MainStreet Bancshares, Inc. Reports Robust Loan and Net Income Growth

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Apr 19, 2022, 08:00 ET

FAIRFAX, Va., April 19, 2022 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company for MainStreet Bank, reported robust net income for the first quarter of 2022, said it is positioned favorably for rising interest rates, and previewed business developments at its Avenu™ Banking-as-a-Service (BaaS) subsidiary.

Avenu Banking as a Service
Powered by MainStreet Bank (PRNewsfoto/MainStreet Bancshares, Inc.) — Avenu Banking as a Service Powered by MainStreet Bank (PRNewsfoto/MainStreet Bancshares, Inc.)

Net income totaled $5.4 million for three months ended March 31, 2022. Net interest income totaled $15.2 million in the first quarter and is 13% higher than the year-earlier period. Reduced funding costs and an increase in short-term rates propelled the net interest margin higher by 50 basis points to 3.91% as of March 31, versus 3.41% a year earlier. The Company's efficiency ratio remains solid at 55%. Total assets reached $1.75 billion in the first quarter, a 6.3% increase from a year earlier.

Quarterly results represent:

11.59% return on average equity
1.32% return on average assets
$0.64 earnings per share of common stock (basic and diluted)
$21.12 per common share book value

"MainStreet Bancshares Inc. began 2022 on a strong note, with solid growth in income and increased earnings per share," said Jeff W. Dick, Chairman and CEO of both the Bank and the Company. "More than 70% of our loans are designed to reprice as the Federal Reserve implements plans to push interest rates higher over the coming year. These upward adjustments should continue to reflect positively on the bottom line."

The loan portfolio grew 5.3% in first quarter of 2022, and commercial loan originations totaling $111 million were added to the balance sheet. Asset quality remains pristine, as the Company had zero non-performing assets as of quarter ended March 31, 2022. Non-interest-bearing deposits represent 36% of the $1.4 billion in total deposits, and 73% of total deposits are core deposits.

"MainStreet Bank has built strong relationships across a diverse business community and maintained a consistent focus on efficiency, yielding steady deposit and loan growth," said Abdul Hersiburane, President of MainStreet Bank. "We serve a vibrant business community across the Metropolitan Washington region, consisting of organizations that demand the nimble, technology-forward response that MainStreet Bank excels at delivering."

Avenu^™

Avenu™, a division of MainStreet Bank, which provides Banking-as-a-Service (BaaS), continued to generate significant customer interest as additional fintechs lined up to get in the queue for our proprietary software solution. We are currently onboarding our initial beta customer with an anticipated go-live date in the fourth quarter of 2022.

"Our focus is to help fintechs manage risk and meet compliance obligations as they accept and facilitate payments, and there is no cutting corners on this important work," said Todd Youngren, President of Avenu™. "Over time, as we move through the beta stage, we anticipate that onboarding will be streamlined into a 60-day process."

Youngren noted that at the end of the first quarter, Avenu™ had 10 fintechs queued up at various stages of progress, including four that have indicated they intend to move forward as soon as the beta process is complete. These prospects include entities that serve the domestic needs of foreign nationals and entities that serve the education and nonprofit industries.

In addition to serving fintechs, Avenu™ has a robust array of existing customers that include payment processors and money service businesses. These relationships have been integral in identifying the needs and services that fintechs need banks to provide in order to have successful partnerships. These relationships provide additional non-interest income and a strong source of low-cost deposits that can be integrated into the Bank's traditional source of income generation, net interest margin. As a benchmark, Youngren noted, Avenu™ is favorably impacting profitability, with its customers providing $61 million in non-interest bearing deposits and $253,000 in non-interest income in the first quarter.

Refer to our press release on October 25, 2021, for additional information on Avenu™'s proprietary solution. If you are a fintech looking to add payments and deposits to your solution, go to Avenu.bank and join the queue today.

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, DC 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.

