Main Street Financial Services Corp. Announces Earnings for Second Quarter of 2025
Main Street Financial Services Corp. (OTCQX: MSWV) reported strong Q2 2025 results, with core net income of $4.1 million ($0.52 per share). The quarter showed robust growth with deposits increasing $52.9 million (17.9% annualized) and loans growing $29.8 million (10.5% annualized).
Key financial metrics include a net interest margin of 3.68%, up 99 basis points year-over-year, and improved asset quality with nonperforming loans decreasing to $4.7 million. The company reduced wholesale funding to $54 million (3.7% of assets) and declared a $0.14 per share cash dividend.
Following its May 2024 merger with Wayne Savings Bancshares, the combined entity now has total assets of $1.45 billion and operates 19 branch locations across Ohio and West Virginia.
Main Street Financial Services Corp. (OTCQX: MSWV) ha riportato risultati solidi per il secondo trimestre del 2025, con un utile netto core di 4,1 milioni di dollari (0,52 dollari per azione). Il trimestre ha mostrato una crescita robusta con depositi in aumento di 52,9 milioni di dollari (17,9% su base annua) e prestiti in crescita di 29,8 milioni di dollari (10,5% su base annua).
I principali indicatori finanziari includono un margine di interesse netto del 3,68%, in aumento di 99 punti base rispetto all'anno precedente, e un miglioramento della qualità degli attivi con prestiti non performanti ridotti a 4,7 milioni di dollari. La società ha ridotto il finanziamento all'ingrosso a 54 milioni di dollari (3,7% degli attivi) e ha dichiarato un dividendo in contanti di 0,14 dollari per azione.
A seguito della fusione di maggio 2024 con Wayne Savings Bancshares, l'entità combinata dispone ora di attivi totali per 1,45 miliardi di dollari e gestisce 19 filiali in Ohio e West Virginia.
Main Street Financial Services Corp. (OTCQX: MSWV) reportó sólidos resultados en el segundo trimestre de 2025, con un ingreso neto central de 4,1 millones de dólares (0,52 dólares por acción). El trimestre mostró un crecimiento robusto con depósitos que aumentaron 52,9 millones de dólares (17,9% anualizado) y préstamos que crecieron 29,8 millones de dólares (10,5% anualizado).
Los principales indicadores financieros incluyen un margen neto de interés del 3,68%, un aumento de 99 puntos básicos año tras año, y una mejora en la calidad de los activos con préstamos morosos que disminuyeron a 4,7 millones de dólares. La compañía redujo la financiación mayorista a 54 millones de dólares (3,7% de los activos) y declaró un dividendo en efectivo de 0,14 dólares por acción.
Tras su fusión en mayo de 2024 con Wayne Savings Bancshares, la entidad combinada ahora cuenta con activos totales de 1,45 mil millones de dólares y opera 19 sucursales en Ohio y West Virginia.
Main Street Financial Services Corp. (OTCQX: MSWV)는 2025년 2분기에 핵심 순이익 410만 달러(주당 0.52달러)를 기록하며 강력한 실적을 발표했습니다. 이번 분기는 예금이 5290만 달러(연율 17.9%) 증가하고 대출이 2980만 달러(연율 10.5%) 증가하는 등 견고한 성장을 보였습니다.
주요 재무 지표로는 전년 대비 99 베이시스 포인트 상승한 순이자마진 3.68%과 부실대출이 470만 달러로 감소하며 자산 건전성이 개선된 점이 있습니다. 회사는 도매 자금 조달을 5400만 달러(자산의 3.7%)로 줄였으며, 주당 0.14달러 현금 배당을 선언했습니다.
2024년 5월 Wayne Savings Bancshares와의 합병 이후, 합병 법인은 현재 총 자산 14억 5천만 달러를 보유하고 오하이오와 웨스트버지니아에 걸쳐 19개 지점을 운영하고 있습니다.
Main Street Financial Services Corp. (OTCQX : MSWV) a publié de solides résultats au deuxième trimestre 2025, avec un bénéfice net de base de 4,1 millions de dollars (0,52 dollar par action). Le trimestre a montré une croissance robuste avec des dépôts en hausse de 52,9 millions de dollars (17,9 % annualisé) et des prêts en augmentation de 29,8 millions de dollars (10,5 % annualisé).
