John Marshall Bancorp is:

• A community bank version of Bank of America, specifically serving the Washington D.C. metro area.
• A local bank for Northern Virginia and D.C., similar to how a neighborhood branch of Wells Fargo operates.

• Deposit Accounts: The company offers checking, savings, and money market accounts for individuals and businesses.
• Loan Products: A comprehensive suite of loan products includes personal, auto, home equity, business, overdraft lines of credit, certificate of deposit secured loans, and mortgages.
• Card Services: Customers are provided with both debit and credit cards for various payment and transaction needs.
• Insurance Products: The bank also offers various insurance products to help customers manage their financial risks.
• Treasury Management Services: Services designed for businesses to optimize their cash flow, manage payments, and enhance liquidity.
• Digital Banking: This includes online and mobile banking services, providing convenient access to accounts and transactions.

John Marshall Bancorp (JMSB), operating as John Marshall Bank, primarily serves customers within its local geographic footprint, which includes the Greater Washington D.C. metropolitan area (Northern Virginia, Maryland, and Washington D.C.). As a bank, its customer base consists of a broad range of individuals and businesses, rather than a few identifiable "major customer companies" in the traditional sense.

Based on the banking products and services offered, John Marshall Bancorp serves the following categories of customers:

1. Individual Consumers: This category includes residents within the bank's service areas who utilize personal banking products such as checking, savings, and money market accounts, as well as various loan products like car loans, personal term loans, home equity lines of credit, and mortgages. They also use debit and credit cards and online/mobile banking services.
2. Small to Medium-Sized Businesses: Businesses operating in the bank's geographic region are a key customer segment. They leverage commercial banking products including business loans, lines of credit, business checking and savings accounts, treasury management services, and online banking solutions tailored for businesses.

Christopher W. Bergstrom, President & Chief Executive Officer

Mr. Bergstrom has over 43 years of experience in banking. He joined John Marshall Bancorp in 2018. Prior to his current role, he was the Founder, President, and CEO of Cardinal Bank. He later served as President of United Bank after Cardinal Bank was acquired.

Kent D. Carstater, Senior Executive Vice President, Principal Accounting Officer and Chief Financial Officer

Mr. Carstater possesses over 26 years of financial services experience, including roles as a commercial banker and investment banker. He joined John Marshall Bancorp in 2016 and has been the CFO of John Marshall Bank since June 2017. Previously, he served as SVP and Treasurer at the Bank of Georgetown. He also advised community bank executives on strategic matters, including capital offerings and mergers and acquisitions, as an investment banker. Notably, he founded a private equity firm focused on investing in community and regional banks.

Andrew J. Peden, Senior Executive Vice President and Chief Banking Officer

Mr. Peden has over 24 years of banking experience, all within the Washington, D.C. Metropolitan Statistical Area. He joined John Marshall Bancorp in 2018.

Kelly Bell, Executive Vice President & Chief Operating Officer

Ms. Bell serves as the Executive Vice President and Chief Operating Officer.

Charles Kapur, Senior Vice President, Director of Deposit Services

Mr. Kapur joined John Marshall Bank as Senior Vice President, Director of Deposit Services. He has over 18 years of banking experience and previously served as the President and CEO of the Greater Reston Chamber of Commerce for nearly six years, where he developed strong community ties and leadership capabilities.

Key Risks to John Marshall Bancorp (JMSB):

1. Concentration in the Washington, D.C. Metropolitan Area: John Marshall Bancorp's business is highly concentrated within the Washington, D.C. metropolitan area. This geographical concentration exposes the company to significant risks tied to regional economic and political shifts, including potential changes in U.S. government spending and federal workforce adjustments.
2. Highly Competitive Banking Market: The banking market in the Washington, D.C. region is intensely competitive, characterized by the presence of numerous local, regional, national, and non-bank financial institutions, as well as fintech companies. This competitive landscape makes it challenging for John Marshall Bancorp to differentiate its services, maintain existing deposit relationships, attract new deposits, and compete effectively with larger financial entities.
3. Interest Rate and Liquidity Risks: The company faces inherent interest rate risks, particularly in environments with rising rates or economic downturns, which can lead to reduced net interest margins or decreased fair value of financial instruments. Additionally, John Marshall Bancorp is exposed to liquidity risks, which are crucial for maintaining stable operations and meeting financial obligations.

The clear emerging threats for John Marshall Bancorp are digital-only banks (neobanks) and specialized fintech companies. These entities leverage technology and new business models to offer core banking services, such as deposit accounts, lending, and payment solutions, primarily through online and mobile platforms. This challenges John Marshall Bancorp's traditional branch-based model by providing consumers with more convenient, often lower-cost, and digitally seamless alternatives that can attract customers away from established regional banks.

