JMSB Collar Strategy
JMSB (John Marshall Bancorp, Inc.), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
John Marshall Bancorp, Inc. operates as the bank holding company for John Marshall Bank that provides banking products and financial services. The company accepts checking, demand, NOW, savings, and money market accounts, as well as certificates of deposit. It offers commercial, construction and development, commercial term, mortgage, commercial real estate, industrial other commercial lines of credit; debit and credit cards; and treasury and cash management, investment, business and personal insurance, remote deposit capture, deposit sweep and online and mobile banking services. The company serves small to medium-sized businesses, their owners and employees, professional corporations, non-profits, and individuals. It operates eight full-service branches in Alexandria, Reston, Arlington, Washington, Loudoun, Prince William, Rockville, and Tysons, as well as a loan production office in Arlington, Virginia. The company was founded in 2005 and is headquartered in Reston, Virginia.
JMSB (John Marshall Bancorp, Inc.) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $290.7M, a trailing P/E of 12.92, a beta of 0.43 versus the broader market, a 52-week range of 16.27-22.1, average daily share volume of 35K, a public-listing history dating back to 2017, approximately 136 full-time employees. These structural characteristics shape how JMSB stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.43 indicates JMSB has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. JMSB pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on JMSB?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current JMSB snapshot
As of May 15, 2026, spot at $20.76, ATM IV 71.50%, IV rank 34.02%, expected move 20.50%. The collar on JMSB below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this collar structure on JMSB specifically: IV regime affects collar pricing on both sides; mid-range JMSB IV at 71.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 20.50% (roughly $4.26 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated JMSB expiries trade a higher absolute premium for lower per-day decay. Position sizing on JMSB should anchor to the underlying notional of $20.76 per share and to the trader's directional view on JMSB stock.
JMSB collar setup
The JMSB collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With JMSB near $20.76, the first option leg uses a $21.80 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed JMSB chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 JMSB shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $20.76 | long |
| Sell 1 | Call | $21.80 | N/A |
| Buy 1 | Put | $19.72 | N/A |
JMSB collar risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
JMSB collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on JMSB. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use collar on JMSB
Collars on JMSB hedge an existing long JMSB stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
JMSB thesis for this collar
The market-implied 1-standard-deviation range for JMSB extends from approximately $16.50 on the downside to $25.02 on the upside. A JMSB collar hedges an existing long JMSB position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current JMSB IV rank near 34.02% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on JMSB should anchor more to the directional view and the expected-move geometry. As a Financial Services name, JMSB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to JMSB-specific events.
JMSB collar positions are structurally neutral (protective); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. JMSB positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move JMSB alongside the broader basket even when JMSB-specific fundamentals are unchanged. Always rebuild the position from current JMSB chain quotes before placing a trade.
Frequently asked questions
- What is a collar on JMSB?
- A collar on JMSB is the collar strategy applied to JMSB (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With JMSB stock trading near $20.76, the strikes shown on this page are snapped to the nearest listed JMSB chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are JMSB collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the JMSB collar priced from the end-of-day chain at a 30-day expiry (ATM IV 71.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a JMSB collar?
- The breakeven for the JMSB collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current JMSB market-implied 1-standard-deviation expected move is approximately 20.50%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on JMSB?
- Collars on JMSB hedge an existing long JMSB stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current JMSB implied volatility affect this collar?
- JMSB ATM IV is at 71.50% with IV rank near 34.02%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.