Press Release

MainStreet Bancshares, Inc. Reports Robust Loan and Net Income Growth

Company Release - 4/19/2022

FAIRFAX, Va., April 19, 2022 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company for MainStreet Bank, reported robust net income for the first quarter of 2022, said it is positioned favorably for rising interest rates, and previewed business developments at its Avenu™ Banking-as-a-Service (BaaS) subsidiary.

Net income totaled $5.4 million for three months ended March 31, 2022. Net interest income totaled $15.2 million in the first quarter and is 13% higher than the year-earlier period. Reduced funding costs and an increase in short-term rates propelled the net interest margin higher by 50 basis points to 3.91% as of March 31, versus 3.41% a year earlier.  The Company's efficiency ratio remains solid at 55%. Total assets reached $1.75 billion in the first quarter, a 6.3% increase from a year earlier.

Quarterly results represent:

  • 11.59% return on average equity
  • 1.32% return on average assets
  • $0.64 earnings per share of common stock (basic and diluted)
  • $21.12 per common share book value

"MainStreet Bancshares Inc. began 2022 on a strong note, with solid growth in income and increased earnings per share," said Jeff W. Dick, Chairman and CEO of both the Bank and the Company. "More than 70% of our loans are designed to reprice as the Federal Reserve implements plans to push interest rates higher over the coming year. These upward adjustments should continue to reflect positively on the bottom line."

The loan portfolio grew 5.3% in first quarter of 2022, and commercial loan originations totaling $111 million were added to the balance sheet. Asset quality remains pristine, as the Company had zero non-performing assets as of quarter ended March 31, 2022.  Non-interest-bearing deposits represent 36% of the $1.4 billion in total deposits, and 73% of total deposits are core deposits.

"MainStreet Bank has built strong relationships across a diverse business community and maintained a consistent focus on efficiency, yielding steady deposit and loan growth," said Abdul Hersiburane, President of MainStreet Bank. "We serve a vibrant business community across the Metropolitan Washington region, consisting of organizations that demand the nimble, technology-forward response that MainStreet Bank excels at delivering."

Avenu

Avenu™, a division of MainStreet Bank, which provides Banking-as-a-Service (BaaS), continued to generate significant customer interest as additional fintechs lined up to get in the queue for our proprietary software solution. We are currently onboarding our initial beta customer with an anticipated go-live date in the fourth quarter of 2022.

"Our focus is to help fintechs manage risk and meet compliance obligations as they accept and facilitate payments, and there is no cutting corners on this important work," said Todd Youngren, President of Avenu™. "Over time, as we move through the beta stage, we anticipate that onboarding will be streamlined into a 60-day process."

Youngren noted that at the end of the first quarter, Avenu™ had 10 fintechs queued up at various stages of progress, including four that have indicated they intend to move forward as soon as the beta process is complete. These prospects include entities that serve the domestic needs of foreign nationals and entities that serve the education and nonprofit industries.

In addition to serving fintechs, Avenu™ has a robust array of existing customers that include payment processors and money service businesses. These relationships have been integral in identifying the needs and services that fintechs need banks to provide in order to have successful partnerships. These relationships provide additional non-interest income and a strong source of low-cost deposits that can be integrated into the Bank's traditional source of income generation, net interest margin. As a benchmark, Youngren noted, Avenu™ is favorably impacting profitability, with its customers providing $61 million in non-interest bearing deposits and $253,000 in non-interest income in the first quarter.

Refer to our press release on October 25, 2021, for additional information on Avenu™'s proprietary solution. If you are a fintech looking to add payments and deposits to your solution, go to Avenu.bank and join the queue today. 

ABOUT MAINSTREET BANK:  MainStreet operates six branches in Herndon, Fairfax, McLean, Leesburg, Clarendon, and Washington D.C.  MainStreet Bank 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 "put our bank" in thousands of businesses in the metropolitan area.

MainStreet Bank 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 sophisticated cash management to enhanced mobile banking and instant-issue Debit Cards, MainStreet Bank is always looking for ways to improve our customer's experience.  

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.

