# John Marshall Bancorp, Inc. (JMSB) Informational only - not investment advice. CIK: 0001710482 SIC: 6022 State Commercial Banks SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/) Latest 10-K filed: 2026-03-13 SEC page: https://www.sec.gov/edgar/browse/?CIK=1710482 Filing source: https://www.sec.gov/Archives/edgar/data/1710482/000110465926027378/jmsb-20251231x10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-13 · accession 0001104659-26-027378 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001710482.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 113,257,000 USD | 2025 | verified | | Net income | 21,233,000 USD | 2025 | verified | | Assets | 2,332,550,000 USD | 2025 | verified | | Free cash flow | 22,030,000 USD | 2025 | computed | | Net margin | 18.75% | 2025 | computed | | Revenue YoY | +2.84% | 2025 | computed | | ROE | 7.99% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | JMSB | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 18.7% | 21.9% | 36 | 149 | | Revenue growth | 2.8% | 6.0% | 36 | 148 | | FCF margin | 19.5% | 23.8% | 30 | 133 | | ROE | 8.0% | 9.6% | 28 | 149 | | ROA | 0.9% | 1.1% | 34 | 149 | | Liabilities / equity | 7.78 | 8.04 | 43 | 149 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 113257000 | USD | 2025 | 2026-03-13 | | Net income | 21233000 | USD | 2025 | 2026-03-13 | | Assets | 2332550000 | USD | 2025 | 2026-03-13 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001710482.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 74,119,000 | 84,066,000 | 100,770,000 | 110,133,000 | 113,257,000 | | Net income | | 25,461,000 | 31,803,000 | 5,158,000 | 17,121,000 | 21,233,000 | | Diluted EPS | | 1.83 | 2.25 | 0.36 | 1.20 | 1.49 | | Operating cash flow | | 32,354,000 | 33,155,000 | 18,004,000 | 17,259,000 | 22,584,000 | | Capital expenditures | | 353,000 | 156,000 | 612,000 | 483,000 | 554,000 | | Dividends paid | | | 2,799,000 | 3,108,000 | 3,558,000 | 4,271,000 | | Share buybacks | | | | | 49,000 | 2,419,000 | | Assets | | 2,149,309,000 | 2,348,235,000 | 2,242,549,000 | 2,234,947,000 | 2,332,550,000 | | Liabilities | | 1,940,839,000 | 2,135,435,000 | 2,012,635,000 | 1,988,333,000 | 2,066,912,000 | | Stockholders' equity | 186,081,000 | 208,470,000 | 212,800,000 | 229,914,000 | 246,614,000 | 265,638,000 | | Cash and cash equivalents | | 105,799,000 | 61,599,000 | 99,005,000 | 122,469,000 | 129,974,000 | | Free cash flow | | 32,001,000 | 32,999,000 | 17,392,000 | 16,776,000 | 22,030,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 34.35% | 37.83% | 5.12% | 15.55% | 18.75% | | Return on equity | | 12.21% | 14.95% | 2.24% | 6.94% | 7.99% | | Return on assets | | 1.18% | 1.35% | 0.23% | 0.77% | 0.91% | | Liabilities / equity | | 9.31 | 10.03 | 8.75 | 8.06 | 7.78 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001710482.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.57 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.44 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.32 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 26,263,000 | -10,137,000 | -0.72 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 26,599,000 | 4,502,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 26,919,000 | 4,204,000 | 0.30 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 26,791,000 | 3,905,000 | 0.27 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 28,428,000 | 4,235,000 | 0.30 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 27,995,000 | 4,777,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 27,305,000 | 4,810,000 | 0.34 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 27,843,000 | 5,103,000 | 0.36 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 28,945,000 | 5,404,000 | 0.38 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 29,165,000 | 5,916,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 29,082,000 | 6,101,000 | 0.43 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 29,749,000 | 7,019,000 | 0.50 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from JMSB's latest 10-K: [/company/JMSB/business/](/company/JMSB/business/). ## Risk Factors Verbatim Item 1A Risk Factors from JMSB's latest 10-K: [/company/JMSB/risk-factors/](/company/JMSB/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1710482/000110465926092388/jmsb-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-07 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the consolidated financial condition and results of operations of the Company and its subsidiary should be read in conjunction with the consolidated financial statements and related notes presented in Item 1, Financial Statements, of this Form 10-Q. Historical results of operations and the percentage relationships among any amounts included, and any trends that may appear, may not indicate results of operations or trends in operations for any future periods. Use of Non-GAAP Financial Measures This discussion and analysis contains financial information determined by methods other than in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Management believes that the supplemental non-GAAP information provides a better comparison of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. The non-GAAP measure used in this report is tax-equivalent net interest income. 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. Where the non-GAAP financial measure is used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure, as well as a statement of the company’s reasons for utilizing the non-GAAP financial measure, can be found within this discussion and analysis. Cautionary Note on Forward-Looking Statements In addition to historical information, this Form 10-Q of John Marshall Bancorp, Inc. (the “Company”) 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. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. These forward-looking statements are based on our beliefs and assumptions and on the information available to us at the time that these disclosures were prepared, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from any future results expressed or implied by such forward-looking statements. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance such expectations will prove to have been correct. Should any known or unknown risks and uncertainties develop into actual events, those developments could have material adverse effects on our business, financial condition and results of operations. Factors that could have an adverse effect on the operations of the Company and its wholly-owned subsidiary, John Marshall Bank (the “Bank”), include, but are not limited to, the following: [[GREPCENT_TABLE]] [["","\u2022","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 United States government, and related reductions in the federal workforce;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","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;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","deterioration of our asset quality;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","future performance of our loan portfolio with respect to recently originated loans;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","the level of prepayments on loans and mortgage-backed securities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","liquidity, interest rate and operational risks associated with our business;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","changes in our financial condition or results of operations that reduce capital;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","our ability to maintain existing deposit relationships or attract new deposit relationships;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","changes in consumer spending, borrowing and savings habits;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","inflation and changes in interest rates that may reduce our margins or reduce the fair value of financial instruments;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","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 (the \u201cFederal Reserve\u201d);"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","additional risks related to new lines of business, products, product enhancements or services;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","increased competition with other financial institutions and fintech companies;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","adverse changes in the securities markets;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","changes in the financial condition or future prospects of issuers of securities that we own;"]] [[/GREPCENT_TABLE]] 33 Table of Contents [[GREPCENT_TABLE]] [["","\u2022","our ability to maintain an effective risk management framework;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory structure and in regulatory fees and capital requirements;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","compliance with legislative or regulatory requirements;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","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;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","potential claims, damages, and fines related to litigation or government actions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","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;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","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;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","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;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","public health events (such as the COVID-19 pandemic) and governmental and societal responses thereto;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","technological risks and developments, and cyber threats, attacks, or events;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","changes in accounting policies and practices;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","our ability to successfully capitalize on growth opportunities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","our ability to retain key employees;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","deteriorating economic conditions, either nationally or in our market area, including higher unemployment and lower real estate values;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","implications of our status as a smaller reporting company and as an emerging growth company; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","other factors discussed in Item 1A. Risk Factors in the Company\u2019s 2025 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (\u201cSEC\u201d) on March 13, 2026."]] [[/GREPCENT_TABLE]] ​ These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We do not undertake, and specifically disclaim 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. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary note. ​ 34 Table of Contents Overview We are a bank holding company headquartered in Reston, Virginia primarily serving the Washington, D.C. metropolitan area. The material business operations of our organization are performed through the Bank. As a result, the discussion and analysis within this section primarily relate to activities conducted at the Bank. As with most community banks, the Bank derives a significant portion of its income from interest received on loans and investments. The Bank’s primary source of funding is deposits, both interest-bearing and non-interest-bearing. To account for credit risk inherent in all loans, the Bank maintains an allowance for loan credit losses to absorb lifetime losses on existing loans. The Bank establishes and maintains this allowance by recording a provision for credit losses against earnings. In addition to net interest income, the Bank also generates income through service charges on deposits, insurance commission income, merchant services fee income, swap fee income and gain on sale of the guaranteed portion of U.S. Small Business Administration (“SBA”) 7(a) loans. In order to maintain its operations, the Bank incurs various operating expenses which are further described within the “Results of Operations” later in this section. As of June 30, 2026, the Company had total consolidated assets of $2.40 billion, total loans net of unearned income of $2.01 billion, total deposits of $1.99 billion and total shareholders’ equity of $273.8 million. Critical Accounting Policies and Estimates The Company’s accounting and reporting policies conform to GAAP, as well as general practices within the banking industry. Application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements may reflect different estimates, assumptions, and judgments. Certain policies inherently rely more extensively on the use of estimates, assumptions, and judgments and as such may have a greater possibility of producing results that could be materially different than originally reported. Our most significant accounting policies are described in Item 7. Management’s Discussion and Analysis of Financial Condi [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1710482/000110465926027378/jmsb-20251231x10k.htm Complete FY 2025 MD&A: /company/JMSB/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-13 Report date: 2025-12-31 Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the consolidated financial condition and results of operations of the Company and its subsidiary should be read in conjunction with the consolidated financial statements and related notes presented in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. Historical results of operations and the percentage relationships among any amounts included, and any trends that may appear, may not be indicative of results of operations or trends in operations for any future periods. Use of Non-GAAP Financial Measures This discussion and analysis 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 period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. Non-GAAP measures used in this report consist of tax-equivalent net interest income and net interest margin. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Where the non-GAAP financial measure is used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure, a statement of the company’s reasons for utilizing the non-GAAP financial measure, can be found within this discussion and analysis. Overview John Marshall Bancorp, Inc. is a bank holding company headquartered in Reston, Virginia primarily serving the Washington, D.C. metropolitan area. The material business operations of the Company are performed through its only subsidiary, John Marshall Bank. As a result, the discussion and analysis within this section primarily relate to activities conducted at the Bank. As with most community banks, the Bank derives a significant portion of its income from interest received on loans and investments. The Bank’s primary source of funding is deposits, both interest-bearing and non-interest-bearing. To account for credit risk inherent in all loans, the Bank maintains an allowance for loan credit losses to absorb lifetime losses on existing loans. The Bank establishes and maintains this allowance by recording a provision for loan credit losses against earnings. In addition to net interest income, the Bank also generates income through service charges on deposits, insurance commission income, merchant services fee income, swap fee income and gain on sale of the guaranteed portion of U.S. Small Business Administration (“SBA”) 7(a) loans. Net income for the year ended December 31, 2025 was $21.2 million ($1.49 per diluted common share) compared to $17.1 million ($1.20 per diluted common share) for the year ended December 31, 2024, representing a 24.0% and 24.2% increase in net income and earnings per diluted common share, respectively. The increase during 2025 was driven by a $9.5 million increase in net interest income, which was partially offset by a $2.1 million increase in provision for credit losses and a $1.8 million increase in non-interest expense. The increase in net interest income was driven primarily by the decrease in 45 Table of Contents rates of interest-bearing deposits coupled with increases in average balances and yields of the loan portfolio. The net interest margin for the twelve months ended December 31, 2025 was 2.68% as compared to 2.28% for the same period in the prior year. An improvement in net interest margin during the current year was attributable to management’s proactive approach in repricing deposits concurrently with each of the three federal funds rate cuts totaling 75 basis points since September 2025 through December 2025. Higher provision for credit losses during the twelve months ended December 31, 2025 was primarily a result of the growth in the loan portfolio and the related changes in the portfolio mix, coupled with the impact of the charge-off of the unguaranteed portion of one commercial business SBA 7(a) loan during the fourth quarter of 2025 and management’s assessment of the qualitative adjustments reflecting changing local economic conditions monitored throughout the year. An increase in non-interest expense during the current year as compared to the prior year was primarily attributable to an increase in salaries and employee benefits, which was mainly associated with the higher headcount within the Company and an increase in incentive compensation tied to the Company’s operating performance. The investments made to expand the headcount during the current year are expected to contribute to the future growth of the Company and subsequent increases in revenues. The increase in incentive compensation reflected the 24% year-over-year increase in net income and the fact that the Company’s operating performance for 2025 exceeded the budget and strategic plan. ​ The results for 2025 reflect the following: ​ [[GREPCENT_TABLE]] [["","\u25cf","At December 31, 2025, total assets were $2.33 billion, a 4.4% increase compared to $2.23 billion at December 31, 2024."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Total loans, net of unearned income, increased by $103.2 million or 5.5% to $1.98 billion at December 31, 2025 compared to $1.87 billion at December 31, 2024. The increase in loans from December 31, 2025, was primarily attributable to growth in construction & development loans and residential mortgage loans, partially offset by a decline in commercial owner-occupied real estate loans. All other portfolios remained relatively unchanged during the most recent year."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Deposits increased by $79.9 million or 4.2% to $1.97 billion at December 31, 2025 compared to $1.89 billion at December 31, 2024. During the year, interest-bearing deposits increased by $80.4 million or 5.5%, while non-interest bearing deposits remained relatively unchanged. Growth in interest-bearing deposits during the current year was driven by core time deposits, interest-bearing demand deposits and money market accounts, which increased by $24.5 million, $24.2 million and $16.0 million, respectively."