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20.01.2022 14:00:00
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MainStreet Bancshares, Inc. Reports Another Record Year
In the news release, MainStreet Bancshares, Inc. Reports Another Record Year, issued 20-Jan-2022 by MainStreet Bancshares, Inc. over PR Newswire, we are advised by the company that the second paragraph, "UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES" tables, "UNAUDITED SUMMARY FINANCIAL DATA" table, and the "Reconciliation of Certain Non-GAAP Financial Measures" table have been adjusted to correct the fourth quarter and year-end net interest margins reported in the original. The complete, corrected release follows:
MainStreet Bancshares, Inc. Reports Another Record YearBank Nets $22.2 Million and Improves Net Interest MarginFAIRFAX, Va., Jan. 20, 2022 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company for MainStreet Bank, reported record net income of $22.2 million for 2021. Year-end results represent:
- 12.38% return on average equity
- 1.32% return on average assets
- $2.65 per share of common stock (basic and diluted)
- $20.94 per common share tangible book value
Net interest income of $53.5 million is up over 16% from last year. Steady loan rates and reduced funding costs propelled the net interest margin higher by 12 basis points to 3.33% in December 2021, versus 3.21% a year earlier. The Company's efficiency ratio remains solid at 55%.
"Going forward, the Company's balance sheet is positioned to respond well in a rising interest rate environment," said Tom Chmelik, CFO and Senior Executive VP of MainStreet Bancshares, Inc. and MainStreet Bank. "When the Federal Reserve initiates a rate increase, it should have a positive impact on the Company's earnings."
The portfolio of hotel loans continues to perform well, and asset quality remains pristine – as nonperforming assets represent a mere 0.05% of total assets.
The loan portfolio grew 4.1% in 2021. Excluding Paycheck Protection Program (PPP) loans, originations of $526 million were offset by paydowns and sales of $364 million. Paydowns in 2021 were significantly higher than normal, which was anticipated after the much lower than normal paydowns experienced in 2020. The balance of PPP loans at year-end was $58 million.
Non-interest-bearing deposits represent 38% of the $1.4 billion in total deposits, and 77% of total deposits are core deposits.
"The team committed significant time and energy to helping our customers navigate the PPP debt forgiveness process," said Abdul Hersiburane, President of MainStreet Bank. "While this is core to relationship banking, it was counter-productive to balance sheet growth in the short-run. We are very pleased to see the return of robust demand for traditional loans as businesses regain their footing and turn to us to support their growth."
The Company is also mapping out strategic initiatives in other areas. On October 25, 2021, the Company unveiled Avenu™ - its Banking as a Service (BaaS) platform for fintechs. Avenu™ is a proprietary solution purpose built for its fintech partners. With Avenu™, fintech's can be up-and-running as quickly as 60 days. The Company is planning to go live with Avenu™ in the third quarter of 2022. If you are a fintech looking to add payments and deposits to your solution, go to Avenu.bank and join the queue today.
"The solution that the Avenu™ team is developing will be transformational for the Company and the fintech community," said Jeff W. Dick, Chairman & CEO of MainStreet Bancshares, Inc. and MainStreet Bank. "We're demystifying the banking process by offering fintechs modern API connectivity to our robust fintech core. We're also providing a purpose-built training program on banking and compliance that will bring the fintech's team up-to-speed on all they need to know to operate in this space. The net result for the Company should be a significant increase in low-cost deposits and a new source for fee income."
