<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
-------------------------------------------------
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.
--------------------------------------------------------------------------------
Exact name of Registrant as Specified in Charter
AMENDMENT NO -1-
-----
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its Current Report dated as of May 24,
2000 on Form 8-K as set forth in the pages attached hereto;
Report is amended to include Item 7, financial statements for Main
Street Banks Incorporated as of March 31, 2000 and March 31, 1999 and for the
three months ended March 31, 2000 and March 31, 1999 and pro forma condensed
balance sheet for the period ending March 31, 2000 and pro forma condensed
statement of income for the periods ending March 31, 2000 and March 31, 1999.
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: August 7, 2000
FIRST STERLING BANKS, INC.
/s/ Barbara J. Bond
---------------------------
Barbara J. Bond
Senior Vice President & Controller
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
MAIN STREET BANKS INCORPORATED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
March 31, March 31,
2000 1999
------------- -------------
<S> <C> <C>
ASSETS
Cash and due from banks $ 26,593,523 $ 23,898,422
Interest-bearing deposit in banks 504,487 508,144
Investment securities held to maturity 14,310,231 12,554,932
Investment securities available for
sale, at estimated market value 46,976,225 47,156,107
Federal funds sold and securities purchased
under agreement to resell 11,280,000 3,240,000
Other investments 2,540,000 1,436,900
Mortgage loans held for sale 2,410,005 3,084,357
Loans 392,228,219 333,385,383
Less allowance for loan losses 6,495,561 5,982,383
Loans, net 385,732,658 327,403,000
Premises and equipment, net 16,008,681 15,631,167
Other real estate owned 858,381 1,066,613
Accrued interest receivable 3,358,272 2,776,775
Intangible assets 1,274,608 1,713,375
Other assets 3,586,656 3,137,263
------------- -------------
Total assets $ 515,433,727 $ 443,607,055
------------- -------------
------------- -------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand $ 93,812,640 $ 81,999,885
Interest-bearing demand 93,148,400 89,559,446
Savings 24,230,176 25,574,161
Certificates of deposit 207,525,398 183,867,387
------------- -------------
Total deposits 418,716,614 381,000,879
Accrued interest payable 1,625,588 1,429,782
Federal funds purchased -- --
Federal Home Loan Bank advances 45,000,000 15,000,000
Other liabilities 2,339,629 2,444,737
------------- -------------
Total liabilities 467,681,831 399,875,398
------------- -------------
STOCKHOLDERS' EQUITY
Common stock 8,829,000 8,827,600
Additional paid-in-capital 791,088 783,488
Retained earnings 39,112,484 34,206,277
Accumulated other comprehensive loss (980,676) (85,708)
------------- -------------
Total stockholders' equity 47,751,896 43,731,657
------------- -------------
Total liabilities and stockholders'
equity $ 515,433,727 $ 443,607,055
------------- -------------
------------- -------------
</TABLE>
2
<PAGE>
MAIN STREET BANKS INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
-------------------------
<S> <C> <C>
INTEREST INCOME
Interest and fees on loans $ 9,757,547 $ 8,016,278
Interest on investment securities 908,178 854,827
Interest on Federal funds sold 116,452 16,593
Interest on other securities 45,983 39,876
Interest on interest-bearing deposits 5,753 1,951
----------- -----------
Total interest income 10,833,913 8,929,525
INTEREST EXPENSE
Interest on deposits 3,326,051 3,017,973
Interest on Federal Home Loan Bank advances 616,225 221,642
Interest on federal funds purchased and securities
sold under agreement to repurchase 29,919 25,694
Other interest expense 3,938 6,538
----------- -----------
Total interest expense 3,976,133 3,271,847
----------- -----------
NET INTEREST INCOME 6,857,780 5,657,678
PROVISION FOR LOAN LOSSES 400,000 225,000
----------- -----------
Net interest income after
provision for loan losses 6,457,780 5,432,678
----------- -----------
OTHER OPERATING INCOME
Service charges on deposit accounts 915,074 740,341
Gain on sale of loans 10,826 --
Gain on sales of premises and equipment 2,767 348,273
Other income 690,970 636,214
----------- -----------
Total other income 1,619,637 1,724,828
----------- -----------
OTHER EXPENSES
Salaries and other employee benefits 2,673,108 2,675,596
Occupancy and equipment expenses 737,713 687,857
Professional services 77,455 146,763
Regulatory agency assessments 33,849 39,084
Intangible amortization 109,692 109,692
Other operating expense 1,205,316 1,063,977
----------- -----------
Total operating expenses 4,837,133 4,722,969
----------- -----------
Income before income taxes 3,240,284 2,434,537
APPLICABLE INCOME TAXES 1,104,151 796,186
----------- -----------
NET INCOME $ 2,136,133 $ 1,638,351
----------- -----------
Earnings per common share $ 0.24 $ 0.19
----------- -----------
----------- -----------
Cash dividends per share of common stock $ .08 $ .08
----------- -----------
----------- -----------
</TABLE>
3
<PAGE>
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(Dollars in thousands, except per share data)
