<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K/A
AMENDMENT TO REPORT
Filed Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
FIRST STERLING BANKS, INC.
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Exact name of Registrant as Specified in Charter
AMENDMENT NO -1-
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The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its Current Report dated as of
April 23, 1999 on Form 8-K as set forth in the pages attached hereto;
Report is amended to include Item 7, containing pro forma condensed
balance sheet for the period ending March 31, 1999 and pro forma condensed
statement of income for the periods ending March 31, 1999, March 31, 1998 and
December 31, 1998.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
DATE: July 7, 1999
FIRST STERLING BANKS, INC.
/s/ Edward C. Milligan
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Edward C. Milligan
Chairman & Chief Executive Officer
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Item 7. Financial Statements and Exhibits
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
MARCH 31, 1999
<TABLE>
<CAPTION>
First Georgia Pro Forma Pro Forma
Assets Sterling Bancshares Adjustments Consolidated
---------- ---------- ----------- ------------
<S> <C> <C> <C> <C>
Cash and due from banks $ 8,156 $ 2,876 $ $ 11,032
Interest-bearing deposits in banks 18 - 18
Federal funds sold and securities purchased
under resell agreements 7,580 2,601 10,181
Securities available-for-sale 33,892 14,837 48,729
Loans, net 152,542 59,203 211,745
Premises and equipment 6,134 2,773 8,907
Other assets 2,255 2,115 4,370
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Total assets $ 210,577 $ 84,405 $ 294,982
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---------- ---------- ----------
Liabilities
- -----------
Deposits $ 190,026 $ 73,268 $ 263,294
Securities sold under repurchase agreements 1,040 - 1,040
Other borrowings - 3,000 3,000
Other liabilities 1,129 657 1,786
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Total liabilities 192,195 76,925 269,120
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Stockholders' equity
- --------------------
Common stock 12,416 2,339 (a) 3,560 18,315
Capital surplus - 3,560 (a) (3,560) -
Retained earnings 7,111 1,785 8,896
Accumulated other comprehensive loss (111) (204) (315)
Treasury stock (1,034) - (1,034)
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Total stockholders' equity 18,382 7,480 25,862
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Total liabilities and stockholders' equity $ 210,577 $ 84,405 $ 294,982
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</TABLE>
(a) To reclassify capital surplus of Georgia Bancshares to common stock
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PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
THREE MONTHS ENDED MARCH 31, 1999
<TABLE>
<CAPTION>
First Georgia Pro Forma
Sterling Bancshares Consolidated
------------ ------------ --------------
<S> <C> <C> <C>
Interest income
Loans $ 3,409 $ 1,435 $ 4,844
Taxable securities 438 179 617
Nontaxable securities 65 51 116
Federal funds sold and securities purchased
under resell agreements 116 31 147
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Total interest income 4,028 1,696 5,724
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Interest expense
Deposits 1,673 655 2,328
Securities sold under repurchase agreements 9 - 9
Other borrowings - 33 33
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Total interest expense 1,682 688 2,370
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Net interest income 2,346 1,008 3,354
Provision for loan losses 150 60 210
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Net interest income after provision for loan losses 2,196 948 3,144
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Other income
Service charges on deposit accounts 118 110 228
Net realized losses on sales of securities available-for-sale - (3) (3)
Gains on sale of loans 7 - 7
Other operating income 97 11 108
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Total other income 222 118 340
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Other expense
Salaries and employee benefits 785 354 1,139
Equipment and occupancy expenses 144 99 243
Other operating expenses 534 245 779
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Total other expenses 1,463 698 2,161
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Income before income taxes 955 368 1,323
Income tax expense 367 119 486
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Net income $ 588 $ 249 $ 837
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Basic earnings per common share $ 0.22 $ 0.17 $ 0.17
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Diluted earnings per common share $ 0.20 $ 0.17 $ 0.16
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</TABLE>
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PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
THREE MONTHS ENDED MARCH 31, 1998
<TABLE>
<CAPTION>
First Georgia Pro Forma
Sterling Bancshares Consolidated
------------ ------------ --------------
<S> <C> <C> <C>
Interest income
Loans $ 2,916 $ 1,195 $ 4,111
Taxable securities 268 273 541
Nontaxable securities 52 10 62
Deposits in banks 2 - 2
Federal funds sold and securities purchased
under resell agreements 291 59 350
-------- -------- ----------
Total interest income 3,529 1,537 5,066
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Interest expense
Deposits 1,527 729 2,256
Securities sold under repurchase agreements 4 - 4
-------- -------- ----------
Total interest expense 1,531 729 2,260
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Net interest income 1,998 808 2,806
Provision for loan losses 51 63 114
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Net interest income after provision for loan losses 1,947 745 2,692
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Other income
Service charges on deposit accounts 103 72 175
Net realized gains on sales of securities available-for-sale - 5 5
Gains on sale of loans 77 - 77
Other operating income 55 37 92
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Total other income 235 114 349
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Other expense
Salaries and employee benefits 774 294 1,068
Equipment and occupancy expenses 140 98 238
Other operating expenses 438 183 621
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Total other expenses 1,352 575 1,927
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Income before income taxes 830 284 1,114
Income tax expense 268 88 356
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Net income $ 562 $ 196 $ 758
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Basic earnings per common share $ 0.21 $ 0.13 $ 0.16
-------- -------- ----------
-------- -------- ----------
Diluted earnings per common share $ 0.20 $ 0.13 $ 0.15
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</TABLE>
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PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
First Georgia Pro Forma
Sterling Bancshares Consolidated
------------ ------------ --------------
<S> <C> <C> <C>
Interest income
Loans $ 12,215 $ 5,124 $ 17,339
Taxable securities 1,277 824 2,101
Nontaxable securities 224 - 224
Deposits in banks 3 124 127
Federal funds sold and securities purchased
under resell agreements 1,469 207 1,676
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Total interest income 15,188 6,279 21,467
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Interest expense
Deposits 6,549 2,709 9,258
Securities sold under repurchase agreements 25 - 25
Other borrowings - 28 28
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Total interest expense 6,574 2,737 9,311
-------- -------- ----------
Net interest income 8,614 3,542 12,156
Provision for loan losses 298 263 561
-------- -------- ----------
Net interest income after provision for loan losses 8,316 3,279 11,595
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Other income
Service charges on deposit accounts 434 305 739
Net realized gains on sales of securities available-for-sale - 24 24
Gains on sale of loans 160 - 160
Other operating income 457 202 659
-------- -------- ----------
Total other income 1,051 531 1,582
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Other expense
Salaries and employee benefits 3,242 1,250 4,492
Equipment and occupancy expenses 560 360 920
Other operating expenses 1,865 999 2,864
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Total other expenses 5,667 2,609 8,276
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Income before income taxes 3,700 1,201 4,901
Income tax expense 1,229 356 1,585
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Net income $ 2,471 $ 845 $ 3,316
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Basic earnings per common share $ 0.94 $ 0.58 $ 0.68
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Diluted earnings per common share $ 0.86 $ 0.57 $ 0.64
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</TABLE>