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) | ||||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
Cash and due from banks | $ | 61,827 | $ | 67,992 | $ | 120,121 | $ | 118,399 | $ | 75,935 | ||||||||||
Federal funds sold | 31,372 | 65,725 | 56,164 | 51,598 | 31,593 | |||||||||||||||
Total cash and cash equivalents | 93,199 | 133,717 | 176,285 | 169,997 | 107,528 | |||||||||||||||
Investment securities available for sale, at fair value | 99,913 | 171,603 | 165,791 | 180,028 | 147,414 | |||||||||||||||
Investment securities held to maturity, at carrying value | 20,349 | 21,148 | 21,181 | 21,449 | 22,520 | |||||||||||||||
Restricted equity securities, at cost | 15,609 | 9,972 | 9,994 | 9,642 | 4,616 | |||||||||||||||
Loans held for sale | — | — | — | — | 57,006 | |||||||||||||||
Loans, net of allowance for loan losses of $11,697, $11,428, $11,133, $13,215, and $12,877, respectively | 1,341,760 | 1,246,331 | 1,256,436 | 1,299,169 | 1,230,379 | |||||||||||||||
Premises and equipment, net | 14,863 | 14,795 | 13,929 | 13,975 | 14,289 | |||||||||||||||
Other real estate owned, net | 775 | 1,158 | 1,158 | 1,180 | 1,180 | |||||||||||||||
Accrued interest and other receivables | 7,701 | 4,718 | 8,752 | 9,349 | 9,604 | |||||||||||||||
Computer software, net of amortization | 2,493 | 1,165 | — | — | — | |||||||||||||||
Bank owned life insurance | 36,241 | 35,987 | 35,736 | 25,518 | 25,341 | |||||||||||||||
Other assets | 14,499 | 16,605 | 18,433 | 12,722 | 23,288 | |||||||||||||||
Total Assets | $ | 1,647,402 | $ | 1,657,199 | $ | 1,707,695 | $ | 1,743,029 | $ | 1,643,165 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Non-interest bearing deposits | $ | 530,678 | $ | 475,157 | $ | 486,001 | $ | 492,463 | $ | 370,497 | ||||||||||
Interest bearing DDA deposits | 69,232 | 63,622 | 68,028 | 69,180 | 70,307 | |||||||||||||||
Savings and NOW deposits | 85,175 | 79,556 | 72,353 | 72,259 | 74,099 | |||||||||||||||
Money market deposits | 267,730 | 310,776 | 310,303 | 342,468 | 426,600 | |||||||||||||||
Time deposits | 459,148 | 485,255 | 528,247 | 561,772 | 496,743 | |||||||||||||||
Total deposits | 1,411,963 | 1,414,366 | 1,464,932 | 1,538,142 | 1,438,246 | |||||||||||||||
Subordinated debt | 29,294 | 40,635 | 40,576 | 14,841 | 14,834 | |||||||||||||||
Other liabilities | 17,357 | 18,169 | 22,559 | 17,868 | 22,420 | |||||||||||||||
Total Liabilities | 1,458,614 | 1,473,170 | 1,528,067 | 1,570,851 | 1,475,500 | |||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Preferred stock | 27,263 | 27,263 | 27,263 | 27,263 | 27,263 | |||||||||||||||
Common stock | 29,466 | 29,462 | 29,446 | 29,437 | 29,130 | |||||||||||||||
Capital surplus | 67,668 | 67,152 | 66,667 | 66,233 | 66,116 | |||||||||||||||
Retained earnings | 64,194 | 59,920 | 55,676 | 49,090 | 44,179 | |||||||||||||||
Accumulated other comprehensive income | 197 | 232 | 576 | 155 | 977 | |||||||||||||||
Total Stockholders' Equity | 188,788 | 184,029 | 179,628 | 172,178 | 167,665 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,647,402 | $ | 1,657,199 | $ | 1,707,695 | $ | 1,743,029 | $ | 1,643,165 | ||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME INFORMATION | ||||||||||||||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||||||||||||||
Year-to-Date | Three Months Ended | |||||||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | September 30, 2021 | June 30, | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
INTEREST INCOME: | ||||||||||||||||||||||||||||
Interest and fees on loans | $ | 61,743 | $ | 59,634 | $ | 15,532 | $ | 15,162 | $ | 15,257 | $ | 15,792 | $ | 15,933 | ||||||||||||||
Interest on investment securities | 2,322 | 2,007 | 610 | 585 | 597 | 530 | 519 | |||||||||||||||||||||
Interest on federal funds sold | 134 | 431 | 61 | 38 | 20 | 15 | 15 | |||||||||||||||||||||
