Exhibit 99.1

PRESS RELEASE	Contact: Jeff W. Dick
October 16, 2019	(703) 481-4567

MainStreet Bancshares, Inc. Reports Record Third Quarter Earnings

Fairfax, Virginia – October 16, 2019 - MainStreet Bancshares, Inc. (Nasdaq: MNSB) reported record net income of $3.7 million for the third quarter of 2019, or $0.45 per share of common stock.  Net income for the nine months ending September 30, 2019 was $10.4 million, or $1.26 per share of common stock.  

The Company produced a 1.20% return on average assets and 10.88% return on average equity for the nine months ended September 30, 2019, compared to a 0.82% return on average assets and a 9.46% return on average equity for the nine months ended September 30, 2018.

Net interest income was $29.2 million for the nine months ending September 30, 2019, up 31% from the nine months ending September 30, 2018.  Noninterest income of $3.7 million for the nine months ending September 30, 2019 was more than double the amount from the nine months ending September 30, 2018.  The increase is due to an increase in deposit account fees, interest rate swap fees related to loan transactions, and gains recorded for the sale of the guaranteed portion of Small Business Administration (“SBA”) loans.  We anticipate that these sources should continue in a similar manner going forward.

Loan loss provisions of $1.3 million for the nine months ending September 30, 2019 are down 52% from the nine months ending September 30, 2018. The decrease in loan loss provisions is consistent with the Company’s strategic decision to moderate loan growth for 2019.  

Total assets were $1.2 billion at September 30, 2019, as compared to $1.1 billion at September 30, 2018, an increase of 17%. Net loans at September 30, 2019 total $992.6 million against net loans outstanding at September 30, 2018 of $850.8 million, an increase of 17%.  Asset quality remains solid with non-performing assets to total assets at 0.10% as of September 30, 2019, down from 0.18% as of September 30, 2018. Capital levels for the Company remain strong.  

Non-interest-bearing deposits increased to $218.1 million as of September 30, 2019, a 14% increase from September 30, 2018.  Non-interest-bearing deposits represent 20% of total deposits at September 30, 2019.  Total deposits as of September 30, 2019 were $1.1 billion an increase of $174.7 million from September 30, 2018.

As of September 30, 2019, the Company’s tangible book value per share was $16.13, up 10% from $14.61 as of September 30, 2018.  According to Nasdaq, there were 10,012 trades during the quarter totaling 722,531 shares traded. The closing share price was $21.05, or 131% of book value. The market cap was $173.9 million as of September 30, 2019.

QUOTES: “Even though there is an undercurrent of economic uncertainty, the Washington D.C. Market remains vibrant,” says Chris Brockett, President of MainStreet Bancshares, Inc. and MainStreet Bank. “Our team of Lenders and Business Bankers are very active in the community and are working diligently to build strong and lasting business and financial relationships.”

“Our focus has been to improve earnings and continue with good balance sheet growth,” says Jeff W. Dick, Chairman and CEO of MainStreet Bancshares, Inc. and MainStreet Bank. “Our profitability is trending nicely and balance sheet growth through the third quarter is at 12%. We are making consistent progress growing low-cost and total core deposits.”

ABOUT MAINSTREET BANK:  MainStreet operates six branches in Herndon, Fairfax, Fairfax City, McLean, Leesburg and Clarendon.  A seventh branch on 1130 Connecticut Avenue in Washington, D.C. will open in the fourth quarter of 2019.  

MainStreet has 55,000 free ATMs and a fully integrated online and mobile banking solution.  The Bank is not restricted by a conventional branching system, as it can offer business customers the ability to Put Our Bank in Your Office^®. With robust and easy-to-use online business banking technology, MainStreet has “put our bank” in well over 1,000 businesses in the metropolitan area.

MainStreet has a full complement of payment system services for third party payment providers.  MainStreet has a nationally known market leader and a highly experienced team ready to help payment providers create a solution perfect for their needs.

MainStreet has a robust line of business and professional lending products, including government contracting lines of credit, commercial lines and term loans, residential and commercial construction and commercial real estate.  MainStreet also works with the SBA to offer 7A and 504 lending solutions.  From mobile banking and Apple Pay to instant-issue Debit Cards, MainStreet Bank is always looking for ways to improve its customer experience.    

MainStreet Bank was the first community bank in the Washington, D.C. metropolitan area to offer a full online business banking solution.  MainStreet Bank was also the first bank headquartered in the Commonwealth of Virginia to offer CDARS – a solution that provides multi-million-dollar FDIC insurance.  Further information on the Bank can be obtained by visiting its website at mstreetbank.com.