This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties.  The statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursuant," "target," "continue," and similar expressions are intended to identify such forward-looking statements. 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, future impacts of the novel coronavirus (COVID-19) outbreak, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel.  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, Chairman & CEO
(703) 481-4567

 

UNAUDITED CONSOLIDATED BALANCE SHEET INFORMATION

(In thousands, except share data)




March 31,
2022



December 31,
2021



September 30,
2021



June 30,

2021



March 31,

2021


ASSETS





















Cash and cash equivalents





















     Cash and due from banks


$

63,986



$

61,827



$

67,992



$

120,121



$

118,399


     Federal funds sold



37,756




31,372




65,725




56,164




51,598


          Total cash and cash equivalents



101,742




93,199




133,717




176,285




169,997


Investment securities available for sale, at fair value



123,802




99,913




171,603




165,791




180,028


Investment securities held to maturity, at carrying value



18,769




20,349




21,148




21,181




21,449


Restricted equity securities, at cost



17,209




15,609




9,972




9,994




9,642


Loans, net of allowance for loan losses of $12,500, $11,697, $11,428,

$11,133, and $13,215, respectively



1,413,238




1,341,760




1,246,331




1,256,436




1,299,169


Premises and equipment, net



14,833




14,863




14,795




13,929




13,975


Other real estate owned, net






775




1,158




1,158




1,180


Accrued interest and other receivables



6,980




7,701




4,718




8,752




9,349


Computer software, net of amortization



3,906




2,493




1,165








Bank owned life insurance



36,492




36,241




35,987




35,736




25,518


Other assets



24,777




14,499




16,605




18,433




12,722


     Total Assets


$

1,761,748



$

1,647,402



$

1,657,199



$

1,707,695



$

1,743,029


LIABILITIES AND STOCKHOLDERS' EQUITY





















Liabilities:





















Non-interest bearing deposits


$

514,160



$

530,678



$

475,157



$

486,001



$

492,463


Interest bearing DDA deposits



76,286




69,232




63,622




68,028




69,180


Savings and NOW deposits



81,817




85,175




79,556




72,353




72,259


Money market deposits



301,842




267,730




310,776




310,303




342,468


Time deposits



460,839




459,148




485,255




528,247




561,772


     Total deposits



1,434,944




1,411,963




1,414,366




1,464,932




1,538,142


Federal Home Loan Bank advances and other borrowings



40,000














Subordinated debt



71,955




29,294




40,635




40,576




14,841


Other liabilities



26,053




17,357




18,169




22,559




17,868


     Total Liabilities



1,572,952




1,458,614




1,473,170




1,528,067




1,570,851


Stockholders' Equity:





















Preferred stock



27,263




27,263




27,263




27,263




27,263


Common stock



29,642




29,466




29,462




29,446




29,437


Capital surplus



66,798




67,668




67,152




66,667




66,233


Retained earnings



68,691




64,194




59,920




55,676




49,090


Accumulated other comprehensive income (loss)



(3,598)




197




232




576




155


     Total Stockholders' Equity



188,796




188,788




184,029




179,628




172,178


     Total Liabilities and Stockholders' Equity


$

1,761,748



$

1,647,402



$

1,657,199



$

1,707,695



$

1,743,029


 

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME INFORMATION

(In thousands, except share and per share data)




Year-to-Date



Three Months Ended




March 31, 2022



March 31, 2021



March 31, 2022



December 31, 2021



September 30, 2021



June 30, 2021



March 31, 2021


INTEREST INCOME:





























Interest and fees on loans


$

16,685



$

15,792



$

16,685



$

15,532



$

15,162



$

15,257



$

15,792


Interest on investment securities





























     Taxable securities



357




260




357




327




318




332




260


     Tax-exempt securities



272




270




272




283




267




265




270


Interest on federal funds sold



34




15




34




61




38




20




15


          Total interest income



17,348




16,337




17,348




16,203




15,785




15,874




16,337


INTEREST EXPENSE:





























Interest on interest bearing DDA deposits



65




55




65




59




60




55




55


Interest on savings and NOW deposits



37




42




37




38




38




47




42


Interest on money market deposits



119




277




119




127




148




220




277


Interest on time deposits



1,431




2,250




1,431




1,574




1,795




1,994




2,250


Interest on Federal Home Loan Bank advances and other borrowings



31







31














Interest on subordinated debt



468




238




468




539




541




567




238


          Total interest expense



2,151




2,862




2,151




2,337




2,582




2,883




2,862


Net interest income



15,197




13,475




15,197




13,866




13,203




12,991




13,475


Provision for (recovery of) loan losses



800




320




800




295




290




(2,080)




