John Marshall Bancorp(US:JMSB)2025-10-29 13:10Financial Performance - Net income for the quarter ended September 30, 2025, was $5.4 million, a 27.6% increase from $4.2 million in the same quarter of 2024[2] - Diluted earnings per share rose to $0.38, reflecting a 26.7% increase compared to $0.30 for the quarter ended September 30, 2024[2] - Year-to-date net income for the nine months ended September 30, 2025, was $15.3 million, an increase of $3.0 million or 24.1% compared to the same period in 2024[37] - Net income for the nine months ended September 30, 2025, was $15,317,000, a 24.0% increase compared to $12,344,000 for the same period in 2024[52] - Net income increased by 27.6% to $5,404,000 for the three months ended September 30, 2025[58] Asset and Loan Growth - Total assets grew to $2.32 billion, an increase of $89.6 million or 4.0% since December 31, 2024[5] - Total loans, net of unearned income, increased to $1.94 billion, reflecting a $95.5 million or 5.2% increase year-over-year[6] - New loan commitments for the nine months ended September 30, 2025, totaled $327.3 million, a 22.4% increase from $267.5 million in the same period of 2024[3] - Total loans, net of unearned income, increased to $1,912,275 thousand for the three months ended September 30, 2025, from $1,818,472 thousand in 2024, marking a growth of 5.2%[70] Deposits - Total deposits increased by $71.9 million or 15.0% annualized during the most recent quarter, reaching $1.97 billion[3] - Total deposits reached $1,968,828,000 in Q3 2025, a slight increase from $1,936,150,000 in Q3 2024, showing stability in deposit growth[52] - Total deposits increased to $1,968,828 million, a growth of 3.8% from the previous quarter[63] Interest Income and Margin - The tax-equivalent net interest margin expanded to 2.73%, up from 2.30% in the third quarter of 2024, marking the sixth consecutive quarter of margin expansion[3] - Net interest income for Q3 2025 increased by $2.4 million or 18.6% to $15.6 million compared to $13.2 million in Q3 2024[29] - The annualized tax-equivalent net interest margin for Q3 2025 was 2.73%, up from 2.30% in Q3 2024[30] - The net interest margin improved to 2.72% for the three months ended September 30, 2025, compared to 2.30% in the same period of 2024[70] Efficiency and Expenses - The efficiency ratio improved to 55.6% in Q3 2025 from 58.3% in Q3 2024, driven by an 18.0% growth in total revenue[35] - Non-interest expense rose by $1.0 million or 12.5% in Q3 2025, mainly due to increases in salaries and employee benefits[34] - The efficiency ratio for the nine months ended September 30, 2025, was 55.3%, an improvement from 61.2% in the same period of 2024[45] Capital and Risk Management - The Bank's total risk-based capital ratio was 16.6% as of September 30, 2025, well above the regulatory threshold of 10.0%[13] - The allowance for loan credit losses was $19.7 million, representing 1.02% of outstanding loans as of September 30, 2025[18] - The allowance for loan credit losses increased to $19,714,000 in Q3 2025 from $18,481,000 in Q3 2024, indicating a proactive approach to risk management[52] - The Tier 1 risk-based capital ratio remained strong at 15.5% in Q3 2025, consistent with 15.3% in Q3 2024, demonstrating solid capital adequacy[52] Non-Interest Income - Non-interest income increased by $36 thousand in Q3 2025, primarily due to a $101 thousand increase in customer swap fee income[33] - Non-interest income decreased by $325 thousand or 16.3% for the nine months ended September 30, 2025, primarily due to a decrease in gains on the sale of SBA 7(a) loans[42] - Non-interest income for the nine months ended September 30, 2025, was $1,665,000, down from $1,990,000 in the same period of 2024, reflecting a decrease of 16.3%[52]