logo
Plus   Neg
Share
MainStreet Bancshares, Inc. Reports Strong First Quarter 2021 Earnings

MainStreet Bancshares, Inc. Reports Strong First Quarter 2021 Earnings

PR Newswire

FAIRFAX, Va., April 21, 2021 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company for MainStreet Bank, reported net income of $5.5 million for the first quarter of 2021.  Net income of $5.5 million represents a 12.95% Return on Average Equity (ROAE), a 1.32% Return on Average Assets (ROAA) and $0.65 per share of common stock (basic and diluted). 

MainStreet Bank Headquarters 10089 Fairfax Blvd Fairfax, Virginia  22030 (PRNewsfoto/MainStreet Bancshares, Inc.)

"We are focused on adding new loan and deposit relationships"  Abdul Hersiburane

Net interest income was $13.5 million and noninterest income was $1.4 million for the quarter-ended March 31, 2021, an increase of 31% and 2% respectively over the same period in 2020.  One-half of the increase in net interest income for the quarter came from Paycheck Protection Program (PPP) origination fees.

The Company's cost of funds for the quarter-ended March 31, 2021 was 1.11%, down from 2.11% from the same period a year ago.  The Company is focused on reducing funding costs, increasing fee income, and improving operating efficiency.  The Company's efficiency ratio was 52% for the quarter-ended March 31, 2021, a solid improvement from the 61% efficiency ratio reported for the same period a year ago.

Total assets were $1.7 billion on March 31, 2021, an increase of 31% from March 31, 2020.  Net loans were $1.3 billion on March 31, 2021, which included $180 million in PPP loan balances. Asset quality continues strong with non-performing assets representing 0.08% of total assets on March 31, 2021. 

Non-interest-bearing deposits represented 32% of the $1.5 billion in total deposits on March 31, 2021.  Seventy-five percent of total deposits are core deposits – which is a significantly positive shift over the past eight quarters. 

The Company continues to be strongly capitalized, and on April 6, 2021, the Company entered into a Subordinated Note Purchase Agreement for a private placement of $30 million in aggregate principal amount of 3.75% Fixed-to-Floating Rate Subordinated Notes due in 2031.  The Company intends to use the net proceeds from the issuance of the Notes for general corporate purposes, including potential retirement of existing subordinated debt and capital to support the organic growth of its bank subsidiary, MainStreet Bank.  Performance Trust Capital Partners, LLC served as sole placement agent for the offering.

"With 2020 behinds us, our clients are starting this year strong and confident," said Abdul Hersiburane, President of MainStreet Bank.  "We are focused on aggressively adding new loan and deposit relationships to the mix."

"We are fortunate to be in such a robust and resilient market," said Jeff W. Dick, Chairman & CEO of MainStreet Bancshares, Inc. and MainStreet Bank.  "With the addition of $30 million of very low-cost subordinated debt to our capital stack, we are well positioned to pursue continued growth opportunities."

ABOUT MAINSTREET BANK:  MainStreet operates seven branches in Herndon, Fairfax, Fairfax City, 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 full complement of payment solutions for financial technology companies and has a team ready to create a perfect solution for their needs.

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,
2021



December 31,
2020



September 30,
2020



June 30,
2020



March 31,

2020


ASSETS





















Cash and cash equivalents





















Cash and due from banks


$

118,399



$

75,935



$

102,480



$

55,273



$

62,098


Federal funds sold



51,598




31,593




25,074




21,081




10,677


Total cash and cash equivalents



169,997




107,528




127,554




76,354




72,775


Investment securities available for sale, at fair value



180,028




147,414




118,844




91,823




102,191


Investment securities held to maturity, at carrying value



26,427




22,520




23,114




23,843




23,878


Restricted equity securities, at cost



4,664




4,616




4,616




5,041




5,041


Loans held for sale






57,006











Loans, net of allowance for loan losses of $13,215, $12,877, $14,346,

$13,731, and $9,898, respectively



1,299,169




1,230,379




1,279,899




1,259,012




1,059,628


Premises and equipment, net



13,975




14,289




14,474




14,416




14,666


Other real estate owned, net



1,180




1,180




1,580




1,175




1,207


Accrued interest and other receivables



9,349




9,604




8,579




7,458




4,809


Bank owned life insurance



25,518




25,341




25,157




24,959




24,761


Other assets



12,722




23,288




26,371




24,786




20,786


Total Assets


$

1,743,029



$

1,643,165



$

1,630,188



$

1,528,867



$

1,329,742


LIABILITIES AND STOCKHOLDERS' EQUITY





















Liabilities:





















