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MainStreet Bancshares Inc. (MNSB+0.17%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details a net loss of $9.98 million for the year, compared to a net income of $26.59 million in 2023. This change is primarily attributed to a significant increase in interest expenses and non-interest expenses, including an impairment charge on intangible assets.
Total assets increased to $2.23 billion from $2.04 billion, driven by growth in loans receivable and cash equivalents. Total deposits rose to $1.91 billion from $1.69 billion, with an increase in wholesale deposits.
Net interest income decreased by 18.5% to $62.57 million, impacted by higher interest expenses on deposits and borrowings. The net interest margin declined to 3.13% from 4.15% in the previous year.
The allowance for credit losses on loans increased to $19.45 million, with a provision for credit losses of $7.49 million, reflecting higher levels of past dues and non-performing loans, which totaled $21.65 million.
Non-interest income slightly decreased to $3.25 million, while non-interest expenses rose significantly to $72.97 million, largely due to a $19.72 million impairment charge on computer software.
The company’s capital ratios remain above regulatory requirements, with a total risk-based capital ratio of 15.69% and a tier 1 leverage ratio of 12.08%.
MainStreet Bancshares Inc. continues to focus on expanding its loan portfolio and maintaining strong liquidity and capital positions amid a challenging interest rate environment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MainStreet Bancshares Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.