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FAIRFAX, Va., July 29, 2020 /PRNewswire/ --MainStreet Bancshares, Inc. (Nasdaq: MNSB) reported a net loss of ($634,000) for the second quarter of 2020. The loss is a result of a provision expense of $5.6 million made during the quarter largely related to the effects of the COVID-19 pandemic. Year-to-date earnings remain positive and management is optimistic that future earnings will normalize if the pandemic is contained. MainStreet Bank Headquarters 10089 Fairfax Blvd Fairfax, Virginia 22030 (PRNewsfoto/MainStreet Bancshares, Inc.) Pre-Tax Pre-Provision (PTPP) Income was $4.7 million for the quarter-ended June 30, 20201. Which is a 2.47% increase from the first quarter of 2020. PTPP Income held steady at $9.3 million for the six months ended June 30, 2020 as compared to the same period last year, in spite of the ongoing net interest income compression. In addition, the Company will continue to recognize fee income from the Paycheck Protection Program (PPP), which is currently estimated at $5.765 million with $765,000 realized during the second quarter, which will effectively offset the second quarter provision expense. For the six months ended June 30, 2020, the Company reported net income of $2.8 million, which represents a 0.40% return on average assets and 4.04% return on average equity, or $0.34 per share of common stock (basic and diluted). Net interest income of $10.7 million and noninterest income of $1.3 million continued to trend favorably and consistently for the quarter ended June 30, 2020. Net interest income and noninterest income for the six months ended June 30, 2020 increased to $21.0 million and $2.7 million, respectively. Net interest income and noninterest income for the six months ended June 30, 2020 increased 9.3% and 20.5%, respectively, over the same period in 2019. Total assets were $1.5 billion and net loans were $1.3 billion as of June 30, 2020, which included $171.7 million in loans related to the Payment Protection Program ("PPP"). Asset quality remained good with non-performing assets to total assets at 0.16% as of June 30, 2020. Non-interest-bearing deposits were $388.1 million, representing 28.9% of total deposits as of June 30, 2020. Total deposits as of June 30, 2020 were $1.3 billion. The Company continues to build its core deposit base (currently at 69% of total deposits) and reduce its overall cost of deposits. The Company's asset quality remains strong. Capital levels for the Company remain strong. COVID-19In order to maintain the Company's strong asset quality, the Board and management initiated two payment deferral programs to support borrowers needs during the pandemic:Phase 1 Borrowers could opt to defer up to two months of principal and interest payments, and Phase 2 Commercial lenders would work with borrowers individually to design and implement a custom solution to achieve a positive outcome for the borrower.An overwhelming number of borrowers, 77.5% (by dollar amount), did not indicate a need for any support from either phase to continue performing on their loan obligations. Phase 1 - Initiated March 24th. Important to note that at this point little was known about the state of the pandemic with no predictions on its duration or severity. A total of 195 borrowers participated in this phase, representing 22.5% of the dollar amount of loans outstanding. This phase is essentially complete.Phase 1 was evenly distributed across the portfolio, save for the hotel loan portfolio. The Company has 15 operating hotels in its portfolio totaling $92.4 million. The hospitality industry was significantly impacted by the pandemic and 14 hotels that we financed requested to participate in Phase 1. The Table below shows the distribution of participants across all portfolios for Phase 1. Phase 1 of Loan Deferment Program Loan Type