This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties.  The statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel.

We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made.  In addition, our past results of operations are not necessarily indicative of future performance.

UNAUDITED CONSOLIDATED BALANCE SHEET INFORMATION

(Unaudited)

(In thousands, except share data)

	September 30, 2019		June 30, 2019		March 31, 2019			December 31, 2018			September 30, 2018
ASSETS
Cash and cash equivalents
Cash and due from banks	$	52,580	$	44,976	$	29,741		$	27,886		$	38,634
Federal funds sold		19,432		19,835		30,034			30,190			21,739
Total cash and cash equivalents		72,012		64,811		59,775			58,076			60,373
Investment securities available for sale, at fair value		88,198		60,079		69,308			55,979			79,489
Investment securities held to maturity, at carrying value		24,410		24,946		25,487			26,178			26,221
Restricted equity securities, at cost		4,882		5,307		5,732			5,894			4,209
Loans, net of allowance for loan losses of $9,370, $9,185, $9,189, $8,831, and $8,327, respectively		992,609		983,574		943,735			917,125			850,822
Premises and equipment, net		14,109		14,208		14,226			14,222			14,414
Other real estate owned, net		1,207		1,207		—			—			—
Accrued interest and other receivables		5,373		5,681		5,644			5,148			4,919
Bank owned life insurance		19,381		14,275		14,169			14,064			13,957
Other assets		12,095		10,676		8,005			3,927			2,577
Total Assets	$	1,234,276	$	1,184,764	$	1,146,081		$	1,100,613		$	1,056,981
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Non-interest bearing deposits	$	218,087	$	201,405	$	193,744		$	211,749		$	191,986
Interest-bearing DDA deposits		54,438		65,117		59,639			60,588			59,295
Savings and NOW deposits		63,746		61,945		61,537			51,371			52,602
Money market deposits		125,716		115,641		147,655			138,153			109,498
Time deposits		602,577		567,023		504,252			458,276			476,511
Total deposits		1,064,564		1,011,131		966,827			920,137			889,892
Federal Home Loan Bank advances and other borrowings		10,000		20,000		30,000			40,000			30,000
Subordinated debt		14,798		14,791		14,783			14,776			14,769
Other liabilities		11,697		9,806		9,488			4,449			2,785
Total Liabilities		1,101,059		1,055,728		1,021,098			979,362			937,446
Stockholders’ Equity:
Common stock, par value $4 per share, authorized 10,000,000    shares; issued and outstanding, 8,260,259 shares at September 30, 2019    including 160,961 unvested shares, 8,250,259 shares at June 30, 2019    including 153,586 unvested shares, 8,249,759 at March 31, 2019    including 153,086 unvested shares, 8,177,978 shares at    December 31, 2018 including 133,869 unvested shares, 8,179,871    shares at September 30, 2018 including 142,457 unvested shares.		32,397		32,387		32,387			32,177			32,177
Capital surplus		74,860		74,609		74,353			74,256			76,427
Retained earnings		25,535		21,826		18,395			15,185			11,371
Accumulated other comprehensive gain (loss)		425		214		(152	)		(367	)		(440	)
Total Stockholders’ Equity		133,217		129,036		124,983			121,251			119,535
Total Liabilities and Stockholders’ Equity	$	1,234,276	$	1,184,764	$	1,146,081		$	1,100,613		$	1,056,981

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME INFORMATION

(Unaudited)

(In thousands, except share and per share data)

