MainStreet Bancshares, Inc. Reports Strong First Quarter 2021 Earnings

Rhea-AI Summary

MainStreet Bancshares, Inc. (Nasdaq: MNSB, MNSBP) reported a net income of $5.5 million for Q1 2021, showcasing a 12.95% Return on Average Equity (ROAE) and $0.65 earnings per share. Net interest income increased by 31% to $13.5 million, largely driven by Paycheck Protection Program (PPP) fees. Total assets reached $1.7 billion, reflecting a 31% growth year-over-year. The bank's efficiency ratio improved to 52%. MainStreet secured a $30 million subordinated note to support growth and debt retirement, positioning itself for further expansion.

Positive

• Net income of $5.5 million with 12.95% ROAE.
• 31% increase in net interest income to $13.5 million.
• Total assets increased by 31% to $1.7 billion.
• Efficiency ratio improved to 52% from 61%.

Negative

• None.

FAIRFAX, Va., April 21, 2021 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company for MainStreet Bank, reported net income of $5.5 million for the first quarter of 2021.  Net income of $5.5 million represents a 12.95% Return on Average Equity (ROAE), a 1.32% Return on Average Assets (ROAA) and $0.65 per share of common stock (basic and diluted). 

"We are focused on adding new loan and deposit relationships"  Abdul Hersiburane

Net interest income was $13.5 million and noninterest income was $1.4 million for the quarter-ended March 31, 2021, an increase of 31% and 2% respectively over the same period in 2020.  One-half of the increase in net interest income for the quarter came from Paycheck Protection Program (PPP) origination fees.

The Company's cost of funds for the quarter-ended March 31, 2021 was 1.11%, down from 2.11% from the same period a year ago.  The Company is focused on reducing funding costs, increasing fee income, and improving operating efficiency.  The Company's efficiency ratio was 52% for the quarter-ended March 31, 2021, a solid improvement from the 61% efficiency ratio reported for the same period a year ago.

Total assets were $1.7 billion on March 31, 2021, an increase of 31% from March 31, 2020.  Net loans were $1.3 billion on March 31, 2021, which included $180 million in PPP loan balances. Asset quality continues strong with non-performing assets representing 0.08% of total assets on March 31, 2021. 

Non-interest-bearing deposits represented 32% of the $1.5 billion in total deposits on March 31, 2021.  Seventy-five percent of total deposits are core deposits – which is a significantly positive shift over the past eight quarters. 

The Company continues to be strongly capitalized, and on April 6, 2021, the Company entered into a Subordinated Note Purchase Agreement for a private placement of $30 million in aggregate principal amount of 3.75% Fixed-to-Floating Rate Subordinated Notes due in 2031.  The Company intends to use the net proceeds from the issuance of the Notes for general corporate purposes, including potential retirement of existing subordinated debt and capital to support the organic growth of its bank subsidiary, MainStreet Bank.  Performance Trust Capital Partners, LLC served as sole placement agent for the offering.

"With 2020 behinds us, our clients are starting this year strong and confident," said Abdul Hersiburane, President of MainStreet Bank.  "We are focused on aggressively adding new loan and deposit relationships to the mix."

"We are fortunate to be in such a robust and resilient market," said Jeff W. Dick, Chairman & CEO of MainStreet Bancshares, Inc. and MainStreet Bank.  "With the addition of $30 million of very low-cost subordinated debt to our capital stack, we are well positioned to pursue continued growth opportunities."

ABOUT MAINSTREET BANK:  MainStreet operates seven branches in Herndon, Fairfax, Fairfax City, McLean, Leesburg, Clarendon, and Washington D.C.  MainStreet Bank has 55,000 free ATMs and a fully integrated online and mobile banking solution.  The Bank is not restricted by a conventional branching system, as it can offer business customers the ability to Put Our Bank in Your Office^®. With robust and easy-to-use online business banking technology, MainStreet has "put our bank" in thousands of businesses in the metropolitan area.

MainStreet Bank has a full complement of payment solutions for financial technology companies and has a team ready to create a perfect solution for their needs.

