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    Chris Marinac • Janney Montgomery Scott

    Chris Marinac is Director of Research at Janney Montgomery Scott, specializing in overseeing equity research across the Financials, Healthcare, Infrastructure, and Real Estate sectors, where his team covers more than 225 companies including banks, REITs, and specialty finance firms. He has established a reputation for building award-winning research teams, previously co-founding and leading research at FIG Partners LLC, and prior to that holding key roles as Managing Director at SunTrust Robinson Humphrey and Research Analyst at Wachovia Corporation. Marinac joined Janney in June 2019 following FIG Partners' acquisition, and holds a Bachelor of Science in Accounting and Finance from Kent State University. He is a registered securities professional under FINRA and is recognized for thought leadership in national financial media.

    Chris Marinac's questions to MainStreet Bancshares Inc (MNSB) leadership

    Chris Marinac's questions to MainStreet Bancshares Inc (MNSB) leadership • Q4 2024

    Question

    Chris Marinac of Janney Montgomery Scott submitted questions regarding the effectiveness of measures taken with the Avenu asset impairment, the readiness of the Avenu platform for the Venu cannabis opportunity, the achievability of the 53 basis points pre-ROAA target in 2025, the availability of loan growth opportunities, loan types the bank will be cautious with, the potential impact of the upcoming election, the new expense run rate, and any foreseeable credit issues.

    Answer

    CEO Jeff Dick, CFO Thomas Chmelik, Chief Accountant Alex Vari, and Chief Lending Officer Tom Floyd collectively addressed the questions. Jeff Dick confirmed that Avenu's current version fully supports the Venu cannabis solution and that success hinges on rapidly onboarding retailers. Alex Vari affirmed the pre-ROAA target is achievable due to resolved credit issues, rising net interest income, and accretive callable CDs. Tom Floyd expressed confidence in achieving low single-digit loan growth, citing less than 1% market share and a focus on owner-occupied C&I loans, while noting caution towards acquisition financing for government contractors. Thomas Chmelik and Jeff Dick viewed the election's impact as slow-moving but saw opportunity in the federal return-to-office mandate for small business lending. Alex Vari clarified the projected 83 basis points monthly expense run rate is a significant reduction from the 2024 rate. Finally, Jeff Dick stated the loan portfolio is in very good shape after being thoroughly reviewed.

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    Chris Marinac's questions to MainStreet Bancshares Inc (MNSB) leadership • Q4 2024

    Question

    Asked a series of questions that were submitted in advance regarding the recent intangible asset impairment, the readiness of the Avenu platform for the Venu cannabis opportunity, the achievability of the 2025 pre-ROAA target, loan growth prospects, and the projected expense run rate.

    Answer

    Executives confirmed the Avenu platform is ready for the Venu cannabis solution, with a focus now on onboarding retailers. The pre-ROAA target of 53 basis points is considered achievable due to the resolution of 2024 credit issues, rising net interest income, and the ability to call high-cost CDs. The company sees ample opportunity for low single-digit loan growth, focusing on owner-occupied C&I loans while being cautious with acquisition financing for government contractors. The expense run rate is projected to be significantly lower in 2025 due to cost-cutting measures.

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