John Marshall Bancorp, Inc. Reports Continued Net Interest Margin Growth Drives 27% Increase in Net Income - Core Deposits and Loans Expand and Asset Quality Remains Strong

John Marshall Bancorp, Inc. Reports Continued Net Interest Margin Growth Drives 27% Increase in Net Income - Core Deposits and Loans Expand and Asset Quality Remains Strong John Marshall Bancorp, Inc. (Nasdaq: JMSB) (the “Company”), parent company of John Marshall Bank (the “Bank”), reported net income of $6.1 million for the quarter ended March 31, 2026 compared to $4.8 million for the quarter ended March 31, 2025, an increase of $1.3 million or 26.8%. Diluted earnings per common share were $0.43 for the quarter ended March 31, 2026 compared to $0.34 for the quarter ended March 31, 2025, an increase of 26.5%. Annualized return on average assets was 1.06% for the quarter ended March 31, 2026 compared to 0.87% for the quarter ended March 31, 2025. Annualized return on average equity was 9.19% for the quarter ended March 31, 2026 compared to 7.76% for the quarter ended March 31, 2025. Selected Highlights Earnings Growth Momentum – Net income of $6.1 million for the quarter ended March 31, 2026 represented a 3.1% increase over the $5.9 million net income reported for the quarter ended December 31, 2025 or an annualized quarter-over-quarter increase of 12.7%. The quarter ended March 31, 2026 marked the seventh consecutive quarter of net income growth. Diluted earnings per common share were $0.43 for the quarter ended March 31, 2026 and represented a 2.4% increase over the $0.42 diluted earnings per common share reported for the quarter ended December 31, 2025 or an annualized quarter-over-quarter increase of 9.7%.Significant Increase in Net Interest Income - For the three months ended March 31, 2026, the Company reported net interest income of $16.5 million, a $2.4 million or 17.1% increase over the prior year first quarter.Continued Net Interest Margin Expansion - Net interest margin expanded for the eighth consecutive quarter. Net interest margin increased 29 basis points, from 2.58% for the first quarter of 2025 to 2.87% for the first quarter of 2026. Net interest margin grew 14 basis points when compared to 2.73% for the fourth quarter of 2025.Focused on Core Funding and Loan Growth - The Company remains focused on driving value through core funding growth. For the twelve months ended March 31, 2026, total deposits increased $65.6 million or 3.4%. For the twelve months ended March 31, 2026, non-interest bearing demand deposits increased $20.4 million or 4.7%. Non-interest bearing demand deposits grew $25.5 million or 5.9% from December 31, 2025 to March 31, 2026. Non-interest bearing demand deposits represented 23.1% of total deposits as of March 31, 2026, an increase from 21.9% as of December 31, 2025. For the twelve months ended March 31, 2026, gross loans increased $103.3 million or 5.5%.Positive Operating Leverage – Revenues (net interest income plus non-interest income) grew 15.0% for the quarter ended March 31, 2026 relative to the quarter ended March 31, 2025, while non-interest expense increased 8.2%, over the same period. This positive trend in operating leverage improved the efficiency ratio from 56.5% for the three months ended March 31, 2025 to 53.1% for the three months ended March 31, 2026.Strong Asset Quality – Overall credit quality of the loan portfolio remains exceptional. The Company recorded no charge-offs during the first quarter of 2026 and had no other real estate owned assets as of March 31, 2026. During the most recent quarter, management placed one U.S. Small Business Administration (“SBA”) 7(a) loan in the total amount of $984 thousand on non-accrual status, representing the Company’s only non-accrual loan as of March 31, 2026. The entire outstanding loan amount is fully guaranteed by the SBA. The Company has submitted the guaranty purchase to the SBA and expects to receive the full guarantee payment. This is the only non-accrual loan since the third quarter of 2019.Growing Book Value per Share and Dividends – Book value per share increased from $17.72 as of March 31, 2025 to $19.00 as of March 31, 2026, a 7.2% increase. On April 28, 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 June 3, 2026 to shareholders of record at the close of business on May 13, 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 March 31, 2026. During the three months ended March 31, 2026, the Company repurchased 103,507 shares of its common stock at a weighted average price of $19.69. Chris Bergstrom, President and Chief Executive