Steady Loan and Deposit Growth Fuel 8% Rise in
Quarter-to-Quarter Net Income
FAIRFAX,
Va., April 17, 2023 /PRNewswire/ -- MainStreet
Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company
for MainStreet Bank, reported record net income of $8.2 million for the quarter-ended March 31, 2023. This represents a 50%
increase from the net income reported in the 1st quarter
of 2022. First-quarter results represent:
- 1.75% ROAA
- 4.69% NIM
- $1.01 EPS
- $22.22 TBV
- 16.4% ROAE
(ROAA – Return on Average Assets; NIM – Net Interest Margin;
EPS – Earnings Per Share common basic and diluted; TBV – Tangible
Book Value per common share; ROAE – Return on Average Total
Equity.)
The Company has a solid risk management
foundation and once again reports record earnings for the first
quarter of 2023
"In light of the recent banking tensions, we'd be remiss if we
didn't address the important issues on the table," said
Jeff W. Dick, Chairman and CEO of
MainStreet Bancshares, Inc. and MainStreet Bank. "We've taken the
opportunity to re-evaluate our risk management processes along with
our current balance sheet strategy. The result of that review
is that we remain comfortable and confident with our risk profile -
given the current and anticipated economic environment. Our deposit
base is stable and growing. Currently nearly 70% of our outstanding
deposits are insured by the FDIC and we offer all depositors access
to additional FDIC insurance coverage through IntraFi. Our systems
for managing liquidity risk, interest rate risk, and credit risk,
along with all the other risks we manage daily, continue to give us
an accurate assessment of the Bank and allow us to manage to our
approved risk tolerance. Our primary objective is to ensure the
ongoing safety and soundness of the Bank and the protection of
depositor's money. We have demonstrated the ability to do just that
while pursuing good opportunities and rewarding investors with high
quality performance."
The Company has a solid risk management foundation. The
leadership team built the Bank with good risk management systems
and procedures in place from the start. Mr. Dick's strong
background in risk management started with his first career as a
prudential banking supervisor in the U.S. and then in the U.K.
While in the U.K., Mr. Dick was an adviser to the Bank of
England on modernizing their
approach to risk-based banking supervision.
Net interest income reached $21.1
million in the quarter ended March
31, 2023, up 38.8% from the year-earlier first quarter's
$15.2 million. MainStreet Bank
benefited from having an asset-sensitive balance sheet during a
12-month period in which the Federal Reserve undertook nine
interest rate increases, beginning in March
2022. This propelled the average net interest margin (NIM)
higher by 76 basis points to 4.69% for the quarter ended
March 31, 2023, versus 3.93% a year
earlier.
"Implementing the Current Expected Credit Losses (CECL)
accounting standard in the first quarter of 2023 resulted in a
15.6% increase in credit reserves. In all, we increased our credit
reserves to $16.6 million, a 17.6%
increase that also reflects loan growth," said Thomas J. Chmelik, Chief Financial Officer of
MainStreet Bancshares Inc. and MainStreet Bank. He noted that the
level of Accumulated Other Comprehensive Income (AOCI) for the
Company remains low, at -3.7% of total capital.
The loan portfolio grew 14.4% to $1.62
billion as of March 31, 2023,
up from $1.41 billion in the
year-earlier first quarter. Loan quality remained pristine, with
zero nonperforming assets. Total deposits climbed 13.8% to
$1.63 billion, up from $1.43 billion a year earlier.
Non-interest-bearing deposits represent 29.9% of the total, and
63.9% of total deposits are core deposits. There was significant
growth in time deposits, which rose to $730.1 million, up 58.4% from a year earlier. The
bank's total assets grew 16.6% to reach $2.06 billion as of March
31, 2023, versus $1.76 billion
a year earlier.
"While all banks are experiencing some runoff in
non-interest-bearing deposits, we were able to attract
approximately $30 million in fresh
deposits during a period of market upheaval in March, and loan
demand and core deposit growth continue to be solid in our DC Metro
market," said Abdul Hersiburane, President of MainStreet Bank.
"Pressure on deposit pricing is to be expected in a rising-rate
environment, and we are responding with products that carry yields
and terms calibrated to our assessment of the interest rate
outlook, such as a 15-month CD."
The Company's efficiency ratio stood at 53% for the quarter
ended March 31, 2023, from 55% a year
earlier. This improvement occurred even as the Company was making
significant investments in Avenu™, with the hiring process
accelerating as the division moves toward being fully operational
in 2023.
Avenu™ Makes Major Strides, Onboards First
Client
Avenu™ is tracking to an April
30 launch as our designers and engineers complete final
sprints to harden our multitenancy and cyber architecture and to
accelerate implementation of a debit card for funding. Avenu™
connects our fintech partners and their apps directly and
seamlessly to MainStreet Bank's banking core. Avenu™ is expected to
accelerate MainStreet Bank's deposit growth to support expanded
lending.
"With three companies now signed up to proceed, we are inches
away from going live with Avenu™, which will be a gateway to fast,
simple secure payments for our end-users," said Todd Youngren, president of Avenu™. "When you
are developing a platform from the ground up, you have to address
challenges as they arise, and that's exactly what we've been doing
as our team works full tilt toward our launch."
