Main Street Banks (NASDAQ:MSBK)
Historical Stock Chart
From Jul 2019 to Jul 2024
/FIRST AND FINAL ADD -- CLW026 -- Main Street Banks (Nasdaq:
MSBK) Earnings/
MAIN STREET BANKS, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEET
(Unaudited)
Fourth Third Second
Quarter Quarter Quarter
2004 2004 2004
ASSETS
Cash and due from banks $40,385,275 $39,565,158 $38,220,151
Interest-bearing deposits
in banks 323,412 662,555 660,111
Federal funds sold and
securities purchased
under agreements to
resell 36,014,795 1,037,646 357,846
Investment securities
available for sale 282,198,873 276,497,775 270,851,196
Investment securities held
to maturity 11,733,821 11,945,588 11,998,340
Other investments 21,866,256 24,140,813 21,352,832
Mortgage loans held for
sale 7,413,513 5,954,007 7,860,559
Loans, net of unearned
income 1,670,976,218 1,620,436,393 1,551,258,388
Allowance for loan losses (24,559,019) (23,402,241) (22,505,292)
Loans, net 1,646,417,199 1,597,034,152 1,528,753,096
Premises and equipment,
net 52,672,981 50,125,904 46,440,339
Other real estate 1,868,635 1,914,645 2,584,703
Accrued interest
receivable 9,091,675 9,058,791 7,874,920
Goodwill and other
intangible assets 103,299,382 103,470,116 103,445,869
Bank owned life insurance 41,722,058 41,191,340 41,471,029
Other assets 16,774,679 14,198,902 14,863,167
Total assets $2,271,782,554 $2,176,797,392 $2,096,734,158
LIABILITIES
Total deposits $1,687,864,307 $1,584,818,716 $1,547,738,831
Accrued interest payable 3,678,457 3,312,458 3,129,282
Federal Home Loan Bank
advances 205,771,676 158,242,407 148,344,127
Federal funds purchased
and securities sold
under repurchase
agreements 80,364,169 153,386,148 126,594,813
Trust preferred securities - - -
Subordinated debt 51,547,000 51,547,000 51,547,000
Other liabilities 7,761,366 7,432,893 4,329,275
Total liabilities 2,036,986,975 1,958,739,621 1,881,683,328
SHAREHOLDERS' EQUITY
Common stock-no par value
per share 116,719,468 107,626,919 107,346,374
Retained earnings 126,192,533 120,402,848 114,838,884
Accumulated other
comprehensive income 673,167 (1,182,407) 1,655,161
Treasury stock (8,789,589) (8,789,589) (8,789,589)
Total shareholders' equity 234,795,579 218,057,771 215,050,830
Total liabilities and
shareholders' equity $2,271,782,554 $2,176,797,392 $2,096,734,158
MAIN STREET BANKS, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEET
(Unaudited)
First Fourth
Quarter Quarter
2004 2003
ASSETS
Cash and due from banks $37,174,008 $38,074,607
Interest-bearing deposits in banks 206,921 1,037,948
Federal funds sold and securities
purchased under agreements to
resell 13,733,915 35,288,778
Investment securities available for
sale 249,633,094 248,724,785
Investment securities held to
maturity 11,233,274 3,382,680
Other investments 20,172,234 18,799,718
Mortgage loans held for sale 4,685,417 3,841,104
Loans, net of unearned income 1,470,876,346 1,424,858,073
Allowance for loan losses (21,409,245) (20,816,925)
Loans, net 1,449,467,101 1,404,041,148
Premises and equipment, net 43,622,711 42,801,524
Other real estate 2,813,337 1,941,348
Accrued interest receivable 7,614,443 7,407,238
Goodwill and other intangible assets 98,655,805 95,040,910
Bank owned life insurance 37,904,493 35,462,722
Other assets 10,054,978 10,291,118
Total assets $1,986,971,731 $1,946,135,628
LIABILITIES
Total deposits $1,466,086,785 $1,452,073,218
Accrued interest payable 3,023,843 3,133,317
Federal Home Loan Bank advances 147,072,474 191,157,159
Federal funds purchased and
securities sold under repurchase
agreements 110,799,890 47,439,961
Trust preferred securities - 50,000,000
Subordinated debt 50,000,000 -
Other liabilities 4,717,074 5,956,643
Total liabilities 1,781,700,066 1,749,760,298
SHAREHOLDERS' EQUITY
Common stock-no par value per share 102,361,167 99,587,649
Retained earnings 107,198,497 101,961,196
Accumulated other comprehensive
income 4,501,139 3,615,380
Treasury stock (8,789,138) (8,788,895)
Total shareholders' equity 205,271,665 196,375,330
Total liabilities and shareholders'
equity $1,986,971,731 $1,946,135,628
MAIN STREET BANKS, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEET
(Unaudited)
December 31, December 31,
2004 2003
ASSETS
Cash and due from banks $38,506,380 $34,163,079
Interest-bearing deposits in banks 207,848 1,199,130
