John Marshall Bancorp, Inc. Reports 3rd Quarter Net Income Increases 39.5% Versus Year Ago Quarter - Funding, Asset Quality, and Capital Position Company for Anticipated Growth

RESTON, Va.--(BUSINESS WIRE)-- John Marshall Bancorp, Inc. (Nasdaq: JMSB) (the “Company”), parent company of John Marshall Bank (the “Bank”), reported net income of $7.5 million for the quarter ended September 30, 2026, compared to $5.4 million for the quarter ended September 30, 2025, an increase of $2.1 million or 39.5%. Diluted earnings per common share were $0.53 for the quarter ended September 30, 2026, compared to $0.38 for the quarter ended September 30, 2025, also an increase of 39.5%. Annualized return on average assets (“ROAA”) was 1.23% for the quarter ended September 30, 2026, compared to 0.94% for the quarter ended September 30, 2025. Annualized return on average equity (“ROAE”) was 10.78% for the quarter ended September 30, 2026, compared to 8.31% for the quarter ended September 30, 2025. Selected Highlights Pending Merger – On September 8, 2026, the Company and Eagle Financial Services, Inc. (“Eagle”), parent company of Bank of Clarke, jointly announced the signing of a definitive merger agreement. Under the terms of the agreement, at closing, Eagle will merge with and into the Company in an all-stock transaction. The combined entity is projected to have approximately $4.3 billion in assets and 23 banking offices. The transaction is expected to close during the first quarter of 2027, subject to satisfaction of customary closing conditions, including regulatory and shareholder approvals. Earnings Growth Momentum – Net income of $7.5 million and earnings per diluted common share of $0.53 for the quarter ended September 30, 2026, represented a 7.4% increase over the $7.0 million net income and $0.50 earnings per diluted common share reported for the quarter ended June 30, 2026. The quarter ended September 30, 2026, represented the ninth consecutive quarter of net income growth and marked the highest level of net income since the fourth quarter of 2022. During the most recent quarter, the Company incurred $332 thousand of merger and acquisition expenses associated with the pending acquisition of Eagle, while the preceding quarter included an $835 thousand gain recognized on a sale of the Company’s equity interest in one of its equity investment units. Adjusting for these non-recurring items, core net income (Non-GAAP) was $7.8 million for the three months ended September 30, 2026, representing a 22.7% quarterly increase over the $6.4 million recorded in the linked quarter. Core earnings per diluted common share (Non-GAAP) also increased over the same period from $0.45 to $0.55, representing a 22.8% quarterly increase. Refer to “Explanation of Non-GAAP Financial Measures” and the “Reconciliation of Certain Non-GAAP Financial Measures” table for further details about financial measures used in this release that were determined by methods other than in accordance with GAAP. Significant Increase in Net Interest Income – For the three months ended September 30, 2026, the Company reported net interest income of $17.8 million, representing a $0.5 million or 10.4% annualized increase over the linked quarter and a $2.2 million or 14.0% increase over the prior-year quarter. Strong Core Deposit Growth – The Company remains focused on driving value through core deposit growth. Total deposits increased $71.3 million or 14.2% annualized during the most recent quarter. Core deposits increased $83.3 million or 19.8% annualized. Wholesale funding sources decreased $52.0 million or 12.5% during the third quarter. For the twelve months ended September 30, 2026, total deposits increased $95.4 million or 4.8%. Net Interest Margin – Net interest margin grew 19 basis points from 2.72% for the third quarter of 2025 to 2.91% for the third quarter of 2026. Net interest margin declined by eight basis points during the most recent quarter, mainly due to a seven basis point increase in the cost of interest-bearing deposits. Loan Growth – Loans, net of unearned income, increased $73.0 million or 3.8% from September 30, 2025, to September 30, 2026. The Company’s loan portfolio, net of unearned income, at September 30, 2026, stayed relatively unchanged at $2.01 billion compared to June 30, 2026. The Company booked a significant amount of loans near the end of the second quarter. Average loan balances increased $33.1 million or 6.6% annualized from the second quarter of 2026 to the third quarter of 2026. Positive Operating Leverage – Total revenue (net interest income plus non-interest income) grew 11.1% for the quarter ended September 30, 2026, relative to the quarter ended September 30, 2025, while non-interest expense decreased 3.9% over the same period. This positive trend in operating leverage improved the efficiency ratio from 55.6% for the three months ended September 30, 2025, to 48.1% for the three months ended September 30, 2026. Excluding merger and acquisition expenses, core non-interest expense (Non-GAAP) decreased 7.6% and core efficiency ratio (Non-GAAP) improved to 46.2% over the same time period. Strong Asset Quality – Overall credit quality of the loan portfolio remains exceptional. The Company recorded no charge-offs during the third quarter of 2026 and had no other real estate owned assets as of September 30, 2026. During the most recent quarter, management placed one U.S. Small Business Administration (“SBA”) 7(a) loan in the total amount of $267 thousand on non-accrual status, representing the Company’s only non-accrual loan as of September 30, 2026. The entire outstanding loan amount is fully guaranteed by the SBA. The Company has submitted the guarantee purchase request to the SBA and expects to receive the full guarantee payment. Growing Book Value per Share and Dividends – Book value per share increased from $18.27 as of September 30, 2025, to $19.64 as of September 30, 2026, a 7.5% increase. On October 27, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per share on the Company’s common stock. The dividend is payable on December 2, 2026, to shareholders of record at the close of business on November 10, 2026. Robust Capitalization – Each of the Bank’s regulatory capital ratios remained well in excess of the regulatory well-capitalized thresholds as of September 30, 2026. Chris Bergstrom, President and Chief Executive Officer, commented, “The Company continues to deliver strong, accelerating financial results quarter after quarter. This past quarter marked the ninth consecutive quarter of increased net income and earnings per diluted common share, including a 23% increase in both core net income and core earnings per diluted common share over the second quarter of 2026. Furthermore, we increased our core returns on assets and equity to their highest levels in nearly four years at 1.27% and 11.15%, respectively. As a continued expression of the soundness of our balance sheet and confidence in the outlook for our financial performance, the Board of Directors, once again, declared a quarterly cash dividend of $0.10 per common share. That marks a total of $0.38 per common share throughout 2026, a 27% increase over 2025. Asset quality remains exemplary and the Bank is very well-capitalized. As such, we believe that we are well-positioned to grow the balance sheet, profits and shareholder value." Balance Sheet, Liquidity and Credit Quality The Company carried balance sheet growth momentum into the third quarter of 2026. Total assets were $2.44 billion at September 30, 2026, $2.40 billion at June 30, 2026, and $2.32 billion at September 30, 2025. Total assets increased $34.5 million or 5.7% annualized from June 30, 2026, and $112.3 million or 4.8% from September 30, 2025. Total loans, net of unearned income, stayed relatively unchanged at September 30, 2026, at $2.01 billion compared to June 30, 2026, and increased $73.0 million or 3.8% from $1.94 billion at September 30, 2025. The increase in loans over the preceding twelve months was primarily attributable to the growth in residential mortgage loans, investor real estate loans and construction & development loans. Refer to the Loan, Deposit and Borrowing Detail table for further information. The carrying value of the Company’s fixed income securities portfolio was $219.2 million at September 30, 2026, $213.7 million at June 30, 2026, and $205.7 million at September 30, 2025. During the most recent quarter, the Company purchased eight fixed income securities, designated as available-for-sale, with a total carrying amount of $18.5 million and a weighted average purchase yield of 4.68%. Fixed income securities which matured during the most recent quarter had an average yield of 2.58%. As of September 30, 2026, 96.0% of our bond portfolio carried the implied guarantee of the United States government or one of its agencies. At September 30, 2026, 75.2% of the fixed income portfolio was invested in amortizing bonds, which provide the Company with a source of steady cash flow. At September 30, 2026, the fixed income portfolio had an estimated weighted average life of 3.9 years. The available-for-sale portfolio comprised approximately 63% of the fixed income securities portfolio and had a weighted average life of 3.5 years at September 30, 2026. The held-to-maturity portfolio comprised approximately 37% of the fixed income securities portfolio and had a weighted average life of 4.7 years at September 30, 2026. The Company did not have an allowance for credit losses on held-to-maturity securities as of September 30, 2026, or December 31, 2025. As of September 30, 2026, 93.0% of our held-to-maturity portfolio carried the implied guarantee of the United States government or one of its agencies. 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 $809.9 million as of September 30, 2026, compared to $827.2 million as of June 30, 2026, and represented 33.2% and 34.4% of total assets, respectively. In addition to available secured borrowing capacity, the Bank had available federal funds lines of $110.0 million at September 30, 2026. Total deposits increased $71.3 million or 14.2% annualized to $2.06 billion at September 30, 2026, compared to $1.99 billion at June 30, 2026, and increased $95.4 million or 4.8% from $1.97 billion at September 30, 2025. During the most recent quarter, total interest-bearing deposits increased $51.2 million or 13.2% annualized, while total non-interest bearing deposits increased $20.1 million or 17.7% annualized. Detail on the deposit activity can be seen in the Loan, Deposit and Borrowing Detail table. As of September 30, 2026, the Company had $760.5 million of deposits that were not insured or not collateralized compared to $691.5 million and $682.8 million at December 31, 2025, and September 30, 2025, respectively. Federal Home Loan Bank (“FHLB”) advances remained unchanged at $56.0 million as of September 30, 2026, compared to June 30, 2026, and September 30, 2025. As of September 30, 2026, the FHLB advances had a weighted average fixed interest rate of 3.89%. In addition to outstanding FHLB advances, total borrowings as of September 30, 2026, included subordinated debt totaling $24.9 million. During the most recent quarter, the Company fully paid off $40.0 million of federal funds purchased, which were outstanding as of June 30, 2026. Shareholders’ equity increased $17.4 million or 6.7% to $277.1 million at September 30, 2026, compared to $259.7 million at September 30, 2025. Book value per share was $19.64 as of September 30, 2026, compared to $18.27 as of September 30, 2025, an increase of 7.5%. The year-over-year increase in shareholders’ equity and book value per share was primarily due to the Company’s earnings over the previous twelve months, partially offset by an increase in accumulated other comprehensive loss, resulting from a decrease in the market value of our available-for-sale investment portfolio, along with cash dividends paid and a reduction of additional paid-in capital due to the Company’s share repurchases during the period. The Bank’s capital ratios remained well above regulatory thresholds for well-capitalized banks. As of September 30, 2026, the Bank’s total risk-based capital ratio was 17.1%, compared to 16.3% and 16.6% at December 31, 2025, and September 30, 2025, respectively. During the quarter ended September 30, 2026, the Company designated one commercial business SBA 7(a) loan as non-accrual. As of September 30, 2026, the total outstanding principal amount of the loan was $267 thousand and was fully guaranteed by the SBA. The Company charged off the unguaranteed portion of the loan, in the total amount of $89 thousand, during the second quarter of 2026 and submitted a reimbursement claim to the SBA for the guaranteed portion. We expect the SBA to pay its guarantee and resolve our one non-accruing loan. During the three months ended September 30, 2026, the Company recorded no charge-offs and had no other real estate owned assets as of September 30, 2026. At September 30, 2026, the allowance for loan credit losses was $19.8 million or 0.98% of outstanding loans, net of unearned income, compared to $20.2 million or 1.00% of outstanding loans, net of unearned income, at June 30, 2026. The decrease in the allowance for credit losses during the most recent quarter was predominantly driven by a change in the loan portfolio mix coupled with the improvement in forecasted economic variables used in the quantitative portion of the allowance. Management believes the current allowance for credit losses is appropriate given the composition and performance of the loan portfolio. At September 30, 2026, the allowance for credit losses on unfunded loan commitments was $1.2 million as compared to $1.1 million at June 30, 2026. 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 September 30, 2026. 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 48.1 % 3.1 x 53 $ 66,327 48.4 % 1.9 x 51 $ 121,271 Office 56.9 % 4.0 x 129 80,578 44.8 % 2.0 x 61 116,402 Retail 60.4 % 3.3 x 45 91,222 48.9 % 1.9 x 145 439,844 Church 24.9 % 2.1 x 18 23,914 40.0 % 1.4 x 1 360 Hotel/Motel - - - - - - - - 52.3 % 1.2 x 13 97,324 Other (4) 35.2 % 3.7 x 37 65,503 45.3 % 2.2 x 7 15,333 Total 282 $ 327,544 278 $ 790,534 (1) Weighted average loan-to-value is calculated using the principal balance as of September 30, 2026, divided by the appraised value determined at origination. (2) The debt service coverage ratio (“DSCR”) is calculated from the primary source of repayment for the loan. Owner occupied DSCRs are derived from cash flows from the owner occupant’s business, property and their guarantors, while non-owner occupied DSCRs are derived from the net operating income of the property. (3) Principal balance excludes deferred fees or costs. (4) Other asset class is primarily comprised of schools, daycares and country clubs. The following charts provide geographic detail and stated maturity summaries for the Company’s non-owner occupied office portfolio as of September 30, 2026: Non-owner occupied office: Geography Geography Commitment (in thousands) Percentage Virginia $80,155 66.8% Maryland 25,642 21.4% DC 14,118 11.8% Total $119,915 