MainStreet Bancshares Inc. Reports 2024 Results
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. (MNSB) ha riportato una perdita di 9,98 milioni di dollari per il 2024, principalmente a causa dell'ammortamento non ricorrente del software intangibile capitalizzato e della risoluzione di attivi non performanti. Nonostante ciò, l'azienda mantiene una solida capitalizzazione e una buona liquidità.
La piattaforma Avenu Banking-as-a-Service dell'azienda, lanciata nell'ottobre 2024, ha affrontato ritardi e cambiamenti nel potenziale di fatturato, portando a un ammortamento completo del valore del software capitalizzato. La banca ha chiuso il 2024 con un margine di interesse netto del 3,13% e ha registrato una crescita del portafoglio prestiti del 6%, risolvendo il 62% dei prestiti non performanti, con 21,7 milioni di dollari rimanenti.
I depositi totali sono cresciuti del 13% su base annua, raggiungendo 1,9 miliardi di dollari, con depositi core che hanno raggiunto 1,4 miliardi di dollari (75% del totale dei depositi). L'azienda ha beneficiato di tre riduzioni dei tassi da parte della Federal Reserve, per un totale dell'1,0% nel corso dell'anno.
MainStreet Bancshares Inc. (MNSB) reportó una pérdida de 9.98 millones de dólares para el 2024, principalmente debido a la depreciación no recurrente de software intangible capitalizado y la resolución de activos no rentables. A pesar de esto, la empresa mantiene una sólida capitalización y buena liquidez.
La plataforma Avenu Banking-as-a-Service de la empresa, lanzada en octubre de 2024, enfrentó retrasos y cambios en el potencial de ingresos, lo que llevó a un deterioro completo de su valor de software capitalizado. El banco terminó el 2024 con un margen de interés neto del 3.13% y logró un crecimiento del 6% en su cartera de préstamos, resolviendo el 62% de los préstamos no rentables, quedando 21.7 millones de dólares por resolver.
Los depósitos totales crecieron un 13% interanual, alcanzando 1.9 mil millones de dólares, con depósitos básicos que alcanzaron 1.4 mil millones de dólares (75% del total de depósitos). La empresa se benefició de tres recortes de tasas de la Reserva Federal que totalizaron un 1.0% durante el año.
MainStreet Bancshares Inc. (MNSB)는 2024년 998만 달러의 손실을 보고했습니다. 이는 주로 자본화된 무형 소프트웨어의 비반복적 손상과 부실 자산의 해결 때문입니다. 그럼에도 불구하고 회사는 탄탄한 자본 구조와 좋은 유동성을 유지하고 있습니다.
회사의 Avenu Banking-as-a-Service 플랫폼은 2024년 10월에 출시되었으나, 지연 및 수익 잠재력의 변화로 인해 자본화된 소프트웨어의 가치가 전액 손상되었습니다. 이 은행은 2024년에 순이자 마진 3.13%을 기록하며 6%의 대출 포트폴리오 성장을 달성하고, 부실 대출의 62%를 해결하였으며, 2,170만 달러가 남아 있습니다.
총 예금은 전년 대비 13% 증가하여 19억 달러에 도달하였으며, 핵심 예금은 14억 달러(총 예금의 75%)에 달했습니다. 회사는 올해 동안 총 1.0%의 세 번의 연방준비위원회 금리 인하 혜택을 받았습니다.
MainStreet Bancshares Inc. (MNSB) a enregistré une perte de 9,98 millions de dollars pour 2024, principalement en raison de la dépréciation non récurrente des logiciels incorporels capitalisés et de la résolution d'actifs non performants. Malgré cela, l'entreprise maintient une forte capitalisation et une bonne liquidité.
La plateforme Avenu Banking-as-a-Service de l'entreprise, lancée en octobre 2024, a rencontré des retards et des changements dans son potentiel de revenus, entraînant une dépréciation totale de sa valeur logicielle capitalisée. La banque a terminé l'année 2024 avec un marge d'intérêt net de 3,13% et a enregistré une croissance de 6% de son portefeuille de prêts, en résolvant 62% des prêts non performants, avec 21,7 millions de dollars restant.
Les dépôts totaux ont augmenté de 13% d'une année sur l'autre, atteignant 1,9 milliard de dollars, avec des dépôts de base atteignant 1,4 milliard de dollars (75% du total des dépôts). L'entreprise a bénéficié de trois baisses de taux de la Réserve fédérale, totalisant 1,0% au cours de l'année.
MainStreet Bancshares Inc. (MNSB) berichtete für 2024 einen Verlust von 9,98 Millionen Dollar, hauptsächlich aufgrund der einmaligen Abschreibung von aktivierten immateriellen Softwarewerten und der Beilegung notleidender Vermögenswerte. Trotz dessen weist das Unternehmen eine starke Kapitalausstattung und gute Liquidität auf.
Die Avenu Banking-as-a-Service Plattform des Unternehmens, die im Oktober 2024 gestartet wurde, hatte mit Verzögerungen und Änderungen im Umsatzpotenzial zu kämpfen, was zu einer vollständigen Abschreibung des aktivierten Softwarewerts führte. Die Bank schloss das Jahr 2024 mit einer Rendite auf Nettozins von 3,13% ab und erreichte ein Wachstum des Kreditportfolios von 6%, während 62% der notleidenden Kredite gelöst wurden, wobei noch 21,7 Millionen Dollar ausstanden.
Die Gesamteinlagen stiegen im Jahresvergleich um 13% auf 1,9 Milliarden Dollar, wobei die Kern-Einlagen 1,4 Milliarden Dollar (75% der Gesamteinlagen) erreichten. Das Unternehmen profitierte im Laufe des Jahres von drei Zinssenkungen der Federal Reserve in Höhe von insgesamt 1,0%.