320


          Net interest income after provision for (recovery of) loan losses



14,397




13,155




14,397




13,571




12,913




15,071




13,155


NON-INTEREST INCOME:





























Deposit account service charges



611




539




611




624




642




621




539


Bank owned life insurance income



251




177




251




253




252




218




177


Loan swap fee income












83











Net gain on held-to-maturity securities






3







3










3


Net gain (loss) on sale of loans



43




344




43




413




(40)




130




344


Other fee income



257




383




257




247




632




586




383


          Total other income



1,162




1,446




1,162




1,623




1,486




1,555




1,446


NON-INTEREST EXPENSES:





























Salaries and employee benefits



5,548




4,767




5,548




5,029




4,847




4,663




4,767


Furniture and equipment expenses



657




526




657




726




716




500




526


Advertising and marketing



406




275




406




450




438




402




275


Occupancy expenses



341




306




341




449




399




387




306


Outside services



368




336




368




485




292




280




336


Administrative expenses



210




150




210




192




202




141




150


Other operating expenses



1,433




1,449




1,433




1,389




1,567




1,500




1,449


          Total other expenses



8,963




7,809




8,963




8,720




8,461




7,873




7,809


Income before income tax expense



6,596




6,792




6,596




6,474




5,938




8,753




6,792


Income tax expense



1,173




1,342




1,173




1,660




1,155




1,627




1,342


Net Income



5,423




5,450




5,423




4,814




4,783




7,126




5,450


Preferred stock dividends



539




539




539




539




539




539




539


Net income available to common shareholders


$

4,884



$

4,911



$

4,884



$

4,275



$

4,244



$

6,587



$

4,911


Net income per common share, basic and diluted


$

0.64



$

0.65



$

0.64



$

0.56



$

0.56



$

0.87



$

0.65


Weighted average number of common shares, basic and diluted



7,647,519




7,523,547




7,647,519




7,595,062




7,571,214




7,546,452




7,523,547


   

UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL

(In thousands)




March 31, 2022



December 31, 2021



March 31, 2021



Percentage Change




$ Amount



% of

Total



$ Amount



% of

Total



$ Amount



% of

Total



Last

3 Mos



Last

12 Mos


LOANS:

































Construction and land development loans


$

344,605




24.1

%


$

337,173




24.8

%


$

327,393




24.8

%



2.2

%



5.3

%

Residential real estate loans



367,138




25.7

%



300,389




22.1

%



181,649




13.8

%



22.2

%



102.1

%

Commercial real estate loans



588,004




41.1

%



534,188




39.3

%



499,134




37.8

%



10.1

%



17.8

%

Commercial industrial loans - Other



92,408




6.5

%



105,675




7.8

%



92,680




7.0

%



-12.6

%



-0.3

%

Commercial industrial loans - PPP Loans



18,776




1.3

%



58,339




4.3

%



179,835




13.6

%



-67.8

%



-89.6

%

Consumer loans



19,711




1.3

%



23,171




1.7

%



39,563




3.0

%



-14.9

%



-50.2

%

          Total Gross Loans


$

1,430,642




100.0

%


$

1,358,935




100.0

%


$

1,320,254




100.0

%



5.3

%



8.4

%

Less: Allowance for loan losses



(12,500)








(11,697)








(13,215)














               Net deferred loan fees



(4,904)








(5,478)








(7,870)














     Net Loans


$

1,413,238







$

1,341,760







$

1,299,169














DEPOSITS:

































Non-interest bearing demand deposits


$

514,160




35.8

%


$

530,678




37.6

%


$

492,463




32.0

%



-3.1

%



4.4

%

Interest-bearing demand deposits:

































     Demand deposits



76,286




5.3

%



69,232




4.9

%



69,180




4.5

%



10.2

%



10.3

%

     Savings and NOW deposits



81,817




5.7

%



85,175




6.0

%



72,259




4.7

%



-3.9

%



13.2

%

     Money market accounts



301,842




21.0

%



267,730




19.0

%



342,468




22.3

%



12.7

%



-11.9

%

     Certificates of deposit $250,000 or more



292,978




20.4

%



285,395




20.2

%



287,154




18.7

%



2.7

%



2.0

%

     Certificates of deposit less than $250,000



167,861




11.8

%



173,753




12.3

%



274,618




17.8

%



-3.4

%



-38.9

%

          Total Deposits


$

1,434,944




100.0

%


$

1,411,963




100.0

%


$

1,538,142




100.0

%



1.6

%



-6.7

%

BORROWINGS:

































Federal Home Loan Bank advances



40,000




35.7

%






0.0

%






0.0

%



0.0

%



#DIV/0

!