Chairman and CEO Jeff W. Dick
elaborated: "We are committed to a seamless launch for Avenu™, and
in the current environment we feel strongly that time is on our
side. We are unwilling to cut corners because reliability and
compliance are critical features of Avenu™. We are very proud of
creating an innovative system that allows partners to connect to
the core system of a reliable bank with sharp instincts about risks
and compliance."
ABOUT AVENU™
Avenu™ — Banking Delivered
Avenu™ is the only
embedded banking solution that connects our partners and their apps
directly and seamlessly to a banking core — MainStreet Bank's
banking core. We are not a sponsor bank without our own technology,
and we are not a middleware software company (aggregator) without
our own bank. We are Avenu™, a leading financial technology company
backed by an established community business bank in the heart of
Washington, D.C.
Avenu™ — Serving a Community of Innovation
Our
clients are fintechs, application developers, money movers, and
entrepreneurs. They all have one thing in common: They are
innovating how money moves to solve real-world issues and help
communities thrive. We are focused on servicing our community and
long-term business relationships.
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 excess FDIC insurance
through IntraFi. 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: Debra Cope
Director of Corporate Communications
(703) 481-4599
UNAUDITED
CONSOLIDATED BALANCE SHEET INFORMATION
|
(In
thousands)
|
|
March 31,
2023
|
|
|
December 31,
2022
|
|
|
September 30,
2022
|
|
|
June 30,
2022
|
|
|
March 31,
2022
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
225,334
|
|
|
$
|
48,931
|
|
|
$
|
50,636
|
|
|
$
|
55,636
|
|
|
$
|
63,986
|
Federal funds
sold
|
|
—
|
|
|
|
81,669
|
|
|
|
54,098
|
|
|
|
47,013
|
|
|
|
37,756
|
Total cash and cash
equivalents
|
|
225,334
|
|
|
|
130,600
|
|
|
|
104,734
|
|
|
|
102,649
|
|
|
|
101,742
|
Investment securities
available for sale, at fair value
|
|
63,209
|
|
|
|
62,631
|
|
|
|
162,319
|
|
|
|
143,240
|
|
|
|
123,802
|
Investment securities
held to maturity, at amortized
cost
|
|
17,616
|
|
|
|
17,642
|
|
|
|
17,670
|
|
|
|
17,698
|
|
|
|
18,769
|
Restricted equity
securities, at amortized cost
|
|
22,436
|
|
|
|
24,325
|
|
|
|
16,436
|
|
|
|
16,485
|
|
|
|
17,209
|
Loans, net of allowance
for loan losses of $15,435,
$14,114, $12,994,$12,982, and $12,500,
respectively
|
|
1,617,275
|
|
|
|
1,579,950
|
|
|
|
1,448,071
|
|
|
|
1,416,875
|
|
|
|
1,413,238
|
Premises and equipment,
net
|
|
14,521
|
|
|
|
14,709
|
|
|
|
14,523
|
|
|
|
14,756
|
|
|
|
14,833
|
Accrued interest and
other receivables
|
|
9,744
|
|
|
|
9,581
|
|
|
|
8,273
|
|
|
|
7,313
|
|
|
|
6,980
|
Computer software, net
of amortization
|
|
10,559
|
|
|
|
9,149
|
|
|
|
7,258
|
|
|
|
4,956
|
|
|
|
3,906
|
Bank owned life
insurance
|
|
37,503
|
|
|
|
37,249
|
|
|
|
36,996
|
|
|
|
36,742
|
|
|
|
36,492
|
Other assets
|
|
36,811
|
|
|
|
39,915
|
|
|
|
43,835
|
|
|
|
32,665
|
|
|
|
24,777
|
Total
Assets
|
$
|
2,055,008
|
|
|
$
|
1,925,751
|
|
|
$
|
1,860,115
|
|
|
$
|
1,793,379
|
|
|
$
|
1,761,748
|
LIABILITIES AND
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
|
487,875
|
|
|
$
|
550,690
|
|
|
$
|
566,016
|
|
|
$
|
535,591
|
|
|
$
|
514,160
|
Interest bearing DDA
deposits
|
|
100,522
|
|
|
|
80,099
|
|
|
|
93,695
|
|
|
|
99,223
|
|
|
|
76,286
|
Savings and NOW
deposits
|
|
53,499
|
|
|
|
51,419
|
|
|
|
54,240
|
|
|
|
58,156
|
|
|
