MainStreet Bancshares, Inc. Reports Strong First Quarter 2021 Earnings

Provided By PR Newswire

Last update: Apr 21, 2021

FAIRFAX, Va., April 21, 2021 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company for MainStreet Bank, reported net income of $5.5 million for the first quarter of 2021. Net income of $5.5 million represents a 12.95% Return on Average Equity (ROAE), a 1.32% Return on Average Assets (ROAA) and $0.65 per share of common stock (basic and diluted).

"We are focused on adding new loan and deposit relationships" Abdul Hersiburane

Net interest income was $13.5 million and noninterest income was $1.4 million for the quarter-ended March 31, 2021, an increase of 31% and 2% respectively over the same period in 2020. One-half of the increase in net interest income for the quarter came from Paycheck Protection Program (PPP) origination fees.

The Company's cost of funds for the quarter-ended March 31, 2021 was 1.11%, down from 2.11% from the same period a year ago. The Company is focused on reducing funding costs, increasing fee income, and improving operating efficiency. The Company's efficiency ratio was 52% for the quarter-ended March 31, 2021, a solid improvement from the 61% efficiency ratio reported for the same period a year ago.

Total assets were $1.7 billion on March 31, 2021, an increase of 31% from March 31, 2020. Net loans were $1.3 billion on March 31, 2021, which included $180 million in PPP loan balances. Asset quality continues strong with non-performing assets representing 0.08% of total assets on March 31, 2021.

Non-interest-bearing deposits represented 32% of the $1.5 billion in total deposits on March 31, 2021. Seventy-five percent of total deposits are core deposits – which is a significantly positive shift over the past eight quarters.

The Company continues to be strongly capitalized, and on April 6, 2021, the Company entered into a Subordinated Note Purchase Agreement for a private placement of $30 million in aggregate principal amount of 3.75% Fixed-to-Floating Rate Subordinated Notes due in 2031. The Company intends to use the net proceeds from the issuance of the Notes for general corporate purposes, including potential retirement of existing subordinated debt and capital to support the organic growth of its bank subsidiary, MainStreet Bank. Performance Trust Capital Partners, LLC served as sole placement agent for the offering.

"With 2020 behinds us, our clients are starting this year strong and confident," said Abdul Hersiburane, President of MainStreet Bank. "We are focused on aggressively adding new loan and deposit relationships to the mix."

"We are fortunate to be in such a robust and resilient market," said Jeff W. Dick, Chairman & CEO of MainStreet Bancshares, Inc. and MainStreet Bank. "With the addition of $30 million of very low-cost subordinated debt to our capital stack, we are well positioned to pursue continued growth opportunities."

ABOUT MAINSTREET BANK: MainStreet operates seven branches in Herndon, Fairfax, Fairfax City, 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 full complement of payment solutions for financial technology companies and has a team ready to create a perfect solution for their needs.

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, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
ASSETS
Cash and cash equivalents
Cash and due from banks	$	118,399	$	75,935	$	102,480	$	55,273	$	62,098
Federal funds sold		51,598		31,593		25,074		21,081		10,677
Total cash and cash equivalents		169,997		107,528		127,554		76,354		72,775
Investment securities available for sale, at fair value		180,028		147,414		118,844		91,823		102,191
Investment securities held to maturity, at carrying value		26,427		22,520		23,114		23,843		23,878
Restricted equity securities, at cost		4,664		4,616		4,616		5,041		5,041
Loans held for sale		—		57,006		—		—		—
Loans, net of allowance for loan losses of $13,215, $12,877, $14,346, $13,731, and $9,898, respectively		1,299,169		1,230,379		1,279,899		1,259,012		1,059,628
Premises and equipment, net		13,975		14,289		14,474		14,416		14,666
Other real estate owned, net		1,180		1,180		1,580		1,175		1,207
Accrued interest and other receivables		9,349		9,604		8,579		7,458		4,809
Bank owned life insurance		25,518		25,341		25,157		24,959		24,761
Other assets		12,722		23,288		26,371		24,786		20,786
Total Assets	$	1,743,029	$	1,643,165	$	1,630,188	$	1,528,867	$	1,329,742
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Non-interest bearing deposits	$	492,463	$	370,497	$	416,648	$	388,104	$	240,979
Interest bearing DDA deposits		69,180		70,307		72,807		18,266		16,846
Savings and NOW deposits		72,259		74,099		69,015		65,876		60,454
Money market deposits		342,468		426,600		348,146		332,246		265,443
Time deposits		561,772		496,743		510,429		537,840		559,489
Total deposits		1,538,142		1,438,246		1,417,045		1,342,332		1,143,211
Federal Home Loan Bank advances and other borrowings		—		—		—		10,000		10,000
Subordinated debt		14,841		14,834		14,827		14,819		14,812
Other liabilities		17,868		22,420		25,055		21,546		21,424
Total Liabilities		1,570,851		1,475,500		1,456,927		1,388,697		1,189,447
Stockholders' Equity:
Preferred stock		27,263		27,263		27,527		—		—
Common stock		29,437		29,130		32,460		32,433		32,418
Capital surplus		66,233		66,116		75,217		74,850		74,482
Retained earnings		49,090		44,179		37,105		31,933		32,567
Accumulated other comprehensive income		155		977		952		954		828
Total Stockholders' Equity		172,178		167,665		173,261		140,170		140,295
Total Liabilities and Stockholders' Equity	$	1,743,029	$	1,643,165	$	1,630,188	$	1,528,867	$	1,329,742