For John Marshall Bancorp (symbol: JMSB), the addressable markets for its main products and services are primarily within the Washington D.C. Metropolitan Area, which includes Northern Virginia, and parts of Maryland.

Here are the estimated market sizes for their main product categories:

• Deposits (Checking, Savings, Money Market Accounts): The total deposits across Virginia were approximately $296 billion in 2024. John Marshall Bank itself reported $1.98 billion in deposits in its latest filing.
• Mortgage Loans (Residential Mortgages, Home Equity Lines of Credit):
  • In the Washington-Arlington-Alexandria, DC-VA-MD-WV core-based statistical area, the mortgage market is projected to have over $40 billion in purchase loan volume from nearly 70,000 purchase loan originations in 2025.
  • Across Virginia, new home loans booked in 2024 amounted to $35.2 billion, comprising 81,259 loans, with a median new home loan size of $375,000.
• Commercial/Business Loans (Business Loans, Commercial Real Estate Loans, Commercial and Industrial Loans, Construction and Development Loans):
  • The Commercial Banking industry in Washington (D.C. metropolitan area) experienced an average annual growth rate of 8.6% from 2020 to 2025, indicating a substantial and expanding market.
  • In Virginia, small business loans totaled $14 billion in 2024, with 595.6 thousand loans issued.
  • Northern Virginia is noted as having the deepest lender pool in the state for commercial lending, with strong demand for industrial, multifamily, and government-adjacent assets.
• Consumer Loans (Personal Term Loans and Lines of Credit, Car Loans, Overdraft Lines of Credit): The North American consumer credit market, which includes these types of loans, was valued at $11.8 billion in 2022 and is projected to reach $24.3 billion by 2032. This represents a broader market, as specific regional data for consumer loans within John Marshall Bancorp's immediate operating area is not readily available.

Here are 3-5 expected drivers of future revenue growth for John Marshall Bancorp (JMSB) over the next 2-3 years:

1. Sustained Loan Portfolio Growth: John Marshall Bancorp has demonstrated strong loan demand and growth, with its loan portfolio increasing by $103.2 million, or 5.5%, in 2025. This momentum continued into Q4 2025 with an annualized growth of 7.6% and a robust loan pipeline of $139.7 million in new commitments, which is expected to provide a tailwind for 2026. The company is committed to disciplined growth in its loan portfolio.
2. Net Interest Margin Expansion: The company has experienced growth in its net interest income, driven by margin expansion. In Q4 2025, net interest income increased by 13.3% from the previous year, and the net interest margin expanded to 2.73% from 2.52% in Q4 2024. Management anticipates that potential Federal Open Market Committee (FOMC) rate reductions and a normalization of the yield curve could further enhance profitability.
3. Market Share Expansion in a Growing Regional Economy: John Marshall Bancorp operates in the Washington, D.C. metropolitan area, a region characterized by considerable population and economic growth. The company expects the continued economic strength of its market to enable it to grow its customer base and increase its market share.
4. Strategic Recruitment and Relationship-Based Banking: The company emphasizes its ability to recruit and retain talented, customer service-oriented professionals as central to growing and expanding banking relationships. Recent hires, such as a VP, Commercial Lender for the Alexandria market and the expansion of its GovCon Team in Tysons in early 2026, indicate a continued focus on leveraging skilled personnel to attract new customers and deepen existing relationships within its service areas.

Share Repurchases

• John Marshall Bancorp, Inc. extended a stock repurchase program, originally adopted in 2021, through August 31, 2026.
• The program authorizes the company to repurchase up to 700,000 shares of its common stock, which represents approximately 5% of its outstanding shares.
• As of August 19, 2025, the company had repurchased 93,103 shares, totaling approximately $1.6 million, under this program. For the twelve months ending December 31, 2025, 135,640 shares were repurchased at a weighted average price of $17.80.

Share Issuance

• John Marshall Bancorp, Inc. is authorized to issue 30,000,000 shares of voting common stock, 1,000,000 shares of nonvoting common stock, and 1,000,000 shares of preferred stock, all with a par value of $0.01 per share.
• As of December 31, 2025, the common stock was the only class of its securities registered under Section 12 of the Securities Exchange Act of 1934.

Capital Expenditures

• John Marshall Bancorp, Inc.'s Capital Expenditure was USD -33.0 thousand in 2025.
• Free cash flow, representing cash available after capital expenditures, was $1.2 million in Q3 2025, which was an 83.9% decrease from the prior quarter.
• Capital expenditures for Q3 2025 were $33 thousand.