MainStreet Bancshares Inc. Reports First Quarter Results
PR Newswire
FAIRFAX, Va., April 21, 2025
Expanding Net Interest Margin, Resilient Loan Portfolio and Well Capitalized
FAIRFAX, Va., April 21, 2025 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the financial holding company for MainStreet Bank, reported first quarter net income of $2.5 million with a net interest margin of 3.30%, up 34 basis points from the previous quarter. Net interest income after provision for credit losses was $16.5 million, up $3.9 million from the previous quarter and earnings per common share were $0.25 for the first quarter. The Company continues to report strong asset quality and strong capital.
Total deposits maintained their level at $1.9 billion, with total funding costs improving by 24 basis points from the previous quarter to 3.49%. "Our net interest margin expansion was fueled primarily by an opportunity to replace higher cost deposits," said Alex Vari, Chief Accountant for MainStreet Bank. "We worked diligently to optimize pricing on our deposit stack, while also structuring $211 million of our $578 million in noncore deposits to reprice quickly should rates adjust down." The loan-to-deposit ratio of 96% indicates efficient utilization of deposit funds for lending.
Nonperforming loans held steady at a low level of $21.7 million during the quarter, with another $11.2 million expected to pay off at par in the second quarter based upon a successful court-approved resolution. Chief Credit Officer Chris Johnston said, "The resolution of nonperforming loans is a testament to the team's diligent and creative efforts to work together with borrowers to find positive outcomes in a timely manner."
Total assets were $2.2 billion with gross loans demonstrating stability at $1.8 billion. "We remain cautiously optimistic about the DC Metropolitan market," said Abdul Hersiburane, President of MainStreet Bank. "Our team is steadfast on serving our customers but taking conservative steps as we monitor the early days that come with a new administration."
Banking-as-a-Service
"This quarter saw a change in direction for the Avenu technology initiative, which will not be moving forward," according to Chairman and CEO Jeff W. Dick. "The timeline for the expected return on invested capital extended beyond the Company's plan, and we decided to devote our energy on the core bank."
About MainStreet Bank: MainStreet operates six branches in Herndon, Fairfax, McLean, Leesburg, Clarendon, and Washington, D.C. MainStreet Bank has 55,000 free ATMs and a fully integrated online and mobile banking solution. The Bank is not restricted by a conventional branching system, as it can offer business customers the ability to Put Our Bank in Your Office$(R)$. 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 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, D.C., 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 pandemic outbreaks, 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.
UNAUDITED CONSOLIDATED BALANCE SHEET INFORMATION
(In thousands)
March 31, December September June 30, March 31,
2025 31, 2024* 30, 2024 2024 2024
---------- ---------- ---------- ---------- ----------
ASSETS
Cash and cash
equivalents
Cash and due from
banks $ 18,385 $ 21,351 $ 15,319 $ 17,112 $ 17,270
Interest-bearing
deposits at other
financial
institutions 159,582 161,866 191,637 50,495 76,178
Federal funds sold 24,673 24,491 25,158 23,852 31,293
--------- --------- --------- --------- ---------
Total cash and
cash
equivalents 202,640 207,708 232,114 91,459 124,741
Investment securities
available for sale,
at fair value 55,935 55,747 58,489 57,605 58,699
Investment securities
held to maturity, at
amortized cost, net
of allowance for
credit losses of $0
for all periods 15,657 16,078 16,016 16,036 17,251
Restricted equity
securities, at
amortized cost 33,611 30,623 26,745 26,797 23,924
Loans, net of
allowance for credit
losses of $19,460,
$19,450, $18,327,
$17,098, and $16,531,
respectively 1,811,789 1,810,556 1,775,558 1,778,840 1,727,110