- Total deposits increased 13% YoY to $1.9 billion
- Core deposits grew by $187 million
- Loan portfolio grew by 6%
- Resolution of 62% of nonperforming loans
- Healthy net interest margin of 3.13%
- Net loss of $9.98 million in 2024
- Full impairment of capitalized intangible software value
- Delays in Avenu platform launch affecting revenue potential
- $21.7 million in nonperforming loans still remaining
Insights
The
The bank's fundamentals show resilience amid these challenges. The growth in core deposits to
Asset quality metrics present a mixed picture. While the resolution of
The bank's strategic focus on the DC Metropolitan area, combined with their SBA Preferred Lender status and government contracting expertise, provides a competitive moat in a robust market. However, the Avenu platform's challenges highlight the risks of technology investments in community banking and the importance of execution in digital transformation initiatives.
A challenging year, ending with strong and stable asset quality and strong capital
"At the end of 2024, the Company impaired the full value of its capitalized intangible software. Despite this impairment, the software remains a component of our Avenu Banking-as-a-Service solution and will continue to be used to drive fintech partnerships to grow low-cost deposits and fee income," said Jeff W. Dick, Chairman & CEO of MainStreet Bancshares, Inc. and MainStreet Bank. "The end of 2024 was management's first opportunity to review the Avenu platform's performance, as it was only put into production during the fourth quarter. The delays in bringing Avenu to market and subsequent changes in the potential for revenue generation necessitated management's review for impairment and resulting charge to earnings. Management conducted the impairment assessment in accordance with ASC 350-40-35, using the income approach. We remain committed to providing innovative embedded banking services that meet our customers where they do business and that allow developers to focus on providing leading-edge digital financial solutions."
"During 2024, the Company ended the year with a healthy net interest margin of
Chief Lending Officer Tom Floyd said, "the lending team worked diligently to grow the loan portfolio by
Total deposits grew
"The DC Metropolitan area remains a vibrant market. The interest rate environment is normalizing, with the FOMC cutting rates three times thus far for a total of
BACKGROUND: MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), is a small-cap financial holding company trading in the Nasdaq Capital Market index. The financial holding company owns
MainStreet Bank has a robust line of business and professional lending products, including government contracting lines of credit, commercial lines and term loans, residential and commercial construction, and commercial real estate. MainStreet Bank is an SBA Preferred Lender, offering 7A and 504 lending solutions. From sophisticated cash management to enhanced mobile banking and instant-issue Debit cards, MainStreet Bank is always looking for ways to improve our customer's experience.
MainStreet Bank was the first community bank in the
Banking-as-a-Service
In 2021, the Board and management decided to make an investment in technology that would best serve clients requiring Banking-as-a-Service (BaaS). The Avenu BaaS solution officially launched on October 1, 2024. The ability to digitally offer banking services in a safe and compliant manner allows the Company to reach new customer deposit segments, diversify revenue streams and generate additional income. The BaaS market is currently underserved, and the opportunities for a well-developed solution are robust. The Avenu business model is in-line with the Company's physical branch-lite strategy.
Avenu provides a full-stack embedded banking solution that connects our partners and their apps directly and seamlessly to our purpose-built Avenu core. Avenu's clients are fintechs, social media solutions, application developers, money movers, and entrepreneurs. They all have one thing in common: They are in search of a reliable partner to help innovate how money moves - solving real-world issues and helping communities thrive. MainStreet Bank is that reliable partner dedicated to providing a best-in-class solution to sustain long-term business relationships.
MainStreet Bancshares, Inc. has an investment grade rating of "A" from Egan-Jones Rating Company. This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. The statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursuant," "target," "continue," and similar expressions are intended to identify such forward-looking statements. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, future impacts of pandemic outbreaks, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.
UNAUDITED CONSOLIDATED BALANCE SHEET INFORMATION | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
December | September | June 30, | March 31, | December | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
