MainStreet Bancshares, Inc.: MainStreet Bancshares Inc. Reports Strong Second Quarter Earnings

Net Income Climbs on Net Interest Margin Expansion and Strategic Balance Sheet Management

FARIFAX, Va., July 22, 2025 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the financial holding company for MainStreet Bank, reported a surging net income of $4.6 million and net interest margin of 3.75% for the quarter ended June 30, 2025, an increase of $2.1 million and 45 basis points from the previous quarter respectively. Net interest income expanded $2.8 million to $19.3 million and earnings per common share grew to $0.53 during the same period, outperforming market expectations. The Company continues to report strong asset quality and strong capital.

"The team's hard work, dedication and focus on our financial performance was proven with this quarter's results," said Jeff W. Dick, Chairman and CEO of MainStreet Bancshares, Inc. and MainStreet Bank. "We are resolute in building our core banking franchise."

"Our commitment to work with our customers is yielding the results we expected," said Tom Floyd, Chief Lending Officer of MainStreet Bank. "The loan portfolio is in great shape, largely due to our unwavering credit discipline and knowledge of the key players in the community."

"The loan to deposit ratio remained well utilized at 99%," said Alex Vari, Chief Financial Officer of MainStreet Bank. "We are focused on strategically managing our deposits, keeping them in lockstep with our loan funding needs. This directly contributed to the growth of our net interest margin."

The Company maintains an active share repurchase plan in place with approximately $3.1 million in available capacity and continues to evaluate share repurchases as part of the Company's strategic capital plan.

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, D.C., 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 pandemic outbreaks, 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.

UNAUDITED CONSOLIDATED BALANCE SHEET INFORMATION (In thousands)
		June 30, 2025				March 31, 2025				December 31, 2024*				September 30, 2024				June 30, 2024
ASSETS
Cash and cash equivalents
Cash and due from banks		$	20,888			$	18,385			$	21,351			$	15,319			$	17,112
Interest-bearing deposits at other financial institutions			85,796				159,582				161,866				191,637				50,495
Federal funds sold			26,600				24,673				24,491				25,158				23,852
Total cash and cash equivalents			133,284				202,640				207,708				232,114				91,459
Investment securities available for sale, at fair value			56,138				55,935				55,747				58,489				57,605
Investment securities held to maturity, at amortized cost, net of allowance for credit losses of $0 for all periods			14,846				15,657				16,078				16,016				16,036
Restricted securities, at amortized cost			7,005				7,005				6,873				6,873				6,749
Loans, net of allowance for credit losses of $19,057, $19,460, $19,450, $18,327, and $17,098, respectively			1,767,432				1,811,789				1,810,556				1,775,558				1,778,840
Premises and equipment, net			16,569				13,020				13,287				13,571				13,787
Accrued interest and other receivables			15,023				9,607				11,311				11,077				11,916
Computer software, net of amortization			-				-				-				18,881				17,205
Bank owned life insurance			40,117				39,809				39,507				39,203				38,901
Other assets			64,367				67,383				67,031				52,817				61,248
Total Assets		$	2,114,781			$	2,222,845			$	2,228,098			$	2,224,599			$	2,093,746
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Non-interest bearing deposits		$	330,045			$	345,319			$	324,307			$	347,575			$	314,636
Interest-bearing demand deposits			124,090				106,033				139,780				197,527				179,513
Savings and NOW deposits			116,069				124,049				64,337				61,893				60,867
Money market deposits			463,904				511,925				560,082				451,936				476,396
Time deposits			764,439				820,999				819,288				834,738				723,951
Total deposits			1,798,547				1,908,325				1,907,794				1,893,669				1,755,363
Subordinated debt, net			71,238				72,138				73,039				72,940				72,841
Other liabilities			31,526				32,764				39,274				31,939				40,827
Total Liabilities			1,901,311				2,013,227				2,020,107				1,998,548				1,869,031
Stockholders' Equity:
Preferred stock			27,263				27,263				27,263				27,263				27,263
Common stock			29,825				29,810				29,466				29,463				29,452
Capital surplus			68,261				67,612				67,823				67,083				66,392
Retained earnings			95,585				92,305				91,150				108,616				109,651
Accumulated other comprehensive loss			(7,464)				(7,372)				(7,711)				(6,374)				(8,043)
Total Stockholders' Equity			213,470				209,618				207,991				226,051				224,715
Total Liabilities and Stockholders' Equity		$	2,114,781			$	2,222,845			$	2,228,098			$	2,224,599			$	2,093,746

