MainStreet Bancshares, Inc. Declares Quarterly Dividend of 10 Cents a Common Share

Rhea-AI Summary

MainStreet Bancshares Inc (Nasdaq: MNSB, MNSBP) announced a cash dividend of $0.10 per common share for the fourth quarter. Payment will occur on February 10, 2023, for shareholders of record as of February 3, 2023. In its 2022 earnings report, the company achieved a net income of $26.7 million, total assets of $1.9 billion, and deposits of $1.5 billion. The return on average equity was reported at 13.98% and earnings per share at $3.26, reflecting a strong financial position for continued growth in 2023.

Positive

• Net income of $26.7 million for 2022.
• Total assets reached $1.9 billion.
• Total deposits amounted to $1.5 billion.
• Return on average equity of 13.98%.

Negative

• None.

News Market Reaction – MNSB

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In the trading session that priced this news, MNSB gained 0.03%, reflecting a mild positive market reaction.

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To Be Paid February 10, 2023, to Shareholders of Record February 3, 2023

FAIRFAX, Va., Jan. 26, 2023 /PRNewswire/ -- The board of directors of MainStreet Bancshares Inc. (Nasdaq: MNSB) and (Nasdaq: MNSBP), the parent company of MainStreet Bank, declared a cash dividend of $0.10 per common share for the fourth quarter, to be paid on February 10, 2023, to shareholders of record as February 3, 2023. The board disclosed the dividend in a regulatory filing submitted to the U.S. Securities and Exchange Commission on January 19, 2023.

"We had our best year ever in 2022 with net income of $26.7 million, and we remain strongly capitalized and positioned for continued growth as we move into 2023," said Jeff W. Dick, Chairman and CEO of MainStreet Bancshares, Inc. and MainStreet Bank. "Our foundation is strong, and paying dividends is one of the ways we share profits and affirm our commitment to our shareholders."

MainStreet Bancshares reported 2022 financial results on January 23. It ended 2022 with total assets of $1.9 billion and total deposits of $1.5 billion. For the year, the Company reported a return on average equity of 13.98%, a return of average assets of 1.53%, and earnings per common share (basic and diluted) of $3.26.

ABOUT MAINSTREET BANK: MainStreet Bank operates six branches in Herndon, Fairfax, McLean, Leesburg, Clarendon, and Washington DC. MainStreet Bank has 55,000 free ATMs and a fully integrated online and mobile banking solution. Unrestricted by a conventional branching system, the Bank offers robust and easy-to-use online business banking technology and the ability to Put Our Bank in Your Office®, which thousands of businesses in the metropolitan area have done. MainStreet Bank has a robust line of business and professional lending products. 

MainStreet Bank also offers Avenu™, the only purpose-built embedded banking solution that connects our partners and their applications directly and seamlessly to our banking core. We are not a sponsor bank without our own technology, and we are not a middleware software company without our own bank.  Avenu™ is a leading-edge financial technology solution backed by MainStreet Bank, an established community business bank in the heart of Washington, DC. 

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

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SOURCE MainStreet Bancshares, Inc.

FAQ

What is the dividend payment date for MNSB?

The dividend payment date for MNSB is February 10, 2023.

What is the amount of the dividend declared by MainStreet Bancshares?

MainStreet Bancshares declared a dividend of $0.10 per common share.

What were the financial results for MainStreet Bancshares in 2022?

In 2022, MainStreet Bancshares reported a net income of $26.7 million and total assets of $1.9 billion.

How much was the earnings per share reported by MNSB?

MainStreet Bancshares reported earnings per share of $3.26 for 2022.

What is the return on average equity for MainStreet Bancshares?

The return on average equity for MainStreet Bancshares was 13.98% for 2022.