Cash and due from banks | $ | 47,553 | $ | 40,955 | $ | 41,697 | $ | 49,208 | $ | 53,581 | ||||||||||
Federal funds sold | 160,155 | 191,159 | 49,762 | 75,533 | 60,932 | |||||||||||||||
Total cash and cash equivalents | 207,708 | 232,114 | 91,459 | 124,741 | 114,513 | |||||||||||||||
Investment securities available for sale, at fair value | 55,747 | 58,489 | 57,605 | 58,699 | 59,928 | |||||||||||||||
Investment securities held to maturity, at amortized cost, net of allowance for credit losses of | 16,078 | 16,016 | 16,036 | 17,251 | 17,275 | |||||||||||||||
Restricted equity securities, at amortized cost | 30,623 | 26,745 | 26,797 | 23,924 | 24,356 | |||||||||||||||
Loans, net of allowance for credit losses of | 1,810,556 | 1,775,558 | 1,778,840 | 1,727,110 | 1,705,137 | |||||||||||||||
Premises and equipment, net | 13,287 | 13,571 | 13,787 | 14,081 | 13,944 | |||||||||||||||
Accrued interest and other receivables | 11,311 | 11,077 | 11,916 | 10,727 | 12,390 | |||||||||||||||
Computer software, net of amortization | — | 18,881 | 17,205 | 15,691 | 14,657 | |||||||||||||||
Bank owned life insurance | 39,507 | 39,203 | 38,901 | 38,609 | 38,318 | |||||||||||||||
Other assets | 43,281 | 32,945 | 41,200 | 39,182 | 34,914 | |||||||||||||||
Total Assets | $ | 2,228,098 | $ | 2,224,599 | $ | 2,093,746 | $ | 2,070,015 | $ | 2,035,432 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Non-interest bearing deposits | $ | 324,307 | $ | 347,575 | $ | 314,636 | $ | 348,945 | $ | 364,606 | ||||||||||
Interest bearing demand deposits | 139,780 | 197,527 | 179,513 | 165,331 | 137,128 | |||||||||||||||
Savings and NOW deposits | 64,337 | 61,893 | 60,867 | 46,036 | 45,878 | |||||||||||||||
Money market deposits | 560,082 | 451,936 | 476,396 | 446,903 | 442,179 | |||||||||||||||
Time deposits | 819,288 | 834,738 | 723,951 | 725,520 | 696,336 | |||||||||||||||
Total deposits | 1,907,794 | 1,893,669 | 1,755,363 | 1,732,735 | 1,686,127 | |||||||||||||||
Federal funds purchased | — | — | — | — | 15,000 | |||||||||||||||
Subordinated debt | 73,039 | 72,940 | 72,841 | 72,741 | 72,642 | |||||||||||||||
Other liabilities | 39,274 | 31,939 | 40,827 | 41,418 | 40,146 | |||||||||||||||
Total Liabilities | 2,020,107 | 1,998,548 | 1,869,031 | 1,846,894 | 1,813,915 | |||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Preferred stock | 27,263 | 27,263 | 27,263 | 27,263 | 27,263 | |||||||||||||||
Common stock | 29,466 | 29,463 | 29,452 | 29,514 | 29,198 | |||||||||||||||
Capital surplus | 67,823 | 67,083 | 66,392 | 65,940 | 65,985 | |||||||||||||||
Retained earnings | 91,150 | 108,616 | 109,651 | 108,334 | 106,549 | |||||||||||||||
Accumulated other comprehensive loss | (7,711) | (6,374) | (8,043) | (7,930) | (7,478) | |||||||||||||||
Total Stockholders' Equity | 207,991 | 226,051 | 224,715 | 223,121 | 221,517 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,228,098 | $ | 2,224,599 | $ | 2,093,746 | $ | 2,070,015 | $ | 2,035,432 | ||||||||||
*Derived from audited financial statements |
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME INFORMATION | ||||||||||||||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||||||||||||||
Year-to-Date | Three Months Ended | |||||||||||||||||||||||||||
December | December | December | September | June 30, | March 31, | December | ||||||||||||||||||||||
INTEREST INCOME: | ||||||||||||||||||||||||||||
Interest and fees on loans | $ | 125,177 | $ | 116,482 | $ | 31,323 | $ | 31,615 | $ | 31,655 | $ | 30,582 | $ | 30,951 | ||||||||||||||
Interest on investment securities | ||||||||||||||||||||||||||||
Taxable securities | 1,693 | 1,836 | 431 | 397 | 430 | 435 | 451 | |||||||||||||||||||||
Tax-exempt securities | 1,093 | 1,065 | 262 | 294 | 268 | 270 | 268 | |||||||||||||||||||||
Interest on federal funds sold | 6,652 | 5,038 | 3,103 | 1,285 | 1,083 | 1,182 | 1,510 | |||||||||||||||||||||
Total interest income | 134,615 | 124,421 | 35,119 | 33,591 | 33,436 | 32,469 | 33,180 | |||||||||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||||||||||
Interest on interest bearing demand deposits | 8,661 | 1,786 | 2,612 | 2,117 | 2,118 | 1,814 | 1,027 | |||||||||||||||||||||
Interest on savings and NOW deposits | 754 | 546 | 201 | 206 | 190 | 157 | 146 | |||||||||||||||||||||
Interest on money market deposits | 21,386 | 13,631 | 5,475 | 5,277 | 5,542 | 5,092 | 5,538 | |||||||||||||||||||||
Interest on time deposits | 37,364 | 26,905 | 10,003 | 9,543 | 9,010 | 8,808 | 8,187 | |||||||||||||||||||||
Interest on federal funds purchased | 575 | 299 | — | 277 | 191 | 107 | 25 | |||||||||||||||||||||
Interest on Federal Home Loan Bank advances | 46 | 1,224 | — | — | — | 46 | 118 | |||||||||||||||||||||
Interest on subordinated debt | 3,255 | 3,288 | 787 | 828 | 820 | 820 | 828 | |||||||||||||||||||||
Total interest expense | 72,041 | 47,679 | 19,078 | 18,248 | 17,871 | 16,844 | 15,869 | |||||||||||||||||||||
Net interest income | 62,574 | 76,742 | 16,041 | 15,343 | 15,565 | 15,625 | 17,311 | |||||||||||||||||||||
