Mainstreet Bancshares Inc - MNSB STOCK NEWS

MainStreet Bancshares, Inc. (Nasdaq: MNSB, MNSBP) reported a record net income of $8.2 million for Q1 2023, a 50% increase compared to the same quarter in 2022. The data reflects a 1.75% ROAA, 4.69% NIM, and $1.01 EPS. The loan portfolio grew 14.4% to $1.62 billion, while total deposits climbed 13.8% to $1.63 billion. The net interest income surged 38.8% to $21.1 million. Despite challenges in the banking sector, the bank's risk management has proven robust, with zero nonperforming assets. The efficiency ratio improved to 53%. The launch of Avenu™, a fintech platform expected to boost deposit growth, is on track for April 30, 2023.

MainStreet Bancshares, Inc. (NASDAQ: MNSB, MNSBP) has announced two strategic appointments within its technology team to enhance its focus on digital transformation. Andrew Stoutenburgh has been appointed Senior Vice President and Chief Technology Officer, while Matt McCrory is promoted to Senior Vice President and Chief Information Security Officer. These moves reflect the bank's commitment to innovation and risk management amidst evolving market dynamics. MainStreet Bank has a history of technology leadership, previously pioneering remote banking services since its inception in 2004. The bank operates six branches in Virginia and Washington D.C., with assets totaling $1.9 billion.

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.

MainStreet Bancshares reported a record net income of $26.7 million for 2022, marking a 20.3% increase from the previous year. The return on average equity stood at 13.98% and net interest margin (NIM) reached 4.19%, up 84 basis points year-over-year. Net interest income also rose to $70 million, a 30.8% increase. The loan portfolio grew 17.8% to $1.58 billion, with zero nonperforming assets. Total assets increased 16.9% to $1.93 billion. The efficiency ratio improved to 52%. The company made significant strides with its Avenu™ banking software, onboarding its first client.

MainStreet Bancshares Inc. (NASDAQ: MNSB) declared a cash dividend of $0.10 per common share for Q3 2022, set for payment on November 10, 2022, to shareholders of record on November 4, 2022. This marks an increase from $0.05 per share in Q2. The company's total assets reached $1.9 billion and total deposits $1.6 billion as of September 30, 2022. Chairman and CEO Jeff W. Dick reported record earnings, highlighting the bank's strong financial performance and commitment to rewarding shareholders through increased dividends.