Subordinated debt



71,955




64.3

%



29,294




100.0

%



14,841




100.0

%



145.6

%



384.8

%

          Total Borrowings


$

111,955




100.0

%


$

29,294




100.0

%


$

14,841




100.0

%



282.2

%



654.4

%

Total Deposits and Borrowings


$

1,546,899







$

1,441,257







$

1,552,983








7.3

%



-0.4

%


































Core customer funding sources (1)


$

1,135,503




73.4

%


$

1,108,177




76.9

%


$

1,159,207




74.6

%



2.5

%



-2.0

%

Brokered and listing service sources (2)



299,441




19.4

%



303,786




21.1

%



378,935




24.4

%



-1.4

%



-21.0

%

Federal Home Loan Bank advances



40,000




2.6

%















100.0

%



100.0

%

Subordinated debt (3)



71,955




4.6

%



29,294




2.0

%



14,841




1.0

%



145.6

%



384.8

%

          Total Funding Sources


$

1,546,899




100.0

%


$

1,441,257




100.0

%


$

1,552,983




100.0

%



7.3

%



-0.4

%



(1)

Includes ICS, CDARS, and reciprocal deposits maintained by customers, which represent sweep accounts tied to customer operating accounts

(2)

Consists of certificates of deposit (CD) through multiple listing services and multiple brokered deposit services, as well as ICS and CDARS one-way certificates of deposit and regional money market accounts

(3)

Subordinated debt obligation qualifies as Tier 2 capital at the holding company and Tier 1 capital at the Bank

 

UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES

(In thousands)




For the three months ended March 31, 2022



For the three months ended March 31, 2021
































Average

Balance



Interest

Income/

Expense



Average

Yields/ Rate

(annualized)



Average

Balance



Interest

Income/

Expense



Average

Yields/ Rate

(annualized)






























ASSETS:





















































Interest earning assets:





















































     Loans (1)(2)(3)


$

1,377,723



$

16,685




4.91

%


$

1,319,542



$

15,792




4.85

%





























     Investment securities



112,958




629




2.26

%



89,868




530




2.39

%





























     Federal funds and interest-bearing deposits



83,754




34




0.16

%



193,755




15




0.03

%





























          Total interest earning assets


$

1,574,435



$

17,348




4.47

%


$

1,603,165



$

16,337




4.13

%





























Other assets



88,386












70,727






































Total assets


$

1,662,821











$

1,673,892






































Liabilities and Stockholders' Equity:





















































     Interest-bearing liabilities:





















































     Interest-bearing demand deposits


$

70,403



$

65




0.37

%


$

68,593



$

55




0.33

%





























     Savings and NOW deposits



82,758




37




0.18

%



69,993




42




0.24

%





























     Money market deposit accounts



267,905




119




0.18

%



412,554




277




0.27

%





























     Time deposits



456,782




1,431




1.27

%



479,136




2,250




1.90

%





























Total interest-bearing deposits


$

877,848



$

1,652




0.76

%


$

1,030,276



$

2,624




1.03

%





























     Federal funds purchased



1













































     Subordinated debt



43,995




468




4.31

%



14,838




238




6.51

%





























     FHLB borrowings



37,167




31




0.34

%






































Total interest-bearing liabilities


$

959,011



$

2,151




0.91

%


$

1,045,114



$

2,862




1.11

%





























Demand deposits and other liabilities



514,101












458,051






































Total liabilities


$

1,473,112











$

1,503,165






































Stockholders' Equity



189,709












170,727






































Total Liabilities and Stockholders' Equity


$

1,662,821











$

1,673,892






































Interest Rate Spread











3.56

%











3.02

%





























Net Interest Income






$

15,197











$

13,475


































Net Interest Margin











3.91

%











3.41

%





























Net Interest Margin, excluding PPP loans(4)











3.65

%











3.20

%































(1)

