John Marshall Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>John Marshall Bancorp, Inc. has filed its 2023 10-K, detailing financial performance and corporate structure.</b>

AI Summary

John Marshall Bancorp, Inc. (JMSB) filed a Annual Report (10-K) with the SEC on March 20, 2024. John Marshall Bancorp, Inc. filed its 2023 10-K report on March 20, 2024. The company is incorporated in Virginia (VA) and operates under SIC code 6022 (State Commercial Banks). The fiscal year end for the company is December 31. The filing includes data related to common stock, employee stock options, and restricted stock. Key financial statement components like retained earnings, additional paid-in capital, and accumulated other comprehensive income are detailed for 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking John Marshall Bancorp, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of John Marshall Bancorp's financial health and operational status for the fiscal year ending December 31, 2023. Investors and analysts can use this report to assess the company's financial position, including its equity, stock options, and accumulated financial adjustments.

Risk Assessment

Risk Level: low — John Marshall Bancorp, Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, which is routine for publicly traded companies and does not indicate unusual risk.

Analyst Insight

Review the detailed financial statements and disclosures in the 10-K to understand John Marshall Bancorp's performance and strategic positioning.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-20 — Filing Date (Date of submission)
• 0001710482 — Central Index Key (Company identifier)
• 6022 — Standard Industrial Classification (Industry code for State Commercial Banks)

Key Players & Entities

• John Marshall Bancorp, Inc. (company) — Filer name
• 0001710482 (company) — Central Index Key
• 6022 (company) — Standard Industrial Classification
• VA (company) — State of Incorporation
• 2023-12-31 (date) — Fiscal Year End
• 2024-03-20 (date) — Filing Date

FAQ

Industry Context

John Marshall Bancorp operates within the State Commercial Banks industry, as indicated by its SIC code 6022.

Regulatory Implications

As a commercial bank, John Marshall Bancorp is subject to regulations from various financial authorities, though specific regulatory details are not provided in this header information.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K for revenue, expenses, and profitability trends.
2. Examine the balance sheet for the company's asset, liability, and equity structure as of December 31, 2023.
3. Review disclosures related to stock options and restricted stock plans to understand executive compensation and equity dilution.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-20: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis; therefore, no comparison to a previous filing is available.

Key Financial Figures

• $0.01 — nge on Which Registered Common Stock, $0.01 par value per share JMSB The Nasdaq
• $2.24 b — 23, we had total consolidated assets of $2.24 billion, gross loans of $1.86 billion, to
• $1.86 b — assets of $2.24 billion, gross loans of $1.86 billion, total deposits of $1.91 billion
• $1.91 billion — ans of $1.86 billion, total deposits of $1.91 billion and total shareholders' equity of $229.
• $229.9 million — llion and total shareholders' equity of $229.9 million. Market Area A key factor in our abil
• $117,952 — ond for 2023 median household income at $117,952, second in 2023 to 2028 projected popul
• $296 billion — 0, 2023, the Washington D.C. MSA housed $296 billion of deposits, with the top five financia
• $2.05 b — 3%. At June 30, 2023, our deposits were $2.05 billion, ranked 17 th in the MSA and repr
• $45 billion — inception, banking assets in excess of $45 billion have been acquired. We believe that as
• $1 b — ated fields over the next 20 years. The $1 billion, 600,000 square foot campus will
• $890 million — , the Bank had the capacity to add over $890 million of risk-weighted assets to its balance
• $179 million — of December 31, 2023, the Bank had over $179 million of liquid assets, defined as cash and u
• $459 million — as cash and unpledged securities, over $459 million of available secured borrowing faciliti
• $100 million — ilable secured borrowing facilities and $100 million of available unsecured borrowing facili
• $4.5 million — ngs. The Company reported net income of $4.5 million for the three months ended December 31,