Federal funds sold and securities
purchased under agreements to
resell 13,107,265 15,259,950
Investment securities available for
sale 269,842,697 242,678,414
Investment securities held to
maturity 11,730,115 1,361,496
Other investments 21,169,539 12,176,302
Mortgage loans held for sale 6,479,814 5,364,600
Loans, net of unearned income 1,578,621,779 1,259,640,182
Allowance for loan losses (22,974,340) (18,396,615)
Loans, net 1,555,647,439 1,241,243,567
Premises and equipment, net 48,235,152 38,264,707
Other real estate 2,296,443 1,425,209
Accrued interest receivable 8,413,813 6,926,309
Goodwill and other intangible assets 102,236,584 62,221,009
Bank owned life insurance 40,582,967 33,471,078
Other assets 15,285,106 8,457,472
Total assets $2,133,741,162 $1,704,212,322
LIABILITIES
Total deposits $1,571,722,772 $1,313,887,932
Accrued interest payable 3,296,143 3,222,737
Federal Home Loan Bank advances 164,973,073 130,833,369
Federal funds purchased and
securities sold under repurchase
agreements 117,731,224 44,875,584
Trust preferred securities - 31,783,430
Subordinated debt 51,166,590 -
Other liabilities 6,171,166 11,113,301
Total liabilities 1,915,060,968 1,535,716,353
SHAREHOLDERS' EQUITY
Common stock-no par value per share 108,531,170 77,903,662
Retained earnings 117,570,598 94,574,145
Accumulated other comprehensive
income 1,367,903 4,466,572
Treasury stock (8,789,477) (8,448,410)
Total shareholders' equity 218,680,194 168,495,969
Total liabilities and shareholders'
equity $2,133,741,162 $1,704,212,322
MAIN STREET BANKS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
Fourth Third Second
Quarter Quarter Quarter
2004 2004 2004
ASSETS
Cash and due from banks $35,090,563 $55,719,486 $42,090,671
Interest-bearing deposits
in banks 317,953 1,058,235 1,078,334
Federal funds sold and
securities purchased
under agreements to
resell 35,812,949 24,410,000 713,000
Investment securities
available for sale 315,520,771 282,814,235 272,596,604
Investment securities held
to maturity 11,715,948 11,835,353 11,998,436
Other investments 23,781,977 23,040,424 23,876,638
Mortgage loans held for
sale 4,562,962 6,931,843 6,221,181
Loans, net of unearned
income 1,699,035,573 1,653,615,534 1,594,290,721
Allowance for loan losses (25,191,175) (24,256,034) (23,118,946)
Loans, net 1,673,844,398 1,629,359,500 1,571,171,775
Premises and equipment,
net 53,469,516 52,504,434 48,391,110
Other real estate 2,141,040 1,082,267 1,914,985
Accrued interest
receivable 9,762,826 9,243,097 9,060,367
Goodwill and other
intangible assets 102,169,572 103,392,163 103,514,753
Bank owned life insurance 42,056,525 41,528,162 41,006,405
Other assets 16,286,895 15,473,682 13,530,493
Total assets $2,326,533,895 $2,258,392,881 $2,147,164,752
LIABILITIES
Total deposits $1,710,209,913 $1,630,286,409 $1,566,290,310
Accrued interest payable 3,955,183 3,488,406 3,284,308
Federal Home Loan Bank
advances 201,070,198 226,203,972 166,337,747
Federal funds purchased
and securities sold
under repurchase
agreements 73,367,456 115,191,909 142,324,882
Trust preferred securities - - -
Subordinated debt 51,547,000 51,547,000 51,547,000
Other liabilities 8,300,069 9,353,208 5,413,930
Total liabilities 2,048,449,819 2,036,070,904 1,935,198,177
SHAREHOLDERS' EQUITY
Common stock-no par value
per share 159,520,536 108,197,312 107,446,736
Retained earnings 127,566,247 121,717,798 116,073,951
Accumulated other
comprehensive income (213,118) 1,196,456 (2,764,523)
Treasury stock (8,789,589) (8,789,589) (8,789,589)
Total shareholders' equity 278,084,076 222,321,977 211,966,575
Total liabilities and
shareholders' equity $2,326,533,895 $2,258,392,881 $2,147,164,752
MAIN STREET BANKS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
First Fourth
Quarter Quarter
2004 2003
ASSETS
Cash and due from banks $31,901,310 $39,839,060
Interest-bearing deposits in banks 588,694 1,021,288
Federal funds sold and securities
purchased under agreements to
resell 5,644,000 31,819,619
Investment securities available for
sale 263,304,831 247,391,640
Investment securities held to
maturity 11,998,297 10,788,146
Other investments 19,205,358 19,651,370
Mortgage loans held for sale 7,208,105 5,670,625
Loans, net of unearned income 1,511,436,809 1,443,325,787
Allowance for loan losses (22,150,651) (21,151,987)
