MainStreet Bancshares reports Q4 EPS ($2.20) vs. 61c a year ago

Tangible book value per common share was $23.77 from $23.86 at previous quarter end. Q4 net interest margin was 2.96% from 3.58% at previous quarter. Common equity tier 1 ratio was 14.64% from 16.22% a year ago. “At the end of 2024, the company impaired the full value of its capitalized intangible software. Despite this impairment, the software remains a component of our Avenu Banking-as-a-Service solution and will continue to be used to drive fintech partnerships to grow low-cost deposits and fee income,” said CEO Jeff Dick. “The end of 2024 was management’s first opportunity to review the Avenu platform’s performance, as it was only put into production during Q4. The delays in bringing Avenu to market and subsequent changes in the potential for revenue generation necessitated management’s review for impairment and resulting charge to earnings…” “During 2024, the company ended the year with a healthy net interest margin of 3.13%,” said Alex Vari, Chief Accountant. “Excess liquidity in the fourth quarter gave us the opportunity to exercise call options on higher-yielding term deposits and restructure our wholesale deposit position. This will further reduce our funding costs into 2025, and with expense management efforts will yield positive results for the company and for our shareholders.”