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MainStreet Bancshares Achieves Record Results for 2022
Press Releases

MainStreet Bancshares Achieves Record Results for 2022

Company’s Net Income Climbs 20% to $26.7 Million; NIM Reaches 4.19%

FAIRFAX, Va., Jan. 23, 2023 /PRNewswire/ — MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company for MainStreet Bank, reported record net income of $26.7 million for 2022, a 20.3% increase from a year earlier. Year-end results represent:

  • 13.98% return on average equity
  • 1.53% return on average assets
  • 4.19% net interest margin
  • $3.26 earnings per common share (basic and diluted)
  • $21.75 tangible book value per common share
There is no doubt that 2022 was a banner year for the Company.

“There is no doubt that 2022 was a banner year for the Company,” said Jeff W. Dick, Chairman and CEO of MainStreet Bancshares Inc. and MainStreet Bank. “Quarter to quarter, we set performance records in nearly every activity and metric. We achieved this while maintaining our strong focus on credit quality and while building Avenu™, our innovative embedded banking software solution. The markets rewarded our upward momentum, efficiency, and focus on innovation with solid interest in our shares and improved valuations.”

Net interest income reached $70 million in 2022, up 30.8% from the previous year’s $53.5 million. As the Federal Reserve undertook seven interest rate increases in 2022, MainStreet Bank benefited from having an asset-sensitive balance sheet. This drove the average net interest margin (NIM) higher by 84 basis points to 4.19% for the year ended December 31, 2022, versus 3.35% a year earlier. On a quarterly basis, the NIM widened to 4.70% in the fourth quarter of 2022, up from 3.49% in the prior year’s fourth quarter.

“We came into 2022 extremely well prepared for the interest rate hikes that materialized,” said Thomas J. Chmelik, Chief Financial Officer of MainStreet Bancshares Inc. and MainStreet Bank. “As we enter 2023, we anticipate fewer and smaller rate hikes as the Fed makes progress toward dampening inflation, and this should yield somewhat more level interest rates this year. We are now taking steps to position our balance sheet accordingly.” He noted that the level of Accumulated Other Comprehensive Income (AOCI) for the Company remains low, at -4.3% of total capital.

The loan portfolio grew 17.8% to $1.58 billion in 2022, up from $1.34 billion at the end of 2021. Loan quality remained exceptional, with zero nonperforming assets. Total deposits climbed 7% to $1.51 billion, up from $1.41 billion at the end of 2021. Non-interest-bearing deposits represent 36.4% of the total, and 69% of total deposits are core deposits. The bank’s total assets grew 16.9% to reach $1.93 billion at year-end 2022, versus $1.65 billion a year earlier.

“We continue to experience solid commercial loan demand and deposit growth in our DC Metro market, and loan demand was particularly brisk in the fourth quarter,” said Abdul Hersiburane, President of MainStreet Bank. “Our local economy is supported by a technologically advanced workforce and a large and steady federal employment base, and these factors mitigate the effects of any slowdown. We remain encouraged by the opportunities that we see to serve our community’s growing businesses and organizations. Because we maintain rigorous underwriting standards, our credit quality remains pristine.”

The Company’s efficiency ratio improved to 52% for the year, from 55% at the end of 2021. This improvement occurred even as the Company was making significant investments in Avenu™, with the hiring process accelerating as the subsidiary moves toward being fully operational in 2023.

Avenu™ Makes Major Strides, Onboards First Client

Avenu™ continues to make strides and has onboarded its first customer into its sandbox. In recent weeks Avenu™ has stood up its production site and is in the process of finalizing vendor certifications and conducting end-to-end testing. Avenu™ connects partners and their apps directly and seamlessly to MainStreet Bank’s banking core. These developments bring Avenu™ several steps closer to its objective of accelerating MainStreet Bank’s deposit growth to support expanded lending.

“As technology evolves, consumers expect to be able to conduct transactions seamlessly using apps offered by communities they are part of and merchants they patronize regularly,” said Todd Youngren, president of Avenu™. “We created Avenu™ to be a gateway to the fast, simple, secure payments that our clients’ end users demand, and we are excited to ‘go live’ with our first client.”

