John Marshall Bancorp(JMSB) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $4.8 million, a 14.4% increase from $4.2 million in Q1 2024, with diluted earnings per share rising to $0.34 from $0.30[2] - Pre-tax, pre-provision earnings (Non-GAAP) increased by 37.0% to $6.4 million in Q1 2025 compared to the same period in 2024[3] - The Company reported net income of $4.8 million for Q1 2025, a 14.4% increase from Q1 2024[27] - Pre-tax, pre-provision earnings (Non-GAAP) were $6.4 million for Q1 2025, a 37.0% increase compared to $4.6 million in Q1 2024[27] - Net income for the quarter was $4,810 thousand, reflecting a 14.4% increase from $4,204 thousand year-over-year[43] - Basic and diluted earnings per share both increased by 13.3% to $0.34 compared to $0.30 in the prior year[46] Income and Expenses - Net interest income rose by 20.0% to $14.1 million in Q1 2025, driven by a net interest margin increase of 47 basis points to 2.58%[3] - Net interest income increased by $2.4 million or 20.0% in Q1 2025, driven by higher loan yields and a reduction in maturing deposits[28] - Non-interest income decreased by $313 thousand to $505 thousand in Q1 2025, primarily due to unfavorable mark-to-market adjustments[31] - Non-interest expense increased by $324 thousand or 4.1% in Q1 2025, mainly due to higher salary and employee benefit expenses[32] - Total non-interest income decreased by 38.3% to $505,000 from $818,000 year-over-year[46] - Total non-interest expenses increased by 4.1% to $8,248,000 compared to $7,924,000 in the previous year[46] Asset and Liability Management - Total assets reached $2.27 billion as of March 31, 2025, reflecting a 1.7% increase since December 31, 2024[5] - Total loans increased by 2.4% to $1.87 billion compared to $1.83 billion a year earlier, with significant growth in investor real estate and construction loans[6] - Total deposits reached $1,922,175 thousand, a 1.6% increase from $1,892,415 thousand in the previous quarter[43] - Total loans amounted to $1,866,074 million, with a slight decrease from $1,867,652 million in the previous quarter[51] - Total deposits increased to $1,922,175 million, up from $1,892,415 million in the previous quarter, reflecting a growth of 1.6%[51] Capital and Liquidity - The Bank's total risk-based capital ratio was 16.5% as of March 31, 2025, well above the regulatory threshold of 10.0%[13] - The liquidity position totaled $786.9 million, representing 34.5% of total assets, an increase from 32.5% at the end of 2024[8] - Total risk-based capital increased to $300,729 thousand as of March 31, 2025, up from $286,038 thousand as of March 31, 2024, a growth of 5.14%[59] - Tier 1 capital rose to $281,335 thousand as of March 31, 2025, compared to $267,795 thousand as of March 31, 2024, an increase of 5.06%[59] - The adjusted total risk-based capital ratio improved to 15.7% as of March 31, 2025, compared to 15.0% as of March 31, 2024[59] Efficiency and Quality - The efficiency ratio improved to 56.5% in Q1 2025 from 63.1% in Q1 2024, attributed to increased net interest income[33] - The Company recorded no charge-offs during Q1 2025, maintaining excellent asset quality with no loans greater than 30 days past due[17] - The Company recorded a provision for credit losses of $170 thousand in Q1 2025, compared to a recovery of $776 thousand in Q1 2024[30] - Return on average assets (annualized) increased to 0.87%, compared to 0.75% in the previous year[43] - Return on average equity (annualized) improved to 7.76%, up from 7.23% year-over-year[43]