Total interest income | 64,199 | 62,072 | 16,203 | 15,785 | 15,874 | 16,337 | 16,467 | |||||||||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||||||||||
Interest on interest bearing DDA deposits | 229 | 317 | 59 | 60 | 55 | 55 | 108 | |||||||||||||||||||||
Interest on savings and NOW deposits | 165 | 221 | 38 | 38 | 47 | 42 | 52 | |||||||||||||||||||||
Interest on money market deposits | 772 | 2,162 | 127 | 148 | 220 | 277 | 418 | |||||||||||||||||||||
Interest on time deposits | 7,613 | 12,322 | 1,574 | 1,795 | 1,994 | 2,250 | 2,583 | |||||||||||||||||||||
Interest on Federal Home Loan Bank advances and other borrowings | — | 107 | — | — | — | — | — | |||||||||||||||||||||
Interest on subordinated debt | 1,884 | 966 | 539 | 541 | 567 | 238 | 240 | |||||||||||||||||||||
Total interest expense | 10,663 | 16,095 | 2,337 | 2,582 | 2,883 | 2,862 | 3,401 | |||||||||||||||||||||
Net interest income | 53,536 | 45,977 | 13,866 | 13,203 | 12,991 | 13,475 | 13,066 | |||||||||||||||||||||
Provision for (recovery of) loan losses | (1,175) | 3,610 | 295 | 290 | (2,080) | 320 | (2,950) | |||||||||||||||||||||
Net interest income after provision for (recovery of) loan losses | 54,711 | 42,367 | 13,571 | 12,913 | 15,071 | 13,155 | 16,016 | |||||||||||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||||||||||||||
Deposit account service charges | 2,426 | 1,916 | 624 | 642 | 621 | 539 | 509 | |||||||||||||||||||||
Bank owned life insurance income | 900 | 779 | 253 | 252 | 218 | 177 | 183 | |||||||||||||||||||||
Loan swap fee income | 83 | 3,510 | 83 | — | — | — | 833 | |||||||||||||||||||||
Net gain on held-to-maturity securities | 6 | — | 3 | — | — | 3 | — | |||||||||||||||||||||
Net gain (loss) on sale of loans | 847 | 33 | 413 | (40) | 130 | 344 | — | |||||||||||||||||||||
Other fee income | 1,848 | 1,213 | 247 | 632 | 586 | 383 | 378 | |||||||||||||||||||||
Total other income | 6,110 | 7,451 | 1,623 | 1,486 | 1,555 | 1,446 | 1,903 | |||||||||||||||||||||
NON-INTEREST EXPENSES: | ||||||||||||||||||||||||||||
Salaries and employee benefits | 19,305 | 17,937 | 5,029 | 4,847 | 4,663 | 4,767 | 4,746 | |||||||||||||||||||||
Furniture and equipment expenses | 2,468 | 2,128 | 726 | 716 | 500 | 526 | 601 | |||||||||||||||||||||
Advertising and marketing | 1,565 | 1,003 | 450 | 438 | 402 | 275 | 290 | |||||||||||||||||||||
Occupancy expenses | 1,541 | 1,270 | 449 | 399 | 387 | 306 | 360 | |||||||||||||||||||||
Outside services | 1,394 | 959 | 485 | 292 | 280 | 336 | 263 | |||||||||||||||||||||
Administrative expenses | 685 | 674 | 192 | 202 | 141 | 150 | 166 | |||||||||||||||||||||
Other operating expenses | 5,907 | 6,287 | 1,389 | 1,567 | 1,500 | 1,449 | 1,732 | |||||||||||||||||||||
Total other expenses | 32,865 | 30,258 | 8,720 | 8,461 | 7,873 | 7,809 | 8,158 | |||||||||||||||||||||
Income before income tax expense | 27,956 | 19,560 | 6,474 | 5,938 | 8,753 | 6,792 | 9,761 | |||||||||||||||||||||
Income tax expense | 5,785 | 3,843 | 1,660 | 1,155 | 1,627 | 1,342 | 2,051 | |||||||||||||||||||||
Net Income | 22,171 | 15,717 | 4,814 | 4,783 | 7,126 | 5,450 | 7,710 | |||||||||||||||||||||
Preferred stock dividends | 2,156 | 635 | 539 | 539 | 539 | 539 | 635 | |||||||||||||||||||||
Net income available to common shareholders | $ | 20,015 | $ | 15,082 | $ | 4,275 | $ | 4,244 | $ | 6,587 | $ | 4,911 | $ | 7,075 | ||||||||||||||
Net income per common share, basic and diluted | $ | 2.65 | $ | 1.85 | $ | 0.56 | $ | 0.56 | $ | 0.87 | $ | 0.65 | $ | 0.92 | ||||||||||||||
Weighted average number of common shares, basic and diluted | 7,559,310 | 8,131,334 | 7,595,062 | 7,571,214 | 7,546,452 | 7,523,547 | 7,700,470 | |||||||||||||||||||||
UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | Percentage Change | |||||||||||||||||||||||||||||
$ Amount | % of Total | $ Amount | % of Total | $ Amount | % of Total | Last 3 Mos | Last 12 Mos | |||||||||||||||||||||||||
LOANS: | ||||||||||||||||||||||||||||||||