|
81,817
|
Money market
deposits
|
|
260,316
|
|
|
|
222,540
|
|
|
|
254,190
|
|
|
|
231,207
|
|
|
|
301,842
|
Time
deposits
|
|
730,076
|
|
|
|
608,141
|
|
|
|
585,783
|
|
|
|
575,950
|
|
|
|
460,839
|
Total
deposits
|
|
1,632,288
|
|
|
|
1,512,889
|
|
|
|
1,553,924
|
|
|
|
1,500,127
|
|
|
|
1,434,944
|
Federal funds
borrowed
|
|
60,696
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Federal Home Loan Bank
advances
|
|
45,000
|
|
|
|
100,000
|
|
|
|
—
|
|
|
|
—
|
|
|
|
40,000
|
Subordinated
debt
|
|
72,344
|
|
|
|
72,245
|
|
|
|
72,146
|
|
|
|
72,047
|
|
|
|
71,955
|
Other
liabilities
|
|
39,692
|
|
|
|
42,335
|
|
|
|
44,045
|
|
|
|
32,801
|
|
|
|
26,053
|
Total
Liabilities
|
|
1,850,020
|
|
|
|
1,727,469
|
|
|
|
1,670,115
|
|
|
|
1,604,975
|
|
|
|
1,572,952
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
27,263
|
|
|
|
27,263
|
|
|
|
27,263
|
|
|
|
27,263
|
|
|
|
27,263
|
Common stock
|
|
29,185
|
|
|
|
28,736
|
|
|
|
28,728
|
|
|
|
29,178
|
|
|
|
29,642
|
Capital
surplus
|
|
64,213
|
|
|
|
63,999
|
|
|
|
63,231
|
|
|
|
64,822
|
|
|
|
66,798
|
Retained
earnings
|
|
91,991
|
|
|
|
86,830
|
|
|
|
80,534
|
|
|
|
73,702
|
|
|
|
68,691
|
Accumulated other
comprehensive loss
|
|
(7,664)
|
|
|
|
(8,546)
|
|
|
|
(9,756)
|
|
|
|
(6,561)
|
|
|
|
(3,598)
|
Total Stockholders'
Equity
|
|
204,988
|
|
|
|
198,282
|
|
|
|
190,000
|
|
|
|
188,404
|
|
|
|
188,796
|
Total Liabilities
and Stockholders' Equity
|
$
|
2,055,008
|
|
|
$
|
1,925,751
|
|
|
$
|
1,860,115
|
|
|
$
|
1,793,379
|
|
|
$
|
1,761,748
|
UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME INFORMATION
|
(In thousands, except
share and per share data)
|
|
|
Year-to-Date
|
|
|
Three Months
Ended
|
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
|
March 31,
2023
|
|
|
December 31,
2022
|
|
|
September 30,
2022
|
|
|
June 30,
2022
|
|
|
March 31,
2022
|
|
INTEREST
INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
26,731
|
|
|
$
|
16,685
|
|
|
$
|
26,731
|
|
|
$
|
23,972
|
|
|
$
|
20,261
|
|
|
$
|
17,954
|
|
|
$
|
16,685
|
|
Interest on investment
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
securities
|
|
|
518
|
|
|
|
357
|
|
|
|
518
|
|
|
|
467
|
|
|
|
378
|
|
|
|
401
|
|
|
|
357
|
|
Tax-exempt
securities
|
|
|
264
|
|
|
|
272
|
|
|
|
264
|
|
|
|
262
|
|
|
|
261
|
|
|
|
263
|
|
|
|
272
|
|
Interest on federal
funds sold
|
|
|
1,132
|
|
|
|
34
|
|
|
|
1,132
|
|
|
|
1,071
|
|
|
|
1,013
|
|
|
|
195
|
|
|
|
34
|
|
Total interest
income
|
|
|
28,645
|
|
|
|
17,348
|
|
|
|
28,645
|
|
|
|
25,772
|
|
|
|
21,913
|
|
|
|
18,813
|
|
|
|
17,348
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on interest
bearing DDA deposits
|
|
|
343
|
|
|
|
65
|
|
|
|
343
|
|
|
|
256
|
|
|
|
175
|
|
|
|
105
|
|
|
|
65
|
|
Interest on savings and
NOW deposits
|
|
|
108
|
|
|
|
37
|
|
|
|
108
|
|
|
|
81
|
|
|
|
43
|
|
|
|
42
|
|
|
|
37
|
|
Interest on money
market deposits
|
|
|
1,203
|
|
|
|
119
|
|
|
|
1,203
|
|
|
|
781
|
|
|
|
496
|
|
|
|
151
|
|
|
|
119
|
|
Interest on time
deposits
|
|
|
4,144
|
|
|
|
1,431
|
|
|
|
4,144
|
|
|
|
2,966
|
|
|
|
2,275
|
|
|
|
1,530
|
|
|
|
1,431
|
|
Interest on federal
funds borrowed
|
|
|
38
|
|
|
|
—
|
|
|
|
38
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Interest on Federal
Home Loan Bank advances
|
|
|
906
|
|
|
|
31
|
|
|
|
906
|
|
|
|
264
|
|
|
|
—
|
|
|
|
52
|
|
|
|
31
|
|
Interest on
subordinated debt
|
|
|
812
|
|
|
|
468
|
|
|
|
812
|
|
|
|
828
|
|
|
|
828
|
|
|
|
812
|
|
|
|
468
|
|
Total interest
expense
|
|
|
