MainStreet Bancshares Announces Financial Results for the Third Quarter 2024

MainStreet Bancshares, Inc., a Virginia-based company, released its unaudited financial results for the third quarter ended September 30, 2024. The results, which were made available through a press release issued on October 28, 2024, indicated a decline in total revenues to $613.6 million compared to $636.5 million for the same period in 2023. This decrease was primarily attributed to reduced coal sales prices and lower transportation revenues. Net income for the third quarter of 2024 was reported at $86.3 million, reflecting a decline from $153.7 million in the third quarter of 2023, mainly due to lower revenues and increased operating expenses. Additionally, EBITDA for the third quarter of 2024 was $170.7 million compared to $227.6 million in the third quarter of 2023.

Alongside the financial results, the company also disclosed an investor presentation analyzing its third-quarter financial performance, which will be available on the company’s website. It is highlighted that the information furnished in this report, along with the exhibits, is not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference in any filings under this Act, unless specifically referred to.

Furthermore, MainStreet Bancshares reported on its quarterly distributions, with the Board of Directors approving a cash distribution of $0.70 per unit for the third quarter, totaling an annualized rate of $2.80 per unit. This distribution is consistent with the previous quarter’s cash distribution.

The company’s financial statements and operating data for the third quarter highlighted the performance across its coal and oil & gas royalties segments. Net income attributable to ARLP for the period was reported at $86.3 million, and the earnings per limited partner unit were $0.66.

MainStreet Bancshares maintained its full-year guidance for 2024 and updated the committed and priced sales tons for its coal operations. The company’s outlook remains focused on key operational metrics and maintaining financial strength.

Additionally, the company disclosed its balance sheet and liquidity positions, stating total debt and finance leases outstanding at $497.4 million as of September 30, 2024. The total and net leverage ratios were reported at 0.64 times and 0.39 times debt to trailing twelve months Adjusted EBITDA, respectively. MainStreet Bancshares ended the quarter with total liquidity of $657.7 million, including cash and cash equivalents.

Investors interested in further details regarding the financial and operational performance of MainStreet Bancshares can access the full 8-K SEC filing and related financial statements on the company’s website or through the Securities and Exchange Commission’s database.

The above information has been summarized from the Form 8-K filing by MainStreet Bancshares for the third quarter of 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read MainStreet Bancshares’s 8K filing here.

About MainStreet Bancshares

MainStreet Bancshares, Inc operates as the bank holding company for MainStreet Bank that provides various banking products and services for individuals, small to medium-sized businesses, and professional service organizations. The company offers demand, NOW, money market, savings, and sweep accounts, as well as certificates of deposit; business and consumer checking, interest-bearing checking, business account analysis, and other depository services; and cash management, wire transfer, check imaging, bill pay, remote deposit capture, and courier services.