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

	Year-to-Date				Three Months Ended
	March 31, 2021		March 31, 2020		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
INTEREST INCOME:
Interest and fees on loans	$	15,792	$	14,220	$	15,792	$	15,933	$	15,083	$	14,399	$	14,220
Interest on investment securities		530		501		530		519		491		496		501
Interest on federal funds sold		15		395		15		15		12		9		395
Total interest income		16,337		15,116		16,337		16,467		15,586		14,904		15,116
INTEREST EXPENSE:
Interest on interest bearing DDA deposits		55		117		55		108		56		36		117
Interest on savings and NOW deposits		42		64		42		52		55		50		64
Interest on money market deposits		277		778		277		418		490		474		778
Interest on time deposits		2,250		3,566		2,250		2,583		2,841		3,333		3,566
Interest on Federal Home Loan Bank advances and other borrowings		—		50		—		—		13		44		50
Interest on subordinated debt		238		241		238		240		245		241		241
Total interest expense		2,862		4,816		2,862		3,401		3,700		4,178		4,816
Net interest income		13,475		10,300		13,475		13,066		11,886		10,726		10,300
Provision for (recovery of) loan losses		320		350		320		(2,950)		635		5,575		350
Net interest income after provision for loan losses		13,155		9,950		13,155		16,016		11,251		5,151		9,950
NON-INTEREST INCOME:
Deposit account service charges		539		487		539		509		487		433		487
Bank owned life insurance income		177		199		177		183		199		198		199
Loan swap fee income		—		403		—		833		1,851		423		403
Net gain on held-to-maturity securities		3		—		3		—		—		—		—
Net gain on sale of loans		344		—		344		—		33		—		—
Other fee income		383		325		383		378		288		264		325
Total other income		1,446		1,414		1,446		1,903		2,858		1,318		1,414
NON-INTEREST EXPENSES:
Salaries and employee benefits		4,767		4,433		4,767		4,746		4,495		4,263		4,433
Furniture and equipment expenses		526		454		526		601		574		500		454
Advertising and marketing		275		256		275		290		266		191		256
Occupancy expenses		306		267		306		360		332		311		267
Outside services		336		276		336		263		215		205		276
Administrative expenses		150		164		150		166		167		177		164
Other operating expenses		1,449		1,293		1,449		1,732		1,589		1,713		1,293
Total other expenses		7,809		7,143		7,809		8,158		7,638		7,360		7,143
Income before income tax expense (benefit)		6,792		4,221		6,792		9,761		6,471		(891)		4,221
Income tax expense (benefit)		1,342		751		1,342		2,051		1,299		(257)		751
Net Income (loss)		5,450		3,470		5,450		7,710		5,172		(634)		3,470
Preferred stock dividends		539		—		539		635		—		—		—
Net income (loss) available to common shareholders		4,911	$	3,470	$	4,911	$	7,075	$	5,172	$	(634)	$	3,470
Net income (loss) per common share, basic and diluted	$	0.65	$	0.42	$	0.65	$	0.92	$	0.63	$	(0.08)	$	0.42
Weighted average number of common shares, basic and diluted		7,523,547		8,287,317		7,523,547		7,700,470		8,272,570		8,263,370		8,287,317