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Net interest income for 2025 increased $9.5 million or 18.6% compared to 2024. The declining interest rate environment during the current year resulted in a $6.4 million decrease in interest expense, while interest income grew by $3.1 million."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The net interest margin for 2025 was 2.68% compared to 2.28% for 2024. An expansion of the net interest margin for the current year reflects the lower rate paid on interest-bearing liabilities in combination with a higher yield on interest-earning assets. As compared to the prior year, the rate paid on interest-bearing liabilities declined by 41 basis points, while the yield on interest-earning assets rose 10 basis points, resulting in a net interest margin expansion of 40 basis points."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The provision for credit losses for 2025 amounted to a charge of $1.7 million as compared to a $0.4 million recovery of a provision for credit losses for 2024. The provision for credit losses for 2025 was mainly a reflection of growth of the loan portfolio and the related changes in the portfolio mix along with the management\u2019s assessment of the qualitative adjustments reflecting changing economic conditions and portfolio concentrations monitored throughout the year."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Non-interest income for 2025 decreased $0.2 million or 8.7% to $2.1 million compared to $2.3 million for 2024, driven by a $198 thousand decrease in the recorded gain on sale of the government guaranteed portion of the SBA 7(a) loans due to lower sale activity along with the $88 thousand decrease in insurance commissions."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Non-interest expense increased $1.8 million or 5.5% during the twelve months ended December 31, 2025 compared to the same period in 2024 primarily resulting from increases in salaries and employee benefits and other expense, predominantly due to higher data processing service fees and professional fees. The $1.5 million or 7.7% increase in salaries and employee benefits was mainly associated with the higher headcount within the Company and an increase in incentive compensation tied to the Company\u2019s operating performance. The investments made to expand the headcount during the current year are expected to contribute to the future growth"]] [[/GREPCENT_TABLE]] 46 Table of Contents [[GREPCENT_TABLE]] [["","","of the Company and subsequent increases in revenues. The increase in incentive compensation reflected the 24% year-over-year increase in net income and the fact that the Company\u2019s operating performance for 2025 exceeded the budget and strategic plan."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Return on average assets (\u201cROAA\u201d) for the year was 0.93% and return on average equity (\u201cROAE\u201d) was 8.26% compared to 0.76% and 7.16%, respectively, for the prior year."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","For the year ended December 31, 2025, the efficiency ratio was 53.6% compared to 59.7% for 2024. The improvement in the efficiency ratio was due to a 17.5% growth in total revenue, which outpaced a 5.5% increase in non-interest expense over the period."]] [[/GREPCENT_TABLE]] ​ At December 31, 2025, the allowance for credit losses was $19.8 million or 1.00% of outstanding loans compared to $18.7 million or 1.00% of outstanding loans at the end of 2024. The increase in the allowance during the year compared to the previous year was primarily driven by the growth of the loan portfolio along with management’s adjustments of qualitative factors related to economy and loan portfolio concentrations. As of December 31, 2025, the Company had no non-accrual loans and no other real estate owned assets. FHLB advances remained unchanged at $56.0 million as of December 31, 2025 compared to December 31, 2024.  The three FHLB advances have a weighted average fixed interest rate of 3.99%.  In addition to outstanding FHLB advances, total borrowings as of December 31, 2025 included subordinated debt totaling $24.9 million.  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 $827.0 million as of December 31, 2025 compared to $727.3 million as of December 31, 2024, respectively. In addition to available secured borrowing capacity, the Bank had available federal funds lines of $110.0 million at December 31, 2025.  At December 31, 2025, total cash and cash equivalents were $130.0 million, an increase of $7.5 million or 6.1% compared to December 31, 2024. Shareholders’ equity increased $19.0 million or 7.7% to $265.6 million at December 31, 2025 compared to $246.6 million at December 31, 2024. Book value per share was $18.69 as of December 31, 2025 compared to $17.28 as of December 31, 2024, an increase of 8.2%. The ratio of common equity to assets increased to 12.2% at December 31, 2025, compared to 11.9% at December 31, 2024. At December 31, 2025, the Company had a total risk-based capital ratio of 16.3%, a common equity tier 1 risk-based capital ratio of 15.2%, a tier 1 risk-based capital ratio of 15.2%, and a tier 1 leverage ratio of 12.5%, all above the “well-capitalized” regulatory requirement levels. 47 Tabl [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/JMSB/mda/fy2025/ All MD&A years: /company/JMSB/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/JMSB/mda/fy2024/): filed 2025-03-28; accession 0001558370-25-003982 (https://www.sec.gov/Archives/edgar/data/1710482/000155837025003982/jmsb-20241231x10k.htm) - [FY 2023 MD&A](/company/JMSB/mda/fy2023/): filed 2024-03-20; accession 0001558370-24-003634 (https://www.sec.gov/Archives/edgar/data/1710482/000155837024003634/jmsb-20231231x10k.htm) - [FY 2022 MD&A](/company/JMSB/mda/fy2022/): filed 2023-03-23; accession 0001558370-23-004473 (https://www.sec.gov/Archives/edgar/data/1710482/000155837023004473/jmsb-20221231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/JMSB.md · JSON record: /company/JMSB.json · verified financials: /company/JMSB/financials.json / /company/JMSB/financials.csv · machine TOC for the whole site: /llms.txt