Includes loans classified as non-accrual

(2)

Includes average PPP balances of $39.1 million, related interest income of approximately $98,000, and $1.3 million in PPP fees recognized for the three months ended March 31, 2022. Includes average PPP balances of $154.2 million, related interest income of approximately $386,000, and $1.6 million in PPP fees recognized for the three months ended March 31, 2021

(3)

Total loan interest income includes amortization of deferred loan fees, net of deferred loan costs

(4)

Refer to Appendix for reconciliation of non-GAAP measures

 

UNAUDITED SUMMARY FINANCIAL DATA

(Dollars in thousands except per share data)




At or For the Three Months Ended




March 31,




2022



2021


     Per share Data and Shares Outstanding









Earnings per common share (basic and diluted)


$

0.64



$

0.65


Book value per common share


$

21.12



$

19.26


Tangible book value per common share(2)


$

20.61



$

19.26


Weighted average common shares (basic and diluted)



7,647,519




7,523,547


Common shares outstanding at end of period



7,648,973




7,544,365


     Performance Ratios









Return on average assets (annualized)



1.32

%



1.32

%

Return on average assets, excluding impact of PPP loans (annualized)(2)



1.01

%



0.91

%

Return on average equity (annualized)



11.59

%



12.95

%

Return on average common equity (annualized)



12.19

%



13.88

%

Yield on earning assets (annualized)



4.47

%



4.13

%

Cost of interest bearing liabilities (annualized)



0.91

%



1.11

%

Net interest spread



3.56

%



3.02

%

Net interest margin (annualized)



3.91

%



3.41

%

Net interest margin, excluding PPP loans (annualized)(2)



3.65

%



3.20

%

Noninterest income as a percentage of average assets (annualized)



0.28

%



0.35

%

Noninterest expense to average assets (annualized)



2.19

%



1.89

%

Efficiency ratio(3)



54.79

%



52.34

%

     Asset Quality









Commercial real estate loans to total capital (4)



370.64

%



374.54

%

Construction loans to total capital (5)



136.19

%



167.92

%

Loans 30-89 days past due to total gross loans



0.00

%



0.07

%

Loans 90 days past due to total gross loans



0.00

%



0.00

%

Non-accrual loans to total gross loans



0.00

%



0.01

%

Other real estate owned


$



$

1,180


Non-performing assets


$



$

1,329


Non-performing assets to total assets



0.00

%



0.08

%

Non-performing assets to total assets, excluding PPP loans(2)



0.00

%



0.09

%

Allowance for loan losses to total gross loans



0.87

%



1.00

%

Allowance for loan losses to total loans, excluding PPP loans(2)



0.89

%



1.16

%

Allowance for loan losses to non-performing assets



0.00

%



9.94


Net loan recoveries


$

(3)



$

(18)


Net charge-offs (recoveries) to average gross loans (annualized)



0.00

%



(0.01)

%

Net charge-offs (recoveries) to average gross loans, excluding PPP loans (annualized)(2)



0.00

%



(0.01)

%

     Regulatory Capital Ratios (Bank only) (1)









Total risk-based capital ratio



16.44

%



15.43

%

Tier 1 risk-based capital ratio



15.63

%



14.38

%

Leverage ratio



14.47

%



10.83

%

Common equity tier 1 ratio



15.63

%



14.38

%

     Other information









Closing stock price


$

24.31



$

20.76


Equity / assets



10.72

%



9.88

%

Equity / assets, excluding PPP loans(2)



10.83

%



11.01

%

Average equity / average assets



11.41

%



10.20

%

Average equity / average assets, less average PPP loans(2)



11.68

%



11.23

%

Number of full time equivalent employees



141




125


# Full service branch offices



6




7




(1)

Regulatory capital ratios as of March 31, 2022 are preliminary

(2)

Refer to Appendix for reconciliation of non-GAAP measures

(3)

Efficiency ratio is calculated as non-interest expense as a percentage of net interest income and non-interest income

(4)

Commercial real estate includes only non-owner occupied and construction loans as a percentage of Bank capital

(5)

Construction loans as a percentage of Bank capital

 

Reconciliation of Certain Non-GAAP Financial Measures

(Dollars In thousands)




For the three months ended March 31,













2022




2021










Paycheck Protection Program adjustment impact

















Loans held for investment (GAAP)


