Main Street Financial Services Corp. Announces Earnings for First Quarter of 2025
Main Street Financial Services Corp. (OTCQX: MSWV) reported Q1 2025 net income of $3.6 million, or $0.47 per share, with a return on equity of 13.27% and return on assets of 1.03%. The quarter showed strong growth with deposits increasing by $28.3 million (9.8% annualized) and loans growing by $17.8 million (6.4% annualized).
Key financial metrics include net interest income of $11.5 million, up 128% year-over-year, and a net interest margin of 3.44%. The company reduced wholesale funding by $31 million to $69 million (4.8% of assets). Asset quality improved with nonperforming loans decreasing to $4.9 million and classified loans reducing to $12.0 million.
The company declared a cash dividend of $0.14 per share on April 11, 2025. Total assets stood at $1.41 billion with net loan balances of $1.13 billion as of March 31, 2025.
Main Street Financial Services Corp. (OTCQX: MSWV) ha riportato un utile netto nel primo trimestre 2025 di 3,6 milioni di dollari, pari a 0,47 dollari per azione, con un ritorno sul capitale proprio del 13,27% e un ritorno sugli attivi dell'1,03%. Il trimestre ha mostrato una forte crescita con depositi in aumento di 28,3 milioni di dollari (9,8% su base annua) e prestiti cresciuti di 17,8 milioni di dollari (6,4% su base annua).
I principali indicatori finanziari includono un reddito netto da interessi di 11,5 milioni di dollari, in crescita del 128% rispetto all'anno precedente, e un margine di interesse netto del 3,44%. La società ha ridotto il finanziamento all'ingrosso di 31 milioni di dollari, portandolo a 69 milioni (4,8% degli attivi). La qualità degli attivi è migliorata con prestiti in sofferenza scesi a 4,9 milioni di dollari e prestiti classificati ridotti a 12,0 milioni.
La società ha dichiarato un dividendo in contanti di 0,14 dollari per azione l'11 aprile 2025. Gli attivi totali ammontavano a 1,41 miliardi di dollari con un saldo netto dei prestiti di 1,13 miliardi al 31 marzo 2025.
Main Street Financial Services Corp. (OTCQX: MSWV) reportó una utilidad neta en el primer trimestre de 2025 de 3,6 millones de dólares, o 0,47 dólares por acción, con un retorno sobre el capital del 13,27% y un retorno sobre activos del 1,03%. El trimestre mostró un fuerte crecimiento con depósitos incrementándose en 28,3 millones de dólares (9,8% anualizado) y préstamos creciendo en 17,8 millones de dólares (6,4% anualizado).
Las métricas financieras clave incluyen un ingreso neto por intereses de 11,5 millones de dólares, un aumento del 128% interanual, y un margen neto de interés del 3,44%. La compañía redujo el financiamiento mayorista en 31 millones de dólares, dejándolo en 69 millones (4,8% de los activos). La calidad de los activos mejoró con préstamos en mora que disminuyeron a 4,9 millones de dólares y préstamos clasificados que se redujeron a 12,0 millones.
La empresa declaró un dividendo en efectivo de 0,14 dólares por acción el 11 de abril de 2025. Los activos totales fueron de 1,41 mil millones de dólares con saldos netos de préstamos de 1,13 mil millones al 31 de marzo de 2025.
Main Street Financial Services Corp. (OTCQX: MSWV)는 2025년 1분기 순이익으로 360만 달러, 주당 0.47달러를 보고했으며, 자기자본이익률은 13.27%, 총자산이익률은 1.03%를 기록했습니다. 이번 분기는 예금이 2,830만 달러(연율 9.8%) 증가하고 대출이 1,780만 달러(연율 6.4%) 성장하는 등 강한 성장을 보였습니다.
주요 재무 지표로는 순이자수익이 1,150만 달러로 전년 대비 128% 증가했으며, 순이자마진은 3.44%였습니다. 회사는 도매 자금 조달을 3,100만 달러 줄여 6,900만 달러(자산의 4.8%)로 감소시켰습니다. 자산 건전성도 개선되어 부실 대출이 490만 달러로 감소했고, 분류 대출도 1,200만 달러로 줄었습니다.
