MainStreet Bancshares, Inc. Reports Robust Loan and Net Income Growth

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April 19, 2022 8:00 AM EDT

FAIRFAX, Va., April 19, 2022 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company for MainStreet Bank, reported robust net income for the first quarter of 2022, said it is positioned favorably for rising interest rates, and previewed business developments at its Avenu™ Banking-as-a-Service (BaaS) subsidiary.

Net income totaled $5.4 million for three months ended March 31, 2022. Net interest income totaled $15.2 million in the first quarter and is 13% higher than the year-earlier period. Reduced funding costs and an increase in short-term rates propelled the net interest margin higher by 50 basis points to 3.91% as of March 31, versus 3.41% a year earlier.  The Company's efficiency ratio remains solid at 55%. Total assets reached $1.75 billion in the first quarter, a 6.3% increase from a year earlier.

Quarterly results represent:

  • 11.59% return on average equity
  • 1.32% return on average assets
  • $0.64 earnings per share of common stock (basic and diluted)
  • $21.12 per common share book value

"MainStreet Bancshares Inc. began 2022 on a strong note, with solid growth in income and increased earnings per share," said Jeff W. Dick, Chairman and CEO of both the Bank and the Company. "More than 70% of our loans are designed to reprice as the Federal Reserve implements plans to push interest rates higher over the coming year. These upward adjustments should continue to reflect positively on the bottom line."

The loan portfolio grew 5.3% in first quarter of 2022, and commercial loan originations totaling $111 million were added to the balance sheet. Asset quality remains pristine, as the Company had zero non-performing assets as of quarter ended March 31, 2022.  Non-interest-bearing deposits represent 36% of the $1.4 billion in total deposits, and 73% of total deposits are core deposits.

"MainStreet Bank has built strong relationships across a diverse business community and maintained a consistent focus on efficiency, yielding steady deposit and loan growth," said Abdul Hersiburane, President of MainStreet Bank. "We serve a vibrant business community across the Metropolitan Washington region, consisting of organizations that demand the nimble, technology-forward response that MainStreet Bank excels at delivering."

Avenu™

Avenu™, a division of MainStreet Bank, which provides Banking-as-a-Service (BaaS), continued to generate significant customer interest as additional fintechs lined up to get in the queue for our proprietary software solution. We are currently onboarding our initial beta customer with an anticipated go-live date in the fourth quarter of 2022.

"Our focus is to help fintechs manage risk and meet compliance obligations as they accept and facilitate payments, and there is no cutting corners on this important work," said Todd Youngren, President of Avenu™. "Over time, as we move through the beta stage, we anticipate that onboarding will be streamlined into a 60-day process."

Youngren noted that at the end of the first quarter, Avenu™ had 10 fintechs queued up at various stages of progress, including four that have indicated they intend to move forward as soon as the beta process is complete. These prospects include entities that serve the domestic needs of foreign nationals and entities that serve the education and nonprofit industries.

In addition to serving fintechs, Avenu™ has a robust array of existing customers that include payment processors and money service businesses. These relationships have been integral in identifying the needs and services that fintechs need banks to provide in order to have successful partnerships. These relationships provide additional non-interest income and a strong source of low-cost deposits that can be integrated into the Bank's traditional source of income generation, net interest margin. As a benchmark, Youngren noted, Avenu™ is favorably impacting profitability, with its customers providing $61 million in non-interest bearing deposits and $253,000 in non-interest income in the first quarter.

Refer to our press release on October 25, 2021, for additional information on Avenu™'s proprietary solution. If you are a fintech looking to add payments and deposits to your solution, go to Avenu.bank and join the queue today. 

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, DC 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 the novel coronavirus (COVID-19) outbreak, 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.

