Company's Net Income Climbs 20% to
$26.7 Million; NIM Reaches
4.19%
FAIRFAX,
Va., Jan. 23, 2023 /PRNewswire/ -- MainStreet
Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company
for MainStreet Bank, reported record net income of $26.7 million for 2022, a 20.3% increase from a
year earlier. Year-end results represent:
- 13.98% return on average equity
- 1.53% return on average assets
- 4.19% net interest margin
- $3.26 earnings per common
share (basic and diluted)
- $21.75 tangible book value per
common share
There is no doubt that 2022 was a banner
year for the Company.
"There is no doubt that 2022 was a banner year for the Company,"
said Jeff W. Dick, Chairman and CEO
of MainStreet Bancshares Inc. and MainStreet Bank. "Quarter to
quarter, we set performance records in nearly every activity and
metric. We achieved this while maintaining our strong focus on
credit quality and while building Avenu™, our innovative embedded
banking software solution. The markets rewarded our upward
momentum, efficiency, and focus on innovation with solid interest
in our shares and improved valuations."
Net interest income reached $70
million in 2022, up 30.8% from the previous year's
$53.5 million. As the Federal
Reserve undertook seven interest rate increases in 2022, MainStreet
Bank benefited from having an asset-sensitive balance sheet. This
drove the average net interest margin (NIM) higher by 84 basis
points to 4.19% for the year ended December
31, 2022, versus 3.35% a year earlier. On a quarterly basis,
the NIM widened to 4.70% in the fourth quarter of 2022, up from
3.49% in the prior year's fourth quarter.
"We came into 2022 extremely well prepared for the interest rate
hikes that materialized," said Thomas J.
Chmelik, Chief Financial Officer of MainStreet Bancshares
Inc. and MainStreet Bank. "As we enter 2023, we anticipate fewer
and smaller rate hikes as the Fed makes progress toward dampening
inflation, and this should yield somewhat more level interest rates
this year. We are now taking steps to position our balance sheet
accordingly." He noted that the level of Accumulated Other
Comprehensive Income (AOCI) for the Company remains low, at -4.3%
of total capital.
The loan portfolio grew 17.8% to $1.58
billion in 2022, up from $1.34
billion at the end of 2021. Loan quality remained
exceptional, with zero nonperforming assets. Total deposits climbed
7% to $1.51 billion, up from
$1.41 billion at the end of 2021.
Non-interest-bearing deposits represent 36.4% of the total, and 69%
of total deposits are core deposits. The bank's total assets grew
16.9% to reach $1.93 billion at
year-end 2022, versus $1.65 billion a
year earlier.
"We continue to experience solid commercial loan demand and
deposit growth in our DC Metro market, and loan demand was
particularly brisk in the fourth quarter," said Abdul Hersiburane,
President of MainStreet Bank. "Our local economy is supported
by a technologically advanced workforce and a large and steady
federal employment base, and these factors mitigate the effects of
any slowdown. We remain encouraged by the opportunities that we see
to serve our community's growing businesses and organizations.
Because we maintain rigorous underwriting standards, our credit
quality remains pristine."
The Company's efficiency ratio improved to 52% for the year,
from 55% at the end of 2021. This improvement occurred even as the
Company was making significant investments in Avenu™, with the
hiring process accelerating as the subsidiary moves toward being
fully operational in 2023.
Avenu™ Makes Major Strides, Onboards First
Client
Avenu™ continues to make strides and has onboarded
its first customer into its sandbox. In recent weeks Avenu™ has
stood up its production site and is in the process of finalizing
vendor certifications and conducting end-to-end testing. Avenu™
connects partners and their apps directly and seamlessly to
MainStreet Bank's banking core. These developments bring Avenu™
several steps closer to its objective of accelerating MainStreet
Bank's deposit growth to support expanded lending.
"As technology evolves, consumers expect to be able to conduct
transactions seamlessly using apps offered by communities they are
part of and merchants they patronize regularly," said Todd Youngren, president of Avenu™. "We created
Avenu™ to be a gateway to the fast, simple, secure payments that
our clients' end users demand, and we are excited to 'go live' with
our first client."
Chairman and CEO Jeff W. Dick
elaborated: "In creating Avenu™, we sought to ensure that our
partners and their consumers have a flawless experience with the
banking services we provide them. Our emphasis on getting
compliance right is critical. Our innovative approach ensures that
our partners can connect to the core system of a reliable bank with
well-honed instincts about regulatory compliance and a clear line
of sight into any emerging risks."
ABOUT AVENU™
Avenu™ — Banking
Delivered
Avenu™ is the only embedded banking solution that
connects our partners and their apps directly and seamlessly to a
banking core — MainStreet Bank's banking core. We are not a sponsor
bank without our own technology, and we are not a middleware
software company (aggregator) without our own bank. We are Avenu™,
a leading financial technology company backed by an established
community business bank in the heart of Washington, D.C.
Avenu™ — Serving a Community of Innovation
Our clients
are fintechs, application developers, money movers, and
entrepreneurs. They all have one thing in common: They are
innovating how money moves to solve real-world issues and help
communities thrive. We are focused on servicing our community and
long-term business relationships.
ABOUT MAINSTREET BANK: MainStreet operates six
branches in Herndon, Fairfax, McLean, Leesburg, Clarendon, and Washington, D.C. MainStreet Bank has 55,000
free ATMs and a fully integrated online and mobile banking
solution. The Bank is not restricted by a conventional branching
system, as it can offer business customers the ability
to Put Our Bank in Your Office®. With
robust and easy-to-use online business banking technology,
MainStreet has "put our bank" in thousands of businesses in the
metropolitan area.
MainStreet Bank has a robust line of business and professional
lending products, including government contracting lines of credit,
commercial lines and term loans, residential and commercial
construction, and commercial real estate. MainStreet also works
with the SBA to offer 7A and 504 lending solutions. From
sophisticated cash management to enhanced mobile banking and
instant-issue Debit Cards, MainStreet Bank is always looking for
ways to improve our customer's experience.