회사는 2025년 4월 11일 주당 0.14달러 현금 배당을 선언했습니다. 2025년 3월 31일 기준 총자산은 14억 1천만 달러, 순대출 잔액은 11억 3천만 달러였습니다.
Main Street Financial Services Corp. (OTCQX : MSWV) a annoncé un bénéfice net de 3,6 millions de dollars au premier trimestre 2025, soit 0,47 dollar par action, avec un retour sur fonds propres de 13,27 % et un rendement des actifs de 1,03 %. Le trimestre a montré une forte croissance avec des dépôts en hausse de 28,3 millions de dollars (9,8 % annualisé) et des prêts en augmentation de 17,8 millions de dollars (6,4 % annualisé).
Les principaux indicateurs financiers comprennent un produit net d’intérêts de 11,5 millions de dollars, en hausse de 128 % par rapport à l’année précédente, et une marge nette d’intérêts de 3,44 %. La société a réduit son financement de gros de 31 millions de dollars, le ramenant à 69 millions (4,8 % des actifs). La qualité des actifs s’est améliorée avec une baisse des prêts non performants à 4,9 millions de dollars et des prêts classés réduits à 12,0 millions.
La société a déclaré un dividende en espèces de 0,14 dollar par action le 11 avril 2025. Les actifs totaux s’élevaient à 1,41 milliard de dollars avec un solde net de prêts de 1,13 milliard au 31 mars 2025.
Main Street Financial Services Corp. (OTCQX: MSWV) meldete für das erste Quartal 2025 einen Nettogewinn von 3,6 Millionen US-Dollar bzw. 0,47 US-Dollar je Aktie, mit einer Eigenkapitalrendite von 13,27 % und einer Gesamtkapitalrendite von 1,03 %. Das Quartal zeigte ein starkes Wachstum mit einer Steigerung der Einlagen um 28,3 Millionen US-Dollar (annualisiert 9,8 %) und einem Wachstum der Kredite um 17,8 Millionen US-Dollar (annualisiert 6,4 %).
Wichtige Finanzkennzahlen umfassen einen Nettozinsertrag von 11,5 Millionen US-Dollar, ein Plus von 128 % im Jahresvergleich, und eine Nettozinsmarge von 3,44 %. Das Unternehmen reduzierte die Wholesale-Finanzierung um 31 Millionen US-Dollar auf 69 Millionen (4,8 % der Vermögenswerte). Die Asset-Qualität verbesserte sich, da notleidende Kredite auf 4,9 Millionen US-Dollar und klassifizierte Kredite auf 12,0 Millionen US-Dollar sanken.
Das Unternehmen erklärte am 11. April 2025 eine Bardividende von 0,14 US-Dollar je Aktie. Die Gesamtaktiva beliefen sich zum 31. März 2025 auf 1,41 Milliarden US-Dollar, mit Nettokreditbeständen von 1,13 Milliarden US-Dollar.
- Net income increased to $3.6 million in Q1 2025
- Strong deposit growth of $28.3 million (9.8% annualized)
- Loan portfolio grew by $17.8 million (6.4% annualized)
- Net interest income up 128% year-over-year to $11.5 million
- Improved asset quality with NPLs decreasing to $4.9 million
- Reduced reliance on wholesale funding by $31 million
- Past due loans increased to $14.5 million from $13.8 million
- Non-interest expenses increased by $3.6 million year-over-year
- Cost of deposits increased by 13 basis points to 2.27%
Business Highlights
- Net income for the first quarter of 2025 totaled
$3.6 million , or$0.47 per common share - Deposit growth of
$28.3 million , or9.8% annualized, for the quarter ended March 31, 2025 - Loan growth of
$17.8 million , or6.4% annualized, for the quarter ended March 31, 2025 - Continued reduction of wholesale funding by
$31 million during the first quarter of 2025. The wholesale funding balance decreased to$69 million , or4.8% of assets, as of March 31, 2025. - Declared cash dividend of
$0.14 per share on April 11, 2025
WOOSTER, Ohio, April 24, 2025 (GLOBE NEWSWIRE) -- Main Street Financial Services Corp. (OTCQX: MSWV), (the “Company”), the holding company parent of Main Street Bank Corp. reported a net income of
The Company announced a merger of equals transaction with Wayne Savings Bancshares, Inc. (“Legacy Wayne”) on February 23, 2023. On May 31, 2024 (the “Merger Date”), the Company completed the transaction, forming a financial holding company with assets of
The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, Legacy Wayne was deemed the acquirer for financial reporting purposes, even though Main Street was the legal acquirer. Accordingly, Legacy Wayne’s historical financial statements are the historical financial statements of the combined company for all periods before the Merger Date. Our consolidated statements of income for the quarters ended June 30, 2024 and forward, include the results from Main Street on and after May 31, 2024. Results for periods before May 31, 2024, reflect only those of Legacy Wayne and do not include the consolidated statements of income of Main Street. Accordingly, comparisons of our results for the quarter ended March 31, 2025, with those of prior periods may not be meaningful. The number of shares issued and outstanding, earnings per share, dividends paid and all references to share quantities of Main Street have been retrospectively adjusted to reflect the equivalent number of shares issued in the Merger.
