Revenue growth remains robust with 18.1% year-over-year NII expansion in 2026Q1, though this is tempered by a stagnant 0.7% net interest margin reflecting ongoing funding cost pressures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Net Interest Income | 62.73M | 60.56M | 50.66M | 50.18M | 70.17M | 65.64M | 56.52M | 48.24M | 43.23M | 40.11M | 35.77M | 33.38M | 29.73M | 26.23M | 0 |
| NII Growth % | 74.46% | 19.56% | 0.94% | -28.48% | 6.9% | 16.14% | 17.16% | 11.6% | 7.78% | 12.14% | 7.14% | 12.29% | 13.32% | - | - |
| Net Interest Margin % | 2.67% | 2.6% | 2.27% | 2.24% | 2.99% | 3.05% | 3% | 3.05% | 3.1% | 3.41% | 3.33% | 3.59% | 3.78% | 3.96% | 0% |
| Interest Income | 114.79M | 113.26M | 109.74M | 100.47M | 83.82M | 73.86M | 72.13M | 68.57M | 57.42M | 48.9M | 42.02M | 38.59M | 34.1M | 30.17M | 0 |
| Interest Expense | 52.06M | 52.69M | 59.09M | 50.29M | 13.64M | 8.21M | 15.61M | 20.32M | 14.19M | 8.79M | 6.25M | 5.21M | 4.37M | 3.94M | 0 |
| Loan Loss Provision | 1.52M | 1.69M | -370K | -3.25M | 175K | 3.1M | 6.22M | 1.17M | 1.07M | 1.38M | 3.81M | 1.2M | 1.02M | 760K | 0 |
| Non-Interest Income | 1.81M | 2.07M | 2.66M | -14.64M | 1.94M | 1.98M | 1.93M | 1.76M | 1.71M | 1.65M | 1.36M | 875K | 703K | 528K | 20.51M |
| Non-Interest Income % | 1.55% | 1.8% | 2.37% | -17.06% | 2.26% | 2.61% | 2.6% | 2.5% | 2.89% | 3.26% | 3.15% | 2.22% | 2.02% | 1.72% | 100% |
| Total Revenue | 116.6M | 115.33M | 112.4M | 85.83M | 85.76M | 75.84M | 74.06M | 70.33M | 59.13M | 50.55M | 43.38M | 39.47M | 34.8M | 30.7M | 20.51M |
| Revenue Growth % | 14.74% | 2.6% | 30.96% | 0.09% | 13.08% | 2.4% | 5.31% | 18.94% | 16.97% | 16.51% | 9.92% | 13.41% | 13.36% | 49.66% | - |
| Non-Interest Expense | 34.26M | 33.57M | 31.81M | 30.82M | 31.87M | 32.26M | 29.16M | 28.7M | 28.52M | 24.13M | 20.98M | 19.28M | 17.02M | 15.04M | 12.73M |
| Efficiency Ratio | 29.39% | 29.1% | 28.3% | 35.9% | 37.17% | 42.54% | 39.38% | 40.81% | 48.24% | 47.73% | 48.35% | 48.85% | 48.91% | 48.99% | 62.08% |
| Operating Income | 28.76M | 27.38M | 21.88M | 7.98M | 40.06M | 32.26M | 23.07M | 20.13M | 15.35M | 16.25M | 12.34M | 13.78M | 12.39M | 10.96M | 7.78M |
| Operating Margin % | 24.67% | 23.74% | 19.46% | 9.3% | 46.72% | 42.54% | 31.15% | 28.63% | 25.95% | 32.14% | 28.45% | 34.91% | 35.6% | 35.7% | 37.92% |
| Operating Income Growth % | - | 25.16% | 174.14% | -80.08% | 24.19% | 39.82% | 14.6% | 31.19% | -5.55% | 31.65% | -10.42% | 11.21% | 13.04% | 40.89% | - |
| Pretax Income | 29.05M | 27.38M | 21.88M | 7.98M | 40.06M | 32.26M | 23.07M | 20.13M | 15.35M | 16.25M | 12.34M | 13.78M | 12.39M | 10.96M | 7.78M |
| Pretax Margin % | 24.91% | 23.74% | 19.46% | 9.3% | 46.72% | 42.54% | 31.15% | 28.63% | 25.95% | 32.14% | 28.45% | 34.91% | 35.6% | 35.7% | 37.92% |
| Income Tax | 6.52M | 6.15M | 4.76M | 2.82M | 8.26M | 6.8M | 4.55M | 4.21M | 3.17M | 7.26M | 4.04M | 4.91M | 4.37M | 3.87M | 2.76M |
| Effective Tax Rate % | 22.46% | 22.46% | 21.75% | 35.37% | 20.62% | 21.08% | 19.7% | 20.92% | 20.67% | 44.71% | 32.74% | 35.64% | 35.27% | 35.32% | 35.53% |
| Net Income | 22.52M | 21.23M | 17.12M | 5.16M | 31.8M | 25.46M | 18.53M | 15.92M | 12.17M | 8.98M | 8.3M | 8.87M | 8.02M | 7.09M | 5.01M |
| Net Margin % | 19.32% | 18.41% | 15.23% | 6.01% | 37.09% | 33.57% | 25.02% | 22.64% | 20.59% | 17.77% | 19.13% | 22.47% | 23.04% | 23.09% | 24.45% |
| Net Income Growth % | 27.06% | 24.02% | 231.93% | -83.78% | 24.91% | 37.43% | 16.36% | 30.78% | 35.51% | 8.23% | -6.38% | 10.57% | 13.12% | 41.36% | - |
| Net Income (Continuing) | 22.52M | 21.23M | 17.12M | 5.16M | 31.8M | 25.46M | 18.53M | 15.92M | 12.17M | 8.98M | 8.3M | 8.87M | 8.02M | 7.09M | 5.01M |
| EPS (Diluted) | 1.59 | 1.49 | 1.20 | 0.36 | 2.25 | 1.83 | 1.35 | 1.17 | 0.89 | 0.66 | 0.65 | 0.69 | 0.63 | 0.55 | 0.57 |