7,554
|
|
|
|
2,151
|
|
|
|
7,554
|
|
|
|
5,176
|
|
|
|
3,817
|
|
|
|
2,692
|
|
|
|
2,151
|
|
Net interest
income
|
|
|
21,091
|
|
|
|
15,197
|
|
|
|
21,091
|
|
|
|
20,596
|
|
|
|
18,096
|
|
|
|
16,121
|
|
|
|
15,197
|
|
Provision for credit
losses
|
|
|
283
|
|
|
|
800
|
|
|
|
283
|
|
|
|
1,118
|
|
|
|
—
|
|
|
|
480
|
|
|
|
800
|
|
Net interest income
after provision for
loan losses
|
|
|
20,808
|
|
|
|
14,397
|
|
|
|
20,808
|
|
|
|
19,478
|
|
|
|
18,096
|
|
|
|
15,641
|
|
|
|
14,397
|
|
NON-INTEREST
INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit account service
charges
|
|
|
590
|
|
|
|
611
|
|
|
|
590
|
|
|
|
610
|
|
|
|
601
|
|
|
|
597
|
|
|
|
611
|
|
Bank owned life
insurance income
|
|
|
255
|
|
|
|
251
|
|
|
|
255
|
|
|
|
253
|
|
|
|
254
|
|
|
|
250
|
|
|
|
251
|
|
Loan swap fee
income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
518
|
|
|
|
101
|
|
|
|
—
|
|
Net gain on
held-to-maturity securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4
|
|
|
|
—
|
|
Net gain (loss) on sale
of loans
|
|
|
—
|
|
|
|
43
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(211)
|
|
|
|
—
|
|
|
|
43
|
|
Other non-interest
income
|
|
|
158
|
|
|
|
257
|
|
|
|
158
|
|
|
|
196
|
|
|
|
186
|
|
|
|
312
|
|
|
|
257
|
|
Total other
income
|
|
|
1,003
|
|
|
|
1,162
|
|
|
|
1,003
|
|
|
|
1,059
|
|
|
|
1,348
|
|
|
|
1,264
|
|
|
|
1,162
|
|
NON-INTEREST
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
7,621
|
|
|
|
5,548
|
|
|
|
7,621
|
|
|
|
6,775
|
|
|
|
5,874
|
|
|
|
5,604
|
|
|
|
5,548
|
|
Furniture and equipment
expenses
|
|
|
498
|
|
|
|
657
|
|
|
|
498
|
|
|
|
710
|
|
|
|
760
|
|
|
|
659
|
|
|
|
657
|
|
Advertising and
marketing
|
|
|
797
|
|
|
|
406
|
|
|
|
797
|
|
|
|
620
|
|
|
|
704
|
|
|
|
574
|
|
|
|
406
|
|
Occupancy
expenses
|
|
|
486
|
|
|
|
341
|
|
|
|
486
|
|
|
|
378
|
|
|
|
400
|
|
|
|
352
|
|
|
|
341
|
|
Outside
services
|
|
|
490
|
|
|
|
368
|
|
|
|
490
|
|
|
|
529
|
|
|
|
611
|
|
|
|
567
|
|
|
|
368
|
|
Administrative
expenses
|
|
|
215
|
|
|
|
210
|
|
|
|
215
|
|
|
|
214
|
|
|
|
253
|
|
|
|
195
|
|
|
|
210
|
|
Other operating
expenses
|
|
|
1,596
|
|
|
|
1,433
|
|
|
|
1,596
|
|
|
|
1,481
|
|
|
|
1,291
|
|
|
|
1,543
|
|
|
|
1,433
|
|
Total non-interest
expenses
|
|
|
11,703
|
|
|
|
8,963
|
|
|
|
11,703
|
|
|
|
10,707
|
|
|
|
9,893
|
|
|
|
9,494
|
|
|
|
8,963
|
|
Income before income
tax expense
|
|
|
10,108
|
|
|
|
6,596
|
|
|
|
10,108
|
|
|
|
9,830
|
|
|
|
9,551
|
|
|
|
7,411
|
|
|
|
6,596
|
|
Income tax
expense
|
|
|
1,957
|
|
|
|
1,173
|
|
|
|
1,957
|
|
|
|
2,252
|
|
|
|
1,808
|
|
|
|
1,481
|
|
|
|
1,173
|
|
Net income
|
|
|
8,151
|
|
|
|
5,423
|
|
|
|
8,151
|
|
|
|
7,578
|
|
|
|
7,743
|
|
|
|
5,930
|
|
|
|
5,423
|
|
Preferred stock
dividends
|
|
|
539
|
|
|
|
539
|
|
|
|
539
|
|
|
|
539
|
|
|
|
539
|
|
|
|
539
|
|
|
|
539
|
|
Net income available to
common shareholders
|
|
$
|
7,612
|
|
|
$
|
4,884
|
|
|
$
|
7,612
|
|
|
$
|
7,039
|
|
|
$
|
7,204
|
|
|
$
|
5,391
|
|
|
$
|
4,884
|
|
Net income per common
share, basic and diluted
|
|
$
|
1.01
|
|
|
$
|
0.64
|
|
|
$
|
1.01
|
|
|
$
|
0.95
|
|
|
$
|
0.97
|
|
|
$
|
0.71
|
|
|
$
|
0.64
|
|
Weighted average number
of common shares, basic and diluted
|
|
|
7,517,213
|
|
|
|
7,647,519
|
|
|
|
7,517,213
|
|
|
|
7,433,607
|
|
|
|
7,463,719
|
|
|
|
7,575,484
|
|
|
|
7,647,519
|
|
UNAUDITED LOAN,
DEPOSIT AND BORROWING DETAIL
|
(In
thousands)
|
|
|
March 31,
2023
|
|
|
December 31,
2022
|
|
|
March 31,
2022
|
|
|
Percentage
Change
|
|
|
|
$
Amount
|
|
|
% of
Total
