SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarter ended June 30, 2002
Commission file number 000-25128
MAIN STREET BANKS, INC.
(Exact name of registrant as specified in its charter)
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Georgia |
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58-2104977 |
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(State of Incorporation) |
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(I.R.S. Employer Identification No.) |
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676 Chastain Road, Kennesaw, GA |
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30144 |
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(Address of principal executive offices) |
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(Zip Code) |
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770-422-2888 |
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(Registrant’s telephone number) |
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Securities registered under Section 12(b) of the Exchange Act: None
Securities registered under Section 12(g) of the Exchange Act:
Common Stock, no par value
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
APPLICABLE ONLY TO CORPORATE ISSUERS
As of July 31, 2002 registrant had outstanding 15,986,021 shares of common stock.
MAIN STREET BANKS, INC.
TABLE OF CONTENTS
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Condensed Consolidated Balance Sheets June 30, 2002 (unaudited) and December 31, 2001 |
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Condensed Consolidated Statements of Cash Flows (unaudited) Six Months Ended June 30, 2002 and 2001 |
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Notes to Condensed Consolidated Financial Statements (unaudited) |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
Quantitative and Qualitative Disclosures about Market Risk (included in Item 2) |
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PART I. – FINANCIAL INFORMATION
MAIN STREET BANKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
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(Unaudited) |
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June 30, |
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December
31, |
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Assets |
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Cash and due from banks |
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$ |
31,046,910 |
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$ |
36,002,196 |
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Interest-bearing deposits in banks |
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1,436,168 |
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14,509,315 |
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Federal funds sold and securities purchased under agreements to resell |
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15,684,897 |
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60,431,897 |
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Investment securities available for sale |
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227,610,228 |
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122,447,873 |
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Investment securities held to maturity (fair value of $741,739 and $729,102 at June 30, 2002 and December 31, 2001, respectively |
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687,241 |
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686,966 |
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Mortgage loans held for sale |
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4,144,673 |
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9,193,983 |
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Loans, net of unearned income |
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861,235,694 |
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811,446,346 |
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Allowance for loan losses |
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(12,746,608 |
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(12,017,448 |
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Loans, net |
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848,489,086 |
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799,428,898 |
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Premises and equipment, net |
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26,871,117 |
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26,692,404 |
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Other real estate |
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1,627,665 |
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1,266,650 |
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Accrued interest receivable |
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7,226,573 |
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5,643,803 |
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Goodwill and other intangible assets |
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1,477,448 |
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705,867 |
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Other assets |
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40,138,235 |
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33,158,039 |
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Total assets |
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$ |
1,206,440,241 |
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$ |
1,110,167,891 |
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Liabilities and stockholders’ equity |
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Liabilities: |
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Deposits: |
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Noninterest-bearing demand |
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$ |
173,268,897 |
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$ |
160,675,955 |
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Interest-bearing demand and money market |
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228,129,134 |
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250,925,349 |
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Savings |
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41,722,579 |
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50,311,997 |
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Time deposits of $100,000 or more |
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174,468,646 |
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152,749,296 |
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Other time deposits |
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319,967,471 |
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293,518,204 |
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Total deposits |
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937,556,727 |
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908,180,801 |
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Accrued interest payable |
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3,180,230 |
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4,570,179 |
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Federal Home Loan Bank advances |
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90,121,250 |
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75,121,250 |
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Federal funds purchased and securities sold under repurchase agreements |
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59,727,928 |
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15,504,355 |
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Other liabilities |
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4,396,808 |
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1,669,954 |
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Total liabilities |
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1,094,982,943 |
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1,005,046,539 |
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Shareholders’ equity |
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Common stock¾no par value per share; 50,000,000 shares authorized; outstanding, 15,979,269 shares in 2002 and 15,621,755 in 2001 |
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30,823,590 |
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32,407,424 |
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Retained earnings |
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81,454,710 |
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72,018,255 |
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Accumulated other comprehensive income |
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3,726,903 |
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1,729,548 |
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Treasury stock, at cost, 344,082 shares in 2002 and 169,082 in 2001 |
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(4,547,905 |
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(1,033,875 |
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Total shareholders’ equity |
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111,457,298 |
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105,121,352 |
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Total liabilities and shareholders’ equity |
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$ |
1,206,440,241 |
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$ |
1,110,167,891 |
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See accompanying notes.
2
MAIN STREET BANKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
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Three
Months Ended |
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Six Months
Ended |
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2002 |
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2001 |
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2002 |
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2001 |
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Interest income: |
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Loans, including fees |
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$ |
16,922,668 |
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$ |
18,488,251 |
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$ |
33,492,601 |
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$ |
37,356,750 |
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Interest on investment securities: |
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Taxable |
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2,262,347 |
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1,964,580 |
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3,547,696 |
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4,203,020 |
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Non-taxable |
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376,112 |
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318,229 |
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762,247 |
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636,897 |
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Federal funds sold and other short-term investments |
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120,424 |
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593,774 |
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393,382 |
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1,404,174 |
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Interest-bearing deposits in banks |
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6,705 |
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13,970 |
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39,116 |
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28,532 |
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Total interest income |
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19,688,256 |
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21,378,804 |
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38,235,042 |
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43,629,373 |
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Interest expense: |
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Interest-bearing demand and money market |
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573,766 |
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1,011,118 |
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1,214,066 |
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2,248,639 |
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