HERNDON, Va., April 27, 2012 /PRNewswire/ -- MainStreet Bank (OTC Bulletin Board: MNSB) reported first quarter net income of $132 thousand. The book value is $9.67 per share as of March 31, 2012. The closing price on that same date is $5.80, which approximates 60% of book value.
Chairman, President & CEO Jeff W. Dick said, "Earnings are down this quarter. The Board and management are working diligently to address the recent uptick in nonperforming loans, which unfortunately impacts earnings in the short-term. We continue to work with our borrowers and look forward to an improving economic environment."
The bank's balance sheet continues to be stable with total assets at $280 million. Gross loans are at $206 million, total deposits are at $252 million and the bank remains well capitalized.
MainStreet Bank recently introduced a new account called aircharity®. aircharity® is a complete fundraising solution for organized charities as well as groups and individuals who are raising money for any cause. To learn more about aircharity®, visit airbanking.com/aircharity.
MainStreet operates branches in Herndon, Fairfax City, McLean and Clarendon. In addition, MainStreet has an online banking solution called airbanking.com.
With a robust and easy-to-use online business banking technology, MainStreet has "put our bank" in well over 400 businesses in the Metropolitan area and across the United States. 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®.
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 FDIC insurance on deposits up to $50 million. 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. 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.
Jeff W. Dick
SOURCE MainStreet Bank