Loans, net 1,489,286,158 1,422,173,800
Premises and equipment, net 45,167,765 42,760,918
Other real estate 2,255,553 1,844,869
Accrued interest receivable 8,293,918 8,181,579
Goodwill and other intangible assets 103,381,314 96,237,492
Bank owned life insurance 41,595,547 35,773,237
Other assets 15,801,590 8,611,815
Total assets $2,045,632,440 $1,971,765,458
LIABILITIES
Total deposits $1,530,979,973 $1,458,403,096
Accrued interest payable 3,210,642 3,020,265
Federal Home Loan Bank advances 156,471,522 210,605,296
Federal funds purchased and
securities sold under repurchase
agreements 83,930,239 43,859,277
Trust preferred securities - 50,000,000
Subordinated debt 51,547,000 -
Other liabilities 4,116,702 5,334,408
Total liabilities 1,830,256,078 1,771,222,342
SHAREHOLDERS' EQUITY
Common stock-no par value per share 109,117,216 100,875,984
Retained earnings 109,299,987 104,539,042
Accumulated other comprehensive
income 5,748,748 3,917,179
Treasury stock (8,789,589) (8,789,089)
Total shareholders' equity 215,376,362 200,543,116
Total liabilities and shareholders'
equity $2,045,632,440 $1,971,765,458
MAIN STREET BANKS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
December 31, December 31,
2004 2003
ASSETS
Cash and due from banks 35,090,563 $39,839,060
Interest-bearing deposits in banks 317,953 1,021,288
Federal funds sold and securities
purchased under agreements to
resell 35,812,949 31,819,619
Investment securities available for
sale 315,520,771 247,391,640
Investment securities held to
maturity 11,715,948 10,788,146
Other investments 23,781,977 19,651,370
Mortgage loans held for sale 4,562,962 5,670,625
Loans, net of unearned income 1,699,035,573 1,443,325,787
Allowance for loan losses (25,191,175) (21,151,987)
Loans, net 1,673,844,398 1,422,173,800
Premises and equipment, net 53,469,516 42,760,918
Other real estate 2,141,040 1,844,869
Accrued interest receivable 9,762,826 8,181,579
Goodwill and other intangible assets 102,169,572 96,237,492
Bank owned life insurance 42,056,525 35,773,237
Other assets 16,286,895 8,611,815
Total assets $2,326,533,895 $1,971,765,458
LIABILITIES
Total deposits 1,710,209,913 $1,458,403,096
Accrued interest payable 3,955,183 3,020,265
Federal Home Loan Bank advances 201,070,198 210,605,296
Federal funds purchased and
securities sold under repurchase
agreements 73,367,456 43,859,277
Trust preferred securities - 50,000,000
Subordinated debt 51,547,000 -
Other liabilities 8,300,069 5,334,408
Total liabilities 2,048,449,819 1,771,222,342
SHAREHOLDERS' EQUITY
Common stock-no par value per share 159,520,536 100,875,984
Retained earnings 127,566,247 104,539,042
Accumulated other comprehensive
income (213,118) 3,917,179
Treasury stock (8,789,589) (8,789,089)
Total shareholders' equity 278,084,076 200,543,116
Total liabilities and shareholders'
equity $2,326,533,895 $1,971,765,458
MAIN STREET BANKS, INC. AND SUBSIDIARIES
LOAN AND DEPOSIT STRATIFICATION
(Unaudited)
Fourth Third Second
Quarter Quarter Quarter
2004 2004 2004
LOAN PORTFOLIO
Real estate:
Residential Mortgage $288,703,328 $284,647,539 $282,754,653
Construction 401,815,256 379,468,496 348,685,270
Commercial real estate 846,945,431 826,434,480 795,114,435
Commercial and Industrial 127,476,473 129,790,889 132,379,349
Consumer 36,966,630 35,901,922 37,602,059
Unearned income (2,871,545) (2,627,791) (2,245,045)
Total loans $1,699,035,573 $1,653,615,534 $1,594,290,721
Loan growth 2.7% 3.7% 5.5%
Loan growth, annualized 10.9% 14.8% 22.0%
DEPOSITS
Non-interest bearing
demand $224,958,448 $236,808,861 $232,319,420
Interest bearing demand 107,167,500 111,972,487 109,183,366
Money Market 407,981,856 346,698,652 347,395,886
Savings 39,401,660 40,705,887 40,307,875
Total transaction accounts 779,509,464 736,185,886 729,206,548
Public funds - transaction 150,534,921 132,267,045 90,423,130
Total low cost core
deposits 930,044,385 868,452,931 819,629,677
Time deposits - public
funds 13,696,451 14,012,373 15,991,062
Time deposits 766,469,077 747,821,105 730,669,570
Total deposits $1,710,209,913 $1,630,286,409 $1,566,290,310
Deposit growth 4.9% 4.1% 2.3%
Deposit growth, annualized 19.5% 16.3% 9.3%
Percentage low cost core
to total deposits 54.4% 53.3% 52.3%
Percentage growth of low
cost core deposits 7.1% 6.0% 3.1%
Annualized growth of low