MainStreet Bank was the first community bank in the Washington, D.C., metropolitan area to offer a
full online business banking solution. MainStreet Bank was also the
first bank headquartered in the Commonwealth of Virginia to offer CDARS – a solution that
provides multi-million-dollar FDIC insurance. Further information
on the Bank can be obtained by visiting its website
at mstreetbank.com.
Contact: Debra Cope
Director of Corporate Communications
(703) 481-4599
UNAUDITED
CONSOLIDATED BALANCE SHEET INFORMATION
(In
thousands)
|
|
|
December 31,
2022
|
|
|
September 30,
2022
|
|
|
June 30,
2022
|
|
|
March 31,
2022
|
|
|
December 31,
2021
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
48,931
|
|
|
$
|
50,636
|
|
|
$
|
55,636
|
|
|
$
|
63,986
|
|
|
$
|
61,827
|
|
Federal funds
sold
|
|
|
81,669
|
|
|
|
54,098
|
|
|
|
47,013
|
|
|
|
37,756
|
|
|
|
31,372
|
|
Total cash and cash
equivalents
|
|
|
130,600
|
|
|
|
104,734
|
|
|
|
102,649
|
|
|
|
101,742
|
|
|
|
93,199
|
|
Investment securities
available for sale, at fair value
|
|
|
62,631
|
|
|
|
162,319
|
|
|
|
143,240
|
|
|
|
123,802
|
|
|
|
99,913
|
|
Investment securities
held to maturity, at carrying value
|
|
|
17,642
|
|
|
|
17,670
|
|
|
|
17,698
|
|
|
|
18,769
|
|
|
|
20,349
|
|
Restricted equity
securities, at cost
|
|
|
24,325
|
|
|
|
16,436
|
|
|
|
16,485
|
|
|
|
17,209
|
|
|
|
15,609
|
|
Loans, net of allowance
for loan losses of $14,114, $12,994, $12,982,$12,500, and $11,697,
respectively
|
|
|
1,579,950
|
|
|
|
1,448,071
|
|
|
|
1,416,875
|
|
|
|
1,413,238
|
|
|
|
1,341,760
|
|
Premises and equipment,
net
|
|
|
14,709
|
|
|
|
14,523
|
|
|
|
14,756
|
|
|
|
14,833
|
|
|
|
14,863
|
|
Other real estate
owned, net
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
775
|
|
Accrued interest and
other receivables
|
|
|
9,581
|
|
|
|
8,273
|
|
|
|
7,313
|
|
|
|
6,980
|
|
|
|
7,701
|
|
Computer software, net
of amortization
|
|
|
9,149
|
|
|
|
7,258
|
|
|
|
4,956
|
|
|
|
3,906
|
|
|
|
2,493
|
|
Bank owned life
insurance
|
|
|
37,249
|
|
|
|
36,996
|
|
|
|
36,742
|
|
|
|
36,492
|
|
|
|
36,241
|
|
Other assets
|
|
|
39,915
|
|
|
|
43,835
|
|
|
|
32,665
|
|
|
|
24,777
|
|
|
|
14,499
|
|
Total
Assets
|
|
$
|
1,925,751
|
|
|
$
|
1,860,115
|
|
|
$
|
1,793,379
|
|
|
$
|
1,761,748
|
|
|
$
|
1,647,402
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
$
|
550,690
|
|
|
$
|
566,016
|
|
|
$
|
535,591
|
|
|
$
|
514,160
|
|
|
$
|
530,678
|
|
Interest bearing DDA
deposits
|
|
|
80,099
|
|
|
|
93,695
|
|
|
|
99,223
|
|
|
|
76,286
|
|
|
|
69,232
|
|
Savings and NOW
deposits
|
|
|
51,419
|
|
|
|
54,240
|
|
|
|
58,156
|
|
|
|
81,817
|
|
|
|
85,175
|
|
Money market
deposits
|
|
|
222,540
|
|
|
|
254,190
|
|
|
|
231,207
|
|
|
|
301,842
|
|
|
|
267,730
|
|
Time
deposits
|
|
|
608,141
|
|
|
|
585,783
|
|
|
|
575,950
|
|
|
|
460,839
|
|
|
|
459,148
|
|
Total
deposits
|
|
|
1,512,889
|
|
|
|
1,553,924
|
|
|
|
1,500,127
|
|
|
|
1,434,944
|
|
|
|
1,411,963
|
|
Federal Home Loan Bank
advances and other borrowings
|
|
|
100,000
|
|
|
|
—
|
|
|
|
—
|
|
|
|
40,000
|
|
|
|
—
|
|
Subordinated
debt
|
|
|
72,245
|
|
|
|
72,146
|
|
|
|
72,047
|
|
|
|
71,955
|
|
|
|
29,294
|
|
Other
liabilities
|
|
|
42,335
|
|
|
|
44,045
|
|
|
|
32,801
|
|
|
|
26,053
|
|
|
|
17,357
|
|
Total
Liabilities
|
|
|
1,727,469
|
|
|
|
1,670,115
|
|
|
|
1,604,975
|
|
|
|
1,572,952
|
|
|
|
1,458,614
|
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
27,263
|
|
|
|
27,263
|
|
|
|
27,263
|
|
|
|
27,263
|
|
|
|
27,263
|
|
Common stock
|
|
|
28,736
|
|
|
|
28,728
|
|
|
|
29,178
|
|
|
|
29,642
|
|
|
|
29,466
|
|
Capital
surplus
|
|
|
63,999
|
|
|
|
63,231
|
|
|
|
64,822
|
|
|
|
66,798
|
|
|
|
67,668
|
|
Retained
earnings
|
|
|
86,830
|
|
|
|
80,534
|
|
|
|
73,702
|
|
|
|
68,691
|
|
|
|
64,194
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(8,546)
|
|
|
|
(9,756)
|
|
|
|
(6,561)
|
|
|
|
(3,598)
|
|
|
|
197
|
