MainStreet Bancshares Inc. Reports a Profitable Second Quarter
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 Bancshares Inc. (Nasdaq: MNSB & MNSBP) ha riportato un secondo trimestre redditizio con un utile netto di 2,6 milioni di dollari. I depositi totali hanno raggiunto 1,8 miliardi di dollari, con un aumento del 10,2% rispetto all'anno precedente, mentre la crescita dei prestiti è aumentata dell'8,6% fino a 1,8 miliardi di dollari. Il margine di interesse netto dell'azienda si è attestato a 3,15%, dimostrando resilienza di fronte all'aumento dei costi dei depositi.
Le fonti di finanziamento core della banca ora costituiscono il 78% dei depositi totali. La crescita dei prestiti è stata guidata dalla domanda nel settore commerciale e industriale e nel prestito di immobili commerciali di alta qualità occupati dai proprietari. Il portafoglio prestiti rimane solido con oneri netti di appena otto punti base sui prestiti lordi medi, e le attività non performanti rappresentano lo 0,99% delle attività totali.
Il Banking-as-a-Service (BaaS) di MainStreet Bank, Avenu, è operativo e in produzione, con ultime migliorie in fase di attuazione per garantire una soluzione scalabile e ricca di conformità.
MainStreet Bancshares Inc. (Nasdaq: MNSB & MNSBP) reportó un segundo trimestre rentable con ingresos netos de 2,6 millones de dólares. Los depósitos totales alcanzaron 1,8 mil millones de dólares, un aumento del 10,2% en comparación con el año anterior, mientras que el crecimiento de los préstamos se incrementó en un 8,6% hasta 1,8 mil millones de dólares. El margen de interés neto de la empresa se estableció en 3,15%, mostrando resiliencia ante los costos más altos de los depósitos.
Las fuentes de financiación principales del banco ahora comprenden el 78% de los depósitos totales. El crecimiento de los préstamos fue impulsado por la demanda en préstamos comerciales e industriales y en el financiamiento de bienes raíces comerciales de alta calidad ocupados por sus propietarios. La cartera de préstamos se mantiene sólida con pérdidas netas de solo ocho puntos básicos sobre los préstamos brutos promedio, y los activos no productivos representan el 0,99% de los activos totales.
La iniciativa de Banking-as-a-Service (BaaS) de MainStreet Bank, Avenu, está en funcionamiento y en producción, con las últimas mejoras siendo implementadas para asegurar una solución escalable y rica en cumplimiento.
MainStreet Bancshares Inc. (Nasdaq: MNSB & MNSBP)는 260만 달러의 순이익을 기록하며 수익성 있는 2분기를 보고했습니다. 총 예금은 18억 달러에 도달했으며, 전년 대비 10.2% 증가했고, 대출 성장률은 8.6% 증가하여 18억 달러에 달했습니다. 회사의 순이자 마진은 3.15%로 설정되어 예금 비용 상승에도 불구하고 강한 저항력을 보였습니다.
은행의 주요 고객 자금 조달 출처는 현재 총 예금의 78%를 차지합니다. 대출 성장은 상업 및 산업 차입에 대한 수요와 고품질 소유주 점유 상업용 부동산 대출에 의해 주도되었습니다. 대출 포트폴리오는 평균 총 대출의 단지 8 베이시스 포인트의 순 부실률을 기록하고 있으며, 비수익 자산은 총 자산의 0.99%를 차지합니다.
MainStreet 은행의 Banking-as-a-Service (BaaS) 이니셔티브, Avenu는 가동 중이며 생산 중이며, 확장 가능하고 규정 준수가 오는 솔루션을 보장하기 위한 최종 개선 사항이 구현되고 있습니다.
MainStreet Bancshares Inc. (Nasdaq: MNSB & MNSBP) a rapporté un deuxième trimestre rentable avec un revenu net de 2,6 millions de dollars. Les dépôts totaux ont atteint 1,8 milliard de dollars, en hausse de 10,2 % par rapport à l'année précédente, tandis que la croissance des prêts a augmenté de 8,6 % pour atteindre 1,8 milliard de dollars. La marge d'intérêt nette de l'entreprise s'est établit à 3,15%, montrant une résilience face à l'augmentation des coûts de dépôts.
Les sources de financement principales de la banque constituent maintenant 78 % des dépôts totaux. La croissance des prêts a été stimulée par la demande de prêts commerciaux et industriels ainsi que par le financement immobilier commercial de haute qualité occupé par les propriétaires. Le portefeuille de prêts reste solide avec des défauts nets représentant seulement huit points de base des prêts bruts moyens, et les actifs non performants représentant 0,99 % des actifs totaux.
L'initiative de Banking-as-a-Service (BaaS) de MainStreet Bank, Avenu, est en ligne et en production, avec les dernières améliorations mises en œuvre pour garantir une solution évolutive et riche en conformité.
MainStreet Bancshares Inc. (Nasdaq: MNSB & MNSBP) berichtete über ein profitables zweites Quartal mit einem Nettoeinkommen von 2,6 Millionen Dollar. Die Gesamteinlagen erreichten 1,8 Milliarden Dollar, was einem Anstieg von 10,2 % im Vergleich zum Vorjahr entspricht, während das Kreditwachstum um 8,6 % auf 1,8 Milliarden Dollar stieg. Die Nettozinsmarge des Unternehmens lag bei 3,15%, was eine Widerstandsfähigkeit gegenüber höheren Einlagenkosten zeigt.