	Year-to-Date				Three Months Ended
	September 30, 2019		September 30, 2018		September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018
INTEREST INCOME:
Interest and fees on loans	$	40,985	$	29,026	$	14,192	$	13,877	$	12,916	$	12,244	$	11,061
Interest on investment securities		1,668		1,089		497		615		556		381		341
Interest on federal funds sold		1,132		638		412		375		345		457		423
Total interest income		43,785		30,753		15,101		14,867		13,817		13,082		11,825
INTEREST EXPENSE:
Interest on interest bearing DDA deposits		803		629		275		283		245		269		245
Interest on savings and NOW deposits		218		174		71		74		73		77		65
Interest on money market deposits		1,889		1,109		539		587		763		598		432
Interest on time deposits		10,466		5,283		3,900		3,635		2,931		2,784		2,677
Interest on Federal Home Loan Bank    advances and other borrowings		457		589		76		162		219		188		199
Interest on subordinated debt		723		722		244		241		238		244		243
Total interest expense		14,556		8,506		5,105		4,982		4,469		4,160		3,861
Net interest income		29,229		22,247		9,996		9,885		9,348		8,922		7,964
Provision for loan losses		1,260		2,630		185		750		325		496		600
Net interest income after provision    for loan losses		27,969		19,617		9,811		9,135		9,023		8,426		7,364
NON-INTEREST INCOME:
Deposit account service charges		1,208		792		392		446		370		311		320
Bank owned life insurance income		317		320		106		106		105		107		105
Loan swap fee income		878		—		407		181		290		713		—
Net gain on available-for-sale securities		5		—		—		5		—		—		—
Net gains on sale of loans		566		—		303		263		—		—		—
Other fee income		730		665		228		340		161		331		261
Total other income		3,704		1,777		1,436		1,341		926		1,462		686
NON-INTEREST EXPENSES:
Salaries and employee benefits		11,597		8,578		3,890		3,847		3,860		3,267		3,018
Furniture and equipment expenses		1,271		1,325		451		435		385		534		493
Advertising and marketing		531		468		235		191		105		146		171
Occupancy expenses		644		515		214		217		213		220		206
Outside services		694		675		306		161		227		164		239
Administrative expenses		533		434		190		176		167		142		161
Other operating expenses		3,404		2,611		1,203		1,150		1,051		900		872
Total other expenses		18,674		14,606		6,489		6,177		6,008		5,373		5,160
INCOME BEFORE INCOME TAXES		12,999		6,788		4,758		4,299		3,941		4,515		2,890
Income tax expense		2,612		1,248		1,049		868		694		846		539
NET INCOME	$	10,387	$	5,540	$	3,709	$	3,431	$	3,247	$	3,669	$	2,351
Net income per common share,    basic and diluted (1)	$	1.26	$	0.90	$	0.45	$	0.42	$	0.39	$	0.45	$	0.35
Weighted average number of shares,    basic and diluted (1)		8,248,284		6,131,987		8,251,672		8,250,210		8,242,873		8,178,888		6,788,868

(1) Amounts for all periods reflect the effect of the 5% stock dividend on April 30, 2018.

UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL

(Unaudited)

(In thousands)

	September 30, 2019						June 30, 2019						September 30, 2018						Percentage Change
	$ Amount			% of Total			$ Amount			% of Total			$ Amount			% of Total			Last 3 Mos			Last 12 Mos
LOANS:
Construction and land development loans	$	207,441			20.7	%	$	203,873			20.5	%	$	162,233			18.9	%		1.8	%		27.9	%
Residential real estate loans		162,801			16.2	%		158,406			15.9	%		124,906			14.5	%		2.8	%		30.3	%
Commercial real estate loans		434,735			43.3	%		425,862			42.8	%		343,923			40.0	%		2.1	%		26.4	%
Commercial industrial loans		115,902			11.5	%		117,905			11.9	%		125,011			14.5	%		-1.7	%		-7.3	%
Consumer loans		83,013			8.3	%		88,421			8.9	%		104,067			12.1	%		-6.1	%		-20.2	%
Total Gross Loans	$	1,003,892			100.0	%	$	994,467			100.0	%	$	860,140			100.0	%		0.9	%		16.7	%
Less: Allowance for loan losses		(9,370	)					(9,185	)					(8,327	)
Net deferred loan fees		(1,913	)					(1,708	)					(991	)
Net Loans	$	992,609					$	983,574					$	850,822
DEPOSITS:
Non-interest bearing demand deposits	$	218,087			20.5	%	$	201,405			19.9	%	$	191,986			21.6	%		8.3	%		13.6	%
Interest-bearing demand deposits:
Demand deposits		54,438			5.1	%		65,117			6.5	%		59,295			6.7	%		-16.4	%		-8.2	%
Savings and NOW deposits		63,746			6.0	%		61,945			6.1	%		52,602			5.9	%		2.9	%		21.2	%
Money market accounts		125,716			11.8	%		115,641			11.4	%		109,498			12.3	%		8.7	%		14.8	%
Certificates of deposit $250,000 or more		119,214			11.2	%		222,292			22.0	%		379,355			42.6	%		-46.4	%		-68.6	%
Certificates of deposit less than $250,000		483,363			45.4	%		344,731			34.1	%		97,156			10.9	%		40.2	%		397.5	%
Total Deposits	$	1,064,564			100.0	%	$	1,011,131			100.0	%	$	889,892			100.0	%		5.3	%		19.6	%
BORROWINGS:
Federal Home Loan Bank advances		10,000			40.3	%		20,000			57.5	%		30,000			67.0	%		-50.0	%		-66.7	%
Subordinated debt		14,798			59.7	%		14,791			42.5	%		14,769			33.0	%		0.0	%		0.2	%
Total Borrowings	$	24,798			100.0	%	$	34,791			100.0	%	$	44,769			100.0	%		-28.7	%		-44.6	%
Total Deposits and Borrowings	$	1,089,362					$	1,045,922					$	934,661						4.2	%		16.6	%
Core customer funding sources (1)	$	655,631			60.2	%	$	605,484			57.9	%	$	569,842			61.0	%		8.3	%		15.1	%
Brokered and listing service sources (2)		408,933			37.5	%		405,647			38.8	%		320,050			34.2	%		0.8	%		27.8	%
Federal Home Loan Bank advances		10,000			0.9	%		20,000			1.9	%		30,000			3.2	%		-50.0	%		-66.7	%
Subordinated debt (3)		14,798			1.4	%		14,791			1.4	%		14,769			1.6	%		0.0	%		0.2	%
Total Funding Sources	$	1,089,362			100.0	%	$	1,045,922			100.0	%	$	934,661			100.0	%		4.2	%		16.6	%

