John Marshall Bancorp (JMSB) investor relations material

Strategic rationale and market positioning

• Merger creates the 5th largest bank headquartered in Virginia, with $4.4B in assets and a complementary footprint across the D.C. metro area and Shenandoah Valley.

• Combined entity will have 23 banking offices, serving key markets including Winchester and Washington, D.C.

• Pro forma deposit market share in Virginia rises to 1.1%, placing the combined bank in the top 10 for the state.

• Diversified revenue streams include robust fee income from wealth management, mortgage, and SBA activities.

• Enhanced scale supports a stronger multiple and expanded product capabilities for customers.

Financial highlights and transaction terms

• All-stock transaction with a fixed exchange ratio of 2.0 JMSB shares for each EFSI share, valuing EFSI at $46.72 per share and total consideration of $252.8M.

• Pro forma ownership: 56.6% JMSB, 43.4% EFSI; combined board split evenly between both companies.

• Fully-phased 2027E EPS accretion of ~38% and ROAA of ~1.6%, with a pro forma efficiency ratio of ~47%.

• Tangible book value dilution at close is ~14%, with an earnback period of ~3.1 years.

• Anticipated quarterly dividend increase to $0.155 per share for parity.

Franchise strengths and operational synergies

• Low-cost, granular core deposit base and disciplined pricing discipline maintained through rate cycles.

• More diversified, higher-yielding loan book with reduced CRE concentration and increased C&I and consumer lending.

• Wealth management platform with ~$600M AUM, contributing 43% of EFSI's fee income.

• Estimated cost savings of 15% of combined annual noninterest expense base, with 75% phased in by 2027.

• Comprehensive due diligence review conducted across 12 functional areas, including credit, risk, and business lines.