Total Deferred (000's) Percentage of Total Loans Commercial Real Estate $165,920 13.0% Owner-Occupied Commercial Real Estate 55,232 4.3% C&I 20,152 1.6% Other Const & Land 15,465 1.2% Closed-end 1st Lien 14,215 1.1% 1-4 Fam Construction 10,880 0.9% Multifamily 2,610 0.2% Closed-end Jr Lien 1,075 0.1% Revolving Secured by 1-4 Fam 1,050 0.1% Total $286,599 22.5% Paycheck Protection Program Initiated April 3, 2020. During Phase 1, the commercial lending and credit teams were also fully engaged implementing the Paycheck Protection Program (PPP) to provide additional liquidity assistance to our borrowers. The Team processed 1,071 PPP loans totaling nearly $172 million in short order. Underwriting standards were focused on providing precisely the amount that would qualify for forgiveness by the federal government. Approximately 44% of borrowers participating in Phase 1 program also participated in the PPP. Phase 2 Initiated May 4, 2020. The Board and management aligned the maximum deferment for Phase 2 with the Federal Reserve Board's Main Street Lending Program and set the maximum deferment period at 12 months. The Board and management also established several restrictive covenants for borrowers participating in Phase 2. The objective was for each borrower to attain a greater than 90% probability of a positive outcome. The lending teams worked with their borrowers to determine what amount and term of deferment, if any, would be reasonable to achieve that objective. An estimated 42 borrowers representing 7.4% of total loans outstanding plan to participate in Phase 2. While still a concentration, only 60% of the hotels requested additional payment deferrals for Phase 2. Refer to the table below recapping planned participation in Phase 2. Phase 2 Estimated Loan Deferments Deferred Amount by Month (000's) Loan Type 1 2 3 4 5 6 Total Deferred Number of Borrowers Other Const & Land $6,732 $164 $9,665 $16,562 4 Closed-end 1st Lien 943 2,165 3,109 2 Multifamily 1,564 1,564 2 Owner-Occupied Com'l CRE 1,982 1,221 3,665 2,844 9,713 12 Commercial Real Estate 8,092 3,496 7,029 41,875 60,491 12 - Hotels 8,092 7,029 38,350 9 - Office 155 1 - Retail-Commercial 3,525 1 - Shopping Center 3,341 1 Commercial & Industrial 202 128 1,367 591 245 2,533 9 Other Consumer 64 64 1 Total $2,184 $10,448 $18,990 $7,619 $3,253 $51,540 $94,035 42 The general qualitative factor for the COVID-19 provision for the quarter ended June 30, 2020 was $2 million for the commercial portfolio. In a separate pooled loan analysis, the Company determined that a $762,000 provision should be included for the indirect consumer automobile portfolio. The Company had one Commercial & Industrial (C&I) borrower that was immediately and fully impacted by the pandemic. Good collateral became uncollectible and new sales ceased to exist. The Company charged-off the $1.76 million balance of the loan during the quarter. In addition to address the ongoing impact of the COVID-19 pandemic, the Company added a general qualitative factor to the allowance for loan losses calculation during the second quarter of 2020, resulting in additional provision of $2.76 million for the quarter. The two provisions amount to $4.5 million of the total provision for the quarter. The remaining $1.1 million provision was made to support continued loan growth and shifts in other qualitative factors.The balance of the ALLL after provisions and charge-offs for June 30, 2020 represents 1.25% of total loans (net of PPP loans), and 1.08% of total loans.QUOTES: "The Company continues to perform well despite issues arising from the pandemic," said Jeff W. Dick, Chairman & CEO of MainStreet Bancshares Inc., and MainStreet Bank. "The Board and management took a very conservative approach to assessing the loan portfolio based upon current and anticipated conditions. We will continue to work with all of our customers in pursuit of a positive outcome throughout the course of this pandemic and beyond."