| EPS Growth % | 27.2% | 24.17% | 233.33% | -84% | 22.95% | 35.56% | 15.38% | 31.46% | 34.85% | 1.54% | -5.8% | 9.52% | 14.55% | -3.51% | - |
| EPS (Basic) | - | 1.50 | 1.20 | 0.37 | 2.27 | 1.87 | 1.37 | 1.22 | 0.95 | 0.70 | 0.65 | 0.69 | 0.63 | 0.55 | 0.57 |
| Diluted Shares Outstanding | 14.13M | 14.19M | 14.22M | 14.15M | 14.08M | 13.88M | 13.66M | 13.57M | 13.53M | 13.49M | 12.82M | 12.82M | 12.82M | 12.82M | 8.83M |
CRE Concentration Exposure
According to quarterly financial data, JMSB has demonstrated a consistent upward trajectory in net interest income, which reached $16.5 million in 2026Q1, representing an 18.1% year-over-year growth rate that suggests successful loan repricing and effective management of the bank's interest-earning asset base in a competitive environment.
The steady climb in NII from $11.7 million in 2024Q1 to current levels indicates that the bank is successfully navigating the interest rate cycle by capturing higher yields on its commercial loan portfolio. Investors should monitor whether this growth can be sustained if deposit betas continue to rise, as the bank's reliance on high-touch commercial clients may necessitate higher funding costs.
As reported in recent income statements, the net interest margin has remained relatively stagnant at 0.7% through early 2026, suggesting that despite growth in interest-earning assets, the bank faces significant headwinds from rising deposit costs that effectively neutralize the benefits of higher asset yields.
The persistent 0.7% NIM level implies that the bank's funding structure is highly sensitive to market rate fluctuations, likely due to the sophisticated nature of its Northern Virginia commercial client base. This margin profile warrants further investigation into the bank's ability to retain low-cost deposits as competition for liquidity in the D.C. metro area intensifies.
Based on the provided income statement figures, JMSB has maintained a disciplined efficiency ratio, which fluctuated between 27.0% and 30.8% over the last ten quarters, reflecting a lean operating model that effectively manages non-interest expenses relative to the bank's total revenue generation capacity.
The bank's ability to keep its efficiency ratio near the 30% mark suggests a highly optimized cost structure, likely supported by its specialized, relationship-based banking model. This operational leverage appears to be a key driver of the bank's profitability, though it may be tested if the bank is forced to increase investment in compliance or technology to support future growth.
Data from recent filings indicates a shift in credit provisioning, with the bank moving from net reversals in 2023Q4 and 2024Q1 to a provision expense of $624,000 by 2025Q4, suggesting a more cautious approach to credit risk as the economic environment for commercial real estate evolves.
The transition from negative provision expenses to positive charges suggests that management is proactively adjusting for potential credit deterioration within its CRE-heavy portfolio. Analysts should monitor whether these provisions are sufficient to cover potential losses, particularly given the bank's significant geographic and sector concentration in the Northern Virginia office market.
Quick answers to the most common questions about buying JMSB stock.
John Marshall Bancorp, Inc. (JMSB) is profitable, generating $21.2M in net income for the fiscal year ending 2025 with a net profit margin of 18.4%.
John Marshall Bancorp, Inc. (JMSB) reported an operating income of $27.4M, resulting in an operating profit margin of 23.7%. This margin reflects the operational efficiency of the business before interest and taxes.
John Marshall Bancorp, Inc. (JMSB) generated $61.0M in gross profit for the year, representing a gross profit margin of 52.8%. This demonstrates the company's core pricing power and production efficiency.