February 27, 2010
Herndon, VA – MainStreet Bank (OTC Bulletin Board: MNSB) reported a $100 thousand net income for the year-ended December 31, 2008.
Chairman, President & CEO Jeff W. Dick said, “We are extremely pleased with our operating results – especially given our tumultuous economy. The corporate growth strategy that we implemented during 2007 allowed us to build a strong balance sheet and a solid foundation. We are particularly proud of the fact that we are a community bank, that we take a conservative approach to managing the risks within our business, and that we did not participate in any of the subprime lending debacle.”
The bank’s balance sheet continues on a good growth track, with total assets at $186.3 million, which is an increase of 28% over the same period last year. Gross loans are now at $143.3 million, which represents an increase of more than $30 million in new loans to borrowers in our community. Total deposits are at $142.5 million, an increase of 23% for the year.
After over four years of operations, asset quality remains strong. Total non-performing loans as of December 31, 2008 were $403,712 or 0.28% of gross loans, and consists of a two loans – one of which represents the 75% guarantee portion of a Small Business Administration loan which is in the process of collection. Loans past due between 30 – 89 days were $800,881 or 0.56% of gross loans. There are no performing loans past due over 90 days.