Provision for (recovery of) credit losses | 6,763 | 1,642 | 3,407 | 2,913 | 638 | (195) | 466 | |||||||||||||||||||||
Net interest income after provision for (recovery of) credit losses | 55,811 | 75,100 | 12,634 | 12,430 | 14,927 | 15,820 | 16,845 | |||||||||||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||||||||||||||
Deposit account service charges | 1,996 | 2,149 | 481 | 557 | 490 | 469 | 510 | |||||||||||||||||||||
Bank owned life insurance income | 1,189 | 1,069 | 304 | 302 | 291 | 292 | 283 | |||||||||||||||||||||
Net loss on securities called or matured | (48) | — | — | — | (48) | — | — | |||||||||||||||||||||
Other non-interest income (loss) | 115 | 122 | 22 | 27 | 31 | 35 | (34) | |||||||||||||||||||||
Total non-interest income | 3,252 | 3,340 | 807 | 886 | 764 | 796 | 759 | |||||||||||||||||||||
NON-INTEREST EXPENSES: | ||||||||||||||||||||||||||||
Salaries and employee benefits | 30,475 | 28,267 | 8,253 | 7,250 | 7,484 | 7,488 | 7,129 | |||||||||||||||||||||
Furniture and equipment expenses | 3,636 | 2,787 | 830 | 931 | 940 | 935 | 804 | |||||||||||||||||||||
Advertising and marketing | 2,199 | 2,343 | 600 | 579 | 566 | 454 | 271 | |||||||||||||||||||||
Occupancy expenses | 1,614 | 1,684 | 358 | 407 | 415 | 435 | 397 | |||||||||||||||||||||
Outside services | 3,627 | 2,044 | 1,168 | 845 | 839 | 774 | 352 | |||||||||||||||||||||
Administrative expenses | 929 | 922 | 243 | 215 | 229 | 242 | 219 | |||||||||||||||||||||
Computer software intangible impairment | 19,721 | — | 19,721 | — | — | — | — | |||||||||||||||||||||
Other operating expenses | 10,766 | 7,569 | 3,258 | 2,992 | 2,362 | 2,153 | 2,166 | |||||||||||||||||||||
Total non-interest expenses | 72,967 | 45,616 | 34,431 | 13,219 | 12,835 | 12,481 | 11,338 | |||||||||||||||||||||
Income (loss) before income tax expense (benefit) | (13,904) | 32,824 | (20,990) | 97 | 2,856 | 4,135 | 6,266 | |||||||||||||||||||||
Income tax expense (benefit) | (3,924) | 6,239 | (4,823) | (168) | 238 | 830 | 1,120 | |||||||||||||||||||||
Net income (loss) | (9,980) | 26,585 | (16,167) | 265 | 2,618 | 3,305 | 5,146 | |||||||||||||||||||||
Preferred stock dividends | 2,156 | 2,156 | 539 | 539 | 539 | 539 | 539 | |||||||||||||||||||||
Net income (loss) available to common shareholders | $ | (12,136) | $ | 24,429 | $ | (16,706) | $ | (274) | $ | 2,079 | $ | 2,766 | $ | 4,607 | ||||||||||||||
Earnings (loss) per common share, basic and diluted | $ | (1.60) | $ | 3.25 | $ | (2.20) | $ | (0.04) | $ | 0.27 | $ | 0.36 | $ | 0.61 | ||||||||||||||
Weighted average number of common shares, basic and diluted | 7,606,391 | 7,522,913 | 7,603,318 | 7,601,925 | 7,608,389 | 7,611,990 | 7,527,327 | |||||||||||||||||||||
*Derived from audited financial statements |
UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
December 31, 2024 | September 30, 2024 | December 31, 2023 | Percentage Change | |||||||||||||||||||||||||||||
$ Amount | % of | $ Amount | % of | $ Amount | % of | Last 3 | Last 12 | |||||||||||||||||||||||||
LOANS: | ||||||||||||||||||||||||||||||||
Construction and land development loans | $ | 391,253 | 21.3 | % | $ | 373,486 | 20.8 | % | $ | 429,637 | 24.9 | % | 4.8 | % | -8.9 | % | ||||||||||||||||
Residential real estate loans | 438,745 | 23.9 | % | 446,109 | 24.8 | % | 474,602 | 27.5 | % | -1.7 | % | -7.6 | % | |||||||||||||||||||
Commercial real estate loans | 898,204 | 48.9 | % | 871,280 | 48.4 | % | 743,827 | 43.1 | % | 3.1 | % | 20.8 | % | |||||||||||||||||||
Commercial and industrial loans | 105,212 | 5.7 | % | 106,249 | 5.9 | % | 75,415 | 4.3 | % | -1.0 | % | 39.5 | % | |||||||||||||||||||
Consumer loans | 1,574 | 0.2 | % | 1,977 | 0.1 | % | 3,610 | 0.2 | % | -20.4 | % | -56.4 | % | |||||||||||||||||||
Total Gross Loans | $ | 1,834,988 | 100.0 | % | $ | 1,799,101 | 100.0 | % | $ | 1,727,091 | 100.0 | % | 2.0 | % | 6.2 | % | ||||||||||||||||
Less: Allowance for credit losses | (19,450) | (18,327) | (16,506) | |||||||||||||||||||||||||||||
Net deferred loan fees | (4,982) | (5,216) | (5,448) | |||||||||||||||||||||||||||||
Net Loans | $ | 1,810,556 | $ | 1,775,558 | $ | 1,705,137 | ||||||||||||||||||||||||||
DEPOSITS: | ||||||||||||||||||||||||||||||||
Non-interest bearing deposits | $ | 324,307 | 17.0 | % | $ | 347,575 | 18.4 | % | $ | 364,606 | 21.6 | % | -6.7 | % | -11.1 | % | ||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||
Demand deposits | 139,780 | 7.3 | % | 197,527 | 10.4 | % | 137,128 | 8.1 | % | -29.2 | % | 1.9 | % | |||||||||||||||||||
Savings and NOW deposits | 64,337 | 3.4 | % | 61,893 | 3.3 | % | 45,878 | 2.7 | % | 3.9 | % | 40.2 | % | |||||||||||||||||||
Money market deposits | 560,082 | 29.4 | % | 451,936 | 23.9 | % | 442,179 | 26.2 | % | 23.9 | % | 26.7 | % | |||||||||||||||||||
Certificates of deposit | 535,676 | 28.0 | % | 532,201 | 28.0 | % | 442,662 | 26.3 | % | 0.7 | % | 21.0 | % | |||||||||||||||||||
Certificates of deposit less than | 283,612 | 14.9 | % | 302,537 | 16.0 | % | 253,674 | 15.1 | % | -6.3 | % | 11.8 | % | |||||||||||||||||||
Total Deposits | $ | 1,907,794 | 100.0 | % | $ | 1,893,669 | 100.0 | % | $ | 1,686,127 | 100.0 | % | 0.7 | % | 13.1 | % | ||||||||||||||||
