MainStreet Announces 1Q 2011 Earnings
on June 23, 2011For Immediate Release: May 12, 2011
MainStreet BankShares, Inc., (“MainStreet”), in Martinsville, Virginia announced its results of operations today for the first quarter period ending March 31, 2011 compared to March 31, 2010 and December 31, 2010. MainStreet experienced a net loss of $(440,080) or $(.26) per basic share for the first quarter ending March 31, 2011 compared to net income of $259,529 or $.15 per basic share for the first quarter ending March 31, 2010. Book value per share was $12.67 at March 31, 2011. Total assets at March 31, 2011 were $210.3 million compared to $214.5 million at December 31, 2010, a decline of $4.2 million, or 1.96%.
Larry A. Heaton, President and Chief Executive Officer, stated, “We have adopted a more aggressive approach to sell our other real estate properties as can be seen in the first quarter results. During the first quarter, we transferred approximately $2.6 million from our loan portfolio into other real estate. Updated appraisals reflected current depressed values resulting in additional charges to the allowance for loan losses. Based on our allowance analysis and these additional charges, $853,190 was expensed for the quarter. While we were successful in selling some of our existing other real estate properties, costs of ownership, write-downs and losses on sales resulted in expenses of $389,356 in the first quarter of 2011. The loan loss provision and the other real estate expenses created a $1.2 million pre-tax expense which led to our first quarter overall loss.”
Mr. Heaton commented, “Since the fourth quarter of 2010, we have had an initiative to lower our overall deposit costs. This initiative has caused a decline in our deposits particularly in certificates of deposit, and thus in our balance sheet. We are seeing our efforts payoff as our net interest margin has improved 41 basis points since we began this focus in November 2010.”
Larry A. Heaton reported, “Our Company remains well capitalized under the standards of regulatory capital classification with actual Tier I leverage capital ratio at 10.25% and total risked based capital ratio at 15.06% at March 31, 2011.”
MainStreet is the bank holding company for Franklin Community Bank, N.A. (“Franklin Bank”) and MainStreet RealEstate, Inc.
Contact: Larry A. Heaton, President and CEO
MainStreet BankShares, Inc.
Martinsville, Virginia
(540) 489-3412
MainStreet Announces 3Q 2010 Earnings
on November 12, 2010For Immediate Release: November 12, 2010
MainStreet BankShares, Inc., (“MainStreet”), in Martinsville, Virginia announced its earnings today for the third quarter and year-to-date periods ending September 30, 2010 compared to September 30, 2009. Net income for the third quarter ending September 30, 2010 was $149,671, or $.09 per basic share, compared to $107,228, or $.06 per basic share, quarter-to-date September 30, 2009. Net income for the year-to-date period ending September 30, 2010 was $576,063, or $.34 per basic share, compared to $629,243, or $.37 per basic share for the year-to-date period ending September 30, 2009. Book value per share was $12.98 at September 30, 2010. Total assets at September 30, 2010 were $223.4 million compared to $225.2 million at December 31, 2009, a modest decline of $1.8 million, or .79%.
Larry A. Heaton, President and Chief Executive Officer, stated, “As of September 30, 2010, loans net of unearned deferred fees and costs declined 3.27% from year end 2009. Based upon the continued softness in lending, our overnight funds and investments continue to grow. Total cash, cash equivalents and securities increased 9.59% from year end. This ongoing trend in our balance sheet composition has a negative drag on earnings based upon the modest yields we receive on investments versus the higher yield in loans. Our liquidity ratio remains strong at 16.71% at quarter end. Our non-performing assets (non-accrual loans, loans past due 90 days and over, and other real estate) remained steady from second quarter with a slight increase of approximately $600 thousand. During the quarter, given the ongoing uncertainty of recovery, elevated levels of unemployment, along with our normal credit risk management process, we allocated an additional $505,600 into our loan loss reserve. We have ample money to loan and continue to look for opportunities.”
Mr. Heaton also commented, “Our Company remains well capitalized with actual Tier I leverage capital ratio at 9.77% and total risked based capital ratio at 15.00% at September 30, 2010.”
MainStreet is the bank holding company for Franklin Community Bank, N.A. (“Franklin Bank”) and MainStreet RealEstate, Inc.
Contact: Larry A. Heaton, President and CEO
MainStreet BankShares, Inc.
Martinsville, Virginia
(540) 489-3412
MainStreet Announces 2Q 2010 Earnings
on August 12, 2010For Immediate Release: August 12, 2010
MainStreet BankShares, Inc., (“MainStreet”), in Martinsville, Virginia announced its earnings today for the second quarter and year-to-date periods ending June 30, 2010 compared to June 30, 2009. Net income for the second quarter ending June 30, 2010 was $166,863, or $.10 per basic share, compared to $267,533, or $.16 per basic share, quarter-to-date June 30, 2009. Net income for the year-to-date period ending June 30, 2010 was $426,392, or $.25 per basic share, compared to $522,015, or $.30 per basic share for the year-to-date period ending June 30, 2009. Book value per share was $12.98 at June 30, 2010. Our balance sheet has remained relatively flat since year-end with a modest increase in total assets to $225.7 million at June 30, 2010 from $225.2 million at December 31, 2009. We continued to prudently add to our loan loss reserve in the first and second quarters of 2010 with a provision expense of $591,900 year-to-date June 30, 2010. Our earnings continue to be affected by the composition of our balance sheet. As loan growth remains challenged, we shift excess funds into overnight or short-term investments that do not provide the same level of return.
Larry A. Heaton, President and Chief Executive Officer, stated, “I am pleased to report that our non-performing assets (non-accrual loans, loans past due 90 days and over, and other real estate) declined 16% from the first quarter. However, lending remains soft based on consumer leverage and continued elevated levels of unemployment. Despite indications in the national media that banks aren’t loaning money, we have ample money to loan and are looking to make loans for any opportunity that makes sense.”
Mr. Heaton also commented, “Our Company remains well capitalized with actual Tier I leverage capital ratio at 9.61% and total risked based capital ratio at 14.81% at June 30, 2010.”
MainStreet is the bank holding company for Franklin Community Bank, N.A. (“Franklin Bank”) and MainStreet RealEstate, Inc.
Contact: Larry A. Heaton, President and CEO
MainStreet BankShares, Inc.
Martinsville, Virginia
(540) 489-3412
Main Street Bank Shares launches new website
on April 23, 2010We are pleased to announce the launch of our new website! The new website features more user friendly navigation and features, a contact form and a live embedded stock quote.