Les principaux indicateurs financiers comprennent une marge nette d’intérêt de 3,68 %, en hausse de 99 points de base sur un an, et une amélioration de la qualité des actifs avec une baisse des prêts non performants à 4,7 millions de dollars. L’entreprise a réduit son financement de gros à 54 millions de dollars (3,7 % des actifs) et a déclaré un dividende en espèces de 0,14 dollar par action.
Suite à sa fusion en mai 2024 avec Wayne Savings Bancshares, l’entité combinée dispose désormais de 1,45 milliard de dollars d’actifs totaux et exploite 19 agences dans l’Ohio et la Virginie-Occidentale.
Main Street Financial Services Corp. (OTCQX: MSWV) meldete starke Ergebnisse für das zweite Quartal 2025 mit einem Kernnettoeinkommen von 4,1 Millionen US-Dollar (0,52 US-Dollar je Aktie). Das Quartal zeigte ein robustes Wachstum mit einer Einlagensteigerung von 52,9 Millionen US-Dollar (annualisiert 17,9%) und einem Kreditwachstum von 29,8 Millionen US-Dollar (annualisiert 10,5%).
Wichtige Finanzkennzahlen umfassen eine Nettozinsmarge von 3,68%, ein Anstieg um 99 Basispunkte im Jahresvergleich, sowie eine verbesserte Asset-Qualität mit rückläufigen notleidenden Krediten auf 4,7 Millionen US-Dollar. Das Unternehmen reduzierte die Wholesale-Finanzierung auf 54 Millionen US-Dollar (3,7% der Aktiva) und erklärte eine Bardividende von 0,14 US-Dollar je Aktie.
Nach der Fusion im Mai 2024 mit Wayne Savings Bancshares verfügt die kombinierte Einheit nun über Gesamtaktiva von 1,45 Milliarden US-Dollar und betreibt 19 Filialen in Ohio und West Virginia.
- Core net income increased to $4.1 million ($0.52 per share)
- Strong deposit growth of $52.9 million (17.9% annualized)
- Loan portfolio grew by $29.8 million (10.5% annualized)
- Net interest margin improved by 99 basis points to 3.68%
- Significant reduction in nonperforming loans from $6.1M to $4.7M
- Decreased reliance on wholesale funding by $15 million
- Increased noninterest expense of $8.3M, up $1.6M year-over-year
- One-time termination expenses of $0.5M incurred
- Cost of deposits increased 13 basis points to 2.37%
Business Highlights
- Core net income (non-GAAP) for the second quarter of 2025 totaled
$4.1 million , or$0.52 per common share - Deposit growth of
$52.9 million , or17.9% annualized, for the quarter ended June 30, 2025 - Loan growth of
$29.8 million , or10.5% annualized, for the quarter ended June 30, 2025 - Continued reduction of wholesale funding by
$15 million during the second quarter of 2025. The wholesale funding balance decreased to$54 million , or3.7% of assets, as of June 30, 2025. - Received regulatory approval to open retail branch office in St. Clairsville, Ohio, with an expected opening in Q3 2025
- Declared cash dividend of
$0.14 per share on July 11, 2025
WOOSTER, Ohio, July 24, 2025 (GLOBE NEWSWIRE) -- Main Street Financial Services Corp. (OTCQX: MSWV), (the “Company”), the holding company parent of Main Street Bank Corp. reported a net income of
The Company announced a merger of equals transaction with Wayne Savings Bancshares, Inc. (“Legacy Wayne”) on February 23, 2023. On May 31, 2024 (the “Merger Date”), the Company completed the transaction, forming a financial holding company with assets of
The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, Legacy Wayne was deemed the acquirer for financial reporting purposes, even though Main Street was the legal acquirer. Accordingly, Legacy Wayne’s historical financial statements are the historical financial statements of the combined company for all periods before the Merger Date. Our consolidated statements of income for the quarters ended June 30, 2024 and forward, include the results from Main Street on and after May 31, 2024. Results for periods before May 31, 2024, reflect only those of Legacy Wayne and do not include the consolidated statements of income of Main Street. Accordingly, comparisons of our results for the quarter ended June 30, 2025, with those of prior periods may not be meaningful. The number of shares issued and outstanding, earnings per share, dividends paid and all references to share quantities of Main Street have been retrospectively adjusted to reflect the equivalent number of shares issued in the Merger.
Mark Witmer, Chairman, President and CEO commented “Our core earnings this quarter highlight the strength of our banking franchise and the continued confidence of our customers. We remain focused on relationship-driven banking, disciplined risk management, and delivering long-term value to our shareholders.”
