MainStreet Bancshares, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 18, 2017 at 09:07 am EST
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MainStreet Bancshares, Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2016. For the year, the company reported net income of $3.9 million, 77% higher than 2015 net income of $2.2 million. Earnings per share for year-end 2016 were $0.91 versus $0.51 for 2015. Net interest income was $18.5 million for 2016 improved $2.9 million over net interest income for 2015. The book value per common share was $10.85 as of December 31, 2016. Annualized return on average assets was 8.72% compared to 5.33% a year ago. Annualized return on average equity was 3.78% compared to 3.96% a year ago.
For the quarter, the company reported total interest income of $5,637,000 compared to $5,053,000 a year ago. Net interest income after provision was $4,498,000 compared to $4,240,000 a year ago. Income before income taxes was $1,512,000 compared to $1,229,000 a year ago. Net income was $1,076,000 or $0.25 per basic and diluted share compared to $946,000 or $0.22 per basic and diluted share a year ago.
MainStreet BankShares, Inc. is a bank holding company. The Company's subsidiary is Franklin Community Bank, National Association (Franklin Bank). Franklin Bank is a nationally chartered commercial bank and member of the Federal Reserve whose deposits are insured by the Federal Deposit Insurance Corporation (FDIC). Franklin Bank accepts deposits from the general public and makes commercial, consumer, and real estate loans. The Company formed a wholly owned real estate company, MainStreet RealEstate, Inc., for the sole purpose of owning the real estate of the Company. It owns the facility in which Franklin Bank's Southlake branch operates.