Non-interest bearing deposits


$

492,463



$

370,497



$

416,648



$

388,104



$

240,979


Interest bearing DDA deposits



69,180




70,307




72,807




18,266




16,846


Savings and NOW deposits



72,259




74,099




69,015




65,876




60,454


Money market deposits



342,468




426,600




348,146




332,246




265,443


Time deposits



561,772




496,743




510,429




537,840




559,489


Total deposits



1,538,142




1,438,246




1,417,045




1,342,332




1,143,211


Federal Home Loan Bank advances and other borrowings












10,000




10,000


Subordinated debt



14,841




14,834




14,827




14,819




14,812


Other liabilities



17,868




22,420




25,055




21,546




21,424


Total Liabilities



1,570,851




1,475,500




1,456,927




1,388,697




1,189,447


Stockholders' Equity:





















Preferred stock



27,263




27,263




27,527








Common stock



29,437




29,130




32,460




32,433




32,418


Capital surplus



66,233




66,116




75,217




74,850




74,482


Retained earnings



49,090




44,179




37,105




31,933




32,567


Accumulated other comprehensive income



155




977




952




954




828


Total Stockholders' Equity



172,178




167,665




173,261




140,170




140,295


Total Liabilities and Stockholders' Equity


$

1,743,029



$

1,643,165



$

1,630,188



$

1,528,867



$

1,329,742


 

 

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME INFORMATION

(In thousands, except share and per share data)




Year-to-Date



Three Months Ended




March 31,
2021



March 31,
2020



March 31,
2021



December 31,
2020



September 30,
2020



June 30,
2020



March 31,
2020


INTEREST INCOME:





























Interest and fees on loans


$

15,792



$

14,220



$

15,792



$

15,933



$

15,083



$

14,399



$

14,220


Interest on investment securities



530




501




530




519




491




496




501


Interest on federal funds sold



15




395




15




15




12




9




395


Total interest income



16,337




15,116




16,337




16,467




15,586




14,904




15,116


INTEREST EXPENSE:





























Interest on interest bearing DDA deposits



55




117




55




108




56




36




117


Interest on savings and NOW deposits



42




64




42




52




55




50




64


Interest on money market deposits



277




778




277




418




490




474




778


Interest on time deposits



2,250




3,566




2,250




2,583




2,841




3,333




3,566


Interest on Federal Home Loan Bank

   advances and other borrowings






50










13




44




50


Interest on subordinated debt



238




241




238




240




245




241




241


Total interest expense



2,862




4,816




2,862




3,401




3,700




4,178




4,816


Net interest income



13,475




10,300




13,475




13,066




11,886




10,726




10,300


Provision for (recovery of) loan losses



320




350




320




(2,950)




635




5,575




350


Net interest income after provision

   for loan losses



13,155




9,950




13,155




16,016




11,251




5,151




9,950


NON-INTEREST INCOME:





























Deposit account service charges



539




487




539




509




487




433




487


Bank owned life insurance income



177




199




177




183




199




198




199


Loan swap fee income






403







833




1,851




423




403


Net gain on held-to-maturity securities



3







3














Net gain on sale of loans



344







344







33








Other fee income



383




325




383




378




288




264




325


Total other income



1,446




1,414




1,446




1,903




2,858




1,318




1,414


NON-INTEREST EXPENSES:





























Salaries and employee benefits



4,767




4,433




4,767




4,746




4,495




4,263




4,433


Furniture and equipment expenses



526




454




526




601




574




500




454


Advertising and marketing



275




256




275




290




266




191




256


Occupancy expenses



306




267




306




360




332




311




267


Outside services



336




276




336




263




215




205




276


Administrative expenses



150




164




150




166




167




177




164


Other operating expenses



1,449




1,293




1,449




1,732




1,589




1,713




1,293


Total other expenses



7,809




7,143




7,809




8,158




7,638




7,360




7,143


Income before income tax expense (benefit)