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: Jeff W. Dick, Chairman & CEO
(703) 481-4567

UNAUDITED CONSOLIDATED BALANCE SHEET INFORMATION
(In thousands, except share data)

	March 31, 2022		December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021
ASSETS
Cash and cash equivalents
Cash and due from banks	$	63,986	$	61,827	$	67,992	$	120,121	$	118,399
Federal funds sold		37,756		31,372		65,725		56,164		51,598
Total cash and cash equivalents		101,742		93,199		133,717		176,285		169,997
Investment securities available for sale, at fair value		123,802		99,913		171,603		165,791		180,028
Investment securities held to maturity, at carrying value		18,769		20,349		21,148		21,181		21,449
Restricted equity securities, at cost		17,209		15,609		9,972		9,994		9,642
Loans, net of allowance for loan losses of $12,500, $11,697, $11,428, $11,133, and $13,215, respectively		1,413,238		1,341,760		1,246,331		1,256,436		1,299,169
Premises and equipment, net		14,833		14,863		14,795		13,929		13,975
Other real estate owned, net		—		775		1,158		1,158		1,180
Accrued interest and other receivables		6,980		7,701		4,718		8,752		9,349
Computer software, net of amortization		3,906		2,493		1,165		—		—
Bank owned life insurance		36,492		36,241		35,987		35,736		25,518
Other assets		24,777		14,499		16,605		18,433		12,722
Total Assets	$	1,761,748	$	1,647,402	$	1,657,199	$	1,707,695	$	1,743,029
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Non-interest bearing deposits	$	514,160	$	530,678	$	475,157	$	486,001	$	492,463
Interest bearing DDA deposits		76,286		69,232		63,622		68,028		69,180
Savings and NOW deposits		81,817		85,175		79,556		72,353		72,259
Money market deposits		301,842		267,730		310,776		310,303		342,468
Time deposits		460,839		459,148		485,255		528,247		561,772
Total deposits		1,434,944		1,411,963		1,414,366		1,464,932		1,538,142
Federal Home Loan Bank advances and other borrowings		40,000		—		—		—		—
Subordinated debt		71,955		29,294		40,635		40,576		14,841
Other liabilities		26,053		17,357		18,169		22,559		17,868
Total Liabilities		1,572,952		1,458,614		1,473,170		1,528,067		1,570,851
Stockholders' Equity:
Preferred stock		27,263		27,263		27,263		27,263		27,263
Common stock		29,642		29,466		29,462		29,446		29,437
Capital surplus		66,798		67,668		67,152		66,667		66,233
Retained earnings		68,691		64,194		59,920		55,676		49,090
Accumulated other comprehensive income (loss)		(3,598)		197		232		576		155
Total Stockholders' Equity		188,796		188,788		184,029		179,628		172,178
Total Liabilities and Stockholders' Equity	$	1,761,748	$	1,647,402	$	1,657,199	$	1,707,695	$	1,743,029

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME INFORMATION
(In thousands, except share and per share data)