Officer, commented, “The first quarter of 2026 marks the eighth consecutive quarter of net interest margin improvement. Of the 29 basis points of margin improvement over the last year, 14 basis points of that increase occurred during the first quarter of 2026. Increased margin and $103 million in loan growth over the last twelve months enabled the Company to grow both net income and earnings per share by 27%. Our asset quality remains outstanding. We expect the SBA to pay their guarantee and resolve our one non-accruing loan. With 16.5% total risk-based capital, we have the requisite equity to grow loans at appropriate risk-adjusted returns. Alternatively, we have ample excess capital to build upon the 103,000 shares we repurchased during the first quarter. Our priorities remain unchanged. We continue to invest in technology and personnel to cultivate new relationships and deepen existing ones. We remain focused on delivering tailored banking services and exceptional client experiences. As demonstrated by the nearly 23% increase in our share price from March 31, 2025 to March 31, 2026 and our increased quarterly cash dividend rate, we believe our 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 $2.35 billion at March 31, 2026, $2.33 billion at December 31, 2025, and $2.27 billion at March 31, 2025. Total assets increased $19.8 million or 3.4% annualized since December 31, 2025 and $79.9 million or 3.5% from March 31, 2025. Total loans, net of unearned income, declined $1.6 million or 0.3% annualized to $1.97 billion at March 31, 2026 compared to $1.98 billion at December 31, 2025 and increased $103.3 million or 5.5% from $1.87 billion at March 31, 2025. The increase in loans over the preceding twelve months was primarily attributable to growth in construction & development loans and residential mortgage 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 $213.8 million at March 31, 2026, $212.3 million at December 31, 2025, and $215.6 million at March 31, 2025. During the most recent quarter, the Company purchased seven fixed income securities, designated as available-for-sale, with the total carrying amount of $15.0 million and a weighted average purchase yield of 4.08%. The current quarter’s maturities had an average yield of 2.07%. As of March 31, 2026, 95.3% of our bond portfolio carried the implied guarantee of the United States government or one of its agencies. At March 31, 2026, 70.6% of the fixed income portfolio was invested in amortizing bonds, which provides the Company with a source of steady cash flow. At March 31, 2026, the fixed income portfolio had an estimated weighted average life of 3.9 years. The available-for-sale portfolio comprised approximately 61% of the fixed income securities portfolio and had a weighted average life of 3.2 years at March 31, 2026. The held-to-maturity portfolio comprised approximately 39% of the fixed income securities portfolio and had a weighted average life of 4.9 years at March 31, 2026. The Company did not have an allowance for credit losses on held-to-maturity securities as of March 31, 2026 or December 31, 2025. As of March 31, 2026, 93.1% 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 $881.0 million as of March 31, 2026 compared to $827.0 million as of December 31, 2025 and represented 37.5% 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 March 31, 2026. Total deposits increased $15.4 million or 3.2% annualized to $1.99 billion at March 31, 2026 compared to $1.97 billion at December 31, 2025, and increased $65.6 million or 3.4% from $1.92 billion at March 31, 2025. During the most recent quarter, total non-interest bearing deposits increased $25.5 million or 23.9% annualized when compared to December 31, 2025, while total interest-bearing deposits declined $10.0 million or 2.6% annualized over the same period. As further detailed in the tables included in this release, core funding sources have increased $15.7 million, while wholesale funding sources have decreased $0.2 million since December 31, 2025. Detail on the deposit activity can be seen in the Loan, Deposit and Borrowing Detail table. As of March 31, 2026, the Company had $724.6 million of deposits that were not insured or not collateralized compared to $691.5 million and $660.8 million at December 31, 2025 and March 31, 2025, respectively. Federal Home Loan Bank (“FHLB”) advances remained unchanged at $56.0 million as of March 31, 2026 compared to December 31, 2025 and March 31, 2025. During the first quarter of 2026, a $15.0 million maturing FHLB advance, carrying an interest rate of 4.14%, was replaced with the FHLB advance of the same principal amount and the interest rate of 3.61%. As of March 31, 2026, the FHLB advances had a weighted average fixed interest rate of 3.85%. In addition to outstanding FHLB advances, total borrowings as of March 31, 2026 included subordinated debt totaling $24.9 million. Shareholders’ equity increased $15.1 million or 6.0% to $268.1 million at March 31, 2026 compared to $253.0 million at March 31, 2025. Book value per share was $19.00 as of March 31, 2026 compared to $17.72 as of March 31, 2025, an increase of 7.2%. 