BORROWINGS: | ||||||||||||||||||||||||||||||||
Federal funds purchased | — | 0.0 | % | — | 0.0 | % | 15,000 | 17.1 | % | 0.0 | % | -100.0 | % | |||||||||||||||||||
Subordinated debt | 73,039 | 100.0 | % | 72,940 | 100.0 | % | 72,642 | 82.9 | % | 0.1 | % | 0.5 | % | |||||||||||||||||||
Total Borrowings | $ | 73,039 | 100.0 | % | $ | 72,940 | 100.0 | % | $ | 87,642 | 100.0 | % | 0.1 | % | -16.7 | % | ||||||||||||||||
Total Deposits and Borrowings | $ | 1,980,833 | $ | 1,966,609 | $ | 1,773,769 | 0.7 | % | 11.7 | % | ||||||||||||||||||||||
Core customer funding sources (1) | $ | 1,439,657 | 72.7 | % | $ | 1,471,350 | 74.8 | % | $ | 1,252,534 | 70.7 | % | -2.2 | % | 14.9 | % | ||||||||||||||||
Brokered and listing service sources (2) | 468,137 | 23.6 | % | 422,319 | 21.5 | % | 433,593 | 24.4 | % | 10.8 | % | 8.0 | % | |||||||||||||||||||
Federal funds purchased | — | 0.0 | % | — | 0.0 | % | 15,000 | 0.8 | % | 0.0 | % | -100.0 | % | |||||||||||||||||||
Subordinated debt (3) | 73,039 | 3.7 | % | 72,940 | 3.7 | % | 72,642 | 4.1 | % | 0.1 | % | 0.5 | % | |||||||||||||||||||
Total Funding Sources | $ | 1,980,833 | 100.0 | % | $ | 1,966,609 | 100.0 | % | $ | 1,773,769 | 100.0 | % | 0.7 | % | 11.7 | % | ||||||||||||||||
(1) | Includes ICS, CDARS, and reciprocal deposits maintained by customers, which represent sweep accounts tied to customer operating accounts. |
(2) | Consists of certificates of deposit (CD) through multiple listing services and multiple brokered deposit services, as well as ICS and CDARS one-way certificates of deposit and regional money market accounts. |
Excludes | |
(3) | Subordinated debt obligation qualifies as Tier 2 capital at the holding company and Tier 1 capital at the Bank. |
UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
For the three months ended December 31, | For the three months ended December 31, | |||||||||||||||||||||||
Average | Interest | Average | Average | Interest | Average | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans (1)(2) | $ | 1,808,894 | $ | 31,323 | 6.87 | % | $ | 1,720,790 | $ | 30,951 | 7.14 | % | ||||||||||||
Securities: | ||||||||||||||||||||||||
Taxable | 53,566 | 431 | 3.19 | % | 55,646 | 451 | 3.22 | % | ||||||||||||||||
Tax-exempt | 35,512 | 332 | 3.71 | % | 37,614 | 339 | 3.58 | % | ||||||||||||||||
Federal funds and interest-bearing deposits | 263,595 | 3,103 | 4.67 | % | 114,421 | 1,510 | 5.24 | % | ||||||||||||||||
Total interest-earning assets | $ | 2,161,567 | $ | 35,189 | 6.46 | % | $ | 1,928,471 | $ | 33,251 | 6.84 | % | ||||||||||||
Other assets | 129,077 | 69,725 | ||||||||||||||||||||||
Total assets | $ | 2,290,644 | $ | 1,998,196 | ||||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 231,496 | $ | 2,612 | 4.48 | % | $ | 98,021 | $ | 1,027 | 4.16 | % | ||||||||||||
Savings and NOW deposits | 64,112 | 201 | 1.24 | % | 47,142 | 146 | 1.23 | % | ||||||||||||||||
Money market deposits | 514,235 | 5,475 | 4.22 | % | 477,916 | 5,538 | 4.60 | % | ||||||||||||||||
Time deposits | 809,924 | 10,003 | 4.90 | % | 710,026 | 8,187 | 4.57 | % | ||||||||||||||||
Total interest-bearing deposits | $ | 1,619,767 | $ | 18,291 | 4.48 | % | $ | 1,333,105 | $ | 14,898 | 4.43 | % | ||||||||||||
Federal funds purchased | 2 | — | 0.00 | % | 1,740 | 25 | 5.70 | % | ||||||||||||||||
FHLB advances | — | — | — | 8,424 | 118 | 5.56 | % | |||||||||||||||||
Subordinated debt | 73,001 | 787 | 4.28 | % | 72,603 | 828 | 4.52 | % | ||||||||||||||||
Total interest-bearing liabilities | $ | 1,692,770 | $ | 19,078 | 4.47 | % | $ | 1,415,872 | $ | 15,869 | 4.45 | % | ||||||||||||
Demand deposits and other liabilities | 370,332 | 365,655 | ||||||||||||||||||||||
Total liabilities | $ | 2,063,102 | $ | 1,781,527 | ||||||||||||||||||||
Stockholders' Equity | 227,542 | 216,669 | ||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,290,644 | $ | 1,998,196 | ||||||||||||||||||||
Interest Rate Spread | 1.99 | % | 2.39 | % | ||||||||||||||||||||
Net Interest Income | $ | 16,111 | $ | 17,382 | ||||||||||||||||||||
Net Interest Margin | 2.96 | % | 3.58 | % | ||||||||||||||||||||
(1) | Includes loans classified as non-accrual |
(2) | Total loan interest income includes amortization of deferred loan fees, net of deferred loan costs |
(3) | Income and yields for all periods presented are reported on a tax-equivalent basis using the federal statutory rate of |
(4) | Refer to Appendix for reconciliation of non-GAAP measures |
UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
For the year ended December 31, 2024 | For the year ended December 31, 2023 | |||||||||||||||||||||||
Average | Interest | Average | Average | Interest | Average | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans (1)(2) | $ | 1,782,061 | $ | 125,177 | 7.02 | % | $ | 1,659,179 | $ | 116,482 | 7.02 | % | ||||||||||||
Securities: | ||||||||||||||||||||||||
Taxable | 54,935 | 1,693 | 3.08 | % | 57,386 | 1,836 | 3.20 | % | ||||||||||||||||
Tax-exempt | 36,379 | 1,384 | 3.80 | % | 37,810 | 1,348 | 3.57 | % | ||||||||||||||||