Construction and land development loans | $ | 337,173 | 24.8 | % | $ | 327,004 | 25.9 | % | $ | 324,906 | 26.0 | % | 3.1 | % | 3.8 | % | ||||||||||||||||
Residential real estate loans | 300,389 | 22.1 | % | 223,029 | 17.6 | % | 183,531 | 14.7 | % | 34.7 | % | 63.7 | % | |||||||||||||||||||
Commercial real estate loans | 534,188 | 39.3 | % | 494,766 | 39.1 | % | 466,898 | 37.4 | % | 8.0 | % | 14.4 | % | |||||||||||||||||||
Commercial industrial loans - Other | 105,675 | 7.8 | % | 102,747 | 8.1 | % | 94,847 | 7.6 | % | 2.8 | % | 11.4 | % | |||||||||||||||||||
Commercial industrial loans - PPP Loans | 58,339 | 4.3 | % | 88,534 | 7.0 | % | 135,180 | 10.8 | % | -34.1 | % | -56.8 | % | |||||||||||||||||||
Consumer loans | 23,171 | 1.7 | % | 27,740 | 2.3 | % | 44,073 | 3.5 | % | -16.5 | % | -47.4 | % | |||||||||||||||||||
Total Gross Loans | $ | 1,358,935 | 100.0 | % | $ | 1,263,820 | 100.0 | % | $ | 1,249,435 | 100.0 | % | 7.5 | % | 8.8 | % | ||||||||||||||||
Less: Allowance for loan losses | (11,697) | (11,428) | (12,877) | |||||||||||||||||||||||||||||
Net deferred loan fees | (5,478) | (6,061) | (6,179) | |||||||||||||||||||||||||||||
Net Loans | $ | 1,341,760 | $ | 1,246,331 | $ | 1,230,379 | ||||||||||||||||||||||||||
DEPOSITS: | ||||||||||||||||||||||||||||||||
Non-interest bearing demand deposits | $ | 530,678 | 37.6 | % | $ | 475,157 | 33.6 | % | $ | 370,497 | 25.8 | % | 11.7 | % | 43.2 | % | ||||||||||||||||
Interest-bearing demand deposits: | ||||||||||||||||||||||||||||||||
Demand deposits | 69,232 | 4.9 | % | 63,622 | 4.5 | % | 70,307 | 4.9 | % | 8.8 | % | -1.5 | % | |||||||||||||||||||
Savings and NOW deposits | 85,175 | 6.0 | % | 79,556 | 5.6 | % | 74,099 | 5.2 | % | 7.1 | % | 14.9 | % | |||||||||||||||||||
Money market accounts | 270,045 | 19.1 | % | 310,776 | 22.0 | % | 426,600 | 29.7 | % | -13.1 | % | -36.7 | % | |||||||||||||||||||
Certificates of deposit $250,000 or more | 285,395 | 20.2 | % | 295,454 | 20.9 | % | 213,077 | 14.8 | % | -3.4 | % | 33.9 | % | |||||||||||||||||||
Certificates of deposit less than $250,000 | 171,438 | 12.2 | % | 189,801 | 15.4 | % | 283,666 | 19.6 | % | -9.7 | % | -39.6 | % | |||||||||||||||||||
Total Deposits | $ | 1,411,963 | 100.0 | % | $ | 1,414,366 | 100.0 | % | $ | 1,438,246 | 100.0 | % | -0.2 | % | -1.8 | % | ||||||||||||||||
BORROWINGS: | ||||||||||||||||||||||||||||||||
Subordinated debt | 29,294 | 100.0 | % | 40,635 | 100.0 | % | 14,834 | 100.0 | % | -27.9 | % | 97.5 | % | |||||||||||||||||||
Total Borrowings | $ | 29,294 | 100.0 | % | $ | 40,635 | 100.0 | % | $ | 14,834 | 100.0 | % | -27.9 | % | 97.5 | % | ||||||||||||||||
Total Deposits and Borrowings | $ | 1,441,257 | $ | 1,455,001 | $ | 1,453,080 | -0.9 | % | -0.8 | % | ||||||||||||||||||||||
Core customer funding sources (1) | $ | 1,108,177 | 76.9 | % | $ | 1,097,948 | 75.5 | % | $ | 1,046,087 | 72.0 | % | 0.9 | % | 5.9 | % | ||||||||||||||||
Brokered and listing service sources (2) | 303,786 | 21.1 | % | 316,418 | 21.7 | % | 392,159 | 27.0 | % | -4.0 | % | -22.5 | % | |||||||||||||||||||
Subordinated debt (3) | 29,294 | 2.0 | % | 40,635 | 2.8 | % | 14,834 | 1.0 | % | -27.9 | % | 97.5 | % | |||||||||||||||||||
Total Funding Sources | $ | 1,441,257 | 100.0 | % | $ | 1,455,001 | 100.0 | % | $ | 1,453,080 | 100.0 | % | -0.9 | % | -0.8 | % | ||||||||||||||||
(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 December 31, 2021 | For the three months ended December 31, 2020 | |||||||||||||||||||||||
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) | $ | 1,277,828 | $ | 15,532 | 4.82 | % | $ | 1,311,726 | $ | 15,933 | 4.83 | % | ||||||||||||
Investment securities | 115,712 | 610 | 2.09 | % | 85,084 | 519 | 2.43 | % | ||||||||||||||||
Federal funds and interest-bearing deposits | 192,442 | 61 | 0.13 | % | 171,933 | 15 | 0.03 | % | ||||||||||||||||