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 also works with the SBA to offer 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 Washington, DC metropolitan area to offer a full online business banking solution.  MainStreet Bank was also the first bank headquartered in the Commonwealth of Virginia to offer CDARS – a solution that provides multi-million-dollar FDIC insurance.  Further information on the Bank can be obtained by visiting its website at mstreetbank.com.

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.

Contact: Jeff W. Dick, Chairman & CEO
(703) 481-4567

 

UNAUDITED CONSOLIDATED BALANCE SHEET INFORMATION (In thousands, except share data)
		March 31, 2021				December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020
ASSETS
Cash and cash equivalents
Cash and due from banks		$	118,399			$	75,935			$	102,480			$	55,273			$	62,098
Federal funds sold			51,598				31,593				25,074				21,081				10,677
Total cash and cash equivalents			169,997				107,528				127,554				76,354				72,775
Investment securities available for sale, at fair value			180,028				147,414				118,844				91,823				102,191
Investment securities held to maturity, at carrying value			26,427				22,520				23,114				23,843				23,878
Restricted equity securities, at cost			4,664				4,616				4,616				5,041				5,041
Loans held for sale			—				57,006				—				—				—
Loans, net of allowance for loan losses of $13,215, $12,877, $14,346, $13,731, and $9,898, respectively			1,299,169				1,230,379				1,279,899				1,259,012				1,059,628
Premises and equipment, net			13,975				14,289				14,474				14,416				14,666
Other real estate owned, net			1,180				1,180				1,580				1,175				1,207
Accrued interest and other receivables			9,349				9,604				8,579				7,458				4,809
Bank owned life insurance			25,518				25,341				25,157				24,959				24,761
Other assets			12,722				23,288				26,371				24,786				20,786
Total Assets		$	1,743,029			$	1,643,165			$	1,630,188			$	1,528,867			$	1,329,742
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Non-interest bearing deposits		$	492,463			$	370,497			$	416,648			$	388,104			$	240,979
Interest bearing DDA deposits			69,180				70,307				72,807				18,266				16,846
Savings and NOW deposits			72,259				74,099				69,015				65,876				60,454
Money market deposits			342,468				426,600				348,146				332,246				265,443
Time deposits			561,772				496,743				510,429				537,840				559,489
Total deposits			1,538,142				1,438,246				1,417,045				1,342,332				1,143,211
Federal Home Loan Bank advances and other borrowings			—				—				—				10,000				10,000
Subordinated debt			14,841				14,834				14,827				14,819				14,812
Other liabilities			17,868				22,420				25,055				21,546				21,424
Total Liabilities			1,570,851				1,475,500				1,456,927				1,388,697				1,189,447
Stockholders' Equity:
Preferred stock			27,263				27,263				27,527				—				—
Common stock			29,437				29,130				32,460				32,433				32,418
Capital surplus			66,233				66,116				75,217				74,850				74,482
Retained earnings			49,090				44,179				37,105				31,933				32,567
Accumulated other comprehensive income			155				977				952				954				828
Total Stockholders' Equity			172,178				167,665				173,261				140,170				140,295
Total Liabilities and Stockholders' Equity		$	1,743,029			$	1,643,165			$	1,630,188			$	1,528,867			$	1,329,742

 

 

