Madison Short Term Strat... (AMEX:MSTI)
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CHAMPAIGN, Ill., April 24 /PRNewswire-FirstCall/ -- Main Street Trust, Inc. (OTC:MSTI) (BULLETIN BOARD: MSTI) reported strong earnings, posting $0.46 in unaudited consolidated net income per diluted share for the quarter ended March 31, 2006, compared to $0.41 per diluted share for the same period in 2005, an increase of 12.20%. Consolidated net income for the quarter totaled $4.690 million compared to $3.933 million for the same period in 2005, an increase of 19.25%.
Van A. Dukeman, President and CEO, stated that, "Main Street had another excellent quarter highlighted by the continued growth of assets under management in our Wealth Management Division to $2.185 billion. We believe these positive results are achieved through our continued focus on building solid relationships with our clients through trust, knowledge and service. Our focus on growth of assets under management is consistent with our strategic plan to grow in this area to $3-5 billion over the next 5-8 years."
Dukeman also highlighted activities of the first quarter, which included a new website, a new branch prototype, new Health Savings Account products, and a home equity loan growth strategy in the Retail Division.
Cash Dividend Paid
The Company distributed a $0.23 per share cash dividend on April 21, 2006, payable to shareholders of record on April 7, 2006. This is the second quarterly cash dividend paid in 2006, and represents a 4.55% increase in the quarterly dividends paid for the same period in 2005.
Annual Meeting of Shareholders
Main Street Trust, Inc. will hold it's Annual Meeting of Shareholders on Wednesday, May 17, 2006 at 6:00 pm at The Virginia Theatre, 203 W. Park Avenue, Champaign, Illinois.
Franchise
Main Street Trust, Inc. is a diversified financial services company with $1.58 billion in assets as of March 31, 2006, providing financial services at 23 locations in Downstate Illinois. Main Street Bank & Trust offers online banking ( http://www.mainstreettrust.com/ ) and surcharge free ATM access at over 80 locations throughout Illinois. In addition, Main Street Wealth Management has $2.19 billion of financial assets under management for individuals and institutions. Main Street Trust, Inc. also owns a retail payment processing subsidiary -- FirsTech, Inc., which processes over 25 million items per year.
SELECTED FINANCIAL HIGHLIGHTS
(dollars in thousands, except share data)
Three Months Ended
Mar. 31, Dec. 31, Mar. 31,
2006 2005 2005
EARNINGS & PER SHARE DATA
Basic earnings per share $0.46 $0.44 $0.42
Weighted average shares of common
stock outstanding 10,141,775 10,197,424 9,453,196
Diluted earnings per share $0.46 $0.44 $0.41
Weighted average shares of common
stock and dilutive potential
common shares outstanding 10,264,692 10,294,786 9,554,697
Market price per share at period
end(1) $30.75 $29.85 $29.60
Price to book ratio(1) 214.73% 210.66% 244.63%
Price to earnings ratio(1,2) 16.53 16.40 18.85
Cash dividends paid per share 0.23 0.22 0.22
Cash dividends declared per share 0.23 0.23 0.22
Book value per share $14.32 $14.17 $12.10
Tangible book value per share(3) $12.02 $11.86 $12.10
Ending number of common shares
outstanding 10,132,875 10,146,675 9,460,870
AVERAGE BALANCES
Assets $1,595,112 $1,593,509 $1,218,171
Investment securities 469,692 389,215 346,215
Gross loans(4) 990,736 1,025,537 771,499
Earning assets 1,466,802 1,470,756 1,137,086
Deposits 1,249,953 1,243,489 958,418
Interest bearing liabilities 1,208,799 1,222,910 909,268
Common shareholders' equity 144,877 144,286 114,639
END OF PERIOD FINANCIAL DATA
Tax equivalized net interest income $12,461 $13,057 $10,117
Gross loans(4) 976,859 1,018,060 774,602
Allowance for loan losses 13,599 13,472 9,955
Total assets under management 2,185,360 2,115,238 1,943,926
PERFORMANCE RATIOS
Return on average assets(5) 1.19% 1.12% 1.31%
Return on average equity(5) 13.13% 12.37% 13.91%
Net yield on average earning
assets(5,6) 3.45% 3.52% 3.61%
Interest spread(5,6) 2.90% 3.05% 3.21%
Net overhead efficiency ratio(6,7) 56.71% 57.19% 56.55%
Non-interest revenues as a % of
total revenues(7,8) 29.96% 28.96% 32.77%
Allowance for loan losses to loans 1.39% 1.32% 1.29%
Allowance as a percentage of non-
