MainStreet Bancshares Inc
For the period ended Sep 30, 2024. Filed Nov 13, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 13, 2024
MNSB$21.72-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. – Consolidated Financial Statements
Item** 1–** Consolidated Financial Statements**–** Unaudited**
MAINSTREET BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition as of September 30, 2024 and December 31, 2023 (Dollars in thousands, except share data)
| At September 30, 2024 (unaudited) | At December 31, 2023 (*) | |
|---|---|---|
| Assets | ||
| Cash and due from banks | $40,955 | $53,581 |
| Federal funds sold | 191,159 | 60,932 |
| Cash and cash equivalents | 232,114 | 114,513 |
| Investment securities available-for-sale, at fair value | 58,489 | 59,928 |
| Investment securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0, respectively. | 16,016 | 17,275 |
| Restricted securities, at amortized cost | 26,745 | 24,356 |
| Loans, net of allowance for credit losses of $18,327 and $16,506, respectively | 1,775,558 | 1,705,137 |
| Premises and equipment, net | 13,571 | 13,944 |
| Accrued interest and other receivables | 11,077 | 12,390 |
| Bank owned life insurance | 39,203 | 38,318 |
| Computer software, net of amortization | 18,881 | 14,657 |
| Other assets | 32,945 | 34,914 |
| Total Assets | $2,224,599 | $2,035,432 |
| Liabilities and Stockholders’ Equity | ||
| Liabilities | ||
| Non-interest bearing demand deposits | $347,575 | $364,606 |
| Interest bearing demand deposits | 197,527 | 137,128 |
| Savings and NOW deposits | 61,893 | 45,878 |
| Money market deposits | 451,936 | 442,179 |
| Time deposits | 834,738 | 696,336 |
| Total deposits | 1,893,669 | 1,686,127 |
| Federal funds purchased | — | 15,000 |
| Subordinated debt, net | 72,940 | 72,642 |
| Allowance for credit losses on off-balance sheet credit exposure | 145 | 1,009 |
| Other liabilities | 31,794 | 39,137 |
| Total Liabilities | 1,998,548 | 1,813,915 |
| Stockholders’ Equity | ||
| Preferred stock, $1.00 par value, 2,000,000 shares authorized; 28,750 shares issued and outstanding at September 30, 2024 and December 31, 2023 | 27,263 | 27,263 |
| Common stock, $4.00 par value, 10,000,000 shares authorized; issued and outstanding 7,602,783 shares (including 237,286 nonvested shares) at September 30, 2024 and 7,527,415 shares (including 228,300 nonvested shares) at December 31, 2023 | 29,463 | 29,198 |
| Capital surplus | 67,083 | 65,985 |
| Retained earnings | 108,616 | 106,549 |
| Accumulated other comprehensive loss | (6,374) | (7,478) |
| Total Stockholders’ Equity | 226,051 | 221,517 |
| Total Liabilities and Stockholders’ Equity | $2,224,599 | $2,035,432 |
- Derived from audited consolidated financial statements.
Unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 (Dollars in thousands, except per share data)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Interest Income | ||||
| Interest and fees on loans | $31,615 | $29,822 | $93,852 | $85,530 |
| Interest and dividends on investments securities | ||||
| Mortgage-backed securities | 85 | 108 | 281 | 308 |
| Tax-exempt obligations of states and political subdivisions | 294 | 268 | 832 | 797 |
| Taxable obligations of states and political subdivisions | 64 | 64 | 192 | 192 |
| Other | 248 | 287 | 789 | 884 |
| Interest on federal funds sold and interest-bearing deposits | 1,285 | 1,217 | 3,550 | 3,528 |
| Total Interest Income | 33,591 | 31,766 | 99,496 | 91,239 |
| Interest Expense | ||||
| Interest on interest bearing DDA deposits | 2,117 | 216 | 6,049 | 761 |
| Interest on savings and NOW deposits | 206 | 145 | 553 | 400 |
| Interest on money market deposits | 5,277 | 4,068 | 15,911 | 8,091 |
| Interest on time deposits | 9,543 | 7,516 | 27,361 | 18,719 |
| Interest on federal funds purchased | 277 | 35 | 575 | 274 |
| Interest on Federal Home Loan Bank advances | — | 186 | 46 | 1,105 |
| Interest on subordinated debt | 828 | 828 | 2,468 | 2,460 |
| Total Interest Expense | 18,248 | 12,994 | 52,963 | 31,810 |
| Net Interest Income | 15,343 | 18,772 | 46,533 | 59,429 |
| Provision For (Recovery of) Credit Losses - Loans | 3,125 | (98) | 4,220 | 934 |
| (Recovery of) provision for Credit Losses - Off-Balance Sheet Credit Exposure | (212) | 353 | (864) | 242 |
| Net Interest Income After Provision For (Recovery of) Credit Losses | 12,430 | 18,517 | 43,177 | 58,253 |
| Non-Interest Income | ||||
