Main Street Banks Inc. of Atlanta on Monday guided Wall Street estimates lower for first-quarter and full-year 2005 earnings, blaming a number of issues.
The $2.3 billion-asset company said it now expects full-year earnings per share of $1.63 to $1.67, down from its original estimate of a $1.79 per share.
It expects its net interest margin to be flat and its tax rate to rise to 31%, from 28% last year.
The company also said that the early adoption of FAS 123R, which has prompted it to expense stock options in the first quarter, would reduce 2005 earnings by 3 cents per share.
First-quarter earnings, 38 cents a share last year, will be 36 to 38 cents this time around, Main Street said. It cited a onetime writeoff for demolishing a branch to make way for a new one.