100.0% Non-owner occupied office: Maturity Maturity Year Commitment (in thousands) Percentage 2026 $2,651 2.2% 2027 5,750 4.8% 2028 16,549 13.8% 2029 25,935 21.6% 2030 and thereafter 69,030 57.6% Total $119,915 100.0% Income Statement Review Quarterly Results The Company reported net income of $7.5 million for the third quarter of 2026, an increase of $2.1 million or 39.5% when compared to $5.4 million for the third quarter of 2025. During the most recent quarter, the Company incurred $332 thousand of merger and acquisition expenses associated with the pending Eagle acquisition. Adjusting for these expenses, core net income (Non-GAAP) was $7.8 million, representing a 44.4% year-over-year increase. For the three months ended September 30, 2026, net interest income increased $2.2 million or 14.0% to $17.8 million compared to $15.6 million for the three months ended September 30, 2025. During the same period, interest income grew $2.4 million or 8.1%, driven by higher interest income on loans and securities, while interest expense increased $0.2 million or 1.2%, predominantly due to higher interest expense on core time deposits. The annualized net interest margin for the third quarter of 2026 was 2.91% compared to 2.72% for the same period in 2025. The increase in net interest margin was primarily due to increases in average balances and yields of the loan portfolio coupled with lower rates on interest-bearing deposits. The yield on interest-earning assets was 5.13% for the third quarter of 2026 compared to 5.06% for the same period in 2025 primarily due to a ten basis point increase in loan yield coupled with a 50 basis point increase in securities yield. These increases were partially offset by a 69 basis point decrease in yield on interest-bearing deposits in other banks, as a result of a decline in the federal funds rate during the preceding twelve months. Average loans increased by $99.7 million between the three months ended September 30, 2026, and the three months ended September 30, 2025, which was primarily attributable to origination volume in the residential mortgage loans, investor real estate loans and construction & development loans subsequent to September 30, 2025. The cost of interest-bearing liabilities was 3.20% for the third quarter of 2026 compared to 3.37% for the same quarter in the prior year driven by the 18 basis point decline in rates on interest-bearing deposits. Rates declined across all deposit categories, most notably in time deposits, money market accounts and NOW accounts, which declined by 29 basis points, 20 basis points, and nine basis points, respectively. The Company recorded a $318 thousand recovery of provision for credit losses for the third quarter of 2026 compared to a provision expense of $356 thousand for the third quarter of 2025. Provision for credit losses on funded loans was a recovery of $397 thousand, while provision for credit losses on unfunded loan commitments was an expense of $79 thousand during the three months ended September 30, 2026. The recovery of provision for credit losses on funded loans during the most recent quarter reflected a change in the loan portfolio mix in combination with the improved forecasts of the unemployment rate and gross domestic product as compared to June 30, 2026. Non-interest income decreased $385 thousand or 59.0% during the third quarter of 2026 compared to the third quarter of 2025. The main drivers of this decrease were a $141 thousand decrease in mark-to-market adjustments on investments related to the Company’s non-qualified deferred compensation plan, a $101 thousand decrease in swap fee income, an $82 thousand decrease in the gain on sale of SBA 7(a) loans, and a $58 thousand decrease in bankers’ insurance commission due to the sale of our Bearing Insurance investment unit during the second quarter of 2026. Non-interest expense decreased $355 thousand or 3.9% during the third quarter of 2026 compared to the third quarter of 2025, primarily resulting from a $542 thousand decrease in salaries and employee benefits due to a lower incentive compensation accrual, a decrease in mark-to-market adjustments on the Company’s non-qualified deferred compensation plan and higher commercial loan origination costs due to higher loan origination volume since the prior year period. Incentive compensation accruals can fluctuate materially from quarter to quarter, based upon the Company’s financial performance and conditions measured against, among other evaluation criteria, our strategic plan and budget. At the end of each year, the ultimate determination of the incentive compensation is approved by the Board of Directors. These decreases were partially offset by the previously mentioned merger and acquisition expenses, incurred during the most recent quarter, related to the pending Eagle acquisition. Core non-interest expense (Non-GAAP) decreased $687 thousand or 7.6% during the three months ended September 30, 2026, compared to the same period in 2025. For the three months ended September 30, 2026, annualized non-interest expense to average assets was 1.41% compared to 1.57% for the three months ended September 30, 2025. This decrease was due to a decline in non-interest expense in combination with the growth in average assets during the period. Adjusted for merger and acquisition expenses incurred during the most recent quarter, annualized core non-interest expense to average assets (Non-GAAP) was 1.36%. For the three months ended September 30, 2026, the efficiency ratio declined to 48.1% compared to 55.6% for the three months ended September 30, 2025. The improvement in the efficiency ratio was due to an 11.1% growth in total revenue coupled with a 3.9% decrease in non-interest expense over the period. Adjusted for merger and acquisition expenses incurred during the most recent quarter, core efficiency ratio (Non-GAAP) was 46.2%. Annualized ROAA for the quarter ended September 30, 2026, was 1.23% and annualized ROAE was 10.78% compared to 0.94% and 8.31%, respectively, for the third quarter of 2025. Adjusted for the merger and acquisition expenses incurred during the most recent quarter, annualized core ROAA (Non-GAAP) and annualized core ROAE (Non-GAAP) were 1.27% and 11.15%, respectively. Year-to-Date Results The Company reported net income of $20.7 million for the nine months ended September 30, 2026, an increase of $5.3 million or 34.9% when compared to the same period in 2025. Adjusted for merger and acquisition expenses and a gain on sale of the Company’s equity investment unit recognized during the period, core net income (Non-GAAP) was $20.3 million, an increase of $4.9 million or 32.3%. Net interest income for the nine months ended September 30, 2026, increased $7.0 million or 15.7% compared to the same period of 2025. The annualized net interest margin for the nine months ended September 30, 2026, was 2.92% as compared to 2.66% for the same period in the prior year. These increases were driven primarily by the increase in average balances and yields of the loan portfolio in combination with a decrease in rates of interest-bearing deposits. The yield on interest-earning assets was 5.11% for the nine months ended September 30, 2026, compared to 5.03% for the same period in 2025. The increase in yield on interest-earning assets was primarily due to a nine basis point and a 38 basis point increase in yields on the Company’s loans and securities, respectively, as assets repriced at higher prevailing interest rates subsequent to the third quarter of 2025. Average loans increased $105.3 million between the nine