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 well over 1,000 businesses in the metropolitan area.MainStreet Bank has a full complement of payment system services for third party payment providers with nationally known market leaders on-staff ready to help payment providers create a solution perfect 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 its customer 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. 1Use of Certain Non-GAAP Financial Measures.The accounting and reporting policies of the Company conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Company's performance. This included adjusted net income.Management believes that the use of non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of income. The non-GAAP measures used by management enhance comparability by excluding the effects of items that do not reflect ongoing operating performance, including non-recurring gains or charges. These non-GAAP financial measures should not be considered an alternative to GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Company to evaluate and measure the Company's performance to the most directly comparable GAAP financial measures is presented below.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) June30, 2020 March31, 2020 December31, 2019 September30, 2019 June30, 2019 ASSETS Cash and cash equivalents Cash and due from banks $ 55,273 $ 62,098 $ 53,376 $ 52,580 $ 44,976 Federal funds sold 21,081 10,677 11,468 19,432 19,835 Total cash and cash equivalents 76,354 72,775 64,844 72,012 64,811 Investment securities available for sale, at fair value 91,823 102,191 92,791 88,198 60,079 Investment securities held to maturity, at carrying value 23,843 23,878 23,914 24,410 24,946 Restricted equity securities, at cost 5,041 5,041 6,157 4,882 5,307 Loans, net of allowance for loan losses of $13,731, $9,898, $9,584, $9,370, and $9,185, respectively 1,259,012 1,059,628 1,030,425 992,609 983,574 Premises and equipment, net 14,416 14,666 14,153 14,109 14,208 Other real estate owned, net 1,175 1,207 1,207 1,207 1,207 Accrued interest and other receivables 7,458 4,809 5,420 5,373 5,681 Bank owned life insurance 24,959 24,761 24,562 19,381 14,275 Other assets 24,786 20,786 13,885 11,414 9,945 Total Assets $ 1,528,867 $ 1,329,742 $ 1,277,358 $ 1,233,595 $ 1,184,033 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Non-interest bearing deposits $ 388,104 $ 240,979 $ 252,707 $ 218,087 $ 201,405 Interest bearing DDA deposits 18,266 16,846 53,707 54,438 65,117 Savings and NOW deposits 65,876 60,454 63,015 63,746 61,945 Money market deposits 332,246 265,443 141,337 125,716 115,641 Time deposits 537,840 559,489 560,857 601,896 566,292 Total deposits 1,342,332 1,143,211 1,071,623 1,063,883 1,010,400 Federal Home Loan Bank advances and other borrowings 10,000 10,000 40,000 10,000 20,000 Subordinated debt 14,819 14,812 14,805 14,798 14,791 Other liabilities 21,546 21,424 13,896 11,697 9,806 Total Liabilities 1,388,697 1,189,447 1,140,324 1,100,378 1,054,997 Stockholders' Equity: Common stock, par value $4 per share, authorized 10,000,000 shares; issued and outstanding, 8,263,941 shares at June 30, 2020 including 155,742 unvested shares, 8,260,231 shares at March 31, 2020 including 155,742 unvested shares, 8,260,259 shares at December 31, 2019 including 160,961 unvested shares, 8,260,259 shares at September 30, 2019 including 160,961 unvested shares, 8,250,259 at June 30, 2019 including 153,586 unvested shares. 