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 http://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
MainStreet Bank
CONTACT: Jeff W. Dick, +1-703-481-4567
Web Site: http://www.mstreetbank.com/
