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 yearâ€™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 bankâ€™s balance sheet is demonstrated by its refusal to participate in the U.S. Treasury Departmentâ€™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.