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. These increases were partially offset by 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 March 31, 2026, the Bank’s total risk-based capital ratio was 16.5%, compared to 16.3% at December 31, 2025, and 16.5% at March 31, 2025. During the quarter ended March 31, 2026, the Company designated one commercial business SBA 7(a) loan as non-accrual. As of March 31, 2026, the total outstanding principal amount of the loan was $984 thousand and is fully guaranteed by the SBA. The Company charged-off the unguaranteed portion of the loan, in the total amount of $361 thousand, during the fourth quarter of 2025 and submitted a reimbursement claim to the SBA for the guaranteed portion. We expect the SBA to pay their guarantee and resolve our one non-accruing loan. During the three months ended March 31, 2026, the Company recorded no charge-offs and had no other real estate owned assets as of March 31, 2026. At March 31, 2026, the allowance for loan credit losses was $20.0 million or 1.01% of outstanding loans, net of unearned income, compared to $19.8 million or 1.00% of outstanding loans, net of unearned income, at December 31, 2025. Asset quality remains strong. Management continues to assess credit risk exposure and monitor macroeconomic indicators that may impact borrower behavior and repayment capacity. Management believes the current allowance for credit losses is appropriate given the composition and performance of the loan portfolio. At March 31, 2026, the allowance for credit losses on unfunded loan commitments was $1.2 million compared to $1.3 million at December 31, 2025, due to a lower amount of available loan commitments. 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 March 31, 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 54.0 % 3.2 x 55 $ 68,336 47.5 % 2.2 x 46 $ 110,270 Office 57.5 % 3.7 x 133 84,129 47.5 % 1.7 x 57 105,145 Retail 61.0 % 3.0 x 43 75,998 50.6 % 1.8 x 141 442,845 Church 24.2 % 2.3 x 17 25,852 70.8 % 3.0 x 2 5,590 Hotel/Motel - - - - - - - - 50.4 % 1.5 x 12 82,152 Other(4) 41.7 % 3.7 x 40 67,543 45.6 % 2.3 x 8 16,156 Total 288 $ 321,858 266 $ 762,158 (1) Loan-to-value is determined at origination date and is divided by principal balance as of March 31, 2026. (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 March 31, 2026: Non-owner occupied office: Geography Geography Commitment (in thousands) Percentage Virginia $68,064 64.0 % Maryland 24,014 22.6 % DC 14,246 13.4 % Total $106,324 100.0 % Non-owner occupied office: Maturity Maturity Year Commitment (in thousands) Percentage 2026 $2,728 2.6 % 2027 6,523 6.2 % 2028 14,063 13.2 % 2029 26,292 24.7 % 2030+ 56,718 53.3 % Total $106,324 100.0 % Income Statement Review Quarterly Results The Company reported net income of $6.1 million for the first quarter of 2026, an increase of $1.3 million or 26.8% when compared to $4.8 million for the first quarter of 2025. For the three months ended March 31, 2026, net interest income increased $2.4 million or 17.1% to $16.5 million compared to $14.1 million for the three months ended March 31, 2025. During the same period, interest income grew $1.8 million or 6.5%, driven by higher interest income on loans, while interest expense declined by $0.6 million or 4.8%, predominantly due to lower interest expense on time deposits, interest-bearing checking accounts and money market accounts. The annualized net interest margin for the first quarter of 2026 was 2.87% compared to 2.58% 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 cost of interest-bearing liabilities was 3.15% for the first quarter of 2026 compared to 3.48% for the same quarter in the prior year driven by the 34 basis points decline in rates on interest-bearing deposits. Rates declined across all deposit categories, most notably in money market accounts, time deposits and interest-bearing demand deposits, which declined by 37 basis points, 36 basis points, and 31 basis points, respectively. The yield on