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

	March 31, 2021					December 31, 2020					March 31, 2020					Percentage Change
	$ Amount		% of Total			$ Amount		% of Total			$ Amount		% of Total			Last 3 Mos			Last 12 Mos
LOANS:
Construction and land development loans	$	327,393		24.8	%	$	324,906		26.0	%	$	285,960		26.7	%		0.8	%		14.5	%
Residential real estate loans		181,649		13.8	%		183,531		14.7	%		149,968		13.9	%		-1.0	%		21.1	%
Commercial real estate loans		499,134		37.8	%		466,898		37.4	%		449,786		42.0	%		6.9	%		11.0	%
Commercial industrial loans - Other		92,680		7.0	%		94,847		7.6	%		118,258		11.0	%		-2.3	%		-21.6	%
Commercial industrial loans - PPP Loans		179,835		13.6	%		135,180		10.8	%		—		0.0	%		33.0	%		100.0	%
Consumer loans		39,563		3.0	%		44,073		3.5	%		68,160		6.4	%		-10.2	%		-42.0	%
Total Gross Loans	$	1,320,254		100.0	%	$	1,249,435		100.0	%	$	1,072,132		100.0	%		5.7	%		23.1	%
Less: Allowance for loan losses		(13,215)					(12,877)					(9,898)
Net deferred loan fees		(7,870)					(6,179)					(2,606)
Net Loans	$	1,299,169				$	1,230,379				$	1,059,628
DEPOSITS:
Non-interest bearing demand deposits	$	492,463		32.0	%		370,497		25.8	%	$	240,979		21.1	%		32.9	%		104.4	%
Interest-bearing demand deposits:
Demand deposits		69,180		4.5	%		70,307		4.9	%		16,846		1.5	%		-1.6	%		310.7	%
Savings and NOW deposits		72,259		4.7	%		74,099		5.2	%		60,454		5.3	%		-2.5	%		19.5	%
Money market accounts		342,468		22.3	%		426,600		29.7	%		265,443		23.2	%		-19.7	%		29.0	%
Certificates of deposit $250,000 or more		287,154		18.7	%		213,077		14.8	%		213,409		18.7	%		34.8	%		34.6	%
Certificates of deposit less than $250,000		274,618		17.8	%		283,666		19.6	%		346,080		32.2	%		-3.2	%		-20.6	%
Total Deposits	$	1,538,142		100.0	%	$	1,438,246		100.0	%	$	1,143,211		100.0	%		6.9	%		34.5	%
BORROWINGS:
Federal Home Loan Bank advances		—		0.0	%		—		0.0	%		10,000		40.3	%		0.0	%		-100.0	%
Subordinated debt		14,841		100.0	%		14,834		100.0	%		14,812		59.7	%		0.0	%		0.2	%
Total Borrowings	$	14,841		100.0	%	$	14,834		100.0	%	$	24,812		100.0	%		0.0	%		-40.2	%
Total Deposits and Borrowings	$	1,552,983				$	1,453,080				$	1,168,023					6.9	%		33.0	%

Core customer funding sources ⁽¹⁾	$	1,159,207		74.6	%	$	1,046,087		72.0	%	$	785,661		67.2	%		10.8	%		47.5	%
Brokered and listing service sources ⁽²⁾		378,935		24.4	%		392,159		27.0	%		357,550		30.6	%		-3.4	%		6.0	%
Federal Home Loan Bank advances		—		0.0	%		—		0.0	%		10,000		0.9	%		0.0	%		-100.0	%
Subordinated debt ⁽³⁾		14,841		1.0	%		14,834		1.0	%		14,812		1.3	%		0.0	%		0.2	%
Total Funding Sources	$	1,552,983		100.0	%	$	1,453,080		100.0	%	$	1,168,023		100.0	%		6.9	%		33.0	%