Die Hauptquellen für die Kundenfinanzierung der Bank machen jetzt 78 % der Gesamteinlagen aus. Das Kreditwachstum wurde durch die Nachfrage im Bereich der gewerblichen und industriellen Kreditvergabe sowie durch hochqualitative, vom Eigentümer bewohnte gewerbliche Immobilienfinanzierungen vorangetrieben. Das Kreditportfolio bleibt solide, mit Nettoausfällen von nur acht Basispunkten der durchschnittlichen Bruttokredite, und nicht leistungsfähige Vermögenswerte machen 0,99 % der Gesamtvermögenswerte aus.
Die Banking-as-a-Service (BaaS)-Initiative von MainStreet Bank, Avenu, ist aktiv und in Produktion, wobei letzte Verbesserungen umgesetzt werden, um eine skalierbare und compliance-reiche Lösung zu gewährleisten.
- Net income of $2.6 million for Q2 2024
- Total deposits increased by 10.2% YoY to $1.8 billion
- Loan growth up 8.6% YoY to $1.8 billion
- Net interest margin at 3.15%
- Core customer funding sources comprise 78% of total deposits
- Net charge-offs at only eight basis points of average gross loans
- Nonperforming assets account for 0.99% of total assets
- Banking-as-a-Service (Avenu) still in production
Insights
MainStreet Bancshares' Q2 2024 results reveal a mixed financial picture. While the bank reported a profit of
- Total deposits increased by
10.2% year-over-year to$1.8 billion - Loan growth of
8.6% year-over-year, also reaching$1.8 billion - Net interest margin at
3.15% , which management describes as 'healthy' - Core deposits now constitute
78% of total deposits
The bank's focus on commercial and industrial lending, as well as owner-occupied commercial real estate, appears to be driving loan growth. This strategy could provide stability, especially in a potentially challenging economic environment.
However, investors should note some potential concerns:
- Net charge-offs at 8 basis points of average gross loans
- Nonperforming assets at
0.99% of total assets
While these figures aren't alarming, they warrant monitoring, especially given the current economic uncertainties. The bank's emphasis on risk management and proactive engagement with borrowers is prudent in this context.
The development of the Avenu Banking-as-a-Service platform could be a significant differentiator for MainStreet. If successful, this could open new revenue streams and potentially improve the bank's net interest margin. However, the platform is still in production and its full impact remains to be seen.
MainStreet Bancshares' foray into Banking-as-a-Service (BaaS) through its Avenu platform is a strategic move that could potentially reshape the bank's future. Here's why this is significant:
- Direct Integration: Avenu connects partners and their apps directly to MainStreet's purpose-built core solution, eliminating the need for middleware.
- Compliance Focus: The bank has emphasized implementing enhancements to ensure a 'scalable and compliance-rich solution,' addressing a critical concern in the fintech space.
- Competitive Advantage: By owning both the technology and the bank, MainStreet is positioning itself uniquely in the BaaS market.
However, the success of Avenu is not guaranteed. The BaaS market is becoming increasingly crowded, with both established banks and fintech startups vying for market share. MainStreet will need to demonstrate clear advantages over competitors to gain traction.
The production status of Avenu suggests that MainStreet is taking a cautious approach to rollout, which is prudent given the regulatory scrutiny on bank-fintech partnerships. However, this also means that any significant financial impact from Avenu is likely still some time away.
Investors should closely monitor the progress of Avenu, particularly:
- The timeline for full integration of the 'final enhancements'
- Early adoption rates among fintechs and other potential partners
- Any regulatory feedback or challenges
If successful, Avenu could provide MainStreet with a diversified revenue stream and potentially higher-margin business, which could significantly impact the bank's future profitability and growth trajectory.
Rise in Core Deposits Fueled an Uptick in Loan Growth
Total deposits reached
"We are now nine full quarters into the current interest rate cycle, and the entire industry has felt the effect of higher deposit costs. I'm happy to report that we experienced the softest impact this quarter, with our net interest margin settling in at a healthy
"We remain focused on caring for our customers and meeting their continuing banking and borrowing needs while judiciously adding promising new relationships," said Abdul Hersiburane, President of MainStreet Bank. "We've built our core customer funding sources up to
Loan growth in the second quarter was driven by a healthy rise in demand for commercial and industrial borrowing and in high-quality owner-occupied commercial real estate lending, a traditional area of strength for MainStreet Bank.
The Bank maintains a strong portfolio of earning assets, with very nominal AOCI exposure. The loan portfolio remains solid with net charge offs representing a mere eight basis points of average gross loans. Nonperforming assets account for
"We continue to carefully underwrite each loan opportunity and the lending team remains engaged with each borrower throughout their project lifecycle. If a borrower experiences a challenge, we work with them to face that challenge promptly and transparently," said Tom Floyd, EVP and Chief Lending Officer at MainStreet Bank. "We have a meticulous understanding of our loan book and a rigorous risk management mindset."
Banking-as-a-Service
In recent months, the weaknesses of other embedded banking solutions have been exposed—to the detriment of banks, their fintech clients and their end-customers. The Avenu team digested all the lessons that could be learned from these weaknesses and is implementing final enhancements to ensure a scalable and compliance-rich solution. Avenu is live and in limited production until the final enhancements are fully integrated.
Avenu
Avenu is the first and only embedded banking solution that connects our partners and their apps directly and seamlessly to our purpose-built Avenu core solution. We are not a sponsor bank without our own technology, and we are not a middleware software company without our own bank. We are Avenu, a leading financial technology company owned by an established community bank in the heart of
Avenu's clients are fintechs, social media, application developers, money movers, and entrepreneurs. They all have one thing in common: They are innovating how money moves to solve real-world issues and help communities thrive. We are focused on servicing our community and creating long-term business relationships.