President and CEO James R. VanSickle commented “We are proud of the progress we have made as a combined organization. The merger has created meaningful opportunities for growth and enhanced our ability to deliver long-term value to our shareholders. Our team’s dedication and our communities’ ongoing support have been instrumental in this success, and we’re deeply grateful for the trust placed in us.”
First Quarter 2025 Financial Results
Net interest income was
A provision for credit losses and unfunded commitments of
Noninterest income totaled
Noninterest expense totaled
The provision for income taxes for the quarter ended March 31, 2025, increased by
March 31, 2025 Financial Condition
At March 31, 2025, the Company had total assets of
The allowance for credit losses was
Total nonperforming loans (NPLs) was
Improvement in Asset Quality Since Merger Announcement: The combined level of classified loans for Legacy Wayne and Main Street was
Total liabilities was
Total stockholders’ equity was
Main Street Financial Services Corp. is a holding company headquartered in Wooster, Ohio. Its primary subsidiary, Main Street Bank Corp. was founded in 1899 and provides full-service banking, commercial lending, and mortgage services across its branch infrastructure. Today, Main Street Bank Corp. operates 19 branch locations in Wooster, Ohio, Wheeling, West Virginia and other surrounding communities in Ohio and West Virginia. Additional information about Main Street Bank Corp. is available at www.mymainstreetbank.bank.
Non-GAAP Disclosure
This press release includes disclosures of the Company’s return on average equity, return on average assets, net income, and efficiency ratios which are excluding costs related to merger activities which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flow that excludes or includes amounts that are required to be disclosed by GAAP. The Company believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and the Company’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP.
Forward-Looking-Statements
This release contains forward-looking statements that are not historical facts and that are intended to be “forward-looking statements” as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company’s future operating results. When used in this release, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company’s loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company’s loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact Information:
Matthew Hartzler
Senior Vice President, Chief Financial Officer
(330) 264-5767
| MAIN STREET FINANCIAL SERVICES CORP. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (Dollars in thousands, except share data - unaudited) | |||||||
| March 31, 2025 | December 31, 2024 | ||||||
| ASSETS | |||||||
| Cash and cash equivalents | $ | 42,734 | $ | 54,422 | |||
| Securities, net (1) | 162,763 | 163,819 | |||||
| Loans receivable, net | 1,131,661 | 1,113,900 | |||||
| Federal Home Loan Bank stock | 4,951 | 5,924 | |||||
| Premises & equipment, net | 8,018 | 8,013 | |||||
| Bank-owned life insurance | 21,893 | 22,155 | |||||
| Other assets | 41,103 | 41,368 | |||||
| TOTAL ASSETS | $ | 1,413,123 | $ | 1,409,601 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Deposit accounts | $ | 1,184,669 | $ | 1,156,327 | |||
| Other borrowings | 35,852 | 28,399 | |||||
| Federal Home Loan Bank advances | 64,000 | 100,000 | |||||