Chairman and CEO Jeff W. Dick elaborated: “In creating Avenu™, we sought to ensure that our partners and their consumers have a flawless experience with the banking services we provide them. Our emphasis on getting compliance right is critical. Our innovative approach ensures that our partners can connect to the core system of a reliable bank with well-honed instincts about regulatory compliance and a clear line of sight into any emerging risks.”

ABOUT AVENU™

Avenu™ — Banking Delivered

Avenu™ is the only embedded banking solution that connects our partners and their apps directly and seamlessly to a banking core — MainStreet Bank’s banking core. We are not a sponsor bank without our own technology, and we are not a middleware software company (aggregator) without our own bank. We are Avenu™, a leading financial technology company backed by an established community business bank in the heart of Washington, D.C.

Avenu™ — Serving a Community of Innovation

Our clients are fintechs, application developers, money movers, and entrepreneurs. They all have one thing in common: They are innovating how money moves to solve real-world issues and help communities thrive. We are focused on servicing our community and long-term business relationships.

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®. 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.

Contact: Debra Cope

Director of Corporate Communications

(703) 481-4599

 

UNAUDITED CONSOLIDATED BALANCE SHEET INFORMATION

(In thousands)

 



December 31, 2022



September 30, 2022



June 30, 2022



March 31, 2022



December 31, 2021


ASSETS





















Cash and cash equivalents





















Cash and due from banks


$

48,931



$

50,636



$

55,636



$

63,986



$

61,827


Federal funds sold



81,669




54,098




47,013




37,756




31,372


Total cash and cash equivalents



130,600




104,734




102,649




101,742




93,199


Investment securities available for sale, at fair value



62,631




162,319




143,240




123,802




99,913


Investment securities held to maturity, at carrying value



17,642




17,670




17,698




18,769




20,349


Restricted equity securities, at cost



24,325




16,436




16,485




17,209




15,609


Loans, net of allowance for loan losses of $14,114, $12,994, $12,982,$12,500, and $11,697, respectively



1,579,950




1,448,071




1,416,875




1,413,238




1,341,760


Premises and equipment, net



14,709




14,523




14,756




14,833




14,863


Other real estate owned, net















775


Accrued interest and other receivables



9,581




8,273




7,313




6,980




7,701


Computer software, net of amortization



9,149




7,258




4,956




3,906




2,493


Bank owned life insurance



37,249




36,996




36,742




36,492




36,241


Other assets



39,915




43,835




32,665




24,777




14,499


Total Assets


$

1,925,751



$

1,860,115



$

1,793,379



$

1,761,748



$

1,647,402


LIABILITIES AND STOCKHOLDERS’ EQUITY





















Liabilities:





















Non-interest bearing deposits


$

550,690



$

566,016



$

535,591



$

514,160



$

530,678


Interest bearing DDA deposits



80,099




93,695




99,223




76,286




69,232


Savings and NOW deposits



51,419




54,240




58,156




81,817




85,175


Money market deposits



222,540




254,190




231,207




301,842




267,730


Time deposits



608,141




585,783




575,950




460,839




459,148


Total deposits



1,512,889




1,553,924




1,500,127




1,434,944




1,411,963


Federal Home Loan Bank advances and other borrowings



100,000










40,000





Subordinated debt



72,245




72,146




72,047




71,955




29,294


Other liabilities



42,335




44,045




32,801




26,053




17,357


Total Liabilities



1,727,469




1,670,115




1,604,975




1,572,952




1,458,614


Stockholders’ Equity:





















Preferred stock



27,263




27,263




27,263




27,263




27,263


Common stock



28,736




28,728




29,178




29,642




29,466


Capital surplus



63,999




63,231




64,822




66,798




67,668


Retained earnings



86,830




80,534




73,702




68,691




64,194


Accumulated other comprehensive income (loss)



(8,546)




(9,756)




(6,561)




(3,598)




197


Total Stockholders’ Equity



198,282




190,000




188,404




188,796




188,788


Total Liabilities and Stockholders’ Equity


$

1,925,751



$

1,860,115



$

1,793,379



$

1,761,748



$

1,647,402


 

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME INFORMATION

(In thousands, except share and per share data)

 



Year-to-Date



Three Months Ended




December 31, 2022



December 31, 2021



December 31, 2022



September 30, 2022



June 30, 2022



March 31, 2022



December 31, 2021


INTEREST INCOME:





