ABOUT MAINSTREET BANK: MainStreet operates six branches in
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 is an SBA Preferred Lender. 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
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 the novel coronavirus (COVID-19) outbreak, 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.
MainStreet Bancshares, Inc. | ||||||||||||||||||||
UNAUDITED CONSOLIDATED BALANCE SHEET INFORMATION | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
June 30, | March 31, | December | September | June 30, | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
Cash and due from banks | $ | 41,697 | $ | 49,208 | $ | 53,581 | $ | 44,912 | $ | 67,700 | ||||||||||
Federal funds sold | 49,762 | 75,533 | 60,932 | 76,271 | 30,341 | |||||||||||||||
Total cash and cash equivalents | 91,459 | 124,741 | 114,513 | 121,183 | 98,041 | |||||||||||||||
Investment securities available for sale, at fair value | 57,605 | 58,699 | 59,928 | 56,726 | 60,579 | |||||||||||||||
Investment securities held to maturity, at amortized cost, net of allowance for credit losses of | 16,036 | 17,251 | 17,275 | 17,565 | 17,590 | |||||||||||||||
Restricted equity securities, at amortized cost | 26,797 | 23,924 | 24,356 | 20,619 | 20,304 | |||||||||||||||
Loans, net of allowance for credit losses of | 1,778,840 | 1,727,110 | 1,705,137 | 1,681,444 | 1,637,484 | |||||||||||||||
Premises and equipment, net | 13,787 | 14,081 | 13,944 | 14,275 | 14,427 | |||||||||||||||
Accrued interest and other receivables | 11,916 | 10,727 | 12,390 | 11,184 | 10,256 | |||||||||||||||
Computer software, net of amortization | 17,205 | 15,691 | 14,657 | 13,373 | 12,266 | |||||||||||||||
Bank owned life insurance | 38,901 | 38,609 | 38,318 | 38,035 | 37,763 | |||||||||||||||
Other assets | 41,200 | 39,182 | 34,914 | 47,087 | 40,641 | |||||||||||||||
Total Assets | $ | 2,093,746 | $ | 2,070,015 | $ | 2,035,432 | $ | 2,021,491 | $ | 1,949,351 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Non-interest bearing deposits | $ | 314,636 | $ | 348,945 | $ | 364,606 | $ | 394,859 | $ | 388,992 | ||||||||||
Interest bearing demand deposits | 179,513 | 165,331 | 137,128 | 76,423 | 71,308 | |||||||||||||||
Savings and NOW deposits | 60,867 | 46,036 | 45,878 | 46,550 | 51,294 | |||||||||||||||
Money market deposits | 476,396 | 446,903 | 442,179 | 461,398 | 380,500 | |||||||||||||||
Time deposits | 723,951 | 725,520 | 696,336 | 703,960 | 701,289 | |||||||||||||||
Total deposits | 1,755,363 | 1,732,735 | 1,686,127 | 1,683,190 | 1,593,383 | |||||||||||||||
Federal funds purchased | — | — | 15,000 | — | 30,000 | |||||||||||||||
Subordinated debt | 72,841 | 72,741 | 72,642 | 72,543 | 72,444 | |||||||||||||||
Other liabilities | 40,827 | 41,418 | 40,146 | 52,015 | 43,016 | |||||||||||||||
Total Liabilities | 1,869,031 | 1,846,894 | 1,813,915 | 1,807,748 | 1,738,843 | |||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Preferred stock | 27,263 | 27,263 | 27,263 | 27,263 | 27,263 | |||||||||||||||
Common stock | 29,452 | 29,514 | 29,198 | 29,188 | 29,177 | |||||||||||||||
Capital surplus | 66,392 | 65,940 | 65,985 | 65,407 | 64,768 | |||||||||||||||
Retained earnings | 109,651 | 108,334 | 106,549 | 102,694 | 97,646 | |||||||||||||||
Accumulated other comprehensive loss | (8,043) | (7,930) | (7,478) | (10,809) | (8,346) | |||||||||||||||
Total Stockholders' Equity | 224,715 | 223,121 | 221,517 | 213,743 | 210,508 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,093,746 | $ | 2,070,015 | $ | 2,035,432 | $ | 2,021,491 | $ | 1,949,351 |
*Derived from audited financial statements |
MainStreet Bancshares, Inc. | ||||||||||||||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME INFORMATION | ||||||||||||||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||||||||||||||
Year-to-Date | Three Months Ended | |||||||||||||||||||||||||||
June 30, | June 30, | June 30, | March 31, | December | September | June 30, | ||||||||||||||||||||||
INTEREST INCOME: | ||||||||||||||||||||||||||||
Interest and fees on loans | $ | 62,034 | $ | 55,586 | $ | 31,546 | $ | 30,487 | $ | 30,849 | $ | 29,750 | $ | 28,855 | ||||||||||||||
Interest on investment securities | ||||||||||||||||||||||||||||
Taxable securities | 865 | 926 | 430 | 435 | 451 | 459 | 407 | |||||||||||||||||||||
Tax-exempt securities | 538 | 529 | 268 | 270 | 268 | 268 | 265 | |||||||||||||||||||||