	Year-to-Date				Three Months Ended
	March 31, 2022		March 31, 2021		March 31, 2022		December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021
INTEREST INCOME:
Interest and fees on loans	$	16,685	$	15,792	$	16,685	$	15,532	$	15,162	$	15,257	$	15,792
Interest on investment securities
Taxable securities		357		260		357		327		318		332		260
Tax-exempt securities		272		270		272		283		267		265		270
Interest on federal funds sold		34		15		34		61		38		20		15
Total interest income		17,348		16,337		17,348		16,203		15,785		15,874		16,337
INTEREST EXPENSE:
Interest on interest bearing DDA deposits		65		55		65		59		60		55		55
Interest on savings and NOW deposits		37		42		37		38		38		47		42
Interest on money market deposits		119		277		119		127		148		220		277
Interest on time deposits		1,431		2,250		1,431		1,574		1,795		1,994		2,250
Interest on Federal Home Loan Bank advances and other borrowings		31		—		31		—		—		—		—
Interest on subordinated debt		468		238		468		539		541		567		238
Total interest expense		2,151		2,862		2,151		2,337		2,582		2,883		2,862
Net interest income		15,197		13,475		15,197		13,866		13,203		12,991		13,475
Provision for (recovery of) loan losses		800		320		800		295		290		(2,080)		320
Net interest income after provision for (recovery of) loan losses		14,397		13,155		14,397		13,571		12,913		15,071		13,155
NON-INTEREST INCOME:
Deposit account service charges		611		539		611		624		642		621		539
Bank owned life insurance income		251		177		251		253		252		218		177
Loan swap fee income		—		—		—		83		—		—		—
Net gain on held-to-maturity securities		—		3		—		3		—		—		3
Net gain (loss) on sale of loans		43		344		43		413		(40)		130		344
Other fee income		257		383		257		247		632		586		383
Total other income		1,162		1,446		1,162		1,623		1,486		1,555		1,446
NON-INTEREST EXPENSES:
Salaries and employee benefits		5,548		4,767		5,548		5,029		4,847		4,663		4,767
Furniture and equipment expenses		657		526		657		726		716		500		526
Advertising and marketing		406		275		406		450		438		402		275
Occupancy expenses		341		306		341		449		399		387		306
Outside services		368		336		368		485		292		280		336
Administrative expenses		210		150		210		192		202		141		150
Other operating expenses		1,433		1,449		1,433		1,389		1,567		1,500		1,449
Total other expenses		8,963		7,809		8,963		8,720		8,461		7,873		7,809
Income before income tax expense		6,596		6,792		6,596		6,474		5,938		8,753		6,792
Income tax expense		1,173		1,342		1,173		1,660		1,155		1,627		1,342
Net Income		5,423		5,450		5,423		4,814		4,783		7,126		5,450
Preferred stock dividends		539		539		539		539		539		539		539
Net income available to common shareholders	$	4,884	$	4,911	$	4,884	$	4,275	$	4,244	$	6,587	$	4,911
Net income per common share, basic and diluted	$	0.64	$	0.65	$	0.64	$	0.56	$	0.56	$	0.87	$	0.65
Weighted average number of common shares, basic and diluted		7,647,519		7,523,547		7,647,519		7,595,062		7,571,214		7,546,452		7,523,547

UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL
*(In thousands)*

	March 31, 2022					December 31, 2021					March 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	$	344,605		24.1	%	$	337,173		24.8	%	$	327,393		24.8	%		2.2	%		5.3	%
Residential real estate loans		367,138		25.7	%		300,389		22.1	%		181,649		13.8	%		22.2	%		102.1	%
Commercial real estate loans		588,004		41.1	%		534,188		39.3	%		499,134		37.8	%		10.1	%		17.8	%
Commercial industrial loans - Other		92,408		6.5	%		105,675		7.8	%		92,680		7.0	%		-12.6	%		-0.3	%
Commercial industrial loans - PPP Loans		18,776		1.3	%		58,339		4.3	%		179,835		13.6	%		-67.8	%		-89.6	%
Consumer loans		19,711		1.3	%		23,171		1.7	%		39,563		3.0	%		-14.9	%		-50.2	%
Total Gross Loans	$	1,430,642		100.0	%	$	1,358,935		100.0	%	$	1,320,254		100.0	%		5.3	%		8.4	%
Less: Allowance for loan losses		(12,500)					(11,697)					(13,215)
Net deferred loan fees		(4,904)					(5,478)					(7,870)
Net Loans	$	1,413,238				$	1,341,760				$	1,299,169
DEPOSITS:
Non-interest bearing demand deposits	$	514,160		35.8	%	$	530,678		37.6	%	$	492,463		32.0	%		-3.1	%		4.4	%
Interest-bearing demand deposits:
Demand deposits		76,286		5.3	%		69,232		4.9	%		69,180		4.5	%		10.2	%		10.3	%
Savings and NOW deposits		81,817		5.7	%		85,175		6.0	%		72,259		4.7	%		-3.9	%		13.2	%
Money market accounts		301,842		21.0	%		267,730		19.0	%		342,468		22.3	%		12.7	%		-11.9	%
Certificates of deposit $250,000 or more		292,978		20.4	%		285,395		20.2	%		287,154		18.7	%		2.7	%		2.0	%
Certificates of deposit less than $250,000		167,861		11.8	%		173,753		12.3	%		274,618		17.8	%		-3.4	%		-38.9	%
Total Deposits	$	1,434,944		100.0	%	$	1,411,963		100.0	%	$	1,538,142		100.0	%		1.6	%		-6.7	%
BORROWINGS:
Federal Home Loan Bank advances		40,000		35.7	%		—		0.0	%		—		0.0	%		0.0	%		#DIV/0	!
Subordinated debt		71,955		64.3	%		29,294		100.0	%		14,841		100.0	%		145.6	%		384.8	%
Total Borrowings	$	111,955		100.0	%	$	29,294		100.0	%	$	14,841		100.0	%		282.2	%		654.4	%
Total Deposits and Borrowings	$	1,546,899				$	1,441,257				$	1,552,983					7.3	%		-0.4	%