Contact: Jeff W. Dick, Chairman & CEO(703) 481-4567

 

UNAUDITED CONSOLIDATED BALANCE SHEET INFORMATION

(In thousands, except share data)

March 31, 2022

December 31, 2021

September 30, 2021

June 30,

2021

March 31,

2021

ASSETS

Cash and cash equivalents

     Cash and due from banks

$

63,986

$

61,827

$

67,992

$

120,121

$

118,399

     Federal funds sold

37,756

31,372

65,725

56,164

51,598

          Total cash and cash equivalents

101,742

93,199

133,717

176,285

169,997

Investment securities available for sale, at fair value

123,802

99,913

171,603

165,791

180,028

Investment securities held to maturity, at carrying value

18,769

20,349

21,148

21,181

21,449

Restricted equity securities, at cost

17,209

15,609

9,972

9,994

9,642

Loans, net of allowance for loan losses of $12,500, $11,697, $11,428,

$11,133, and $13,215, respectively

1,413,238

1,341,760

1,246,331

1,256,436

1,299,169

Premises and equipment, net

14,833

14,863

14,795

13,929

13,975

Other real estate owned, net

—

775

1,158

1,158

1,180

Accrued interest and other receivables

6,980

7,701

4,718

8,752

9,349

Computer software, net of amortization

3,906

2,493

1,165

—

—

Bank owned life insurance

36,492

36,241

35,987

35,736

25,518

Other assets

24,777

14,499

16,605

18,433

12,722

     Total Assets

$

1,761,748

$

1,647,402

$

1,657,199

$

1,707,695

$

1,743,029

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Non-interest bearing deposits

$

514,160

$

530,678

$

475,157

$

486,001

$

492,463

Interest bearing DDA deposits

76,286

69,232

63,622

68,028

69,180

Savings and NOW deposits

81,817

85,175

79,556

72,353

72,259

Money market deposits

301,842

267,730

310,776

310,303

342,468

Time deposits

460,839

459,148

485,255

528,247

561,772

     Total deposits

1,434,944

1,411,963

1,414,366

1,464,932

1,538,142

Federal Home Loan Bank advances and other borrowings

40,000

—

—

—

—

Subordinated debt

71,955

29,294

40,635

40,576

14,841

Other liabilities

26,053

17,357

18,169

22,559

17,868

     Total Liabilities

1,572,952

1,458,614

1,473,170

1,528,067

1,570,851

Stockholders' Equity:

Preferred stock

27,263

27,263

27,263

27,263

27,263

Common stock

29,642

29,466

29,462

29,446

29,437

Capital surplus

66,798

67,668

67,152

66,667

66,233

Retained earnings

68,691

64,194

59,920

55,676

49,090

Accumulated other comprehensive income (loss)

(3,598)

197

232

576

155

     Total Stockholders' Equity

188,796

188,788

184,029

179,628

172,178

     Total Liabilities and Stockholders' Equity

$

1,761,748

$

1,647,402

$

1,657,199

$

1,707,695

$

1,743,029

 

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME INFORMATION

(In thousands, except share and per share data)

Year-to-Date

Three Months Ended

March 31, 2022

March 31, 2021

March 31, 2022

December 31, 2021

September 30, 2021

June 30, 2021

March 31, 2021

INTEREST INCOME:

Interest and fees on loans

$

16,685

$

15,792

$

16,685

$

15,532

$

15,162

$

15,257

$

15,792

Interest on investment securities

     Taxable securities

357

260

357

327

318

332

260

     Tax-exempt securities

272

270

272

283

267

265

270

Interest on federal funds sold

34

15

34

61

38

20

15

          Total interest income

17,348

16,337

17,348

16,203

15,785

15,874

16,337

INTEREST EXPENSE:

Interest on interest bearing DDA deposits

65

55

65

59

60

55

55

Interest on savings and NOW deposits

37

42

37

38

38

47

42

Interest on money market deposits

119

277

119

127

148

220

277

Interest on time deposits

1,431

2,250

1,431

1,574

1,795

1,994

2,250

Interest on Federal Home Loan Bank advances and other borrowings

31

—

31

—

—

—

—

Interest on subordinated debt

468

238

468

539

541

567

238

          Total interest expense

2,151

2,862

2,151

2,337

2,582

2,883

2,862

Net interest income

15,197

13,475

15,197

13,866

13,203

12,991

13,475

Provision for (recovery of) loan losses

800

320

800

295

290

(2,080)