32,433 32,418 32,397 32,397 32,387 Capital surplus 74,850 74,482 75,117 74,860 74,609 Retained earnings 31,933 32,567 29,097 25,535 21,826 Accumulated other comprehensive income 954 828 423 425 214 Total Stockholders' Equity 140,170 140,295 137,034 133,217 129,036 Total Liabilities and Stockholders' Equity $ 1,528,867 $ 1,329,742 $ 1,277,358 $ 1,233,595 $ 1,184,033 UNAUDITED CONSOLIDATED STATEMENTS OF INCOME INFORMATION (In thousands, except share and per share data) Year-to-Date Three Months Ended June30, 2020 June30, 2019 June30, 2020 March31, 2020 December31, 2019 September30, 2019 June30, 2019 INTEREST INCOME: Interest and fees on loans $ 28,619 $ 26,793 $ 14,399 $ 14,220 $ 14,223 $ 14,192 $ 13,877 Interest on investment securities 997 1,171 496 501 534 497 615 Interest on federal funds sold 404 720 9 395 271 412 375 Total interest income 30,020 28,684 14,904 15,116 15,028 15,101 14,867 INTEREST EXPENSE: Interest on interest bearing DDA deposits 153 528 36 117 195 275 283 Interest on savings and NOW deposits 114 147 50 64 71 71 74 Interest on money market deposits 1,252 1,350 474 778 489 539 587 Interest on time deposits 6,900 6,566 3,333 3,566 3,730 3,900 3,635 Interest on Federal Home Loan Bank advances and other borrowings 94 381 44 50 92 76 162 Interest on subordinated debt 482 479 241 241 244 244 241 Total interest expense 8,995 9,451 4,178 4,816 4,821 5,105 4,982 Net interest income 21,025 19,233 10,726 10,300 10,207 9,996 9,885 Provision for loan losses 5,925 1,075 5,575 350 358 185 750 Net interest income after provision for loan losses 15,100 18,158 5,151 9,950 9,849 9,811 9,135 NON-INTEREST INCOME: Deposit account service charges 920 816 433 487 460 392 446 Bank owned life insurance income 397 211 198 199 181 106 106 Loan swap fee income 826 471 423 403 111 407 181 Net gain on available-for-sale securities 5 5 Net gains on sale of loans 263 303 263 Other fee income 589 501 264 325 407 228 340 Total other income 2,732 2,267 1,318 1,414 1,158 1,436 1,341 NON-INTEREST EXPENSES: Salaries and employee benefits 8,696 7,707 4,263 4,433 4,179 3,890 3,847 Furniture and equipment expenses 954 820 500 454 457 451 435 Advertising and marketing 447 296 191 256 375 235 191 Occupancy expenses 578 430 311 267 221 214 217 Outside services 481 388 205 276 169 306 161 Administrative expenses 341 343 177 164 198 190 176 Other operating expenses 3,006 2,201 1,713 1,293 1,104 1,203 1,150 Total other expenses 14,503 12,185 7,360 7,143 6,703 6,489 6,177 INCOME (LOSS) BEFORE INCOME TAXES 3,329 8,240 (891) 4,221 4,304 4,758 4,299 Income tax expense (benefit) 494 1,562 (257) 751 742 1,049 868 NET INCOME (LOSS) $ 2,835 $ 6,678 $ (634) $ 3,470 $ 3,562 $ 3,709 $ 3,431 Net income (loss) per common share, basic and diluted $ 0.34 $ 0.81 $ (0.08) $ 0.42 $ 0.43 $ 0.45 $ 0.42 Weighted average number of shares, basic and diluted 8,275,344 8,246,562 8,263,370 8,287,317 8,260,259 8,251,672 8,250,210 UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL (In thousands) June30, 2020 March31, 2020 June30, 2019 Percentage Change $Amount %of Total $Amount %of Total $Amount %of Total Last 3 Mos Last 12 Mos LOANS: Construction and land development loans $ 284,843 22.2 % $ 286,756 26.7 % $ 203,873 20.5 % -0.7 % 39.7 % Residential real estate loans 169,924 13.3 % 149,173 13.9 % 158,406 15.9 % 13.9 % 7.3 % Commercial real estate loans 497,279 38.8 % 449,786 42.0 % 425,862 42.8 % 10.6 % 16.8 % Commercial industrial loans 268,290 21.0 % 118,258 11.0 % 117,905 11.9 % 126.9 % 127.5 % Consumer loans 60,166 4.7 % 68,159 6.4 % 88,421 8.9 % -11.7 % -32.0 % Total Gross Loans $ 1,280,502 100.0 % $ 1,072,132 100.0 % $ 994,467 100.0 % 19.4 % 28.8 % Less: Allowance for loan losses (13,731) (9,898) (9,185) Net deferred loan fees (7,759) (2,606) (1,708) Net Loans $ 1,259,012 $ 1,059,628 $ 983,574 DEPOSITS: Non-interest bearing demand deposits $ 388,104 28.9 % $ 240,979 21.1 % $ 201,405 19.9 % 61.1 % 92.7 % Interest-bearing demand deposits: Demand deposits 18,266 1.4 % 16,846 1.5 % 65,117 6.4 % 8.4 % -71.9 % Savings and NOW deposits 65,876 4.9 % 60,454 5.3 % 61,945 6.1 % 9.0 % 6.3 % Money market accounts 332,246 24.8 % 265,443 23.2 % 115,641 11.4 % 25.2 % 187.3 % Certificates