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME INFORMATION (In thousands, except share and per share data)
		Year-to-Date								Three Months Ended
		March 31, 2021				March 31, 2020				March 31, 2021				December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020
INTEREST INCOME:
Interest and fees on loans		$	15,792			$	14,220			$	15,792			$	15,933			$	15,083			$	14,399			$	14,220
Interest on investment securities			530				501				530				519				491				496				501
Interest on federal funds sold			15				395				15				15				12				9				395
Total interest income			16,337				15,116				16,337				16,467				15,586				14,904				15,116
INTEREST EXPENSE:
Interest on interest bearing DDA deposits			55				117				55				108				56				36				117
Interest on savings and NOW deposits			42				64				42				52				55				50				64
Interest on money market deposits			277				778				277				418				490				474				778
Interest on time deposits			2,250				3,566				2,250				2,583				2,841				3,333				3,566
Interest on Federal Home Loan Bank    advances and other borrowings			—				50				—				—				13				44				50
Interest on subordinated debt			238				241				238				240				245				241				241
Total interest expense			2,862				4,816				2,862				3,401				3,700				4,178				4,816
Net interest income			13,475				10,300				13,475				13,066				11,886				10,726				10,300
Provision for (recovery of) loan losses			320				350				320				(2,950)				635				5,575				350
Net interest income after provision    for loan losses			13,155				9,950				13,155				16,016				11,251				5,151				9,950
NON-INTEREST INCOME:
Deposit account service charges			539				487				539				509				487				433				487
Bank owned life insurance income			177				199				177				183				199				198				199
Loan swap fee income			—				403				—				833				1,851				423				403
Net gain on held-to-maturity securities			3				—				3				—				—				—				—
Net gain on sale of loans			344				—				344				—				33				—				—
Other fee income			383				325				383				378				288				264				325
Total other income			1,446				1,414				1,446				1,903				2,858				1,318				1,414
NON-INTEREST EXPENSES:
Salaries and employee benefits			4,767				4,433				4,767				4,746				4,495				4,263				4,433
Furniture and equipment expenses			526				454				526				601				574				500				454
Advertising and marketing			275				256				275				290				266				191				256
Occupancy expenses			306				267				306				360				332				311				267
Outside services			336				276				336				263				215				205				276
Administrative expenses			150				164				150				166				167				177				164
Other operating expenses			1,449				1,293				1,449				1,732				1,589				1,713				1,293
Total other expenses			7,809				7,143				7,809				8,158				7,638				7,360				7,143
Income before income tax expense (benefit)			6,792				4,221				6,792				9,761				6,471				(891)				4,221
Income tax expense (benefit)			1,342				751				1,342				2,051				1,299				(257)				751
Net Income (loss)			5,450				3,470				5,450				7,710				5,172				(634)				3,470
Preferred stock dividends			539				—				539				635				—				—				—
Net income (loss) available to common shareholders			4,911			$	3,470			$	4,911			$	7,075			$	5,172			$	(634)			$	3,470
Net income (loss) per common share,    basic and diluted		$	0.65			$	0.42			$	0.65			$	0.92			$	0.63			$	(0.08)			$	0.42
Weighted average number of common shares,    basic and diluted			7,523,547				8,287,317				7,523,547				7,700,470				8,272,570				8,263,370				8,287,317

 

 

UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL (In thousands)
		March 31, 2021								December 31, 2020								March 31, 2020								Percentage Change
		$ Amount				% of Total				$ Amount				% of Total				$ Amount				% of Total				Last 3 Mos				Last 12 Mos
LOANS:
Construction and land development loans		$	327,393				24.8	%		$	324,906				26.0	%		$	285,960				26.7	%			0.8	%			14.5	%
Residential real estate loans			181,649				13.8	%			183,531				14.7	%			149,968				13.9	%			-1.0	%			21.1	%
Commercial real estate loans			499,134				37.8	%			466,898				37.4	%			449,786				42.0	%			6.9	%			11.0	%
Commercial industrial loans - Other			92,680				7.0	%			94,847				7.6	%			118,258				11.0	%			-2.3	%			-21.6	%
Commercial industrial loans - PPP Loans			179,835				13.6	%			135,180				10.8	%			—				0.0	%			33.0	%			100.0	%
Consumer loans			39,563				3.0	%			44,073				3.5	%			68,160				6.4	%			-10.2	%			-42.0	%
Total Gross Loans		$	1,320,254				100.0	%		$	1,249,435				100.0	%		$	1,072,132				100.0	%			5.7	%			23.1	%
Less: Allowance for loan losses			(13,215)								(12,877)								(9,898)
Net deferred loan fees			(7,870)								(6,179)								(2,606)
Net Loans		$	1,299,169							$	1,230,379							$	1,059,628
DEPOSITS:
Non-interest bearing demand deposits		$	492,463				32.0	%			370,497				25.8	%		$	240,979				21.1	%			32.9	%			104.4	%
Interest-bearing demand deposits:
Demand deposits			69,180				4.5	%			70,307				4.9	%			16,846				1.5	%			-1.6	%			310.7	%
Savings and NOW deposits			72,259				4.7	%			74,099				5.2	%			60,454				5.3	%			-2.5	%			19.5	%
Money market accounts			342,468				22.3	%			426,600				29.7	%			265,443				23.2	%			-19.7	%			29.0	%
Certificates of deposit $250,000 or more			287,154				18.7	%			213,077				14.8	%			213,409				18.7	%			34.8	%			34.6	%
Certificates of deposit less than $250,000			274,618				17.8	%			283,666				19.6	%			346,080				32.2	%			-3.2	%			-20.6	%
Total Deposits		$	1,538,142				100.0	%		$	1,438,246				100.0	%		$	1,143,211				100.0	%			6.9	%			34.5	%
BORROWINGS:
Federal Home Loan Bank advances			—				0.0	%			—				0.0	%			10,000				40.3	%			0.0	%			-100.0	%
Subordinated debt			14,841				100.0	%			14,834				100.0	%			14,812				59.7	%			0.0	%			0.2	%
Total Borrowings		$	14,841				100.0	%		$	14,834				100.0	%		$	24,812				100.0	%			0.0	%			-40.2	%
Total Deposits and Borrowings		$	1,552,983							$	1,453,080							$	1,168,023								6.9	%			33.0	%
Core customer funding sources (1)		$	1,159,207				74.6	%		$	1,046,087				72.0	%		$	785,661				67.2	%			10.8	%			47.5	%
Brokered and listing service sources (2)			378,935				24.4	%			392,159				27.0	%			357,550				30.6	%			-3.4	%			6.0	%
Federal Home Loan Bank advances			—				0.0	%			—				0.0	%			10,000				0.9	%			0.0	%			-100.0	%
Subordinated debt (3)			14,841				1.0	%			14,834				1.0	%			14,812				1.3	%			0.0	%			0.2	%
Total Funding Sources		$	1,552,983				100.0	%		$	1,453,080				100.0	%		$	1,168,023				100.0	%			6.9	%			33.0	%

 

(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
(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 March 31, 2021												For the three months ended March 31, 2020
		Average Balance				Interest Income/ Expense				Average Yields/ Rate (annualized)				Average Balance				Interest Income/ Expense				Average Yields/ Rate (annualized)
ASSETS:
Interest earning assets:
Loans (1)(2)(3)		$	1,319,542			$	15,792				4.85	%		$	1,058,738			$	14,220				5.40	%
Investment securities			89,868				530				2.39	%			73,838				501				2.73	%
Federal funds and interest-bearing deposits			193,755				15				0.03	%			136,314				395				1.17	%
Total interest earning assets		$	1,603,165			$	16,337				4.13	%		$	1,268,890			$	15,116				4.79	%
Other assets			70,727												59,363
Total assets		$	1,673,892											$	1,328,253
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing demand deposits		$	68,593			$	55				0.33	%		$	33,558			$	117				1.40	%
Money market deposit accounts			412,554				277				0.27	%			230,158				778				1.36	%
Savings and NOW deposits			69,993				42				0.24	%			62,699				64				0.41	%
Time deposits			479,136				2,250				1.90	%			567,112				3,566				2.53	%
Total interest-bearing deposits		$	1,030,276			$	2,624				1.03	%		$	893,527			$	4,525				2.03	%
Subordinated debt			14,838				238				6.51	%			14,809				241				6.55	%
FHLB borrowings			—				—				—				10,330				50				1.95	%
Total interest-bearing liabilities		$	1,045,114			$	2,862				1.11	%		$	918,666			$	4,816				2.11	%
Demand deposits and other liabilities			458,051												270,422
Total liabilities		$	1,503,165											$	1,189,088
Stockholders' Equity			170,727												139,165
Total Liabilities and Stockholders' Equity		$	1,673,892											$	1,328,253
Interest Rate Spread											3.02	%											2.68	%
Net Interest Income						$	13,475											$	10,300
Net Interest Margin											3.41	%											3.26	%
Net Interest Margin, excluding PPP loans(4)											3.20	%											3.26	%

 

