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 bank’s balance sheet is demonstrated by its refusal to participate in the U.S. Treasury Department’s Troubled Asset Relief Program Capital Purchase Program. MainStreet Bank is a community bank located in Northern Virginia. The bank has two branches located in Herndon and Fairfax, VA, and plans on opening a third branch in Arlington, Virginia.
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