WASHINGTON, D.C. 20549
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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) |
770-422-2888
(Registrant’s telephone number)
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
Indicate by check whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
As of April 30, 2003 registrant had outstanding 16,809,466 shares of common stock.
MAIN STREET BANKS, INC.
TABLE OF CONTENTS
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2 |
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3 |
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5 |
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Notes to Condensed Consolidated Financial Statements (unaudited) |
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6 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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8 |
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Item 3. |
Quantitative and Qualitative Disclosures about Market Risk (included in Item 2) |
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15 |
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18 |
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19 |
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Exhibit 99.1 |
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Exhibit 99.2 |
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1
ITEM 1. FINANCIAL STATEMENTS
MAIN STREET BANKS, INC.
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Unaudited |
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Unaudited |
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March 31, |
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December 31, |
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March 31, |
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2003 |
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2002 |
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2002 |
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Assets |
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Cash and due from banks |
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$ |
35,903,869 |
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$ |
43,711,817 |
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$ |
34,420,283 |
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Interest-bearing deposits in banks |
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833,073 |
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1,782,121 |
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1,101,185 |
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Federal funds sold and securities purchased under agreements to resell |
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5,455,000 |
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54,656,351 |
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90,701,897 |
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Investment securities available for sale (costs of $214,686,900, $201,404,160, and $127,893,541 at March 31, 2003, December 31, 2002 and March 31, 2002, respectively) |
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220,604,260 |
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208,455,409 |
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129,641,769 |
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Investment securities held to maturity (fair value of $752,076, $754,704, and $730,259 at March 31, 2003, December 31, 2002 and March 31, 2002, respectively) |
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687,713 |
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687,562 |
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687,111 |
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Other investments |
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4,518,924 |
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3,699,368 |
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4,118,600 |
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Mortgage loans held for sale |
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4,719,794 |
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8,175,522 |
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6,227,092 |
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Loans, net of unearned income |
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1,048,550,371 |
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982,486,447 |
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836,711,988 |
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Allowance for loan losses |
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(15,390,616 |
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(14,588,582 |
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(12,346,331 |
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Loans, net |
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1,033,159,755 |
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967,897,865 |
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824,365,657 |
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Premises and equipment, net |
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35,136,570 |
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31,674,673 |
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26,882,988 |
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Other real estate |
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796,688 |
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815,880 |
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1,692,275 |
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Accrued interest receivable |
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6,629,105 |
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6,437,290 |
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5,887,664 |
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Goodwill and other intangible assets |
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18,098,425 |
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16,372,018 |
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672,267 |
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Bank owned life insurance |
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31,366,634 |
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30,904,434 |
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29,519,975 |
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Other assets |
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7,004,843 |
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6,719,791 |
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4,454,711 |
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Total assets |
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$ |
1,404,914,653 |
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$ |
1,381,990,101 |
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$ |
1,160,373,474 |
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Liabilities and shareholder’s equity |
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Liabilities: |
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Deposits: |
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Noninterest-bearing demand |
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$ |
182,303,096 |
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$ |
184,130,490 |
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$ |
172,462,181 |
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Interest-bearing demand and money market |
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364,838,058 |
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330,230,983 |
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239,447,745 |
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Savings |
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46,061,846 |
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47,261,815 |
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51,722,697 |
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Time deposits of $100,000 or more |
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188,873,266 |
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197,098,700 |
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176,286,935 |
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Other time deposits |
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355,904,030 |
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370,205,897 |
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329,156,668 |
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Total deposits |
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1,137,980,296 |
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1,128,927,885 |
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969,076,226 |
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Accrued interest payable |
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3,316,098 |
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3,723,167 |
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4,178,264 |
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Federal Home Loan Bank advances |
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74,500,000 |
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50,000,000 |
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75,121,250 |
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Federal funds purchased and securities sold under repurchase agreements |
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46,990,844 |
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47,666,699 |
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905,370 |
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Trust preferred securities |
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5,000,000 |
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5,155,000 |
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— |
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