(Unaudited)
MARCH 31, 2000
<TABLE>
<CAPTION>
First Main Street Pro Forma Pro Forma
Sterling Banks Incorporated Adjustment Consolidated
---------- ------------------ ---------- ------------
<S> <C> <C> <C> <C>
ASSETS
Cash and due from banks $ 10,255 $ 26,594 $ $ 36,849
Interest-bearing deposits in banks 774 504 1,278
Federal funds sold and securities purchased
under resell agreement 30,865 11,280 42,145
Securities, available for sale 52,615 49,516 102,131
Securities, held for investment -- 14,310 14,310
Mortgage loans held for sale -- 2,410 2,410
Loans, net 255,919 385,733 641,652
Premises and equipment 10,672 16,009 26,681
Intangible assets -- 1,275 1,275
Other assets 5,710 7,803 13,513
--------- --------- ---------
Total assets $ 366,810 $ 515,434 $ 882,244
--------- --------- ---------
--------- --------- ---------
LIABILITIES
Deposits $ 312,892 $ 418,717 $ $ 731,609
Federal funds purchased and securities
sold under repurchase agreements 16,559 -- 16,559
Other borrowings 7,139 45,000 52,139
Other liabilities 2,391 3,965 6,356
--------- --------- ---------
Total liabilities 338,981 467,682 806,663
--------- --------- ---------
STOCKHOLDERS' EQUITY
Common stock 18,483 8,829 (a) 13,532 40,844
Capital surplus -- 13,532 (a)(13,532) --
Retained earnings 12,341 26,372 38,713
Accumulated other comprehensive loss (1,961) (981) (2,942)
Treasury stock (1,034) -- (1,034)
--------- --------- ---------
Total stockholders' equity 27,829 47,752 75,581
--------- --------- ---------
Total liabilities and stockholders' equity $ 366,810 $ 515,434 $ 882,244
--------- --------- ---------
--------- --------- ---------
</TABLE>
(a) To reclassify capital surplus of Main Street Banks Incorporated to common
stock
4
<PAGE>
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended March 31, 2000
<TABLE>
<CAPTION>
First Main Street Pro Forma
Sterling Banks Consolidated
-------- ----------- ------------
<S> <C> <C> <C>
Interest income
Loans 6,153 9,758 15,911
Investment securities 825 908 1,733
Interest on interest-bearing deposits 17 6 23
Other securities -- 46 46
Federal funds sold and securities --
Purchased under resell agreements 252 116 368
------ ------ ------
Total interest income 7,247 10,834 18,081
------ ------ ------
Interest expense
Deposits 2,975 3,326 6,301
Securities sold under repurchase agreements 84 -- 84
Other borrowings 90 646 736
Other interest -- 4 4
------ ------ ------
Total interest expense 3,149 3,976 7,125
------ ------ ------
Net interest income 4,098 6,858 10,956
Provision for loans losses 150 400 550
------ ------ ------
Net interest income after provision for loan losses 3,948 6,458 10,406
------ ------ ------
Other income
Service charges on deposit accounts 224 915 1,139
Net realized losses on sales of securities available-for sale -- -- --
Gains on sale of loans 15 11 26
Gains on sale premises and equipment -- 3 3
Other operating income 109 691 800
------ ------ ------
Total other income 348 1,620 1,968
------ ------ ------
Other expense
Salaries and employee benefits 1,356 2,673 4,029
Equipment and occupancy expenses 358 738 1,096
Other operating expenses 762 1,317 2,079
Intangible Amortization -- 110 110
------ ------ ------
Total other expenses 2,476 4,838 7,314
------ ------ ------
Income before income taxes 1,820 3,240 5,060
Income tax expense 665 1,104 1,769
------ ------ ------
Net income 1,155 2,136 3,291
------ ------ ------
------ ------ ------
</TABLE>
5
<PAGE>
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended March 31, 1999
<TABLE>
<CAPTION>
First Main Street Pro Forma
Sterling Banks Consolidated
--------- ----------- ------------
<S> <C> <C> <C>
Interest income
Loans 4,844 8,016 12,860
Investment securities 732 855 1,587
Interest on interest-bearing deposits 1 2 3
Other securities 40 40
Federal funds sold and securities
purchased under resell agreements 147 17 164
------- ------- -------
Total interest income 5,724 8,930 14,654
------- ------- -------
Interest expense
Deposits 2,328 3,018 5,346
Federal funds purchased and repo agmt 9 26 35
Other borrowings 33 221 254
Other interest expense -- 7 7
------- ------- -------
Total interest expense 2,370 3,272 5,642
------- ------- -------
Net interest income 3,354 5,658 9,012
Provision for loans losses 210 225 435
------- ------- -------
Net interest income after provision for loan losses 3,144 5,433 8,577
------- ------- -------
Other income
Service charges on deposit accounts 229 740 969
Net realized losses on sales of securities available-for sale (3) -- (3)
Gains on sale of loans 7 -- 7
Gains on sale premises and equipment -- 348 348
Other operating income 107 636 743
------- ------- -------
Total other income 340 1,724 2,064
------- ------- -------
Other expense
Salaries and employee benefits 1,140 2,675 3,815
Equipment and occupancy expenses 243 688 931
Other operating expenses 778 1,250 2,028
Intangible Amortization -- 110 110
------- ------- -------
Total other expenses 2,161 4,723 6,884
------- ------- -------
Income before income taxes 1,323 2,434 3,757
Income tax expense 486 796 1,282
------- ------- -------
Net income 837 1,638 2,475
------- ------- -------
------- ------- -------
</TABLE>
6