Financial Performance - MainStreet Bancshares reported a net income of $4.6 million for Q2 2025, an increase of $2.1 million from the previous quarter[1]. - Earnings per common share increased to $0.53, exceeding market expectations[1]. - Net income available to common shareholders was $5,965 million, compared to $4,845 million, indicating a 23% increase[10]. - Earnings per common share increased to $0.78 from $0.64, representing a growth of 22%[10]. - For the six months ended June 30, 2025, net interest income increased to $35,441,000 from $31,333,000 for the same period in 2024, representing a growth of 13.4%[18]. - Earnings per common share for the six months ended June 30, 2025, rose to $0.78, compared to $0.64 for the same period in 2024, an increase of 21.9%[20]. Interest Income and Margin - The net interest margin expanded to 3.75%, up 45 basis points from the previous quarter, contributing to a net interest income of $19.3 million, which grew by $2.8 million[1]. - Total interest income for the year-to-date increased to $67,249 million, up from $65,905 million in the previous year, representing a growth of 2%[10]. - Net interest income after provision for credit losses rose to $35,843 million, compared to $30,747 million, marking an increase of 17%[10]. - Net interest income (GAAP) for Q2 2025 was $18,790 million, up from $15,565 million in Q2 2024, representing a 20.0% increase[23]. - Net interest margin (GAAP) improved to 3.74% in Q2 2025 from 3.18% in Q2 2024, indicating a significant enhancement in profitability[23]. Asset and Deposit Management - Total assets as of June 30, 2025, were $2.114 billion, a decrease from $2.223 billion at the end of Q1 2025[8]. - Total deposits decreased to $1.799 billion from $1.908 billion in the previous quarter[8]. - The loan to deposit ratio remained strong at 99%, indicating effective management of deposits in line with loan funding needs[2]. - Total Deposits fell by 5.8% from $1,908,325 million in March 2025 to $1,798,547 million in June 2025, with a year-over-year increase of 2.5%[12]. - Core customer funding sources totaled $1,329,804 million, representing 71.1% of total funding sources[12]. Loan Portfolio and Credit Quality - The loan portfolio is reported to be in great shape, supported by strong credit discipline and community knowledge[2]. - Total Gross Loans decreased by 2.4% from $1,835,928 million in March 2025 to $1,790,973 million in June 2025, with a year-over-year decline of 0.6%[12]. - Non-performing loans decreased to $7,169,000 as of June 30, 2025, from $20,691,000 as of June 30, 2024[20]. - The allowance for credit losses on loans to total gross loans was 1.07% as of June 30, 2025, compared to 0.95% as of June 30, 2024[20]. Non-Interest Income and Expenses - Non-interest income totaled $2,005 million, up from $1,560 million, reflecting a growth of 28% year-over-year[10]. - Total non-interest expenses increased to $29,059 million from $25,316 million, which is a rise of 15%[10]. Capital and Shareholder Value - The company has approximately $3.1 million available for share repurchases as part of its strategic capital plan[2]. - The common shares closing stock price increased to $18.90 as of June 30, 2025, compared to $17.73 as of June 30, 2024[20]. - Tangible common stockholders' equity (non-GAAP) as of June 30, 2025, was $186,207 million, an increase from $180,247 million as of June 30, 2024, showing a 3.3% growth[23]. - Tangible book value per common share (non-GAAP) increased to $24.17 in Q2 2025 from $23.72 in Q2 2024, representing a 1.9% growth[23]. Efficiency and Ratios - The efficiency ratio improved to 77.90% for the six months ended June 30, 2025, down from 77.30% for the same period in 2024[20]. - The return on average assets (annualized) improved to 0.66% for the six months ended June 30, 2025, compared to 0.58% for the same period in 2024[20]. - The total risk-based capital ratio was 16.44% as of June 30, 2025, compared to 16.78% as of June 30, 2024[20].
MAINSTREET BAN(MNSBP) - 2025 Q2 - Quarterly Results