(1)	Includes loans classified as non-accrual and loans held for sale
(2)	Includes average PPP balances of $154.2 million and related interest income of approximately $386,000 for the three months ended March 31, 2021
(3)	Total loan interest income includes amortization of deferred loan fees, net of deferred loan costs
(4)	Refer to Appendix for reconciliation of non-GAAP measures

 

 

UNAUDITED SUMMARY FINANCIAL DATA (Dollars in thousands except per share data)
		At or For the Three Months Ended
		March 31,
		2021				2020
Per share Data and Shares Outstanding
Earnings per common share (basic and diluted)		$	0.65			$	0.42
Book value per common share		$	19.26			$	16.98
Weighted average common shares (basic and diluted)			7,523,547				8,287,317
Common shares outstanding at end of period			7,523,547				8,260,231
Performance Ratios
Return on average assets (annualized)			1.32	%			1.05	%
Return on average assets, excluding impact of PPP loans (annualized)(2)			0.91	%			1.05	%
Return on average equity (annualized)			12.95	%			10.03	%
Return on average common equity (annualized)			13.88	%			10.03	%
Yield on earning assets (annualized)			4.13	%			4.79	%
Cost of interest bearing liabilities (annualized)			1.11	%			2.11	%
Net interest spread			3.02	%			2.68	%
Net interest margin (annualized)			3.41	%			3.26	%
Net interest margin, excluding PPP loans (annualized)(2)			3.20	%			3.26	%
Noninterest income as a percentage of average assets (annualized)			0.35	%			0.43	%
Noninterest expense to average assets (annualized)			1.89	%			2.16	%
Efficiency ratio(3)			52.34	%			60.98	%
Asset Quality
Loans 30-89 days past due to total gross loans			0.07	%			0.19	%
Loans 90 days past due to total gross loans			0.00	%			0.01	%
Non-accrual loans to total gross loans			0.01	%			0.01	%
Other real estate owned		$	1,180			$	1,207
Non-performing assets		$	1,329			$	1,415
Non-performing assets to total assets			0.08	%			0.11	%
Non-performing assets to total assets, excluding PPP loans(2)			0.09	%			0.11	%
Allowance for loan losses to total gross loans			1.00	%			0.92	%
Allowance for loan losses to total loans, excluding PPP loans(2)			1.16	%			0.92	%
Allowance for loan losses to non-performing assets			9.94				7.82
Net loan charge-offs (recoveries)		$	(18)			$	36
Net charge-offs (recoveries) to average gross loans (annualized)			(0.01)	%			0.06	%
Net charge-offs (recoveries) to average gross loans, excluding PPP loans (annualized)(2)			(0.01)	%			0.06	%
Troubled debt restructurings (total)
Performing in accordance with modified terms		$	—			$	1,477
Not performing in accordance with modified terms		$	—			$	—
Regulatory Capital Ratios (Bank only) (1)
Total risk-based capital ratio			15.43	%			12.44	%
Tier 1 risk-based capital ratio			14.38	%			11.68	%
Leverage ratio			10.83	%			11.45	%
Common equity tier 1 ratio			14.38	%			11.68	%
Other information
Closing stock price		$	20.76			$	16.76
Equity / assets			9.88	%			10.55	%
Equity / assets, excluding PPP loans(2)			11.01	%			10.55	%
Average equity / average assets			10.20	%			10.48	%
Average equity / average assets, less average PPP loans(2)			11.23	%			10.48	%
Number of full time equivalent employees			125				125
# Full service branch offices			7				7

 

(1)	Regulatory capital ratios as of March 31, 2021 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

 

 