(1) Includes ICS, CDARS, and reciprocal deposits maintained by customers, which represent sweep accounts tied to customer operating accounts.

(2) Consists of certificates of deposit (CD) through multiple listing services and multiple brokered deposit services, as well as ICS and CDARS one-way certificates of deposit and regional money market accounts.

(3) Subordinated debt obligation qualifies as Tier 2 capital at the holding company and Tier 1 capital at the Bank.

UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES

(Unaudited)

(In thousands)

	For the three months ended September 30, 2019							For the three months ended September 30, 2018
	Average Balance		Interest Income/ Expense		Average Yields/ Rate (annualized)			Average Balance		Interest Income/ Expense		Average Yields/ Rate (annualized)
ASSETS:
Interest earning assets:
Loans (1)	$	996,777	$	14,192		5.70	%	$	842,558	$	11,061		5.25	%
Investment securities		71,182		497		2.79	%		55,152		341		2.47	%
Federal funds and interest-bearing deposits		82,056		412		2.01	%		97,021		423		1.74	%
Total interest earning assets	$	1,150,015	$	15,101		5.25	%	$	994,731	$	11,825		4.76	%
Other assets		43,524							37,623
Total assets	$	1,193,539						$	1,032,354
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing demand deposits	$	58,510	$	275		1.88	%	$	61,440	$	245		1.60	%
Money market deposit accounts		117,717		539		1.83	%		113,054		432		1.53	%
Savings and NOW deposits		62,975		71		0.45	%		51,893		65		0.50	%
Time deposits		587,537		3,900		2.66	%		478,164		2,677		2.24	%
Total interest-bearing deposits	$	826,739	$	4,785		2.32	%	$	704,551	$	3,419		1.94	%
Subordinated debt		14,795		244		6.60	%		14,766		243		6.58	%
FHLB borrowings		11,522		76		2.64	%		34,376		199		2.32	%
Total interest-bearing liabilities	$	853,056	$	5,105		2.39	%	$	753,693	$	3,861		2.05	%
Demand deposits and other liabilities		209,125							186,559
Total liabilities	$	1,062,181						$	940,252
Stockholders’ Equity		131,358							92,102
Total Liabilities and Stockholders’ Equity	$	1,193,539						$	1,032,354
Interest Rate Spread						2.86	%						2.71	%
Net Interest Income and Margin			$	9,996		3.48	%			$	7,964		3.20	%

(1) Includes loans classified as non-accrual.

UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES

(Unaudited)

(In thousands)