months ended September 30, 2026, and 2025. These increases were partially offset by a 73 basis point decrease in yield on interest-bearing deposits in other banks, as a result of a declining federal funds rate. The cost of interest-bearing liabilities was 3.16% for the nine months ended September 30, 2026, compared to 3.41% for the nine months ended September 30, 2025. The decrease in the cost of interest-bearing liabilities was primarily due to a 26 basis point decrease in the cost of interest-bearing deposits, as a result of the repricing of the Company’s time deposits coupled with a decrease in rates offered on money market, NOW, and savings deposit accounts since the third quarter of 2025. The Company recorded a $38 thousand provision recovery for the nine months ended September 30, 2026, compared to a $1.1 million provision for credit losses for the nine months ended September 30, 2025. The recovery of provision for credit losses during the nine months ended September 30, 2026, was primarily a result of changes in the composition of the loan portfolio along with the impact of improving forecasted economic variables. Non-interest income increased $331 thousand or 19.9% during the nine months ended September 30, 2026, compared to the same period of 2025. The increase was primarily driven by an $835 thousand gain on sale of the Company’s Bearing Insurance investment unit during the second quarter of 2026. This increase was partially offset by a $211 thousand decrease in bankers’ insurance commission, a $173 thousand decline in the gain on sale of SBA 7(a) loans, a $101 thousand decrease in swap fee income, and a $98 thousand decrease in mark-to-market adjustments on investments related to the Company’s non-qualified deferred compensation plan. Non-interest expense increased $1.5 million or 5.9% during the nine months ended September 30, 2026, compared to the same period in 2025 predominantly due to a $957 thousand or 6.0% increase in salaries and employee benefits, as a result of increases in incentive compensation, the impact of the annual salary merit increase and higher cost of the healthcare insurance benefits. Additionally, the most recent period included merger and acquisition expenses of $332 thousand coupled with a $159 thousand or 2.1% increase in other expenses driven by higher state franchise tax and FDIC insurance, due to an increase in respective assessment bases. Core non-interest expense (Non-GAAP) increased $1.2 million or 4.6% during the nine months ended September 30, 2026, compared to the same period in 2025. For the nine months ended September 30, 2026, annualized non-interest expense to average assets was 1.53% compared to 1.52% for the nine months ended September 30, 2025. Adjusted for merger and acquisition expenses incurred during the period, annualized core non-interest expense to average assets (Non-GAAP) was 1.51%. For the nine months ended September 30, 2026, the efficiency ratio declined to 50.5% compared to 55.3% for the nine months ended September 30, 2025. The improvement in the efficiency ratio was due to a 15.9% growth in total revenue, which outpaced a 5.9% growth in non-interest expense over the period. Adjusted for merger and acquisition expenses and a gain on sale of the Company’s equity investment unit recognized during the period, core efficiency ratio (Non-GAAP) for the nine months ended September 30, 2026, was 50.7%. Annualized ROAA for the nine months ended September 30, 2026, was 1.16% and annualized ROAE was 10.11% compared to 0.91% and 8.05%, respectively, for the nine months ended September 30, 2025. Adjusted for the previously mentioned non-recurring items incurred during the period, annualized core ROAA (Non-GAAP) and annualized core ROAE (Non-GAAP) were 1.14% and 9.92%, respectively. Explanation of Non-GAAP Financial Measures This release contains financial information determined by methods other than in accordance with GAAP. Management believes that the supplemental Non-GAAP information provides a better comparison of the Company’s period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate the Company’s financial condition and therefore, such information is useful to investors. Non-GAAP measures used in this release consist of the following: Core net income, core net income available to common shareholders, core earnings per common share - diluted, core ROAA, and core ROAE, reflecting adjustment related to merger and acquisition expenses incurred as a result of the pending merger with Eagle, as well as a gain on sale of the Company’s equity investment unit in Bearing Insurance. Core non-interest expenses, core total revenues, core non-interest expense to average assets, and core efficiency ratio reflecting adjustment related to merger and acquisition expenses incurred as a result of the pending merger with Eagle, as well as a gain on sale of the Company’s equity investment unit in Bearing Insurance. These disclosures should not be viewed as a substitute for, or more important than, financial results in accordance with GAAP, nor are they necessarily comparable to Non-GAAP performance measures which may be presented by other companies. Please refer to the “Reconciliation of Certain Non-GAAP Financial Measures” table for the respective periods for a reconciliation of these Non-GAAP measures to the most directly comparable GAAP measure. About John Marshall Bancorp, Inc. John Marshall Bancorp, Inc. is the bank holding company for John Marshall Bank. The Bank is headquartered in Reston, Virginia, with eight full-service branches located in Alexandria, Arlington, Loudoun, Prince William, Reston, and Tysons, Virginia, as well as Rockville, Maryland, and Washington, D.C. The Bank is dedicated to providing exceptional value, personalized service and convenience to local businesses and consumers in the Washington, D.C. metropolitan area. The Bank offers a comprehensive line of sophisticated banking products and services 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 commercial real estate, trade contractors, government contractors, health services, nonprofits, private and charter schools, professional services, property management, community associations, and title and escrow services. Learn more at www.johnmarshallbank.com. Cautionary Note Regarding Forward-Looking Statements In addition to historical information, this communication 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 John Marshall Bancorp, Inc. (“JMSB”), Eagle Financial Services, Inc. (“EFSI”), the combined company (the “combined company”) or otherwise relating to the proposed transaction of JMSB and EFSI (the “proposed transaction”). 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. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in or implied by such forward-looking statements as a result of a variety of factors, many of which are beyond the control of JMSB, EFSI and the combined company. Caution should be exercised against placing undue reliance on forward-looking statements. Factors which could cause actual results to differ materially include, but are not limited to, the following: the occurrence of any event, change or other circumstances that could give rise to the right of JMSB or EFSI to terminate the definitive agreement; the outcome of any legal proceedings or governmental inquiries or actions that may be instituted against JMSB, EFSI or the combined company; the possibility that the proposed transaction will not close when expected or at all because required regulatory, shareholder or other approvals or consents are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated (and the risk that required regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); the ability of JMSB and EFSI to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; any changes of, including the risk that any announcements relating to the proposed transaction could have adverse effects on, the market price of the common stock of JMSB or EFSI; the possibility that the anticipated benefits or synergies of the proposed transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where JMSB and EFSI do business, and such integration may be more difficult, time-consuming or costly than expected and may result in unexpected liabilities or operational disruptions; certain restrictions during the pendency of the proposed transaction that may impact JMSB’s and EFSI’s ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of JMSB management’s or EFSI management’s attention from ongoing business operations and opportunities; revenues following the proposed transaction may be lower than expected; the concentration of JMSB’s business in the Washington, D.C. metropolitan area and the effect of changes in the economic, political and environmental conditions on this market, including shutdowns and potential reductions in spending by the United States government, and related reductions in the federal workforce; adequacy of allowance for loan credit losses, allowance for unfunded commitments credit losses, and allowance for credit losses associated with JMSB’s held-to-maturity and available-for-sale securities portfolios; deterioration of JMSB’s or EFSI’s asset quality; future performance of JMSB’s or EFSI’s loan portfolio with respect to recently originated loans; the level of prepayments on loans and mortgage-backed securities; liquidity, market volatility, interest rate and operational risks; changes in the financial condition or results of operations that reduce capital of JMSB, EFSI or the combined company; the ability of JMSB, EFSI or the combined company to maintain existing deposit relationships or attract new deposit relationships; changes in consumer spending, borrowing, investment, repayment and savings habits; inflation, recession and changes in interest rates (which, among other things, may reduce our margins or reduce the fair value of financial instruments); changes in the monetary and fiscal policies of the United States government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; 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; the dilution caused by JMSB’s issuance of additional shares of its capital stock in connection with the proposed transaction; changes in the financial condition or future prospects of issuers of securities that we own; JMSB’s and EFSI’s 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 JMSB, EFSI or the combined company by regulators, including the possibility of requirements to increase 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 JMSB’s or EFSI’s internal controls over financial reporting and their ability to remediate any future material weakness in 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 the operations and/or loan portfolio and increase cost of conducting business of JMSB or EFSI; public health events (such as the COVID-19 pandemic) and governmental and societal responses thereto; technological risks and developments, data privacy and security risks, and cyber threats, attacks, or events; changes in accounting policies and practices; the ability of JMSB, EFSI or the combined company to successfully capitalize on growth opportunities; the ability of JMSB, EFSI or the combined company to retain or hire key employees or to maintain relationships with customers, suppliers or other business partners, including in connection with the announcement, pendency or completion of the proposed transaction; risks related to the potential impact of general economic, political and market conditions, either nationally or in the relevant market area, including higher unemployment and lower real estate values; implications of JMSB’s status as a smaller reporting company and as an emerging growth company; and other factors discussed in JMSB’s and EFSI’s reports (such as 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 (the “SEC”). These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made and are based on information available at that time; and neither JMSB or EFSI undertakes, and each of them specifically disclaims, any obligation or duty 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 or otherwise update such forward-looking statements, whether written or oral, except as required by applicable securities laws. The foregoing list of factors is not exhaustive, and other factors that may affect actual results or future events may emerge from time to time. Annualized, pro forma, projected and estimated numbers are used for illustrative purposes 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 Nine Months Ended September 30 September 30 2026 2025 2026 2025 Selected Balance Sheet Data Cash and cash equivalents $ 191,093 $ 163,645 $ 191,093 $ 163,645 Total investment securities 229,940 216,119 229,940 216,119 Loans, net of unearned income 2,011,096 1,938,108 2,011,096 1,938,108 Allowance for loan credit losses 19,799 19,714 19,799 19,714 Total assets 2,436,886 2,324,544 2,436,886 2,324,544 Non-interest bearing demand deposits 471,670 446,925 471,670 446,925 Interest-bearing deposits 1,592,594 1,521,903 1,592,594 1,521,903 Total deposits 2,064,264 1,968,828 2,064,264 1,968,828 Federal Home Loan Bank advances 56,000 56,000 56,000 56,000 Shareholders' equity 277,125 259,692 277,125 259,692 Summary Results of Operations Interest income $ 31,296 $ 28,945 $ 90,127 $ 84,092 Interest expense 13,508 13,345 38,496 39,470 Net interest income 17,788 15,600 51,631 44,622 Provision for (recovery of) credit losses (318) 356 (38) 1,064 Net interest income after provision for credit losses 18,106 15,244 51,669 43,558 Non-interest income 268 653 1,996 1,665 Non-interest expense 8,679 9,034 27,093 25,594 Income before income taxes 9,695 6,863 26,572 19,629 Net income 7,541 5,404 20,662 15,317 Per Share Data and Shares Outstanding Earnings per common share - basic $ 0.53 $ 0.38 $ 1.46 $ 1.07 Earnings per common share - diluted $ 0.53 $ 0.38 $ 1.46 $ 1.07 Book value per share $ 19.64 $ 18.27 $ 19.64 $ 18.27 Weighted average common shares (basic) 14,044,538 14,172,953 14,071,195 14,205,357 Weighted average common shares (diluted) 14,044,538 14,172,953 14,071,195 14,211,882 Common shares outstanding at end of period 14,111,934 14,216,781 14,111,934 14,216,781 Performance Ratios Return on average assets (annualized) 1.23 % 0.94 % 1.16 % 0.91 % Return on average equity (annualized) 10.78 % 8.31 % 10.11 % 8.05 % Net interest margin (annualized) 2.91 % 2.72 % 2.92 % 2.66 % Non-interest income as a percentage of average assets (annualized) 0.04 % 0.11 % 0.11 % 0.10 % Non-interest expense to average assets (annualized) 1.41 % 1.57 % 1.53 % 1.52 % Efficiency ratio 48.1 % 55.6 % 50.5 % 55.3 % Asset Quality Non-performing assets to total assets 0.01 % - - % 0.01 % - - % Non-performing loans to total loans 0.01 % - - % 0.01 % - - % Allowance for loan credit losses to non-performing assets 74.2 x N/M 74.2 x N/M Allowance for loan credit losses to total loans 0.98 % 1.02 % 0.98 % 1.02 % Net charge-offs to average loans (annualized) - - % - - % 0.01 % - - % Loans 30-89 days past due and accruing interest $ - - $ - - $ - - $ - - 90 days past due and still accruing interest - - - - - - - - Non-accrual loans 267 - - 267 - - Other real estate