|
Total Stockholders'
Equity
|
|
|
198,282
|
|
|
|
190,000
|
|
|
|
188,404
|
|
|
|
188,796
|
|
|
|
188,788
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
1,925,751
|
|
|
$
|
1,860,115
|
|
|
$
|
1,793,379
|
|
|
$
|
1,761,748
|
|
|
$
|
1,647,402
|
|
UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME INFORMATION
(In thousands, except
share and per share data)
|
|
|
Year-to-Date
|
|
|
Three Months
Ended
|
|
|
|
December 31,
2022
|
|
|
December 31,
2021
|
|
|
December 31,
2022
|
|
|
September 30,
2022
|
|
|
June 30,
2022
|
|
|
March 31,
2022
|
|
|
December 31,
2021
|
|
INTEREST
INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
78,872
|
|
|
$
|
61,743
|
|
|
$
|
23,972
|
|
|
$
|
20,261
|
|
|
$
|
17,954
|
|
|
$
|
16,685
|
|
|
$
|
15,532
|
|
Interest on investment
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
securities
|
|
|
1,603
|
|
|
|
1,262
|
|
|
|
467
|
|
|
|
378
|
|
|
|
401
|
|
|
|
357
|
|
|
|
327
|
|
Tax-exempt
securities
|
|
|
1,058
|
|
|
|
1,060
|
|
|
|
262
|
|
|
|
261
|
|
|
|
263
|
|
|
|
272
|
|
|
|
283
|
|
Interest on federal
funds sold
|
|
|
2,312
|
|
|
|
134
|
|
|
|
1,071
|
|
|
|
1,013
|
|
|
|
195
|
|
|
|
34
|
|
|
|
61
|
|
Total interest
income
|
|
|
83,845
|
|
|
|
64,199
|
|
|
|
25,772
|
|
|
|
21,913
|
|
|
|
18,813
|
|
|
|
17,348
|
|
|
|
16,203
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on interest
bearing DDA deposits
|
|
|
601
|
|
|
|
229
|
|
|
|
256
|
|
|
|
175
|
|
|
|
105
|
|
|
|
65
|
|
|
|
59
|
|
Interest on savings and
NOW deposits
|
|
|
203
|
|
|
|
165
|
|
|
|
81
|
|
|
|
43
|
|
|
|
42
|
|
|
|
37
|
|
|
|
38
|
|
Interest on money
market deposits
|
|
|
1,547
|
|
|
|
772
|
|
|
|
781
|
|
|
|
496
|
|
|
|
151
|
|
|
|
119
|
|
|
|
127
|
|
Interest on time
deposits
|
|
|
8,202
|
|
|
|
7,613
|
|
|
|
2,966
|
|
|
|
2,275
|
|
|
|
1,530
|
|
|
|
1,431
|
|
|
|
1,574
|
|
Interest on Federal
Home Loan Bank advances and other borrowings
|
|
|
347
|
|
|
|
—
|
|
|
|
264
|
|
|
|
—
|
|
|
|
52
|
|
|
|
31
|
|
|
|
—
|
|
Interest on
subordinated debt
|
|
|
2,936
|
|
|
|
1,884
|
|
|
|
828
|
|
|
|
828
|
|
|
|
812
|
|
|
|
468
|
|
|
|
539
|
|
Total interest
expense
|
|
|
13,836
|
|
|
|
10,663
|
|
|
|
5,176
|
|
|
|
3,817
|
|
|
|
2,692
|
|
|
|
2,151
|
|
|
|
2,337
|
|
Net interest
income
|
|
|
70,009
|
|
|
|
53,536
|
|
|
|
20,596
|
|
|
|
18,096
|
|
|
|
16,121
|
|
|
|
15,197
|
|
|
|
13,866
|
|
Provision for (recovery
of) loan losses
|
|
|
2,398
|
|
|
|
(1,175)
|
|
|
|
1,118
|
|
|
|
—
|
|
|
|
480
|
|
|
|
800
|
|
|
|
295
|
|
Net interest income
after provision for (recovery of) loan losses
|
|
|
67,611
|
|
|
|
54,711
|
|
|
|
19,478
|
|
|
|
18,096
|
|
|
|
15,641
|
|
|
|
14,397
|
|
|
|
13,571
|
|
NON-INTEREST
INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit account service
charges
|
|
|
2,420
|
|
|
|
2,426
|
|
|
|
610
|
|
|
|
601
|
|
|
|
597
|
|
|
|
611
|
|
|
|
624
|
|
Bank owned life
insurance income
|
|
|
1,008
|
|
|
|
900
|
|
|
|
253
|
|
|
|
254
|
|
|
|
250
|
|
|
|
251
|
|
|
|
253
|
|
Loan swap fee
income
|
|
|
619
|
|
|
|
83
|
|
|
|
—
|
|
|
|
518
|
|
|
|
101
|
|
|
|
—
|
|
|
|
83
|
|
Net gain on
held-to-maturity securities
|
|
|
4
|
|
|
|
6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4
|
|
|
|
—
|
|
|
|
3
|
|
Net gain (loss) on sale
of loans
|
|
|
(168)
|
|
|
|
847
|
|
|
|
—
|
|
|
|
(211)
|
|
|
|
—
|
|
|
|
43
|
|
|
|
413
|
|
Other non-interest
income
|
|
|
951
|
|
|
|
1,848
|
|
|
|
196
|
|
|
|
186
|
|
|
|
312
|
|
|
|
257
|
|
|
|
247
|
|
Total other
income
|
|
|
4,834
|
|
|
|
6,110
|
|
|
|
1,059
|
|
|
|
1,348
|
|
|
|
1,264
|
|
|
|
1,162
|
|
|
|
1,623
|
|
NON-INTEREST
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
23,801
|
|
|
|
19,305
|
|
|
|
6,775
|
|
|
|
5,874
|
|
|
|
5,604
|
|
|
|
5,548
|
|
|
|
5,029
|
|
Furniture and equipment
expenses
|
|
|
2,786
|
|
|
|
2,468
|
|
|
|
710
|
|
|
|
760
|
|
|
|
659
|
|
|
|
657
|
|
|
|
726
|
|
Advertising and
marketing
|
|
|
2,304
|
|
|
|
1,565