Filing Documents

• jmsb-20231231x10k.htm (10-K) — 4779KB
• jmsb-20231231xex4d3.htm (EX-4.3) — 30KB
• jmsb-20231231xex21.htm (EX-21) — 7KB
• jmsb-20231231xex23d1.htm (EX-23.1) — 3KB
• jmsb-20231231xex31d1.htm (EX-31.1) — 8KB
• jmsb-20231231xex31d2.htm (EX-31.2) — 8KB
• jmsb-20231231xex32d1.htm (EX-32.1) — 6KB
• jmsb-20231231xex97.htm (EX-97) — 41KB
• jmsb-20231231x10k009.jpg (GRAPHIC) — 8KB
• jmsb-20231231xex23d1001.jpg (GRAPHIC) — 6KB
• jmsb-20231231xex97001.jpg (GRAPHIC) — 8KB
• 0001558370-24-003634.txt (&nbsp;) — 21819KB
• jmsb-20231231.xsd (EX-101.SCH) — 84KB
• jmsb-20231231_cal.xml (EX-101.CAL) — 135KB
• jmsb-20231231_def.xml (EX-101.DEF) — 358KB
• jmsb-20231231_lab.xml (EX-101.LAB) — 874KB
• jmsb-20231231_pre.xml (EX-101.PRE) — 725KB
• jmsb-20231231x10k_htm.xml (XML) — 5574KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 24 Item 1B. Unresolved Staff Comments 41 Item 1C. Cybersecurity 41 Item 2.

Properties

Properties 43 Item 3.

Legal Proceedings

Legal Proceedings 43 Item 4. Mine Safety Disclosures 44 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 44 Item 6. [Reserved] 44 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 62 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 62 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 109 Item 9A.

Controls and Procedures

Controls and Procedures 109 Item 9B. Other Information 109 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 109 Part III Item 10. Directors, Executive Officers and Corporate Governance 109 Item 11.

Executive Compensation

Executive Compensation 110 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 110 Item 13. Certain Relationships and Related Transactions, and Director Independence 110 Item 14. Principal Accountant Fees and Services 110 Part IV Item 15. Exhibit and Financial Statement Schedules 110 Item 16. Form 10-K Summary 112

Signatures

Signatures 113 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS In addition to historical information, this Form 10-K of John Marshall Bancorp, Inc. (the "Company") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "will," "should," "may," "view," "opportunity," "potential," or similar expressions. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. These forward-looking statements are based on our beliefs and assumptions and on the information available to us at the time that these disclosures were prepared, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from any future results expressed or implied by such forward-looking statements. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance such expectations will prove to have been correct. Should any known or unknown risks and uncertainties develop into actual events, those developments could have material adverse effects on our business, financial condition and results of operations. Factors that could have an adverse effect on the operations of the Company and its wholly-owned subsidiary, John Marshall Bank (the "Bank"), include, but are not limited to, the following: the concentration of our business in the Washington, D.C. metropolitan area and the effect of changes in the economic, political and environmental conditions on this market; adequacy of our allowance for loan credit losses, allowance for unfunded commitments credit losses, and allowance for credit losses associat

Business

Item 1. Business General Overview John Marshall Bancorp, Inc. was organized as a Virginia corporation in 2016 to serve as the holding company for John Marshall Bank. The Company and the Bank are each headquartered in Reston, Virginia (approximately 20 miles west of Washington, D.C.). The Company commenced operations as a bank holding company on March 1, 2017 following a reorganization transaction in which it became the Bank's holding company. This transaction was treated as an internal reorganization as all shareholders of the Bank became shareholders of the Company. As a bank holding company, the Company is subject to regulation and supervision by the Federal Reserve. The Company has no material operations other than its sole ownership of the Bank. The Bank is a Virginia chartered commercial bank that commenced operations in 2006. The Bank is supervised and regulated by the Federal Reserve and the Bureau of Financial Institutions of the Virginia State Corporation Commission (the "Virginia BFI"). We primarily serve small to medium-sized businesses, their owners and employees, professional corporations, non-profits and individuals with a broad range of banking products and financial services. Some of the products and services that we offer include commercial checking, savings and money market accounts, certificates of deposit, treasury and cash management services, commercial and industrial loans, commercial real estate loans, residential and commercial construction and development loans, online banking, and mobile banking. As of December 31, 2023, we had total consolidated assets of $2.24 billion, gross loans of $1.86 billion, total deposits of $1.91 billion and total shareholders' equity of $229.9 million. Market Area A key factor in our ability to achieve our strategic goals and create shareholder value is the attractiveness of our market area. The market area in which we operate has seen considerable population and economic growth over the past several decad

View Full Filing

View this 10-K filing on SEC EDGAR