Interest on federal funds sold | 2,264 | 2,311 | 1,083 | 1,182 | 1,510 | 1,217 | 1,179 | |||||||||||||||||||||
Total interest income | 65,701 | 59,352 | 33,327 | 32,374 | 33,078 | 31,694 | 30,706 | |||||||||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||||||||||
Interest on interest bearing demand deposits | 4,032 | 594 | 2,172 | 1,860 | 1,058 | 240 | 251 | |||||||||||||||||||||
Interest on savings and NOW deposits | 347 | 255 | 190 | 157 | 146 | 145 | 147 | |||||||||||||||||||||
Interest on money market deposits | 10,816 | 4,129 | 5,638 | 5,178 | 5,639 | 4,156 | 2,926 | |||||||||||||||||||||
Interest on time deposits | 17,861 | 11,221 | 9,027 | 8,833 | 8,257 | 7,526 | 7,077 | |||||||||||||||||||||
Interest on federal funds purchased | 298 | 239 | 191 | 107 | 25 | 35 | 201 | |||||||||||||||||||||
Interest on Federal Home Loan Bank advances | 46 | 919 | — | 46 | 118 | 186 | 13 | |||||||||||||||||||||
Interest on subordinated debt | 1,640 | 1,632 | 820 | 820 | 828 | 828 | 820 | |||||||||||||||||||||
Total interest expense | 35,040 | 18,989 | 18,038 | 17,001 | 16,071 | 13,116 | 11,435 | |||||||||||||||||||||
Net interest income | 30,661 | 40,363 | 15,289 | 15,373 | 17,007 | 18,578 | 19,271 | |||||||||||||||||||||
Provision for (recovery of) credit losses | 443 | 921 | 638 | (195) | 466 | 255 | 638 | |||||||||||||||||||||
Net interest income after provision for (recovery of) credit losses | 30,218 | 39,442 | 14,651 | 15,568 | 16,541 | 18,323 | 18,633 | |||||||||||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||||||||||||||
Deposit account service charges | 959 | 1,125 | 490 | 469 | 510 | 514 | 535 | |||||||||||||||||||||
Bank owned life insurance income | 583 | 514 | 291 | 292 | 283 | 272 | 259 | |||||||||||||||||||||
Net loss on securities | (48) | — | (48) | — | — | — | — | |||||||||||||||||||||
Other non-interest income | 270 | 174 | 140 | 130 | 68 | 177 | 16 | |||||||||||||||||||||
Total other income | 1,764 | 1,813 | 873 | 891 | 861 | 963 | 810 | |||||||||||||||||||||
NON-INTEREST EXPENSES: | ||||||||||||||||||||||||||||
Salaries and employee benefits | 14,972 | 14,216 | 7,484 | 7,488 | 7,129 | 6,924 | 6,595 | |||||||||||||||||||||
Furniture and equipment expenses | 1,875 | 1,270 | 940 | 935 | 804 | 713 | 772 | |||||||||||||||||||||
Advertising and marketing | 1,020 | 1,495 | 566 | 454 | 271 | 577 | 698 | |||||||||||||||||||||
Occupancy expenses | 849 | 912 | 415 | 435 | 397 | 375 | 426 | |||||||||||||||||||||
Outside services | 1,614 | 994 | 839 | 774 | 352 | 697 | 504 | |||||||||||||||||||||
Administrative expenses | 471 | 426 | 229 | 242 | 219 | 277 | 211 | |||||||||||||||||||||
Other operating expenses | 4,190 | 3,242 | 2,195 | 1,996 | 1,964 | 1,866 | 1,646 | |||||||||||||||||||||
Total non-interest expenses | 24,991 | 22,555 | 12,668 | 12,324 | 11,136 | 11,429 | 10,852 | |||||||||||||||||||||
Income before income tax expense | 6,991 | 18,700 | 2,856 | 4,135 | 6,266 | 7,857 | 8,591 | |||||||||||||||||||||
Income tax expense | 1,068 | 3,602 | 238 | 830 | 1,120 | 1,516 | 1,645 | |||||||||||||||||||||
Net income | 5,923 | 15,098 | 2,618 | 3,305 | 5,146 | 6,341 | 6,946 | |||||||||||||||||||||
Preferred stock dividends | 1,078 | 1,078 | 539 | 539 | 539 | 539 | 539 | |||||||||||||||||||||
Net income available to common shareholders | $ | 4,845 | $ | 14,020 | $ | 2,079 | $ | 2,766 | $ | 4,607 | $ | 5,802 | $ | 6,407 | ||||||||||||||
Net income per common share, basic and diluted | $ | 0.64 | $ | 1.86 | $ | 0.27 | $ | 0.36 | $ | 0.61 | $ | 0.77 | $ | 0.85 | ||||||||||||||
Weighted average number of common shares, basic and diluted | 7,610,188 | 7,519,949 | 7,608,389 | 7,611,990 | 7,527,327 | 7,524,332 | 7,522,764 |
MainStreet Bancshares, Inc. | ||||||||||||||||||||||||||||||||
UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | Percentage Change | |||||||||||||||||||||||||||||
$ Amount | % of | $ Amount | % of | $ Amount | % of | Last 3 | Last 12 | |||||||||||||||||||||||||
LOANS: | ||||||||||||||||||||||||||||||||
Construction and land development loans | $ | 410,698 | 22.8 | % | $ | 408,903 | 23.4 | % | $ | 421,277 | 25.4 | % | 0.4 | % | -2.5 | % | ||||||||||||||||
Residential real estate loans | 449,700 | 25.0 | % | 451,991 | 25.8 | % | 410,550 | 24.7 | % | -0.5 | % | 9.5 | % | |||||||||||||||||||
Commercial real estate loans | 845,030 | 46.9 | % | 813,387 | 46.5 | % | 727,772 | 43.9 | % | 3.9 | % | 16.1 | % | |||||||||||||||||||
