John Marshall Bancorp, Inc. reported net income of $4.8 million for the first quarter ended March 31, 2025, an increase of 14.4% compared to $4.2 million in Q1 2024. Diluted earnings per share rose by 13.3% to $0.34 from $0.30 in the prior year. Pre-tax, pre-provision earnings increased by 37.0% to $6.4 million.
Net interest income for Q1 2025 increased by $2.4 million, or 20.0%, compared to Q1 2024, reaching $14.1 million. The net interest margin expanded significantly to 2.58% from 2.09% in the prior year, primarily due to higher loan yields and lower deposit costs. The yield on interest-earning assets was 4.99%, while the cost of interest-bearing liabilities decreased to 3.48%.
Total loans, net of unearned income, increased by $44.5 million, or 2.4%, to $1.87 billion at March 31, 2025, compared to March 31, 2024. Total deposits increased by $29.8 million, or 1.6%, to $1.92 billion from December 31, 2024. The company reported no charge-offs and no nonperforming assets, maintaining strong asset quality.
The company generated $96.5 million in loan commitments during Q1 2025, marking its strongest first quarter since 2022. Shareholders' equity increased by 7.8% to $253.0 million, with book value per share rising 7.3% to $17.72. The Bank's capital ratios remained well above regulatory thresholds for well-capitalized banks.
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