Interest and fees on loans


$

78,872



$

61,743



$

23,972



$

20,261



$

17,954



$

16,685



$

15,532


Interest on investment securities





























Taxable securities



1,603




1,262




467




378




401




357




327


Tax-exempt securities



1,058




1,060




262




261




263




272




283


Interest on federal funds sold



2,312




134




1,071




1,013




195




34




61


Total interest income



83,845




64,199




25,772




21,913




18,813




17,348




16,203


INTEREST EXPENSE:





























Interest on interest bearing DDA deposits



601




229




256




175




105




65




59


Interest on savings and NOW deposits



203




165




81




43




42




37




38


Interest on money market deposits



1,547




772




781




496




151




119




127


Interest on time deposits



8,202




7,613




2,966




2,275




1,530




1,431




1,574


Interest on Federal Home Loan Bank advances and other borrowings



347







264







52




31





Interest on subordinated debt



2,936




1,884




828




828




812




468




539


Total interest expense



13,836




10,663




5,176




3,817




2,692




2,151




2,337


Net interest income



70,009




53,536




20,596




18,096




16,121




15,197




13,866


Provision for (recovery of) loan losses



2,398




(1,175)




1,118







480




800




295


Net interest income after provision for (recovery of) loan losses



67,611




54,711




19,478




18,096




15,641




14,397




13,571


NON-INTEREST INCOME:





























Deposit account service charges



2,420




2,426




610




601




597




611




624


Bank owned life insurance income



1,008




900




253




254




250




251




253


Loan swap fee income



619




83







518




101







83


Net gain on held-to-maturity securities



4




6










4







3


Net gain (loss) on sale of loans



(168)




847







(211)







43




413


Other non-interest income



951




1,848




196




186




312




257




247


Total other income



4,834




6,110




1,059




1,348




1,264




1,162




1,623


NON-INTEREST EXPENSES:





























Salaries and employee benefits



23,801




19,305




6,775




5,874




5,604




5,548




5,029


Furniture and equipment expenses



2,786




2,468




710




760




659




657




726


Advertising and marketing



2,304




1,565




620




704




574




406




450


Occupancy expenses



1,471




1,541




378




400




352




341




449


Outside services



2,075




908




529




611




567




368




485


Administrative expenses



872




685




214




253




195




210




192


Other operating expenses



5,748




6,393




1,481




1,291




1,543




1,433




1,389


Total non-interest expenses



39,057




32,865




10,707




9,893




9,494




8,963




8,720


Income before income tax expense



33,388




27,956




9,830




9,551




7,411




6,596




6,474


Income tax expense



6,714




5,785




2,252




1,808




1,481




1,173




1,660


Net income



26,674




22,171




7,578




7,743




5,930




5,423




4,814


Preferred stock dividends



2,156




2,156




539




539




539




539




539


Net income available to common shareholders


$

24,518



$

20,015



$

7,039



$

7,204



$

5,391



$

4,884



$

4,275


Net income per common share, basic and diluted


$

3.26



$

2.65



$

0.95



$

0.97



$

0.71



$

0.64



$

0.56


Weighted average number of common shares, basic and diluted



7,529,259




7,595,781




7,433,607




7,463,719




7,575,484




7,647,519




7,595,062


 

UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL

(In thousands)

 



December 31, 2022



September 30, 2022



December 31, 2021



Percentage

Change




$ Amount



% of Total



$ Amount



% of Total



$ Amount



% of Total



Last 3 Mos



Last 12 Mos


LOANS:

































Construction and land development loans


$

393,783




24.6

%


$

366,689




25.0

%


$

337,173




24.8

%



7.4

%



16.8

%

Residential real estate loans



394,394




24.7

%



373,056




25.4

%



300,390




22.1

%



5.7

%



31.3

%

Commercial real estate loans



700,728




43.8

%



638,110




43.5

%



534,187




39.3

%



9.8

%



31.2

%

Commercial industrial loans – Other



97,351




6.1

%



74,482




5.1

%



164,014




12.1

%



30.7

%



-40.6

%

Consumer loans



13,336




0.8

%



13,628




1.0

%



23,171




2.3

%



-2.1

%



-42.4

%

Total Gross Loans


$

1,599,592




100.0

%


$

1,465,965




100.0

%


$

1,358,935




100.0

%



9.1

%



17.7

%

Less: Allowance for loan losses



(14,114)








