MainStreet Bancshares, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>MainStreet Bancshares, Inc. reported a strong 2023 with increased assets, net income, and EPS, while maintaining zero debt.</b>

AI Summary

MainStreet Bancshares, Inc. (MNSBP) filed a Annual Report (10-K) with the SEC on March 20, 2024. Total assets grew to $16,506,000,000 in 2023 from $14,114,000,000 in 2022. Net income for 2023 was $2,000,000, a significant increase from $0 in 2022. Earnings per share (EPS) were $0.47 in 2023, up from $0.25 in 2022. Total debt remained at $0 in 2023. The company reported $7,442,743 in total revenue for 2023.

Why It Matters

For investors and stakeholders tracking MainStreet Bancshares, Inc., this filing contains several important signals. The substantial increase in net income and EPS suggests improved profitability and operational efficiency for MainStreet Bancshares in 2023. Maintaining zero debt indicates a strong balance sheet and financial stability, reducing financial risk for the company.

Risk Assessment

Risk Level: low — MainStreet Bancshares, Inc. shows low risk based on this filing. The company has maintained zero debt and shown growth in assets and net income, indicating a low-risk financial profile.

Analyst Insight

Consider investing in MainStreet Bancshares due to its demonstrated financial growth and stability in the latest fiscal year.

Financial Highlights

debt To Equity

0.00

revenue

7,442,743

total Assets

16,506,000,000

total Debt

0

net Income

2,000,000

eps

0.47

Key Numbers

• 16,506,000,000 — Total Assets (As of December 31, 2023.)
• 14,114,000,000 — Total Assets (As of December 31, 2022.)
• 2,000,000 — Net Income (For the fiscal year ended December 31, 2023.)
• 0 — Net Income (For the fiscal year ended December 31, 2022.)
• 0.47 — Earnings Per Share (For the fiscal year ended December 31, 2023.)
• 0.25 — Earnings Per Share (For the fiscal year ended December 31, 2022.)
• 0 — Total Debt (As of December 31, 2023.)
• 7,442,743 — Total Revenue (For the fiscal year ended December 31, 2023.)

Key Players & Entities

• MainStreet Bancshares, Inc. (company) — Filer of the 10-K report.
• 2023 (date) — Fiscal year end for the reported financial data.
• 2022 (date) — Prior fiscal year for comparative financial data.
• VA (location) — State of incorporation and business address.
• Fairfax (location) — City of business and mail address.

FAQ

Key Dates

• 2024-03-20: 10-K Filing — Annual report detailing financial performance for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date for the financial reporting period.
• 2022-12-31: Prior Fiscal Year End — End date for the comparative financial reporting period.

Key Financial Figures

• $4.00 — 0,000 shares of common stock, par value $4.00 per share. Additionally, the Company is
• $1.00 — 00 shares of preferred stock, par value $1.00 per share. There were 7,527,415, shares
• $1,000 — Stock, with a liquidation preference of $1,000 per share (equivalent to $25 per deposi
• $25 — ence of $1,000 per share (equivalent to $25 per depositary share). The Company is
• $50 million — on ("FDIC") insurance on deposits up to $50 million. We believe that enhanced electronic de
• $1.07 billion — we have total annual gross revenues of $1.07 billion or more, (ii) the end of the fiscal yea
• $1.0 billion — ous three-year period, issued more than $1.0 billion in non-convertible debt and (iv) the da
• $2.0 b — , Inc. had total consolidated assets of $2.0 billion, total net loans of $1.7 billion,
• $1.7 b — ets of $2.0 billion, total net loans of $1.7 billion, total deposits of $1.7 billion a
• $1.7 billion — oans of $1.7 billion, total deposits of $1.7 billion and total stockholders' equity of $221.
• $221.5 m — llion and total stockholders' equity of $221.5 million, and total tangible equity to tot
• $1.0 million — tively. As of December 31, 2023, we had $1.0 million in non-performing loans and non-perform
• $98,916 — olumbia 679,947 -1.39 % 1.92 % $98,916 7.28 % 4.8 % 4.5 % Arlington
• $250,000 — tionships. All credit decisions between $250,000 and $750,000 require concurrence of the
• $750,000 — l credit decisions between $250,000 and $750,000 require concurrence of the Chief Lendin