|
|
|
|
620
|
|
|
|
704
|
|
|
|
574
|
|
|
|
406
|
|
|
|
450
|
|
Occupancy
expenses
|
|
|
1,471
|
|
|
|
1,541
|
|
|
|
378
|
|
|
|
400
|
|
|
|
352
|
|
|
|
341
|
|
|
|
449
|
|
Outside
services
|
|
|
2,075
|
|
|
|
908
|
|
|
|
529
|
|
|
|
611
|
|
|
|
567
|
|
|
|
368
|
|
|
|
485
|
|
Administrative
expenses
|
|
|
872
|
|
|
|
685
|
|
|
|
214
|
|
|
|
253
|
|
|
|
195
|
|
|
|
210
|
|
|
|
192
|
|
Other operating
expenses
|
|
|
5,748
|
|
|
|
6,393
|
|
|
|
1,481
|
|
|
|
1,291
|
|
|
|
1,543
|
|
|
|
1,433
|
|
|
|
1,389
|
|
Total non-interest
expenses
|
|
|
39,057
|
|
|
|
32,865
|
|
|
|
10,707
|
|
|
|
9,893
|
|
|
|
9,494
|
|
|
|
8,963
|
|
|
|
8,720
|
|
Income before income
tax expense
|
|
|
33,388
|
|
|
|
27,956
|
|
|
|
9,830
|
|
|
|
9,551
|
|
|
|
7,411
|
|
|
|
6,596
|
|
|
|
6,474
|
|
Income tax
expense
|
|
|
6,714
|
|
|
|
5,785
|
|
|
|
2,252
|
|
|
|
1,808
|
|
|
|
1,481
|
|
|
|
1,173
|
|
|
|
1,660
|
|
Net income
|
|
|
26,674
|
|
|
|
22,171
|
|
|
|
7,578
|
|
|
|
7,743
|
|
|
|
5,930
|
|
|
|
5,423
|
|
|
|
4,814
|
|
Preferred stock
dividends
|
|
|
2,156
|
|
|
|
2,156
|
|
|
|
539
|
|
|
|
539
|
|
|
|
539
|
|
|
|
539
|
|
|
|
539
|
|
Net income available to
common shareholders
|
|
$
|
24,518
|
|
|
$
|
20,015
|
|
|
$
|
7,039
|
|
|
$
|
7,204
|
|
|
$
|
5,391
|
|
|
$
|
4,884
|
|
|
$
|
4,275
|
|
Net income per common
share, basic and diluted
|
|
$
|
3.26
|
|
|
$
|
2.65
|
|
|
$
|
0.95
|
|
|
$
|
0.97
|
|
|
$
|
0.71
|
|
|
$
|
0.64
|
|
|
$
|
0.56
|
|
Weighted average number
of common shares, basic and diluted
|
|
|
7,529,259
|
|
|
|
7,595,781
|
|
|
|
7,433,607
|
|
|
|
7,463,719
|
|
|
|
7,575,484
|
|
|
|
7,647,519
|
|
|
|
7,595,062
|
|
UNAUDITED LOAN,
DEPOSIT AND BORROWING DETAIL
(In
thousands)
|
|
|
December 31,
2022
|
|
|
September 30,
2022
|
|
|
December 31,
2021
|
|
|
Percentage
Change
|
|
|
|
$
Amount
|
|
|
% of
Total
|
|
|
$
Amount
|
|
|
% of
Total
|
|
|
$
Amount
|
|
|
% of
Total
|
|
|
Last 3
Mos
|
|
|
Last 12
Mos
|
|
LOANS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land
development loans
|
|
$
|
393,783
|
|
|
|
24.6
|
%
|
|
$
|
366,689
|
|
|
|
25.0
|
%
|
|
$
|
337,173
|
|
|
|
24.8
|
%
|
|
|
7.4
|
%
|
|
|
16.8
|
%
|
Residential real estate
loans
|
|
|
394,394
|
|
|
|
24.7
|
%
|
|
|
373,056
|
|
|
|
25.4
|
%
|
|
|
300,390
|
|
|
|
22.1
|
%
|
|
|
5.7
|
%
|
|
|
31.3
|
%
|
Commercial real estate
loans
|
|
|
700,728
|
|
|
|
43.8
|
%
|
|
|
638,110
|
|
|
|
43.5
|
%
|
|
|
534,187
|
|
|
|
39.3
|
%
|
|
|
9.8
|
%
|
|
|
31.2
|
%
|
Commercial industrial
loans - Other
|
|
|
97,351
|
|
|
|
6.1
|
%
|
|
|
74,482
|
|
|
|
5.1
|
%
|
|
|
164,014
|
|
|
|
12.1
|
%
|
|
|
30.7
|
%
|
|
|
-40.6
|
%
|
Consumer
loans
|
|
|
13,336
|
|
|
|
0.8
|
%
|
|
|
13,628
|
|
|
|
1.0
|
%
|
|
|
23,171
|
|
|
|
2.3
|
%
|
|
|
-2.1
|
%
|
|
|
-42.4
|
%
|
Total Gross
Loans
|
|
$
|
1,599,592
|
|
|
|
100.0
|
%
|
|
$
|
1,465,965
|
|
|
|
100.0
|
%
|
|
$
|
1,358,935
|
|
|
|
100.0
|
%
|
|
|
9.1
|
%
|
|
|
17.7
|
%
|
Less: Allowance for
loan losses
|
|
|
(14,114)
|
|
|
|
|
|
|
|
(12,994)
|
|
|
|
|
|
|
|
(11,697)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net deferred loan
fees
|
|
|
(5,528)
|
|
|
|
|
|
|
|
(4,900)
|
|
|
|
|
|
|
|
(5,478)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loans
|
|
$
|
1,579,950
|
|
|
|
|
|
|
$
|
1,448,071
|
|
|
|
|
|
|
$
|
1,341,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSITS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand deposits
|
|
$
|
550,690
|
|
|
|
36.4
|
%
|
|
$
|
566,016
|
|
|
|
36.4
|
%
|
|
$
|
530,678
|
|
|
|
37.6
|
%
|
|
|
-2.7
|
%
|
|
|
3.8
|
%
|
Interest-bearing
demand deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
|
80,099
|
|
|
|
5.3
|
%
|
|
|
93,695
|
|
|
|
6.0
|
%
|
|
|
69,232
|
|
|
|
4.9
|
%
|
|
|
-14.5
|
%
|
|
|
15.7
|
%
|
Savings and NOW
deposits
|
|
|
51,419
|
|
|
|
3.4
|
%
|
|
|
54,240
|
|
|
|
3.5
|
%
|
|
|
85,175
|
|
|
|
6.0
|
%
|
|
|
-5.2
|
%
|
|
|
-39.6
|
%
|
Money market
accounts
|
|
|
222,540
|
