Business
MainStreet Bancshares, Inc. Reports Record Annual Earnings for 2019
FAIRFAX, Va., Jan. 21, 2020 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB) reported net income of $14.0 million for 2019, which represents a 1.19%
About this update from Mainstreet Bancshares, Inc.
[{"type":"text","content":"FAIRFAX, Va., Jan. 21, 2020 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB) reported net income of $14.0 million for 2019, which represents a 1.19% return on average assets, a 10.79% return on average equity and which equates to $1.69 per share of common stock. \n\n \n \n\n \nNet interest income was $39.4 million for the twelve months ended December 31, 2019, up 27% from the twelve months ended December 31, 2018. Noninterest income of $4.9 million for the year ended December 31, 2019 saw an increase of 50% from the year ending December 31, 2018. The increase is due to an increase in deposit account fees, interest rate swap fees related to loan transactions, and gains recorded for the sale of the guaranteed portion of Small Business Administration (\"SBA\") loans. We anticipate that these sources should continue in a similar manner going forward.\nLoan loss provisions of $1.6 million for the year ended December 31, 2019 are down 48% from the year ended December 31, 2018. The decrease in loan loss provisions was consistent with the Company's strategic decision to moderate net loan growth to 12% for 2019 as compared to 40% net loan growth in 2018. \nTotal assets were $1.3 billion at December 31, 2019, up 16% from the previous year-end. Net loans at December 31, 2019 total $1.0 billion and asset quality remains solid with non-performing assets to total assets at 0.09% as of December 31, 2019. Capital levels for the Company remain strong. \nNon-interest-bearing deposits increased to $252.7 million as of December 31, 2019, up 19% from December 31, 2018. Non-interest-bearing deposits represent 24% of total deposits at December 31, 2019. Total deposits as of December 31, 2019 were $1.1 billion an increase of $152.1 million from December 31, 2018.\nAs of December 31, 2019, the Company's tangible book value per share was $16.59, up 12% from $14.83 as of December 31, 2018. According to Nasdaq, there were 7,746 trades during the quarter totaling 792,485 shares traded. The closing share price was $23.00, or 139% of book value. The market cap was $190.0 million as of December 31, 2019.\nQUOTES: \"We had a fantastic year of good growth and opportunity,\" says Chris Brockett, President of MainStreet Bancshares, Inc. and MainStreet Bank. \"We are excited to bring the branch at 1130 Connecticut Avenue in DC online in February and look ...