Core customer funding sources ⁽¹⁾	$	1,135,503		73.4	%	$	1,108,177		76.9	%	$	1,159,207		74.6	%		2.5	%		-2.0	%
Brokered and listing service sources ⁽²⁾		299,441		19.4	%		303,786		21.1	%		378,935		24.4	%		-1.4	%		-21.0	%
Federal Home Loan Bank advances		40,000		2.6	%		—		—			—		—			100.0	%		100.0	%
Subordinated debt ⁽³⁾		71,955		4.6	%		29,294		2.0	%		14,841		1.0	%		145.6	%		384.8	%
Total Funding Sources	$	1,546,899		100.0	%	$	1,441,257		100.0	%	$	1,552,983		100.0	%		7.3	%		-0.4	%


(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 March 31, 2022							For the three months ended March 31, 2021
	Average Balance		Interest Income/ Expense		Average Yields/ Rate (annualized)			Average Balance		Interest Income/ Expense		Average Yields/ Rate (annualized)
ASSETS:
Interest earning assets:
Loans ^(1)(2)(3)	$	1,377,723	$	16,685		4.91	%	$	1,319,542	$	15,792		4.85	%
Investment securities		112,958		629		2.26	%		89,868		530		2.39	%
Federal funds and interest-bearing deposits		83,754		34		0.16	%		193,755		15		0.03	%
Total interest earning assets	$	1,574,435	$	17,348		4.47	%	$	1,603,165	$	16,337		4.13	%
Other assets		88,386							70,727
Total assets	$	1,662,821						$	1,673,892
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing demand deposits	$	70,403	$	65		0.37	%	$	68,593	$	55		0.33	%
Savings and NOW deposits		82,758		37		0.18	%		69,993		42		0.24	%
Money market deposit accounts		267,905		119		0.18	%		412,554		277		0.27	%
Time deposits		456,782		1,431		1.27	%		479,136		2,250		1.90	%
Total interest-bearing deposits	$	877,848	$	1,652		0.76	%	$	1,030,276	$	2,624		1.03	%
Federal funds purchased		1		—		—			—		—		—
Subordinated debt		43,995		468		4.31	%		14,838		238		6.51	%
FHLB borrowings		37,167		31		0.34	%		—		—		—
Total interest-bearing liabilities	$	959,011	$	2,151		0.91	%	$	1,045,114	$	2,862		1.11	%
Demand deposits and other liabilities		514,101							458,051
Total liabilities	$	1,473,112						$	1,503,165
Stockholders' Equity		189,709							170,727
Total Liabilities and Stockholders' Equity	$	1,662,821						$	1,673,892
Interest Rate Spread						3.56	%						3.02	%
Net Interest Income			$	15,197						$	13,475
Net Interest Margin						3.91	%						3.41	%
Net Interest Margin, excluding PPP loans⁽⁴⁾						3.65	%						3.20	%