performing loans 176.08% 449.07% 401.90%
Average loan to deposit ratio 79.26% 82.47% 80.50%
Dividend payout ratio(2) 48.39% 48.90% 54.78%
ASSET QUALITY
Net charge-offs $323 $666 $25
Non-performing loans 7,723 3,000 2,477
Other non-performing assets 804 224 140
(1) Closing price at end of period
(2) Last 12-months earnings
(3) Net of goodwill and core-deposit intangibles
(4) Loans include mortgage loans held for sale and nonaccrual loans
(5) Annualized
(6) On a fully tax-equivalized basis
(7) Does not include securities gains/losses
(8) Net of interest expense
Special Note Concerning Forward-Looking Statements
This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company's management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "plan," "intend," "estimate," "may," "will," "would," "could," "should" or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local and national economy; (ii) the economic impact of any future terrorist threats or attacks; (iii) changes in state and federal laws, regulations and governmental policies concerning the Company's general business; (iv) changes in interest rates and prepayment rates of the Company's assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected results of acquisitions; (x) unexpected outcomes of existing or new litigation involving the Company; and (xi) changes in accounting policies and practices. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company's financial results, is included in the Company's filings with the Securities and Exchange Commission.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
March 31, December 31, March 31,
2006 2005 2005
ASSETS
Cash and cash equivalents $53,353 $94,066 $94,265
Investments in debt and equity
securities 477,745 444,623 322,362
Mortgage loans held for sale 1,696 1,661 577
Loans, net of allowance for loan
losses 961,564 1,002,927 764,070
Premises and equipment 22,841 23,047 16,909
Goodwill 20,736 20,736 -
Core deposit intangibles 4,351 4,569 -
Accrued interest receivable 10,915 8,461 6,853
Other assets 28,168 25,047 19,602
Total assets $1,581,369 $1,625,137 $1,224,638
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits $1,252,725 $1,275,972 $958,451
Federal funds purchased, repurchase
agreements and notes payable 115,346 118,452 108,818
Federal Home Loan Bank advances and
other borrowings 47,766 67,386 27,571
Accrued interest payable 4,510 4,657 2,889
Other liabilities 15,913 14,901 12,402
Total liabilities $1,436,260 $1,481,368 $1,110,131
Total shareholders' equity 145,109 143,769 114,507
Total liabilities and
shareholders' equity $1,581,369 $1,625,137 $1,224,638
Consolidated Statements of Income
(Unaudited, in thousands) Three Months Ended:
March 31, December 31, March 31,
2006 2005 2005
Interest Income:
Loans and fees on loans $16,795 $17,027 $11,405
Investments in debt and equity
securities
Taxable 4,106 3,196 2,364
Tax-exempt 330 360 401
Federal funds sold and interest
bearing deposits 297 771 221
Total interest income 21,528 21,354 14,391
Interest expense:
Deposits 7,418 6,718 3,600
Federal funds purchased, repurchase
agreements and notes payable 1,151 969 507
Federal Home Loan Bank advances and
other borrowings 681 808 386
Total interest expense 9,250 8,495 4,493
Net interest income 12,278 12,859 9,898
Provision for loan losses 450 450 330
Net interest income after
provision for loan losses 11,828 12,409 9,568
Non-interest income:
Remittance processing 1,765 1,604 1,707
Trust and brokerage fees 1,915 1,794 1,842
Service charges on deposit accounts 685 794 526
Securities transactions, net 267 (136) 190
Gain on sales of mortgage loans, net 126 160 137
Other 761 890 613
Total non-interest income 5,519 5,106 5,015
Non-interest expense:
Salaries and employee benefits 5,921 5,774 4,947
Occupancy 792 781 662
Equipment 615 637 606
Data processing 738 747 551
Office supplies 296 339 298
Amortization expense- core deposit
intangibles 218 218 -
Service charges from correspondent
banks 64 124 110
Other 1,401 1,845 1,275
Total non-interest expense 10,045 10,465 8,449
Income before income taxes 7,302 7,050 6,134
Income taxes 2,612 2,553 2,201
Net income $4,690 $4,497 $3,933
DATASOURCE: Main Street Trust, Inc.
CONTACT: Van A. Dukeman, CFA, President and CEO of Main Street Trust,
Inc., +1-217-351-6568, or
Web site: http://www.mainstreettrust.com/