Shares of John Marshall Bancorp (NASDAQ: JMSB) rose 2.4% on Wednesday after the company’s board extended its stock repurchase program by one year through August 31, 2027.
The extension adds a year to the existing buyback initiative, which was originally approved in 2021 and previously set to expire on August 31, 2026. The program authorizes the purchase of up to 700,000 shares of the company’s outstanding common stock. As of the latest update, John Marshall Bancorp has repurchased 242,150 shares for a total of $4.5 million under the program.
The buyback will be funded using cash on hand and cash from operations of its subsidiary, John Marshall Bank. The bank, headquartered in Reston, Virginia, operates eight full-service branches across Virginia, Maryland, and Washington, D.C.
No other changes were made to the repurchase program beyond the time extension. The board retains the discretion to suspend, terminate, or modify the program at any time without prior notice, and the company is not obligated to purchase any shares. Repurchases may be made periodically in amounts and at prices deemed appropriate by management.