| Deposit account service charges | 557 | 514 | 1,516 | 1,639 |
| Bank owned life insurance income | 302 | 272 | 885 | 786 |
| Net loss on securities called | — | — | (48) | — |
| Other fee income | 27 | 105 | 93 | 158 |
| Total Non-Interest Income | 886 | 891 | 2,446 | 2,583 |
| Non-Interest Expense | ||||
| Salaries and employee benefits | 7,250 | 6,924 | 22,222 | 21,139 |
| Furniture and equipment expenses | 931 | 713 | 2,806 | 1,983 |
| Advertising and marketing | 579 | 577 | 1,599 | 2,072 |
| Occupancy expenses | 407 | 375 | 1,257 | 1,287 |
| Outside services | 845 | 697 | 2,458 | 1,691 |
| Administrative expenses | 215 | 277 | 686 | 703 |
| Other operating expenses | 2,992 | 1,988 | 7,508 | 5,404 |
| Total Non-Interest Expense | 13,219 | 11,551 | 38,536 | 34,279 |
| Income Before Income Taxes (Benefit) | 97 | 7,857 | 7,087 | 26,557 |
| Income Tax Expense (Benefit) | (168) | 1,516 | 900 | 5,119 |
| Net Income | $265 | $6,341 | $6,187 | $21,438 |
| Preferred Stock Dividends | 539 | 539 | 1,617 | 1,617 |
| Net Income (Loss) Available to Common Shareholders | $(274) | $5,802 | $4,570 | $19,821 |
| Earnings (Loss) Per Common Share: | ||||
| Basic | $(0.04) | $0.77 | $0.60 | $2.64 |
| Diluted | $(0.04) | $0.77 | $0.60 | $2.64 |
Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 (Dollars in thousands)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Comprehensive Income, net of taxes | ||||
| Net Income | $265 | $6,341 | $6,187 | $21,438 |
| Other comprehensive income (loss), net of tax expense (benefit): | ||||
| Unrealized gain (loss) on available for sale securities arising during the period (net of tax expense (benefit), $498 and ($687), respectively, for the three months ended September 30, and $355 and ($687), respectively for the nine months ended September 30). | 1,669 | (2,465) | 1,104 | (2,268) |
| Add: reclassification adjustment for amortization of unrealized losses on securities transferred from available for sale to held to maturity (net of tax, $0 and $0, respectively, for the three months ended September 30, and $0 and $1, respectively, for the nine months ended September 30). | — | 2 | — | 5 |
| Other comprehensive (loss) income | 1,669 | (2,463) | 1,104 | (2,263) |
| Comprehensive Income | $1,934 | $3,878 | $7,291 | $19,175 |
Unaudited Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2024 and 2023 (Dollars in thousands)
| Accumulated Other | ||||||
|---|---|---|---|---|---|---|
| Preferred · Common · Capital · Retained · Comprehensive | ||||||
| Stock | Stock | Surplus | Earnings | Income (Loss) | Total | |
| Balance, June 30, 2024 | $27,263 | $29,452 | $66,392 | $109,651 | $(8,043) | $224,715 |
| Vesting of restricted stock | — | 11 | (11) | — | — | — |
| Stock based compensation expense | — | — | 702 | — | — | 702 |
| Dividends on preferred stock - ($0.47 per depositary share) | — | — | — | (539) | — | (539) |
| Dividends on common stock - ($0.10 per share) | — | — | — | (761) | — | (761) |
| Net income | — | — | — | 265 | — | 265 |
| Other comprehensive income | — | — | — | — | 1,669 | 1,669 |
| Balance, September 30, 2024 | $27,263 | $29,463 | $67,083 | $108,616 | $(6,374) | $226,051 |
| Accumulated Other | ||||||
|---|---|---|---|---|---|---|
| Preferred · Common · Capital · Retained · Comprehensive | ||||||
| Stock | Stock | Surplus | Earnings | Income (Loss) | Total | |
| Balance, December 31, 2023 | $27,263 | $29,198 | $65,985 | $106,549 | $(7,478) | $221,517 |
| Cumulative change in accounting principle (Note 1) | — | — | — | (217) | — | (217) |
| Vesting of restricted stock | — | 432 | (432) | — | — | — |
| Stock based compensation expense | — | — | 2,082 | — | — | 2,082 |
| Common stock repurchased | — | (167) | (552) | — | — | (719) |
| Dividends on preferred stock - ($1.41 per depositary share) | — | — | — | (1,617) | — | (1,617) |
| Dividends on common stock - ($0.30 per share) | — | — | — | (2,286) | — | (2,286) |
| Net income | — | — | — | 6,187 | — | 6,187 |
| Other comprehensive income | — | — | — | — | 1,104 | 1,104 |
| Balance, September 30, 2024 | $27,263 | $29,463 | $67,083 | $108,616 | $(6,374) | $226,051 |
| Accumulated Other | ||||||
|---|---|---|---|---|---|---|
| Preferred · Common · Capital · Retained · Comprehensive | ||||||
| Stock | Stock | Surplus | Earnings | Loss | Total | |
| Balance, June 30, 2023 | $27,263 | $29,177 | $64,768 | $97,646 | $(8,346) | $210,508 |
