MainStreet Bank Reports Record First Quarter Performance

Fairfax, VA – MainStreet Bank (OTCQB: MNSB) reported a 97% increase in first quarter 2016 earnings – nearly double the level of first quarter 2015 earnings. The share price closed the quarter at $11.95 with a high of $12.35 during the first quarter and an average daily volume of 3,713 shares. MainStreet was recently awarded the OTCQX Top Performing Bank award.

MainStreet’s first quarter 2016 balance sheet improved 38% from the first quarter of 2015 with total assets of $498 million against total assets of $359 million respectively.

Net interest income of $4.46 million reported for March 31, 2016 improved $911 thousand over net interest income from March 31, 2015. The net interest margin shifted to 3.84% largely due to the indirect consumer loan portfolio, which is a lower-yielding short-term asset play.

Net loans outstanding for the first quarter of 2016 totaled $413 million against net loans outstanding for the first quarter of 2015 of $287 million, an increase of $126 million.

Total deposits as of March 31, 2016 were $403 million; or $86 million over total deposits of $317 million at March 31, 2015. During those same periods, demand account balances increased $16 million and interest checking accounts increased by $21 million. Time deposits increased by $49 million.

Asset quality remains very strong. Nonperforming loans were 0.17 percent of total loans on March 31, 2016.

Non-interest income was $219 thousand for the first quarter of 2016 compared to $211 thousand (net of security gains) for the same period in 2015. Non-interest expense for the first quarter of 2016 was $3.3 million, compared to $3 million for the same period in 2015. The increase is primarily in salaries.

QUOTES: “MainStreet ended the quarter just shy of $500 million in total assets, with quality growth metrics in every area. The MainStreet team is producing at strong levels and the balance sheet continues to see good diversification,” says Jeff W. Dick, Chairman, CEO and President of MainStreet Bank. “Earnings are strengthening through the combined efforts of growing earning assets and managing operating expenses.”

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 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 well over 750 businesses in the Metropolitan area.

MainStreet Bank is always looking for ways to improve its customer experience, and now has the ability to instantly issue new and replacement Debit Cards – which is especially important for customers if their Cards are compromised or lost.

MainStreet Bank also continues to refine and improve its mobile banking App for iPads, iPhones and Androids. Additionally, MainStreet Bank 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 mstreetbank.com.

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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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