interest-earning assets was 5.07% for the first quarter of 2026 compared to 4.99% for the same period in 2025 primarily due to an eight basis point increase in loan yield coupled with a 28 basis point increase in securities yield. These increases were partially offset by a 76 basis points decrease in yield on interest-bearing deposits in other banks, as a result of three federal funds rate cuts totaling 75 basis points during the previous year. Average loans increased by $105.9 million between the three months ended March 31, 2026 and the three months ended March 31, 2025, which was primarily attributable to origination volume in the construction & development and residential mortgage loan portfolios subsequent to March 31, 2025. The Company recorded a $23 thousand provision for credit losses for the first quarter of 2026 compared to $170 thousand for the first quarter of 2025. Provision for credit losses on funded loans totaled $143 thousand, while provision for credit losses on unfunded loan commitments was a recovery of $120 thousand during the three months ended March 31, 2026. The provision for credit losses on funded loans during the most recent quarter reflected the change in the Company’s loan portfolio mix quarter-over-quarter along with the updated forecasted economic variables utilized in the quantitative portion of the allowance calculation. Recovery of the provision for credit losses on unfunded loan commitments was due to lower amount of available loan commitments at March 31, 2026 as compared to December 31, 2025. Non-interest income decreased $221 thousand or 43.8% during the first quarter of 2026 compared to the first quarter of 2025. This decrease was primarily attributable to a $149 thousand decrease in insurance commissions, in combination with a $37 thousand decrease in mark-to-market adjustments on investments related to the Company’s nonqualified deferred compensation plan and a $30 thousand decline in gains recorded on sales of the guaranteed portions of the SBA 7(a) loans. Non-interest expense increased $0.7 million or 8.2% during the first quarter of 2026 compared to the first quarter of 2025 primarily resulting from an increase in salaries and employee benefits and higher other expenses. Salaries and employee benefits increased by $522 thousand, which was mainly related to increases in headcount within the Bank during the preceding twelve months and an annual salary merit increase in combination with lower direct loan origination costs when compared to the same period of the prior year. Salaries and employee benefit expense is reduced to account for the portion of salary costs incurred to originate a loan and are subsequently amortized into interest income to match the costs incurred with the economic benefit derived from originating a loan. Other expenses increased by $124 thousand mainly due to higher franchise tax and FDIC insurance, due to higher assessment bases, partially offset by lower marketing expense. For the three months ended March 31, 2026, annualized non-interest expense to average assets was 1.54% compared to 1.50% for the three months ended March 31, 2025. This increase was primarily due to the growth in non-interest expense outpacing the growth in average assets during the period. For the three months ended March 31, 2026, the efficiency ratio declined to 53.1% compared to 56.5% for the three months ended March 31, 2025. The improvement in the efficiency ratio was due to a 15.0% growth in total revenue, which outpaced an 8.2% increase in non-interest expense over the period. Return on average assets for the quarter ended March 31, 2026 was 1.06% and return on average equity was 9.19% compared to 0.87% and 7.76%, respectively, for the first quarter of 2025. 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. Follow the Bank on LinkedIn at: https://www.linkedin.com/company/john-marshall-bank/. 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 shutdowns and potential reductions in spending by the U.S. Government, and related reductions in the federal workforce; adequacy of our allowance for loan credit losses, allowance for unfunded commitments credit losses, and allowance for credit losses associated with our held-to-maturity and available-for-sale securities portfolios; deterioration of our asset quality; future performance of our loan portfolio with respect to recently originated loans; the level of prepayments on loans and mortgage-backed securities; liquidity, interest rate and operational risks associated with our business; changes in our financial condition or results