Commercial and industrial loans | 93,559 | 5.2 | % | 71,822 | 4.1 | % | 93,604 | 5.6 | % | 30.3 | % | 0.0 | % | |||||||||||||||||||
Consumer loans | 2,232 | 0.1 | % | 2,902 | 0.2 | % | 5,750 | 0.4 | % | -23.1 | % | -61.2 | % | |||||||||||||||||||
Total Gross Loans | $ | 1,801,219 | 100.0 | % | $ | 1,749,005 | 100.0 | % | $ | 1,658,953 | 100.0 | % | 3.0 | % | 8.6 | % | ||||||||||||||||
Less: Allowance for credit losses | (17,098) | (16,531) | (16,047) | |||||||||||||||||||||||||||||
Net deferred loan fees | (5,281) | (5,364) | (5,422) | |||||||||||||||||||||||||||||
Net Loans | $ | 1,778,840 | $ | 1,727,110 | $ | 1,637,484 | ||||||||||||||||||||||||||
DEPOSITS: | ||||||||||||||||||||||||||||||||
Non-interest bearing deposits | $ | 314,636 | 17.9 | % | $ | 348,945 | 20.1 | % | $ | 388,992 | 24.4 | % | -9.8 | % | -19.1 | % | ||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||
Demand deposits | 179,513 | 10.2 | % | 165,331 | 9.5 | % | 71,308 | 4.5 | % | 8.6 | % | 151.7 | % | |||||||||||||||||||
Savings and NOW deposits | 60,867 | 3.5 | % | 46,036 | 2.7 | % | 51,294 | 3.2 | % | 32.2 | % | 18.7 | % | |||||||||||||||||||
Money market accounts | 476,396 | 27.1 | % | 446,903 | 25.8 | % | 380,500 | 23.9 | % | 6.6 | % | 25.2 | % | |||||||||||||||||||
Certificates of deposit | 473,827 | 27.0 | % | 467,892 | 27.0 | % | 406,583 | 25.5 | % | 1.3 | % | 16.5 | % | |||||||||||||||||||
Certificates of deposit less than | 250,124 | 14.3 | % | 257,628 | 14.9 | % | 294,706 | 18.5 | % | -2.9 | % | -15.1 | % | |||||||||||||||||||
Total Deposits | $ | 1,755,363 | 100.0 | % | $ | 1,732,735 | 100.0 | % | $ | 1,593,383 | 100.0 | % | 1.3 | % | 10.2 | % | ||||||||||||||||
BORROWINGS: | ||||||||||||||||||||||||||||||||
Federal funds borrowed | — | 0.0 | % | — | 0.0 | % | 30,000 | 29.3 | % | -100.0 | % | -100.0 | % | |||||||||||||||||||
Subordinated debt | 72,841 | 100.0 | % | 72,741 | 100.0 | % | 72,444 | 70.7 | % | 0.1 | % | 0.5 | % | |||||||||||||||||||
Total Borrowings | $ | 72,841 | 100.0 | % | $ | 72,741 | 100.0 | % | $ | 102,444 | 100.0 | % | 0.1 | % | -28.9 | % | ||||||||||||||||
Total Deposits and Borrowings | $ | 1,828,204 | $ | 1,805,476 | $ | 1,695,827 | 1.3 | % | 7.8 | % | ||||||||||||||||||||||
Core customer funding sources (1) | $ | 1,376,991 | 75.3 | % | $ | 1,312,746 | 72.7 | % | $ | 1,184,958 | 69.9 | % | 4.9 | % | 16.2 | % | ||||||||||||||||
Brokered and listing service sources (2) | 378,372 | 20.7 | % | 419,989 | 23.3 | % | 408,425 | 24.1 | % | -9.9 | % | -7.4 | % | |||||||||||||||||||
Federal funds borrowed | — | 0.0 | % | — | 0.0 | % | 30,000 | 1.7 | % | -100.0 | % | -100.0 | % | |||||||||||||||||||
Subordinated debt (3) | 72,841 | 4.0 | % | 72,741 | 4.0 | % | 72,444 | 4.3 | % | 0.1 | % | 0.5 | % | |||||||||||||||||||
Total Funding Sources | $ | 1,828,204 | 100.0 | % | $ | 1,805,476 | 100.0 | % | $ | 1,695,827 | 100.0 | % | 1.3 | % | 7.8 | % |
(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 |
MainStreet Bancshares, Inc. | ||||||||||||||||||||||||
UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
For the three months ended June 30, 2024 | For the three months ended June 30, 2023 | |||||||||||||||||||||||
Average | Interest | Average | Average | Interest | Average | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans (1)(2) | $ | 1,782,124 | $ | 31,546 | 7.10 | % | $ | 1,649,300 | $ | 28,855 | 7.02 | % | ||||||||||||
Securities: | ||||||||||||||||||||||||
Taxable | 55,323 | 430 | 3.12 | % | 54,270 | 407 | 3.01 | % | ||||||||||||||||
Tax-exempt | 36,717 | 339 | 3.71 | % | 37,876 | 335 | 3.55 | % | ||||||||||||||||
Federal funds and interest-bearing deposits | 84,705 | 1,083 | 5.13 | % | 87,608 | 1,179 | 5.40 | % | ||||||||||||||||
Total interest-earning assets | $ | 1,958,869 | $ | 33,398 | 6.84 | % | $ | 1,829,054 | $ | 30,776 | 6.75 | % | ||||||||||||
Other assets | 131,656 | 83,599 | ||||||||||||||||||||||
Total assets | $ | 2,090,525 | $ | 1,912,653 | ||||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 172,221 | $ | 2,172 | 5.06 | % | $ | 73,800 | $ | 251 | 1.36 | % | ||||||||||||
Savings and NOW deposits | 47,767 | 190 | 1.60 | % | 50,644 | 147 | 1.16 | % | ||||||||||||||||
Money market deposit accounts | 463,641 | 5,638 | 4.88 | % | 344,118 | 2,926 | 3.41 | % | ||||||||||||||||
Time deposits | 715,777 | 9,027 | 5.06 | % | 723,056 | 7,077 | 3.93 | % | ||||||||||||||||
Total interest-bearing deposits | $ | 1,399,406 | $ | 17,027 | 4.88 | % | $ | 1,191,618 | $ | 10,401 | 3.50 | % | ||||||||||||