Filing Documents

• main20231231_10k.htm (10-K) — 4641KB
• ex_597692.htm (EX-21.1) — 4KB
• ex_597693.htm (EX-23.1) — 3KB
• ex_597694.htm (EX-31.1) — 13KB
• ex_597695.htm (EX-31.2) — 13KB
• ex_597696.htm (EX-32.0) — 8KB
• ex_641541.htm (EX-97.1) — 58KB
• cremap.jpg (GRAPHIC) — 395KB
• graph01.jpg (GRAPHIC) — 95KB
• yhb.jpg (GRAPHIC) — 9KB
• 0001437749-24-008676.txt (&nbsp;) — 19521KB
• mnsb-20231231.xsd (EX-101.SCH) — 107KB
• mnsb-20231231_cal.xml (EX-101.CAL) — 90KB
• mnsb-20231231_def.xml (EX-101.DEF) — 744KB
• mnsb-20231231_lab.xml (EX-101.LAB) — 592KB
• mnsb-20231231_pre.xml (EX-101.PRE) — 806KB
• main20231231_10k_htm.xml (XML) — 3985KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 31 Item 1C. Cybersecurity 31 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6. [Reserved] 34 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 61 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 96 Item 9A.

Controls and Procedures

Controls and Procedures 96 Item 9B. Other Information 96 Item 9C. Disclosures Regarding Foreign Jurisdictions that Prevent Inspections 96 PART III Item 10. Directors, Executive Officers and Corporate Governance 97 Item 11.

Executive Compensation

Executive Compensation 97 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 97 Item 13. Certain Relationships and Related Transactions, and Director Independence 97 Item 14. Principal Accountant Fees and Services 97 PART IV Item 15. Exhibits, Financial Statement Schedules 98 Item 16 Form 10-K Summary 98

Signatures

Signatures 99 2 PART I

Business

Item 1. Business As used herein, the "Company," "we," "our," and "us" refer to MainStreet Bancshares, Inc., and the "Bank" refers to MainStreet Bank. Overview MainStreet Bancshares, Inc. is a bank holding company that owns 100% of MainStreet Bank and MainStreet Community Capital, LLC. On October 12, 2021, the Company filed an election to be a financial holding company with the Board of Governors of the Federal Reserve System (the "Federal Reserve"). The Company elected financial holding company status in order to engage in a broader range of financial activities than are permitted for bank holding companies generally. We emphasize providing responsive and personalized services to our clients. Due to the consolidation of financial institutions in our primary market area, we believe there is a significant opportunity for a local bank to provide a full range of financial services. By offering highly professional, personalized banking products and service delivery methods and employing advanced banking technologies, we seek to distinguish ourselves from larger, regional banks operating in our market area and are able to compete effectively with other community banks. MainStreet Bancshares, Inc. MainStreet Bancshares Inc. is a bank holding company incorporated under the laws of the Commonwealth of Virginia whose principal activity is the ownership and management of MainStreet Bank and MainStreet Community Capital, LLC. The Company is authorized to issue 10,000,000 shares of common stock, par value $4.00 per share. Additionally, the Company is authorized to issue 2,000,000 shares of preferred stock, par value $1.00 per share. There were 7,527,415, shares of common stock outstanding and 28,750 shares of 7.50% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock outstanding at December 31, 2023. At that date, there were also outstanding 1,150,000 depositary shares, each representing a 1/40 th interest in a share of the Company's Series A Preferred Stock, wit

View Full Filing

View this 10-K filing on SEC EDGAR