MainStreet Bancshares reports Q2 EPS , consensus 29c

Reports Q2 NII $30.66M, consensus $16.16M. Net interest margin was 3.15% vs. 4.24% a year ago. Tangible book value per common share was $23.72 from $22.73 at previous quarter. “We are now nine full quarters into the current interest rate cycle, and the entire industry has felt the effect of higher deposit costs. I’m happy to report that we experienced the softest impact this quarter, with our net interest margin settling in at a healthy 3.15%,” said CEO Jeff Dick. “We see signs of an improving net interest margin going forward, but FOMC actions or other unforeseen externalities could affect momentum”. “We remain focused on caring for our customers and meeting their continuing banking and borrowing needs while judiciously adding promising new relationships,” said Abdul Hersiburane, President of MainStreet Bank. “We’ve built our core customer funding sources up to 78% of total deposits.”