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John Marshall Bancorp Inc. (JMSB-11.43%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total consolidated assets of $2.23 billion, with gross loans of $1.87 billion and total deposits of $1.89 billion as of December 31, 2024.
Net income for the year was reported at $17.1 million, compared to $5.2 million in the previous year, reflecting an increase attributed to the absence of non-recurring losses that affected the prior year.
The Company reported a net interest income of $51.0 million, with a net interest margin of 2.28% for 2024, compared to 2.21% in 2023. The increase in net interest margin was driven by higher yields on interest-earning assets.
Non-interest income totaled $2.3 million, compared to a loss of $14.9 million in 2023, primarily due to the absence of losses from the sale of securities that occurred in the prior year.
Non-interest expenses increased by 3.2% to $31.8 million, mainly due to higher professional fees and data processing costs.
The Company recorded a recovery of credit losses of $0.4 million, reflecting strong credit performance and improved economic forecasts.
Total shareholders' equity increased to $246.6 million, with a book value per share rising to $17.28 from $16.25 in the prior year.
The Company continues to focus on expanding its presence in the Washington, D.C. metropolitan area, with a strategic emphasis on serving small to medium-sized businesses and maintaining strong asset quality.
John Marshall Bancorp Inc. emphasizes its disciplined credit culture and conservative balance sheet as key strengths supporting its long-term growth strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the John Marshall Bancorp Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.