6,792




4,221




6,792




9,761




6,471




(891)




4,221


Income tax expense (benefit)



1,342




751




1,342




2,051




1,299




(257)




751


Net Income (loss)



5,450




3,470




5,450




7,710




5,172




(634)




3,470


Preferred stock dividends



539







539




635











Net income (loss) available to common shareholders



4,911



$

3,470



$

4,911



$

7,075



$

5,172



$

(634)



$

3,470


Net income (loss) per common share,

   basic and diluted


$

0.65



$

0.42



$

0.65



$

0.92



$

0.63



$

(0.08)



$

0.42


Weighted average number of common shares,

   basic and diluted



7,523,547




8,287,317




7,523,547




7,700,470




8,272,570




8,263,370




8,287,317


 

 

UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL

(In thousands)




March 31, 2021



December 31, 2020



March 31, 2020



Percentage Change




$ Amount



% of

Total



$ Amount



% of

Total



$ Amount



% of

Total



Last

3 Mos



Last

12 Mos


LOANS:

































Construction and land development loans


$

327,393




24.8

%


$

324,906




26.0

%


$

285,960




26.7

%



0.8

%



14.5

%

Residential real estate loans



181,649




13.8

%



183,531




14.7

%



149,968




13.9

%



-1.0

%



21.1

%

Commercial real estate loans



499,134




37.8

%



466,898




37.4

%



449,786




42.0

%



6.9

%



11.0

%

Commercial industrial loans - Other



92,680




7.0

%



94,847




7.6

%



118,258




11.0

%



-2.3

%



-21.6

%

Commercial industrial loans - PPP Loans



179,835




13.6

%



135,180




10.8

%






0.0

%



33.0

%



100.0

%

Consumer loans



39,563




3.0

%



44,073




3.5

%



68,160




6.4

%



-10.2

%



-42.0

%

Total Gross Loans


$

1,320,254




100.0

%


$

1,249,435




100.0

%


$

1,072,132




100.0

%



5.7

%



23.1

%

Less: Allowance for loan losses



(13,215)








(12,877)








(9,898)














Net deferred loan fees



(7,870)








(6,179)








(2,606)














Net Loans


$

1,299,169







$

1,230,379







$

1,059,628














DEPOSITS:

































Non-interest bearing demand deposits


$

492,463




32.0

%



370,497




25.8

%


$

240,979




21.1

%



32.9

%



104.4

%

Interest-bearing demand deposits:

































Demand deposits



69,180




4.5

%



70,307




4.9

%



16,846




1.5

%



-1.6

%



310.7

%

Savings and NOW deposits



72,259




4.7

%



74,099




5.2

%



60,454




5.3

%



-2.5

%



19.5

%

Money market accounts



342,468




22.3

%



426,600




29.7

%



265,443




23.2

%



-19.7

%



29.0

%

Certificates of deposit $250,000 or more



287,154




18.7

%



213,077




14.8

%



213,409




18.7

%



34.8

%



34.6

%

Certificates of deposit less than $250,000



274,618




17.8

%



283,666




19.6

%



346,080




32.2

%



-3.2

%



-20.6

%

Total Deposits


$

1,538,142




100.0

%


$

1,438,246




100.0

%


$

1,143,211




100.0

%



6.9

%



34.5

%

BORROWINGS:

































Federal Home Loan Bank advances






0.0

%






0.0

%



10,000




40.3

%



0.0

%



-100.0

%

Subordinated debt



14,841




100.0

%



14,834




100.0

%



14,812




59.7

%



0.0

%



0.2

%

Total Borrowings


$

14,841




100.0

%


$

14,834




100.0

%


$

24,812




100.0

%



0.0

%



-40.2

%

Total Deposits and Borrowings


$

1,552,983







$

1,453,080







$

1,168,023








6.9

%



33.0

%


































Core customer funding sources (1)


$

1,159,207




74.6

%


$

1,046,087




72.0

%


$

785,661




67.2

%



10.8

%



47.5

%

Brokered and listing service sources (2)



