John Marshall Bancorp (JMSB) investor relations material

Executive summary

• Q3 net income rose 39.5% YoY to $7.5M; diluted EPS increased 39.5% to $0.53, marking the ninth consecutive quarter of net income growth.

• Adjusted for $332K of merger costs and the prior quarter’s $835K investment-unit sale gain, core net income increased 22.7% QoQ to $7.8M and core diluted EPS rose 22.8% to $0.55.

• The pending all-stock merger is projected to create a combined institution with ~$4.3B in assets and 23 offices; closing is expected in Q1 2027, subject to approvals and other conditions.

Financial highlights

• Q3 net interest income rose 14.0% YoY to $17.8M; net interest income after provision for credit losses increased 18.8% to $18.1M.

• Total assets were $2.44B, up 4.8% YoY; deposits were $2.06B, up 4.8% YoY, and loans net of unearned income were $2.01B, up 3.8%.

• Q3 revenue increased 11.1% YoY while non-interest expense declined 3.9%; GAAP net income was $7.5M versus $5.4M a year earlier.

• Nine-month net income rose 34.9% YoY to $20.7M; adjusted core net income, excluding merger costs and the investment-unit sale gain, increased 32.3% to $20.3M.

Outlook and guidance

• The Eagle transaction is expected to close in Q1 2027, subject to regulatory and shareholder approvals and customary closing conditions; projected combined assets are ~$4.3B across 23 offices.

• Management expects the SBA to pay the guarantee on the $267K non-accrual loan; the loan’s guaranteed balance is subject to a submitted reimbursement request.