MainStreet Bancshares Continues Record Growth

Fairfax, VA — MainStreet Bancshares, Inc. (OTCQB: MNSB), the holding company for MainStreet Bank, reported its best-ever quarter of organic growth.  Total assets grew over 30% year-on-year, from $536 million at September 30, 2016 to $705 million at September 30, 2017.  Net loans grew 29% over the same period.

Total deposits as of September 30, 2017 were $596 million, or $149 million over total deposits of $447 million at September 30, 2016.  The component of non-interest bearing deposits grew 37% from $114 million at September 30, 2016 to $156 million at September 30, 2017.  Non-interest bearing deposits represent 26% of total deposits at September 30, 2017.

The significant growth in loans was met with a higher than normal loan provision expense of $550 thousand for the third quarter of 2017.  The loan provision expense is a direct function of the growth in loans.  The overall quality of the loan portfolio remains strong, with non-performing loans at just 0.35%.

Including the higher than normal loss provision expense, the Company achieved net income of $1.1 million for the third quarter of 2017, bringing the year-to-date net income to $3.1 million, an 11.5% increase over year-to-date net income reported on September 30, 2016.

Net interest income of $15.3 million reported for September 30, 2017 improved $1.7 million over net interest income from September 30, 2016.  Non-interest income of $1.77 million is up 64.9% from September 30, 2016 to September 30, 2017.

Non-interest expense Through September 30, 2017 is $11.4 million compared to $10.5 million through September 30, 2016.

The book value per common share is $11.60 as of September 30, 2017, up 9.5% from September 30, 2016.  The share price closed on September 30, 2017 at $16.30 per common share, or 140.5% of book value.  Year-to-date through September 30, 2017 a total of 849,590 shares traded for a total of $13.9 million.

QUOTES: “Our focus has always been to build systems and processes that support efficient scale within our core business strategy.” said Jeff W. Dick, Chairman and CEO of MainStreet Bancshares, Inc. and MainStreet Bank.  “We have been working very hard to grow both the Bank’s customer base and employee base as opportunities arise.”

President Chris Brockett added, “The Washington, DC metropolitan market remains vibrant and we continue to see opportunities arising from market consolidation.  We are experiencing robust growth at this point and with our recent capital raise, we are well positioned to continue this trend into the future.”

ABOUT MAINSTREET BANK:   MainStreet operates five branches in Herndon, Fairfax, Fairfax City, McLean and Clarendon.  In addition, MainStreet 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 literally “put our bank” in nearly 1,000 businesses in the Metropolitan area.

MainStreet has a full complement of payment system services for third party payment providers.  MainStreet has a nationally known and leading market expert on-staff ready to help payment providers create a solution perfect for their needs.

MainStreet 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 mobile banking and Apple Pay to instant-issue Debit Cards, MainStreet Bank is always looking for ways to improve its customer experience.  Additionally, MainStreet released Aircharity® in 2012. Aircharity® is a unique solution that empowers people and organizations to raise money via email, websites and social media.  The product allows a customer to open an account and accept donations from debit cards, credit cards and electronic checks.

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

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This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties.  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, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. Other risks that can affect the Bank are detailed from time to time in our annual reports.  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. 

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