John Marshall Bancorp, Inc. Reports Strong Loan Demand, Net Interest Margin Growth, and Better Efficiency Drive 42% Annualized Increase in Earnings Per Share

John Marshall Bancorp, Inc. Reports Strong Loan Demand, Net Interest Margin Growth, and Better Efficiency Drive 42% Annualized Increase in Earnings Per Share 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 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 4th 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 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. 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 49.3 % 3.2 x 55 $ 68,629 47.3 % 2.3 x 43 $ 100,089 Office 57.6 % 3.7 x 136 87,045 44.3 % 2.0 x 57 105,309 Retail 58.9 % 3.1 x 43 77,439 49.9 % 1.8 x 144 447,696 Church 25.0 % 2.5 x 16 24,988 71.2 % 1.0 x 2 5,625 Hotel/Motel - - - - - - - - 50.6 % 1.5 x 12 82,539 Other(4) 36.1 % 3.4 x 39 65,385 44.8 % 2.2 x 7 15,362 Total 289 $ 323,486 265 $ 756,620 (1) Loan-to-value is determined at origination date and is divided by principal balance as of December 31, 2025. (2) The debt service coverage ratio (“DSCR”) is calculated from the primary source of repayment for the loan. Owner occupied DSCR’s are derived from cash flows from the owner occupant’s business, property and their guarantors, while non-owner occupied DSCR’s are derived from the net operating income of the property. (3) Principal balance excludes deferred fees or costs. (4) Other asset class is primarily comprised of schools, daycares and country clubs. The following charts provide geographic detail and stated maturity summaries for the Company’s non-owner occupied office portfolio as of December 31, 2025: Non-owner occupied office: Geography Geography Commitment (in 000s) Percentage Virginia $70,639 64.4% Maryland 24,217 22.1% DC 14,315 13.1% Other 427 0.4% Total $109,598 100.0% Non-owner occupied office: Maturity Maturity Year Commitment (in 000s) Percentage 2026 5,766 5.3% 2027 6,553 6.0% 2028 14,215 13.0% 2029 26,488 24.1% 2030+ 56,576 51.6% Total $109,598 100.0% 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. 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 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. 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 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. 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 Twelve Months Ended December 31 December 31 2025 2024 2025 2024 Selected Balance Sheet Data Cash and cash equivalents $ 129,974 $ 122,469 $ 129,974 $ 122,469 Total investment securities 222,760 232,732 222,760 232,732 Loans, net of unearned income 1,975,360 1,872,173 1,975,360 1,872,173 Allowance for loan credit losses 19,805 18,715 19,805 18,715 Total assets 2,332,550 2,234,947 2,332,550 2,234,947 Non-interest bearing demand deposits 432,733 433,288 432,733 433,288 Interest-bearing deposits 1,539,552 1,459,127 1,539,552 1,459,127 Total deposits 1,972,285 1,892,415 1,972,285 1,892,415 Federal Home Loan Bank advances 56,000 56,000 56,000 56,000 Shareholders' equity 265,638 246,614 265,638 246,614 Summary Results of Operations Interest income $ 29,164 $ 27,995 $ 113,257 $ 110,133 Interest expense 13,224 13,929 52,693 59,086 Net interest income 15,940 14,066 60,564 51,047 Provision for (recovery of) credit losses 624 298 1,688 (370) Net interest income after provision for (recovery of) credit losses 15,316 13,768 58,876 51,417 Non-interest