Eagle Financial Services (EFSI) Merger Investor Presentation summary

Strategic rationale and market positioning

• Merger creates the 5th largest bank headquartered in Virginia, with $4.4B in assets and a complementary footprint across the Shenandoah Valley and Washington D.C. metro area.

• Combined entity will have 23 banking offices, serving key markets with a strong presence in both urban and suburban areas.

• The merger delivers a leading Virginia banking franchise with a low-cost, granular core deposit base and diversified revenue streams.

• Both organizations bring experienced leadership teams with deep in-market expertise.

Financial highlights and transaction terms

• Transaction is 100% stock consideration, with a fixed exchange ratio of 2.0 JMSB shares for each EFSI share.

• Aggregate consideration is $252.8M, representing an 11.5% market premium and a price/tangible book value of 1.30x.

• Pro forma ownership will be 56.6% JMSB and 43.4% EFSI, with a 12-member board split evenly between both companies.

• Expected closing is early Q1 2027, subject to shareholder and regulatory approvals.

Pro forma financial impact and valuation

• Fully-phased 2027E EPS accretion is projected at ~38%, with a pro forma ROAA of ~1.6% and ROATCE of ~16.2%.

• Tangible book value dilution at close is ~14%, with an earnback period of ~3.1 years.

• Pro forma CET1 ratio is estimated at ~12.2%, and efficiency ratio at ~47%.

• Implied trading multiples suggest potential upside of 9–36% on TBV and 25–51% on EPS compared to peers.