Federal funds borrowed | 13,298 | 191 | 5.76 | % | 15,174 | 201 | 5.31 | % | ||||||||||||||||
FHLB advances | — | — | — | 989 | 13 | 5.27 | % | |||||||||||||||||
Subordinated debt | 72,802 | 820 | 4.52 | % | 72,405 | 820 | 4.54 | % | ||||||||||||||||
Total interest-bearing liabilities | $ | 1,485,506 | $ | 18,038 | 4.87 | % | $ | 1,280,186 | $ | 11,435 | 3.58 | % | ||||||||||||
Demand deposits and other liabilities | 381,825 | 424,505 | ||||||||||||||||||||||
Total liabilities | $ | 1,867,331 | $ | 1,704,691 | ||||||||||||||||||||
Stockholders' Equity | 223,194 | 207,962 | ||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,090,525 | $ | 1,912,653 | ||||||||||||||||||||
Interest Rate Spread | 1.97 | % | 3.17 | % | ||||||||||||||||||||
Net Interest Income | $ | 15,360 | $ | 19,341 | ||||||||||||||||||||
Net Interest Margin | 3.15 | % | 4.24 | % |
(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 |
MainStreet Bancshares, Inc. | ||||||||||||||||||||||||
UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
For the six months ended June 30, 2024 | For the six months ended June 30, 2023 | |||||||||||||||||||||||
Average | Interest | Average | Average | Interest | Average | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans (1)(2) | $ | 1,755,443 | $ | 62,034 | 7.13 | % | $ | 1,624,664 | $ | 55,586 | 6.90 | % | ||||||||||||
Securities: | ||||||||||||||||||||||||
Taxable | 55,708 | 865 | 3.13 | % | 56,011 | 926 | 3.33 | % | ||||||||||||||||
Tax-exempt | 37,068 | 681 | 3.70 | % | 37,908 | 670 | 3.56 | % | ||||||||||||||||
Federal funds and interest-bearing deposits | 88,349 | 2,264 | 5.17 | % | 103,053 | 2,311 | 4.52 | % | ||||||||||||||||
Total interest-earning assets | $ | 1,936,568 | $ | 65,844 | 6.86 | % | $ | 1,821,636 | $ | 59,493 | 6.59 | % | ||||||||||||
Other assets | 127,430 | 77,601 | ||||||||||||||||||||||
Total assets | $ | 2,063,998 | $ | 1,899,237 | ||||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 159,234 | $ | 4,032 | 5.11 | % | $ | 78,568 | $ | 594 | 1.52 | % | ||||||||||||
Savings and NOW deposits | 45,993 | 347 | 1.52 | % | 51,290 | 255 | 1.00 | % | ||||||||||||||||
Money market deposit accounts | 448,647 | 10,816 | 4.86 | % | 284,906 | 4,129 | 2.92 | % | ||||||||||||||||
Time deposits | 712,898 | 17,861 | 5.05 | % | 698,384 | 11,221 | 3.24 | % | ||||||||||||||||
Total interest-bearing deposits | $ | 1,366,772 | $ | 33,056 | 4.88 | % | $ | 1,113,148 | $ | 16,199 | 2.93 | % | ||||||||||||
Federal funds borrowed | 10,386 | 298 | 5.79 | % | 9,103 | 239 | 5.29 | % | ||||||||||||||||
FHLB advances | 1,648 | 46 | 5.63 | % | 39,199 | 919 | 4.73 | % | ||||||||||||||||
Subordinated debt | 72,752 | 1,640 | 4.55 | % | 72,355 | 1,632 | 4.55 | % | ||||||||||||||||
Total interest-bearing liabilities | $ | 1,451,558 | $ | 35,040 | 4.87 | % | $ | 1,233,805 | $ | 18,989 | 3.10 | % | ||||||||||||
Demand deposits and other liabilities | 389,792 | 535,075 | ||||||||||||||||||||||
Total liabilities | $ | 1,841,350 | $ | 1,768,880 | ||||||||||||||||||||
Stockholders' Equity | 222,648 | 190,839 | ||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,063,998 | $ | 1,959,719 | ||||||||||||||||||||
Interest Rate Spread | 1.99 | % | 3.49 | % | ||||||||||||||||||||
Net Interest Income | $ | 30,804 | $ | 40,504 | ||||||||||||||||||||
Net Interest Margin | 3.21 | % | 4.48 | % |
(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 |
MainStreet Bancshares, Inc. | ||||||||||||||||
UNAUDITED SUMMARY FINANCIAL DATA | ||||||||||||||||
(Dollars in thousands except per share data) | ||||||||||||||||
At or For the Three | At or For the Six Months | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Per share Data and Shares Outstanding | ||||||||||||||||
Earnings per common share (basic and diluted) | $ | 0.27 | $ | 0.85 | $ | 0.64 | $ | 1.86 | ||||||||
Book value per common share | $ | 25.99 | $ | 24.36 | $ | 25.99 | $ | 24.36 | ||||||||
Tangible book value per common share(2) | $ | 23.72 | $ | 22.73 | $ | 23.72 | $ | 22.73 | ||||||||
Weighted average common shares (basic and diluted) | 7,608,389 | 7,522,764 | 7,610,188 | 7,519,949 | ||||||||||||
Common shares outstanding at end of period | 7,598,529 | 7,522,297 | 7,598,529 | 7,522,297 | ||||||||||||
Performance Ratios | ||||||||||||||||
Return on average assets (annualized) | 0.50 | % | 1.46 | % | 0.58 | % | 1.60 | % | ||||||||
Return on average equity (annualized) | 4.70 | % | 13.40 | % | 5.36 | % | 14.87 | % | ||||||||
