Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE — JULY 26, 2007 (4:00 p.m. Central Time)
MID-AMERICA BANCSHARES, INC.
2019 Richard Jones Road
Nashville, Tennessee 37215
Contact: Jason K. West, Executive Vice President and Chief Financial Officer (615.690.5870)
MID-AMERICA BANCSHARES, INC., NASHVILLE, TENNESSEE,
ANNOUNCES SECOND QUARTER 2007 EARNINGS INCREASE
Mid-America Bancshares, Inc., Nashville, Tennessee,
Announces Second Quarter 2007 Earnings Increase
Nashville, Tennessee, July 26, 2007- Mid-America Bancshares, Inc. today issued the following statement:
Mid-America Bancshares, Inc. (the Company) reported consolidated earnings and financial highlights for the quarter ended June 30, 2007. The Company is the parent bank holding company of Bank of the South, Mt. Juliet, Tennessee, and PrimeTrust Bank, Nashville, Tennessee, which affiliated in a share exchange as a “merger of equals” on September 1, 2006. Under GAAP rules, PrimeTrust Bank has been treated as the “acquirer” and the following financial information, all of which is unaudited, reflects this treatment.
Second quarter earnings, as determined in accordance with GAAP, were $1,683,000 as compared to $537,000 for the same quarter of 2006, equaling $0.12 basic earnings per share. This was a 50% increase over first quarter 2006 basic earnings per share and a 20% increase in basic earnings per share over the first quarter 2007. Non-GAAP cash earnings, defined as GAAP earnings plus intangible and option expenses, were $1,947,000, or $0.14 basic earnings per share. The earnings increase is primarily attributable to increased interest income to due to increased loan volume during the period and to aggressive operational expense management.
The Company continues to report growth based on the increase in loans and deposits at its subsidiary banks on a combined basis. Total assets have increased $26,000,000 or 10% on an annualized basis to $1,069,000,000 at June 30, 2007. Loans, net of allowance for loan losses, and unearned interest and fees, increased $26,000,000 or 14% on an annualized basis, during the second quarter of 2007, ending the period at $765,000,000. Total deposits increased $21,000,000 or 10% on an annualized basis to $905,000,000 during the same period.
In commenting on the Company’s second quarter performance, Gary L. Scott, Chairman and CEO, said: “Our results for the second quarter of 2007 have been outstanding. We continue to experience profitable asset and deposit growth, which has enabled us to achieve our earnings objectives. We have an excellent and professional staff that allows us to enhance the results of our Company while meeting the needs of our clients and communities.” David Major, the Company’s President, said that “We have begun to realize the benefits of the synergies we planned for in the share exchange that brought our two banks together. We are continuing to implement our strategy of utilizing identified synergies and we expect that this process will accelerate as we consolidate our loan operations and data processing.”
Included with this press release is a copy of the Company’s unaudited balance sheet and income statement for the periods indicated. This unaudited information should be read in conjunction with the notes to the consolidated financial statements presented in the Company’s December 31, 2006 Annual Report on Form 10-K that was filed with the Securities and Exchange Commission on March 15, 2007 (the “2006 10-K”). All quarterly information is subject to customary adjustments.