of operations that reduce capital; our ability to maintain existing deposit relationships or attract new deposit relationships; changes in consumer spending, borrowing and savings habits; inflation and changes in interest rates that may reduce our margins or reduce the fair value of financial instruments; changes in the monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; additional risks related to new lines of business, products, product enhancements or services; increased competition with other financial institutions and fintech companies; adverse changes in the securities markets; changes in the financial condition or future prospects of issuers of securities that we own; our ability to maintain an effective risk management framework; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory structure and in regulatory fees and capital requirements; compliance with legislative or regulatory requirements; results of examination of us by our regulators, including the possibility that our regulators may require us to increase our allowance for credit losses or to write-down assets or take similar actions; potential claims, damages, and fines related to litigation or government actions; the effectiveness of our internal controls over financial reporting and our ability to remediate any future material weakness in our internal controls over financial reporting; geopolitical conditions, including trade restrictions and tariffs, and acts or threats of terrorism and/or military conflicts, or actions taken by the U.S. or other governments in response to trade restrictions and tariffs, and acts or threats of terrorism and/or military conflicts, negatively impacting business and economic conditions in the U.S. and abroad; the effects of weather-related or natural disasters, which may negatively affect our operations and/or our loan portfolio and increase our cost of conducting business; public health events (such as the COVID-19 pandemic) and governmental and societal responses thereto; technological risks and developments, and cyber threats, attacks, or events; changes in accounting policies and practices; our ability to successfully capitalize on growth opportunities; our ability to retain key employees; deteriorating economic conditions, either nationally or in our market area, including higher unemployment and lower real estate values; implications of our status as a smaller reporting company and as an emerging growth company; and other factors discussed in the Company’s reports (such as our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Annualized, pro forma, projected and estimated numbers are used for illustrative 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 March 31 2026 2025 Selected Balance Sheet Data Cash and cash equivalents $ 150,193 $ 169,060 Total investment securities 224,367 226,163 Loans, net of unearned income 1,973,743 1,870,472 Allowance for loan credit losses 19,983 18,826 Total assets 2,352,350 2,272,432 Non-interest bearing demand deposits 458,197 437,822 Interest-bearing deposits 1,529,531 1,484,353 Total deposits 1,987,728 1,922,175 Federal Home Loan Bank advances 56,000 56,000 Shareholders' equity 268,147 252,958 Summary Results of Operations Interest income $ 29,082 $ 27,305 Interest expense 12,573 13,208 Net interest income 16,509 14,097 Provision for credit losses 23 170 Net interest income after provision for credit losses 16,486 13,927 Non-interest income 284 505 Non-interest expense 8,923 8,248 Income before income taxes 7,847 6,184 Net income 6,101 4,810 Per Share Data and Shares Outstanding Earnings per common share - basic $ 0.43 $ 0.34 Earnings per common share - diluted $ 0.43 $ 0.34 Book value per share $ 19.00 $ 17.72 Weighted average common shares (basic) 14,125,649 14,223,046 Weighted average common shares (diluted) 14,125,649 14,241,114 Common shares outstanding at end of period 14,112,259 14,275,885 Performance Ratios Return on average assets (annualized) 1.06 % 0.87 % Return on average equity (annualized) 9.19 % 7.76 % Net interest margin (annualized) 2.87 % 2.58 % Non-interest income as a percentage of average assets (annualized) 0.05 % 0.09 % Non-interest expense to average assets (annualized) 1.54 % 1.50 % Efficiency ratio 53.1 % 56.5 % Asset Quality Non-performing assets to total assets 0.04 % - - % Non-performing loans to total loans 0.05 % - - % Allowance for loan credit losses to non-performing assets 20.3 x - - x Allowance for loan credit losses to total loans 1.01 % 1.01 % Net recoveries to average loans (annualized) 0.01 % - - % Loans 30-89 days past