Second Quarter 2025 Financial Results
Net interest income was
A provision for credit losses and unfunded commitments of
Noninterest income totaled
Noninterest expense totaled
Provision for income taxes for the quarter ended June 30, 2025, was
June 30, 2025 Financial Condition
At June 30, 2025, the Company had total assets of
The allowance for credit losses was
Total nonperforming loans (NPLs) was
Improvement in Asset Quality Since Merger Announcement: The combined level of classified loans for Legacy Wayne and Main Street was
Total liabilities was
Total stockholders’ equity was
Main Street Financial Services Corp. is a holding company headquartered in Wooster, Ohio. Its primary subsidiary, Main Street Bank Corp. was founded in 1899 and provides full-service banking, commercial lending, and mortgage services across its branch infrastructure. Today, Main Street Bank Corp. operates 19 branch locations in Wooster, Ohio, Wheeling, West Virginia and other surrounding communities in Ohio and West Virginia. Additional information about Main Street Bank Corp. is available at www.mymainstreetbank.bank.
Non-GAAP Disclosure
This press release includes disclosures of the Company’s return on average equity, return on average assets, net income, and efficiency ratios which exclude amounts the Company views as unrelated to its normalized operations, including securities gains/losses, acquisition costs, restructuring costs, legal settlements, and system conversion costs. The financial measures are not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flow that excludes or includes amounts that are required to be disclosed by GAAP. The Company believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and the Company’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP.
Forward-Looking-Statements
This release contains forward-looking statements that are not historical facts and that are intended to be “forward-looking statements” as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company’s future operating results. When used in this release, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company’s loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company’s loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact Information:
Matthew Hartzler
Executive Vice President, Chief Financial Officer
(330) 264-5767
| MAIN STREET FINANCIAL SERVICES CORP. | ||||
| Condensed Consolidated Balance Sheets | ||||
| (Dollars in thousands, except share data - unaudited) | ||||
| June 30, 2025 | December 31, 2024 | |||
| ASSETS | ||||
| Cash and cash equivalents | ||||
| Securities, net (1) | 158,189 | 163,819 | ||
| Loans held for sale | 168 | - | ||
| Loans receivable, net | 1,161,450 | 1,113,900 | ||
| Federal Home Loan Bank stock | 4,567 | 5,924 | ||
| Premises & equipment, net | 7,884 | 8,013 | ||
| Bank-owned life insurance | 22,036 | 22,155 | ||
| Other assets | 42,096 | 41,368 | ||
| TOTAL ASSETS | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| Deposit accounts | ||||
| Other borrowings | 28,238 | 28,399 | ||
| Federal Home Loan Bank advances | 54,000 | 100,000 | ||
| Accrued interest payable and other liabilities | 12,371 | 14,239 | ||
| TOTAL LIABILITIES | 1,332,209 | 1,298,965 | ||
| Common stock (7,829,127 shares of | 7,829 | 7,801 | ||
| Additional paid-in capital | 56,656 | 56,387 | ||
| Retained earnings | 62,479 | 57,356 | ||
| Accumulated other comprehensive loss | (10,402) | (10,908) | ||
| TOTAL STOCKHOLDERS' EQUITY | 116,562 | 110,636 | ||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| (1) Includes available-for-sale and held-to-maturity classifications. | ||||
| Note: The December 31, 2024 Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of that date. | ||||
| MAIN STREET FINANCIAL SERVICES CORP. | |||||||||||||