Federal funds and interest-bearing deposits | 137,073 | 6,652 | 4.85 | % | 103,840 | 5,038 | 4.85 | % | ||||||||||||||||
Total interest-earning assets | $ | 2,010,448 | $ | 134,906 | 6.71 | % | $ | 1,858,215 | $ | 124,704 | 6.71 | % | ||||||||||||
Other assets | 126,138 | 73,590 | ||||||||||||||||||||||
Total assets | $ | 2,136,586 | $ | 1,931,805 | ||||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 181,109 | $ | 8,661 | 4.78 | % | $ | 83,087 | $ | 1,786 | 2.15 | % | ||||||||||||
Savings and NOW deposits | 54,385 | 754 | 1.39 | % | 49,565 | 546 | 1.10 | % | ||||||||||||||||
Money market deposit | 464,400 | 21,386 | 4.61 | % | 365,815 | 13,631 | 3.73 | % | ||||||||||||||||
Time deposits | 748,938 | 37,364 | 4.99 | % | 702,034 | 26,905 | 3.83 | % | ||||||||||||||||
Total interest-bearing deposits | $ | 1,448,832 | $ | 68,165 | 4.70 | % | $ | 1,200,501 | $ | 42,868 | 3.57 | % | ||||||||||||
Federal funds purchased | 9,941 | 575 | 5.78 | % | 5,583 | 299 | 5.36 | % | ||||||||||||||||
FHLB advances | 820 | 46 | 5.61 | % | 24,959 | 1,224 | 4.90 | % | ||||||||||||||||
Subordinated debt | 72,852 | 3,255 | 4.47 | % | 72,455 | 3,288 | 4.54 | % | ||||||||||||||||
Total interest-bearing liabilities | $ | 1,532,445 | $ | 72,041 | 4.70 | % | $ | 1,303,498 | $ | 47,679 | 3.66 | % | ||||||||||||
Demand deposits and other liabilities | 379,510 | 418,386 | ||||||||||||||||||||||
Total liabilities | $ | 1,911,955 | $ | 1,721,884 | ||||||||||||||||||||
Stockholders' Equity | 224,631 | 209,921 | ||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,136,586 | $ | 1,931,805 | ||||||||||||||||||||
Interest Rate Spread | 2.01 | % | 3.05 | % | ||||||||||||||||||||
Net Interest Income | $ | 62,865 | $ | 77,025 | ||||||||||||||||||||
Net Interest Margin | 3.13 | % | 4.15 | % | ||||||||||||||||||||
(1) | Includes loans classified as non-accrual |
(2) | Total loan interest income includes amortization of deferred loan fees, net of deferred loan costs |
(3) | Income and yields for all periods presented are reported on a tax-equivalent basis using the federal statutory rate of |
(4) | Refer to Appendix for reconciliation of non-GAAP measures |
UNAUDITED SUMMARY FINANCIAL DATA | ||||||||||||||||
(Dollars in thousands except share and per share data) | ||||||||||||||||
At or For the Three | At or For the Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Per share Data and Shares Outstanding | ||||||||||||||||
Earnings (loss) per common share (basic and diluted) | $ | (2.20) | $ | 0.61 | $ | (1.60) | $ | 3.25 | ||||||||
Book value per common share | $ | 23.77 | $ | 25.81 | $ | 23.77 | $ | 25.81 | ||||||||
Tangible book value per common share(2) | $ | 23.77 | $ | 23.86 | $ | 23.77 | $ | 23.86 | ||||||||
Weighted average common shares (basic and diluted) | 7,603,318 | 7,527,327 | 7,606,391 | 7,522,913 | ||||||||||||
Common shares outstanding at end of period | 7,603,765 | 7,527,415 | 7,603,765 | 7,527,415 | ||||||||||||
Performance Ratios | ||||||||||||||||
Return (loss) on average assets (annualized) | (2.80) | % | 1.02 | % | (0.47) | % | 1.38 | % | ||||||||
Return (loss) on average equity (annualized) | (28.19) | % | 9.42 | % | (4.44) | % | 12.66 | % | ||||||||
Return (loss) on average common equity (annualized) | (33.09) | % | 10.28 | % | (6.15) | % | 13.37 | % | ||||||||
Yield on earning assets (FTE) (2) (annualized) | 6.46 | % | 6.84 | % | 6.71 | % | 6.71 | % | ||||||||
Cost of interest bearing liabilities (annualized) | 4.47 | % | 4.45 | % | 4.70 | % | 3.66 | % | ||||||||
Net interest spread (FTE)(2) (annualized) | 1.99 | % | 2.39 | % | 2.01 | % | 3.05 | % | ||||||||
Net interest margin (FTE)(2) (annualized) | 2.96 | % | 3.58 | % | 3.13 | % | 4.15 | % | ||||||||
Non-interest income as a percentage of average assets (annualized) | 0.14 | % | 0.17 | % | 0.15 | % | 0.17 | % | ||||||||
Non-interest expense to average assets (annualized) | 5.96 | % | 2.21 | % | 3.42 | % | 2.36 | % | ||||||||
Efficiency ratio(3) | 204.36 | % | 61.29 | % | 110.85 | % | 56.96 | % | ||||||||
Asset Quality | ||||||||||||||||
Allowance for credit losses (ACL) | ||||||||||||||||
Beginning balance, ACL - loans | $ | 18,327 | $ | 15,626 | $ | 16,506 | $ | 14,114 | ||||||||
Add: recoveries | 9 | 9 | 28 | 22 | ||||||||||||
Less: charge-offs | (2,151) | (137) | (4,569) | (468) | ||||||||||||
Add: provision for (recovery of) credit losses - loans | 3,265 | 1,008 | 7,485 | 1,943 | ||||||||||||
Add: current expected credit losses, nonrecurring adoption | — | — | — | 895 | ||||||||||||
Ending balance, ACL - loans | $ | 19,450 | $ | 16,506 | $ | 19,450 | $ | 16,506 | ||||||||
Beginning balance, reserve for unfunded commitment (RUC) | $ | 145 | $ | 1,552 | $ | 1,009 | $ | — | ||||||||
Add: current expected credit losses, nonrecurring adoption | — | — | — | 1,310 | ||||||||||||
Add: provision for (recovery of) unfunded commitments, net | 142 | (543) | (722) | (301) | ||||||||||||
Ending balance, RUC | $ | 287 | $ | 1,009 | $ | 287 | $ | 1,009 | ||||||||
Total allowance for credit losses | $ | 19,737 | $ | 17,515 | $ | 19,737 | $ | 17,515 | ||||||||
