Business
MainStreet Bancshares, Inc. Reports Record Strong and Steady Third Quarter 2021 Earnings
FAIRFAX, Va., Oct. 19, 2021 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company for MainStreet Bank, reported net income
About this update from Mainstreet Bancshares, Inc.
[{"type":"text","content":"FAIRFAX, Va., Oct. 19, 2021 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company for MainStreet Bank, reported net income of $4.8 million for the third quarter of 2021. Year-to-date net income through September 30th is $17.4 million, and year-to-date results represent:\n\n \n \n \n \n \n \n\n \n13.14% return on average equity 1.37% return on average assets $2.09 earnings per share of common stock (basic and diluted) $20.64 per common share book valueThe Company is well positioned for a stable or rising interest rate environment.Year-to-date net interest income through September 30th of $39.7 million is up 20.5% over the same period last year. \nThe Company's cost of funds for the quarter-ended September 30, 2021, is 1.03%, down 32% from the same period a year earlier. The Company is on-track to continue reducing funding costs. The Company's efficiency ratio is 54.7% for the nine-months ended September 30, 2021.\nTotal assets remain steady through the year at $1.7 billion. Net loans of $1.2 billion include approximately $264 million of new commercial loans and advances and $86 million of new Paycheck Protection Program (PPP) loans. The table below provides a reconcilement of gross loans, inclusive and net of Paycheck Protection Program (PPP) loans. Asset quality continues to be strong with non-performing assets representing a negligible seven hundredths of a percent of total assets on September 30, 2021. \nReconcilement of Gross Loans through September 30, 2021\nGross Loans\n(millions)\nGross Loans\nNet of PPP\n(millions)\n% Gross Loans\n% Gross Loans\nGross loans 12/31/2020\n$1,300\n$1,164\n+ New loans & advances\n$351\n27%\n$264\n23%\n- Repayments\n$364\n-28%\n$229\n-20%\n- Sold loans*\n$30\n$30\nGross loans 9/30/2021\n$1,257\n$1,169\n- ALLL 9/30/2021\n$11\n$11\n+ PPP loans\n**\n$88\nNet loans 9/30/2021\n$1,246\n$1,246\n*Sold loans represent the amount of loans sold for concentration risk management purposes. The loans that were sold yielded a net premium on sale.\n** Already included in Gross Loans.\nNon-interest-bearing deposits represent 34% of the $1.4 billion in total deposits. Seventy-six percent of total deposits are core deposits. \n\"The Company is extremely well positioned for a stable or rising interest rate environment,\" said Jeff W. Dick, Chairman & CEO of MainStreet Bancshares, ...