| Condensed Consolidated Statements of Income | |||||||||||||
| (Dollars in thousands, except share data - unaudited) | |||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Interest income | $ | 20,698 | $ | 12,572 | $ | 40,096 | $ | 22,266 | |||||
| Interest expense | 8,241 | 6,185 | 16,114 | 10,826 | |||||||||
| Net interest income | 12,457 | 6,387 | 23,982 | 11,440 | |||||||||
| Provision for credit losses | 374 | 4,720 | 619 | 4,595 | |||||||||
| Net interest income after provision for credit losses | 12,083 | 1,666 | 23,363 | 6,845 | |||||||||
| Non-interest income | 906 | 716 | 1,725 | 1,394 | |||||||||
| Non-interest expense | |||||||||||||
| Salaries and employee benefits | 4,361 | 2,889 | 8,077 | 4,889 | |||||||||
| Net occupancy and equipment expense | 1,405 | 823 | 2,880 | 1,505 | |||||||||
| Federal deposit insurance premiums | 207 | 179 | 378 | 322 | |||||||||
| Franchise taxes | 105 | 180 | 210 | 307 | |||||||||
| Advertising and marketing | 190 | 150 | 360 | 218 | |||||||||
| Legal | 164 | 180 | 247 | 313 | |||||||||
| Professional fees | 365 | 1,163 | 724 | 1,293 | |||||||||
| ATM network | 132 | 266 | 212 | 395 | |||||||||
| Auditing and accounting | 132 | 121 | 308 | 193 | |||||||||
| Other | 1,247 | 772 | 2,426 | 1,222 | |||||||||
| Total non-interest expense | 8,308 | 6,723 | 15,822 | 10,657 | |||||||||
| Income (loss) before federal income taxes | 4,681 | (4,341 | ) | 9,266 | (2,418 | ) | |||||||
| Provision (benefit) for federal income taxes | 1,002 | (873 | ) | 1,958 | (489 | ) | |||||||
| Net income (loss) | $ | 3,679 | $ | (3,468 | ) | $ | 7,308 | $ | (1,929 | ) | |||
| Earnings (net loss) per share | |||||||||||||
| Basic | $ | 0.47 | $ | (0.68 | ) | $ | 0.94 | $ | (0.28 | ) | |||
| Diluted | $ | 0.47 | $ | (0.67 | ) | $ | 0.93 | $ | (0.27 | ) | |||
| MAIN STREET FINANCIAL SERVICES CORP. | ||||||||||||||||
| Selected Condensed Consolidated Financial Data | ||||||||||||||||
| (Dollars in thousands, except share data - unaudited) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| June | March | December | September | |||||||||||||
| 2025 | 2025 | 2024 | 2024 | |||||||||||||
| Interest and dividend income | $ | 20,699 | $ | 19,397 | $ | 19,138 | $ | 18,930 | ||||||||
| Interest expense | 8,241 | 7,872 | 8,531 | 8,308 | ||||||||||||
| Net interest income | 12,457 | 11,525 | 10,607 | 10,622 | ||||||||||||
| Provision for credit losses | 374 | 245 | 79 | 109 | ||||||||||||
| Net interest income after | ||||||||||||||||
| provision for credit losses | 12,083 | 11,280 | 10,528 | 10,513 | ||||||||||||
| Non-interest income | 906 | 819 | 1,165 | 1,600 | ||||||||||||
| Non-interest expense | 8,308 | 7,514 | 7,950 | 7,863 | ||||||||||||
| Income before federal income taxes | 4,681 | 4,585 | 3,744 | 4,251 | ||||||||||||
| Provision for federal income taxes | 1,002 | 956 | 558 | 804 | ||||||||||||
| Net income | $ | 3,679 | $ | 3,629 | $ | 3,186 | $ | 3,446 | ||||||||
| Earnings per share - basic | $ | 0.47 | $ | 0.47 | $ | 0.41 | $ | 0.44 | ||||||||
| Earnings per share - diluted | $ | 0.47 | $ | 0.47 | $ | 0.41 | $ | 0.44 | ||||||||
| Dividends per share | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 | ||||||||
| Return on average assets | 1.03 | % | 1.03 | % | 0.90 | % | 1.00 | % | ||||||||
| Return on average equity | 13.42 | % | 13.27 | % | 11.69 | % | 12.58 | % | ||||||||
| Shares outstanding at quarter end | 7,829,137 | 7,801,011 | 7,801,011 | 7,801,011 | ||||||||||||
| Book value per share | $ | 14.89 | $ | 14.73 | $ | 14.18 | $ | 14.27 | ||||||||
| Tangible equity per share | $ | 12.97 | $ | 12.73 | $ | 12.13 | $ | 12.15 | ||||||||
| Return on common tangible equity | 14.49 | % | 14.62 | % | 13.46 | % | 14.54 | % | ||||||||
| Three Months Ended | ||||||||||||||||