320

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

14,397

13,155

14,397

13,571

12,913

15,071

13,155

NON-INTEREST INCOME:

Deposit account service charges

611

539

611

624

642

621

539

Bank owned life insurance income

251

177

251

253

252

218

177

Loan swap fee income

—

—

—

83

—

—

—

Net gain on held-to-maturity securities

—

3

—

3

—

—

3

Net gain (loss) on sale of loans

43

344

43

413

(40)

130

344

Other fee income

257

383

257

247

632

586

383

          Total other income

1,162

1,446

1,162

1,623

1,486

1,555

1,446

NON-INTEREST EXPENSES:

Salaries and employee benefits

5,548

4,767

5,548

5,029

4,847

4,663

4,767

Furniture and equipment expenses

657

526

657

726

716

500

526

Advertising and marketing

406

275

406

450

438

402

275

Occupancy expenses

341

306

341

449

399

387

306

Outside services

368

336

368

485

292

280

336

Administrative expenses

210

150

210

192

202

141

150

Other operating expenses

1,433

1,449

1,433

1,389

1,567

1,500

1,449

          Total other expenses

8,963

7,809

8,963

8,720

8,461

7,873

7,809

Income before income tax expense

6,596

6,792

6,596

6,474

5,938

8,753

6,792

Income tax expense

1,173

1,342

1,173

1,660

1,155

1,627

1,342

Net Income

5,423

5,450

5,423

4,814

4,783

7,126

5,450

Preferred stock dividends

539

539

539

539

539

539

539

Net income available to common shareholders

$

4,884

$

4,911

$

4,884

$

4,275

$

4,244

$

6,587

$

4,911

Net income per common share, basic and diluted

$

0.64

$

0.65

$

0.64

$

0.56

$

0.56

$

0.87

$

0.65

Weighted average number of common shares, basic and diluted

7,647,519

7,523,547

7,647,519

7,595,062

7,571,214

7,546,452

7,523,547

   

UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL

(In thousands)

March 31, 2022

December 31, 2021

March 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

$

344,605

24.1

%

$

337,173

24.8

%

$

327,393

24.8

%

2.2

%

5.3

%

Residential real estate loans

367,138

25.7

%

300,389

22.1

%

181,649

13.8

%

22.2

%

102.1

%

Commercial real estate loans

588,004

41.1

%

534,188

39.3

%

499,134

37.8

%

10.1

%

17.8

%

Commercial industrial loans - Other

92,408

6.5

%

105,675

7.8

%

92,680

7.0

%

-12.6

%

-0.3

%

Commercial industrial loans - PPP Loans

18,776

1.3

%

58,339

4.3

%

179,835

13.6

%

-67.8

%

-89.6

%

Consumer loans

19,711

1.3

%

23,171

1.7

%

39,563

3.0

%

-14.9

%

-50.2

%

          Total Gross Loans

$

1,430,642

100.0

%

$

1,358,935

100.0

%

$

1,320,254

100.0

%

5.3

%

8.4

%

Less: Allowance for loan losses

(12,500)

(11,697)

(13,215)

               Net deferred loan fees

(4,904)

(5,478)

(7,870)

     Net Loans

$

1,413,238

$

1,341,760

$

1,299,169

DEPOSITS:

Non-interest bearing demand deposits

$

514,160

35.8

%

$

530,678

37.6

%

$

492,463

32.0

%

-3.1

%

4.4

%

Interest-bearing demand deposits:

     Demand deposits

76,286

5.3

%

69,232

4.9

%

69,180

4.5

%

10.2

%

10.3

%

     Savings and NOW deposits

81,817

5.7

%

85,175

6.0

%

72,259

4.7

%

-3.9

%

13.2

%

     Money market accounts

301,842

21.0

%

267,730

19.0

%

342,468

22.3

%

12.7

%

-11.9

%

     Certificates of deposit $250,000 or more

292,978

20.4

%

285,395

20.2

%

287,154

18.7

%

2.7

%

2.0

%

     Certificates of deposit less than $250,000

167,861

11.8

%

173,753

12.3

%

274,618

17.8

%

-3.4

%

-38.9

%

          Total Deposits

$

1,434,944

100.0

%

$

1,411,963

100.0

%

$

1,538,142

100.0

%

1.6

%

-6.7

%

BORROWINGS:

Federal Home Loan Bank advances

40,000

35.7

%

—

0.0

%

—

0.0

%

0.0

%

#DIV/0

!