|
|
|
14.7
|
%
|
|
|
254,190
|
|
|
|
16.4
|
%
|
|
|
267,730
|
|
|
|
19.0
|
%
|
|
|
-12.5
|
%
|
|
|
-16.9
|
%
|
Certificates of
deposit $250,000 or more
|
|
|
370,005
|
|
|
|
24.5
|
%
|
|
|
371,739
|
|
|
|
23.9
|
%
|
|
|
285,395
|
|
|
|
20.2
|
%
|
|
|
-0.5
|
%
|
|
|
29.6
|
%
|
Certificates of
deposit less than $250,000
|
|
|
238,136
|
|
|
|
15.7
|
%
|
|
|
214,044
|
|
|
|
13.8
|
%
|
|
|
173,753
|
|
|
|
13.4
|
%
|
|
|
11.3
|
%
|
|
|
37.1
|
%
|
Total
Deposits
|
|
$
|
1,512,889
|
|
|
|
100.0
|
%
|
|
$
|
1,553,924
|
|
|
|
100.0
|
%
|
|
$
|
1,411,963
|
|
|
|
100.0
|
%
|
|
|
-2.6
|
%
|
|
|
7.1
|
%
|
BORROWINGS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank
advances
|
|
|
100,000
|
|
|
|
58.1
|
%
|
|
|
—
|
|
|
|
0.0
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
100.0
|
%
|
|
|
0.0
|
%
|
Subordinated
debt
|
|
|
72,245
|
|
|
|
41.9
|
%
|
|
|
72,146
|
|
|
|
100.0
|
%
|
|
|
29,294
|
|
|
|
100.0
|
%
|
|
|
0.1
|
%
|
|
|
146.6
|
%
|
Total
Borrowings
|
|
$
|
172,245
|
|
|
|
100.0
|
%
|
|
$
|
72,146
|
|
|
|
100.0
|
%
|
|
$
|
29,294
|
|
|
|
100.0
|
%
|
|
|
138.7
|
%
|
|
|
488.0
|
%
|
Total Deposits and
Borrowings
|
|
$
|
1,685,134
|
|
|
|
|
|
|
$
|
1,626,070
|
|
|
|
|
|
|
$
|
1,441,257
|
|
|
|
|
|
|
|
3.6
|
%
|
|
|
16.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core customer funding
sources (1)
|
|
$
|
1,157,573
|
|
|
|
68.7
|
%
|
|
$
|
1,156,862
|
|
|
|
71.1
|
%
|
|
$
|
1,108,177
|
|
|
|
76.9
|
%
|
|
|
0.1
|
%
|
|
|
4.5
|
%
|
Brokered and listing
service sources (2)
|
|
|
355,316
|
|
|
|
21.1
|
%
|
|
|
397,062
|
|
|
|
24.5
|
%
|
|
|
303,786
|
|
|
|
21.1
|
%
|
|
|
-10.5
|
%
|
|
|
17.0
|
%
|
Federal Home Loan Bank
advances
|
|
|
100,000
|
|
|
|
5.9
|
%
|
|
|
—
|
|
|
|
0.0
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
100.0
|
%
|
|
|
0.0
|
%
|
Subordinated
debt (3)
|
|
|
72,245
|
|
|
|
4.3
|
%
|
|
|
72,146
|
|
|
|
4.4
|
%
|
|
|
29,294
|
|
|
|
2.0
|
%
|
|
|
0.1
|
%
|
|
|
146.6
|
%
|
Total Funding
Sources
|
|
$
|
1,685,134
|
|
|
|
100.0
|
%
|
|
$
|
1,626,070
|
|
|
|
100.0
|
%
|
|
$
|
1,441,257
|
|
|
|
100.0
|
%
|
|
|
3.6
|
%
|
|
|
16.9
|
%
|
(1)
|
Includes ICS, CDARS,
and reciprocal deposits maintained by customers, which represent
sweep accounts tied to customer operating accounts
|
(2)
|
Consists of
certificates of deposit (CD) through multiple listing services and
multiple brokered deposit services, as well as ICS and CDARS
one-way certificates of deposit and regional money market
accounts
|
(3)
|
Subordinated debt
obligation qualifies as Tier 2 capital at the holding company and
Tier 1 capital at the Bank
|
UNAUDITED AVERAGE
BALANCE SHEETS, INTEREST AND RATES
(In
thousands)
|
|
|
For the three months
ended December 31, 2022
|
|
|
For the three months
ended December 31, 2021
|
|
|
|
Average
Balance
|
|
|
Interest
Income/
Expense
(3)(4)
|
|
|
Average
Yields/ Rate
(annualized)
(3)(4)
|
|
|
Average
Balance
|
|
|
Interest
Income/
Expense
(3)(4)
|
|
|
Average
Yields/ Rate
(annualized)
(3)(4)
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
(1)(2)
|
|
$
|
1,510,087
|
|
|
$
|
23,972
|
|
|
|
6.30
|
%
|
|
$
|
1,277,828
|
|
|
$
|
15,532
|
|
|
|
4.82
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
70,776
|
|
|
|
467
|
|
|
|
2.62
|
%
|
|
|
76,776
|
|
|
|
327
|
|
|
|
1.69
|
%
|
Tax-exempt
|
|
|
38,007
|
|
|
|
332
|
|
|
|
3.46
|
%
|
|
|
38,936
|
|
|
|
358
|
|
|
|
3.65
|
%
|
Federal funds and
interest-bearing deposits
|
|
|
124,865
|
|
|
|
1,071
|
|
|
|
3.40
|
%
|
|
|
192,442
|
|
|
|
61
|
|
|
|
0.13
|
%
|
Total interest earning
assets
|
|
$
|
1,743,735
|
|
|
$
|
25,842
|
|
|
|
5.88
|
%
|
|
$
|
1,585,982
|
|
|
$
|
16,278
|
|
|
|
4.07
|
%
|
Other assets
|
|
|
55,559
|
|
|
|
|
|
|
|
|
|
|
|
87,072
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,799,294
|
|
|
|
|
|
|
|
|
|
|
$
|
1,673,054
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand deposits
|
|
$
|
81,724
|
|
|
$
|
256
|
|
|
|
1.24
|
%
|
|