due and accruing interest $ 450 $ - - 90 days past due and still accruing interest - - - - Non-accrual loans 984 - - Other real estate owned - - - - Non-performing assets (1) 984 - - Capital Ratios (Bank Level) Equity / assets 12.2 % 11.9 % Total risk-based capital ratio 16.5 % 16.5 % Tier 1 risk-based capital ratio 15.4 % 15.4 % Common equity tier 1 ratio 15.4 % 15.4 % Leverage ratio 12.6 % 12.6 % Other Information Number of full time equivalent employees 139 136 # Full service branch offices 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 March 31 December 31, March 31 Last Three Year Over 2026 2025 2025 Months Year Assets (Unaudited) * (Unaudited) Cash and due from banks $ 9,132 $ 6,492 $ 10,541 40.7 % (13.4) % Interest-bearing deposits in banks 141,061 123,482 158,519 14.2 % (11.0) % Securities available-for-sale, at fair value 126,166 123,852 124,469 1.9 % 1.4 % Securities held-to-maturity at amortized cost, fair value of $76,669, $77,575, and $77,455 at 3/31/2026, 12/31/2025, and 3/31/2025, respectively 87,598 88,421 91,172 (0.9) % (3.9) % Restricted securities, at cost 7,717 7,644 7,634 - - % 1.1 % Equity securities, at fair value 2,886 2,843 2,888 1.5 % (0.1) % Loans, net of unearned income 1,973,743 1,975,360 1,870,472 (0.1) % 5.5 % Allowance for loan credit losses (19,983) (19,805) (18,826) 0.9 % 6.1 % Net loans 1,953,760 1,955,555 1,851,646 (0.1) % 5.5 % Bank premises and equipment, net 1,191 1,315 1,484 (9.4) % (19.7) % Accrued interest receivable 6,071 5,890 5,902 3.1 % 2.9 % Right of use assets 4,289 4,551 4,752 (5.8) % (9.7) % Other assets 12,479 12,505 13,425 (0.2) % (7.0) % Total assets $ 2,352,350 $ 2,332,550 $ 2,272,432 0.8 % 3.5 % Liabilities and Shareholders' Equity Liabilities Deposits: Non-interest bearing demand deposits $ 458,197 $ 432,733 $ 437,822 5.9 % 4.7 % Interest-bearing demand deposits 734,164 745,323 705,386 (1.5) % 4.1 % Savings deposits 33,525 34,683 42,583 (3.3) % (21.3) % Time deposits 761,842 759,546 736,384 0.3 % 3.5 % Total deposits 1,987,728 1,972,285 1,922,175 0.8 % 3.4 % Federal Home Loan Bank advances 56,000 56,000 56,000 - - % - - % Subordinated debt, net 24,896 24,875 24,812 0.1 % 0.3 % Accrued interest payable 1,988 2,124 2,072 (6.4) % (4.1) % Lease liabilities 4,542 4,819 5,101 (5.7) % (11.0) % Other liabilities 9,049 6,809 9,314 32.9 % (2.8) % Total liabilities 2,084,203 2,066,912 2,019,474 0.8 % 3.2 % 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, 14,112,259 at 3/31/2026 including 68,207 unvested shares, 14,214,603 at 12/31/2025 including 68,547 unvested shares, and 14,275,885 at 3/31/2025 including 50,419 unvested shares 140 141 142 (0.7) % (1.4) % Additional paid-in capital 93,796 95,699 97,310 (2.0) % (3.6) % Retained earnings 181,736 176,913 164,761 2.7 % 10.3 % Accumulated other comprehensive loss (7,525) (7,115) (9,255) 5.8 % (18.7) % Total shareholders' equity 268,147 265,638 252,958 0.9 % 6.0 % Total liabilities and shareholders' equity $ 2,352,350 $ 2,332,550 $ 2,272,432 0.8 % 3.5 % * 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 March 31, 2026 2025 % Change (Unaudited) (Unaudited) Interest and Dividend Income Interest and fees on loans $ 26,586 $ 24,807 7.2 % Interest on investment securities, taxable 1,165 1,032 12.9 % Interest on investment securities, tax-exempt 9 9 - - % Dividends 116 123 (5.7) % Interest on deposits in other banks 1,206 1,334 (9.6) % Total interest and dividend income 29,082 27,305 6.5 % Interest Expense Deposits 11,673 12,300 (5.1) % Federal Home Loan Bank advances 551 559 (1) % Subordinated debt 349 349 - - % Total interest expense 12,573 13,208 (4.8) % Net interest income 16,509 14,097 17.1 % Provision for Credit Losses 23 170 (86.5) % Net interest income after provision for credit losses 16,486 13,927 18.4 % Non-interest Income Service charges on deposit accounts 85 82 3.7 % Other service charges and fees 138 153 (9.8) % Insurance commissions 64 213 (70.0) % Gain on sale of government guaranteed loans 6 36 (83.3) % Non-qualified deferred compensation plan asset gains (losses), net (13) 24 N/M Other income (loss) 4 (3) N/M Total non-interest income 284 505 (43.8) % Non-interest Expenses Salaries and employee benefits 5,621 5,099 10.2 % Occupancy expense of premises 406 407 (0.2) % Furniture and equipment expenses 346 316 9.5 % Other expenses 2,550 2,426 5.1 % Total non-interest expenses 8,923 8,248 8.2 % Income before income taxes 7,847 6,184 26.9 % Income Tax Expense 1,746 1,374 27.1 % Net income $ 6,101 $ 4,810 26.8 % Earnings Per Share Basic $ 0.43 $ 0.34 26.5 % Diluted $ 0.43 $ 0.34 26.5 % 