|
|
|
$
Amount
|
|
|
% of
Total
|
|
|
$
Amount
|
|
|
% of
Total
|
|
|
Last 3
Mos
|
|
|
Last 12
Mos
|
|
LOANS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land
development
loans
|
|
$
|
415,078
|
|
|
|
25.3
|
%
|
|
$
|
393,783
|
|
|
|
24.6
|
%
|
|
$
|
344,605
|
|
|
|
24.0
|
%
|
|
|
5.4
|
%
|
|
|
20.5
|
%
|
Residential real estate
loans
|
|
|
391,648
|
|
|
|
23.9
|
%
|
|
|
394,394
|
|
|
|
24.7
|
%
|
|
|
367,138
|
|
|
|
25.7
|
%
|
|
|
-0.7
|
%
|
|
|
6.7
|
%
|
Commercial real estate
loans
|
|
|
737,019
|
|
|
|
45.0
|
%
|
|
|
700,728
|
|
|
|
43.8
|
%
|
|
|
588,005
|
|
|
|
41.1
|
%
|
|
|
5.2
|
%
|
|
|
25.3
|
%
|
Commercial and
industrial loans
|
|
|
86,937
|
|
|
|
5.3
|
%
|
|
|
97,351
|
|
|
|
6.1
|
%
|
|
|
111,183
|
|
|
|
7.8
|
%
|
|
|
-10.7
|
%
|
|
|
-21.8
|
%
|
Consumer
loans
|
|
|
7,534
|
|
|
|
0.5
|
%
|
|
|
13,336
|
|
|
|
0.8
|
%
|
|
|
19,711
|
|
|
|
1.4
|
%
|
|
|
-43.5
|
%
|
|
|
-61.8
|
%
|
Total Gross
Loans
|
|
$
|
1,638,216
|
|
|
|
100.0
|
%
|
|
$
|
1,599,592
|
|
|
|
100.0
|
%
|
|
$
|
1,430,642
|
|
|
|
100.0
|
%
|
|
|
2.4
|
%
|
|
|
14.5
|
%
|
Less: Allowance for
credit losses
|
|
|
(15,435)
|
|
|
|
|
|
|
|
(14,114)
|
|
|
|
|
|
|
|
(12,500)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net deferred loan
fees
|
|
|
(5,506)
|
|
|
|
|
|
|
|
(5,528)
|
|
|
|
|
|
|
|
(4,904)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loans
|
|
$
|
1,617,275
|
|
|
|
|
|
|
$
|
1,579,950
|
|
|
|
|
|
|
$
|
1,413,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSITS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand deposits
|
|
$
|
487,875
|
|
|
|
29.9
|
%
|
|
$
|
550,690
|
|
|
|
36.4
|
%
|
|
$
|
514,160
|
|
|
|
35.9
|
%
|
|
|
-11.4
|
%
|
|
|
-5.1
|
%
|
Interest-bearing
demand deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
|
100,522
|
|
|
|
6.2
|
%
|
|
|
80,099
|
|
|
|
5.3
|
%
|
|
|
76,286
|
|
|
|
5.3
|
%
|
|
|
25.5
|
%
|
|
|
31.8
|
%
|
Savings and NOW
deposits
|
|
|
53,499
|
|
|
|
3.3
|
%
|
|
|
51,419
|
|
|
|
3.4
|
%
|
|
|
81,817
|
|
|
|
5.7
|
%
|
|
|
4.0
|
%
|
|
|
-34.6
|
%
|
Money market
accounts
|
|
|
260,316
|
|
|
|
15.9
|
%
|
|
|
222,540
|
|
|
|
14.7
|
%
|
|
|
301,842
|
|
|
|
21.0
|
%
|
|
|
17.0
|
%
|
|
|
-13.8
|
%
|
Certificates of
deposit $250,000
or more
|
|
|
458,683
|
|
|
|
28.1
|
%
|
|
|
370,005
|
|
|
|
24.5
|
%
|
|
|
292,978
|
|
|
|
20.4
|
%
|
|
|
24.0
|
%
|
|
|
56.6
|
%
|
Certificates of
deposit less than $250,000
|
|
|
271,393
|
|
|
|
16.6
|
%
|
|
|
238,136
|
|
|
|
15.7
|
%
|
|
|
167,861
|
|
|
|
11.7
|
%
|
|
|
14.0
|
%
|
|
|
61.7
|
%
|
Total
Deposits
|
|
$
|
1,632,288
|
|
|
|
100.0
|
%
|
|
$
|
1,512,889
|
|
|
|
100.0
|
%
|
|
$
|
1,434,944
|
|
|
|
100.0
|
%
|
|
|
7.9
|
%
|
|
|
13.8
|
%
|
BORROWINGS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
borrowed
|
|
|
60,696
|
|
|
|
34.1
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Federal Home Loan Bank
advances
|
|
|
45,000
|
|
|
|
25.3
|
%
|
|
|
100,000
|
|
|
|
58.1
|
%
|
|
|
40,000
|
|
|
|
35.7
|
%
|
|
|
-55.0
|
%
|
|
|
12.5
|
%
|
Subordinated
debt
|
|
|
72,344
|
|
|
|
40.6
|
%
|
|
|
72,245
|
|
|
|
41.9
|
%
|
|
|
71,955
|
|
|
|
64.3
|
%
|
|
|
0.1
|
%
|
|
|
0.5
|
%
|
Total
Borrowings
|
|
$
|
178,040
|
|
|
|
100.0
|
%
|
|
$
|
172,245
|
|
|
|
100.0
|
%
|
|
$
|
111,955
|
|
|
|
100.0
|
%
|
|
|
3.4
|
%
|
|
|
59.0
|
%
|
Total Deposits and
Borrowings
|
|
$
|
1,810,328
|
|
|
|
|
|
|
$
|
1,685,134
|
|
|
|
|
|
|
$
|
1,546,899
|
|
|
|
|
|
|
|
7.4
|
%
|
|
|
17.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core customer funding
sources (1)
|
|
$