*Derived from audited financial statements

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) INFORMATION (In thousands, except share and per share data)
		Year-to-Date								Three Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024
INTEREST INCOME:
Interest and fees on loans		$	63,554			$	62,238			$	32,443			$	31,111			$	31,323			$	31,615			$	31,655
Interest on investment securities
Taxable securities			851				865				431				420				431				397				430
Tax-exempt securities			530				538				267				263				262				294				268
Interest on interest-bearing deposits at other financial institutions			1,878				1,694				932				946				2,826				1,041				806
Interest on federal funds sold			436				570				213				223				277				244				277
Total interest income			67,249				65,905				34,286				32,963				35,119				33,591				33,436
INTEREST EXPENSE:
Interest on interest-bearing demand deposits			2,052				3,933				1,004				1,048				2,612				2,117				2,118
Interest on savings and NOW deposits			612				347				391				221				201				206				190
Interest on money market deposits			9,983				10,632				4,707				5,276				5,475				5,277				5,542
Interest on time deposits			17,626				17,819				8,595				9,031				10,003				9,543				9,010
Interest on federal funds purchased			65				298				-				65				-				277				191
Interest on Federal Home Loan Bank advances			-				46				-				-				-				-				-
Interest on subordinated debt			1,611				1,640				799				812				787				828				820
Total interest expense			31,949				34,715				15,496				16,453				19,078				18,248				17,871
Net interest income			35,300				31,190				18,790				16,510				16,041				15,343				15,565
Provision for (recovery of) credit losses			(543)				443				(543)				-				3,407				2,913				638
Net interest income after provision for (recovery of) credit losses			35,843				30,747				19,333				16,510				12,634				12,430				14,927
NON-INTEREST INCOME:
Deposit account service charges			1,068				959				538				530				481				557				490
Bank owned life insurance income			610				583				308				302				304				302				291
Gain on retirement of subordinated debt			128				-				68				60				-				-				-
Gain on valuation of equity securities			103				-				103				-				-				-				-
Net loss on securities called or matured			-				(48)				-				-				-				-				(48)
Other non-interest income			96				66				49				47				22				27				31
Total non-interest income			2,005				1,560				1,066				939				807				886				764
NON-INTEREST EXPENSES:
Salaries and employee benefits			16,664				14,972				8,279				8,385				8,253				7,250				7,484
Furniture and equipment expenses			2,157				1,875				1,141				1,016				830				931				940
Advertising and marketing			1,011				1,020				530				481				600				579				566
Occupancy expenses			714				849				318				396				358				407				415
Outside services			2,463				1,614				1,290				1,173				1,168				845				839
Administrative expenses			499				471				270				229				243				215				229
Computer software intangible impairment			-				-				-				-				19,721				-				-
Other operating expenses			5,551				4,515				2,917				2,634				3,258				2,992				2,362
Total non-interest expenses			29,059				25,316				14,745				14,314				34,431				13,219				12,835
Income (loss) before income tax expense (benefit)			8,789				6,991				5,654				3,135				(20,990)				97				2,856
Income tax expense (benefit)			1,746				1,068				1,064				682				(4,823)				(168)				238
Net income (loss)			7,043				5,923				4,590				2,453				(16,167)				265				2,618
Preferred stock dividends			1,078				1,078				539				539				539				539				539
Net income (loss) available to common shareholders		$	5,965			$	4,845			$	4,051			$	1,914			$	(16,706)			$	(274)			$	2,079
Earnings (loss) per common share, basic and diluted		$	0.78			$	0.64			$	0.53			$	0.25			$	(2.20)			$	(0.04)			$	0.27
Weighted average number of common shares, basic and diluted			7,670,623				7,610,188				7,704,677				7,636,191				7,603,318				7,601,925				7,608,389

UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL (In thousands)
		June 30, 2025								March 31, 2025								June 30, 2024								Percentage Change
		$ Amount				% of Total				$ Amount				% of Total				$ Amount				% of Total				Last 3 Mos				Last 12 Mos
LOANS:
Construction and land development loans		$	328,351				18.3	%		$	344,742				18.8	%		$	410,698				22.8	%			-4.8	%			-20.1	%
Residential real estate loans			452,458				25.3	%			450,728				24.6	%			449,700				25.0	%			0.4	%			0.6	%
Commercial real estate loans			911,390				50.9	%			933,947				50.9	%			845,030				46.9	%			-2.4	%			7.9	%
Commercial and industrial loans			97,699				5.5	%			105,180				5.6	%			93,559				5.2	%			-7.1	%			4.4	%
Consumer loans			1,075				0.1	%			1,331				0.1	%			2,232				0.1	%			-19.2	%			-51.8	%
Total Gross Loans		$	1,790,973				100.0	%		$	1,835,928				100.0	%		$	1,801,219				100.0	%			-2.4	%			-0.6	%
Less: Allowance for credit losses			(19,057)								(19,460)								(17,098)
Net deferred loan fees			(4,484)								(4,679)								(5,281)
Net Loans		$	1,767,432							$	1,811,789							$	1,778,840
DEPOSITS:
Non-interest bearing deposits		$	330,045				18.4	%		$	345,319				18.1	%		$	314,636				17.9	%			-4.4	%			4.9	%
Interest-bearing deposits:
Demand deposits			124,090				6.9	%			106,033				5.6	%			179,513				10.2	%			17.0	%			-30.9	%
Savings and NOW deposits			116,069				6.5	%			124,049				6.5	%			60,867				3.5	%			-6.4	%			90.7	%
Money market deposits			463,904				25.8	%			511,925				26.8	%			476,396				27.1	%			-9.4	%			-2.6	%
Certificates of deposit $250,000 or more			490,692				27.2	%			541,772				28.4	%			473,827				27.0	%			-9.4	%			3.6	%
Certificates of deposit less than $250,000			273,747				15.2	%			279,227				14.6	%			250,124				14.3	%			-2.0	%			9.4	%
Total Deposits		$	1,798,547				100.0	%		$	1,908,325				100.0	%		$	1,755,363				100.1	%			-5.8	%			2.5	%
BORROWINGS:
Subordinated debt, net			71,238				100.0	%			72,138				100.0	%			72,841				100.0	%			-1.2	%			-2.2	%
Total Borrowings		$	71,238				100.0	%		$	72,138				100.0	%		$	72,841								-1.2	%			-2.2	%
Total Deposits and Borrowings		$	1,869,785							$	1,980,463							$	1,828,204								-5.6	%			2.3	%
Core customer funding sources (1)		$	1,329,804				71.1	%		$	1,330,390				67.2	%		$	1,376,991				75.3	%			0.0	%			-3.4	%
Brokered and listing service sources (2)			468,743				25.1	%			577,935				29.2	%			378,372				20.7	%			-18.9	%			23.9	%
Subordinated debt, net (3)			71,238				3.8	%			72,138				3.6	%			72,841				4.0	%			-1.2	%			-2.2	%
Total Funding Sources		$	1,869,785				100.0	%		$	1,980,463				100.0	%		$	1,828,204				100.0	%			-5.6	%			2.3	%

(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.
	Excludes $151.3 million in core deposits placed in reciprocal networks for FDIC insurance coverage that will be classified as brokered deposits on the call report in pursuant to rule 12 CFR 337.6(e) as of June 30, 2025.
(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 June 30, 2025												For the three months ended June 30, 2024
		Average Balance				Interest Income/ Expense (3)(4)				Average Yields/ Rate (annualized) (3)(4)				Average Balance				Interest Income/ Expense (3)(4)				Average Yields/ Rate (annualized) (3)(4)
ASSETS:
Interest-earning assets:
Loans (1)(2)		$	1,819,307			$	32,443				7.15	%		$	1,782,124			$	31,655				7.12	%
Securities:
Taxable			52,911				431				3.27	%			55,323				430				3.12	%
Tax-exempt			35,434				338				3.83	%			36,717				339				3.71	%
Interest-bearing deposits at other financial institutions			84,353				932				4.43	%			59,610				806				5.42	%
Federal funds sold			23,986				213				3.56	%			25,095				277				4.43	%
Total interest-earning assets		$	2,015,991			$	34,357				6.84	%		$	1,958,869			$	33,507				6.86	%
Other assets			116,675												131,656
Total assets		$	2,132,666											$	2,090,525
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing demand deposits		$	112,579			$	1,004				3.58	%		$	172,221			$	2,118				4.93	%
Savings and NOW deposits			119,163				391				1.32	%			47,767				190				1.60	%
Money market deposits			479,267				4,707				3.94	%			463,641				5,542				4.79	%
Time deposits			784,824				8,595				4.39	%			715,777				9,010				5.05	%
Total interest-bearing deposits		$	1,495,833			$	14,697				3.94	%		$	1,399,406			$	16,860				4.83	%
Federal funds purchased			1				-				-				13,298				191				5.76	%
Subordinated debt, net			71,199				799				4.50	%			72,802				820				4.52	%
Total interest-bearing liabilities		$	1,567,033			$	15,496				3.97	%		$	1,485,506			$	17,871				4.83	%
Demand deposits and other liabilities			354,552												381,825
Total liabilities		$	1,921,585											$	1,867,331
Stockholders' Equity			211,081												223,194
Total Liabilities and Stockholders' Equity		$	2,132,666											$	2,090,525
Interest Rate Spread											2.87	%											2.03	%
Net Interest Income						$	18,861											$	15,636
Net Interest Margin											3.75	%											3.20	%