| June | March | December | September | |||||||||||||
| 2024 | 2024 | 2023 | 2023 | |||||||||||||
| Interest and dividend income | $ | 12,572 | $ | 9,694 | $ | 9,545 | $ | 9,078 | ||||||||
| Interest expense | 6,185 | 4,641 | 4,330 | 3,673 | ||||||||||||
| Net interest income | 6,387 | 5,053 | 5,215 | 5,405 | ||||||||||||
| Provision (benefit) for credit losses | 4,720 | (126 | ) | 4 | 138 | |||||||||||
| Net interest income after | ||||||||||||||||
| provision for credit losses | 1,666 | 5,179 | 5,211 | 5,267 | ||||||||||||
| Non-interest income | 716 | 678 | 1,017 | 691 | ||||||||||||
| Non-interest expense | 6,723 | 3,934 | 3,748 | 3,733 | ||||||||||||
| Income (loss) before federal income taxes | (4,341 | ) | 1,923 | 2,480 | 2,225 | |||||||||||
| Provision (benefit) for federal income taxes | (873 | ) | 384 | 443 | 452 | |||||||||||
| Net income (loss) | $ | (3,468 | ) | $ | 1,539 | $ | 2,037 | $ | 1,773 | |||||||
| Earnings (loss) per share - basic | $ | (0.68 | ) | $ | 0.40 | $ | 0.53 | $ | 0.46 | |||||||
| Earnings (loss) per share - diluted | $ | (0.67 | ) | $ | 0.40 | $ | 0.53 | $ | 0.46 | |||||||
| Dividends per share | $ | 0.13 | $ | 0.13 | $ | 0.13 | $ | 0.13 | ||||||||
| Return on average assets | (1.38 | %) | 0.76 | % | 1.02 | % | 0.91 | % | ||||||||
| Return on average equity | (17.16 | %) | 11.63 | % | 16.90 | % | 14.41 | % | ||||||||
| Shares outstanding at quarter end | 7,787,055 | 3,840,575 | 3,839,702 | 3,837,609 | ||||||||||||
| Book value per share | $ | 13.60 | $ | 13.81 | $ | 13.80 | $ | 12.40 | ||||||||
| Tangible equity per share | $ | 11.49 | $ | 13.36 | $ | 13.35 | $ | 11.95 | ||||||||
| Return on common tangible equity | (15.51 | %) | 12.00 | % | 15.90 | % | 15.46 | % | ||||||||
| MAIN STREET FINANCIAL SERVICES CORP. | ||||||||||||||||
| Non-GAAP reconciliation | ||||||||||||||||
| (Dollars in thousands, except per share data - unaudited) | ||||||||||||||||
| For three months ended | For the six months ended | |||||||||||||||
| June, | June, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net Income as reported - GAAP | $ | 3,679 | $ | (3,468 | ) | $ | 7,308 | $ | (1,929 | ) | ||||||
| Effect of merger related expenses (net of tax benefit) | - | 5,399 | - | 5,573 | ||||||||||||
| Effect of termination expenses (net of tax benefit) | 416 | - | 416 | - | ||||||||||||
| Net Income non-GAAP | $ | 4,095 | $ | 1,931 | $ | 7,724 | $ | 3,645 | ||||||||
| Earnings per share - GAAP | $ | 0.47 | $ | (0.68 | ) | $ | 0.94 | $ | (0.43 | ) | ||||||
| Effect of merger related expenses | - | 1.05 | - | 1.24 | ||||||||||||
| Effect of termination expenses | 0.05 | - | 0.05 | - | ||||||||||||
| Earnings per share non-GAAP | $ | 0.52 | $ | 0.38 | $ | 0.99 | $ | 0.81 | ||||||||
| Return on average assets - GAAP | 1.03 | % | -1.38 | % | 1.03 | % | -0.43 | % | ||||||||
| Effect of merger related expenses | - | 2.15 | % | - | 1.24 | % | ||||||||||
| Effect of termination expenses | 0.12 | % | - | 0.06 | % | - | ||||||||||
| Return on average assets non-GAAP | 1.14 | % | 0.77 | % | 1.09 | % | 0.81 | % | ||||||||
| Return on average equity - GAAP | 13.42 | % | -17.16 | % | 13.34 | % | -6.24 | % | ||||||||
| Effect of merger related expenses | - | 26.72 | % | - | 18.02 | % | ||||||||||
| Effect of termination expenses | 1.52 | % | - | 0.76 | % | - | ||||||||||
| Return on average equity non-GAAP | 14.94 | % | 9.56 | % | 14.10 | % | 11.78 | % | ||||||||
| Efficiency Ratio - GAAP | 62.17 | % | 94.65 | % | 61.55 | % | 83.04 | % | ||||||||
| Effect of merger related expenses | - | -29.42 | % | - | -18.00 | % | ||||||||||
| Effect of termination expenses | -3.11 | % | - | -1.62 | % | - | ||||||||||
| Efficiency Ratio non-GAAP | 59.06 | % | 65.23 | % | 59.93 | % | 65.04 | % | ||||||||
FAQ
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