John Marshall Bancorp
JMSB on Nasdaq. John Marshall Bancorp sells banking products and services to small and medium-sized businesses and individuals. Market value $325m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 7 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.18.
Profit per $100 you pay: $7.56.
Quality score: 82 of 100. Price score: 92 of 100. Our list needs 70 on quality and 60 on price.
$22.91 a share, 24% above its 1-year low
Over the past year the price has ranged from $18.50 to $24.26.
Dividend: 0.8% a year
Paid every year for 4 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | n/a | n/a | n/a | n/a |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | n/a |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | n/a | n/a |
| Shares outstanding | ||||
| Shares outstanding | 0.01bn | 0.01bn | 0.01bn | 0.01bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $7 million, up 38% on a year ago.
- Spare cash over the past 12 months: $22 million, up from $21 million.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $4m |
| December 2024 | $5m |
| March 2025 | $5m |
| June 2025 | $5m |
| September 2025 | $5m |
| December 2025 | $6m |
| March 2026 | $6m |
| June 2026 | $7m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 March 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
None of the long-term investors we follow own it. 95 funds in all.
Largest holders overall
- T. Rowe Price Investment Management$43m
- BlackRock$21mAdded
- Vanguard Capital Management$12m
- Evermay Wealth Management$8m
- Toth Financial Advisory$7mCut
- Geode Capital Management$7mAdded
- State Street$5m
- Bank of America$4mCut
- MAI Capital Management$3mCut
- Brown Advisory$2m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- T. Rowe Price Investment Management, Inc.Passive investor13.7%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
T. Rowe Price Investment Management, Inc. Passive investor | 13.7% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $186,447 of shares on the open market.
- Chase PhilipDirectorBought
- Date
- 26 August 2026
- Shares
- 133
- Price
- $22.96
- Value
- $3,054
- Kinney Jonathan CraigDirectorBought
- Date
- 26 August 2026
- Shares
- 2,357
- Price
- $22.92
- Value
- $54,022
- Mahan Oscar LelandDirectorBought
- Date
- 3 June 2026
- Shares
- 179
- Price
- $21.03
- Value
- $3,764
- Kinney Jonathan CraigDirectorBought
- Date
- 3 June 2026
- Shares
- 2,300
- Price
- $21.03
- Value
- $48,369
- Kinney Jonathan CraigDirectorBought
- Date
- 5 December 2025
- Shares
- 500
- Price
- $19.63
- Value
- $9,815
- Kinney Jonathan CraigDirectorBought
- Date
- 2 December 2025
- Shares
- 1,345
- Price
- $19.33
- Value
- $26,003
- Kinney Jonathan CraigDirectorBought
- Date
- 6 November 2025
- Shares
- 500
- Price
- $18.90
- Value
- $9,450
- Kinney Jonathan CraigDirectorBought
- Date
- 5 November 2025
- Shares
- 800
- Price
- $18.71
- Value
- $14,965
- Kinney Jonathan CraigDirectorBought
- Date
- 4 November 2025
- Shares
- 400
- Price
- $18.95
- Value
- $7,580
- Kinney Jonathan CraigDirectorBought
- Date
- 31 October 2025
- Shares
- 500
- Price
- $18.85
- Value
- $9,425
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 26 August 2026 | Chase Philip Director | Bought | 133 | $22.96 | $3,054 |
| 26 August 2026 | Kinney Jonathan Craig Director | Bought | 2,357 | $22.92 | $54,022 |
| 3 June 2026 | Mahan Oscar Leland Director | Bought | 179 | $21.03 | $3,764 |
| 3 June 2026 | Kinney Jonathan Craig Director | Bought | 2,300 | $21.03 | $48,369 |
| 5 December 2025 | Kinney Jonathan Craig Director | Bought | 500 | $19.63 | $9,815 |
| 2 December 2025 | Kinney Jonathan Craig Director | Bought | 1,345 | $19.33 | $26,003 |
| 6 November 2025 | Kinney Jonathan Craig Director | Bought | 500 | $18.90 | $9,450 |
| 5 November 2025 | Kinney Jonathan Craig Director | Bought | 800 | $18.71 | $14,965 |
| 4 November 2025 | Kinney Jonathan Craig Director | Bought | 400 | $18.95 | $7,580 |
| 31 October 2025 | Kinney Jonathan Craig Director | Bought | 500 | $18.85 | $9,425 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Mar 2026, plus the 10-Q filed 7 Aug 2026 and 10 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
We are subject to the potential adverse effects of a U.S. federal government shutdown.
Could happenA prolonged or repeated shutdown of the U.S. federal government could adversely affect our business, financial condition, liquidity, and results of operations. Funding gaps or lapses in federal appropriations may disrupt the operations of government agencies that provide critical economic data, administer regulatory functions, or directly support our customers and counterparties. During a shutdown, federal agencies such as the Internal Revenue Service, Small Business Administration, and various supervisory bodies may suspend or significantly curtail their activities, which can delay loan originations, hinder verification processes, impede regulatory approvals, and reduce the availability of government-guaranteed lending programs.
Read moreWe are subject to the potential adverse effects of a U.S. federal government shutdown.
Could happen A shutdown may also impair the financial capacity of borrowers who depend on federal salaries, contracts, reimbursements, or benefit programs, including government employees, federal contractors, and recipients of government-funded services. Reduced or delayed income to these borrowers could increase delinquencies, reduce loan demand, negatively affect deposit inflows, and increase our credit risk exposure. In addition, disruptions to federal economic data releases or fiscal operations may create volatility in financial markets, affecting interest rates, liquidity conditions, and the valuation of securities in our investment portfolio.
Read moreWe are subject to the potential adverse effects of a U.S. federal government shutdown.
Could happen The duration and economic impact of any government shutdown are inherently uncertain, and any such event could, individually or in the aggregate, have a material adverse effect on our business, financial condition and results of operations.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.