Premises and
equipment, net 13,020 13,287 13,571 13,787 14,081
Accrued interest and
other receivables 9,607 11,311 11,077 11,916 10,727
Computer software, net
of amortization -- -- 18,881 17,205 15,691
Bank owned life
insurance 39,809 39,507 39,203 38,901 38,609
Other assets 40,777 43,281 32,945 41,200 39,182
--------- --------- --------- --------- ---------
Total Assets $2,222,845 $2,228,098 $2,224,599 $2,093,746 $2,070,015
========= ========= ========= ========= =========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Liabilities:
Non-interest bearing
deposits $ 345,319 $ 324,307 $ 347,575 $ 314,636 $ 348,945
Interest-bearing
demand deposits 106,033 139,780 197,527 179,513 165,331
Savings and NOW
deposits 124,049 64,337 61,893 60,867 46,036
Money market deposits 511,925 560,082 451,936 476,396 446,903
Time deposits 820,999 819,288 834,738 723,951 725,520
--------- --------- --------- --------- ---------
Total deposits 1,908,325 1,907,794 1,893,669 1,755,363 1,732,735
Subordinated debt, net 72,138 73,039 72,940 72,841 72,741
Other liabilities 32,764 39,274 31,939 40,827 41,418
--------- --------- --------- --------- ---------
Total Liabilities 2,013,227 2,020,107 1,998,548 1,869,031 1,846,894
Stockholders' Equity:
Preferred stock 27,263 27,263 27,263 27,263 27,263
Common stock 29,810 29,466 29,463 29,452 29,514
Capital surplus 67,612 67,823 67,083 66,392 65,940
Retained earnings 92,305 91,150 108,616 109,651 108,334
Accumulated other
comprehensive loss (7,372) (7,711) (6,374) (8,043) (7,930)
--------- --------- --------- --------- ---------
Total Stockholders'
Equity 209,618 207,991 226,051 224,715 223,121
--------- --------- --------- --------- ---------
Total Liabilities
and Stockholders'
Equity $2,222,845 $2,228,098 $2,224,599 $2,093,746 $2,070,015
========= ========= ========= ========= =========
*Derived from audited financial statements
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) INFORMATION
(In thousands, except share and per share data)
Three Months Ended
----------------------------------------------------------
March 31, December September June 30, March 31,
2025 31, 2024 30, 2024 2024 2024
---------- ---------- ---------- ---------- ----------
INTEREST INCOME:
Interest and fees
on loans $ 31,111 $ 31,323 $ 31,615 $ 31,655 $ 30,582
Interest on
investment
securities
Taxable
securities 420 431 397 430 435
Tax-exempt
securities 263 262 294 268 270
Interest on
interest-bearing
deposits at other
financial
institutions 946 2,826 1,041 806 889
Interest on
federal funds
sold 223 277 244 277 293
--------- --------- --------- --------- ---------
Total interest
income 32,963 35,119 33,591 33,436 32,469
INTEREST EXPENSE:
Interest on
interest-bearing
demand deposits 1,048 2,612 2,117 2,118 1,814
Interest on
savings and NOW
deposits 221 201 206 190 157
Interest on money
market deposits 5,276 5,475 5,277 5,542 5,092
Interest on time
deposits 9,031 10,003 9,543 9,010 8,808
Interest on
federal funds
purchased 65 -- 277 191 107
Interest on
Federal Home Loan
Bank advances -- -- -- -- 46
Interest on
subordinated
debt 812 787 828 820 820
--------- --------- --------- --------- ---------
Total interest
expense 16,453 19,078 18,248 17,871 16,844
--------- --------- --------- --------- ---------
Net interest
income 16,510 16,041 15,343 15,565 15,625
Provision for
(recovery of)
credit losses -- 3,407 2,913 638 (195)
--------- --------- --------- --------- ---------
Net interest
income after
provision for
(recovery of)
credit losses 16,510 12,634 12,430 14,927 15,820
NON-INTEREST
INCOME:
Deposit account
service charges 530 481 557 490 469
Bank owned life
insurance income 302 304 302 291 292
Gain on
retirement of
subordinated
debt 60 -- -- -- --
Net loss on
securities called
or matured -- -- -- (48) --
Other non-interest
income 47 22 27 31 35
--------- --------- --------- --------- ---------
Total
non-interest
income 939 807 886 764 796
NON-INTEREST
EXPENSES:
Salaries and
employee
benefits 8,385 8,253 7,250 7,484 7,488
Furniture and
equipment
expenses 1,016 830 931 940 935