(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, 2021							For the three months ended March 31, 2020
	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)	$	1,319,542	$	15,792		4.85	%	$	1,058,738	$	14,220		5.40	%
Investment securities		89,868		530		2.39	%		73,838		501		2.73	%
Federal funds and interest-bearing deposits		193,755		15		0.03	%		136,314		395		1.17	%
Total interest earning assets	$	1,603,165	$	16,337		4.13	%	$	1,268,890	$	15,116		4.79	%
Other assets		70,727							59,363
Total assets	$	1,673,892						$	1,328,253
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing demand deposits	$	68,593	$	55		0.33	%	$	33,558	$	117		1.40	%
Money market deposit accounts		412,554		277		0.27	%		230,158		778		1.36	%
Savings and NOW deposits		69,993		42		0.24	%		62,699		64		0.41	%
Time deposits		479,136		2,250		1.90	%		567,112		3,566		2.53	%
Total interest-bearing deposits	$	1,030,276	$	2,624		1.03	%	$	893,527	$	4,525		2.03	%
Subordinated debt		14,838		238		6.51	%		14,809		241		6.55	%
FHLB borrowings		—		—		—			10,330		50		1.95	%
Total interest-bearing liabilities	$	1,045,114	$	2,862		1.11	%	$	918,666	$	4,816		2.11	%
Demand deposits and other liabilities		458,051							270,422
Total liabilities	$	1,503,165						$	1,189,088
Stockholders' Equity		170,727							139,165
Total Liabilities and Stockholders' Equity	$	1,673,892						$	1,328,253
Interest Rate Spread						3.02	%						2.68	%
Net Interest Income			$	13,475						$	10,300
Net Interest Margin						3.41	%						3.26	%
Net Interest Margin, excluding PPP loans⁽⁴⁾						3.20	%						3.26	%

(1)	Includes loans classified as non-accrual and loans held for sale
(2)	Includes average PPP balances of $154.2 million and related interest income of approximately $386,000 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,
	2021			2020
*Per share Data and Shares Outstanding*
Earnings per common share (basic and diluted)	$	0.65		$	0.42
Book value per common share	$	19.26		$	16.98
Weighted average common shares (basic and diluted)		7,523,547			8,287,317
Common shares outstanding at end of period		7,523,547			8,260,231
*Performance Ratios*
Return on average assets (annualized)		1.32	%		1.05	%
Return on average assets, excluding impact of PPP loans (annualized)⁽²⁾		0.91	%		1.05	%
Return on average equity (annualized)		12.95	%		10.03	%
Return on average common equity (annualized)		13.88	%		10.03	%
Yield on earning assets (annualized)		4.13	%		4.79	%
Cost of interest bearing liabilities (annualized)		1.11	%		2.11	%
Net interest spread		3.02	%		2.68	%
Net interest margin (annualized)		3.41	%		3.26	%
Net interest margin, excluding PPP loans (annualized)⁽²⁾		3.20	%		3.26	%
Noninterest income as a percentage of average assets (annualized)		0.35	%		0.43	%
Noninterest expense to average assets (annualized)		1.89	%		2.16	%
Efficiency ratio⁽³⁾		52.34	%		60.98	%
*Asset Quality*
Loans 30-89 days past due to total gross loans		0.07	%		0.19	%
Loans 90 days past due to total gross loans		0.00	%		0.01	%
Non-accrual loans to total gross loans		0.01	%		0.01	%
Other real estate owned	$	1,180		$	1,207
Non-performing assets	$	1,329		$	1,415
Non-performing assets to total assets		0.08	%		0.11	%
Non-performing assets to total assets, excluding PPP loans⁽²⁾		0.09	%		0.11	%
Allowance for loan losses to total gross loans		1.00	%		0.92	%
Allowance for loan losses to total loans, excluding PPP loans⁽²⁾		1.16	%		0.92	%
Allowance for loan losses to non-performing assets		9.94			7.82
Net loan charge-offs (recoveries)	$	(18)		$	36
Net charge-offs (recoveries) to average gross loans (annualized)		(0.01)	%		0.06	%
Net charge-offs (recoveries) to average gross loans, excluding PPP loans (annualized)⁽²⁾		(0.01)	%		0.06	%
Troubled debt restructurings (total)
Performing in accordance with modified terms	$	—		$	1,477
Not performing in accordance with modified terms	$	—		$	—
*Regulatory Capital Ratios (Bank only)⁽¹⁾*
Total risk-based capital ratio		15.43	%		12.44	%
Tier 1 risk-based capital ratio		14.38	%		11.68	%
Leverage ratio		10.83	%		11.45	%
Common equity tier 1 ratio		14.38	%		11.68	%
*Other information*
Closing stock price	$	20.76		$	16.76
Equity / assets		9.88	%		10.55	%
Equity / assets, excluding PPP loans⁽²⁾		11.01	%		10.55	%
Average equity / average assets		10.20	%		10.48	%
Average equity / average assets, less average PPP loans⁽²⁾		11.23	%		10.48	%
Number of full time equivalent employees		125			125
# Full service branch offices		7			7