(1)	Includes loans classified as non-accrual
(2)	Total loan interest income includes amortization of deferred loan fees, net of deferred loan costs
(3)	Income and yields for all periods presented are reported on a tax-equivalent basis using the federal statutory rate of 21%
(4)	Refer to "Unaudited Reconciliation of Certain Non-GAAP Financial Measures" for reconciliation of non-GAAP measures

UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES (In thousands)
		For the six months ended June 30, 2025												For the six months ended June 30, 2024
		Average Balance				Interest Income/ Expense (3)(4)				Average Yields/ Rate (annualized) (3)(4)				Average Balance				Interest Income/ Expense (3)(4)				Average Yields/ Rate (annualized) (3)(4)
ASSETS:
Interest-earning assets:
Loans (1)(2)		$	1,834,314			$	63,554			6.99		%		$	1,755,443			$	62,238			7.11		%
Securities:
Taxable			53,050				851			3.23		%			55,708				865			3.11		%
Tax-exempt			35,317				671			3.83		%			37,068				681			3.68		%
Interest-bearing deposits at other financial institutions			85,527				1,878			4.43		%			62,931				1,694			5.40		%
Federal funds sold			24,478				436			3.59		%			25,418				570			4.50		%
Total interest-earning assets		$	2,032,686			$	67,390			6.69		%		$	1,936,568			$	66,048			6.84		%
Other assets			111,326												127,430
Total assets		$	2,144,012											$	2,063,998
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing demand deposits		$	111,999			$	2,052			3.69		%		$	159,234			$	3,933			4.95		%
Savings and NOW deposits			93,649				612			1.32		%			45,993				347			1.51		%
Money market deposit			508,319				9,983			3.96		%			448,647				10,632			4.75		%
Time deposits			791,399				17,626			4.49		%			712,898				17,819			5.01		%
Total interest-bearing deposits		$	1,505,366			$	30,273			4.06		%		$	1,366,772			$	32,731			4.80		%
Federal funds purchased			2,790				65			4.70		%			10,386				298			5.75		%
FHLB advances			-				-			-					1,648				46			5.60		%
Subordinated debt, net			72,116				1,611			4.50		%			72,752				1,640			4.52		%
Total interest-bearing liabilities		$	1,580,272			$	31,949			4.08		%		$	1,451,558			$	34,715			4.80		%
Demand deposits and other liabilities			354,133												389,792
Total liabilities		$	1,934,405											$	1,841,350
Stockholders' Equity			209,607												222,648
Total Liabilities and Stockholders' Equity		$	2,144,012											$	2,063,998
Interest Rate Spread											2.61	%											2.04	%
Net Interest Income						$	35,441											$	31,333
Net Interest Margin										3.52		%										3.24		%

(1)	Includes loans classified as non-accrual
(2)	Total loan interest income includes amortization of deferred loan fees, net of deferred loan costs
(3)	Income and yields for all periods presented are reported on a tax-equivalent basis using the federal statutory rate of 21%
(4)	Refer to "Unaudited Reconciliation of Certain Non-GAAP Financial Measures" for reconciliation of non-GAAP measures