Total interest earning assets | $ | 1,585,982 | $ | 16,203 | 4.05 | % | $ | 1,568,743 | $ | 16,467 | 4.18 | % | ||||||||||||
Other assets | 87,072 | 71,013 | ||||||||||||||||||||||
Total assets | $ | 1,673,054 | $ | 1,639,756 | ||||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 69,532 | $ | 59 | 0.34 | % | $ | 71,906 | $ | 108 | 0.60 | % | ||||||||||||
Savings and NOW deposits | 82,048 | 38 | 0.18 | % | 70,542 | 52 | 0.29 | % | ||||||||||||||||
Money market deposit accounts | 296,063 | 127 | 0.17 | % | 390,645 | 418 | 0.43 | % | ||||||||||||||||
Time deposits | 466,190 | 1,574 | 1.34 | % | 509,963 | 2,583 | 2.02 | % | ||||||||||||||||
Total interest-bearing deposits | $ | 913,833 | $ | 1,798 | 0.78 | % | $ | 1,043,056 | $ | 3,161 | 1.21 | % | ||||||||||||
Subordinated debt | 40,297 | 539 | 5.31 | % | 14,823 | 240 | 6.44 | % | ||||||||||||||||
FHLB borrowings | 1 | — | — | 4,511 | — | — | ||||||||||||||||||
Total interest-bearing liabilities | $ | 954,131 | $ | 2,337 | 0.97 | % | $ | 1,062,390 | $ | 3,401 | 1.27 | % | ||||||||||||
Demand deposits and other liabilities | 532,216 | 428,726 | ||||||||||||||||||||||
Total liabilities | $ | 1,486,347 | $ | 1,491,116 | ||||||||||||||||||||
Stockholders' Equity | 186,707 | 148,043 | ||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,673,054 | $ | 1,639,159 | ||||||||||||||||||||
Interest Rate Spread | 3.08 | % | 2.91 | % | ||||||||||||||||||||
Net Interest Income | $ | 13,866 | $ | 13,066 | ||||||||||||||||||||
Net Interest Margin | 3.47 | % | 3.31 | % | ||||||||||||||||||||
Net Interest Margin, excluding PPP loans(4) | 3.32 | % | 3.19 | % | ||||||||||||||||||||
(1) | Includes loans classified as non-accrual |
(2) | Includes average PPP balances of $74.1 million, related interest income of approximately $185,000, and $1.0 million in PPP fees recognized for the three months ended December 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 AVERAGE BALANCE SHEETS, INTEREST AND RATES | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
For the year ended December 31, 2021 | For the year ended December 31, 2020 | |||||||||||||||||||||||
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) | $ | 1,289,445 | $ | 61,743 | 4.79 | % | $ | 1,219,525 | $ | 59,634 | 4.89 | % | ||||||||||||
Investment securities | 99,902 | 2,322 | 2.32 | % | 76,414 | 2,007 | 2.63 | % | ||||||||||||||||
Federal funds and interest-bearing deposits | 216,436 | 134 | 0.06 | % | 135,688 | 431 | 0.32 | % | ||||||||||||||||
Total interest earning assets | $ | 1,605,783 | $ | 64,199 | 4.00 | % | $ | 1,431,627 | $ | 62,072 | 4.34 | % | ||||||||||||
Other assets | 79,357 | 66,561 | ||||||||||||||||||||||
Total assets | $ | 1,685,140 | $ | 1,498,188 | ||||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 67,897 | $ | 229 | 0.34 | % | $ | 37,431 | $ | 317 | 0.85 | % | ||||||||||||
Savings and NOW deposits | 74,975 | 165 | 0.22 | % | 66,028 | 221 | 0.33 | % | ||||||||||||||||
Money market deposit accounts | 333,160 | 772 | 0.23 | % | 314,398 | 2,162 | 0.69 | % | ||||||||||||||||
Time deposits | 498,001 | 7,613 | 1.53 | % | 535,116 | 12,322 | 2.30 | % | ||||||||||||||||
Total interest-bearing deposits | $ | 974,033 | $ | 8,779 | 0.90 | % | $ | 952,973 | $ | 15,022 | 1.58 | % | ||||||||||||
Subordinated debt | 33,953 | 1,884 | 5.55 | % | 14,820 | 966 | 6.52 | % | ||||||||||||||||
FHLB borrowings | — | — | — | 6,189 | 107 | 1.73 | % | |||||||||||||||||
Total interest-bearing liabilities | $ | 1,007,986 | $ | 10,663 | 1.06 | % | $ | 973,982 | $ | 16,095 | 1.65 | % | ||||||||||||
Demand deposits and other liabilities | 498,031 | 375,046 | ||||||||||||||||||||||
Total liabilities | $ | 1,506,017 | $ | 1,349,028 | ||||||||||||||||||||
Stockholders' Equity | 179,123 | 149,160 | ||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,685,140 | $ | 1,498,188 | ||||||||||||||||||||
Interest Rate Spread | 2.94 | % | 2.69 | % | ||||||||||||||||||||