income 409 281 2,074 2,271 Non-interest expense 7,971 7,945 33,567 31,809 Income before income taxes 7,754 6,104 27,383 21,879 Net income 5,916 4,776 21,233 17,121 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) 14,142,249 14,196,309 14,189,520 14,172,166 Weighted average common shares (diluted) 14,142,249 14,224,287 14,194,601 14,206,109 Common shares outstanding at end of period 14,204,877 14,269,469 14,204,877 14,269,469 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 % 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 1,084 9,978 1,084 9,978 Non-accrual loans - - - - - - - - Other real estate owned - - - - - - - - Non-performing assets (1) 1,084 9,978 1,084 9,978 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 % Other Information Number of full time equivalent employees 139 132 139 132 # Full service branch offices 8 8 8 8 (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. John Marshall Bancorp, Inc. Consolidated Balance Sheets (Dollar amounts in thousands, except per share data) % Change December 31, September 30, December 31, Last Three Year Over 2025 2025 2024 Months Year Assets (Unaudited) (Unaudited) * Cash and due from banks $ 6,492 $ 8,867 $ 5,945 (26.8 ) % 9.2 % Interest-bearing deposits in banks 123,482 154,778 116,524 (20.2 ) % 6.0 % Securities available-for-sale, at fair value 123,852 116,378 130,257 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 88,421 89,291 92,009 (1.0 ) % (3.9 ) % Restricted securities, at cost 7,644 7,641 7,634 - - % 0.1 % Equity securities, at fair value 2,843 2,809 2,832 1.2 % 0.4 % Loans, net of unearned income 1,975,360 1,938,108 1,872,173 1.9 % 5.5 % Allowance for loan credit losses (19,805 ) (19,714 ) (18,715 ) 0.5 % 5.8 % Net loans 1,955,555 1,918,394 1,853,458 1.9 % 5.5 % Bank premises and equipment, net 1,315 1,424 1,318 (7.7 ) % (0.2 ) % Accrued interest receivable 5,890 5,819 5,996 1.2 % (1.8 ) % Right of use assets 4,551 4,583 5,013 (0.7 ) % (9.2 ) % Other assets 12,505 14,560 13,961 (14.1 ) % (10.4 ) % Total assets $ 2,332,550 $ 2,324,544 $ 2,234,947 0.3 % 4.4 % Liabilities and Shareholders' Equity Liabilities Deposits: Non-interest bearing demand deposits $ 432,733 $ 446,925 $ 433,288 (3.2 ) % (0.1 ) % Interest-bearing demand deposits 745,323 727,295 705,097 2.5 % 5.7 % Savings deposits 34,683 39,427 44,367 (12.0 ) % (21.8 ) % Time deposits 759,546 755,181 709,663 0.6 % 7.0 % Total deposits 1,972,285 1,968,828 1,892,415 0.2 % 4.2 % Federal Home Loan Bank advances 56,000 56,000 56,000 - - % - - % Subordinated debt, net 24,875 24,854 24,791 0.1 % 0.3 % Accrued interest payable 2,124 1,869 2,394 13.6 % (11.3 ) % Lease liabilities 4,819 4,941 5,369 (2.5 ) % (10.2 ) % Other liabilities 6,809 8,360 7,364 (18.6 ) % (7.5 ) % Total liabilities 2,066,912 2,064,852 1,988,333 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 95,699 96,311 97,173 (0.6 ) % (1.5 ) % Retained earnings 176,913 170,998 159,951 3.5 % 10.6 % Accumulated other comprehensive loss (7,115 ) (7,759 ) (10,652 ) (8.3 ) % (33.2 ) % Total shareholders' equity 265,638 259,692 246,614 2.3 % 7.7 % Total liabilities and shareholders' equity $ 2,332,550 $ 2,324,544 $ 2,234,947 0.3 % 4.4 % * Derived from audited consolidated financial statements. John Marshall Bancorp, Inc. Consolidated Statements of Income (Dollar amounts in thousands, except per share data) Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 % Change 2025 2024 % Change (Unaudited) (Unaudited) (Unaudited) * Interest and Dividend Income Interest and fees on loans $ 26,433 $ 25,044 5.5 % $ 102,651 $ 96,332 6.6 % Interest on investment securities, taxable 1,053 1,091 (3.5 ) % 4,198 4,692 (10.5 ) % Interest on investment securities, tax-exempt 9 9 - - % 36 36 - - % Dividends 120 128 (6.3 ) % 484 391 23.8 % Interest on deposits in other banks 1,549 1,723 (10.1 ) % 5,888 8,682 (32.2 ) % Total interest and dividend income 29,164 27,995 4.2 % 113,257 110,133 2.8 % Interest Expense Deposits 12,303 13,008 (5.4 ) % 49,027 54,492 (10.0 ) % Federal funds purchased - - - - N/M 2 2 - - % Federal Home Loan Bank advances 572 572 - - % 2,268 745 204.4 % Federal Reserve Bank borrowings - - - - N/M - - 2,451 (100.0 ) % Subordinated debt 349 349 - - % 1,396 1,396 - - % Total interest expense 13,224 13,929 (5.1 ) % 52,693 59,086 (10.8 ) % Net interest income 15,940 14,066 13.3 % 60,564 51,047 18.6 % Provision for (recovery of) Credit Losses 624 298 109.4 % 1,688 (370 ) N/M Net interest income after provision for (recovery of) credit losses 15,316 13,768 11.2 % 58,876 51,417 14.5 % Non-interest Income Service charges on deposit accounts 81 89 (9.0 ) % 336 349 (3.7 ) % Other service charges and fees 142 181 (21.5 ) % 571 655 (12.8 ) % Insurance commissions 24 59 (59.3 ) % 328 416 (21.2 ) % Gain on sale of government guaranteed loans 119 11 981.8 % 322 520 (38.1 ) % Non-qualified deferred compensation plan asset gains, net 38 (62 ) N/M 402 236 70.3 % Other income 5 3 66.7 % 115 95 21.1 % Total non-interest income 409 281 45.6 % 2,074 2,271 (8.7 ) % Non-interest Expenses Salaries and employee benefits 4,758 4,658 2.1 % 20,729 19,240 7.7 % Occupancy expense of premises 326 417 (21.8 ) % 1,544 1,760 (12.3 ) % Furniture and equipment expenses 326 319 2.2 % 1,285 1,220 5.3 % Other expenses 2,561 2,551 0.4 % 10,009 9,589 4.4 % Total non-interest expenses 7,971 7,945 0.3 % 33,567 31,809 5.5 % Income before income taxes 7,754 6,104 27.0 % 27,383 21,879 25.2 % Income Tax Expense 1,838 1,328 38.4 % 6,150 4,758 29.3 % Net income $ 5,916 $ 4,776 23.9 % $ 21,233 $ 17,121 24.0 % Earnings Per Share Basic $ 0.42 $ 0.34 23.5 % $ 1.49 $ 1.20 24.2 % Diluted $ 0.42 $ 0.33 27.3 % $ 1.49 $ 1.20 24.2 % * Derived from audited consolidated financial statements. John Marshall Bancorp, Inc. Historical Trends - Quarterly Financial Data (Unaudited) (Dollar amounts in thousands, except per share data) At or For the Three Months Ended 2025 2024 December 31 September 30 June 30 March 31 December 31 September 30 June 30 March 31 Profitability for the Quarter: Interest income $ 29,164 $ 28,945 $ 27,843 $ 27,305 $ 27,995 $ 28,428 $ 26,791 $ 26,919 Interest expense 13,224 13,345 12,917 13,208 13,929 15,272 14,710 15,175 Net interest income 15,940 15,600 14,926 14,097 14,066 13,156 12,081 11,744 Provision for (recovery of) credit losses 624 356 537 170 298 400 (292 ) (776 ) Non-interest income 409 653 507 505 281 617 555 818 Non-interest expenses 7,971 9,034 8,313 8,248 7,945 8,031 7,909 7,924 Income before income taxes 7,754 6,863 6,583 6,184 6,104 5,342 5,019 5,414 Income tax expense 1,838 1,459 1,480 1,374 1,328 1,107 1,114 1,210 Net income $ 5,916 $ 5,404 $ 5,103 $ 4,810 $ 4,776 $ 4,235 $ 3,905 $ 4,204 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) 14,142,249 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) 14,142,249 