CHAMPAIGN, Ill., Oct. 24 /PRNewswire-FirstCall/ -- Main Street Trust, Inc. (OTC Bulletin Board: MSTI - News ) reported record earnings of $0.50 in unaudited consolidated net income per diluted share for the quarter ended September 30, 2005, compared to $0.37 per diluted share for the same period in 2004, an increase of 35.1%. Consolidated net income for the quarter totaled $5.151 million compared to $3.555 million for the same period in 2004, an increase of 44.9%. YTD net income per diluted share of $1.37 compared to $1.17 in 2004, an increase of 17.1%. YTD net income was $13.811 million compared to $11.216 million in 2004, an increase of 23.1%.
Van A. Dukeman, President and CEO stated that, "We are gratified by the financial results we are able to report this quarter, which is due in no small part to the performance of our employees, including the executive team, who are focused on Main Street's vision to become THE respected and innovative leader in the financial services industry in the markets we serve."
Dukeman further stated that, "Main Street's banking subsidiary, Main Street Bank & Trust, recently introduced Wealth Management services into the McLean County Area Market in conjunction with our acquisition of Citizens First Financial Corp. (approximately $329 million in total assets) earlier this year. In addition, our McLean County banking subsidiary, Citizens Savings Bank, has been merged with and into Main Street Bank & Trust early in the fourth quarter. The Bank's Integration of the former First Realty of Illinois, Inc. allows continued farm brokerage services through the Wealth Management Division of Main Street Bank & Trust, which includes management of more than 75,000 acres of prime Downstate Illinois farmland. Main Street First Realty is well positioned to take advantage of historically high valuations of farmland assets."
The Company distributed a $0.22 per share cash dividend on October 21, 2005, payable to shareholders of record on October 7, 2005. This is the third quarterly cash dividend paid in 2005; making total dividends paid to-date $0.88 per share for 2005, compared to $0.84 per share for the same period in 2004.
Main Street Trust, Inc. is a diversified financial services company with $1.53 billion in assets as of September 30, 2005, providing financial services at 23 locations in Downstate Illinois. Main Street Bank & Trust offers online banking ( http://www.mainstreettrust.com ) and surcharge free ATM access at over 80 locations throughout Illinois. In addition, Main Street Wealth Management has $1.87 billion of financial assets under management for individuals and institutions. Main Street Trust, Inc. also owns a retail payment processing subsidiary - FirsTech, Inc., which processes nearly 25 million items per year.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements, which may be based upon beliefs, expectations and assumptions of Main Street's management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "plan," "intend," "estimate," "may," "will," "would," "could," "should" or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Main Street does not undertake any obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the ability of Main Street to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local and national economy; (ii) the economic impact of any future terrorist threats or attacks; (iii) changes in state and federal laws, regulations and governmental policies concerning its general business; (iv) changes in interest rates and prepayment rates of its assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected results of acquisitions; (x) unexpected outcomes of existing or new litigation involving Main Street; and (xi) changes in accounting policies and practices. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning Main Street, its businesses and factors that could materially affect its financial results, is included in its filings with the Securities and Exchange Commission.
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