Net Interest Income | $ | 53,536 | $ | 45,977 | ||||||||||||||||||||
Net Interest Margin | 3.33 | % | 3.21 | % | ||||||||||||||||||||
Net Interest Margin, excluding PPP loans(4) | 3.19 | % | 3.21 | % | ||||||||||||||||||||
(1) | Includes loans classified as non-accrual and loans held for sale |
(2) | Includes average PPP balances of $123.5 million, related interest income of approximately $1.2 million, and $5.0 million in PPP fees recognized for the year ended December 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 | At or For the Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Per share Data and Shares Outstanding | |||||||||||||||
Earnings per common share (basic and diluted) | $ | 0.56 | $ | 0.92 | $ | 2.65 | $ | 1.85 | |||||||
Book value per common share | $ | 21.27 | $ | 18.86 | $ | 21.27 | $ | 18.86 | |||||||
Tangible book value per common share(2) | $ | 20.94 | $ | 18.86 | $ | 20.94 | $ | 18.86 | |||||||
Weighted average common shares (basic and diluted) | 7,595,062 | 7,700,470 | 7,559,310 | 8,131,334 | |||||||||||
Common shares outstanding at end of period | 7,595,781 | 7,443,842 | 7,595,781 | 7,443,842 | |||||||||||
Performance Ratios | |||||||||||||||
Return on average assets (annualized) | 1.14 | % | 1.88 | % | 1.32 | % | 1.05 | % | |||||||
Return on average assets, excluding impact of PPP loans (annualized)(2) | 0.90 | % | 1.61 | % | 1.02 | % | 0.87 | % | |||||||
Return on average equity (annualized) | 10.23 | % | 18.44 | % | 12.38 | % | 10.54 | % | |||||||
Return on average common equity (annualized) | 10.63 | % | 20.05 | % | 13.18 | % | 10.68 | % | |||||||
Yield on earning assets (annualized) | 4.05 | % | 4.18 | % | 4.00 | % | 4.34 | % | |||||||
Cost of interest bearing liabilities (annualized) | 0.97 | % | 1.27 | % | 1.06 | % | 1.65 | % | |||||||
Net interest spread | 3.08 | % | 2.91 | % | 2.94 | % | 2.69 | % | |||||||
Net interest margin (annualized) | 3.47 | % | 3.31 | % | 3.33 | % | 3.21 | % | |||||||
Net interest margin, excluding PPP loans (annualized)(2) | 3.32 | % | 3.19 | % | 3.19 | % | 3.21 | % | |||||||
Noninterest income as a percentage of average assets (annualized) | 0.38 | % | 0.46 | % | 0.36 | % | 0.50 | % | |||||||
Noninterest expense to average assets (annualized) | 2.07 | % | 1.99 | % | 1.95 | % | 2.02 | % | |||||||
Efficiency ratio(3) | 56.31 | % | 54.50 | % | 55.10 | % | 56.67 | % | |||||||
Asset Quality | |||||||||||||||
Commercial real estate loans to total capital (4) | 367.88 | % | 365.80 | % | 367.88 | % | 365.80 | % | |||||||
Construction loans to total capital (5) | 148.30 | % | 171.42 | % | 148.30 | % | 171.42 | % | |||||||
Loans 30-89 days past due to total gross loans | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | |||||||
Loans 90 days past due to total gross loans | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||
Non-accrual loans to total gross loans | 0.00 | % | 0.01 | % | 0.00 | % | 0.01 | % | |||||||
Other real estate owned | $ | 775 | $ | 1,180 | $ | 775 | $ | 1,180 | |||||||
Non-performing assets | $ | 775 | $ | 1,330 | $ | 775 | $ | 1,330 | |||||||
Non-performing assets to total assets | 0.05 | % | 0.08 | % | 0.05 | % | 0.08 | % | |||||||
Non-performing assets to total assets, excluding PPP loans(2) | 0.05 | % | 0.09 | % | 0.05 | % | 0.09 | % | |||||||
Allowance for loan losses to total gross loans | 0.86 | % | 1.03 | % | 0.86 | % | 1.03 | % | |||||||
Allowance for loan losses to total loans, excluding PPP loans(2) | 0.90 | % | 1.16 | % | 0.90 | % | 1.16 | % | |||||||
Allowance for loan losses to non-performing assets | 15.09 | 9.68 | 15.09 | 9.68 | |||||||||||
Net loan charge-offs (recoveries) | $ | 26 | $ | (1,480) | $ | 5 | $ | 317 | |||||||
Net charge-offs (recoveries) to average gross loans (annualized) | 0.01 | % | (0.45) | % | 0.00 | % | 0.03 | % | |||||||
Net charge-offs (recoveries) to average gross loans, excluding PPP loans (annualized)(2) | 0.01 | % | (0.51) | % | 0.00 | % | 0.03 | % | |||||||