	For the nine months ended September 30, 2019							For the nine months ended September 30, 2018
	Average Balance		Interest Income/ Expense		Average Yields/ Rate (annualized)			Average Balance		Interest Income/ Expense		Average Yields/ Rate (annualized)
ASSETS:
Interest earning assets:
Loans (1)	$	970,708	$	40,985		5.63	%	$	762,031	$	29,026		5.08	%
Investment securities		71,069		1,668		3.13	%		55,235		1,089		2.63	%
Federal funds and interest-bearing deposits		72,011		1,132		2.10	%		51,884		638		1.64	%
Total interest earning assets	$	1,113,788	$	43,785		5.24	%	$	869,150	$	30,753		4.72	%
Other assets		41,883							36,885
Total assets	$	1,155,671						$	906,035
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing demand deposits	$	57,517	$	803		1.86	%	$	63,395	$	629		1.32	%
Money market deposit accounts		128,122		1,889		1.97	%		104,365		1,109		1.42	%
Savings and NOW deposits		61,418		218		0.47	%		49,923		174		0.46	%
Time deposits		535,083		10,466		2.61	%		377,376		5,283		1.87	%
Total interest-bearing deposits	$	782,140	$	13,376		2.28	%	$	595,059	$	7,195		1.61	%
Federal funds and repos purchased		46		—		0.00	%		609		12		2.63	%
Subordinated debt		14,788		723		6.52	%		14,759		722		6.52	%
FHLB borrowings		23,114		457		2.64	%		41,810		577		1.84	%
Total interest-bearing liabilities	$	820,088	$	14,556		2.37	%	$	652,237	$	8,506		1.74	%
Demand deposits and other liabilities		208,328							175,916
Total liabilities	$	1,028,416						$	828,153
Stockholders’ Equity		127,255							77,882
Total Liabilities and Stockholders’ Equity	$	1,155,671						$	906,035
Interest Rate Spread						2.87	%						2.98	%
Net Interest Income and Margin			$	29,229		3.50	%			$	22,247		3.41	%

(1) Includes loans classified as non-accrual.

UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES

(Unaudited)

(Dollars in thousands except per share data)

	At or For the Three Months Ended						At or For the Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Per share Data and Shares Outstanding (1)
Earnings per share – (basic and diluted)	$	0.45		$	0.35		$	1.26		$	0.90
Tangible book value per share	$	16.13		$	14.61		$	16.13		$	14.61
Weighted average common shares (basic and diluted)		8,251,672			6,788,868			8,248,284			6,131,987
Common shares outstanding at end of period		8,260,259			8,179,871			8,260,259			8,179,871
Performance Ratios
Return on average assets (annualized)		1.24	%		0.91	%		1.20	%		0.82	%
Return on average equity (annualized)		11.29	%		10.21	%		10.88	%		9.46	%
Yield on earning assets (annualized)		5.25	%		4.76	%		5.24	%		4.72	%
Cost of interest bearing liabilities (annualized)		2.39	%		2.05	%		2.37	%		1.74	%
Net interest spread		2.86	%		2.71	%		2.87	%		2.98	%
Net interest margin (annualized)		3.48	%		3.20	%		3.50	%		3.41	%
Noninterest income as a percentage of average assets (annualized)		0.48	%		0.27	%		0.43	%		0.26	%
Noninterest expense to average assets (annualized)		2.17	%		2.00	%		2.15	%		2.15	%
Efficiency ratio		56.76	%		59.65	%		56.70	%		60.79	%
Asset Quality
Loans 30-89 days past due to total gross loans		0.01	%		0.01	%		0.01	%		0.01	%
Loans 90 days past due to total gross loans		0.00	%		0.00	%		0.00	%		0.00	%
Non-accrual loans to total gross loans		0.00	%		0.23	%		0.00	%		0.23	%
Non-performing assets	$	1,220		$	1,939		$	1,220		$	1,939
Non-performing assets to total assets		0.10	%		0.18	%		0.10	%		0.18	%
Allowance for loan losses to total gross loans		0.94	%		0.97	%		0.94	%		0.97	%
Allowance for loan losses to non-performing loans		720.77			4.29			720.77			4.29
Net loan charge-offs (recoveries)	$	—		$	4		$	721		$	8
Net charge-offs to average loans (annualized)		0.00	%		0.00	%		0.10	%		0.00	%
Troubled debt restructurings (total)
Performing in accordance with modified terms	$	1,488		$	1,521		$	1,488		$	1,521
Not performing in accordance with modified terms	$	—		$	1,939		$	—		$	1,939
Regulatory Capital Ratios (Bank only) (2)
Total risk-based capital ratio		13.60	%		14.58	%		13.60	%		14.58	%
Tier 1 risk-based capital ratio		12.77	%		13.70	%		12.77	%		13.70	%
Leverage ratio		12.52	%		12.57	%		12.52	%		12.57	%
Common equity tier 1 ratio		12.77	%		13.70	%		12.77	%		13.70	%
Other information
Closing stock price	$	21.05		$	20.95		$	21.05		$	20.95
Tangible equity / tangible assets		10.79	%		11.31	%		10.79	%		11.31	%
Average tangible equity / average tangible assets		11.01	%		8.92	%		11.01	%		8.62	%
Number of full time equivalent employees		118			105			118			105
# Full service branch offices		6			6			6			6

(1) Amounts for all periods presented are adjusted to reflect a 5% stock dividend effective April 30, 2018

(2) Regulatory capital ratios as of September 30, 2019 are preliminary.