(1)	Regulatory capital ratios as of March 31, 2021 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

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

	For the three months ended March 31,
		2021			2020
Paycheck Protection Program adjustment impact
Loans held for investment (GAAP)	$	1,320,254		$	1,072,132
Less: PPP loans		179,835			—
Loans held for investment, excluding PPP (non-GAAP)	$	1,140,419		$	1,072,132

Average loans held for investment (GAAP)	$	1,319,542		$	1,058,738
Less: Average PPP loans		154,233			—
Average loans held for investment, excluding PPP (non-GAAP)	$	1,165,309		$	1,058,738

	For the three months ended March 31,
		2021			2020
Net interest margin adjustment
Net interest income (GAAP)	$	13,475		$	10,300
Less: PPP fees recognized		1,642			—
Less: PPP interest income earned		386			—
Net interest income, excluding PPP income (non-GAAP)		11,447			10,300

Average interest earning assets (GAAP)		1,603,165			1,268,890
Less: average PPP loans		154,233			—
Average interest earning assets, excluding PPP (non-GAAP)		1,448,932			1,268,890

Net interest margin (GAAP)		3.41	%		3.26	%
Net interest margin, excluding PPP (non-GAAP)		3.20	%		3.26	%

	For the three months ended March 31,
		2021			2020
Total asset adjustment
Total assets (GAAP)	$	1,743,029		$	1,329,742
Less: PPP loans		179,835			—
Total assets, excluding PPP loans (non-GAAP)		1,563,194			1,329,742
Total equity (GAAP)		172,178			140,295
Equity / assets, excluding PPP loans (non-GAAP)		11.01	%		10.55	%

Average asset adjustment
Average assets (GAAP)		1,673,892			1,328,253
Less: average PPP loans		154,233			—
Total average assets, excluding average PPP loans		1,519,659			1,328,253
Total average equity (GAAP)		170,727			139,165
Average equity / average assets, excluding average PPP loans (non-GAAP)		11.23	%		10.48	%

	For the three months ended March 31,
		2021			2020
Return on Average Assets, adjusted
Net income (GAAP)	$	5,450		$	3,470
Less: PPP fees recognized		1,642			—
Less: PPP interest income		386			—
Net income, excluding PPP income (non-GAAP)		3,422			3,470
Average total assets		1,673,892			1,328,253
Less: average PPP loans		154,233			—
Average total assets, excluding PPP (non-GAAP)		1,519,659			1,328,253
Return on average assets, excluding PPP (non-GAAP)		0.91	%		1.05	%

	For the three months ended March 31,
		2021			2020
Nonperforming Assets to total assets, adjusted
Total nonperforming assets (GAAP)	$	1,329		$	1,415
Total assets (GAAP)		1,743,029			1,329,742
Less: PPP loans		179,835			—
Total assets, excluding PPP loans (non-GAAP)		1,563,194			1,329,742
Nonperforming assets to total assets, excluding PPP loans (non-GAAP)		0.09	%		0.11	%

	For the three months ended March 31,
		2021			2020
Allowance for loan losses, adjusted
Allowance for loan losses (GAAP)	$	13,215		$	9,898
Total gross loans (GAAP)		1,320,254			1,072,132
Less: PPP loans		179,835			—
Total gross loans, excluding PPP loans (non-GAAP)		1,140,419			1,072,132
Allowance for loan losses to total loans, excluding PPP (non-GAAP)		1.16	%		0.92	%

	For the three months ended March 31,
		2021			2020
Net charge-offs to average loans, adjusted
Total net charge-offs (recoveries) (GAAP)	$	(18)			36
Total average gross loans (GAAP)		1,319,542			1,058,738
Less: average PPP loans		154,233			—
Total average gross loans, excluding PPP loans (non-GAAP)		1,165,309			1,058,738
Net charge-offs (recoveries) to average gross loans, excluding PPP (annualized) (non-GAAP)		(0.01)	%		0.01	%

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SOURCE MainStreet Bancshares, Inc.