Allowance for credit losses on loans to total gross loans | 1.06 | % | 0.96 | % | 1.06 | % | 0.96 | % | ||||||||
Allowance for credit losses to total gross loans | 1.08 | % | 1.01 | % | 1.08 | % | 1.01 | % | ||||||||
Allowance for credit losses on loans to non-performing loans | 89.84 | % | 16.44X | 89.84 | % | 16.44X | ||||||||||
Net charge-offs (recoveries) to average gross loans (annualized) | 0.46 | % | 0.03 | % | 0.25 | % | 0.03 | % | ||||||||
Concentration Ratios | ||||||||||||||||
Commercial real estate loans to total capital (4) | 393.79 | % | 372.50 | % | 393.79 | % | 372.50 | % | ||||||||
Construction loans to total capital (5) | 131.92 | % | 137.67 | % | 131.92 | % | 137.67 | % | ||||||||
Non-performing Assets | ||||||||||||||||
Loans 30-89 days past due and accruing to total gross loans | 0.00 | % | 0.04 | % | 0.00 | % | 0.04 | % | ||||||||
Loans 90 days past due and accruing to total gross loans | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||
Non-accrual loans to total gross loans | 1.18 | % | 0.06 | % | 1.18 | % | 0.06 | % | ||||||||
Other real estate owned | $ | — | $ | — | $ | — | $ | — | ||||||||
Non-performing loans | $ | 21,650 | $ | 1,004 | $ | 21,650 | $ | 1,004 | ||||||||
Non-performing assets to total assets | 0.97 | % | 0.05 | % | 0.97 | % | 0.05 | % | ||||||||
Regulatory Capital Ratios (Bank only) (1) | ||||||||||||||||
Total risk-based capital ratio | 15.69 | % | 17.18 | % | 15.69 | % | 17.18 | % | ||||||||
Tier 1 risk-based capital ratio | 14.64 | % | 16.22 | % | 14.64 | % | 16.22 | % | ||||||||
Leverage ratio | 12.08 | % | 14.66 | % | 12.08 | % | 14.66 | % | ||||||||
Common equity tier 1 ratio | 14.64 | % | 16.22 | % | 14.64 | % | 16.22 | % | ||||||||
Other information | ||||||||||||||||
Closing stock price | $ | 18.10 | $ | 24.81 | $ | 18.10 | $ | 24.81 | ||||||||
Tangible equity / tangible assets (2) | 9.33 | % | 10.24 | % | 9.33 | % | 10.24 | % | ||||||||
Average tangible equity / average tangible assets (2) | 9.21 | % | 10.22 | % | 9.80 | % | 10.31 | % | ||||||||
Number of full time equivalent employees | 204 | 186 | 204 | 186 | ||||||||||||
Number of full service branch offices | 6 | 6 | 6 | 6 | ||||||||||||
(1) | Regulatory capital ratios as of December 31, 2024 are preliminary |
(2) | Refer to Appendix for reconciliation of non-GAAP measures |
(3) | Efficiency ratio is calculated as non-interest expense as a percentage of net interest income and non-interest income |
(4) | Commercial real estate includes only non-owner occupied, multifamily, and construction loans as a percentage of Bank capital |
(5) | Construction loans as a percentage of Bank capital |
Unaudited Reconciliation of Certain Non-GAAP Financial Measures | ||||||||||||||||
(Dollars In thousands) | ||||||||||||||||
For the three months | For the year ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net interest margin (FTE) | ||||||||||||||||
Net interest income (GAAP) | $ | 16,041 | $ | 17,311 | $ | 62,574 | $ | 76,742 | ||||||||
FTE adjustment on tax-exempt securities | 70 | 71 | 291 | 283 | ||||||||||||
Net interest income (FTE) (non-GAAP) | 16,111 | 17,382 | 62,865 | 77,025 | ||||||||||||
Average interest earning assets | 2,161,567 | 1,928,471 | 2,010,448 | 1,858,215 | ||||||||||||
Net interest margin (GAAP) | 2.94 | % | 3.56 | % | 3.11 | % | 4.13 | % | ||||||||
Net interest margin (FTE) (non-GAAP) | 2.96 | % | 3.58 | % | 3.13 | % | 4.15 | % | ||||||||
For the three months | For the year ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Yield on earning assets (FTE) | ||||||||||||||||
Total interest income (GAAP) | $ | 35,119 | $ | 33,180 | $ | 134,615 | $ | 124,421 | ||||||||
FTE adjustment on tax-exempt securities | 70 | 71 | 291 | 283 | ||||||||||||
Total interest income (FTE) (non-GAAP) | 35,189 | 33,251 | 134,906 | 124,704 | ||||||||||||
Average interest earning assets | 2,161,567 | 1,928,471 | 2,010,448 | 1,858,215 | ||||||||||||
Yield on earning assets (GAAP) | 6.45 | % | 6.83 | % | 6.70 | % | 6.70 | % | ||||||||
Yield on earning assets (FTE) (non-GAAP) | 6.46 | % | 6.84 | % | 6.71 | % | 6.71 | % | ||||||||
For the three months | For the year ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net Income and earnings per share, adjusted | ||||||||||||||||
Net Income (loss), as reported | $ | (16,167) | $ | 5,146 | $ | (9,980) | $ | 26,585 | ||||||||
Less: nonrecurring intangible impairment | (19,721) | — | (19,721) | — | ||||||||||||
Less: nonrecurring restructuring expenses | (430) | — | (430) | — | ||||||||||||
Less: nonrecurring other expenses | (296) | — | (890) | — | ||||||||||||
Related income tax benefit | 4,633 | — | 4,763 | — | ||||||||||||
Net income (loss), adjusted | (353) | 5,146 | 6,298 | 26,585 | ||||||||||||
Preferred stock dividends | 539 | 539 | 2,156 | 2,156 | ||||||||||||
Net income (loss) available to common shareholders, adjusted | (892) | 4,607 | 4,142 | 24,429 | ||||||||||||
Weighted average shares - basic and diluted | 7,603,318 | 7,527,327 | 7,606,391 | 7,522,913 | ||||||||||||