(1)	Includes loans classified as non-accrual
(2)	Includes average PPP balances of $39.1 million, related interest income of approximately $98,000, and $1.3 million in PPP fees recognized for the three months ended March 31, 2022. Includes average PPP balances of $154.2 million, related interest income of approximately $386,000, and $1.6 million in PPP fees recognized for the three months ended March 31, 2021
(3)	Total loan interest income includes amortization of deferred loan fees, net of deferred loan costs
(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
	March 31,
	2022			2021
*Per share Data and Shares Outstanding*
Earnings per common share (basic and diluted)	$	0.64		$	0.65
Book value per common share	$	21.12		$	19.26
Tangible book value per common share⁽²⁾	$	20.61		$	19.26
Weighted average common shares (basic and diluted)		7,647,519			7,523,547
Common shares outstanding at end of period		7,648,973			7,544,365
*Performance Ratios*
Return on average assets (annualized)		1.32	%		1.32	%
Return on average assets, excluding impact of PPP loans (annualized)⁽²⁾		1.01	%		0.91	%
Return on average equity (annualized)		11.59	%		12.95	%
Return on average common equity (annualized)		12.19	%		13.88	%
Yield on earning assets (annualized)		4.47	%		4.13	%
Cost of interest bearing liabilities (annualized)		0.91	%		1.11	%
Net interest spread		3.56	%		3.02	%
Net interest margin (annualized)		3.91	%		3.41	%
Net interest margin, excluding PPP loans (annualized)⁽²⁾		3.65	%		3.20	%
Noninterest income as a percentage of average assets (annualized)		0.28	%		0.35	%
Noninterest expense to average assets (annualized)		2.19	%		1.89	%
Efficiency ratio⁽³⁾		54.79	%		52.34	%
*Asset Quality*
Commercial real estate loans to total capital ⁽⁴⁾		370.64	%		374.54	%
Construction loans to total capital ⁽⁵⁾		136.19	%		167.92	%
Loans 30-89 days past due to total gross loans		0.00	%		0.07	%
Loans 90 days past due to total gross loans		0.00	%		0.00	%
Non-accrual loans to total gross loans		0.00	%		0.01	%
Other real estate owned	$	—		$	1,180
Non-performing assets	$	—		$	1,329
Non-performing assets to total assets		0.00	%		0.08	%
Non-performing assets to total assets, excluding PPP loans⁽²⁾		0.00	%		0.09	%
Allowance for loan losses to total gross loans		0.87	%		1.00	%
Allowance for loan losses to total loans, excluding PPP loans⁽²⁾		0.89	%		1.16	%
Allowance for loan losses to non-performing assets		0.00	%		9.94
Net loan recoveries	$	(3)		$	(18)
Net charge-offs (recoveries) to average gross loans (annualized)		0.00	%		(0.01)	%
Net charge-offs (recoveries) to average gross loans, excluding PPP loans (annualized)⁽²⁾		0.00	%		(0.01)	%
*Regulatory Capital Ratios (Bank only)⁽¹⁾*
Total risk-based capital ratio		16.44	%		15.43	%
Tier 1 risk-based capital ratio		15.63	%		14.38	%
Leverage ratio		14.47	%		10.83	%
Common equity tier 1 ratio		15.63	%		14.38	%
*Other information*
Closing stock price	$	24.31		$	20.76
Equity / assets		10.72	%		9.88	%
Equity / assets, excluding PPP loans⁽²⁾		10.83	%		11.01	%
Average equity / average assets		11.41	%		10.20	%
Average equity / average assets, less average PPP loans⁽²⁾		11.68	%		11.23	%
Number of full time equivalent employees		141			125
# Full service branch offices		6			7


(1)	Regulatory capital ratios as of March 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

Reconciliation of Certain Non-GAAP Financial Measures
(Dollars In thousands)

	For the three months ended March 31,
		2022			2021
Paycheck Protection Program adjustment impact
Loans held for investment (GAAP)	$	1,430,642		$	1,320,254
Less: PPP loans		18,776			179,835
Loans held for investment, excluding PPP (non-GAAP)	$	1,411,866		$	1,140,419

