John Marshall Bancorp Reports Significant Increase in Net Income to $17.1 Million for Fiscal Year 2024

John Marshall Bancorp, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with net income rising to $17.1 million, compared to $5.2 million in the previous year. This growth was primarily driven by a recovery in non-interest income, which totaled $2.3 million, a stark contrast to a loss of $14.9 million in 2023, largely due to a non-recurring loss from the sale of available-for-sale securities. The company’s total assets decreased slightly to $2.23 billion from $2.24 billion, while total loans increased marginally to $1.87 billion, reflecting a disciplined approach to lending amid a competitive market.

In terms of operational metrics, the company maintained a strong asset quality, with no non-accrual loans reported as of December 31, 2024. The allowance for loan credit losses was $18.7 million, representing 1.00% of total loans, down from 1.05% the previous year. The company’s capital ratios also improved, with the total risk-based capital ratio at 16.2% and the Tier 1 capital ratio at 15.2%, both exceeding the regulatory requirements for a well-capitalized institution. The book value per share increased to $17.28 from $16.25, indicating a solid return for shareholders.

Strategically, John Marshall Bancorp has focused on enhancing its market presence in the Washington, D.C. metropolitan area, where it operates eight full-service branches. The company has emphasized hiring experienced banking professionals to drive growth in commercial lending, particularly targeting small to medium-sized businesses. As of December 31, 2024, the company had 130 full-time employees, reflecting a stable workforce dedicated to its growth strategy.

Looking ahead, John Marshall Bancorp aims to continue its growth trajectory by expanding its loan portfolio while maintaining strong credit quality. The company plans to leverage its competitive strengths, including a disciplined credit culture and a conservative balance sheet, to navigate potential economic challenges. Management remains optimistic about future opportunities, particularly in light of ongoing economic growth in its primary service area, which is characterized by a high concentration of affluent households and a low unemployment rate of 2.8% as of December 2024. The company’s strategic focus on personalized banking services positions it well to capture market share from larger institutions that may not meet the needs of local customers effectively.