Earnings (loss) per common share, basic and diluted, adjusted | ||||||||||||||||
Earnings (loss) per common share, basic and diluted, as reported | $ | (2.20) | $ | 0.61 | $ | (1.60) | $ | 3.25 | ||||||||
Nonrecurring expenses per share, net of taxes | 2.08 | — | 2.14 | — | ||||||||||||
Earnings (loss) per common share, basic and diluted, adjusted | $ | (0.12) | $ | 0.61 | $ | 0.54 | $ | 3.25 | ||||||||
Adjusted Return (loss) on Average Assets (ROAA) | ||||||||||||||||
Average assets, as reported | 2,290,644 | 1,998,196 | 2,136,586 | 1,931,805 | ||||||||||||
Annualized ROAA, as reported | (2.80) | % | 1.02 | % | (0.47) | % | 1.38 | % | ||||||||
Annualized ROAA, as adjusted | (0.06) | % | 1.02 | % | 0.29 | % | 1.38 | % | ||||||||
Adjusted Return (loss) on Average Equity (ROAE) | ||||||||||||||||
Average equity, as reported | 227,542 | 216,669 | 224,631 | 209,921 | ||||||||||||
Annualized ROAE, as reported | (28.19) | % | 9.42 | % | (4.44) | % | 12.66 | % | ||||||||
Annualized ROAE, as adjusted | (0.62) | % | 9.42 | % | 2.80 | % | 12.66 | % | ||||||||
Efficiency Ratio, adjusted | ||||||||||||||||
Noninterest expenses, as reported | 34,431 | 11,338 | 72,967 | 45,616 | ||||||||||||
Less: nonrecurring intangible impairment | (19,721) | — | (19,721) | — | ||||||||||||
Less: nonrecurring restructuring expenses | (430) | — | (430) | — | ||||||||||||
Less: nonrecurring other expenses | (296) | — | (890) | — | ||||||||||||
Noninterest expenses, adjusted for nonrecurring expenses | 13,984 | 11,338 | 51,926 | 45,616 | ||||||||||||
Efficiency ratio, as reported | 204.36 | % | 61.29 | % | 110.85 | % | 56.96 | % | ||||||||
Efficiency ratio, as adjusted | 83.00 | % | 61.29 | % | 78.88 | % | 56.96 | % | ||||||||
For the three months | For the year ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net interest spread (FTE) | ||||||||||||||||
Yield on earning assets (GAAP) | 6.45 | % | 6.83 | % | 6.70 | % | 6.70 | % | ||||||||
Yield on earning assets (FTE) (non-GAAP) | 6.46 | % | 6.84 | % | 6.71 | % | 6.71 | % | ||||||||
Yield on interest-bearing liabilities (GAAP) | 4.47 | % | 4.45 | % | 4.70 | % | 3.66 | % | ||||||||
Net interest spread (GAAP) | 1.98 | % | 2.38 | % | 1.99 | % | 3.04 | % | ||||||||
Net interest spread (FTE) (non-GAAP) | 1.99 | % | 2.39 | % | 2.01 | % | 3.05 | % | ||||||||
As of December 31, | As of December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Tangible common stockholders' equity | ||||||||||||||||
Total stockholders equity (GAAP) | $ | 207,991 | $ | 221,517 | $ | 207,991 | $ | 221,517 | ||||||||
Less: intangible assets | — | (14,657) | — | (14,657) | ||||||||||||
Tangible stockholders' equity (non-GAAP) | 207,991 | 206,860 | 207,991 | 206,860 | ||||||||||||
Less: preferred stock | (27,263) | (27,263) | (27,263) | (27,263) | ||||||||||||
Tangible common stockholders' equity (non-GAAP) | 180,728 | 179,597 | 180,728 | 179,597 | ||||||||||||
Common shares outstanding | 7,603,765 | 7,527,415 | 7,603,765 | 7,527,415 | ||||||||||||
Tangible book value per common share (non-GAAP) | $ | 23.77 | $ | 23.86 | $ | 23.77 | $ | 23.86 | ||||||||
As of December 31, | As of December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Stockholders equity, adjusted | ||||||||||||||||
Total stockholders equity (GAAP) | $ | 207,991 | $ | 221,517 | $ | 207,991 | $ | 221,517 | ||||||||
Less: intangible assets | — | (14,657) | — | (14,657) | ||||||||||||
Total tangible stockholders equity (non-GAAP) | 207,991 | 206,860 | 207,991 | 206,860 | ||||||||||||
As of December 31, | As of December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Total tangible assets | ||||||||||||||||
Total assets (GAAP) | $ | 2,228,098 | $ | 2,035,432 | $ | 2,228,098 | $ | 2,035,432 | ||||||||
Less: intangible assets | — | (14,657) | — | (14,657) | ||||||||||||
Total tangible assets (non-GAAP) | 2,228,098 | 2,020,775 | 2,228,098 | 2,020,775 | ||||||||||||
For the three months | For the year ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Average tangible stockholders' equity | ||||||||||||||||
Total average stockholders' equity (GAAP) | $ | 227,542 | $ | 216,669 | $ | 224,631 | $ | 209,921 | ||||||||
Less: average intangible assets | (18,327) | (13,929) | (16,989) | (11,996) | ||||||||||||
Total average tangible stockholders' equity (non-GAAP) | 209,215 | 202,740 | 207,642 | 197,925 | ||||||||||||
For the three months | For the year ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Average tangible assets | ||||||||||||||||
Total average assets (GAAP) | $ | 2,290,644 | $ | 1,998,196 | $ | 2,136,586 | $ | 1,931,805 | ||||||||
Less: average intangible assets | (18,327) | (13,929) | (16,989) | (11,996) | ||||||||||||
Total average tangible assets (non-GAAP) | 2,272,317 | 1,984,267 | 2,119,597 | 1,919,809 | ||||||||||||
Contact: Billy Freesmeier
Chief of Staff
Desk (703) 481-4579
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SOURCE MainStreet Bancshares, Inc.
FAQ
What caused MainStreet Bancshares (MNSB) to report a loss in 2024?
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