Subordinated debt

71,955

64.3

%

29,294

100.0

%

14,841

100.0

%

145.6

%

384.8

%

          Total Borrowings

$

111,955

100.0

%

$

29,294

100.0

%

$

14,841

100.0

%

282.2

%

654.4

%

Total Deposits and Borrowings

$

1,546,899

$

1,441,257

$

1,552,983

7.3

%

-0.4

%

Core customer funding sources (1)

$

1,135,503

73.4

%

$

1,108,177

76.9

%

$

1,159,207

74.6

%

2.5

%

-2.0

%

Brokered and listing service sources (2)

299,441

19.4

%

303,786

21.1

%

378,935

24.4

%

-1.4

%

-21.0

%

Federal Home Loan Bank advances

40,000

2.6

%

—

—

—

—

100.0

%

100.0

%

Subordinated debt (3)

71,955

4.6

%

29,294

2.0

%

14,841

1.0

%

145.6

%

384.8

%

          Total Funding Sources

$

1,546,899

100.0

%

$

1,441,257

100.0

%

$

1,552,983

100.0

%

7.3

%

-0.4

%

(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 March 31, 2022

For the three months ended March 31, 2021

Average

Balance

Interest

Income/

Expense

Average

Yields/ Rate

(annualized)

Average

Balance

Interest

Income/

Expense

Average

Yields/ Rate

(annualized)

ASSETS:

Interest earning assets:

     Loans (1)(2)(3)

$

1,377,723

$

16,685

4.91

%

$

1,319,542

$

15,792

4.85

%

     Investment securities

112,958

629

2.26

%

89,868

530

2.39

%

     Federal funds and interest-bearing deposits

83,754

34

0.16

%

193,755

15

0.03

%

          Total interest earning assets

$

1,574,435

$

17,348

4.47

%

$

1,603,165

$

16,337

4.13

%

Other assets

88,386

70,727

Total assets

$

1,662,821

$

1,673,892

Liabilities and Stockholders' Equity:

     Interest-bearing liabilities:

     Interest-bearing demand deposits

$

70,403

$

65

0.37

%

$

68,593

$

55

0.33

%

     Savings and NOW deposits

82,758

37

0.18

%

69,993

42

0.24

%

     Money market deposit accounts

267,905

119

0.18

%

412,554

277

0.27

%

     Time deposits

456,782

1,431

1.27

%

479,136

2,250

1.90

%

Total interest-bearing deposits

$

877,848

$

1,652

0.76

%

$

1,030,276

$

2,624

1.03

%

     Federal funds purchased

1

—

—

—

—

—

     Subordinated debt

43,995

468

4.31

%

14,838

238

6.51

%

     FHLB borrowings

37,167

31

0.34

%

—

—

—

Total interest-bearing liabilities

$

959,011

$

2,151

0.91

%

$

1,045,114

$

2,862

1.11

%

Demand deposits and other liabilities

514,101

458,051

Total liabilities

$

1,473,112

$

1,503,165

Stockholders' Equity

189,709

170,727

Total Liabilities and Stockholders' Equity

$

1,662,821

$

1,673,892

Interest Rate Spread

3.56

%

3.02

%

Net Interest Income

$

15,197

$

13,475

Net Interest Margin

3.91

%

3.41

%

Net Interest Margin, excluding PPP loans(4)

3.65

%

3.20

%

(1)

Includes loans classified as non-accrual

(2)