cost core deposits 28.2% 23.7% 12.6%
*The acquisition of First Colony Bank was completed in the second quarter
of 2003
MAIN STREET BANKS, INC. AND SUBSIDIARIES
LOAN AND DEPOSIT STRATIFICATION
(Unaudited)
First Fourth
Quarter Quarter
2004 2003
LOAN PORTFOLIO
Real estate:
Residential Mortgage $280,453,804 $269,357,951
Construction 314,171,269 304,045,641
Commercial real estate 762,815,561 711,208,711
Commercial and Industrial 116,735,287 118,242,893
Consumer 39,063,480 41,649,590
Unearned income (1,802,592) (1,178,999)
Total loans $1,511,436,809 $1,443,325,787
Loan growth 4.7% 2.2%*
Loan growth, annualized 19.0% 8.9%*
DEPOSITS
Non-interest bearing demand $227,159,637 $222,595,661
Interest bearing demand 112,043,973 116,749,330
Money Market 313,554,963 266,913,040
Savings 40,074,116 40,000,806
Total transaction accounts 692,832,689 646,258,837
Public funds - transaction 101,844,740 115,258,296
Total low cost core deposits 794,677,429 761,517,133
Time deposits - public funds 17,565,349 10,741,662
Time deposits 718,737,195 686,444,301
Total deposits $1,530,979,973 $1,458,703,096
Deposit growth 5.0% 1.5%
Deposit growth, annualized 19.9% 5.9%
Percentage low cost core to total
deposits 51.9% 52.2%
Percentage growth of low cost core
deposits 4.4% 3.4%*
Annualized growth of low cost core
deposits 17.5% 13.4%*
*The acquisition of First Colony Bank was completed in the second quarter
of 2003
MAIN STREET BANKS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Fourth Third Second First
Quarter Quarter Quarter Quarter
2004 2004 2004 2004
NET INTEREST INCOME
Loan, including fees $28,519,255 $26,809,369 $25,473,584 $24,781,842
Interest on investment
securities:
Taxable 2,518,397 2,428,436 2,362,075 2,247,038
Non-taxable 351,946 365,183 388,746 417,657
Federal funds sold and
repurchase agreements 147,716 2,111 3,751 30,399
Interest bearing
deposits in banks 7,495 6,545 3,724 5,223
Interest on other
investments 122,662 240,218 238,518 205,662
Total interest income 31,667,471 29,851,862 28,470,398 27,687,821
INTEREST EXPENSE
Interest-bearing
demand and money
market 2,505,441 1,885,099 1,828,848 1,322,218
Savings 64,185 61,766 73,775 88,707
Time deposits 5,117,216 4,756,612 4,470,715 4,463,088
Other time deposits 65,963 64,442 64,462 55,813
Federal funds
purchased 357,707 561,511 333,018 34,701
Federal Home Loan Bank
advances 1,227,700 876,478 663,793 866,258
Interest expense on
subordinated
debentures 724,326 637,085 574,946 574,946
Other 174,220 175,900 241,599 355,692
Total interest expense 10,236,758 9,018,893 8,251,156 7,761,423
Net interest income 21,430,713 20,832,969 20,219,242 19,926,398
Provision for loan
losses 2,956,380 1,602,500 1,310,000 1,561,000
Net interest income
after provision for
loan losses 18,474,333 19,230,469 18,909,242 18,365,398
NON-INTEREST INCOME
Service charges on
deposit accounts 2,047,804 2,165,224 2,023,191 1,880,521
Other customer service
fees 375,445 276,909 352,392 356,795
Mortgage banking
revenue 721,363 809,807 859,631 883,128
Investment brokerage
revenue 194,241 133,479 185,330 315,080
Insurance agency
revenue 2,393,185 2,514,479 2,370,375 2,771,701
Income from SBA
lending 946,164 1,270,397 367,859 485,918
Other income 863,542 651,387 1,259,930 1,146,755
Total non-interest
income 7,541,744 7,821,682 7,418,708 7,839,898
NON-INTEREST EXPENSE
Salaries and other
compensation 8,208,721 7,999,790 7,688,444 8,041,199
Employee benefits 1,195,115 1,170,201 1,519,972 1,640,263
Net occupancy and
equipment expense 2,079,450 2,090,931 2,208,378 1,859,695
Data processing fees 554,645 325,617 223,450 557,301
Professional services 506,351 715,789 583,177 438,395
Communications and
supplies 893,426 1,027,203 1,027,631 1,050,888
Amortization of
intangible assets 122,591 122,591 121,758 140,644
Other expense 1,850,106 2,042,088 2,761,271 1,850,650
Total non-interest
expense 15,410,405 15,494,210 16,134,081 15,579,035
Income before income
taxes 10,605,672 11,557,941 10,193,869 10,626,261
Income tax expense 2,907,090 3,294,026 2,802,851 3,029,516
Net income $7,698,582 $8,263,915 $7,391,018 $7,596,745
EARNINGS PER SHARE
Basic $0.39 $0.43 $0.38 $0.39
Diluted $0.38 $0.41 $0.37 $0.38
WEIGHTED AVERAGE
SHARES OUTSTANDING
Basic 19,756,947 19,428,145 19,351,343 19,280,882
Diluted 20,372,205 20,015,560 19,974,058 19,910,810
