MainStreet Bancshares reports 2024 net loss of $9.98M on software impairment and NPA resolution

MainStreet Bancshares, Inc.

2024-FY EPS reported -$1.60 revenue$137,867,000

Net loss of $9.98M for 2024 due to full impairment of Avenu capitalized intangible software and resolution of nonperforming assets.
Net interest margin 3.13%; core deposits grew $187M to $1.4B (75% of total deposits).
Loan portfolio grew 6%; 62% of nonperforming loans resolved; remaining $21.7M in process.
Total deposits grew 13% to $1.9B; company remains strongly capitalized with good liquidity.

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