Mainstreet Bancshares Inc - MNSB STOCK NEWS

MainStreet Bancshares Inc. (MNSB) reported a loss of $9.98 million for 2024, primarily due to the nonrecurring impairment of capitalized intangible software and resolution of nonperforming assets. Despite this, the company maintains strong capitalization and good liquidity.

The company's Avenu Banking-as-a-Service platform, launched in October 2024, faced delays and changes in revenue potential, leading to a full impairment of its capitalized software value. The bank ended 2024 with a net interest margin of 3.13% and achieved 6% loan portfolio growth while resolving 62% of nonperforming loans, with $21.7 million remaining.

Total deposits grew 13% year-over-year to $1.9 billion, with core deposits reaching $1.4 billion (75% of total deposits). The company benefited from three Federal Reserve rate cuts totaling 1.0% during the year.

MainStreet Bancshares, Inc. (Nasdaq: MNSB) has demonstrated its community commitment through its Making Change employee-directed giving program, launched in March 2023. The program allows full-time employees to direct $1,000 to causes they choose, with 27% of donations supporting local schools and education programs. Notable achievements include $75,000 donated to educational initiatives, a $32,000 scholarship fund for Prince William County Public Schools, and a $7,500 donation supporting Fairfax High School DECA students.

The bank, with $2.2 billion in assets, recently launched its Avenu Banking-as-a-Service (BaaS) solution on October 1, 2024, expanding its digital banking capabilities. MainStreet Bank operates with six full-service centers and maintains an investment grade rating of 'A' from Egan-Jones Rating Company.

MainStreet Bancshares Inc (Nasdaq: MNSB) is making an impact through its employee-directed giving program 'Making Change', which allows full-time employees to direct $1,000 in donations to local causes. The program has donated $27,000 to local animal organizations since spring 2023. A notable contribution includes an $11,000 donation to Friends of Homeless Animals in Aldie, Virginia, covering nearly half of their annual pet food budget. The bank's employees also participated in volunteer events at local animal shelters, demonstrating their commitment to animal welfare through corporate giving and volunteerism.

MainStreet Bancshares (Nasdaq: MNSB) reported a Q3 2024 loss of -$0.04 per common share, with year-to-date earnings at $0.60 per share. The quarter saw $984,000 in reversed accrued interest income, resulting in a 3.05% quarterly net interest margin. The bank charged off $1.9 million in nonperforming loans and allocated $1 million to provision expense. Total deposits reached $1.9 billion, with core deposits at $1.47 billion. The company launched its Banking-as-a-Service solution, Avenu, targeting fintech partnerships and digital banking expansion.

MainStreet Bancshares Inc. (Nasdaq: MNSB & MNSBP) reported a profitable second quarter with net income of $2.6 million. Total deposits reached $1.8 billion, up 10.2% year-over-year, while loan growth increased by 8.6% to $1.8 billion. The company's net interest margin settled at 3.15%, showing resilience in the face of higher deposit costs.

The bank's core customer funding sources now comprise 78% of total deposits. Loan growth was driven by demand in commercial and industrial borrowing and high-quality owner-occupied commercial real estate lending. The loan portfolio remains solid with net charge-offs at just eight basis points of average gross loans, and nonperforming assets accounting for 0.99% of total assets.

MainStreet Bank's Banking-as-a-Service (BaaS) initiative, Avenu, is live and in production, with final enhancements being implemented to ensure a scalable and compliance-rich solution.

MainStreet Bank's Executive Vice President and Chief Lending Officer Tom Floyd has been named to Independent Banker magazine's '40 Under 40: Emerging Community Bank Leaders' list. This recognition highlights Floyd's significant professional achievements, leadership, and community involvement. Floyd oversees a $1.7 billion loan portfolio and has been instrumental in helping the bank navigate changing interest rate dynamics. He joined MainStreet Bank in 2017 and has over 17 years of experience in the banking industry, specializing in real estate and construction lending. The recognition appears in the magazine's June 2024 issue.

MainStreet Bancshares Inc. reported a profitable first quarter with a net income of $2.77 million. The company experienced a slight decrease in net interest margin due to increased deposit costs but maintains strong credit quality. MainStreet Bank continues to show low levels of past due and non-performing loans, particularly in the D.C. metropolitan area. The company is focused on improving funding costs and building positive business relationships for future growth.

MainStreet Bancshares, Inc. appoints digital technology expert Ali Reza Manouchehri as a director of MainStreet Bank. Manouchehri, CEO of MetroStar Systems, brings extensive federal contracting experience and a successful entrepreneurial background. His appointment reflects the bank's focus on digital innovation and technology initiatives.

MainStreet Bancshares, Inc. reported net income of $26.6 million for the year ended December 31, 2023, with earnings per share of $3.25. The company's annualized returns for 2023 included a Return on Average Equity (ROAE) of 12.66%, Return on Average Assets (ROAA) of 1.38%, Net Interest Margin (NIM) of 4.08%, Efficiency Ratio of 56.7%, Liquidity Coverage Ratio of 133%, Core Deposit Ratio of 74%, FDIC Insured Deposits / Total Deposits of 77%, Allowance for Credit Losses (ACL) of 1.01%, and Tangible Book Value per Common Share of $23.86. Despite a challenging environment, the company has maintained a steady course, delivering healthy shareholder value and thriving core banking business. Avenu, the company's embedded banking solution, is making progress in attracting and onboarding customers, with Safari Pay as its inaugural client.