Regulatory Capital Ratios (Bank only) (1) | |||||||||||||||
Total risk-based capital ratio | 16.06 | % | 14.60 | % | 16.06 | % | 14.60 | % | |||||||
Tier 1 risk-based capital ratio | 15.23 | % | 13.61 | % | 15.23 | % | 13.61 | % | |||||||
Leverage ratio | 12.89 | % | 10.78 | % | 12.89 | % | 10.78 | % | |||||||
Common equity tier 1 ratio | 15.23 | % | 13.61 | % | 15.23 | % | 13.61 | % | |||||||
Other information | |||||||||||||||
Closing stock price | $ | 24.59 | $ | 16.91 | $ | 24.59 | $ | 16.91 | |||||||
Equity / assets | 11.46 | % | 10.20 | % | 11.46 | % | 10.20 | % | |||||||
Equity / assets, excluding PPP loans(2) | 11.88 | % | 11.12 | % | 11.88 | % | 11.12 | % | |||||||
Average equity / average assets | 11.16 | % | 9.96 | % | 10.63 | % | 10.00 | % | |||||||
Average equity / average assets, less average PPP loans(2) | 11.68 | % | 11.29 | % | 11.47 | % | 10.80 | % | |||||||
Number of full time equivalent employees | 138 | 126 | 138 | 126 | |||||||||||
# Full service branch offices | 6 | 7 | 6 | 7 | |||||||||||
(1) | Regulatory capital ratios as of December 31, 2021 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 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 December 31, | For the year ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Paycheck Protection Program adjustment impact | ||||||||||||||||
Loans held for investment (GAAP) | $ | 1,358,935 | $ | 1,249,435 | $ | 1,358,935 | $ | 1,249,435 | ||||||||
Less: PPP loans | 58,339 | 135,180 | 58,339 | 135,180 | ||||||||||||
Loans held for investment, excluding PPP (non-GAAP) | $ | 1,300,596 | $ | 1,114,255 | $ | 1,300,596 | $ | 1,114,255 | ||||||||
Average loans held for investment (GAAP) | $ | 1,203,764 | $ | 1,311,726 | $ | 1,165,907 | $ | 1,219,525 | ||||||||
Less: Average PPP loans | 74,064 | 157,787 | 123,538 | 116,690 | ||||||||||||
Average loans held for investment, excluding PPP (non-GAAP) | $ | 1,129,700 | $ | 1,153,939 | $ | 1,042,369 | 1,102,835 | |||||||||
For the three months ended December 31, | For the year ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net interest margin adjustment | ||||||||||||||||
Net interest income (GAAP) | $ | 13,866 | $ | 13,066 | $ | 53,536 | $ | 45,977 | ||||||||
Less: PPP fees recognized | 1,015 | 1,363 | 4,973 | 2,598 | ||||||||||||
Less: PPP interest income earned | 185 | 394 | 1,235 | 1,167 | ||||||||||||
Net interest income, excluding PPP income (non-GAAP) | 12,666 | 11,309 | 47,328 | 42,212 | ||||||||||||
Average interest earning assets (GAAP) | 1,585,982 | 1,568,743 | 1,605,783 | 1,431,627 | ||||||||||||
Less: average PPP loans | 74,064 | 157,787 | 123,538 | 116,690 | ||||||||||||
Average interest earning assets, excluding PPP (non-GAAP) | 1,511,918 | 1,410,956 | 1,482,245 | 1,314,937 | ||||||||||||
Net interest margin (GAAP) | 3.47 | % | 3.31 | % | 3.33 | % | 3.21 | % | ||||||||
Net interest margin, excluding PPP (non-GAAP) | 3.32 | % | 3.19 | % | 3.19 | % | 3.21 | % | ||||||||
For the three months ended December 31, | For the year ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Total asset adjustment | ||||||||||||||||
Total assets (GAAP) | $ | 1,647,402 | $ | 1,643,165 | $ | 1,647,402 | $ | 1,643,165 | ||||||||
Less: PPP loans | 58,339 | 135,180 | 58,339 | 135,180 | ||||||||||||
Total assets, excluding PPP loans (non-GAAP) | 1,589,063 | 1,507,985 | 1,589,063 | 1,507,985 | ||||||||||||
Total equity (GAAP) | 188,788 | 167,665 | 188,788 | 167,665 | ||||||||||||
Equity / assets, excluding PPP loans (non-GAAP) | 11.88 | % | 11.12 | % | 11.88 | % | 11.12 | % | ||||||||
Average asset adjustment | ||||||||||||||||
Average assets (GAAP) | 1,673,054 | 1,639,756 | 1,685,140 | 1,498,188 | ||||||||||||
Less: average PPP loans | 74,064 | 157,787 | 123,538 | 116,690 | ||||||||||||
Total average assets, excluding average PPP loans | 1,598,990 | 1,481,969 | 1,561,602 | 1,381,498 | ||||||||||||