UNAUDITED SUMMARY FINANCIAL DATA (Dollars in thousands except share and per share data)
		At or For the Three Months Ended								At or For the Six Months Ended
		June 30,								June 30,
		2025				2024				2025				2024
Per share Data and Shares Outstanding
Earnings per common share (basic and diluted)		$	0.53			$	0.27			$	0.78			$	0.64
Book value per common share		$	24.17			$	25.99			$	24.17			$	25.99
Tangible book value per common share(2)		$	24.17			$	23.72			$	24.17			$	23.72
Weighted average common shares (basic and diluted)			7,704,677				7,608,389				7,670,623				7,610,188
Common shares outstanding at end of period			7,704,037				7,598,529				7,704,037				7,598,529
Performance Ratios
Return on average assets (annualized)			0.86	%			0.50	%			0.66	%			0.58	%
Return on average equity (annualized)			8.72	%			4.70	%			6.78	%			5.34	%
Return on average tangible common equity (annualized)			8.84	%			4.64	%			6.60	%			5.00	%
Yield on earning assets (FTE) (2) (annualized)			6.84	%			6.86	%			6.69	%			6.84	%
Cost of interest bearing liabilities (annualized)			3.97	%			4.83	%			4.08	%			4.80	%
Net interest spread (FTE)(2) (annualized)			2.87	%			2.03	%			2.61	%			2.04	%
Net interest margin (FTE)(2) (annualized)			3.75	%			3.20	%			3.52	%			3.24	%
Non-interest income as a percentage of average assets (annualized)			0.20	%			0.15	%			0.19	%			0.15	%
Non-interest expense to average assets (annualized)			2.77	%			2.46	%			2.73	%			2.46	%
Efficiency ratio(3)			74.26	%			78.60	%			77.90	%			77.30	%
Asset Quality
Allowance for credit losses (ACL)
Beginning balance, ACL - loans		$	19,460			$	16,531			$	19,450			$	16,506
Add: recoveries			747				6				757				8
Less: charge-offs			(622)				(370)				(622)				(511)
Add: provision for (recovery of) credit losses - loans			(528)				931				(528)				1,095
Ending balance, ACL - loans		$	19,057			$	17,098			$	19,057			$	17,098
Beginning balance, reserve for unfunded commitment (RUC)		$	287			$	650			$	287			$	1,009
Add: recovery of unfunded commitments, net			(15)				(293)				(15)				(652)
Ending balance, RUC		$	272			$	357			$	272			$	357
Total allowance for credit losses		$	19,329			$	17,455			$	19,329			$	17,455
Allowance for credit losses on loans to total gross loans			1.07	%			0.95	%			1.07	%			0.95	%
Allowance for credit losses on loans to non-performing loans			2.01X			1.78X					2.01X			1.78X
Net charge-offs (recoveries) to average gross loans (annualized)			(0.03)	%			0.08	%			(0.01)	%			0.06	%
Concentration Ratios
Commercial real estate loans to total capital (4)			365.89	%			367.24	%			365.89	%			367.24	%
Construction loans to total capital (5)			108.84	%			130.19	%			108.84	%			130.19	%
Past due and Non-performing Assets
Loans 30-89 days past due and accruing to total gross loans			2.12	%			0.81	%			2.12	%			0.81	%
Loans 90 days past due and accruing to total gross loans			0.00	%			0.00	%			0.00	%			0.00	%
Non-accrual loans to total gross loans			0.40	%			1.15	%			0.40	%			1.15	%
Other real estate owned		$	-			$	-			$	-			$	-
Non-performing loans		$	7,169			$	20,691			$	7,169			$	20,691
Non-performing assets to total assets			0.34	%			0.99	%			0.34	%			0.99	%
Regulatory Capital Ratios (Bank only) (1)
Total risk-based capital ratio			16.44	%			16.78	%			16.44	%			16.78	%
Tier 1 risk-based capital ratio			15.39	%			15.85	%			15.39	%			15.85	%
Leverage ratio			13.21	%			14.22	%			13.21	%			14.22	%
Common equity tier 1 ratio			15.39	%			15.85	%			15.39	%			15.85	%
Other information
Common shares closing stock price		$	18.90			$	17.73			$	18.90			$	17.73
Tangible equity / tangible assets (2)			10.09	%			9.99	%			10.09	%			9.99	%
Average tangible equity / average tangible assets (2)			9.90	%			9.97	%			9.78	%			10.10	%
Number of full time equivalent employees			174				195				174				195
Number of full service branch offices			6				6				6				6

(1)	Regulatory capital ratios as of June 30, 2025 are preliminary
(2)	Refer to "Unaudited Reconciliation of Certain Non-GAAP Financial Measures" 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, multifamily, and construction loans as a percentage of Bank capital
(5)	Construction loans as a percentage of Bank capital