Reconciliation of Certain Non-GAAP Financial Measures (Dollars In thousands)
		For the three months ended March 31,
			2021				2020
Paycheck Protection Program adjustment impact
Loans held for investment (GAAP)		$	1,320,254			$	1,072,132
Less: PPP loans			179,835				—
Loans held for investment, excluding PPP (non-GAAP)		$	1,140,419			$	1,072,132
Average loans held for investment (GAAP)		$	1,319,542			$	1,058,738
Less: Average PPP loans			154,233				—
Average loans held for investment, excluding PPP (non-GAAP)		$	1,165,309			$	1,058,738
		For the three months ended March 31,
			2021				2020
Net interest margin adjustment
Net interest income (GAAP)		$	13,475			$	10,300
Less: PPP fees recognized			1,642				—
Less: PPP interest income earned			386				—
Net interest income, excluding PPP income (non-GAAP)			11,447				10,300
Average interest earning assets (GAAP)			1,603,165				1,268,890
Less: average PPP loans			154,233				—
Average interest earning assets, excluding PPP (non-GAAP)			1,448,932				1,268,890
Net interest margin (GAAP)			3.41	%			3.26	%
Net interest margin, excluding PPP (non-GAAP)			3.20	%			3.26	%
		For the three months ended March 31,
			2021				2020
Total asset adjustment
Total assets (GAAP)		$	1,743,029			$	1,329,742
Less: PPP loans			179,835				—
Total assets, excluding PPP loans (non-GAAP)			1,563,194				1,329,742
Total equity (GAAP)			172,178				140,295
Equity / assets, excluding PPP loans (non-GAAP)			11.01	%			10.55	%
Average asset adjustment
Average assets (GAAP)			1,673,892				1,328,253
Less: average PPP loans			154,233				—
Total average assets, excluding average PPP loans			1,519,659				1,328,253
Total average equity (GAAP)			170,727				139,165
Average equity / average assets, excluding average PPP loans (non-GAAP)			11.23	%			10.48	%
		For the three months ended March 31,
			2021				2020
Return on Average Assets, adjusted
Net income (GAAP)		$	5,450			$	3,470
Less: PPP fees recognized			1,642				—
Less: PPP interest income			386				—
Net income, excluding PPP income (non-GAAP)			3,422				3,470
Average total assets			1,673,892				1,328,253
Less: average PPP loans			154,233				—
Average total assets, excluding PPP (non-GAAP)			1,519,659				1,328,253
Return on average assets, excluding PPP (non-GAAP)			0.91	%			1.05	%
		For the three months ended March 31,
			2021				2020
Nonperforming Assets to total assets, adjusted
Total nonperforming assets (GAAP)		$	1,329			$	1,415
Total assets (GAAP)			1,743,029				1,329,742
Less: PPP loans			179,835				—
Total assets, excluding PPP loans (non-GAAP)			1,563,194				1,329,742
Nonperforming assets to total assets, excluding PPP loans (non-GAAP)			0.09	%			0.11	%
		For the three months ended March 31,
			2021				2020
Allowance for loan losses, adjusted
Allowance for loan losses (GAAP)		$	13,215			$	9,898
Total gross loans (GAAP)			1,320,254				1,072,132
Less: PPP loans			179,835				—
Total gross loans, excluding PPP loans (non-GAAP)			1,140,419				1,072,132
Allowance for loan losses to total loans, excluding PPP (non-GAAP)			1.16	%			0.92	%
		For the three months ended March 31,
			2021				2020
Net charge-offs to average loans, adjusted
Total net charge-offs (recoveries) (GAAP)		$	(18)				36
Total average gross loans (GAAP)			1,319,542				1,058,738
Less: average PPP loans			154,233				—
Total average gross loans, excluding PPP loans (non-GAAP)			1,165,309				1,058,738
Net charge-offs (recoveries) to average gross loans, excluding PPP (annualized) (non-GAAP)			(0.01)	%			0.01	%

 

 

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SOURCE MainStreet Bancshares, Inc.

FAQ

What is MainStreet Bancshares' earnings for Q1 2021?

MainStreet Bancshares reported net income of $5.5 million for Q1 2021.

What was the return on average equity (ROAE) for MainStreet Bancshares in Q1 2021?

The return on average equity (ROAE) for Q1 2021 was 12.95%.

How much did MainStreet Bancshares' net interest income increase in Q1 2021?

Net interest income increased by 31% to $13.5 million in Q1 2021.

What were the total assets of MainStreet Bancshares as of March 31, 2021?

Total assets as of March 31, 2021, were $1.7 billion.

What was MainStreet Bancshares' efficiency ratio for Q1 2021?

The efficiency ratio for Q1 2021 improved to 52%.