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 14,204,877 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 $ 81 $ 87 $ 86 $ 82 $ 89 $ 84 $ 88 $ 88 Other service charges and fees 142 135 141 153 181 160 165 149 Insurance commissions 24 58 33 213 59 64 40 252 Gain on sale of government guaranteed loans 119 106 61 36 11 160 216 133 Non-qualified deferred compensation plan asset gains (losses), net 38 158 182 24 (62 ) 139 35 124 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: Salaries and employee benefits $ 4,758 $ 5,693 $ 5,178 $ 5,099 $ 4,658 $ 4,897 $ 4,875 $ 4,810 Occupancy expense of premises 326 405 407 407 417 444 448 451 Furniture and equipment expenses 326 329 315 316 319 304 301 297 Other expenses 2,561 2,607 2,413 2,426 2,551 2,386 2,285 2,366 Total non-interest expenses $ 7,971 $ 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 $ 1,975,360 $ 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 (19,805 ) (19,714 ) (19,298 ) (18,826 ) (18,715 ) (18,481 ) (18,433 ) (18,671 ) Investment securities 222,760 216,119 226,495 226,163 232,732 247,840 249,582 261,341 Interest-earning assets 2,321,602 2,309,005 2,250,921 2,255,154 2,221,429 2,259,501 2,249,350 2,234,592 Total assets 2,332,550 2,324,544 2,267,953 2,272,432 2,234,947 2,274,363 2,269,757 2,251,837 Total deposits 1,972,285 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 1,620,427 1,602,757 1,555,598 1,565,165 1,539,918 1,544,498 1,577,420 1,598,050 Total shareholders' equity 265,638 259,692 253,732 252,958 246,614 243,118 235,346 234,550 Quarterly Average Balance Sheets: Total loans, net of unearned income $ 1,946,386 $ 1,912,275 $ 1,868,290 $ 1,868,303 $ 1,838,526 $ 1,818,472 $ 1,810,722 $ 1,835,966 Investment securities 220,324 221,802 229,171 231,479 243,329 249,354 255,940 270,760 Interest-earning assets 2,319,551 2,275,386 2,224,806 2,220,730 2,223,725 2,277,427 2,222,658 2,247,620 Total assets 2,331,563 2,289,352 2,238,955 2,233,761 2,238,062 2,292,385 2,239,261 2,264,544 Total deposits 1,970,486 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 1,601,506 1,571,390 1,530,811 1,540,974 1,532,452 1,573,631 1,551,953 1,600,197 Total shareholders' equity 264,175 257,993 254,071 251,559 246,525 240,609 235,136 233,952 Financial Measures: Average equity to average assets 11.3 % 11.3 % 11.3 % 11.3 % 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 % John Marshall Bancorp, Inc. Loan, Deposit and Borrowing Detail (Unaudited) (Dollar amounts in thousands) 2025 2024 December 31 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 $ Amount % of Total Commercial business loans $ 49,729 2.5 % $ 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 % 124 0.0 % 126 0.0 % 127 0.0 % 129 0.0 % Commercial owner-occupied real estate loans 323,486 16.4 % 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 373,339 18.9 % 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 756,620 38.5 % 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 222,659 11.3 % 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 93,511 4.7 % 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 1,072,790 54.5 % 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 522,990 26.5 % 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 1,157 0.1 % 1,029 0.1 % 998 0.1 % 809 0.0 % 906 0.0 % 877 0.0 % 876 0.0 % 772 0.1 % Total loans $ 1,970,276 100.0 % $ 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 (19,805 ) (19,714 ) (19,298 ) (18,826 ) (18,715 ) (18,481 ) (18,433 ) (18,671 ) Net deferred loan costs 5,084 4,770 4,637 4,398 4,521 4,498 4,882 5,049 Net loans $ 1,955,555 $ 1,918,394 $ 1,897,617 $ 1,851,646 $ 1,853,458 $ 1,824,117 $ 1,808,754 $ 1,807,260 2025 2024 December 31 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 $ Amount % of Total Non-interest bearing demand deposits $ 432,733 21.9 % $ 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) 380,029 19.3 % 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) 365,294 18.5 % 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 34,683 1.8 % 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 337,605 17.1 % 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 84,710 4.3 % 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 0.0 % 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 35,096 1.8 % 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 301,886 15.3 % 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 $ 1,972,285 100.0 % $ 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 % $ - - 0.0 % $ 16,500 17.0 % $ - - 0.0 % $ - - 0.0 % $ - - 0.0 % $ - - 0.0 % $ - - 0.0 % Federal Home Loan Bank advances 56,000 69.2 % 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 % - - 0.0 % 77,000 75.7 % 77,000 75.7 % Subordinated debt, net 24,875 30.8 % 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 $ 80,875 100.0 % $ 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 $ 2,053,160 $ 2,049,682 $ 1,994,226 $ 2,002,987 $ 1,973,206 $ 2,016,920 $ 2,014,589 $ 2,002,719 Core customer funding sources(2) $ 1,670,150 82.3 % $ 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 funding sources(3) 358,135 17.7 % 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 $ 2,028,285 100.0 % $ 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 Bank advances and Federal Reserve Bank borrowings. John Marshall Bancorp, Inc. Average Balance Sheets, Interest and Rates (unaudited) (Dollar amounts in thousands) Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Interest Income / Average Interest Income / Average (Dollars in thousands) Average Balance Expense Rate(3) Average Balance Expense Rate(3) Assets: Securities: Taxable $ 224,275 $ 4,682 2.09 % $ 253,421 $ 5,083 2.01 % Tax-exempt(1) 1,378 45 3.27 % 1,379 45 3.26 % Total securities $ 225,653 $ 4,727 2.09 % $ 254,800 $ 5,128 2.01 % Loans, net of unearned income(2): Taxable 1,881,636 102,086 5.43 % 1,807,547 95,770 5.30 % Tax-exempt(1) 17,428 716 4.11 % 18,389 712 3.87 % Total loans, net of unearned income $ 1,899,064 $ 102,802 5.41 % $ 1,825,936 $ 96,482 5.28 % Interest-bearing deposits in other banks $ 135,714 $ 5,888 4.34 % $ 162,165 $ 8,682 5.35 % Total interest-earning assets $ 2,260,431 $ 113,417 5.01 % $ 2,242,901 $ 110,292 4.91 % Total non-interest earning assets 13,288 15,630 Total assets $ 2,273,719 $ 2,258,531 Liabilities & Shareholders’ Equity: Interest-bearing deposits NOW accounts $ 353,556 $ 8,115 2.30 % $ 322,028 $ 8,848 2.75 % Money market accounts 352,226 9,383 2.66 % 342,057 10,707 3.13 % Savings accounts 41,227 422 1.02 % 48,466 664 1.37 % Time deposits 733,433 31,107 4.24 % 757,494 34,273 4.52 % Total interest-bearing deposits $ 1,480,442 $ 49,027 3.31 % $ 1,470,045 $ 54,492 3.71 % Federal funds purchased 46 2 4.35 % 28 2 7.14 % Subordinated debt 24,831 1,396 5.62 % 24,747 1,396 5.64 % Federal Reserve Bank borrowings — — N/M 51,314 