378,935




24.4

%



392,159




27.0

%



357,550




30.6

%



-3.4

%



6.0

%

Federal Home Loan Bank advances






0.0

%






0.0

%



10,000




0.9

%



0.0

%



-100.0

%

Subordinated debt (3)



14,841




1.0

%



14,834




1.0

%



14,812




1.3

%



0.0

%



0.2

%

Total Funding Sources


$

1,552,983




100.0

%


$

1,453,080




100.0

%


$

1,168,023




100.0

%



6.9

%



33.0

%

 

(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, 2021



For the three months ended March 31, 2020




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)


$

1,319,542



$

15,792




4.85

%


$

1,058,738



$

14,220




5.40

%

Investment securities



89,868




530




2.39

%



73,838




501




2.73

%

Federal funds and interest-bearing deposits



193,755




15




0.03

%



136,314




395




1.17

%

Total interest earning assets


$

1,603,165



$

16,337




4.13

%


$

1,268,890



$

15,116




4.79

%

Other assets



70,727












59,363










Total assets


$

1,673,892











$

1,328,253










Liabilities and Stockholders' Equity:

























Interest-bearing liabilities:

























Interest-bearing demand deposits


$

68,593



$

55




0.33

%


$

33,558



$

117




1.40

%

Money market deposit accounts



412,554




277




0.27

%



230,158




778




1.36

%

Savings and NOW deposits



69,993




42




0.24

%



62,699




64




0.41

%

Time deposits



479,136




2,250




1.90

%



567,112




3,566




2.53

%

Total interest-bearing deposits


$

1,030,276



$

2,624




1.03

%


$

893,527



$

4,525




2.03

%

Subordinated debt



14,838




238




6.51

%



14,809




241




6.55

%

FHLB borrowings












10,330




50




1.95

%

Total interest-bearing liabilities


$

1,045,114



$

2,862




1.11

%


$

918,666



$

4,816




2.11

%

Demand deposits and other liabilities



458,051












270,422










Total liabilities


$

1,503,165











$

1,189,088










Stockholders' Equity



170,727












139,165










Total Liabilities and Stockholders' Equity


$

1,673,892











$

1,328,253










Interest Rate Spread











3.02

%











2.68

%

Net Interest Income






$

13,475











$

10,300






Net Interest Margin











3.41

%











3.26

%

Net Interest Margin, excluding PPP loans(4)











3.20

%











3.26

%

 

(1)

Includes loans classified as non-accrual and loans held for sale

(2)

Includes average PPP balances of $154.2 million and related interest income of approximately $386,000 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,




2021



2020


Per share Data and Shares Outstanding









Earnings per common share (basic and diluted)


$

0.65



$

0.42


Book value per common share


$

19.26



$

16.98


Weighted average common shares (basic and diluted)



7,523,547




8,287,317


Common shares outstanding at end of period



7,523,547




8,260,231


Performance Ratios









Return on average assets (annualized)



1.32

%



1.05

%

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



0.91

%



1.05

%

Return on average equity (annualized)



12.95

%



10.03

%

Return on average common equity (annualized)



13.88

%



10.03

%

Yield on earning assets (annualized)



4.13

%



4.79

%

Cost of interest bearing liabilities (annualized)



1.11

%



2.11

%

Net interest spread



3.02

%



2.68

%

Net interest margin (annualized)



3.41

%



3.26

%

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



3.20

%



3.26

%

Noninterest income as a percentage of average assets (annualized)



0.35

%



0.43

%

Noninterest expense to average assets (annualized)



1.89

%



2.16

%

Efficiency ratio(3)



52.34

%



60.98

%

Asset Quality









Loans 30-89 days past due to total gross loans



0.07

%



0.19

%

Loans 90 days past due to total gross loans



0.00

%



0.01

%

Non-accrual loans to total gross loans



0.01

%



0.01

%

Other real estate owned


$

1,180



$

1,207


Non-performing assets


$

1,329



$

1,415


Non-performing assets to total assets



0.08

%



0.11

%

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



0.09

%



0.11

%

Allowance for loan losses to total gross loans



1.00

%



0.92

%

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



1.16

%



0.92

%

Allowance for loan losses to non-performing assets



9.94




7.82


Net loan charge-offs (recoveries)


$

(18)



$

36


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



(0.01)