Return on average common equity (annualized) | 5.36 | % | 14.22 | % | 6.11 | % | 15.92 | % | ||||||||
Yield on earning assets (FTE) (2) (annualized) | 6.84 | % | 6.75 | % | 6.86 | % | 6.59 | % | ||||||||
Cost of interest-bearing liabilities (annualized) | 4.87 | % | 3.58 | % | 4.87 | % | 3.10 | % | ||||||||
Net interest spread (FTE) (2) | 1.97 | % | 3.17 | % | 1.99 | % | 3.49 | % | ||||||||
Net interest margin (FTE) (2) (annualized) | 3.15 | % | 4.24 | % | 3.21 | % | 4.48 | % | ||||||||
Noninterest income as a percentage of average assets (annualized) | 0.17 | % | 0.17 | % | 0.17 | % | 0.19 | % | ||||||||
Noninterest expense to average assets (annualized) | 2.43 | % | 2.28 | % | 2.44 | % | 2.39 | % | ||||||||
Efficiency ratio (3) | 78.38 | % | 54.04 | % | 77.07 | % | 53.48 | % | ||||||||
Asset Quality | ||||||||||||||||
Allowance for credit losses (ACL) | ||||||||||||||||
Beginning balance, ACL - loans | $ | 16,531 | $ | 15,435 | $ | 16,506 | $ | 14,114 | ||||||||
Add: recoveries | 6 | 1 | 8 | 12 | ||||||||||||
Less: charge-offs | (370) | (6) | (511) | (6) | ||||||||||||
Add: provision for (recovery of) credit losses - loans | 931 | 617 | 1,095 | 1,032 | ||||||||||||
Add: current expected credit losses, nonrecurring adoption | — | — | — | 895 | ||||||||||||
Ending balance, ACL - loans | $ | 17,098 | $ | 16,047 | $ | 17,098 | $ | 16,047 | ||||||||
Beginning balance, reserve for unfunded commitment (RUC) | $ | 650 | $ | 1,178 | $ | 1,009 | $ | — | ||||||||
Add: current expected credit losses, nonrecurring adoption | — | — | — | 1,310 | ||||||||||||
Add: provision for (recovery of) unfunded commitments, net | (293) | 21 | (652) | (111) | ||||||||||||
Ending balance, RUC | $ | 357 | $ | 1,199 | $ | 357 | $ | 1,199 | ||||||||
Total allowance for credit losses | $ | 17,455 | $ | 17,246 | $ | 17,455 | $ | 17,246 | ||||||||
Allowance for credit losses on loans to total gross loans | 0.95 | % | 0.97 | % | 0.95 | % | 0.97 | % | ||||||||
Allowance for credit losses to total gross loans | 0.97 | % | 1.04 | % | 0.97 | % | 1.04 | % | ||||||||
Allowance for credit losses on loans to non-performing loans | 84 | % | N/A | 84 | % | N/A | ||||||||||
Net charge-offs (recoveries) to average gross loans (annualized) | 0.08 | % | 0.00 | % | 0.06 | % | 0.00 | % | ||||||||
Concentration Ratios | ||||||||||||||||
Commercial real estate loans to total capital (4) | 367.24 | % | 363.70 | % | 367.24 | % | 363.70 | % | ||||||||
Construction loans to total capital (5) | 130.19 | % | 139.59 | % | 130.19 | % | 139.59 | % | ||||||||
Non-performing Assets | ||||||||||||||||
Loans 30-89 days past due to total gross loans | 0.81 | % | 0.00 | % | 0.81 | % | 0.00 | % | ||||||||
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 | 1.15 | % | 0.00 | % | 1.15 | % | 0.00 | % | ||||||||
Other real estate owned | $ | — | $ | — | $ | — | $ | — | ||||||||
Non-performing loans | $ | 20,691 | $ | — | $ | 20,691 | $ | — | ||||||||
Non-performing assets to total assets | 0.99 | % | 0.00 | % | 0.99 | % | 0.00 | % | ||||||||
Regulatory Capital Ratios (Bank only) (1) | ||||||||||||||||
Total risk-based capital ratio | 16.78 | % | 16.79 | % | 16.78 | % | 16.79 | % | ||||||||
Tier 1 risk-based capital ratio | 15.85 | % | 15.83 | % | 15.85 | % | 15.83 | % | ||||||||
Leverage ratio | 14.22 | % | 14.81 | % | 14.22 | % | 14.81 | % | ||||||||
Common equity tier 1 ratio | 15.85 | % | 15.83 | % | 15.85 | % | 15.83 | % | ||||||||
Other information | ||||||||||||||||
Closing stock price | $ | 17.73 | $ | 22.66 | $ | 17.73 | $ | 22.66 | ||||||||
Tangible equity / tangible assets (2) | 9.99 | % | 10.24 | % | 9.99 | % | 10.24 | % | ||||||||
Average tangible equity / average tangible assets (2) | 9.97 | % | 10.34 | % | 10.10 | % | 10.28 | % | ||||||||
Number of full time equivalent employees | 195 | 179 | 195 | 179 | ||||||||||||
Number of full service branch offices | 6 | 6 | 6 | 6 |
(1) | Regulatory capital ratios as of June 30, 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 and construction loans as a percentage of Bank capital |
(5) | Construction loans as a percentage of Bank capital |
MainStreet Bancshares, Inc. | ||||||||||||||||
Unaudited Reconciliation of Certain Non-GAAP Financial Measures | ||||||||||||||||
(Dollars In thousands) | ||||||||||||||||
For the three months | For the six months ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net interest margin (FTE) | ||||||||||||||||