owned - - - - - - - - Non-performing assets (1) 267 - - 267 - - Capital Ratios (Bank Level) Equity / assets 12.3 % 12.1 % 12.3 % 12.1 % Total risk-based capital ratio 17.1 % 16.6 % 17.1 % 16.6 % Tier 1 risk-based capital ratio 16.0 % 15.5 % 16.0 % 15.5 % Common equity tier 1 ratio 16.0 % 15.5 % 16.0 % 15.5 % Leverage ratio 12.7 % 12.7 % 12.7 % 12.7 % Other Information Number of full time equivalent employees 138 134 138 134 # 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 September 30 December 31 September 30 Last Nine Year Over 2026 2025 2025 Months Year Assets (Unaudited) * (Unaudited) Cash and due from banks $ 5,570 $ 6,492 $ 8,867 (14.2 ) % (37.2 ) % Interest-bearing deposits in banks 185,523 123,482 154,778 50.2 % 19.9 % Securities available-for-sale, at fair value 133,407 123,852 116,378 7.7 % 14.6 % Securities held-to-maturity at amortized cost, fair value of $72,700, $77,575, and $77,647 at 9/30/2026, 12/31/2025, and 9/30/2025, respectively 85,818 88,421 89,291 (2.9 ) % (3.9 ) % Restricted securities, at cost 7,725 7,644 7,641 1.0 % 1.1 % Equity securities, at fair value 2,990 2,843 2,809 5.2 % 6.4 % Loans, net of unearned income 2,011,096 1,975,360 1,938,108 1.8 % 3.8 % Allowance for loan credit losses (19,799 ) (19,805 ) (19,714 ) (0.0 ) % 0.4 % Net loans 1,991,297 1,955,555 1,918,394 1.8 % 3.8 % Bank premises and equipment, net 1,011 1,315 1,424 (23.1 ) % (29.0 ) % Accrued interest receivable 6,418 5,890 5,819 9.0 % 10.3 % Right of use assets 4,159 4,551 4,583 (8.6 ) % (9.3 ) % Other assets 12,968 12,505 14,560 3.7 % (10.9 ) % Total assets $ 2,436,886 $ 2,332,550 $ 2,324,544 4.5 % 4.8 % Liabilities and Shareholders' Equity Liabilities Deposits: Non-interest bearing demand deposits $ 471,670 $ 432,733 $ 446,925 9.0 % 5.5 % Interest-bearing demand deposits 745,423 745,323 727,295 0.0 % 2.5 % Savings deposits 29,708 34,683 39,427 (14.3 ) % (24.7 ) % Time deposits 817,463 759,546 755,181 7.6 % 8.2 % Total deposits 2,064,264 1,972,285 1,968,828 4.7 % 4.8 % Federal Home Loan Bank advances 56,000 56,000 56,000 - - % - - % Subordinated debt, net 24,937 24,875 24,854 0.2 % 0.3 % Accrued interest payable 1,809 2,124 1,869 (14.8 ) % (3.2 ) % Lease liabilities 4,387 4,819 4,941 (9.0 ) % (11.2 ) % Other liabilities 8,364 6,809 8,360 22.8 % 0.0 % Total liabilities 2,159,761 2,066,912 2,064,852 4.5 % 4.6 % 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, 14,111,934 at 9/30/2026 including 67,271 unvested shares, 14,214,603 at 12/31/2025 including 68,547 unvested shares, and 14,216,781 at 9/30/2025 including 51,085 unvested shares 140 141 142 (0.7 ) % (1.4 ) % Additional paid-in capital 94,059 95,699 96,311 (1.7 ) % (2.3 ) % Retained earnings 193,615 176,913 170,998 9.4 % 13.2 % Accumulated other comprehensive loss (10,689 ) (7,115 ) (7,759 ) 50.2 % 37.8 % Total shareholders' equity 277,125 265,638 259,692 4.3 % 6.7 % Total liabilities and shareholders' equity $ 2,436,886 $ 2,332,550 $ 2,324,544 4.5 % 4.8 % * 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 Nine Months Ended September 30 September 30 2026 2025 % Change 2026 2025 % Change (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest and Dividend Income Interest and fees on loans $ 28,060 $ 26,191 7.1 % $ 81,871 $ 76,218 7.4 % Interest on investment securities, taxable 1,369 1,043 31.3 % 3,802 3,145 20.9 % Interest on investment securities, tax-exempt 9 9 - - % 27 27 - - % Dividends 117 119 (1.7 ) % 352 363 (3.0 ) % Interest on deposits in other banks 1,741 1,583 10.0 % 4,075 4,339 (6.1 ) % Total interest and dividend income 31,296 28,945 8.1 % 90,127 84,092 7.2 % Interest Expense Deposits 12,606 12,424 1.5 % 35,796 36,725 (2.5 ) % Federal funds purchased - - - - N/M 4 2 100.0 % Federal Home Loan Bank advances 553 572 (3.3 ) % 1,649 1,696 (2.8 ) % Subordinated debt 349 349 - - % 1,047 1,047 - - % Total interest expense 13,508 13,345 1.2 % 38,496 39,470 (2.5 ) % Net interest income 17,788 15,600 14.0 % 51,631 44,622 15.7 % Provision for (recovery of) Credit Losses (318 ) 356 N/M (38 ) 1,064 N/M Net interest income after provision for credit losses 18,106 15,244 18.8 % 51,669 43,558 18.6 % Non-interest Income Service charges on deposit accounts 85 87 (2.3 ) % 256 255 0.4 % Other service charges and fees 144 135 6.7 % 466 429 8.6 % Gain on sale of other assets - - - - N/M 835 - - N/M Insurance commissions - - 58 N/M 93 304 (69.4 ) % Gain on sale of government guaranteed loans 24 106 (77.4 ) % 30 203 (85.2 ) % Non-qualified deferred compensation plan asset gains, net 17 158 (89.2 ) % 266 364 (26.9 ) % Other income (loss) (2 ) 109 N/M 50 110 (54.5 ) % Total non-interest income 268 653 (59.0 ) % 1,996 1,665 19.9 % Non-interest Expenses Salaries and employee benefits 5,151 5,693 (9.5 ) % 16,928 15,971 6.0 % Occupancy expense of premises 389 405 (4.0 ) % 1,191 1,218 (2.2 ) % Furniture and equipment expenses 344 329 4.6 % 1,037 959 8.1 % Merger and acquisition expenses 332 - - N/M 332 - - N/M Other expenses 2,463 2,607 (5.5 ) % 7,605 7,446 2.1 % Total non-interest expenses 8,679 9,034 (3.9 ) % 27,093 25,594 5.9 % Income before income taxes 9,695 6,863 41.3 % 26,572 19,629 35.4 % Income Tax Expense 2,154 1,459 47.6 % 5,910 4,312 37.1 % Net income $ 7,541 $ 5,404 39.5 % $ 20,662 $ 15,317 34.9 % Earnings Per Share Basic $ 0.53 $ 0.38 39.5 % $ 1.46 $ 1.07 36.4 % Diluted $ 0.53 $ 0.38 39.5 % $ 1.46 $ 1.07 36.4 % John Marshall Bancorp, Inc. Historical Trends - Quarterly Financial Data (Unaudited) (Dollar amounts in thousands, except per share data) 2026 2025 September 30 June 30 March 31 December 31 September 30 June 30 March 31 Profitability for the Quarter: Interest income $ 31,296 $ 29,749 $ 29,082 $ 29,164 $ 28,945 $ 27,843 $ 27,305 Interest expense 13,508 12,415 12,573 13,224 13,345 12,917 13,208 Net interest income 17,788 17,334 16,509 15,940 15,600 14,926 14,097 Provision for (recovery of) credit losses (318 ) 258 23 624 356 537 170 Non-interest income 268 1,443 284 409 653 507 505 Non-interest expenses 8,679 9,490 8,923 7,971 9,034 8,313 8,248 Income before income taxes 9,695 9,029 7,848 7,754 6,863 6,583 6,184 Income tax expense 2,154 2,010 1,746 1,838 1,459 1,480 1,374 Net income $ 7,541 $ 7,019 $ 6,101 $ 5,916 $ 5,404 $ 5,103 $ 4,810 Financial Performance: Return on average assets (annualized) 1.23 % 1.20 % 1.06 % 1.01 % 0.94 % 0.91 % 0.87 % Return on average equity (annualized) 10.78 % 10.34 % 9.19 % 8.89 % 8.31 % 8.06 % 7.76 % Net interest margin (annualized) 2.91 % 2.99 % 2.87 % 2.73 % 2.72 % 2.69 % 2.58 % Non-interest income as a percentage of average assets (annualized) 0.04 % 0.25 % 0.05 % 0.07 % 0.11 % 0.09 % 0.09 % Non-interest expense to average assets (annualized) 1.41 % 1.63 % 1.54 % 1.36 % 1.57 % 1.49 % 1.50 % Efficiency ratio 48.1 % 50.5 % 53.1 % 48.8 % 55.6 % 53.9 % 56.5 % Per Share Data: Earnings per common share - basic $ 0.53 $ 0.50 $ 0.43 $ 0.42 $ 0.38 $ 0.36 $ 0.34 Earnings per common share - diluted $ 0.53 $ 0.50 $ 0.43 $ 0.42 $ 0.38 $ 0.36 $ 0.34 Book value per share $ 19.64 $ 19.40 $ 19.00 $ 18.69 $ 18.27 $ 17.83 $ 17.72 Dividends declared per share $ 0.10 $ 0.09 $ 0.09 $ - - $ - - $ 0.30 $ - - Weighted average common shares (basic) 14,044,538 14,044,290 14,125,649 14,142,249 14,172,953 14,221,597 14,223,046 Weighted average common shares (diluted) 14,044,538 14,044,290 14,125,649 14,142,249 14,172,953 14,223,418 14,241,114 Common shares outstanding at end of period 14,111,934 14,112,223 14,112,259 14,214,603 14,216,781 14,231,389 14,275,885 Non-interest Income: Service charges on deposit accounts $ 85 $ 86 $ 85 $ 81 $ 87 $ 86 $ 82 Other service charges and fees 144 184 138 142 135 141 153 Gain on