of deposit $250,000 or more 213,051 15.9 % 213,409 18.7 % 222,292 22.0 % -0.2 % -4.2 % Certificates of deposit less than $250,000 324,789 24.1 % 346,080 30.2 % 344,000 34.2 % -6.2 % -5.6 % Total Deposits $ 1,342,332 100.0 % $ 1,143,211 100.0 % $ 1,010,400 100.0 % 17.4 % 32.9 % BORROWINGS: Federal Home Loan Bank advances 10,000 40.3 % 10,000 40.3 % 20,000 57.5 % 0.0 % -50.0 % Subordinated debt 14,819 59.7 % 14,812 59.7 % 14,791 42.5 % 0.0 % 0.2 % Total Borrowings $ 24,819 100.0 % $ 24,812 100.0 % $ 34,791 100.0 % 0.0 % -28.7 % Total Deposits and Borrowings $ 1,367,151 $ 1,168,023 $ 1,045,191 17.0 % 30.8 % Core customer funding sources (1) $ 939,474 68.7 % $ 785,661 67.2 % $ 605,484 57.9 % 19.6 % 55.2 % Brokered and listing service sources (2) 402,858 29.5 % 357,550 30.6 % 404,916 38.7 % 12.7 % -0.5 % Federal Home Loan Bank advances 10,000 0.7 % 10,000 0.9 % 20,000 1.9 % 0.0 % -50.0 % Subordinated debt (3) 14,819 1.1 % 14,812 1.3 % 14,791 1.4 % 0.0 % 0.2 % Total Funding Sources $ 1,367,151 100.0 % $ 1,168,023 100.0 % $ 1,045,191 100.0 % 17.0 % 30.8 % (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 June30, 2020 For the three months ended June30, 2019 Average Balance Interest Income/ Expense Average Yields/Rate (annualized) Average Balance Interest Income/ Expense Average Yields/Rate (annualized) ASSETS: Interest earning assets: Loans (1) $ 1,213,250 $ 14,399 4.75 % $ 978,282 $ 13,877 5.67 % Investment securities 73,186 496 2.71 % 73,218 615 3.36 % Federal funds and interest-bearing deposits 126,164 9 0.03 % 73,494 375 2.04 % Total interest earning assets $ 1,412,600 $ 14,904 4.22 % $ 1,124,994 $ 14,867 5.29 % Other assets 69,741 40,842 Total assets $ 1,482,341 $ 1,165,836 Liabilities and Stockholders' Equity: Interest-bearing liabilities: Interest-bearing demand deposits $ 17,507 $ 36 0.82 % $ 57,299 $ 283 1.98 % Money market deposit accounts 303,118 474 0.63 % 123,110 587 1.91 % Savings and NOW deposits 62,733 50 0.32 % 62,613 74 0.47 % Time deposits 548,728 3,333 2.43 % 548,669 3,635 2.65 % Total interest-bearing deposits $ 932,086 $ 3,893 1.67 % $ 791,691 $ 4,579 2.31 % Federal funds and repos purchased 1 Subordinated debt 14,816 241 6.51 % 14,788 241 6.52 % FHLB borrowings 10,000 44 1.76 % 23,956 162 2.70 % Total interest-bearing liabilities $ 956,903 $ 4,178 1.75 % $ 830,435 $ 4,982 2.40 % Demand deposits and other liabilities 383,480 208,405 Total liabilities $ 1,340,383 $ 1,038,840 Stockholders' Equity 141,958 126,996 Total Liabilities and Stockholders' Equity $ 1,482,341 $ 1,165,836 Interest Rate Spread 2.47 % 2.89 % Net Interest Income and Margin $ 10,726 3.04 % $ 9,885 3.51 % (1) Includes loans classified as non-accrual. UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES (In thousands) For the six months ended June30, 2020 For the six months ended June30, 2019 Average Balance Interest Income/ Expense Average Yields/Rate (annualized) Average Balance Interest Income/ Expense Average Yields/Rate (annualized) ASSETS: Interest earning assets: Loans (1) $ 1,135,995 $ 28,619 5.04 % $ 957,457 $ 26,793 5.60 % Investment securities 73,512 997 2.71 % 70,897 1,171 3.30 % Federal funds and interest-bearing deposits 131,239 404 0.62 % 69,242 720 2.08 % Total interest earning assets $ 1,340,746 $ 30,020 4.48 % $ 1,097,596 $ 28,684 5.23 % Other assets 64,550 38,827 Total assets $ 1,405,296 $ 1,136,423 Liabilities and Stockholders' Equity: Interest-bearing liabilities: Interest-bearing demand deposits $ 25,532 $ 153 1.20 % $ 57,013 $ 528 1.85 % Money market deposit accounts 266,638 1,252 0.94 % 133,410 1,350 2.02 % Savings and NOW deposits 62,716 114 0.36 % 60,626 147 0.48 % Time deposits 557,921 6,900 2.47 % 508,421 6,566 2.58 % Total interest-bearing deposits $ 912,807 $ 8,419 1.84 % $ 759,470 $ 8,591 2.26 % Federal funds and repos purchased 1 0.00 % 69 1 2.89 % Subordinated debt 14,813 482 6.51 % 14,784 