| Accrued interest payable and other liabilities | 13,699 | 14,239 | |||||
| TOTAL LIABILITIES | 1,298,220 | 1,298,965 | |||||
| Common stock (7,801,011 shares of | 7,801 | 7,801 | |||||
| Additional paid-in capital | 56,584 | 56,387 | |||||
| Retained earnings | 59,893 | 57,356 | |||||
| Accumulated other comprehensive loss | (9,375 | ) | (10,908 | ) | |||
| TOTAL STOCKHOLDERS' EQUITY | 114,903 | 110,636 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,413,123 | $ | 1,409,601 | |||
| (1) Includes available-for-sale and held-to-maturity classifications. | |||||||
| Note: The December 31, 2024 Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of that date. | |||||||
| MAIN STREET FINANCIAL SERVICES CORP. | ||||||
| Condensed Consolidated Statements of Income | ||||||
| (Dollars in thousands, except share data - unaudited) | ||||||
| Three Months Ended | ||||||
| March 31, | ||||||
| 2025 | 2024 | |||||
| Interest income | $ | 19,397 | $ | 9,694 | ||
| Interest expense | 7,872 | 4,641 | ||||
| Net interest income | 11,525 | 5,053 | ||||
| Provision for credit losses | 245 | (126 | ) | |||
| Net interest income after provision for credit losses | 11,280 | 5,179 | ||||
| Non-interest income | 819 | 678 | ||||
| Non-interest expense | ||||||
| Salaries and employee benefits | 3,716 | 2,000 | ||||
| Net occupancy and equipment expense | 1,475 | 682 | ||||
| Federal deposit insurance premiums | 171 | 143 | ||||
| Franchise taxes | 105 | 127 | ||||
| Advertising and marketing | 170 | 68 | ||||
| Legal | 83 | 133 | ||||
| Professional fees | 359 | 85 | ||||
| ATM network | 80 | 129 | ||||
| Auditing and accounting | 176 | 72 | ||||
| Other | 1,179 | 495 | ||||
| Total non-interest expense | 7,514 | 3,934 | ||||
| Income before federal income taxes | 4,585 | 1,923 | ||||
| Provision for federal income taxes | 956 | 384 | ||||
| Net income | $ | 3,629 | $ | 1,539 | ||
| Earnings per share | ||||||
| Basic | $ | 0.47 | $ | 0.40 | ||
| Diluted | $ | 0.47 | $ | 0.40 | ||
| MAIN STREET FINANCIAL SERVICES CORP. | |||||||||||||||
| Selected Condensed Consolidated Financial Data | |||||||||||||||
| (Dollars in thousands, except share data - unaudited) | |||||||||||||||
| March | December | September | June | ||||||||||||
| 2025 | 2024 | 2024 | 2024 | ||||||||||||
| Interest and dividend income | $ | 19,397 | $ | 19,138 | $ | 18,930 | $ | 12,572 | |||||||
| Interest expense | 7,872 | 8,531 | 8,308 | 6,185 | |||||||||||
| Net interest income | 11,525 | 10,607 | 10,622 | 6,387 | |||||||||||
| Provision for credit losses | 245 | 79 | 109 | 4,720 | |||||||||||
| Net interest income after | |||||||||||||||
| provision for credit losses | 11,280 | 10,528 | 10,513 | 1,666 | |||||||||||
| Non-interest income | 819 | 1,165 | 1,600 | 716 | |||||||||||
| Non-interest expense | 7,514 | 7,950 | 7,863 | 6,723 | |||||||||||
| Income before federal income taxes | 4,585 | 3,744 | 4,251 | (4,341 | ) | ||||||||||
| Provision for federal income taxes | 956 | 558 | 804 | (873 | ) | ||||||||||
| Net income | $ | 3,629 | $ | 3,186 | $ | 3,446 | $ | (3,468 | ) | ||||||
| Earnings per share - basic | $ | 0.47 | $ | 0.41 | $ | 0.44 | $ | (0.68 | ) | ||||||
| Earnings per share - diluted | $ | 0.47 | $ | 0.41 | $ | 0.44 | $ | (0.67 | ) | ||||||
| Dividends per share | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.13 | |||||||
| Return on average assets | 1.03 | % | 0.90 | % | 1.00 | % | (1.38 | %) | |||||||
| Return on average equity | 13.27 | % | 11.69 | % | 12.58 | % | (17.16 | %) | |||||||