Advertising and
marketing 481 600 579 566 454
Occupancy expenses 396 358 407 415 435
Outside services 1,173 1,168 845 839 774
Administrative
expenses 229 243 215 229 242
Computer software
intangible
impairment -- 19,721 -- -- --
Other operating
expenses 2,634 3,258 2,992 2,362 2,153
--------- --------- --------- --------- ---------
Total
non-interest
expenses 14,314 34,431 13,219 12,835 12,481
--------- --------- --------- --------- ---------
Income (loss)
before income tax
expense
(benefit) 3,135 (20,990) 97 2,856 4,135
Income tax expense
(benefit) 682 (4,823) (168) 238 830
--------- --------- --------- --------- ---------
Net income (loss) 2,453 (16,167) 265 2,618 3,305
--------- --------- --------- --------- ---------
Preferred stock
dividends 539 539 539 539 539
--------- --------- --------- --------- ---------
Net income (loss)
available to
common
shareholders $ 1,914 $ (16,706) $ (274) $ 2,079 $ 2,766
========= ========= ========= ========= =========
Earnings (loss)
per common share,
basic and
diluted $ 0.25 $ (2.20) $ (0.04) $ 0.27 $ 0.36
Weighted average
number of common
shares, basic and
diluted 7,636,191 7,603,318 7,601,925 7,608,389 7,611,990
UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL
(In thousands)
March 31, 2025 December 31, 2024 March 31, 2024 Percentage Change
----------------- -------------------- ----------------- ---------------------
Last
% of % of % of 3 Last 12
$ Amount Total $ Amount Total $ Amount Total Mos Mos
---------- ----- ---------- -------- ---------- ----- ----- ----------
LOANS:
Construction and land
development loans $ 344,742 18.8% $ 393,385 21.4% $ 408,903 23.4% -12.4% -15.7%
Residential real
estate loans 450,728 24.6% 439,481 23.9% 451,991 25.8% 2.6% -0.3%
Commercial real
estate loans 933,947 50.9% 895,743 48.8% 813,387 46.5% 4.3% 14.8%
Commercial and
industrial loans 105,180 5.6% 104,815 5.7% 71,822 4.1% 0.3% 46.4%
Consumer loans 1,331 0.1% 1,574 0.2% 2,902 0.2% -15.4% -54.1%
--------- ----- --------- -------- --------- ----- ----- ----------
Total Gross Loans $1,835,928 100.0% $1,834,998 100.0% $1,749,005 100.0% 0.1% 5.0%
--------- --------- ---------
Less: Allowance for
credit losses (19,460) (19,450) (16,531)
Net deferred loan
fees (4,679) (4,992) (5,364)
--------- --------- ---------
Net Loans $1,811,789 $1,810,556 $1,727,110
========= ========= =========
DEPOSITS:
Non-interest bearing
deposits $ 345,319 18.1% $ 324,307 17.0% $ 348,945 20.1% 6.5% -1.0%
Interest-bearing
deposits:
Demand deposits 106,033 5.6% 139,780 7.3% 165,331 9.5% -24.1% -35.9%
Savings and NOW
deposits 124,049 6.5% 64,337 3.4% 46,036 2.7% 92.8% 169.5%
Money market
deposits 511,925 26.8% 560,082 29.4% 446,903 25.8% -8.6% 14.5%
Certificates of
deposit $250,000
or more 541,772 28.4% 535,676 28.1% 467,892 27.0% 1.1% 15.8%
Certificates of
deposit less than
$250,000 279,227 14.6% 283,612 14.8% 257,628 14.9% -1.5% 8.4%
--------- ----- --------- -------- --------- ----- ----- ----------
Total Deposits $1,908,325 100.0% $1,907,794 100.0% $1,732,735 100.0% 0.0% 10.1%
========= ===== ========= ======== ========= ===== ===== ==========
BORROWINGS:
Subordinated debt,
net 72,138 100.0% 73,039 100.0% 72,741 100.0% -1.2% -0.8%
--------- ----- --------- -------- --------- ----- ----- ----------
Total Borrowings $ 72,138 100.0% $ 73,039 100.0% $ 72,741 -1.2% -0.8%
--------- --------- --------- ----- ----------
Total Deposits and
Borrowings $1,980,463 $1,980,833 $1,805,476 0.0% 9.7%
========= ========= ========= ===== ==========
Core customer funding
sources (1) $1,330,390 67.2% $1,439,657 72.7% $1,312,746 72.7% -7.6% 1.3%
Brokered and listing
service sources (2) 577,935 29.2% 468,137 23.6% 419,989 23.3% 23.5% 37.6%
Subordinated debt,
net (3) 72,138 3.6% 73,039 3.7% 72,741 4.0% -1.2% -0.8%
--------- ----- --------- -------- --------- ----- ----- ----------
Total Funding
Sources $1,980,463 100.0% $1,980,833 100.0% $1,805,476 100.0% 0.0% 9.7%
========= ===== ========= ======== ========= ===== ===== ==========
(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.