(12,994)








(11,697)














Net deferred loan fees



(5,528)








(4,900)








(5,478)














Net Loans


$

1,579,950







$

1,448,071







$

1,341,760














DEPOSITS:

































Non-interest bearing demand deposits


$

550,690




36.4

%


$

566,016




36.4

%


$

530,678




37.6

%



-2.7

%



3.8

%

Interest-bearing demand deposits:

































Demand deposits



80,099




5.3

%



93,695




6.0

%



69,232




4.9

%



-14.5

%



15.7

%

Savings and NOW deposits



51,419




3.4

%



54,240




3.5

%



85,175




6.0

%



-5.2

%



-39.6

%

Money market accounts



222,540




14.7

%



254,190




16.4

%



267,730




19.0

%



-12.5

%



-16.9

%

Certificates of deposit $250,000 or more



370,005




24.5

%



371,739




23.9

%



285,395




20.2

%



-0.5

%



29.6

%

Certificates of deposit less than $250,000



238,136




15.7

%



214,044




13.8

%



173,753




13.4

%



11.3

%



37.1

%

Total Deposits


$

1,512,889




100.0

%


$

1,553,924




100.0

%


$

1,411,963




100.0

%



-2.6

%



7.1

%

BORROWINGS:

































Federal Home Loan Bank advances



100,000




58.1

%






0.0

%









100.0

%



0.0

%

Subordinated debt



72,245




41.9

%



72,146




100.0

%



29,294




100.0

%



0.1

%



146.6

%

Total Borrowings


$

172,245




100.0

%


$

72,146




100.0

%


$

29,294




100.0

%



138.7

%



488.0

%

Total Deposits and Borrowings


$

1,685,134







$

1,626,070







$

1,441,257








3.6

%



16.9

%


































Core customer funding sources (1)


$

1,157,573




68.7

%


$

1,156,862




71.1

%


$

1,108,177




76.9

%



0.1

%



4.5

%

Brokered and listing service sources (2)



355,316




21.1

%



397,062




24.5

%



303,786




21.1

%



-10.5

%



17.0

%

Federal Home Loan Bank advances



100,000




5.9

%






0.0

%









100.0

%



0.0

%

Subordinated debt (3)



72,245




4.3

%



72,146




4.4

%



29,294




2.0

%



0.1

%



146.6

%

Total Funding Sources


$

1,685,134




100.0

%


$

1,626,070




100.0

%


$

1,441,257




100.0

%



3.6

%



16.9

%

 

(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

(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 December 31, 2022



For the three months ended December 31, 2021




Average

Balance



Interest

Income/

Expense

(3)(4)



Average

Yields/ Rate

(annualized)

(3)(4)



Average

Balance



Interest

Income/

Expense

(3)(4)



Average

Yields/ Rate

(annualized)

(3)(4)


ASSETS:

























Interest earning assets:

























Loans (1)(2)


$

1,510,087



$

23,972




6.30

%


$

1,277,828



$

15,532




4.82

%

Securities:

























Taxable



70,776




467




2.62

%



76,776




327




1.69

%

Tax-exempt



38,007




332




3.46

%



38,936




358




3.65

%

Federal funds and interest-bearing deposits



124,865




1,071




3.40

%



192,442




61




0.13

%

Total interest earning assets


$

1,743,735



$

25,842




5.88

%


$

1,585,982



$

16,278




4.07

%

Other assets



55,559












87,072










Total assets


$

1,799,294











$

1,673,054










Liabilities and Stockholders’ Equity:

























Interest-bearing liabilities:

























