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MAINSTREET BAN(MNSBP) - 2025 Q2 - Quarterly Report
2025-08-08 15:02
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to to Commission file number: 001-38817 MainStreet Bancshares, Inc. (Exact Name of Registrant as Specified in Its Charter) Virginia 81-2871064 (State or Other Jurisdiction of Incorporation or Organization) ( ...
MAINSTREET BAN(MNSBP) - 2025 Q2 - Quarterly Results
2025-07-22 11:36
Exhibit 99.1 PRESS RELEASE Contact: Billy Freesmeier July 22, 2025 8:00 AM ET Chief of Staff (703) 481-4579 MainStreet Bancshares Inc. Reports Strong Second Quarter Earnings About MainStreet Bank: MainStreet operates six branches in Herndon, Fairfax, 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 Pu ...
MainStreet Bancshares Inc. Reports Strong Second Quarter Earnings
Prnewswire· 2025-07-22 11:30
Core Insights - MainStreet Bancshares, Inc. reported a net income of $4.6 million for the quarter ended June 30, 2025, an increase of $2.1 million from the previous quarter, driven by a net interest margin expansion to 3.75%, up by 45 basis points [1] - The company's net interest income rose by $2.8 million to $19.3 million, with earnings per common share increasing to $0.53, surpassing market expectations [1] - The loan to deposit ratio remained strong at 99%, indicating effective management of deposits in alignment with loan funding needs [2] Financial Performance - The total assets of MainStreet Bancshares as of June 30, 2025, were $2,114.8 million, a decrease from $2,222.8 million in the previous quarter [7] - Total deposits decreased to $1,798.5 million from $1,908.3 million, reflecting a 5.8% decline [8] - The company maintained a strong capital position with total stockholders' equity of $213.5 million [8] Loan and Deposit Details - The total gross loans amounted to $1,790.9 million, a decrease of 2.4% from the previous quarter [9] - The composition of loans included 18.3% in construction and land development loans, 25.3% in residential real estate loans, and 50.9% in commercial real estate loans [9] - Non-interest bearing deposits accounted for 18.4% of total deposits, while interest-bearing deposits made up the remaining 81.6% [9] Strategic Initiatives - The company has an active share repurchase plan with approximately $3.1 million in available capacity, indicating a commitment to returning value to shareholders [2] - MainStreet Bank continues to focus on enhancing customer experience through robust online and mobile banking solutions [3][4] - The bank's commitment to credit discipline has resulted in a well-managed loan portfolio, contributing to the overall financial performance [2]
MAINSTREET BAN(MNSBP) - 2025 Q1 - Quarterly Report
2025-05-09 14:52
OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to to Commission file number: 001-38817 MainStreet Bancshares, Inc. (Exact Name of Registrant as Specified in Its Charter) Virginia 81-2871064 (State or Other ...
MAINSTREET BAN(MNSBP) - 2025 Q1 - Quarterly Results
2025-04-21 11:59
Financial Performance - MainStreet Bancshares reported a first quarter net income of $2.5 million, with earnings per common share at $0.25[1]. - Net income available to common shareholders was $1,914 million, a recovery from a loss of $16,706 million in the previous quarter[12]. - Earnings per common share (basic and diluted) decreased to $0.25 in Q1 2025 from $0.36 in Q1 2024, indicating a decline of approximately 30.56%[20]. - The return on average assets (annualized) decreased to 0.46% in Q1 2025 from 0.65% in Q1 2024, showing a decline of 29.23%[20]. - The efficiency ratio worsened to 82.03% in Q1 2025 from 76.01% in Q1 2024, suggesting increased operational costs relative to income[20]. Interest Income and Margin - Total interest income for the three months ended March 31, 2025, was $32,963 million, a decrease from $35,119 million in the previous quarter[12]. - Net interest income after provision for credit losses was $16,510 million, compared to $12,634 million in the previous quarter, reflecting a significant recovery[12]. - For the three months ended March 31, 2025, net interest income was $16,580,000, compared to $15,697,000 for the same period in 2024, reflecting an increase in net interest margin to 3.30% from 3.29%[18]. - Net interest income (GAAP) for Q1 2025 was $16,510 million, an increase from $15,625 million in Q1 2024, representing a growth of 5.67%[23]. - Net interest margin (GAAP) improved to 3.28% in Q1 2025 from 3.27% in Q1 2024[23]. Deposits and Loans - Total deposits remained stable at $1.9 billion, with funding costs improving by 24 basis points to 3.49%[2]. - Total gross loans reached $1,835,928 million, showing a slight increase of 0.1% from the previous quarter[14]. - Non-performing loans held steady at $21.7 million, with an additional $11.2 million expected to pay off in the second quarter[3]. - Non-performing loans increased to $21,665,000 in Q1 2025 from $9,263,000 in Q1 2024, indicating a significant rise of 134.66%[20]. - The loan-to-deposit ratio was 96%, indicating efficient utilization of deposit funds for lending[2]. Asset Management - Total assets were reported at $2.2 billion, with gross loans stable at $1.8 billion[3]. - The total assets increased to $2,155,461,000 as of March 31, 2025, compared to $2,037,469,000 as of March 31, 2024, representing a growth of 5.79%[18]. - Total assets (GAAP) as of March 31, 2025, were $2,222,845 million, up from $2,070,015 million in 2024, reflecting a growth of 7.37%[23]. Cost Management - Total non-interest income increased to $939 million from $807 million in the previous quarter, driven by higher deposit account service charges[12]. - Total non-interest expenses decreased to $14,314 million from $34,431 million in the previous quarter, indicating improved cost management[12]. - The company reported a provision for credit losses of $0 million for the current quarter, a significant improvement from $3,407 million in the previous quarter[12]. Technology and Operations - The Avenu technology initiative will not move forward, allowing the company to focus on its core banking operations[4]. - MainStreet Bank operates six branches and offers a fully integrated online and mobile banking solution[4]. - The bank continues to enhance its product offerings, including government contracting lines of credit and commercial real estate loans[5]. - MainStreet Bank was the first community bank in the Washington, D.C. area to provide a full online business banking solution[6]. Stock Performance and Workforce - The common shares closing stock price fell to $16.72 as of March 31, 2025, from $18.16 a year prior, reflecting a decrease of 7.99%[20]. - The number of full-time equivalent employees decreased to 182 in Q1 2025 from 191 in Q1 2024, indicating a reduction in workforce[20].