Net interest income (GAAP) | $ | 15,289 | $ | 19,271 | $ | 30,661 | $ | 40,363 | ||||||||
FTE adjustment on tax-exempt securities | 71 | 70 | 143 | 141 | ||||||||||||
Net interest income (FTE) (non-GAAP) | 15,360 | 19,341 | 30,804 | 40,504 | ||||||||||||
Average interest earning assets | 1,958,869 | 1,829,054 | 1,936,568 | 1,821,636 | ||||||||||||
Net interest margin (GAAP) | 3.13 | % | 4.23 | % | 3.19 | % | 4.47 | % | ||||||||
Net interest margin (FTE) (non-GAAP) | 3.15 | % | 4.24 | % | 3.21 | % | 4.48 | % |
For the three months | For the six months ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Yield on earning assets (FTE) | ||||||||||||||||
Total interest income | $ | 33,327 | $ | 30,706 | $ | 65,701 | $ | 59,352 | ||||||||
FTE adjustment on tax-exempt securities | 71 | 70 | 143 | 141 | ||||||||||||
Total interest income (FTE) (non-GAAP) | 33,398 | 30,776 | 65,844 | 59,493 | ||||||||||||
Average interest earning assets | 1,958,869 | 1,829,054 | 1,936,568 | 1,821,636 | ||||||||||||
Yield on earning assets (GAAP) | 6.82 | % | 6.73 | % | 6.84 | % | 6.57 | % | ||||||||
Yield on earning assets (FTE) (non-GAAP) | 6.84 | % | 6.75 | % | 6.86 | % | 6.59 | % |
For the three months | For the six months ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net interest spread (FTE) | ||||||||||||||||
Yield on earning assets (GAAP) | 6.82 | % | 6.73 | % | 6.84 | % | 6.57 | % | ||||||||
Yield on earning assets (FTE) (non-GAAP) | 6.84 | % | 6.75 | % | 6.86 | % | 6.59 | % | ||||||||
Yield on interest-bearing liabilities | 4.87 | % | 3.58 | % | 4.87 | % | 3.10 | % | ||||||||
Net interest spread (GAAP) | 1.95 | % | 3.15 | % | 1.97 | % | 3.47 | % | ||||||||
Net interest spread (FTE) (non-GAAP) | 1.97 | % | 3.17 | % | 1.99 | % | 3.48 | % |
As of June 30, | As of June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Tangible common stockholders' equity | ||||||||||||||||
Total stockholders equity (GAAP) | $ | 224,715 | $ | 210,508 | $ | 224,715 | $ | 210,508 | ||||||||
Less: intangible assets | (17,205) | (12,266) | (17,205) | (12,266) | ||||||||||||
Tangible stockholders' equity (non-GAAP) | 207,510 | 198,242 | $ | 207,510 | $ | 198,242 | ||||||||||
Less: preferred stock | (27,263) | (27,263) | (27,263) | (27,263) | ||||||||||||
Tangible common stockholders' equity (non-GAAP) | 180,247 | 170,979 | 180,247 | 170,979 | ||||||||||||
Common shares outstanding | 7,598,529 | 7,522,297 | 7,598,529 | 7,522,297 | ||||||||||||
Tangible book value per common share (non-GAAP) | $ | 23.72 | $ | 22.73 | $ | 23.72 | $ | 22.73 |
As of June 30, | As of June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Stockholders equity, adjusted | ||||||||||||||||
Total stockholders equity (GAAP) | $ | 224,715 | $ | 210,509 | $ | 224,715 | $ | 210,509 | ||||||||
Less: intangible assets | (17,205) | (12,266) | (17,205) | (12,266) | ||||||||||||
Total tangible stockholders equity (non-GAAP) | 207,510 | 198,243 | 207,510 | 198,243 |
As of June 30, | As of June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Total tangible assets | ||||||||||||||||
Total assets (GAAP) | $ | 2,093,746 | $ | 1,948,429 | $ | 2,093,746 | $ | 1,948,429 | ||||||||
Less: intangible assets | (17,205) | (12,266) | (17,205) | (12,266) | ||||||||||||
Total tangible assets (non-GAAP) | 2,076,541 | 1,936,163 | 2,076,541 | 1,936,163 |
For the three months | For the six months ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Average tangible stockholders' equity | ||||||||||||||||
Total average stockholders' equity (GAAP) | $ | 223,194 | $ | 207,962 | $ | 222,648 | $ | 204,800 | ||||||||
Less: average intangible assets | (16,386) | (11,284) | (15,732) | (10,585) | ||||||||||||
Total average tangible stockholders' equity (non-GAAP) | 206,808 | 196,678 | 206,916 | 194,215 |
For the three months | For the six months ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Average tangible assets | ||||||||||||||||
Total average assets (GAAP) | $ | 2,090,525 | $ | 1,912,653 | $ | 2,063,998 | $ | 1,899,237 | ||||||||
Less: average intangible assets | (16,386) | (11,284) | (15,732) | (10,585) | ||||||||||||
Total average tangible assets (non-GAAP) | 2,074,139 | 1,901,369 | 2,048,266 | 1,888,652 |
Contact: Debra Cope
Director of Corporate Communications
Desk (703) 481-4599
Mobile (202) 468-3184
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SOURCE MainStreet Bancshares, Inc.
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