$

1,430,642



$

1,320,254










     Less: PPP loans



18,776




179,835










Loans held for investment, excluding PPP (non-GAAP)


$

1,411,866



$

1,140,419



























Average loans held for investment (GAAP)


$

1,377,723



$

1,319,542










     Less: Average PPP loans



39,096




154,233










Average loans held for investment, excluding PPP (non-GAAP)


$

1,338,627



$

1,165,309




































For the three months ended March 31,













2022




2021










Net interest margin adjustment

















Net interest income (GAAP)


$

15,197



$

13,475










     Less: PPP fees recognized



1,264




1,642










     Less: PPP interest income earned



98




386










Net interest income, excluding PPP income (non-GAAP)



13,835




11,447



























Average interest earning assets (GAAP)



1,574,435




1,603,165










     Less: average PPP loans



39,096




154,233










Average interest earning assets, excluding PPP (non-GAAP)



1,535,339




1,448,932



























Net interest margin (GAAP)



3.91

%



3.41

%









Net interest margin, excluding PPP (non-GAAP)



3.65

%



3.20

%








































For the three months ended March 31,













2022




2021










Total asset adjustment

















Total assets (GAAP)


$

1,761,748



$

1,743,029










     Less: PPP loans



18,776




179,835










Total assets, excluding PPP loans (non-GAAP)



1,742,972




1,563,194



























Total equity (GAAP)



188,796




172,178










Equity / assets, excluding PPP loans (non-GAAP)



10.83

%



11.01

%


























Average asset adjustment

















Average assets (GAAP)



1,662,821




1,673,892










     Less: average PPP loans



39,096




154,233










Total average assets, excluding average PPP loans



1,623,725




1,519,659



























Total average equity (GAAP)



189,709




170,727










Average equity / average assets, excluding average PPP loans (non-GAAP)



11.68

%



11.23

%













































For the three months ended March 31,













2022




2021










Return on Average Assets, adjusted

















Net income (GAAP)


$

5,423



$

5,450










     Less: PPP fees recognized



1,264




1,642










     Less: PPP interest income earned



98




386










Net income, excluding PPP income (non-GAAP)



4,061




3,422



























Average total assets



1,662,821




1,673,892










     Less: average PPP loans



39,096




154,233










Average total assets, excluding PPP (non-GAAP)



1,623,725




1,519,659










Return on average assets, excluding PPP (non-GAAP)



1.01

%



0.91

%













































For the three months ended March 31,













2022




2021










Nonperforming Assets to total assets, adjusted

















Total nonperforming assets (GAAP)


$



$

1,329



























Total assets (GAAP)



1,761,748




1,743,029










     Less: PPP loans



18,776




179,835










Total assets, excluding PPP loans (non-GAAP)



1,742,972




1,563,194










Nonperforming assets to total assets, excluding PPP loans (non-GAAP)



0.00

%



0.09

%













































For the three months ended March 31,













2022




2021










Allowance for loan losses, adjusted

















Allowance for loan losses (GAAP)


$

12,500



$

13,215



























Total gross loans (GAAP)



1,430,642




1,320,254










     Less: PPP loans



18,776




179,835










Total gross loans, excluding PPP loans (non-GAAP)



1,411,866




1,140,419










Allowance for loan losses to total loans, excluding PPP (non-GAAP)



0.89

%



1.16

%













































For the three months ended March 31,













2022




2021










Net charge-offs to average loans, adjusted

















Total net recoveries (GAAP)


$

(3)




(18)



























Total average gross loans (GAAP)



1,377,723




1,319,542










     Less: average PPP loans



39,096




154,233










Total average gross loans, excluding PPP loans (non-GAAP)



1,338,627




1,165,309










Net recoveries to average gross loans, excluding PPP (annualized) (non-GAAP)



0.00

%



(0.01)

%













































For the three months ended March 31,













2022




2021










Stockholders equity, adjusted

















Total stockholders equity


$

188,796



$

172,178










     Less: preferred stock



(27,263)




(27,263)










Total common stockholders equity



161,533




144,915










     Less: intangible assets



3,906













Tangible common stockholders equity



157,627




144,915



























Shares outstanding



7,648,973




7,544,365










Tangible book value per common share


$

20.61



$

19.21










 

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SOURCE MainStreet Bancshares, Inc.