Includes average PPP balances of $39.1 million, related interest income of approximately $98,000, and $1.3 million in PPP fees recognized for the three months ended March 31, 2022. Includes average PPP balances of $154.2 million, related interest income of approximately $386,000, and $1.6 million in PPP fees recognized for the three months ended March 31, 2021

(3)

Total loan interest income includes amortization of deferred loan fees, net of deferred loan costs

(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

March 31,

2022

2021

     Per share Data and Shares Outstanding

Earnings per common share (basic and diluted)

$

0.64

$

0.65

Book value per common share

$

21.12

$

19.26

Tangible book value per common share(2)

$

20.61

$

19.26

Weighted average common shares (basic and diluted)

7,647,519

7,523,547

Common shares outstanding at end of period

7,648,973

7,544,365

     Performance Ratios

Return on average assets (annualized)

1.32

%

1.32

%

Return on average assets, excluding impact of PPP loans (annualized)(2)

1.01

%

0.91

%

Return on average equity (annualized)

11.59

%

12.95

%

Return on average common equity (annualized)

12.19

%

13.88

%

Yield on earning assets (annualized)

4.47

%

4.13

%

Cost of interest bearing liabilities (annualized)

0.91

%

1.11

%

Net interest spread

3.56

%

3.02

%

Net interest margin (annualized)

3.91

%

3.41

%

Net interest margin, excluding PPP loans (annualized)(2)

3.65

%

3.20

%

Noninterest income as a percentage of average assets (annualized)

0.28

%

0.35

%

Noninterest expense to average assets (annualized)

2.19

%

1.89

%

Efficiency ratio(3)

54.79

%

52.34

%

     Asset Quality

Commercial real estate loans to total capital (4)

370.64

%

374.54

%

Construction loans to total capital (5)

136.19

%

167.92

%

Loans 30-89 days past due to total gross loans

0.00

%

0.07

%

Loans 90 days past due to total gross loans

0.00

%

0.00

%

Non-accrual loans to total gross loans

0.00

%

0.01

%

Other real estate owned

$

—

$

1,180

Non-performing assets

$

—

$

1,329

Non-performing assets to total assets

0.00

%

0.08

%

Non-performing assets to total assets, excluding PPP loans(2)

0.00

%

0.09

%

Allowance for loan losses to total gross loans

0.87

%

1.00

%

Allowance for loan losses to total loans, excluding PPP loans(2)

0.89

%

1.16

%

Allowance for loan losses to non-performing assets

0.00

%

9.94

Net loan recoveries

$

(3)

$

(18)

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

0.00

%

(0.01)

%

Net charge-offs (recoveries) to average gross loans, excluding PPP loans (annualized)(2)

0.00

%

(0.01)

%

     Regulatory Capital Ratios (Bank only) (1)

Total risk-based capital ratio

16.44

%

15.43

%

Tier 1 risk-based capital ratio

15.63

%

14.38

%

Leverage ratio

14.47

%

10.83

%

Common equity tier 1 ratio

15.63

%

14.38

%

     Other information

Closing stock price

$

24.31

$

20.76

Equity / assets

10.72

%

9.88

%

Equity / assets, excluding PPP loans(2)

10.83

%

11.01

%

Average equity / average assets

11.41

%

10.20

%

Average equity / average assets, less average PPP loans(2)

11.68

%

11.23

%

Number of full time equivalent employees

141

125

# Full service branch offices

6

7

(1)

Regulatory capital ratios as of March 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

 

Reconciliation of Certain Non-GAAP Financial Measures

(Dollars In thousands)

For the three months ended March 31,

2022

2021

Paycheck Protection Program adjustment impact

Loans held for investment (GAAP)

$

1,430,642

$

1,320,254

     Less: PPP loans

18,776

179,835

Loans held for investment, excluding PPP (non-GAAP)

$

1,411,866

$

1,140,419

Average loans held for investment (GAAP)

$

1,377,723

$

1,319,542

     Less: Average PPP loans

39,096

154,233

Average loans held for investment, excluding PPP (non-GAAP)