CASH DIVIDENDS PER
SHARE $0.135 $0.135 $0.135 $0.135
MAIN STREET BANKS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Fourth Twelve months ended
Quarter December 31,
2003 2004 2003
NET INTEREST INCOME
Loan, including fees $24,045,242 $105,584,050 $88,172,417
Interest on investment securities:
Taxable 2,136,462 9,555,946 8,308,729
Non-taxable 376,992 1,523,532 1,671,248
Federal funds sold and repurchase
agreements 75,418 183,977 145,920
Interest bearing deposits in banks 9,114 22,987 28,680
Interest on other investments 204,453 807,060 507,372
Total interest income 26,847,681 117,677,552 98,834,366
INTEREST EXPENSE
Interest-bearing demand and money
market 1,288,087 7,541,606 5,735,210
Savings 89,583 288,433 348,502
Time deposits 4,261,858 18,807,631 15,691,659
Other time deposits 85,577 250,680 380,389
Federal funds purchased 36,153 1,286,937 76,190
Federal Home Loan Bank advances 795,729 3,634,229 2,269,584
Interest expense on subordinated
debentures 580,102 2,511,303 1,452,606
Other 370,193 947,411 1,510,515
Total interest expense 7,507,282 35,268,230 27,464,655
Net interest income 19,340,399 82,409,322 71,369,711
Provision for loan losses 1,241,000 7,429,880 5,235,000
Net interest income after
provision for loan losses 18,099,399 74,979,442 66,134,711
NON-INTEREST INCOME
Service charges on deposit
accounts 2,069,881 8,116,740 7,760,183
Other customer service fees 396,098 1,361,541 1,544,385
Mortgage banking revenue 711,660 3,273,929 3,341,846
Investment brokerage revenue 30,758 828,130 263,477
Insurance agency revenue 1,252,337 10,049,740 4,856,983
Income from SBA lending 434,799 3,070,338 1,724,914
Other income 2,000,907 3,921,614 4,852,003
Total non-interest income 6,896,440 30,622,032 24,343,791
NON-INTEREST EXPENSE
Salaries and other compensation 6,956,283 31,938,154 25,573,961
Employee benefits 1,213,020 5,525,551 4,749,509
Net occupancy and equipment
expense 2,003,525 8,238,454 6,660,869
Data processing fees 481,895 1,661,013 1,683,825
Professional services 363,319 2,243,712 2,149,893
Communications and supplies 1,168,727 3,999,148 3,736,305
Amortization of intangible assets 106,800 507,584 364,499
Other expense 2,342,800 8,504,115 8,023,684
Total non-interest expense 14,636,369 62,617,731 52,942,545
Income before income taxes 10,359,470 42,983,743 37,535,957
Income tax expense 2,912,764 12,033,483 10,836,627
Net income $7,446,706 $30,950,260 $26,699,330
EARNINGS PER SHARE
Basic $0.39 $1.59 $1.49
Diluted $0.38 $1.54 $1.44
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic 18,951,688 19,455,084 17,875,246
Diluted 19,645,157 20,076,687 18,556,383
CASH DIVIDENDS PER SHARE $0.120 $0.540 $0.480
MAIN STREET BANKS, INC. AND SUBSIDIARIES
SUMMARY OF INTEREST RATES (TAX-EQUIVALENT*)
(Unaudited)
Fourth Third Second First
Quarter Quarter Quarter Quarter
2004 2004 2004 2004
EARNING ASSETS
Total interest earning
assets (in thousands) $2,030,527 $1,940,675 $1,864,339 $1,770,541
Loans 6.77% 6.56% 6.58% 6.68%
Investment securities 4.13% 4.11% 4.20% 4.49%
Federal funds sold 1.63% 1.18% 1.12% 1.01%
Loans held for sale 4.65% 4.93% 4.57% 5.25%
FHLB stock & other 2.33% 3.96% 4.43% 4.03%
Total interest earning assets 6.20% 6.12% 6.14% 6.29%
INTEREST-BEARING
LIABILITIES
Total interest-bearing
liabilities
(in thousands) $2,025,547 $1,947,994 $1,874,225 $1,773,959
Demand deposits 1.26% 0.92% 0.92% 0.72%
Demand deposits - public
funds 0.43% 0.61% 1.05% 1.07%
Time deposits 2.72% 2.59% 2.49% 2.49%
Retail repurchases 1.62% 1.62% 1.69% 1.69%
Federal funds purchased 2.28% 1.68% 1.37% 1.24%
Federal Home Loan bank
advances 2.37% 2.20% 1.80% 1.77%
Securities sold under
agreement to repurchase 4.53% 4.53% 4.57% 4.09%
Subordinated debentures 5.59% 4.92% 4.49% 4.55%
Net Cost of Funds 2.01% 1.84% 1.77% 1.76%
NET INTEREST SPREAD
Interest earning assets
less interest-bearing
liabilities (in thousands) $4,980 $(7,319) $(9,885) $(3,418)
Yield on earning assets
less cost of interest-
bearing liabilities 4.19% 4.28% 4.37% 4.53%
NET INTEREST MARGIN
Net interest income
(tax equivalent) as a
percentage of average
earning assets 4.23% 4.31% 4.41% 4.58%
* To make pre-tax income and resultant yields on tax-exempt investments
comparable to those on taxable investments, a tax-equivalent adjustment
has been computed using a federal income tax rate of 34%.