Excludes $87.8 million in core deposits placed in reciprocal networks for
FDIC insurance coverage that will be classified as brokered deposits on
the call report in pursuant to rule 12 CFR 337.6(e) as of March 31,
2025.
(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 For the three months ended March
31, 2025 31, 2024
----------------------------------- -----------------------------------
Interest Average Interest Average
Income/ Yields/ Rate Income/ Yields/ Rate
Average Expense (annualized) Average Expense (annualized)
Balance (3)(4) (3)(4) Balance (3)(4) (3)(4)
---------- --------- ------------ ---------- --------- ------------
ASSETS:
Interest-earning
assets:
Loans (1)(2) $1,838,358 $ 31,111 6.86% $1,728,761 $ 30,582 7.10%
Securities:
Taxable 53,143 420 3.21% 56,001 435 3.12%
Tax-exempt 35,200 333 3.84% 37,420 342 3.66%
Interest-bearing
deposits at other
financial
institutions 86,715 946 4.42% 66,253 889 5.38%
Federal funds sold 24,975 223 3.62% 25,740 293 4.57%
--------- -------- ------------ --------- -------- ------------
Total
interest-earning
assets $2,038,391 $ 33,033 6.57% $1,914,175 $ 32,541 6.82%
Other assets 117,070 123,294
--------- ---------
Total assets $2,155,461 $2,037,469
========= =========
Liabilities and
Stockholders' Equity:
Interest-bearing
liabilities:
Interest-bearing
demand deposits $ 111,413 $ 1,048 3.81% $ 146,248 $ 1,814 4.98%
Savings and NOW
deposits 67,851 221 1.32% 44,219 157 1.42%
Money market deposits 537,733 5,276 3.98% 433,654 5,092 4.71%
Time deposits 798,007 9,031 4.59% 710,019 8,808 4.98%
--------- -------- ------------ --------- -------- ------------
Total interest-bearing
deposits $1,515,004 $ 15,576 4.17% $1,334,140 $ 15,871 4.77%
Federal funds
purchased 5,610 65 4.70% 7,476 107 5.74%
FHLB advances -- -- -- 3,297 46 5.60%
Subordinated debt,
net 73,043 812 4.51% 72,703 820 4.52%
--------- -------- ------------ --------- -------- ------------
Total interest-bearing
liabilities $1,593,657 $ 16,453 4.19% $1,417,616 $ 16,844 4.77%
Demand deposits and
other liabilities 353,711 397,753
--------- ---------
Total liabilities $1,947,368 $1,815,369
Stockholders' Equity 208,093 222,100
--------- ---------
Total Liabilities and
Stockholders' Equity $2,155,461 $2,037,469
========= =========
Interest Rate Spread 2.38% 2.05%
============ ============
Net Interest Income $ 16,580 $ 15,697
======== ========
Net Interest Margin 3.30% 3.29%
============ ============
(1) Includes loans classified as non-accrual
(2) Total loan interest income includes amortization of deferred loan fees,
net of deferred loan costs
(3) Income and yields for all periods presented are reported on a
tax-equivalent basis using the federal statutory rate of 21%
(4) Refer to "Unaudited Reconciliation of Certain Non-GAAP Financial
Measures" for reconciliation of non-GAAP measures
UNAUDITED SUMMARY FINANCIAL DATA
(Dollars in thousands except share and per share data)
At or For the Three Months Ended
March 31,
--------------------------------------
2025 2024
------------------ --------------
Per share Data and
Shares Outstanding
Earnings per common share
(basic and diluted) $ 0.25 $ 0.36
Book value per common share $ 23.67 $ 25.72
Tangible book value per
common share(2) $ 23.67 $ 23.66
Weighted average common
shares (basic and diluted) 7,636,191 7,611,990
Common shares outstanding at