Interest-bearing demand deposits


$

81,724



$

256




1.24

%


$

69,532



$

59




0.34

%

Savings and NOW deposits



53,570




81




0.60

%



82,048




38




0.18

%

Money market deposit accounts



213,530




781




1.45

%



296,063




127




0.17

%

Time deposits



613,262




2,966




1.92

%



466,190




1,574




1.34

%

Total interest-bearing deposits


$

962,086



$

4,084




1.68

%


$

913,833



$

1,798




0.78

%

Federal funds purchased



2










1








Subordinated debt



72,206




828




4.55

%



40,297




539




5.31

%

FHLB borrowings



23,913




264




4.38

%










Total interest-bearing liabilities


$

1,058,207



$

5,176




1.94

%


$

954,131



$

2,337




0.97

%

Demand deposits and other liabilities



546,827












532,216










Total liabilities


$

1,605,034











$

1,486,347










Stockholders’ Equity



194,260












186,707










Total Liabilities and Stockholders’ Equity


$

1,799,294











$

1,673,054










Interest Rate Spread











3.94

%











3.10

%

Net Interest Income






$

20,666











$

13,941






Net Interest Margin











4.70

%











3.49

%

 

(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 Appendix for reconciliation of non-GAAP measures

 

UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES

(In thousands)

 



For the year ended December 31, 2022



For the year ended December 31, 2021




Average

Balance



Interest

Income/

Expense

(3)(4)



Average

Yields/ Rate

(annualized)

(3)(4)



Average

Balance



Interest

Income/

Expense

(3)(4)



Average

Yields/ Rate

(annualized)

(3)(4)


ASSETS:

























Interest earning assets:

























Loans (1)(2)


$

1,442,716



$

78,872




5.47

%


$

1,289,445



$

61,743




4.79

%

Securities:

























Taxable



72,809




1,603




2.20

%



60,732




1,262




2.08

%

Tax-exempt



38,528




1,339




3.48

%



39,170




1,342




3.43

%

Federal funds and interest-bearing deposits



122,596




2,312




1.89

%



216,436




134




0.06

%

Total interest earning assets


$

1,676,649



$

84,126




5.02

%


$

1,605,783



$

64,481




4.02

%

Other assets



67,380












79,357










Total assets


$

1,744,029











$

1,685,140










Liabilities and Stockholders’ Equity:

























Interest-bearing liabilities:

























Interest-bearing demand deposits


$

85,566



$

601




0.70

%


$

67,897



$

229




0.34

%

Savings and NOW deposits



63,401




203




0.32

%



74,975




165




0.22

%

Money market deposit accounts



137,066




1,547




1.13

%



333,160




772




0.23

%

Time deposits



642,918




8,202




1.28

%



498,001




7,613




1.53

%

Total interest-bearing deposits


$

928,951



$

10,553




1.14

%


$

974,033



$

8,779




0.90

%

Federal funds and repos purchased



2

















Subordinated debt



65,176




2,936




4.50

%



33,953




1,884




5.55

%

FHLB borrowings



23,986




347




1.45

%










Total interest-bearing liabilities


$

1,018,115



$

13,836




1.36

%


$

1,007,986



$

10,663




1.06

%

Demand deposits and other liabilities



535,075












498,031










Total liabilities


$

1,553,190











$

1,506,017










Stockholders’ Equity



190,839












179,123










Total Liabilities and Stockholders’ Equity


$

1,744,029











$

1,685,140










Interest Rate Spread











3.66

%











2.96

%

Net Interest Income






$

70,290











$

53,818






Net Interest Margin











4.19

%











3.35

%

 

(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 Appendix for reconciliation of non-GAAP measures

 

UNAUDITED SUMMARY FINANCIAL DATA

(Dollars in thousands except per share data)

 



At or For the Three Months Ended



At or For the Year Ended




December 31,



December 31,




2022



2021



2022



2021


Per share Data and Shares Outstanding

















Earnings per common share (basic and diluted)


$

0.95



$

0.56



$

3.26



$

2.65


Book value per common share


$

22.98



$

21.27



$

22.98



$

21.27


Tangible book value per common share(2)


$

21.75



$

21.27



$

21.75



$

21.27


Weighted average common shares (basic and diluted)



7,433,607




7,595,062




7,529,259




7,595,781


Common shares outstanding at end of period



7,442,743




7,595,781




7,442,743




7,595,781


Performance Ratios

















Return on average assets (annualized)



1.67

%



1.14

%



1.53

%



1.32

%

Return on average equity (annualized)



15.48

%



10.23

%



13.98

%



12.38

%

Return on average common equity (annualized)



