MainStreet Bank Profitable Through Third Quarter
HERNDON, Va., Oct. 16 /PRNewswire-FirstCall/ -- MainStreet Bank (OTC Bulletin Board: MNSB) reported net income of $257 thousand for the nine months ended September 30, 2009.
Chairman, President & CEO Jeff W. Dick said, "We are having our best year ever. We continue to grow a strong balance sheet and we are starting to branch out into strong Northern Virginia markets."
The bank's balance sheet continues on a good growth track, with total assets at $212 million, which is an increase of 20% over the same period last year. Gross loans are now at $167 million, which represents an increase of approximately $31 million in new loans to borrowers in our community. Total deposits are at $167 million, an increase of 26% over the same time period.
After five years of operations, asset quality remains exceptionally strong. Total non-performing loans as of September 30, 2009 were 0.11% of gross loans, and consist of one loan. Loans past due between 30 - 89 days were 0.79% of gross loans.
MainStreet has received regulatory approval to expand into the McLean and Arlington markets. Plans are to open the McLean branch in the fourth quarter of 2009 and the Arlington branch in the first quarter of 2010.
The Bank is headquartered at 727 Elden Street in Herndon, Virginia and has a full service branch at 4029 Chain Bridge Road in Fairfax, Virginia. MainStreet Bank is 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 FDIC insurance on deposits up to $50 million. Further information on the Bank can be obtained by visiting its website at www.mstreetbank.com.
MainStreet Bank also offers business customers the ability to Put Our Bank in Your Office®. Business customers can accomplish everything in their office that they would normally do in a branch, including: managing accounts, paying bills, transferring funds, initiating ACH and wire transfers, sweeping funds, making loan payments, advancing from lines of credit, and depositing cash. The technology interfaces with Intuit® and Microsoft® accounting software for greater efficiency in accounting and finance operations. For accounts payable, customers can also build in reminders, customize loan payments, and set up regular funds transfers.
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 quarterly and annual reports filed with the Board of Governors of the Federal Reserve System. 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
(703) 481-4567
MAINSTREET BANK
FINANCIAL HIGHLIGHTS (Unaudited)
Quarter Ended Year to-Date
(000's except share data) (000's except share data)
% %
Operations 9/30/09 9/30/08 Change 9/30/09 9/30/08 Change
---------- ------- ------- ------ ------- ------- ------
Interest
income $2,783 $2,623 6.1 $7,913 $7,634 3.7
Interest
expense 1,186 1,180 0.5 3,534 3,543 (0.3)
----- ----- --- ----- ----- ----
Net interest
income 1,597 1,443 10.7 4,379 4,091 7.0
Provision for
loan losses 75 105 (28.6) 333 276 20.7
-- --- ----- --- --- ----
Net interest
income after
provision for
loan losses 1,522 1,338 13.8 4,046 3,815 6.1
Other income 87 116 (25.0) 589 249 136.5
Operating
expenses 1,490 1,367 9.0 4,378 4,060 7.8
----- ----- --- ----- ----- ---
Income (loss)
before income
taxes 119 87 36.8 257 4 nm
Income taxes - - - - - -
Net income
(loss) $119 $87 36.8 $257 $4 nm
==== === ==== ==== == ==
Per Share
Data
---------
Earnings
(loss)
per share
(basic and
diluted) $0.05 $0.03 66.7 $0.10 $0.00 nm
Book value
per share,
exclusive
of nonvested
shares $8.90 $8.72 2.1 $8.90 $8.72 2.1
Closing
stock
price $6.00 $6.00 0.0 $6.00 $6.00 0.0
Weighted
average
shares
(basic
and
diluted) 2,567,319 2,429,648 2,564,604 2,425,598
Selected
Balance
Sheet
Data
--------
Investments $31,442 $24,837 26.6
Gross Loans $166,803 $136,154 22.5
Total
Assets $212,297 $177,343 19.7
Deposits $167,436 $132,994 25.9
Federal
Funds and
Repurchase
Agreements $1,916 $2,031 (5.7)
Borrowings $20,554 $20,604 (0.2)
Stockholders'
Equity $21,746 $21,158 2.8
Ratios
------
Return (loss)
on average
assets 0.06% 0.05% 0.13% 0.00%
Return (loss)
on average
equity 0.54% 0.41% 1.19% 0.02%
Gross loans
to deposits 99.62% 102.38%
Net interest
margin 3.25% 3.33% 3.15% 3.36%
Efficiency
ratio 88.50% 87.67% 88.12% 93.56%
Allowance
for loan
losses to
total loans 1.17% 1.11%
Past due
loans 30-89
days to
total gross
loans 0.79% 0.12%
Past due
loans 90
days or more
to total
gross loans 0.00% 0.00%
Non-accrual
loans to
total gross
loans 0.11% 0.13%
Regulatory
Capital
Ratios
----------
Tier 1
risk-based
capital
ratio 13.07% 15.02%
Total
risk-based
capital
ratio 14.18% 16.03%
Leverage
ratio 11.01% 12.94%
Balance
Sheet
(averages)
-----------
Investments $31,464 $28,003 12.4 $31,858 $25,340 25.7
Gross Loans $160,892 $134,167 19.9 $151,955 $125,390 21.2
Total
Assets $208,256 $174,400 19.4 $203,142 $164,817 23.3
Deposits $163,329 $129,834 25.8 $158,666 $123,808 28.2
Borrowings $20,562 $20,612 (0.2) $20,574 $16,737 22.9
Stockholders'
Equity $21,795 $21,333 2.2 $21,684 $21,292 1.8
Nm = not material
SOURCE MainStreet Bank
RELATED LINKS
http://www.mstreetbank.com
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