|
1,156,279
|
|
|
|
63.9
|
%
|
|
$
|
1,157,573
|
|
|
|
68.7
|
%
|
|
$
|
1,135,503
|
|
|
|
73.4
|
%
|
|
|
-0.1
|
%
|
|
|
1.8
|
%
|
Brokered and listing
service sources (2)
|
|
|
476,009
|
|
|
|
26.3
|
%
|
|
|
355,316
|
|
|
|
21.1
|
%
|
|
|
299,441
|
|
|
|
19.4
|
%
|
|
|
34.0
|
%
|
|
|
59.0
|
%
|
Federal funds
borrowed
|
|
|
60,696
|
|
|
|
3.3
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Federal Home Loan Bank
advances
|
|
|
45,000
|
|
|
|
2.5
|
%
|
|
|
100,000
|
|
|
|
5.9
|
%
|
|
|
40,000
|
|
|
|
2.6
|
%
|
|
|
-55.0
|
%
|
|
|
12.5
|
%
|
Subordinated
debt (3)
|
|
|
72,344
|
|
|
|
4.0
|
%
|
|
|
72,245
|
|
|
|
4.3
|
%
|
|
|
71,955
|
|
|
|
4.6
|
%
|
|
|
0.1
|
%
|
|
|
0.5
|
%
|
Total Funding
Sources
|
|
$
|
1,810,328
|
|
|
|
100.0
|
%
|
|
$
|
1,685,134
|
|
|
|
100.0
|
%
|
|
$
|
1,546,899
|
|
|
|
100.0
|
%
|
|
|
7.4
|
%
|
|
|
17.0
|
%
|
|
|
(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,
2023
|
|
|
For the three months
ended March 31,
2022
|
|
|
|
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)
|
|
$
|
1,599,756
|
|
|
$
|
26,731
|
|
|
|
6.78
|
%
|
|
$
|
1,377,723
|
|
|
$
|
16,685
|
|
|
|
4.91
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
71,933
|
|
|
|
518
|
|
|
|
2.92
|
%
|
|
|
73,413
|
|
|
|
357
|
|
|
|
1.97
|
%
|
Tax-exempt
|
|
|
37,941
|
|
|
|
334
|
|
|
|
3.57
|
%
|
|
|
39,545
|
|
|
|
344
|
|
|
|
3.53
|
%
|
Federal funds and
interest-
bearing deposits
|
|
|
118,670
|
|
|
|
1,132
|
|
|
|
3.87
|
%
|
|
|
83,754
|
|
|
|
34
|
|
|
|
0.16
|
%
|
Total interest earning
assets
|
|
$
|
1,828,300
|
|
|
$
|
28,715
|
|
|
|
6.37
|
%
|
|
$
|
1,574,435
|
|
|
$
|
17,420
|
|
|
|
4.49
|
%
|
Other assets
|
|
|
57,371
|
|
|
|
|
|
|
|
|
|
|
|
88,386
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,885,671
|
|
|
|
|
|
|
|
|
|
|
$
|
1,662,821
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand deposits
|
|
$
|
83,388
|
|
|
$
|
343
|
|
|
|
1.67
|
%
|
|
$
|
70,403
|
|
|
$
|
65
|
|
|
|
0.37
|
%
|
Savings and NOW
deposits
|
|
|
51,943
|
|
|
|
108
|
|
|
|
0.84
|
%
|
|
|
82,758
|
|
|
|
37
|
|
|
|
0.18
|
%
|
Money market deposit
accounts
|
|
|
225,037
|
|
|
|
1,203
|
|
|
|
2.17
|
%
|
|
|
267,905
|
|
|
|
119
|
|
|
|
0.18
|
%
|
Time
deposits
|
|
|
673,441
|
|
|
|
4,144
|
|
|
|
2.50
|
%
|
|
|
456,782
|
|
|
|
1,431
|
|
|
|
1.27
|
%
|
Total interest-bearing
deposits
|
|
$
|
1,033,809
|
|
|
$
|
5,798
|
|
|
|
2.27
|
%
|
|
$
|
877,848
|
|
|
$
|
1,652
|
|
|
|
0.76
|
%
|
Federal funds
purchased
|
|
|
2,965
|
|
|
|
38
|
|
|
|
5.20
|
%
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
Subordinated
debt
|
|
|
72,306
|
|
|
|
812
|
|
|
|
4.55
|
%
|
|
|
43,995
|
|
|
|
468
|
|
|
|
4.31
|
%
|
FHLB
borrowings
|
|
|
77,833
|
|
|
|
906
|
|
|
|
4.72
|
%
|
|
|
37,167
|
|
|
|
31
|
|
|
|
0.34
|
%
|
Total interest-bearing
liabilities
|
|
$
|
1,186,913
|
|
|
$
|
7,554
|
|
|
|
2.58
|
%
|
|
$
|
959,011
|
|
|
$
|
2,151
|
|
|
|
0.91
|
%
|
Demand deposits and
other liabilities
|
|
|
497,155
|
|
|
|
|
|
|
|
|
|
|
|
514,101
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
$
|
1,684,068
|
|
|
|
|
|
|
|
|
|
|
$
|
1,473,112
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
201,603
|
|
|
|
|
|
|
|
|
|
|
|
189,709
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
1,885,671
|
|
|
|
|
|
|
|
|
|
|
$
|
1,662,821
|
|
|
|
|
|
|
|
|
|
Interest Rate
Spread
|
|
|
|
|
|
|
|
|
|
|
3.79
|
%
|
|
|
|
|
|
|
|
|
|
|
3.58
|
%
|
Net Interest
Income
|
|
|
|
|
|
$
|
21,161
|
|
|
|
|
|
|
|
|
|
|
$
|
15,269
|
|
|
|
|
|
Net Interest
Margin
|
|
|
|
|
|
|
|
|
|
|
4.69