sale of other assets - - 835 - - - - - - - - - - Insurance commissions - - 29 64 24 58 33 213 Gain on sale of government guaranteed loans 24 - - 6 119 106 61 36 Non-qualified deferred compensation plan asset gains (losses), net 17 262 (13 ) 38 158 182 24 Other income (loss) (2 ) 47 4 5 109 4 (3 ) Total non-interest income $ 268 $ 1,443 $ 284 $ 409 $ 653 $ 507 $ 505 Non-interest Expenses: Salaries and employee benefits $ 5,151 $ 6,157 $ 5,621 $ 4,758 $ 5,693 $ 5,178 $ 5,099 Occupancy expense of premises 389 396 406 326 405 407 407 Furniture and equipment expenses 344 347 346 326 329 315 316 Merger and acquisition expenses 332 - - - - - - - - - - - - Other expenses 2,463 2,590 2,550 2,561 2,607 2,413 2,426 Total non-interest expenses $ 8,679 $ 9,490 $ 8,923 $ 7,971 $ 9,034 $ 8,313 $ 8,248 Balance Sheets at Quarter End: Total loans, net of unearned income $ 2,011,096 $ 2,014,939 $ 1,973,743 $ 1,975,360 $ 1,938,108 $ 1,916,915 $ 1,870,472 Allowance for loan credit losses (19,799 ) (20,196 ) (19,983 ) (19,805 ) (19,714 ) (19,298 ) (18,826 ) Investment securities 229,940 224,486 224,367 222,760 216,119 226,495 226,163 Interest-earning assets 2,426,559 2,391,968 2,339,171 2,321,602 2,309,005 2,250,921 2,255,154 Total assets 2,436,886 2,402,421 2,352,350 2,332,550 2,324,544 2,267,953 2,272,432 Total deposits 2,064,264 1,992,985 1,987,728 1,972,285 1,968,828 1,896,893 1,922,175 Total interest-bearing liabilities 1,673,531 1,662,358 1,610,427 1,620,427 1,602,757 1,555,598 1,565,165 Total shareholders' equity 277,125 273,784 268,147 265,638 259,692 253,732 252,958 Quarterly Average Balance Sheets: Total loans, net of unearned income $ 2,011,945 $ 1,978,806 $ 1,974,165 $ 1,946,386 $ 1,912,275 $ 1,868,290 $ 1,868,303 Investment securities 228,610 227,693 225,904 220,324 221,802 229,171 231,479 Interest-earning assets 2,424,630 2,327,773 2,331,813 2,319,551 2,275,386 2,224,806 2,220,730 Total assets 2,435,078 2,339,582 2,343,457 2,331,563 2,289,352 2,238,955 2,233,761 Total deposits 2,059,815 1,968,881 1,977,321 1,970,486 1,934,456 1,883,425 1,884,969 Total interest-bearing liabilities 1,676,355 1,589,802 1,618,347 1,601,506 1,571,390 1,530,811 1,540,974 Total shareholders' equity 277,572 272,346 269,327 264,175 257,993 254,071 251,559 Financial Measures: Average equity to average assets 11.4 % 11.6 % 11.5 % 11.3 % 11.3 % 11.3 % 11.3 % Investment securities to earning assets 9.5 % 9.4 % 9.6 % 9.6 % 9.4 % 10.1 % 10.0 % Loans to earning assets 82.9 % 84.2 % 84.4 % 85.1 % 83.9 % 85.2 % 82.9 % Loans to assets 82.5 % 83.9 % 83.9 % 84.7 % 83.4 % 84.5 % 82.3 % Loans to deposits 97.4 % 101.1 % 99.3 % 100.2 % 98.4 % 101.1 % 97.3 % Capital Ratios (Bank Level): Equity / assets 12.3 % 12.3 % 12.2 % 12.2 % 12.1 % 12.2 % 11.9 % Total risk-based capital ratio 17.1 % 16.7 % 16.5 % 16.3 % 16.6 % 16.3 % 16.5 % Tier 1 risk-based capital ratio 16.0 % 15.6 % 15.4 % 15.2 % 15.5 % 15.3 % 15.4 % Common equity tier 1 ratio 16.0 % 15.6 % 15.4 % 15.2 % 15.5 % 15.3 % 15.4 % Leverage ratio 12.7 % 12.9 % 12.6 % 12.5 % 12.7 % 12.8 % 12.6 % John Marshall Bancorp, Inc. Loan, Deposit and Borrowing Detail (Unaudited) (Dollar amounts in thousands) 2026 2025 September 30 June 30 March 31 December 31 September 30 June 30 March 31 Loans $ Amount % of Total $ Amount % of Total $ Amount % of Total $ Amount % of Total $ Amount % of Total $ Amount % of Total $ Amount % of Total Commercial business loans $ 48,591 2.5 % $ 51,062 2.5 % $ 48,905 2.5 % $ 49,729 2.5 % $ 46,486 2.4 % $ 43,158 2.3 % $ 46,479 2.5 % Commercial PPP loans - - - - % - - - - % - - - - % 124 0.0 % 124 0.0 % 124 0.0 % 124 0.0 % Commercial owner-occupied real estate loans 327,544 16.3 % 331,407 16.5 % 321,858 16.3 % 323,486 16.4 % 327,269 16.9 % 320,061 16.7 % 318,087 17.1 % Total business loans 376,135 18.8 % 382,469 19.0 % 370,763 18.8 % 373,339 18.9 % 373,879 19.3 % 363,343 19.0 % 364,690 19.6 % Investor real estate loans 790,534 39.4 % 767,823 38.3 % 762,158 38.8 % 756,620 38.5 % 770,405 39.9 % 777,591 40.7 % 759,002 40.7 % Construction & development loans 199,882 10.0 % 227,132 11.3 % 228,591 11.6 % 222,659 11.3 % 193,444 10.0 % 186,409 9.7 % 173,270 9.3 % Multi-family loans 96,666 4.8 % 97,260 4.8 % 92,913 4.7 % 93,511 4.7 % 93,477 4.8 % 94,415 4.9 % 95,556 5.1 % Total commercial real estate loans 1,087,082 54.2 % 1,092,215 54.4 % 1,083,662 55.1 % 1,072,790 54.5 % 1,057,326 54.7 % 1,058,415 55.3 % 1,027,828 55.1 % Residential mortgage loans 541,314 27.0 % 534,000 26.6 % 513,650 26.1 % 522,990 26.5 % 501,104 25.9 % 489,522 25.6 % 472,747 25.3 % Consumer loans 705 0.0 % 663 0.0 % 760 0.0 % 1,157 0.1 % 1,029 0.1 % 998 0.1 % 809 0.0 % Total loans $ 2,005,236 100.0 % $ 2,009,347 100.0 % $ 1,968,835 100.0 % $ 1,970,276 100.0 % $ 1,933,338 100.0 % $ 1,912,278 100.0 % $ 1,866,074 100.0 % Less: Allowance for loan credit losses (19,799 ) (20,196 ) (19,983 ) (19,805 ) (19,714 ) (19,298 ) (18,826 ) Net deferred loan costs 5,860 5,592 4,908 5,084 4,770 4,637 4,398 Net loans $ 1,991,297 $ 1,994,743 $ 1,953,760 $ 1,955,555 $ 1,918,394 $ 1,897,617 $ 1,851,646 2026 2025 September 30 June 30 March 31 December 31 September 30 June 30 March 31 Deposits $ Amount % of Total $ Amount % of Total $ Amount % of Total $ Amount % of Total $ Amount % of Total $ Amount % of Total $ Amount % of Total Non-interest bearing demand deposits $ 471,670 22.8 % $ 451,543 22.7 % $ 458,197 23.1 % $ 432,733 21.9 % $ 446,925 22.7 % $ 438,628 23.1 % $ 437,822 22.8 % Interest-bearing demand deposits: NOW accounts (1) 345,319 16.7 % 332,551 16.7 % 362,057 18.2 % 380,029 19.3 % 366,655 18.6 % 344,931 18.2 % 355,752 18.5 % Money market accounts (1) 400,104 19.4 % 365,497 18.3 % 372,107 18.7 % 365,294 18.5 % 360,640 18.3 % 336,299 17.7 % 349,634 18.2 % Savings accounts 29,708 1.4 % 31,758 1.6 % 33,525 1.7 % 34,683 1.8 % 39,427 2.0 % 42,966 2.3 % 42,583 2.2 % Certificates of deposit $250,000 or more 387,605 18.9 % 371,047 18.7 % 340,851 17.1 % 337,605 17.1 % 337,800 17.2 % 324,343 17.1 % 322,630 16.8 % Less than $250,000 82,857 4.0 % 82,626 4.1 % 80,058 4.0 % 84,710 4.3 % 85,719 4.4 % 80,500 4.2 % 79,305 4.1 % QwickRate® certificates of deposit - - 0.0 % - - 0.0 % - - 0.0 % 249 0.0 % 249 0.0 % 249 0.1 % 249 0.0 % IntraFi® certificates of deposit 37,388 1.8 % 36,351 1.8 % 39,047 2.0 % 35,096 1.8 % 29,451 1.5 % 27,015 1.4 % 36,522 1.9 % Brokered deposits 309,613 15.0 % 321,613 16.1 % 301,886 15.2 % 301,886 15.3 % 301,962 15.3 % 301,962 15.9 % 297,678 15.5 % Total deposits $ 2,064,264 100.0 % $ 1,992,985 100.0 % $ 1,987,728 100.0 % $ 1,972,285 100.0 % $ 1,968,828 100.0 % $ 1,896,893 100.0 % $ 1,922,175 100.0 % Borrowings Federal funds purchased $ - - 0.0 % $ 40,000 33.1 % $ - - 0.0 % $ - - 0.0 % $ - - 0.0 % $ 16,500 17.0 % $ - - 0.0 % Federal Home Loan Bank advances 56,000 69.2 % 56,000 46.3 % 56,000 69.2 % 56,000 69.2 % 56,000 69.3 % 56,000 57.5 % 56,000 69.3 % Subordinated debt, net 24,937 30.8 % 24,916 20.6 % 24,896 30.8 % 24,875 30.8 % 24,854 30.7 % 24,833 25.5 % 24,812 30.7 % Total borrowings $ 80,937 100.0 % $ 120,916 100.0 % $ 80,896 100.0 % $ 80,875 100.0 % $ 80,854 100.0 % $ 97,333 100.0 % $ 80,812 100.0 % Total deposits and borrowings $ 2,145,201 $ 2,113,901 $ 2,068,624 $ 2,053,160 $ 2,049,682 $ 1,994,226 $ 2,002,987 Core customer funding sources (2) $ 1,754,651 82.8 % $ 1,671,372 80.0 % $ 1,685,842 82.5 % $ 1,670,150 82.3 % $ 1,666,617 82.3 % $ 1,594,682 81.0 % $ 1,624,248 82.1 % Wholesale funding sources (3) 365,613 17.2 % 417,613 20.0 % 357,886 17.5 % 358,135 17.7 % 358,211 17.7 % 374,711 19.0 % 353,927 17.9 % Total funding sources $ 2,120,264 100.0 % $ 2,088,985 100.0 % $ 2,043,728 100.0 % $ 2,028,285 100.0 % $ 