MAIN STREET BANKS, INC. AND SUBSIDIARIES
SUMMARY OF INTEREST RATES (TAX-EQUIVALENT*)
(Unaudited)
Fourth Twelve months ended
Quarter December 31,
2003 2004 2003
EARNING ASSETS
Total interest earning assets
(in thousands) $1,735,933 $1,862,913 $1,537,680
Loans 6.61% 6.80% 6.90%
Investment securities 4.36% 4.21% 4.54%
Federal funds sold 0.91% 1.40% 1.05%
Loans held for sale 5.50% 4.81% 5.88%
FHLB stock & other 4.36% 3.88% 4.01%
Total interest earning assets 6.21% 6.32% 6.53%
INTEREST-BEARING LIABILITIES
Total interest-bearing liabilities
(in thousands) $1,739,771 $1,865,292 $1,522,004
Demand deposits 0.68% 0.99% 0.90%
Demand deposits - public funds 0.95% 0.70% 0.90%
Time deposits 2.47% 2.67% 2.51%
Retail repurchases 1.71% 1.65% 1.82%
Federal funds purchased 1.25% 1.45% 1.43%
Federal Home Loan bank advances 1.78% 2.20% 1.77%
Securities sold under agreement to
repurchase 4.09% 4.39% 3.95%
Subordinated debentures 4.54% 4.91% 4.51%
Net Cost of Funds 1.71% 2.53% 1.80%
NET INTEREST SPREAD
Interest earning assets less interest-
bearing liabilities (in thousands) $(3,838) $(2,379) $15,676
Yield on earning assets less cost of
interest-bearing liabilities 4.50% 3.79% 4.72%
NET INTEREST MARGIN
Net interest income (tax equivalent)
as a percentage of average earning
assets 4.48% 4.47% 4.71%
* To make pre-tax income and resultant yields on tax-exempt investments
comparable to those on taxable investments, a tax-equivalent adjustment
has been computed using a federal income tax rate of 34%.
MAIN STREET BANKS, INC. AND SUBSIDIARIES
LOAN QUALITY
(Unaudited)
Fourth Third Second First
Quarter Quarter Quarter Quarter
2004 2004 2004 2004
RESERVE FOR POSSIBLE
LOAN LOSSES
Reserve for loan
losses at beginning
of period $24,256,034 $23,118,946 $22,150,651 $21,151,987
Reserves acquired
through acquisition - - - -
Provision for loan
losses 2,956,380 1,602,500 1,310,000 1,561,000
Loans charged-off
during the period (2,289,524) (1,103,582) (657,213) (650,138)
Recoveries on loans
previously charged-
off 268,285 638,170 315,508 87,802
Net loans (charged-off)
recovered during
period (2,021,239) (465,412) (341,705) (562,336)
Reserve for loan
losses at end of
period $25,191,175 $24,256,034 $23,118,946 $22,150,651
Net charge-offs to
average loans,
annualized 0.48% 0.11% 0.09% 0.15%
Gross charge-offs to
average loans,
annualized 0.55% 0.27% 0.17% 0.18%
Recoveries as a
percentage of gross
charge-offs 11.72% 57.83% 48.01% 13.51%
Reserve for loan
losses as a
percentage of
loans, at end of period 1.48% 1.47% 1.45% 1.47%
NON-PERFORMING ASSETS
Loans accounted for on
a non-accrual basis $12,254,820 $4,712,752 $5,179,265 $4,822,135
Restructured loans - - - -
Total non-performing
loans 12,254,820 4,712,752 5,179,265 4,822,135
Foreclosed assets 2,165,914 1,132,377 3,730,693 2,255,553
Total non-performing
assets $14,420,734 $5,845,129 $8,909,958 $7,077,688
Non-performing assets
as a percentage of
loans plus foreclosed
assets, at end of
period 0.85% 0.35% 0.56% 0.47%
Non-performing assets
as a percentage of
total assets, at end
of period 0.62% 0.26% 0.41% 0.35%
Reserve for loan
losses as a
percentage of
non-performing assets,
at end of period 174.69% 414.98% 259.47% 312.96%
Loans 90 days past due
and still accruing $5,657,986 $2,062,584 $3,628,399 $5,934,220
Loans 90 days past due
and still accruing as
a percentage of
loans, at end of
period 0.33% 0.12% 0.23% 0.39%
MAIN STREET BANKS, INC. AND SUBSIDIARIES
LOAN QUALITY
(Unaudited)
Fourth Twelve months ended
Quarter December 31,
2003 2004 2003
RESERVE FOR POSSIBLE LOAN LOSSES
Reserve for loan losses at
beginning of period $20,765,377 $21,151,987 $14,588,582
Reserves acquired through
acquisition - - 4,252,018
Provision for loan losses 1,241,000 7,429,880 5,235,000
Loans charged-off during the period (958,275) (4,700,457) (3,336,038)
Recoveries on loans previously
charged-off 103,885 1,309,765 412,425
Net loans (charged-off) recovered
during period (854,390) (3,390,692) (2,923,613)
Reserve for loan losses at end of
period $21,151,987 $25,191,175 $21,151,987
