MainStreet Bank continues to sail through the recession and financial crisis, reporting $72,000 or $0.03, in net income for the quarter ending June 30, 2009. This brings its net income for the first six months of 2009 to $138,000 or $0.05 per share.
The bank grew total assets to $205 million, a 17% increase over last year’s second quarter. Total deposits increased 22% in the same time frame and are now at $160 million. MainStreet Bank reported other metrics that indicated strong asset quality. Its total non-performing loans were 0.64% of gross loans, and its total risk-based capital ratio was 14.81%.
Jeff W. Dick, the CEO of MainStreet Bank said, “In this economy, our primary objective is to remain profitable, while maintaining a well-managed balance sheet. In the meantime, we continue our efforts to position the bank to respond favorably when interest rates start to rise.
The strength of the
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