2,024,828 100.0 % $ 1,969,393 100.0 % $ 1,978,175 100.0 % (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, and Federal Home Loan Bank advances. John Marshall Bancorp, Inc. Average Balance Sheets, Interest and Rates (unaudited) (Dollar amounts in thousands) Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Interest Income / Average Interest Income / Average Average Balance Expense Rate (3) Average Balance Expense Rate (3) Assets: Securities: Taxable $ 226,034 $ 4,154 2.46 % $ 226,070 $ 3,508 2.07 % Tax-exempt (1) 1,378 34 3.30 % 1,379 34 3.30 % Total securities $ 227,412 $ 4,188 2.46 % $ 227,449 $ 3,542 2.08 % Loans, net of unearned income (2) : Taxable 1,968,842 81,320 5.52 % 1,866,217 75,818 5.43 % Tax-exempt (1) 19,602 697 4.75 % 16,900 507 4.01 % Total loans, net of unearned income $ 1,988,444 $ 82,017 5.51 % $ 1,883,117 $ 76,325 5.42 % Interest-bearing deposits in other banks $ 145,889 $ 4,075 3.73 % $ 129,942 $ 4,339 4.46 % Total interest-earning assets $ 2,361,745 $ 90,280 5.11 % $ 2,240,508 $ 84,206 5.03 % Total non-interest earning assets 11,296 13,718 Total assets $ 2,373,041 $ 2,254,226 Liabilities & Shareholders’ Equity: Interest-bearing deposits NOW accounts $ 356,190 $ 5,693 2.14 % $ 347,468 $ 6,018 2.32 % Money market accounts 375,042 6,832 2.44 % 346,041 7,018 2.71 % Savings accounts 33,854 215 0.85 % 42,853 331 1.03 % Time deposits 782,150 23,056 3.94 % 730,532 23,358 4.27 % Total interest-bearing deposits $ 1,547,236 $ 35,796 3.09 % $ 1,466,894 $ 36,725 3.35 % Federal funds purchased 147 4 3.64 % 61 2 4.38 % Subordinated debt 24,904 1,047 5.62 % 24,820 1,047 5.64 % Federal Home Loan Bank advances 55,945 1,649 3.94 % 56,000 1,696 4.05 % Total interest-bearing liabilities $ 1,628,232 $ 38,496 3.16 % $ 1,547,775 $ 39,470 3.41 % Demand deposits 455,071 434,238 Other liabilities 16,626 17,729 Total liabilities $ 2,099,929 $ 1,999,742 Shareholders’ equity $ 273,112 $ 254,484 Total liabilities and shareholders’ equity $ 2,373,041 $ 2,254,226 Tax-equivalent net interest income and spread (Non-GAAP) (1) $ 51,784 1.95 % $ 44,736 1.62 % Less: tax-equivalent adjustment 153 114 Net interest income and spread (GAAP) $ 51,631 1.94 % $ 44,622 1.61 % Interest income/earning assets 5.10 % 5.02 % Interest expense/earning assets 2.18 % 2.36 % Net interest margin 2.92 % 2.66 % (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 $153 thousand and $114 thousand for the nine months ended September 30, 2026, and September 30, 2025, respectively. (2) Non-accrual loans are included in the average balances. (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 September 30, 2026 Three Months Ended September 30, 2025 Interest Income / Average Interest Income / Average Average Balance Expense Rate (3) Average Balance Expense Rate (3) Assets: Securities: Taxable $ 227,233 $ 1,486 2.59 % $ 220,424 $ 1,162 2.09 % Tax-exempt (1) 1,377 11 3.17 % 1,378 11 3.17 % Total securities $ 228,610 $ 1,497 2.60 % $ 221,802 $ 1,173 2.10 % Loans, net of unearned income (2) : Taxable 1,992,518 27,872 5.55 % 1,894,756 26,047 5.45 % Tax-exempt (1) 19,427 238 4.86 % 17,519 182 4.12 % Total loans, net of unearned income $ 2,011,945 $ 28,110 5.54 % $ 1,912,275 $ 26,229 5.44 % Interest-bearing deposits in other banks $ 184,075 $ 1,741 3.75 % $ 141,309 $ 1,583 4.44 % Total interest-earning assets $ 2,424,630 $ 31,348 5.13 % $ 2,275,386 $ 28,985 5.06 % Total non-interest earning assets 10,448 13,966 Total assets $ 2,435,078 $ 2,289,352 Liabilities & Shareholders’ Equity: Interest-bearing deposits NOW accounts $ 353,795 $ 1,973 2.21 % $ 354,918 $ 2,057 2.30 % Money market accounts 385,302 2,471 2.54 % 350,431 2,418 2.74 % Savings accounts 33,468 77 0.91 % 43,401 120 1.10 % Time deposits 822,864 8,085 3.90 % 741,797 7,829 4.19 % Total interest-bearing deposits $ 1,595,429 $ 12,606 3.13 % $ 1,490,547 $ 12,424 3.31 % Federal funds purchased 1 — — % 1 — — % Subordinated debt 24,924 349 5.56 % 24,841 349 5.57 % Federal Home Loan Bank advances 56,001 553 3.92 % 56,001 572 4.05 % Total interest-bearing liabilities $ 1,676,355 $ 13,508 3.20 % $ 1,571,390 $ 13,345 3.37 % Demand deposits 464,386 443,909 Other liabilities 16,765 16,060 Total liabilities $ 2,157,506 $ 2,031,359 Shareholders’ equity $ 277,572 $ 257,993 Total liabilities and shareholders’ equity $ 2,435,078 $ 2,289,352 Tax-equivalent net interest income and spread (Non-GAAP) (1) $ 17,840 1.93 % $ 15,640 1.69 % Less: tax-equivalent adjustment 52 40 Net interest income and spread (GAAP) $ 17,788 1.92 % $ 15,600 1.68 % Interest income/earning assets 5.12 % 5.05 % Interest expense/earning assets 2.21 % 2.33 % Net interest margin 2.91 % 2.72 % (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 $52 thousand and $40 thousand for the three months ended September 30, 2026, and September 30, 2025, respectively. (2) Non-accrual loans are included in the average balances. (3) Rates and yields are annualized and calculated from rounded amounts in thousands, which appear above. John Marshall Bancorp, Inc. Reconciliation of Certain Non-GAAP Financial Measures (Unaudited) (Dollar amounts in thousands, except share and per share data) For the Three Months Ended For the Nine Months Ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net income (GAAP) $ 7,541 $ 7,019 $ 5,404 $ 20,662 $ 15,317 Less: Gain on sale of other assets, net of tax (1) - (660 ) - (660 ) - Add: Merger and acquisition expenses, net of tax (1) 262 - - 262 - Core net income (Non-GAAP) $ 7,803 $ 6,359 $ 5,404 $ 20,264 $ 15,317 Net income available to common shareholders (GAAP) $ 7,505 $ 6,985 $ 5,385 $ 20,563 $ 15,262 Less: Gain on sale of other assets, net of tax (1) - (660 ) - (660 ) - Add: Merger and acquisition expenses, net of tax (1) 262 - - 262 - Core net income available to common shareholders (Non-GAAP) $ 7,767 $ 6,325 $ 5,385 $ 20,165 $ 15,262 Total non-interest expenses (GAAP) $ 8,679 $ 9,490 $ 9,034 $ 27,093 $ 25,594 Less: Merger and acquisition expenses 332 - - 332 - Core non-interest expenses (Non-GAAP) $ 8,347 $ 9,490 $ 9,034 $ 26,761 $ 25,594 Net interest income (GAAP) $ 17,788 $ 17,334 $ 15,600 $ 51,631 $ 44,622 Total non-interest income (GAAP) 268 1,443 653 1,996 1,665 Total revenues (GAAP) 18,056 18,777 16,253 53,627 46,287 Less: Gain on sale of other assets - (835 ) - (835 ) - Core total revenues (Non-GAAP) 18,056 17,942 16,253 52,792 46,287 Average assets (GAAP) $ 2,435,078 $ 2,339,582 $ 2,289,352 $ 2,373,041 $ 2,254,226 Average equity (GAAP) $ 277,572 $ 272,346 $ 257,993 $ 273,112 $ 254,484 Weighted-average common shares outstanding - diluted (GAAP) 14,044,538 14,044,290 14,172,953 14,071,195 14,211,882 Return on average assets (annualized) (GAAP) 1.23 % 1.20 % 0.94 % 1.16 % 0.91 % Core return on average assets (annualized) (Non-GAAP) 1.27 % 1.09 % 0.94 % 1.14 % 0.91 % Return on average equity (annualized) (GAAP) 10.78 % 10.34 % 8.31 % 10.11 % 8.05 % Core return on average equity (annualized) (Non-GAAP) 11.15 % 9.37 % 8.31 % 9.92 % 8.05 % Earnings per common share - diluted (GAAP) $ 0.53 $ 0.50 $ 0.38 $ 1.46 $ 1.07 Core earnings per common share - diluted (Non-GAAP) $ 0.55 $ 0.45 $ 0.38 $ 1.43 $ 1.07 Non-interest expense to average assets (annualized) (GAAP) 1.41 % 1.63 % 1.57 % 1.53 % 1.52 % Core non-interest expense to average assets (annualized) (Non-GAAP) 1.36 % 1.63 % 1.57 % 1.51 % 1.52 % Efficiency ratio (GAAP) 48.1 % 50.5 % 55.6 % 50.5 % 55.3 % Core efficiency ratio (Non-GAAP) 46.2 % 52.9 % 55.6 % 50.7 % 55.3 % (1) Adjusted using the federal statutory tax rate of 21%. Category: Earnings Christopher W. Bergstrom, (703) 584-0840 Kent D. Carstater, (703) 289-5922 Source: John Marshall