| Shares outstanding at quarter end | 7,801,011 | 7,801,011 | 7,801,011 | 7,787,055 | |||||||||||
| Book value per share | $ | 14.73 | $ | 14.18 | $ | 14.27 | $ | 13.60 | |||||||
| Tangible equity per share | $ | 12.73 | $ | 12.13 | $ | 12.15 | $ | 11.49 | |||||||
| Return on common tangible equity | 14.62 | % | 13.46 | % | 14.54 | % | (15.51 | %) | |||||||
| March | December | September | June | ||||||||||||
| 2024 | 2023 | 2023 | 2023 | ||||||||||||
| Interest and dividend income | $ | 9,694 | $ | 9,545 | $ | 9,078 | $ | 8,571 | |||||||
| Interest expense | 4,641 | 4,330 | 3,673 | 2,867 | |||||||||||
| Net interest income | 5,053 | 5,215 | 5,405 | 5,704 | |||||||||||
| Provision for credit losses | (126 | ) | 4 | 138 | 170 | ||||||||||
| Net interest income after | |||||||||||||||
| provision for credit losses | 5,179 | 5,211 | 5,267 | 5,534 | |||||||||||
| Non-interest income | 678 | 1,017 | 691 | 706 | |||||||||||
| Non-interest expense | 3,934 | 3,748 | 3,733 | 3,949 | |||||||||||
| Income before federal income taxes | 1,923 | 2,480 | 2,225 | 2,291 | |||||||||||
| Provision for federal income taxes | 384 | 443 | 452 | 547 | |||||||||||
| Net income | $ | 1,539 | $ | 2,037 | $ | 1,773 | $ | 1,744 | |||||||
| Earnings per share - basic | $ | 0.40 | $ | 0.53 | $ | 0.46 | $ | 0.46 | |||||||
| Earnings per share - diluted | $ | 0.40 | $ | 0.53 | $ | 0.46 | $ | 0.45 | |||||||
| Dividends per share | $ | 0.13 | $ | 0.13 | $ | 0.13 | $ | 0.13 | |||||||
| Return on average assets | 0.76 | % | 1.02 | % | 0.91 | % | 0.92 | % | |||||||
| Return on average equity | 11.63 | % | 16.90 | % | 14.41 | % | 14.36 | % | |||||||
| Shares outstanding at quarter end | 3,840,575 | 3,839,702 | 3,837,609 | 3,837,085 | |||||||||||
| Book value per share | $ | 13.81 | $ | 13.80 | $ | 12.40 | $ | 12.64 | |||||||
| Tangible equity per share | $ | 13.36 | $ | 13.35 | $ | 11.95 | $ | 12.20 | |||||||
| Return on common tangible equity | 12.00 | % | 15.90 | % | 15.46 | % | 14.90 | % | |||||||
| MAIN STREET FINANCIAL SERVICES CORP. | |||||||
| Non-GAAP reconciliation | |||||||
| (Dollars in thousands, except per share data - unaudited) | |||||||
| For three months ended | |||||||
| March, | |||||||
| 2025 | 2024 | ||||||
| Net Income as reported - GAAP | $ | 3,629 | $ | 1,539 | |||
| Effect of merger related expenses (net of tax benefit) | - | 174 | |||||
| Net Income non-GAAP | $ | 3,629 | $ | 1,713 | |||
| Earnings per share - GAAP | $ | 0.47 | $ | 0.40 | |||
| Effect of merger related expenses | - | 0.05 | |||||
| Earnings per share non-GAAP | $ | 0.47 | $ | 0.45 | |||
| Return on average assets - GAAP | 1.03 | % | 0.77 | % | |||
| Effect of merger related expenses | - | 0.09 | % | ||||
| Return on average assets non-GAAP | 1.03 | % | 0.86 | % | |||
| Return on average equity - GAAP | 13.27 | % | 11.63 | % | |||
| Effect of merger related expenses | - | 1.31 | % | ||||
| Return on average equity non-GAAP | 13.27 | % | 12.94 | % | |||
| Efficiency Ratio - GAAP | 60.87 | % | 68.64 | % | |||
| Effect of merger related expenses | - | (3.04 | %) | ||||
| Efficiency Ratio non-GAAP | 60.87 | % | 65.61 | % | |||
FAQ
What was Main Street Financial Services (MSWV) Q1 2025 earnings per share?
How much did MSWV's deposits grow in Q1 2025?
What is MSWV's current loan portfolio size and growth rate?
How much did MSWV reduce its wholesale funding in Q1 2025?
What dividend did MSWV declare for Q1 2025?
