MainStreet Bancshares, Inc. Declares Quarterly Dividend of 10 Cents a Common Share

News provided by

Jan 26, 2023, 08:33 ET

To Be Paid February 10, 2023, to Shareholders of Record February 3, 2023

FAIRFAX, Va., Jan. 26, 2023 /PRNewswire/ -- The board of directors of MainStreet Bancshares Inc. (Nasdaq: MNSB) and (Nasdaq: MNSBP), the parent company of MainStreet Bank, declared a cash dividend of $0.10 per common share for the fourth quarter, to be paid on February 10, 2023, to shareholders of record as February 3, 2023. The board disclosed the dividend in a regulatory filing submitted to the U.S. Securities and Exchange Commission on January 19, 2023.

"We had our best year ever in 2022 with net income of $26.7 million, and we remain strongly capitalized and positioned for continued growth as we move into 2023," said Jeff W. Dick, Chairman and CEO of MainStreet Bancshares, Inc. and MainStreet Bank. "Our foundation is strong, and paying dividends is one of the ways we share profits and affirm our commitment to our shareholders."

MainStreet Bancshares reported 2022 financial results on January 23. It ended 2022 with total assets of $1.9 billion and total deposits of $1.5 billion. For the year, the Company reported a return on average equity of 13.98%, a return of average assets of 1.53%, and earnings per common share (basic and diluted) of $3.26.

ABOUT MAINSTREET BANK: MainStreet Bank operates six branches in Herndon, Fairfax, McLean, Leesburg, Clarendon, and Washington DC. MainStreet Bank has 55,000 free ATMs and a fully integrated online and mobile banking solution. Unrestricted by a conventional branching system, the Bank offers robust and easy-to-use online business banking technology and the ability to Put Our Bank in Your Office®, which thousands of businesses in the metropolitan area have done. MainStreet Bank has a robust line of business and professional lending products.

MainStreet Bank also offers Avenu™, the only purpose-built embedded banking solution that connects our partners and their applications directly and seamlessly to our banking core. We are not a sponsor bank without our own technology, and we are not a middleware software company without our own bank. Avenu™ is a leading-edge financial technology solution backed by MainStreet Bank, an established community business bank in the heart of Washington, DC.

This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. The statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursuant," "target," "continue," and similar expressions are intended to identify such forward-looking statements. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, future impacts of the novel coronavirus (COVID-19) outbreak, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel.

We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.

Contact: Debra Cope
Director of Corporate Communications
(703) 481-4599

SOURCE MainStreet Bancshares, Inc.