479 6.48 % FHLB borrowings 10,165 94 1.85 % 29,006 380 2.62 % Total interest-bearing liabilities $ 937,786 $ 8,995 1.92 % $ 803,329 $ 9,451 2.35 % Demand deposits and other liabilities 326,949 207,925 Total liabilities $ 1,264,735 $ 1,011,254 Stockholders' Equity 140,561 125,169 Total Liabilities and Stockholders' Equity $ 1,405,296 $ 1,136,423 Interest Rate Spread 2.56 % 2.88 % Net Interest Income and Margin $ 21,025 3.14 % $ 19,233 3.50 % (1) Includes loans classified as non-accrual. UNAUDITED SUMMARY FINANCIAL DATA (Dollars in thousands except per share data) At or For the Three Months Ended At or For the Six Months Ended June30, June30, 2020 2019 2020 2019 Per share Data and Shares Outstanding Earnings (losses) per share (basic and diluted) $ (0.08) $ 0.42 $ 0.34 $ 0.81 Tangible book value per share $ 16.96 $ 15.64 $ 16.96 $ 15.64 Weighted average common shares (basic and diluted) 8,263,370 8,250,210 8,275,344 8,246,562 Common shares outstanding at end of period 8,263,941 8,250,259 8,263,941 8,250,259 Performance Ratios Return on average assets (annualized) (0.17) % 1.18 % 0.40 % 1.18 % Return on average equity (annualized) (1.79) % 10.81 % 4.04 % 10.67 % Yield on earning assets (annualized) 4.22 % 5.29 % 4.48 % 5.23 % Cost of interest bearing liabilities (annualized) 1.75 % 2.40 % 1.92 % 2.35 % Net interest spread 2.47 % 2.89 % 2.56 % 2.88 % Net interest margin (annualized) 3.04 % 3.51 % 3.14 % 3.50 % Net interest margin less PPPL (annualized) 3.17 % 3.21 % Noninterest income as a percentage of average assets (annualized) 0.36 % 0.46 % 0.39 % 0.40 % Noninterest expense to average assets (annualized) 1.99 % 2.12 % 2.06 % 2.14 % Efficiency ratio 61.11 % 55.02 % 61.04 % 56.67 % Asset Quality Loans 30-89 days past due to total gross loans 0.01 % 0.03 % 0.01 % 0.03 % Loans 90 days past due to total gross loans 0.00 % 0.00 % 0.00 % 0.00 % Non-accrual loans to total gross loans 0.10 % 0.00 % 0.10 % 0.00 % Other real estate owned $ 1,175 $ 1,207 $ 1,175 $ 1,207 Non-performing assets $ 2,480 $ 1,242 $ 2,480 $ 1,242 Non-performing assets to total assets 0.16 % 0.10 % 0.16 % 0.10 % Allowance for loan losses to total gross loans 1.07 % 0.92 % 1.07 % 0.92 % Allowance for loan losses to total gross loans less PPPL 1.24 % 1.24 % Allowance for loan losses to non-performing assets 5.54 7.40 5.54 7.40 Net loan charge-offs (recoveries) $ 1,742 $ 754 $ 1,778 $ 721 Net charge-offs to average loans (annualized) 0.57 % 0.31 % 0.31 % 0.15 % Troubled debt restructurings (total) Performing in accordance with modified terms $ $ 1,494 $ $ 1,494 Not performing in accordance with modified terms $ $ $ $ Regulatory Capital Ratios (Bank only) (1) Total risk-based capital ratio 13.26 % 13.41 % 13.26 % 13.41 % Tier 1 risk-based capital ratio 12.16 % 12.59 % 12.16 % 12.59 % Leverage ratio 10.23 % 12.07 % 10.23 % 12.07 % Common equity tier 1 ratio 12.16 % 12.59 % 12.16 % 12.59 % Other information Closing stock price $ 13.20 $ 22.79 $ 13.20 $ 22.79 Tangible equity / tangible assets 9.17 % 10.89 % 9.17 % 10.89 % Tangible equity / tangible assets less PPPL loans 10.33 % 10.33 % Average tangible equity / average tangible assets 9.58 % 10.89 % 10.00 % 11.01 % Number of full time equivalent employees 121 120 121 120 # Full service branch offices 7 6 7 6 (1) Regulatory capital ratios as of June 30, 2020 are preliminary. Reconciliation of Certain Non-GAAP Financial Measures (In thousands) For the three months ended June30, For the six months ended June30, 2020 2019 2020 2019 Adjusted Net Income Net income (loss), as reported $ (634) $ 3,431 $ 2,835 $ 6,678 Tax expense (benefit) (257) 868 494 1,562 Provision for loan losses 5,575 750 5,925 1,075 Adjusted net income $ 4,684 $ 5,049 $ 9,254 $ 9,315 SOURCE MainStreet Bancshares, Inc. Related Links https://www.mstreetbank.com

Answer: MainStreet Bancshares, Inc. Reports Pandemic's Impact on Second Quarter