MainStreet Bank (MNSB) in Fairfax, Va., reported higher profits on double-digit loan and deposit growth in the second quarter.

Its profits rose 43%, to $536,000, from a year earlier. It earned 20 cents per share, up from 14 cents.

Assets rose 19%, to nearly $316 million, mainly driven by an 11.7% increase in loans, to nearly $250 million. Meanwhile, deposits increased by more than 21%, to $288.2 million.

Net interest margin also increased to 4.18% from 3.98% year over year.

MainStreet has made progress in "containing costs and improving overall efficiency," Chairman and Chief Executive Jeff W. Dick said in a press release.

MainStreet operates five branches in Herndon, Fairfax, Fairfax City, McLean and Clarendon.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.