$
|
69,532
|
|
|
$
|
59
|
|
|
|
0.34
|
%
|
Savings and NOW
deposits
|
|
|
53,570
|
|
|
|
81
|
|
|
|
0.60
|
%
|
|
|
82,048
|
|
|
|
38
|
|
|
|
0.18
|
%
|
Money market deposit
accounts
|
|
|
213,530
|
|
|
|
781
|
|
|
|
1.45
|
%
|
|
|
296,063
|
|
|
|
127
|
|
|
|
0.17
|
%
|
Time
deposits
|
|
|
613,262
|
|
|
|
2,966
|
|
|
|
1.92
|
%
|
|
|
466,190
|
|
|
|
1,574
|
|
|
|
1.34
|
%
|
Total interest-bearing
deposits
|
|
$
|
962,086
|
|
|
$
|
4,084
|
|
|
|
1.68
|
%
|
|
$
|
913,833
|
|
|
$
|
1,798
|
|
|
|
0.78
|
%
|
Federal funds
purchased
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
Subordinated
debt
|
|
|
72,206
|
|
|
|
828
|
|
|
|
4.55
|
%
|
|
|
40,297
|
|
|
|
539
|
|
|
|
5.31
|
%
|
FHLB
borrowings
|
|
|
23,913
|
|
|
|
264
|
|
|
|
4.38
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Total interest-bearing
liabilities
|
|
$
|
1,058,207
|
|
|
$
|
5,176
|
|
|
|
1.94
|
%
|
|
$
|
954,131
|
|
|
$
|
2,337
|
|
|
|
0.97
|
%
|
Demand deposits and
other liabilities
|
|
|
546,827
|
|
|
|
|
|
|
|
|
|
|
|
532,216
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
$
|
1,605,034
|
|
|
|
|
|
|
|
|
|
|
$
|
1,486,347
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
194,260
|
|
|
|
|
|
|
|
|
|
|
|
186,707
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
1,799,294
|
|
|
|
|
|
|
|
|
|
|
$
|
1,673,054
|
|
|
|
|
|
|
|
|
|
Interest Rate
Spread
|
|
|
|
|
|
|
|
|
|
|
3.94
|
%
|
|
|
|
|
|
|
|
|
|
|
3.10
|
%
|
Net Interest
Income
|
|
|
|
|
|
$
|
20,666
|
|
|
|
|
|
|
|
|
|
|
$
|
13,941
|
|
|
|
|
|
Net Interest
Margin
|
|
|
|
|
|
|
|
|
|
|
4.70
|
%
|
|
|
|
|
|
|
|
|
|
|
3.49
|
%
|
(1)
|
Includes loans
classified as non-accrual
|
(2)
|
Total loan interest
income includes amortization of deferred loan fees, net of deferred
loan costs
|
(3)
|
Income and yields for
all periods presented are reported on a tax-equivalent basis using
the federal statutory rate of 21%
|
(4)
|
Refer to Appendix for
reconciliation of non-GAAP measures
|
UNAUDITED AVERAGE
BALANCE SHEETS, INTEREST AND RATES
(In
thousands)
|
|
|
For the year ended
December 31, 2022
|
|
|
For the year ended
December 31, 2021
|
|
|
|
Average
Balance
|
|
|
Interest
Income/
Expense
(3)(4)
|
|
|
Average
Yields/ Rate
(annualized)
(3)(4)
|
|
|
Average
Balance
|
|
|
Interest
Income/
Expense
(3)(4)
|
|
|
Average
Yields/ Rate
(annualized)
(3)(4)
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
(1)(2)
|
|
$
|
1,442,716
|
|
|
$
|
78,872
|
|
|
|
5.47
|
%
|
|
$
|
1,289,445
|
|
|
$
|
61,743
|
|
|
|
4.79
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
72,809
|
|
|
|
1,603
|
|
|
|
2.20
|
%
|
|
|
60,732
|
|
|
|
1,262
|
|
|
|
2.08
|
%
|
Tax-exempt
|
|
|
38,528
|
|
|
|
1,339
|
|
|
|
3.48
|
%
|
|
|
39,170
|
|
|
|
1,342
|
|
|
|
3.43
|
%
|
Federal funds and
interest-bearing deposits
|
|
|
122,596
|
|
|
|
2,312
|
|
|
|
1.89
|
%
|
|
|
216,436
|
|
|
|
134
|
|
|
|
0.06
|
%
|
Total interest earning
assets
|
|
$
|
1,676,649
|
|
|
$
|
84,126
|
|
|
|
5.02
|
%
|
|
$
|
1,605,783
|
|
|
$
|
64,481
|
|
|
|
4.02
|
%
|
Other assets
|
|
|
67,380
|
|
|
|
|
|
|
|
|
|
|
|
79,357
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,744,029
|
|
|
|
|
|
|
|
|
|
|
$
|
1,685,140
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand deposits
|
|
$
|
85,566
|
|
|
$
|
601
|
|
|
|
0.70
|
%
|
|
$
|
67,897
|
|
|
$
|
229
|
|
|
|
0.34
|
%
|
Savings and NOW
deposits
|
|
|
63,401
|
|
|
|
203
|
|
|
|
0.32
|
%
|
|
|
74,975
|
|
|
|
165
|
|
|
|
0.22
|
%
|
Money market deposit
accounts
|
|
|
137,066
|
|
|
|
1,547
|
|
|
|
1.13
|
%
|
|
|
333,160
|
|
|
|
772
|
|
|
|
0.23
|
%
|
Time
deposits
|
|
|
642,918
|
|
|
|
8,202
|
|
|
|
1.28
|
%
|
|
|
498,001
|
|
|
|
7,613
|
|
|
|
1.53
|
%
|
Total interest-bearing
deposits
|
|
$
|
928,951
|
|
|
$
|
10,553
|
|
|
|
1.14
|
%
|
|
$
|
974,033
|
|
|
$
|
8,779
|
|
|
|
0.90
|
%
|
Federal funds and repos
purchased
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Subordinated
debt
|
|
|
65,176