Average loans held for investment (GAAP)	$	1,377,723		$	1,319,542
Less: Average PPP loans		39,096			154,233
Average loans held for investment, excluding PPP (non-GAAP)	$	1,338,627		$	1,165,309


	For the three months ended March 31,
		2022			2021
Net interest margin adjustment
Net interest income (GAAP)	$	15,197		$	13,475
Less: PPP fees recognized		1,264			1,642
Less: PPP interest income earned		98			386
Net interest income, excluding PPP income (non-GAAP)		13,835			11,447

Average interest earning assets (GAAP)		1,574,435			1,603,165
Less: average PPP loans		39,096			154,233
Average interest earning assets, excluding PPP (non-GAAP)		1,535,339			1,448,932

Net interest margin (GAAP)		3.91	%		3.41	%
Net interest margin, excluding PPP (non-GAAP)		3.65	%		3.20	%


	For the three months ended March 31,
		2022			2021
Total asset adjustment
Total assets (GAAP)	$	1,761,748		$	1,743,029
Less: PPP loans		18,776			179,835
Total assets, excluding PPP loans (non-GAAP)		1,742,972			1,563,194

Total equity (GAAP)		188,796			172,178
Equity / assets, excluding PPP loans (non-GAAP)		10.83	%		11.01	%

Average asset adjustment
Average assets (GAAP)		1,662,821			1,673,892
Less: average PPP loans		39,096			154,233
Total average assets, excluding average PPP loans		1,623,725			1,519,659

Total average equity (GAAP)		189,709			170,727
Average equity / average assets, excluding average PPP loans (non-GAAP)		11.68	%		11.23	%


	For the three months ended March 31,
		2022			2021
Return on Average Assets, adjusted
Net income (GAAP)	$	5,423		$	5,450
Less: PPP fees recognized		1,264			1,642
Less: PPP interest income earned		98			386
Net income, excluding PPP income (non-GAAP)		4,061			3,422

Average total assets		1,662,821			1,673,892
Less: average PPP loans		39,096			154,233
Average total assets, excluding PPP (non-GAAP)		1,623,725			1,519,659
Return on average assets, excluding PPP (non-GAAP)		1.01	%		0.91	%


	For the three months ended March 31,
		2022			2021
Nonperforming Assets to total assets, adjusted
Total nonperforming assets (GAAP)	$	—		$	1,329

Total assets (GAAP)		1,761,748			1,743,029
Less: PPP loans		18,776			179,835
Total assets, excluding PPP loans (non-GAAP)		1,742,972			1,563,194
Nonperforming assets to total assets, excluding PPP loans (non-GAAP)		0.00	%		0.09	%


	For the three months ended March 31,
		2022			2021
Allowance for loan losses, adjusted
Allowance for loan losses (GAAP)	$	12,500		$	13,215

Total gross loans (GAAP)		1,430,642			1,320,254
Less: PPP loans		18,776			179,835
Total gross loans, excluding PPP loans (non-GAAP)		1,411,866			1,140,419
Allowance for loan losses to total loans, excluding PPP (non-GAAP)		0.89	%		1.16	%


	For the three months ended March 31,
		2022			2021
Net charge-offs to average loans, adjusted
Total net recoveries (GAAP)	$	(3)			(18)

Total average gross loans (GAAP)		1,377,723			1,319,542
Less: average PPP loans		39,096			154,233
Total average gross loans, excluding PPP loans (non-GAAP)		1,338,627			1,165,309
Net recoveries to average gross loans, excluding PPP (annualized) (non-GAAP)		0.00	%		(0.01)	%


	For the three months ended March 31,
		2022			2021
Stockholders equity, adjusted
Total stockholders equity	$	188,796		$	172,178
Less: preferred stock		(27,263)			(27,263)
Total common stockholders equity		161,533			144,915
Less: intangible assets		3,906			—
Tangible common stockholders equity		157,627			144,915

Shares outstanding		7,648,973			7,544,365
Tangible book value per common share	$	20.61		$	19.21

SOURCE MainStreet Bancshares, Inc.

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