Net charge-offs to average loans,
annualized 0.24% 0.21% 0.23%
Gross charge-offs to average loans,
annualized 0.27% 0.30% 0.26%
Recoveries as a percentage of gross
charge-offs 10.84% 27.86% 12.85%
Reserve for loan losses as a
percentage of loans, at end of
period 1.47% 1.48% 1.47%
NON-PERFORMING ASSETS
Loans accounted for on a
non-accrual basis $11,548,489 $12,254,820 $11,548,489
Restructured loans - - -
Total non-performing loans 11,548,489 12,254,820 11,548,489
Foreclosed assets 1,844,869 2,165,914 1,844,869
Total non-performing assets $13,393,358 $14,420,734 $13,393,358
Non-performing assets as a
percentage of loans plus
foreclosed assets, at end of
period 0.93% 0.85% 0.93%
Non-performing assets as a
percentage of total assets, at end
of period 0.68% 0.62% 0.68%
Reserve for loan losses as a
percentage of non-performing
assets, at end of period 157.93% 174.69% 157.93%
Loans 90 days past due and still
accruing $1,921,837 $5,657,986 $1,921,837
Loans 90 days past due and still
accruing as a percentage of
loans, at end of period 0.13% 0.33% 0.13%
MAIN STREET BANKS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
Fourth Third Second First
Quarter Quarter Quarter Quarter
2004 2004 2004 2004
RESULTS OF OPERATIONS
Net interest income $21,430,713 $20,832,969 $20,219,242 $19,926,398
Net interest income
(tax equivalent) 21,612,019 21,021,094 20,419,505 20,141,555
Provision for loan
losses 2,956,380 1,602,500 1,310,000 1,561,000
Non-interest income 7,541,744 7,821,682 7,418,708 7,839,898
Non-interest expense 15,410,405 15,494,210 16,134,081 15,579,035
Net income 7,698,582 8,263,915 7,391,018 7,596,745
AVERAGE BALANCE SHEET
DATA (in thousands)
Loans, net of unearned
income 1,670,976 1,620,436 1,551,258 1,470,876
Investment securities 293,933 288,443 282,850 260,866
Earning assets 2,030,527 1,940,675 1,864,339 1,770,541
Total assets 2,271,783 2,176,797 2,096,734 1,986,972
Deposits 1,687,864 1,584,819 1,547,739 1,466,087
Shareholders' equity 234,796 218,058 215,051 205,272
PER COMMON SHARE
Earnings per share -
Basic $0.39 $0.43 $0.38 $0.39
Earnings per share -
Diluted $0.38 $0.41 $0.37 $0.38
Book value per share
as end of period $13.10 $11.43 $10.94 $11.14
End of period shares
outstanding 21,229,545 19,457,741 19,381,000 19,340,676
Weighted average
shares outstanding
Basic 19,756,947 19,428,145 19,351,343 19,280,882
Diluted 20,372,205 20,015,560 19,974,058 19,910,810
STOCK PERFORMANCE
Market Price:
Closing $34.93 $30.60 $28.10 $27.34
High $34.93 $30.60 $28.82 $27.50
Low $28.55 $26.46 $25.62 $24.90
Trading volume 2,893,800 1,755,400 2,010,000 1,703,700
Cash dividend per share 0.135 0.135 0.135 0.135
Dividend payout ratio 35.72% 32.70% 36.48% 35.38%
Price to earnings 23.23 18.63 18.88 17.82
Price to book value 2.67 2.68 2.57 2.46
PERFORMANCE RATIOS
Return on average assets 1.36% 1.52% 1.41% 1.53%
Return on average equity 13.12% 15.16% 13.75% 14.80%
Average earning assets
to average total assets 89.38% 89.15% 88.92% 89.11%
Average loans as percentage
of average deposits 99.00% 102.25% 100.23% 100.33%
Net interest margin
(tax equivalent) 4.23% 4.31% 4.41% 4.58%
Average equity to
average assets 10.34% 10.02% 10.26% 10.33%
Non-interest income ratio 26.03% 27.30% 26.84% 28.24%
Efficiency ratio 53.19% 54.07% 58.38% 56.11%
ASSET QUALITY
Total non-performing
assets $14,420,734 $5,845,129 $8,909,958 $7,077,688
Non-performing assets
as a percentage of
loans plus foreclosed
assets 0.85% 0.35% 0.56% 0.47%
Net annualized
(charge-offs)
recoveries as a
percentage of average
loans 0.48% 0.11% 0.09% 0.15%
Reserve for loan losses
as a percentage of loans,
at end of period 1.48% 1.47% 1.45% 1.47%
MAIN STREET BANKS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
Fourth Third Second First
Quarter Quarter Quarter Quarter
2004 2004 2004 2004
OPERATING EARNINGS
Net income $7,698,582 $8,263,915 $7,391,018 $7,596,745
Amortization of
intangible assets, net 88,266 88,266 87,666 101,264
Job reductions - - 231,845 -
Contract buyout, net - - 172,366 -
Systems write-offs, net - - 342,104 -
