MainStreet Bancshares reports Q3 EPS vs. last year

Tangible book value per common share was $23.66 from $23.00 at previous quarter end. Common equity tier 1 ratio was15.97% vs. 15.83% a year ago. “Our Q3 annualized net interest margin was impacted by $984,000 in accrued interest income that was reversed in relation to loans placed on nonaccrual status,” said Alex Vari, Chief Accountant for MainStreet Bank. “This resulted in a quarterly net interest margin of 3.05% and a year-to-date net interest margin of 3.19%.” Net interest margin a year ago was 4.03%. Chris Johnston, Chief Credit Officer for MainStreet Bank, expanded, “this quarter showed the underlying strength of a portfolio shaped by a rigorous credit culture. The total principal losses incurred year-to-date 2024 approximates just 0.1% of total loans. Our lending team has demonstrated great resolve in addressing troubled loans, both by working with borrowers and by finding acceptable solutions minimizing the impact on shareholder value. With that, we expect the level of problem loans to improve from this point.”