end of period 7,703,197 7,614,090
Performance Ratios
Return on average assets
(annualized) 0.46% 0.65%
Return on average equity
(annualized) 4.78% 5.97%
Return on average common
equity (annualized) 5.50% 6.80%
Yield on earning assets
(FTE) (2) (annualized) 6.57% 6.82%
Cost of interest bearing
liabilities (annualized) 4.19% 4.77%
Net interest spread (FTE)(2)
(annualized) 2.38% 2.05%
Net interest margin (FTE)(2)
(annualized) 3.30% 3.29%
Non-interest income as a
percentage of average
assets (annualized) 0.18% 0.16%
Non-interest expense to
average assets
(annualized) 2.69% 2.46%
Efficiency ratio(3) 82.03% 76.01%
Asset Quality
Allowance for credit losses
$(ACL.AU)$
Beginning balance, ACL -
loans $ 19,450 $ 16,506
Add: recoveries 10 2
Less: charge-offs -- (141)
Add: provision for credit
losses - loans -- 164
Ending balance, ACL - loans $ 19,460 $ 16,531
-------------- -------------
Beginning balance, reserve
for unfunded commitment
(RUC) $ 287 $ 1,009
Add: recovery of unfunded
commitments, net -- (359)
-------------- -------------
Ending balance, RUC $ 287 $ 650
-------------- -------------
Total allowance for credit
losses $ 19,747 $ 17,181
============== =============
Allowance for credit losses
on loans to total gross
loans 1.06% 0.95%
Allowance for credit losses
on loans to non-performing
loans 89.82% 1.78X
Net charge-offs to average
gross loans (annualized) 0.00% 0.03%
Concentration Ratios
Commercial real estate loans
to total capital (4) 388.24% 364.65%
Construction loans to total
capital (5) 115.56% 130.06%
Past due and
Non-performing Assets
Loans 30-89 days past due
and accruing to total gross
loans 2.19% 0.22%
Loans 90 days past due and
accruing to total gross
loans 0.00% 0.51%
Non-accrual loans to total
gross loans 1.18% 0.53%
Other real estate owned $ -- $ --
Non-performing loans $ 21,665 $ 9,263
Non-performing assets to
total assets 0.97% 0.45%
Regulatory Capital
Ratios (Bank only) (1)
Total risk-based capital
ratio 15.83% 17.05%
Tier 1 risk-based capital
ratio 14.78% 16.12%
Leverage ratio 12.90% 14.54%
Common equity tier 1 ratio 14.78% 16.12%
Other information
Common shares closing stock
price $ 16.72 $ 18.16
Tangible equity / tangible
assets (2) 9.43% 10.10%
Average tangible equity /
average tangible assets
(2) 9.65% 10.24%
Number of full time
equivalent employees 182 191
Number of full service
branch offices 6 6
(1) Regulatory capital ratios as of March 31, 2025 are preliminary
(2) Refer to "Unaudited Reconciliation of Certain Non-GAAP Financial
Measures" 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
(4) Commercial real estate includes only non-owner occupied, multifamily, and
construction loans as a percentage of Bank capital
(5) Construction loans as a percentage of Bank capital
Unaudited Reconciliation of Certain Non-GAAP Financial Measures
(Dollars In thousands)
For the three months ended March 31,
2025 2024
------------------- ---- ---------------
Net interest margin
(FTE)
Net interest income
(GAAP) $ 16,510 $ 15,625
FTE adjustment on
tax-exempt securities 70 72
--------------- ---- --------------
Net interest income
(FTE) (non-GAAP) 16,580 15,697
--------------- ---- --------------
Average interest earning
assets 2,038,391 1,914,175
Net interest margin
(GAAP) 3.28% 3.27%
Net interest margin
(FTE) (non-GAAP) 3.30% 3.29%
For the three months ended March 31,
