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].
MAINSTREET BAN(MNSBP) - 2025 Q1 - Quarterly Results