Total average equity (GAAP) | 186,707 | 167,288 | 179,123 | 149,160 | ||||||||||||
Average equity / average assets, excluding average PPP loans (non-GAAP) | 11.68 | % | 11.29 | % | 11.47 | % | 10.80 | % | ||||||||
For the three months ended December 31, | For the year ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Return on Average Assets, adjusted | ||||||||||||||||
Net income (GAAP) | $ | 4,814 | $ | 7,710 | $ | 22,171 | $ | 15,717 | ||||||||
Less: PPP fees recognized | 1,015 | 1,363 | 4,973 | 2,598 | ||||||||||||
Less: PPP interest income earned | 185 | 394 | 1,235 | 1,167 | ||||||||||||
Net income, excluding PPP income (non-GAAP) | 3,614 | 5,953 | 15,963 | 11,952 | ||||||||||||
Average total assets | 1,673,054 | 1,639,756 | 1,685,140 | 1,498,188 | ||||||||||||
Less: average PPP loans | 74,064 | 157,787 | 123,538 | 116,690 | ||||||||||||
Average total assets, excluding PPP (non-GAAP) | 1,598,990 | 1,481,969 | 1,561,602 | 1,381,498 | ||||||||||||
Return on average assets, excluding PPP (non-GAAP) | 0.90 | % | 1.61 | % | 1.02 | % | 0.87 | % | ||||||||
For the three months ended December 31, | For the year ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Nonperforming Assets to total assets, adjusted | ||||||||||||||||
Total nonperforming assets (GAAP) | $ | 775 | $ | 1,330 | $ | 775 | $ | 1,330 | ||||||||
Total assets (GAAP) | 1,647,402 | 1,643,165 | 1,647,402 | 1,643,165 | ||||||||||||
Less: PPP loans | 58,339 | 135,180 | 58,339 | 135,180 | ||||||||||||
Total assets, excluding PPP loans (non-GAAP) | 1,589,063 | 1,507,985 | 1,589,063 | 1,507,985 | ||||||||||||
Nonperforming assets to total assets, excluding PPP loans (non-GAAP) | 0.05 | % | 0.09 | % | 0.05 | % | 0.09 | % | ||||||||
For the three months ended December 31, | For the year ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Allowance for loan losses, adjusted | ||||||||||||||||
Allowance for loan losses (GAAP) | $ | 11,697 | $ | 12,877 | $ | 11,697 | $ | 12,877 | ||||||||
Total gross loans (GAAP) | 1,358,935 | 1,249,435 | 1,358,935 | 1,249,435 | ||||||||||||
Less: PPP loans | 58,339 | 135,180 | 58,339 | 135,180 | ||||||||||||
Total gross loans, excluding PPP loans (non-GAAP) | 1,300,596 | 1,114,255 | 1,300,596 | 1,114,255 | ||||||||||||
Allowance for loan losses to total loans, excluding PPP (non-GAAP) | 0.90 | % | 1.16 | % | 0.90 | % | 1.16 | % | ||||||||
For the three months ended December 31, | For the year ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net charge-offs to average loans, adjusted | ||||||||||||||||
Total net charge-offs (recoveries) (GAAP) | $ | 26 | (1,480) | $ | 5 | $ | 317 | |||||||||
Total average gross loans (GAAP) | 1,203,764 | 1,311,726 | 1,165,907 | 1,219,525 | ||||||||||||
Less: average PPP loans | 74,064 | 157,787 | 123,538 | 116,690 | ||||||||||||
Total average gross loans, excluding PPP loans (non-GAAP) | 1,129,700 | 1,153,939 | 1,042,369 | 1,102,835 | ||||||||||||
Net charge-offs (recoveries) to average gross loans, excluding PPP (annualized) (non-GAAP) | 0.01 | % | (0.51) | % | 0.00 | % | 0.03 | % | ||||||||
For the three months ended December 31, | For the year ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Stockholders equity, adjusted | ||||||||||||||||
Total common stockholders equity | $ | 161,525 | 140,402 | $ | 161,525 | $ | 140,402 | |||||||||
Less: intangible assets | 2,493 | — | 2,493 | — | ||||||||||||
Tangible common stockholders equity | 159,032 | 140,402 | 159,032 | 140,402 | ||||||||||||
Shares outstanding | 7,595,781 | 7,443,842 | 7,595,781 | 7,443,842 | ||||||||||||
Tangible book value per common share | $ | 20.94 | $ | 18.86 | $ | 20.94 | $ | 18.86 | ||||||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/mainstreet-bancshares-inc-reports-another-record-year-301464569.html
SOURCE MainStreet Bancshares, Inc.
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