2,451 4.78 % Federal Home Loan Bank advances 56,000 2,268 4.05 % 18,361 745 4.06 % Total interest-bearing liabilities $ 1,561,319 $ 52,693 3.37 % $ 1,564,495 $ 59,086 3.78 % Demand deposits 438,171 437,694 Other liabilities 17,322 17,261 Total liabilities $ 2,016,812 $ 2,019,450 Shareholders’ equity $ 256,907 $ 239,081 Total liabilities and shareholders’ equity $ 2,273,719 $ 2,258,531 Tax-equivalent net interest income and spread (Non-GAAP)(1) $ 60,724 1.64 % $ 51,206 1.14 % Less: tax-equivalent adjustment 160 159 Net interest income and spread (GAAP) $ 60,564 1.64 % $ 51,047 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 % (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. (2) The Company did not have any loans on non-accrual as of December 31, 2025 and December 31, 2024. (3) Rates and yields are annualized and calculated from rounded amounts in thousands, which appear above. John Marshall Bancorp, Inc. Average Balance Sheets, Interest and Rates (unaudited) (Dollar amounts in thousands) Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Interest Income / Average Interest Income / Average (Dollars in thousands) Average Balance Expense Rate(3) Average Balance Expense Rate(3) Assets: Securities: Taxable $ 218,946 $ 1,173 2.13 % $ 241,950 $ 1,219 2.00 % Tax-exempt(1) 1,378 11 3.17 % 1,379 11 3.17 % Total securities $ 220,324 $ 1,184 2.13 % $ 243,329 $ 1,230 2.01 % Loans, net of unearned income(2): Taxable 1,927,391 26,268 5.41 % 1,821,664 24,913 5.44 % Tax-exempt(1) 18,995 209 4.37 % 16,862 166 3.92 % Total loans, net of unearned income $ 1,946,386 $ 26,477 5.40 % $ 1,838,526 $ 25,079 5.43 % Interest-bearing deposits in other banks $ 152,841 $ 1,549 4.02 % $ 141,870 $ 1,723 4.83 % Total interest-earning assets $ 2,319,551 $ 29,210 4.99 % $ 2,223,725 $ 28,032 5.01 % Total non-interest earning assets 12,012 14,337 Total assets $ 2,331,563 $ 2,238,062 Liabilities & Shareholders’ Equity: Interest-bearing deposits NOW accounts $ 371,619 2,097 2.24 % $ 351,135 2,315 2.62 % Money market accounts 370,580 2,365 2.53 % 347,105 2,518 2.89 % Savings accounts 36,401 91 0.99 % 43,720 134 1.22 % Time deposits 742,042 7,750 4.14 % 709,713 8,041 4.51 % Total interest-bearing deposits $ 1,520,642 $ 12,303 3.21 % $ 1,451,673 $ 13,008 3.56 % Federal funds purchased 1 — N/M — — N/M Subordinated debt 24,862 349 5.57 % 24,778 349 5.60 % Federal Reserve Bank borrowings — — N/M — — N/M Federal Home Loan Bank advances 56,001 572 4.05 % 56,001 572 4.06 % Total interest-bearing liabilities $ 1,601,506 $ 13,224 3.28 % $ 1,532,452 $ 13,929 3.62 % Demand deposits 449,844 442,303 Other liabilities 16,038 16,782 Total liabilities $ 2,067,388 $ 1,991,537 Shareholders’ equity $ 264,175 $ 246,525 Total liabilities and shareholders’ equity $ 2,331,563 $ 2,238,062 Tax-equivalent net interest income and spread (Non-GAAP)(1) $ 15,986 1.71 % $ 14,103 1.39 % Less: tax-equivalent adjustment 46 37 Net interest income and spread (GAAP) $ 15,940 1.71 % $ 14,066 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 % (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. (2) The Company did not have any loans on non-accrual as of December 31, 2025 and December 31, 2024. (3) Rates and yields are annualized and calculated from rounded amounts in thousands, which appear above. Category: Earnings Christopher W. Bergstrom, (703) 584-0840 Kent D. Carstater, (703) 289-5922 Source: John Marshall