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MainStreet Bancshares Q2 net income $7.1 million

Christian Fernsby |
MainStreet Bancshares, the holding company for MainStreet Bank, reported net income of $7.1 million for the second quarter of 2021.

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This represents a 16.3% Return on Average Equity, a 1.7% Return on Average Assets, $0.87 per share of common stock (basic and diluted), and a book value of $20.18 per common share.

Net interest income of $13.0 million and noninterest income of $1.6 million for the quarter-ended June 30, 2021 are up 21% and 18% respectively from the same period in 2020.

The Company's cost of funds for the quarter-ended June 30, 2021 is 1.1%, which is improved 37% from the same period a year earlier. The Company remains focused on reducing funding costs, increasing fee income, and improving operating efficiency. The Company's efficiency ratio is 54% for the quarter-ended June 30, 2021, an 11% improvement from the 61% efficiency ratio reported for the same period a year ago.

Total assets were $1.7 billion on June 30, 2021, an increase of 12% from June 30, 2020. Net loans were $1.3 billion on June 30, 2021, which includes the SBA forgiveness of $55 million of Paycheck Protection Program loan balances during the quarter. Asset quality continues to be strong with non-performing assets representing 0.07% of total assets on June 30, 2021.

Non-interest bearing deposits represent a solid one-third of the $1.5 billion in total deposits as of June 30, 2021. In addition, 74% of the Company's total deposits are designated as "core deposits".

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