|
|
|
|
2,936
|
|
|
|
4.50
|
%
|
|
|
33,953
|
|
|
|
1,884
|
|
|
|
5.55
|
%
|
FHLB
borrowings
|
|
|
23,986
|
|
|
|
347
|
|
|
|
1.45
|
%
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Total interest-bearing
liabilities
|
|
$
|
1,018,115
|
|
|
$
|
13,836
|
|
|
|
1.36
|
%
|
|
$
|
1,007,986
|
|
|
$
|
10,663
|
|
|
|
1.06
|
%
|
Demand deposits and
other liabilities
|
|
|
535,075
|
|
|
|
|
|
|
|
|
|
|
|
498,031
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
$
|
1,553,190
|
|
|
|
|
|
|
|
|
|
|
$
|
1,506,017
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
190,839
|
|
|
|
|
|
|
|
|
|
|
|
179,123
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
1,744,029
|
|
|
|
|
|
|
|
|
|
|
$
|
1,685,140
|
|
|
|
|
|
|
|
|
|
Interest Rate
Spread
|
|
|
|
|
|
|
|
|
|
|
3.66
|
%
|
|
|
|
|
|
|
|
|
|
|
2.96
|
%
|
Net Interest
Income
|
|
|
|
|
|
$
|
70,290
|
|
|
|
|
|
|
|
|
|
|
$
|
53,818
|
|
|
|
|
|
Net Interest
Margin
|
|
|
|
|
|
|
|
|
|
|
4.19
|
%
|
|
|
|
|
|
|
|
|
|
|
3.35
|
%
|
(1)
|
Includes loans
classified as non-accrual
|
(2)
|
Total loan interest
income includes amortization of deferred loan fees, net of deferred
loan costs
|
(3)
|
Income and yields for
all periods presented are reported on a tax-equivalent basis using
the federal statutory rate of 21%
|
(4)
|
Refer to Appendix for
reconciliation of non-GAAP measures
|
UNAUDITED SUMMARY
FINANCIAL DATA
(Dollars in
thousands except per share data)
|
|
|
At or For the Three
Months Ended
|
|
|
At or For the Year
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Per share Data
and Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share (basic and diluted)
|
|
$
|
0.95
|
|
|
$
|
0.56
|
|
|
$
|
3.26
|
|
|
$
|
2.65
|
|
Book value per common
share
|
|
$
|
22.98
|
|
|
$
|
21.27
|
|
|
$
|
22.98
|
|
|
$
|
21.27
|
|
Tangible book value per
common share(2)
|
|
$
|
21.75
|
|
|
$
|
21.27
|
|
|
$
|
21.75
|
|
|
$
|
21.27
|
|
Weighted average common
shares (basic and diluted)
|
|
|
7,433,607
|
|
|
|
7,595,062
|
|
|
|
7,529,259
|
|
|
|
7,595,781
|
|
Common shares
outstanding at end of period
|
|
|
7,442,743
|
|
|
|
7,595,781
|
|
|
|
7,442,743
|
|
|
|
7,595,781
|
|
Performance
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (annualized)
|
|
|
1.67
|
%
|
|
|
1.14
|
%
|
|
|
1.53
|
%
|
|
|
1.32
|
%
|
Return on average
equity (annualized)
|
|
|
15.48
|
%
|
|
|
10.23
|
%
|
|
|
13.98
|
%
|
|
|
12.38
|
%
|
Return on average
common equity (annualized)
|
|
|
16.72
|
%
|
|
|
10.63
|
%
|
|
|
14.99
|
%
|
|
|
13.18
|
%
|
Yield on earning assets
(FTE) (2) (annualized)
|
|
|
5.88
|
%
|
|
|
4.07
|
%
|
|
|
5.02
|
%
|
|
|
4.02
|
%
|
Cost of interest
bearing liabilities (annualized)
|
|
|
1.94
|
%
|
|
|
0.97
|
%
|
|
|
1.36
|
%
|
|
|
1.06
|
%
|
Net interest spread
(FTE)(2)
|
|
|
3.94
|
%
|
|
|
3.10
|
%
|
|
|
3.66
|
%
|
|
|
2.96
|
%
|
Net interest margin
(FTE)(2) (annualized)
|
|
|
4.70
|
%
|
|
|
3.49
|
%
|
|
|
4.19
|
%
|
|
|
3.35
|
%
|
Noninterest income as a
percentage of average assets (annualized)
|
|
|
0.23
|
%
|
|
|
0.38
|
%
|
|
|
0.28
|
%
|
|
|
0.36
|
%
|
Noninterest expense to
average assets (annualized)
|
|
|
2.36
|
%
|
|
|
2.07
|
%
|
|
|
2.24
|
%
|
|
|
1.95
|
%
|
Efficiency
ratio(3)
|
|
|
49.45
|
%
|
|
|
56.31
|
%
|
|
|
52.19
|
%
|
|
|
55.10
|
%
|
Asset
Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans to total capital (4)
|
|
|
377.54
|
%
|
|
|
367.88
|
%
|
|
|
377.54
|
%
|
|
|
367.88
|
%
|
Construction loans to
total capital (5)
|
|
|
137.41
|
%
|
|
|
148.30
|
%
|
|
|
137.41
|
%
|
|
|
148.30
|
%
|
Loans 30-89 days past
due to total gross loans
|
|
|
0.00
|
%
|
|
|
0.01
|
%
|
|
|
0.00
|
%
|
|
|
0.01
|
%
|
Loans 90 days past due
to total gross loans
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Non-accrual loans to
total gross loans
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Other real estate
owned
|
|
$
|
—
|
|
|
$
|
775
|
|
|
$
|
—
|
|
|
$
|
775
|
|