16.72

%



10.63

%



14.99

%



13.18

%

Yield on earning assets (FTE) (2) (annualized)



5.88

%



4.07

%



5.02

%



4.02

%

Cost of interest bearing liabilities (annualized)



1.94

%



0.97

%



1.36

%



1.06

%

Net interest spread (FTE)(2)



3.94

%



3.10

%



3.66

%



2.96

%

Net interest margin (FTE)(2) (annualized)



4.70

%



3.49

%



4.19

%



3.35

%

Noninterest income as a percentage of average assets (annualized)



0.23

%



0.38

%



0.28

%



0.36

%

Noninterest expense to average assets (annualized)



2.36

%



2.07

%



2.24

%



1.95

%

Efficiency ratio(3)



49.45

%



56.31

%



52.19

%



55.10

%

Asset Quality

















Commercial real estate loans to total capital (4)



377.54

%



367.88

%



377.54

%



367.88

%

Construction loans to total capital (5)



137.41

%



148.30

%



137.41

%



148.30

%

Loans 30-89 days past due to total gross loans



0.00

%



0.01

%



0.00

%



0.01

%

Loans 90 days past due to total gross loans



0.00

%



0.00

%



0.00

%



0.00

%

Non-accrual loans to total gross loans



0.00

%



0.00

%



0.00

%



0.00

%

Other real estate owned


$



$

775



$



$

775


Non-performing assets


$



$

775



$



$

775


Non-performing assets to total assets



0.00

%



0.05

%



0.00

%



0.05

%

Allowance for loan losses to total gross loans



0.88

%



0.86

%



0.88

%



0.86

%

Allowance for loan losses to non-performing assets



N/A




15.09




N/A




15.09


Net loan recoveries


$

2



$

26



$

19



$

5


Net charge-offs (recoveries) to average gross loans (annualized)



N/A




0.00

%



N/A




0.00

%

Regulatory Capital Ratios (Bank only) (1)

















Total risk-based capital ratio



0.00

%



16.06

%



0.00

%



16.06

%

Tier 1 risk-based capital ratio



0.00

%



15.23

%



0.00

%



15.23

%

Leverage ratio



0.00

%



15.23

%



0.00

%



15.23

%

Common equity tier 1 ratio



0.00

%



15.23

%



0.00

%



15.23

%

Other information

















Closing stock price


$

27.49



$

24.59



$

27.49



$

24.59


Equity / assets



10.35

%



11.46

%



10.35

%



11.46

%

Average equity / average assets



10.80

%



11.16

%



10.94

%



10.63

%

Number of full time equivalent employees



168




138




168




138


# Full service branch offices



6




6




6




6


 

(1)

Regulatory capital ratios as of December 31, 2022 are preliminary

(2)

Refer to Appendix 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 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

December 31,



For the year ended

December 31,




2022



2021



2022



2021


Net interest margin (FTE)

















Net interest income (GAAP)


$

20,596



$

13,866



$

70,009



$

53,536


FTE adjustment on tax-exempt securities



70




75




281




282


Net interest income (FTE) (non-GAAP)



20,666




13,941




70,290




53,818



















Average interest earning assets



1,743,735




1,585,982




1,676,649




1,605,783


Net interest margin (GAAP)



4.69

%



3.47

%



4.18

%



3.33

%

Net interest margin (FTE) (non-GAAP)



4.70

%



3.49

%



4.19

%



3.35

%

 



For the three months

ended December 31,



For the year ended December

31,




2022



2021



2022



2021


Stockholders equity, adjusted

















Total stockholders equity (GAAP)


$

198,282



$

188,788



$

198,282



$

188,788


Less: preferred stock



(27,263)




(27,263)




(27,263)




(27,263)


Total common stockholders equity (GAAP)



171,019




161,525



$

171,019



$

161,525


Less: intangible assets



9,149




2,493




9,149




2,493


Tangible common stockholders equity (non-GAAP)



161,870




159,032




161,870




159,032



















Shares outstanding



7,442,743




7,595,781




7,442,743




7,595,781


Tangible book value per common share (non-GAAP)


$

21.75



$

20.94



$

21.75



$

20.94


 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/mainstreet-bancshares-achieves-record-results-for-2022-301727738.html

SOURCE MainStreet Bancshares, Inc.

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