MainStreet Bancshares reports Q1 EPS 25c vs. 36c last year

Reports net interest margin of 3.30%, up 34 basis points from the previous quarter. Total deposits maintained their level at $1.9B, with total funding costs improving by 24 basis points from the previous quarter to 3.49%. “Our net interest margin expansion was fueled primarily by an opportunity to replace higher cost deposits,” said Alex Vari, Chief Accountant for MainStreet Bank. “We worked diligently to optimize pricing on our deposit stack, while also structuring $211 million of our $578 million in noncore deposits to reprice quickly should rates adjust down.” The loan-to-deposit ratio of 96% indicates efficient utilization of deposit funds for lending.”