2025 2024
------------------- ---- ---------------
Yield on earning assets
(FTE)
Total interest income
(GAAP) $ 32,963 $ 32,469
FTE adjustment on
tax-exempt securities 70 72
--------------- ---- --------------
Total interest income
(FTE) (non-GAAP) 33,033 32,541
--------------- ---- --------------
Average interest earning
assets 2,038,391 1,914,175
Yield on earning assets
(GAAP) 6.56% 6.80%
Yield on earning assets
(FTE) (non-GAAP) 6.57% 6.82%
For the three months ended March 31,
2025 2024
------------------- ---- ---------------
Net interest spread
(FTE)
Yield on earning assets
(GAAP) 6.56% 6.80%
Yield on earning assets
(FTE) (non-GAAP) 6.57% 6.82%
Yield on
interest-bearing
liabilities (GAAP) 4.19% 4.77%
--------------- --- --------------
Net interest spread
(GAAP) 2.37% 2.03%
Net interest spread
(FTE) (non-GAAP) 2.38% 2.05%
As of March 31,
------------------------------------------
2025 2024
------------------- ---- ---------------
Tangible common
stockholders' equity
Total stockholders
equity (GAAP) $ 209,618 $ 223,121
Less: intangible assets -- (15,691)
--------------- ---- --------------
Tangible stockholders'
equity (non-GAAP) 209,618 207,430
Less: preferred stock (27,263) (27,263)
--------------- ---- --------------
Tangible common
stockholders' equity
(non-GAAP) 182,355 180,167
--------------- ---- --------------
Common shares
outstanding 7,703,197 7,614,090
Tangible book value per
common share
(non-GAAP) $ 23.67 $ 23.66
As of March 31,
------------------------------------------
2025 2024
------------------- ---- ---------------
Stockholders equity,
adjusted
Total stockholders
equity (GAAP) $ 209,618 $ 223,121
Less: intangible assets -- (15,691)
--------------- ---- --------------
Total tangible
stockholders equity
(non-GAAP) 209,618 207,430
--------------- ---- --------------
As of March 31,
------------------------------------------
2025 2024
------------------- ---- ---------------
Total tangible assets
Total assets (GAAP) $ 2,222,845 $ 2,070,015
Less: intangible assets -- (15,691)
--------------- ---- --------------
Total tangible assets
(non-GAAP) 2,222,845 2,054,324
--------------- ---- --------------
For the three months ended March 31,
------------------------------------------
2025 2024
------------------- ---- ---------------
Average tangible
stockholders' equity
Total average
stockholders' equity
(GAAP) $ 208,093 $ 222,100
Less: average
intangible assets -- (15,078)
--------------- ---- --------------
Total average tangible
stockholders' equity
(non-GAAP) 208,093 207,022
--------------- ---- --------------
For the three months ended March 31,
------------------------------------------
2025 2024
------------------- ---- ---------------
Average tangible assets
Total average assets
(GAAP) $ 2,155,461 $ 2,037,469
Less: average
intangible assets -- (15,078)
--------------- ---- --------------
Total average tangible
assets (non-GAAP) 2,155,461 2,022,391
--------------- ---- --------------
Contact: Billy Freesmeier
Chief of Staff
(703) 481-4579
View original content to download multimedia:https://www.prnewswire.com/news-releases/mainstreet-bancshares-inc-reports-first-quarter-results-302433373.html
SOURCE MainStreet Bancshares, Inc.
(END) Dow Jones Newswires
April 21, 2025 08:52 ET (12:52 GMT)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.