Record Q3: Net Income Jumps 43% as Efficiency Ratio Tightens to 47.7%
MSWV sits 81% above its 52-week low of $13.8.
Summary
Main Street Financial Services posted record third-quarter net income of $6.5 million, or $0.83 per share, up 43.1% from $4.5 million ($0.58) a year earlier. Net interest income rose 16.4% to $14.8 million as the margin widened 17 basis points to 3.88%, and the efficiency ratio improved to 47.72% from 55.54% as revenue growth outran expenses. Deposits grew $58.6 million (16.9% annualized) in the quarter and loans added $23.9 million, with wholesale funding now at zero. The blemish is credit: nonperforming loans climbed to $9.1 million, lifting the NPL ratio to 0.71% from 0.43% a year ago, though 30-day-plus past dues fell to $8.4 million. Shares sit near the 52-week high of $24.99, so the print needs to hold up against an already-strong run.
At the time of this announcement, MSWV was trading at $24.95 on OTC in the Finance sector, with a market capitalization of approximately $195.8M. The 52-week trading range was $13.80 to $24.99. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.