | 2.33% |  |  | 2.63% |
| Net interest margin |  |  | 2.68% |  |  | 2.28% |

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&nbsp;&nbsp;&nbsp;&nbsp;(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 $160 thousand and $159 thousand for the twelve months ended December 31, 2025 and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company did not have any loans on non-accrual as of December 31, 2025 and December 31, 2024.

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** | **John Marshall Bancorp, Inc.** |
| **Average Balance Sheets, Interest and Rates (unaudited)** | **Average Balance Sheets, Interest and Rates (unaudited)** | **Average Balance Sheets, Interest and Rates (unaudited)** | **Average Balance Sheets, Interest and Rates (unaudited)** | **Average Balance Sheets, Interest and Rates (unaudited)** | **Average Balance Sheets, Interest and Rates (unaudited)** | **Average Balance Sheets, Interest and Rates (unaudited)** |
| **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |
|  | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** |
| ***(Dollars in thousands)*** | <br>**Average Balance** | **Interest Income /** <br>**Expense** | **Average** <br>**Rate**<sup>(3)</sup> | <br>**Average Balance** | **Interest Income /** <br>**Expense** | **Average** <br>**Rate**<sup>(3)</sup> |
| **Assets:** |  |  |  |  |  |  |
| Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Taxable | $218946 | $1173 | 2.13% | $241950 | $1219 | 2.00% |
| &nbsp;&nbsp;&nbsp;Tax-exempt<sup>(1)</sup> | 1378 | 11 | 3.17% | 1379 | 11 | 3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total securities | $220324 | $1184 | 2.13% | $243329 | $1230 | 2.01% |
| Loans, net of unearned income<sup>(2)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Taxable | 1927391 | 26268 | 5.41% | 1821664 | 24913 | 5.44% |
| &nbsp;&nbsp;&nbsp;Tax-exempt<sup>(1)</sup> | 18995 | 209 | 4.37% | 16862 | 166 | 3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans, net of unearned income | $1946386 | $26477 | 5.40% | $1838526 | $25079 | 5.43% |
| Interest-bearing deposits in other banks | $152841 | $1549 | 4.02% | $141870 | $1723 | 4.83% |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | $2319551 | $29210 | 4.99% | $2223725 | $28032 | 5.01% |
| Total non-interest earning assets | 12012 |  |  | 14337 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2331563 |  |  | $2238062 |  |  |
| **Liabilities & Shareholders' Equity:** |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NOW accounts | $371619 | 2097 | 2.24% | $351135 | 2315 | 2.62% |
| &nbsp;&nbsp;&nbsp;Money market accounts | 370580 | 2365 | 2.53% | 347105 | 2518 | 2.89% |
| &nbsp;&nbsp;&nbsp;Savings accounts | 36401 | 91 | 0.99% | 43720 | 134 | 1.22% |
| &nbsp;&nbsp;&nbsp;Time deposits | 742042 | 7750 | 4.14% | 709713 | 8041 | 4.51% |
| Total interest-bearing deposits | $1520642 | $12303 | 3.21% | $1451673 | $13008 | 3.56% |
| Federal funds purchased  | 1 |  | N/M |  |  | N/M |
| Subordinated debt | 24862 | 349 | 5.57% | 24778 | 349 | 5.60% |
| Federal Reserve Bank borrowings |  |  | N/M |  |  | N/M |
| Federal Home Loan Bank advances | 56001 | 572 | 4.05% | 56001 | 572 | 4.06% |
| Total interest-bearing liabilities | $1601506 | $13224 | 3.28% | $1532452 | $13929 | 3.62% |
| Demand deposits | 449844 |  |  | 442303 |  |  |
| Other liabilities | 16038 |  |  | 16782 |  |  |
| Total liabilities | $2067388 |  |  | $1991537 |  |  |
| Shareholders' equity | $264175 |  |  | $246525 |  |  |
| Total liabilities and shareholders' equity | $2331563 |  |  | $2238062 |  |  |
| Tax-equivalent net interest income and spread (Non-GAAP)<sup>(1)</sup> |  | $15986 | 1.71% |  | $14103 | 1.39% |
| &nbsp;&nbsp;&nbsp;Less: tax-equivalent adjustment |  | 46 |  |  | 37 |  |
| Net interest income and spread (GAAP) |  | $15940 | 1.71% |  | $14066 | 1.39% |
| Interest income/earning assets |  |  | 4.99% |  |  | 5.01% |
| Interest expense/earning assets  |  |  | 2.26% |  |  | 2.49% |
| Net interest margin |  |  | 2.73% |  |  | 2.52% |

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&nbsp;&nbsp;&nbsp;&nbsp;(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 $46 thousand and $37 thousand for the three months ended December 31, 2025 and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company did not have any loans on non-accrual as of December 31, 2025 and December 31, 2024.

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

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