MainStreet Bancshares, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
October 17, 2022 at 05:32 pm IST
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MainStreet Bancshares, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported net interest income was USD 18.1 million compared to USD 13.2 million a year ago. Net income was USD 7.74 million compared to USD 4.78 million a year ago. Basic earnings per share from continuing operations was USD 0.97 compared to USD 0.56 a year ago.
For the nine months, net interest income was USD 49.41 million compared to USD 39.67 million a year ago. Net income was USD 19.1 million compared to USD 17.36 million a year ago. Basic earnings per share from continuing operations was USD 2.31 compared to USD 2.09 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.