|
%
|
|
|
|
|
|
|
|
|
|
|
3.93
|
%
|
(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 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,
|
|
|
|
2023
|
|
|
2022
|
|
Per share Data
and Shares Outstanding
|
|
|
|
|
|
|
|
|
Earnings per common
share (basic and diluted)
|
|
$
|
1.01
|
|
|
$
|
0.64
|
|
Book value per common
share
|
|
$
|
23.62
|
|
|
$
|
21.12
|
|
Tangible book value per
common share(2)
|
|
$
|
22.22
|
|
|
$
|
20.61
|
|
Weighted average common
shares (basic and diluted)
|
|
|
7,517,213
|
|
|
|
7,647,519
|
|
Common shares
outstanding at end of period
|
|
|
7,524,277
|
|
|
|
7,648,973
|
|
Performance
Ratios
|
|
|
|
|
|
|
|
|
Return on average
assets (annualized)
|
|
|
1.75
|
%
|
|
|
1.32
|
%
|
Return on average
equity (annualized)
|
|
|
16.40
|
%
|
|
|
11.59
|
%
|
Return on average
common equity (annualized)
|
|
|
17.71
|
%
|
|
|
12.19
|
%
|
Yield on earning assets
(FTE) (2) (annualized)
|
|
|
6.37
|
%
|
|
|
4.49
|
%
|
Cost of interest
bearing liabilities (annualized)
|
|
|
2.58
|
%
|
|
|
0.91
|
%
|
Net interest spread
(FTE)(2)
|
|
|
3.79
|
%
|
|
|
3.58
|
%
|
Net interest margin
(FTE)(2) (annualized)
|
|
|
4.69
|
%
|
|
|
3.93
|
%
|
Noninterest income as a
percentage of average assets (annualized)
|
|
|
0.22
|
%
|
|
|
0.28
|
%
|
Noninterest expense to
average assets (annualized)
|
|
|
2.52
|
%
|
|
|
2.19
|
%
|
Efficiency
ratio(3)
|
|
|
52.97
|
%
|
|
|
54.79
|
%
|
Asset
Quality
|
|
|
|
|
|
|
|
|
Allowance for credit
losses (ACL)
|
|
|
|
|
|
|
|
|
Beginning balance,
allowance for loan and lease losses (ALLL)
|
|
$
|
14,114
|
|
|
$
|
11,697
|
|
Add:
recoveries
|
|
|
11
|
|
|
|
3
|
|
Less:
charge-offs
|
|
|
—
|
|
|
|
—
|
|
Add: provision for loan
losses
|
|
|
415
|
|
|
|
800
|
|
Add: current expected
credit losses, nonrecurring adoption
|
|
|
895
|
|
|
|
—
|
|
Ending balance,
ALLL
|
|
$
|
15,435
|
|
|
$
|
12,500
|
|
|
|
|
|
|
|
|
|
|
Beginning balance,
reserve for unfunded commitment (RUC)
|
|
$
|
—
|
|
|
$
|
—
|
|
Add: current expected
credit losses, nonrecurring adoption
|
|
|
1,310
|
|
|
|
—
|
|
Add: recovery of
unfunded commitments
|
|
|
(132)
|
|
|
|
—
|
|
Ending balance,
RUC
|
|
$
|
1,178
|
|
|
$
|
—
|
|
Total allowance for
credit losses
|
|
$
|
16,613
|
|
|
$
|
12,500
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses to total gross loans
|
|
|
0.94
|
%
|
|
|
0.87
|
%
|
Allowance for credit
losses to total gross loans
|
|
|
1.01
|
%
|
|
|
0.87
|
%
|
Allowance for loan
losses to non-performing assets
|
|
|
N/A
|
|
|
|
N/A
|
|
Net charge-offs
(recoveries) to average gross loans (annualized)
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Concentration
Ratios
|
|
|
|
|
|
|
|
|
Commercial real estate
loans to total capital (4)
|
|
|
372.12
|
%
|
|
|
370.35
|
%
|
Construction loans to
total capital (5)
|
|
|
140.78
|
%
|
|
|
136.19
|
%
|
Nonperforming
Assets
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due to total gross loans
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Loans 90 days past due
to total gross loans
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Non-accrual loans to
total gross loans
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Other real estate
owned
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-performing
assets
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-performing assets
to total assets
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Regulatory
Capital Ratios (Bank only) (1)
|
|
|
|
|
|
|
|
|
Total risk-based
capital ratio
|
|
|