%



0.06

%

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



(0.01)

%



0.06

%

Troubled debt restructurings (total)









Performing in accordance with modified terms


$



$

1,477


Not performing in accordance with modified terms


$



$


Regulatory Capital Ratios (Bank only) (1)









Total risk-based capital ratio



15.43

%



12.44

%

Tier 1 risk-based capital ratio



14.38

%



11.68

%

Leverage ratio



10.83

%



11.45

%

Common equity tier 1 ratio



14.38

%



11.68

%

Other information









Closing stock price


$

20.76



$

16.76


Equity / assets



9.88

%



10.55

%

Equity / assets, excluding PPP loans(2)



11.01

%



10.55

%

Average equity / average assets



10.20

%



10.48

%

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



11.23

%



10.48

%

Number of full time equivalent employees



125




125


# Full service branch offices



7




7


 

(1)

Regulatory capital ratios as of March 31, 2021 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

 

 

Reconciliation of Certain Non-GAAP Financial Measures

(Dollars In thousands)




For the three months ended March 31,





2021




2020


Paycheck Protection Program adjustment impact









Loans held for investment (GAAP)


$

1,320,254



$

1,072,132


Less: PPP loans



179,835





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


$

1,140,419



$

1,072,132











Average loans held for investment (GAAP)


$

1,319,542



$

1,058,738


Less: Average PPP loans



154,233





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


$

1,165,309



$

1,058,738





For the three months ended March 31,





2021




2020


Net interest margin adjustment









Net interest income (GAAP)


$

13,475



$

10,300


Less: PPP fees recognized



1,642





Less: PPP interest income earned



386





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



11,447




10,300











Average interest earning assets (GAAP)



1,603,165




1,268,890


Less: average PPP loans



154,233





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



1,448,932




1,268,890











Net interest margin (GAAP)



3.41

%



3.26

%

Net interest margin, excluding PPP (non-GAAP)



3.20

%



3.26

%




For the three months ended March 31,





2021




2020


Total asset adjustment









Total assets (GAAP)


$

1,743,029



$

1,329,742


Less: PPP loans



179,835





Total assets, excluding PPP loans (non-GAAP)



1,563,194




1,329,742


Total equity (GAAP)



172,178




140,295


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



11.01

%



10.55

%










Average asset adjustment









Average assets (GAAP)



1,673,892




1,328,253


Less: average PPP loans



154,233





Total average assets, excluding average PPP loans



1,519,659




1,328,253


Total average equity (GAAP)



170,727




139,165


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



11.23

%



10.48

%




For the three months ended March 31,





2021




2020


Return on Average Assets, adjusted









Net income (GAAP)


$

5,450



$

3,470


Less: PPP fees recognized



1,642





Less: PPP interest income



386





Net income, excluding PPP income (non-GAAP)



3,422




3,470


Average total assets



1,673,892




1,328,253


Less: average PPP loans



154,233





Average total assets, excluding PPP (non-GAAP)



1,519,659




1,328,253


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



0.91

%



1.05

%




For the three months ended March 31,





2021




2020


Nonperforming Assets to total assets, adjusted









Total nonperforming assets (GAAP)


$

1,329



$

1,415


Total assets (GAAP)



1,743,029




1,329,742


Less: PPP loans



179,835





Total assets, excluding PPP loans (non-GAAP)



1,563,194




1,329,742


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



0.09

%



0.11

%




For the three months ended March 31,





2021




2020


Allowance for loan losses, adjusted









Allowance for loan losses (GAAP)


$

13,215



$

9,898


Total gross loans (GAAP)



1,320,254




1,072,132


Less: PPP loans



179,835





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



1,140,419




1,072,132


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



1.16

%



0.92

%




For the three months ended March 31,





2021




2020


Net charge-offs to average loans, adjusted









Total net charge-offs (recoveries) (GAAP)


$

(18)




36


Total average gross loans (GAAP)



1,319,542




1,058,738


Less: average PPP loans



154,233





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



1,165,309




1,058,738


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



(0.01)

%



0.01

%

 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/mainstreet-bancshares-inc-reports-strong-first-quarter-2021-earnings-301273354.html

SOURCE MainStreet Bancshares, Inc.

Follow RTT