$

1,338,627

$

1,165,309

For the three months ended March 31,

2022

2021

Net interest margin adjustment

Net interest income (GAAP)

$

15,197

$

13,475

     Less: PPP fees recognized

1,264

1,642

     Less: PPP interest income earned

98

386

Net interest income, excluding PPP income (non-GAAP)

13,835

11,447

Average interest earning assets (GAAP)

1,574,435

1,603,165

     Less: average PPP loans

39,096

154,233

Average interest earning assets, excluding PPP (non-GAAP)

1,535,339

1,448,932

Net interest margin (GAAP)

3.91

%

3.41

%

Net interest margin, excluding PPP (non-GAAP)

3.65

%

3.20

%

For the three months ended March 31,

2022

2021

Total asset adjustment

Total assets (GAAP)

$

1,761,748

$

1,743,029

     Less: PPP loans

18,776

179,835

Total assets, excluding PPP loans (non-GAAP)

1,742,972

1,563,194

Total equity (GAAP)

188,796

172,178

Equity / assets, excluding PPP loans (non-GAAP)

10.83

%

11.01

%

Average asset adjustment

Average assets (GAAP)

1,662,821

1,673,892

     Less: average PPP loans

39,096

154,233

Total average assets, excluding average PPP loans

1,623,725

1,519,659

Total average equity (GAAP)

189,709

170,727

Average equity / average assets, excluding average PPP loans (non-GAAP)

11.68

%

11.23

%

For the three months ended March 31,

2022

2021

Return on Average Assets, adjusted

Net income (GAAP)

$

5,423

$

5,450

     Less: PPP fees recognized

1,264

1,642

     Less: PPP interest income earned

98

386

Net income, excluding PPP income (non-GAAP)

4,061

3,422

Average total assets

1,662,821

1,673,892

     Less: average PPP loans

39,096

154,233

Average total assets, excluding PPP (non-GAAP)

1,623,725

1,519,659

Return on average assets, excluding PPP (non-GAAP)

1.01

%

0.91

%

For the three months ended March 31,

2022

2021

Nonperforming Assets to total assets, adjusted

Total nonperforming assets (GAAP)

$

—

$

1,329

Total assets (GAAP)

1,761,748

1,743,029

     Less: PPP loans

18,776

179,835

Total assets, excluding PPP loans (non-GAAP)

1,742,972

1,563,194

Nonperforming assets to total assets, excluding PPP loans (non-GAAP)

0.00

%

0.09

%

For the three months ended March 31,

2022

2021

Allowance for loan losses, adjusted

Allowance for loan losses (GAAP)

$

12,500

$

13,215

Total gross loans (GAAP)

1,430,642

1,320,254

     Less: PPP loans

18,776

179,835

Total gross loans, excluding PPP loans (non-GAAP)

1,411,866

1,140,419

Allowance for loan losses to total loans, excluding PPP (non-GAAP)

0.89

%

1.16

%

For the three months ended March 31,

2022

2021

Net charge-offs to average loans, adjusted

Total net recoveries (GAAP)

$

(3)

(18)

Total average gross loans (GAAP)

1,377,723

1,319,542

     Less: average PPP loans

39,096

154,233

Total average gross loans, excluding PPP loans (non-GAAP)

1,338,627

1,165,309

Net recoveries to average gross loans, excluding PPP (annualized) (non-GAAP)

0.00

%

(0.01)

%

For the three months ended March 31,

2022

2021

Stockholders equity, adjusted

Total stockholders equity

$

188,796

$

172,178

     Less: preferred stock

(27,263)

(27,263)

Total common stockholders equity

161,533

144,915

     Less: intangible assets

3,906

—

Tangible common stockholders equity

157,627

144,915

Shares outstanding

7,648,973

7,544,365

Tangible book value per common share

$

20.61

$

19.21

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/mainstreet-bancshares-inc-reports-robust-loan-and-net-income-growth-301527677.html

SOURCE MainStreet Bancshares, Inc.


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