16.35
|
%
|
|
|
16.44
|
%
|
Tier 1 risk-based
capital ratio
|
|
|
15.49
|
%
|
|
|
15.63
|
%
|
Leverage
ratio
|
|
|
14.69
|
%
|
|
|
14.47
|
%
|
Common equity tier 1
ratio
|
|
|
15.49
|
%
|
|
|
15.63
|
%
|
Other
information
|
|
|
|
|
|
|
|
|
Closing stock
price
|
|
$
|
23.49
|
|
|
$
|
24.31
|
|
Tangible equity /
tangible assets (2)
|
|
|
9.51
|
%
|
|
|
10.52
|
%
|
Average tangible equity
/ average tangible assets (2)
|
|
|
10.22
|
%
|
|
|
11.25
|
%
|
Number of full time
equivalent employees
|
|
|
170
|
|
|
|
141
|
|
# Full service branch
offices
|
|
|
6
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Regulatory capital
ratios as of March 31, 2023 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
|
Unaudited
Reconciliation of Certain Non-GAAP Financial
Measures
|
(Dollars In
thousands)
|
|
|
For the three months
ended March 31,
|
|
|
2023
|
2022
|
Net interest margin
(FTE)
|
|
|
|
|
|
Net interest income
(GAAP)
|
|
$
|
21,091
|
$
|
15,197
|
FTE adjustment on
tax-exempt securities
|
|
|
70
|
|
72
|
Net interest income
(FTE) (non-GAAP)
|
|
|
21,161
|
|
15,269
|
|
|
|
|
|
|
Average interest
earning assets
|
|
|
1,828,300
|
|
1,574,435
|
Net interest margin
(GAAP)
|
|
|
4.68 %
|
|
3.91 %
|
Net interest margin
(FTE) (non-GAAP)
|
|
|
4.69 %
|
|
3.93 %
|
|
|
For the three months
ended March
31,
|
|
|
|
2023
|
|
|
2022
|
|
Stockholders equity,
adjusted
|
|
|
|
|
|
|
|
|
Total stockholders
equity (GAAP)
|
|
$
|
204,988
|
|
|
$
|
188,796
|
|
Less: preferred
stock
|
|
|
(27,263)
|
|
|
|
(27,263)
|
|
Total common
stockholders equity (GAAP)
|
|
|
177,725
|
|
|
|
161,533
|
|
Less: intangible
assets
|
|
|
10,559
|
|
|
|
3,906
|
|
Tangible common
stockholders equity (non-GAAP)
|
|
|
167,166
|
|
|
|
157,627
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding
|
|
|
7,524,277
|
|
|
|
7,648,973
|
|
Tangible book value per
common share (non-GAAP)
|
|
$
|
(0.01)
|
|
|
$
|
(0.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended March
31,
|
|
|
|
2023
|
|
|
2022
|
|
Stockholders equity,
adjusted
|
|
|
|
|
|
|
|
|
Total stockholders
equity (GAAP)
|
|
$
|
204,988
|
|
|
$
|
188,796
|
|
Less: intangible
assets
|
|
|
(10,559)
|
|
|
|
(3,906)
|
|
Total tangible
stockholders equity (non-GAAP)
|
|
|
194,429
|
|
|
|
184,890
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended March
31,
|
|
|
|
2023
|
|
|
2022
|
|
Total assets,
adjusted
|
|
|
|
|
|
|
|
|
Total assets
(GAAP)
|
|
$
|
2,056,494
|
|
|
$
|
1,761,748
|
|
Less: intangible
assets
|
|
|
(10,559)
|
|
|
|
(3,906)
|
|
Total tangible assets
(non-GAAP)
|
|
|
2,045,935
|
|
|
|
1,757,842
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended March
31,
|
|
|
|
2023
|
|
|
2022
|
|
Average stockholders
equity, adjusted
|
|
|
|
|
|
|
|
|
Total average
stockholders equity (GAAP)
|
|
$
|
201,603
|
|
|
$
|
189,709
|
|
Less: average
intangible assets
|
|
|
(9,879)
|
|
|
|
(2,972)
|
|
Total average tangible
stockholders equity (non-GAAP)
|
|
|
191,724
|
|
|
|
186,737
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended March
31,
|
|
|
|
2023
|
|
|
2022
|
|
Average assets,
adjusted
|
|
|
|
|
|
|
|
|
Total average average
assets (GAAP)
|
|
$
|
1,885,671
|
|
|
$
|
1,662,821
|
|
Less: average
intangible assets
|
|
|
(9,879)
|
|
|
|
(2,972)
|
|
Total average tangible
assets (non-GAAP)
|
|
|
1,875,792
|
|
|
|
1,659,849
|
|
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/mainstreet-bancshares-inc-reports-record-earnings-for-1st-quarter-2023-301798760.html
SOURCE MainStreet Bancshares, Inc.