Unaudited Reconciliation of Certain Non-GAAP Financial Measures (Dollars In thousands)
		For the three months ended June 30,								For the six months ended June 30,
		2025				2024				2025				2024
Net interest margin (FTE)
Net interest income (GAAP)		$	18,790			$	15,565			$	35,300			$	31,190
FTE adjustment on tax-exempt securities			71				71				141				143
Net interest income (FTE) (non-GAAP)			18,861				15,636				35,441				31,333
Average interest earning assets			2,015,991				1,958,869				2,032,686				1,936,568
Net interest margin (GAAP)			3.74	%			3.18	%			3.50	%			3.25	%
Net interest margin (FTE) (non-GAAP)			3.75	%			3.20	%			3.52	%			3.26	%

		For the three months ended June 30,								For the six months ended June 30,
		2025				2024				2025				2024
Yield on earning assets (FTE)
Total interest income (GAAP)		$	34,286			$	33,436			$	67,249			$	65,905
FTE adjustment on tax-exempt securities			71				71				141				143
Total interest income (FTE) (non-GAAP)			34,357				33,507				67,390				66,048
Average interest earning assets			2,015,991				1,958,869				2,032,686				1,936,568
Yield on earning assets (GAAP)			6.82	%			6.85	%			6.67	%			6.83	%
Yield on earning assets (FTE) (non-GAAP)			6.84	%			6.86	%			6.69	%			6.84	%

		For the three months ended June 30,								For the six months ended June 30,
		2025				2024				2025				2024
Net interest spread (FTE)
Yield on earning assets (GAAP)			6.82	%			6.85	%			6.67	%		6.83		%
Yield on earning assets (FTE) (non-GAAP)			6.84	%			6.86	%		6.69		%		6.84		%
Yield on interest-bearing liabilities (GAAP)			3.97	%			4.83	%		4.08		%		4.80		%
Net interest spread (GAAP)			2.85	%			2.02	%		2.59		%			2.03	%
Net interest spread (FTE) (non-GAAP)			2.87	%			2.04	%		2.61		%			2.04	%

		As of June 30,								As of June 30,
		2025				2024				2025				2024
Tangible common stockholders' equity
Total stockholders equity (GAAP)		$	213,470			$	224,715			$	213,470			$	224,715
Less: intangible assets			-				(17,205)				-				(17,205)
Tangible stockholders' equity (non-GAAP)			213,470				207,510			$	213,470				207,510
Less: preferred stock			(27,263)				(27,263)				(27,263)				(27,263)
Tangible common stockholders' equity (non-GAAP)			186,207				180,247				186,207				180,247
Common shares outstanding			7,704,037				7,598,529				7,704,037				7,598,529
Tangible book value per common share (non-GAAP)		$	24.17			$	23.72			$	24.17			$	23.72

		As of June 30,								As of June 30,
		2025				2024				2025				2024
Stockholders equity, adjusted
Total stockholders equity (GAAP)		$	213,470			$	224,715			$	213,470			$	224,715
Less: intangible assets			-				(17,205)				-				(17,205)
Total tangible stockholders equity (non-GAAP)			213,470				207,510				213,470				207,510

		As of June 30,								As of June 30,
		2025				2024				2025				2024
Total tangible assets
Total assets (GAAP)		$	2,114,781			$	2,093,746			$	2,114,781			$	2,093,746
Less: intangible assets			-				(17,205)				-				(17,205)
Total tangible assets (non-GAAP)			2,114,781				2,076,541				2,114,781				2,076,541

		For the three months ended June 30,								For the six months ended June 30,
		2025				2024				2025				2024
Average tangible stockholders' equity
Total average stockholders' equity (GAAP)		$	211,081			$	223,194			$	209,607			$	222,648
Less: average intangible assets			-				(16,386)				-				(15,732)
Total average tangible stockholders' equity (non-GAAP)			211,081				206,808				209,607				206,916

		For the three months ended June 30,								For the six months ended June 30,
		2025				2024				2025				2024
Average tangible assets
Total average assets (GAAP)		$	2,132,666			$	2,090,525			$	2,144,012			$	2,063,998
Less: average intangible assets			-				(16,386)				-				(15,732)
Total average tangible assets (non-GAAP)			2,132,666				2,074,139				2,144,012				2,048,266

Contact: Billy Freesmeier

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SOURCE MainStreet Bancshares, Inc.