| Vesting of restricted stock | — | 11 | (11) | — | — | — |
| Stock based compensation expense | — | — | 650 | — | — | 650 |
| Dividends on preferred stock - ($0.47 per depositary share) | — | — | — | (539) | — | (539) |
| Dividends on common stock - ($0.10 per share) | — | — | — | (754) | — | (754) |
| Net income | — | — | — | 6,341 | — | 6,341 |
| Other comprehensive loss | — | — | — | — | (2,463) | (2,463) |
| Balance, September 30, 2023 | $27,263 | $29,188 | $65,407 | $102,694 | $(10,809) | $213,743 |
| Accumulated Other | ||||||
|---|---|---|---|---|---|---|
| Preferred · Common · Capital · Retained · Comprehensive | ||||||
| Stock | Stock | Surplus | Earnings | Loss | Total | |
| Balance, December 31, 2022 | $27,263 | $28,736 | $63,999 | $86,830 | $(8,546) | $198,282 |
| Cumulative change in accounting principle | — | — | — | (1,699) | — | (1,699) |
| Vesting of restricted stock | — | 460 | (460) | — | — | — |
| Stock based compensation expense | — | — | 1,903 | — | — | 1,903 |
| Common stock repurchased | — | (8) | (35) | — | — | (43) |
| Dividends on preferred stock - ($1.41 per depositary share) | — | — | — | (1,617) | — | (1,617) |
| Dividends on common stock - ($0.30 per share) | — | — | — | (2,258) | — | (2,258) |
| Net income | — | — | — | 21,438 | — | 21,438 |
| Other comprehensive loss | — | — | — | — | (2,263) | (2,263) |
| Balance, September 30, 2023 | $27,263 | $29,188 | $65,407 | $102,694 | $(10,809) | $213,743 |
Unaudited Consolidated Statements of Cash Flows (Dollars in thousands)
| For the nine months ended September 30, | 2024 | 2023 |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Net income | $6,187 | $21,438 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation, amortization, and accretion, net | 2,531 | 1,684 |
| Amortization of right-of-use assets | 376 | 239 |
| Deferred income tax expense (benefit) | (38) | 238 |
| Loss on securities called | 48 | — |
| Gain on disposal of premises and equipment | (49) | (129) |
| Provision for credit losses, net | 3,356 | 1,176 |
| Stock based compensation expense | 2,082 | 1,903 |
| Income from bank owned life insurance | (885) | (786) |
| Subordinated debt amortization expense | 298 | 298 |
| Loss on New Market Tax Credit investment operations | — | 176 |
| Change in: | ||
| Accrued interest receivable and other receivables | 1,313 | (1,597) |
| Other assets | 222 | (5,520) |
| Other liabilities | (6,154) | 7,188 |
| Net cash provided by operating activities | 9,287 | 26,308 |
| Cash Flows from Investing Activities | ||
| Activity in available-for-sale securities: | ||
| Payments | 2,097 | 2,666 |
| Calls | 945 | — |
| Purchases | (445) | — |
| Activity in held-to-maturity securities: | ||
| Calls | 1,200 | — |
| Purchases of equity securities | (3,614) | (231) |
| Purchases of restricted investment in bank stock | (1,624) | (5,974) |
| Redemption of restricted investment in bank stock | 1,425 | 9,339 |
| Net increase in loan portfolio | (96,444) | (103,323) |
| Proceeds from sale of loans | 21,803 | — |
| Proceeds from sale of premises and equipment | 145 | 129 |
| Purchase of premises and equipment | (870) | (490) |
| Computer software developed | (4,224) | (4,224) |
| Net cash used in investing activities | (79,606) | (102,108) |
| Cash Flows from Financing Activities | ||
| Net decrease in non-interest bearing demand deposits | (17,031) | (155,831) |
| Net increase in interest bearing demand, savings, and time deposits | 224,573 | 326,132 |
| Net decrease in Federal Home Loan Bank advances | — | (100,000) |
| Net decrease in federal funds purchased | (15,000) | — |
| Cash dividends paid on preferred stock | (1,617) | (1,617) |
| Cash dividends paid on common stock | (2,286) | (2,258) |
| Repurchases of common stock | (719) | (43) |
| Net cash provided by financing activities | 187,920 | 66,383 |
| Increase (decrease) in Cash and Cash Equivalents | 117,601 | (9,417) |
| Cash and Cash Equivalents, beginning of period | 114,513 | 130,600 |
| Cash and Cash Equivalents, end of period | $232,114 | $121,183 |
| Supplementary Disclosure of Cash Flow Information | ||
| Cash paid during the period for interest | $52,038 | $29,581 |
| Cash paid during the period for income taxes | $1,250 | $6,180 |
| Net unrealized gain (loss) on securities available-for-sale | $1,459 | $(2,955) |
| Net cumulative change in accounting principle | $(217) | $(1,699) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.