Operating income $7,786,848 $8,352,181 $8,224,998 $7,698,009
Operating earnings per share
Basic $0.39 $0.43 $0.43 $0.40
Diluted $0.38 $0.42 $0.41 $0.39
Average tangible assets
(in thousands) $2,168,483 $2,073,327 $1,993,288 $1,888,316
Average tangible equity
(in thousands) 131,496 114,588 111,605 106,616
Operating return on
average tangible assets 1.44% 1.61% 1.65% 1.63%
Operating return on average
tangible equity 23.69% 29.16% 29.48% 28.88%
OPERATING BASIS
Non-interest expense $15,276,669 $15,360,474 $16,001,254 $15,425,605
Net interest income 21,430,713 20,832,969 20,219,242 19,926,398
Non-interest income 7,541,744 7,821,682 7,418,708 7,839,898
Efficiency Ratio 52.73% 53.61% 57.90% 55.56%
MAIN STREET BANKS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
Fourth Twelve months ended
Quarter December 31,
2003 2004 2003
RESULTS OF OPERATIONS
Net interest income $19,340,399 $82,409,322 $71,369,711
Net interest income
(tax equivalent) 19,591,290 83,194,172 72,465,527
Provision for loan losses 1,241,000 7,429,880 5,235,000
Non-interest income 6,896,440 30,622,032 24,343,791
Non-interest expense 14,636,369 62,617,731 52,942,545
Net income 7,446,706 30,950,260 26,699,330
AVERAGE BALANCE SHEET DATA
(in thousands)
Loans, net of unearned income 1,424,858 1,578,622 1,259,640
Investment securities 252,107 281,573 244,040
Earning assets 1,735,933 1,901,159 1,537,680
Total assets 1,946,136 2,133,741 1,704,212
Deposits 1,452,073 1,571,723 1,313,888
Shareholders' equity 196,375 218,680 168,496
PER COMMON SHARE
Earnings per share - Basic $0.39 $1.59 $1.49
Earnings per share - Diluted $0.38 $1.54 $1.44
Book value per share as end of
period $10.57 $13.10 $10.50
End of period shares outstanding 18,981,340 21,229,545 18,981,340
Weighted average shares outstanding
Basic 18,951,688 19,455,084 17,875,246
Diluted 19,645,157 20,076,687 18,556,383
STOCK PERFORMANCE
Market Price:
Closing $26.52 $34.93 $26.52
High $27.92 $34.93 $27.92
Low $25.00 $24.90 $18.45
Trading volume 1,630,300 8,362,900 5,159,500
Cash dividend per share 0.120 0.540 0.480
Dividend payout ratio 31.66% 35.03% 33.36%
Price to earnings 17.63 16.96 18.43
Price to book value 2.51 2.67 2.53
PERFORMANCE RATIOS
Return on average assets 1.53% 1.45% 1.57%
Return on average equity 15.17% 14.15% 15.85%
Average earning assets to average
total assets 89.20% 89.10% 90.23%
Average loans as percentage of
average deposits 98.13% 100.44% 95.87%
Net interest margin
(tax equivalent) 4.48% 4.47% 4.73%
Average equity to average assets 10.09% 10.25% 9.89%
Non-interest income ratio 26.29% 27.09% 25.43%
Efficiency ratio 55.79% 55.40% 55.31%
ASSET QUALITY
Total non-performing assets $13,393,358 $14,420,734 $13,393,358
Non-performing assets as a
percentage of loans plus
foreclosed assets 0.93% 0.85% 0.93%
Net annualized (charge-offs)
recoveries as a percentage of
average loans 0.24% 0.21% 0.23%
Reserve for loan losses as a
percentage of loans, at end of
period 1.47% 1.48% 1.47%
MAIN STREET BANKS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
Fourth Twelve months ended
Quarter December 31,
2003 2004 2003
OPERATING EARNINGS
Net income $7,446,706 $30,950,260 $26,699,330
Amortization of intangible assets,
net 76,896 365,460 240,569
Job reductions - 231,845 -
Contract buyout, net - 172,366 -
Systems write-offs, net - 342,104 -
Operating income $7,523,602 $32,062,035 $26,939,899
Operating earnings per share
Basic $0.40 $1.65 $1.51
Diluted $0.38 $1.60 $1.45
Average tangible assets
(in thousands) $1,851,095 $2,031,505 $1,641,991
Average tangible equity
(in thousands) 101,334 116,444 106,275
Operating return on average
tangible assets 1.63% 1.58% 1.64%
Operating return on average
tangible equity 29.70% 27.53% 25.35%
OPERATING BASIS
Non-interest expense $14,519,860 $62,064,003 $52,578,047
Net interest income 19,340,399 82,409,322 71,369,711
Non-interest income 6,896,440 30,622,032 24,343,791
Efficiency Ratio 55.34% 54.91% 54.93%
PRNewswire-FirstCall -- Jan. 19
END FIRST AND FINAL ADD
DATASOURCE: Main Street Banks, Inc.
Web site: http://www.mainstreetbank.com/