Non-performing
assets
|
|
$
|
—
|
|
|
$
|
775
|
|
|
$
|
—
|
|
|
$
|
775
|
|
Non-performing assets
to total assets
|
|
|
0.00
|
%
|
|
|
0.05
|
%
|
|
|
0.00
|
%
|
|
|
0.05
|
%
|
Allowance for loan
losses to total gross loans
|
|
|
0.88
|
%
|
|
|
0.86
|
%
|
|
|
0.88
|
%
|
|
|
0.86
|
%
|
Allowance for loan
losses to non-performing assets
|
|
|
N/A
|
|
|
|
15.09
|
|
|
|
N/A
|
|
|
|
15.09
|
|
Net loan
recoveries
|
|
$
|
2
|
|
|
$
|
26
|
|
|
$
|
19
|
|
|
$
|
5
|
|
Net charge-offs
(recoveries) to average gross loans (annualized)
|
|
|
N/A
|
|
|
|
0.00
|
%
|
|
|
N/A
|
|
|
|
0.00
|
%
|
Regulatory
Capital Ratios (Bank only)
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total risk-based
capital ratio
|
|
|
0.00
|
%
|
|
|
16.06
|
%
|
|
|
0.00
|
%
|
|
|
16.06
|
%
|
Tier 1 risk-based
capital ratio
|
|
|
0.00
|
%
|
|
|
15.23
|
%
|
|
|
0.00
|
%
|
|
|
15.23
|
%
|
Leverage
ratio
|
|
|
0.00
|
%
|
|
|
15.23
|
%
|
|
|
0.00
|
%
|
|
|
15.23
|
%
|
Common equity tier 1
ratio
|
|
|
0.00
|
%
|
|
|
15.23
|
%
|
|
|
0.00
|
%
|
|
|
15.23
|
%
|
Other
information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing stock
price
|
|
$
|
27.49
|
|
|
$
|
24.59
|
|
|
$
|
27.49
|
|
|
$
|
24.59
|
|
Equity /
assets
|
|
|
10.35
|
%
|
|
|
11.46
|
%
|
|
|
10.35
|
%
|
|
|
11.46
|
%
|
Average equity /
average assets
|
|
|
10.80
|
%
|
|
|
11.16
|
%
|
|
|
10.94
|
%
|
|
|
10.63
|
%
|
Number of full time
equivalent employees
|
|
|
168
|
|
|
|
138
|
|
|
|
168
|
|
|
|
138
|
|
# Full service branch
offices
|
|
|
6
|
|
|
|
6
|
|
|
|
6
|
|
|
|
6
|
|
(1)
|
Regulatory capital
ratios as of December 31, 2022 are preliminary
|
(2)
|
Refer to Appendix for
reconciliation of non-GAAP measures
|
(3)
|
Efficiency ratio is
calculated as non-interest expense as a percentage of net interest
income and non-interest income
|
(4)
|
Commercial real estate
includes only non-owner occupied and construction loans as a
percentage of Bank capital
|
(5)
|
Construction loans as a
percentage of Bank capital
|
Unaudited
Reconciliation of Certain Non-GAAP Financial
Measures
(Dollars In
thousands)
|
|
|
For the three months
ended
December 31,
|
|
|
For the year
ended
December 31,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Net interest margin
(FTE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(GAAP)
|
|
$
|
20,596
|
|
|
$
|
13,866
|
|
|
$
|
70,009
|
|
|
$
|
53,536
|
|
FTE adjustment on
tax-exempt securities
|
|
|
70
|
|
|
|
75
|
|
|
|
281
|
|
|
|
282
|
|
Net interest income
(FTE) (non-GAAP)
|
|
|
20,666
|
|
|
|
13,941
|
|
|
|
70,290
|
|
|
|
53,818
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest
earning assets
|
|
|
1,743,735
|
|
|
|
1,585,982
|
|
|
|
1,676,649
|
|
|
|
1,605,783
|
|
Net interest margin
(GAAP)
|
|
|
4.69
|
%
|
|
|
3.47
|
%
|
|
|
4.18
|
%
|
|
|
3.33
|
%
|
Net interest margin
(FTE) (non-GAAP)
|
|
|
4.70
|
%
|
|
|
3.49
|
%
|
|
|
4.19
|
%
|
|
|
3.35
|
%
|
|
|
For the three
months
ended December 31,
|
|
|
For the year ended
December
31,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Stockholders equity,
adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders
equity (GAAP)
|
|
$
|
198,282
|
|
|
$
|
188,788
|
|
|
$
|
198,282
|
|
|
$
|
188,788
|
|
Less: preferred
stock
|
|
|
(27,263)
|
|
|
|
(27,263)
|
|
|
|
(27,263)
|
|
|
|
(27,263)
|
|
Total common
stockholders equity (GAAP)
|
|
|
171,019
|
|
|
|
161,525
|
|
|
$
|
171,019
|
|
|
$
|
161,525
|
|
Less: intangible
assets
|
|
|
9,149
|
|
|
|
2,493
|
|
|
|
9,149
|
|
|
|
2,493
|
|
Tangible common
stockholders equity (non-GAAP)
|
|
|
161,870
|
|
|
|
159,032
|
|
|
|
161,870
|
|
|
|
159,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding
|
|
|
7,442,743
|
|
|
|
7,595,781
|
|
|
|
7,442,743
|
|
|
|
7,595,781
|
|
Tangible book value per
common share (non-GAAP)
|
|
$
|
21.75
|
|
|
$
|
20.94
|
|
|
$
|
21.75
|
|
|
$
|
20.94
|
|
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SOURCE MainStreet Bancshares, Inc.