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 2026 2025 March 31 December 31 September 30 June 30 March 31 Profitability for the Quarter: Interest income $ 29,082 $ 29,164 $ 28,945 $ 27,843 $ 27,305 Interest expense 12,573 13,224 13,345 12,917 13,208 Net interest income 16,509 15,940 15,600 14,926 14,097 Provision for credit losses 23 624 356 537 170 Non-interest income 284 409 653 507 505 Non-interest expenses 8,923 7,971 9,034 8,313 8,248 Income before income taxes 7,847 7,754 6,863 6,583 6,184 Income tax expense 1,746 1,838 1,459 1,480 1,374 Net income $ 6,101 $ 5,916 $ 5,404 $ 5,103 $ 4,810 Financial Performance: Return on average assets (annualized) 1.06 % 1.01 % 0.94 % 0.91 % 0.87 % Return on average equity (annualized) 9.19 % 8.89 % 8.31 % 8.06 % 7.76 % Net interest margin (annualized) 2.87 % 2.73 % 2.72 % 2.69 % 2.58 % Non-interest income as a percentage of average assets (annualized) 0.05 % 0.07 % 0.11 % 0.09 % 0.09 % Non-interest expense to average assets (annualized) 1.54 % 1.36 % 1.57 % 1.49 % 1.50 % Efficiency ratio 53.1 % 48.8 % 55.6 % 53.9 % 56.5 % Per Share Data: Earnings per common share - basic $ 0.43 $ 0.42 $ 0.38 $ 0.36 $ 0.34 Earnings per common share - diluted $ 0.43 $ 0.42 $ 0.38 $ 0.36 $ 0.34 Book value per share $ 19.00 $ 18.69 $ 18.27 $ 17.83 $ 17.72 Dividends declared per share $ 0.09 $ - - $ - - $ 0.30 $ - - Weighted average common shares (basic) 14,125,649 14,142,249 14,172,953 14,221,597 14,223,046 Weighted average common shares (diluted) 14,125,649 14,142,249 14,172,953 14,223,418 14,241,114 Common shares outstanding at end of period 14,112,259 14,214,603 14,216,781 14,231,389 14,275,885 Non-interest Income: Service charges on deposit accounts $ 85 $ 81 $ 87 $ 86 $ 82 Other service charges and fees 138 142 135 141 153 Insurance commissions 64 24 58 33 213 Gain on sale of government guaranteed loans 6 119 106 61 36 Non-qualified deferred compensation plan asset gains (losses), net (13) 38 158 182 24 Other income (loss) 4 5 109 4 (3) Total non-interest income $ 284 $ 409 $ 653 $ 507 $ 505 Non-interest Expenses: Salaries and employee benefits $ 5,621 $ 4,758 $ 5,693 $ 5,178 $ 5,099 Occupancy expense of premises 406 326 405 407 407 Furniture and equipment expenses 346 326 329 315 316 Other expenses 2,550 2,561 2,607 2,413 2,426 Total non-interest expenses $ 8,923 $ 7,971 $ 9,034 $ 8,313 $ 8,248 Balance Sheets at Quarter End: Total loans, net of unearned income $ 1,973,743 $ 1,975,360 $ 1,938,108 $ 1,916,915 $ 1,870,472 Allowance for loan credit losses (19,983) (19,805) (19,714) (19,298) (18,826) Investment securities 224,367 222,760 216,119 226,495 226,163 Interest-earning assets 2,339,171 2,321,602 2,309,005 2,250,921 2,255,154 Total assets 2,352,350 2,332,550 2,324,544 2,267,953 2,272,432 Total deposits 1,987,728 1,972,285 1,968,828 1,896,893 1,922,175 Total interest-bearing liabilities 1,610,427 1,620,427 1,602,757 1,555,598 1,565,165 Total shareholders' equity 268,147 265,638 259,692 253,732 252,958 Quarterly Average Balance Sheets: Total loans, net of unearned income $ 1,974,165 $ 1,946,386 $ 1,912,275 $ 1,868,290 $ 1,868,303 Investment securities 225,904 220,324 221,802 229,171 231,479 Interest-earning assets 2,331,813 2,319,551 2,275,386 2,224,806 2,220,730 Total assets 2,343,457 2,331,563 2,289,352 2,238,955 2,233,761 Total deposits 1,977,321 1,970,486 1,934,456 1,883,425 1,884,969 Total interest-bearing liabilities 1,618,347 1,601,506 1,571,390 1,530,811 1,540,974 Total shareholders' equity 269,327 264,175 257,993 254,071 251,559 Financial Measures: Average equity to average assets 11.5 % 11.3 % 11.3 % 11.3 % 11.3 % Investment securities to earning assets 9.6 % 9.6 % 9.4 % 10.1 % 10.0 % Loans to earning assets 84.4 % 85.1 % 83.9 % 85.2 % 82.9 % Loans to assets 83.9 % 84.7 % 83.4 % 84.5 % 82.3 % Loans to deposits 99.3 % 100.2 % 98.4 % 101.1 % 97.3 % Capital Ratios (Bank Level): Equity / assets 12.2 % 12.2 % 12.1 % 12.2 % 11.9 % Total risk-based capital ratio 16.5 % 16.3 % 16.6 % 16.3 % 16.5 % Tier 1 risk-based capital ratio 15.4 % 15.2 % 15.5 % 15.3 % 15.4 % Common equity tier 1 ratio 15.4 % 15.2 % 15.5 % 15.3 % 15.4 % Leverage ratio 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 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 Commercial business loans $ 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 321,858 16.3 % 323,486 16.4 % 327,269 16.9 % 320,061 16.7 % 318,087 17.1 % Total business loans 370,763 18.8 % 373,339 18.9 % 373,879 19.3 % 363,343 19.0 % 364,690 19.6 % Investor real estate loans 762,158 38.8 % 756,620 38.5 % 770,405 39.9 % 777,591 40.7 % 759,002 40.7 % Construction & development loans 228,591 11.6 % 222,659 11.3 % 193,444 10.0 % 186,409 9.7 % 173,270 9.3 % Multi-family loans 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 1,083,662 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 513,650 26.1 % 522,990 26.5 % 501,104 25.9 % 489,522 25.6 % 472,747 25.3 % Consumer loans 760 0.0 % 1,157 0.1 % 1,029 0.1 % 998 0.1 % 809 0.0 % Total loans $ 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 (19,983) (19,805) (19,714) (19,298) (18,826) Net deferred loan costs 4,908 5,084 4,770 4,637 4,398 Net loans $ 1,953,760 $ 1,955,555 $ 1,918,394 $ 1,897,617 $ 1,851,646 2026 2025 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 Non-interest bearing demand deposits $ 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) 362,057 18.2 % 380,029 19.3 % 366,655 18.6 % 344,931 18.2 % 355,752 18.5 % Money market accounts(1) 372,107 18.7 % 365,294 18.5 % 360,640 18.3 % 336,299 17.7 % 349,634 18.2 % Savings accounts 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 340,851 17.1 % 337,605 17.1 % 337,800 17.2 % 324,343 17.1 % 322,630 16.8 % Less than $250,000 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 % 249 0.0 % 249 0.0 % 249 0.1 % 249 0.0 % IntraFi® certificates of deposit 39,047 2.0 % 35,096 1.8 % 29,451 1.5 % 27,015 1.4 % 36,522 1.9 % Brokered deposits 301,886 15.2 % 301,886 15.3 % 301,962 15.3 % 301,962 15.9 % 297,678 15.5 % Total deposits $ 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 % $ - - 0.0 % $ - - 0.0 % $ 16,500 17.0 % $ - - 0.0 % Federal Home Loan Bank advances 56,000 69.2 % 56,000 69.2 % 56,000 69.3 % 56,000 57.5 % 56,000 69.3 % Subordinated debt, net 24,896 30.8 % 24,875 30.8 % 24,854 30.7 % 24,833 25.5 % 24,812 30.7 % Total borrowings $ 80,896 100.0 % $ 80,875 100.0 % $ 80,854 100.0 % $ 97,333 100.0 % $ 80,812 100.0 % Total deposits and borrowings $ 2,068,624 $ 2,053,160 $ 2,049,682 $ 1,994,226 $ 2,002,987 Core customer funding sources (2) $ 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) 357,886 17.5 % 358,135 17.7 % 358,211 17.7 % 374,711 19.0 % 353,927 17.9 % Total funding sources $ 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, 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) Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Interest Income / Average Interest Income / Average (Dollars in thousands) Average Balance Expense Rate(3) Average Balance Expense Rate(3) Assets: Securities: Taxable $ 224,526 $ 1,281 2.31 % $ 230,100 $ 1,155 2.04 % Tax-exempt(1) 1,378 11 3.24 % 1,379 11 3.24 % Total securities $ 225,904 $ 1,292 2.32 % $ 231,479 $ 1,166 2.04 % Loans, net of unearned income(2): Taxable 1,953,760 26,403 5.48 % 1,851,627 24,679 5.41 % Tax-exempt(1) 20,405 232 4.61 % 16,676 162 3.94 % Total loans, net of unearned income $ 1,974,165 $ 26,635 5.47 % $ 1,868,303 $ 24,841 5.39 % Interest-bearing deposits in other banks $ 131,744 $ 1,206 3.71 % $ 120,948 $ 1,334 4.47 % Total interest-earning assets $ 2,331,813 $ 29,133 5.07 % $ 2,220,730 $ 27,341 4.99 % Total non-interest earning assets 11,644 13,031 Total assets $ 2,343,457 $ 2,233,761 Liabilities & Shareholders’ Equity: Interest-bearing deposits NOW accounts $ 371,418 $ 1,926 2.10 % $ 357,206 $ 2,127 2.41 % Money market accounts 374,848 2,183 2.36 % 339,248 2,281 2.73 % Savings accounts 34,972 69 0.80 % 43,062 104 0.98 % Time deposits 756,391 7,495 4.02 % 720,658 7,788 4.38 % Total interest-bearing deposits $ 1,537,629 $ 11,673 3.08 % $ 1,460,174 $ 12,300 3.42 % Federal funds purchased 1 — N/M — — N/M Subordinated debt 24,883 349 5.69 % 24,799 349 5.71 % Federal Home Loan Bank advances 55,834 551 4.00 % 56,001 559 4.05 % Total interest-bearing liabilities $ 1,618,347 $ 12,573 3.15 % $ 1,540,974 $ 13,208 3.48 % Demand deposits 439,692 424,795 Other liabilities 16,091 16,433 Total liabilities $ 2,074,130 $ 1,982,202 Shareholders’ equity $ 269,327 $ 251,559 Total liabilities and shareholders’ equity $ 2,343,457 $ 2,233,761 Tax-equivalent net interest income and spread (Non-GAAP)(1) $ 16,560 1.92 % $ 14,133 1.51 % Less: tax-equivalent adjustment 51 36 Net interest income and spread (GAAP) $ 16,509 1.91 % $ 14,097 1.51 % Interest income/earning assets 5.06 % 4.99 % Interest expense/earning assets 2.19 % 2.41 % Net interest margin 2.87 % 2.58 % ___________________ (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 $51 thousand and $36 thousand for the three months ended March 31, 2026 and March 31, 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. Category: Earnings Christopher W. Bergstrom, (703) 584-0840 Kent D. Carstater, (703) 289-5922 Source: John Marshall