- Main Street Financial Services Corp. (OTCQX: MSWV) reported a net income of $3.6 million for Q1 2025, equating to $0.47 per share.
- Deposits increased by $28.3 million (9.8% annualized), while loan balances grew by $17.8 million (6.4% annualized) during the quarter.
- The company declared a cash dividend of $0.14 per share on April 11, 2025.
Main Street Financial Services Corp. (OTCQX: MSWV) announced robust financial results for the first quarter of 2025, with a net income of $3.6 million, or $0.47 per share. The company's return on equity was impressive at 13.27%, while the return on assets stood at 1.03%. These figures underscore a period of significant financial growth and stability.
In terms of operational growth, deposits surged by $28.3 million, amounting to a 9.8% annualized growth rate, alongside a $17.8 million increase in loan balances, representing a 6.4% annualized growth. Key financial metrics include a net interest income of $11.5 million, a remarkable 128% increase from the previous year, complemented by a net interest margin of 3.44%.
The firm made strides in reducing wholesale funding, cutting it by $31 million to a total of $69 million, which now comprises 4.8% of the company's assets. Asset quality showed improvement, with non-performing loans declining to $4.9 million. On April 11, 2025, the company declared a quarterly cash dividend of $0.14 per share, reflecting its commitment to delivering shareholder value.
Main Street recorded total assets of $1.41 billion as of March 31, 2025, with net loan balances reaching $1.13 billion. President and CEO James R. VanSickle expressed satisfaction with the progress achieved by the merged entity, highlighting the enhanced growth opportunities and long-term value created for shareholders.
