Georgia Bank Financial Corporation Announces First Quarter Earnings

Apr 20, 2001, 01:00 ET from Georgia Bank Financial Corporation

    AUGUSTA, Ga., April 20 /PRNewswire Interactive News Release/ --
 Georgia Bank Financial Corporation (OTC Bulletin Board:   GBFP), the holding
 company for Georgia Bank & Trust Company of Augusta, today reported a
 quarterly earnings increase of 8.3 percent over the first quarter of 2000.
 Net income for the quarter totaled $985,000, or 47 cents per share, diluted,
 up from $910,000 or 43 cents per share, diluted, for the same period in 2000.
     As of March 31, 2001, Georgia Bank Financial Corporation had total assets
 of $432.8 million and total deposits of $343.7 million.  This reflects an
 increase of 6.7 percent in assets and 10.5 percent in deposits during the
 first quarter of 2001.  Total assets and deposits were $405.8 million and
 $310.9 million, respectively, at December 31, 2000.
     "The Company's increase in total assets and deposits continues to reflect
 our growth in the market.  Increases in net interest income and non-interest
 income driven by significant growth in mortgage related activities contributed
 to the Company's performance for the quarter.  The higher provision for loan
 losses of $390,000 during the first quarter of 2001, compared to $315,000 in
 the fourth quarter of 2000 and $258,000 in the first quarter of 2000 is due to
 continued loan growth and the assessment of risk in the Company's loan
 portfolio based on recent economic conditions," stated Ronald L. Thigpen,
 Executive Vice President.
     Georgia Bank & Trust Company of Augusta, the Company's subsidiary,
 operates six offices in the Metro Augusta market and is the only locally-owned
 and operated bank in Richmond and Columbia County.  It is scheduled to open
 its seventh full service office in June.
     For further information, please contact R. Daniel Blanton, President and
 Chief Executive Officer or Ronald L. Thigpen, Executive Vice President and
 Chief Operating Officer at 706-738-6990.
 
 
 
            GEORGIA BANK FINANCIAL CORPORATION AND SUBSIDIARY
 
                       Consolidated Balance Sheets
 
                                 ASSETS
                                                      March 31,   December 31,
                                                         2001         2000
                                                     (Unaudited)
 
     Cash and due from banks                         $14,153,561  $14,674,253
     Federal funds sold                               20,018,000   10,820,000
     Interest bearing deposits in other
      banks                                              516,548      500,000
         Cash and cash equivalents                    34,688,109   25,994,253
 
     Investment securities
        Available-for-sale                            78,664,814   73,660,371
        Held-to-maturity, at cost (fair
         values of $8,611,472 and $8,662,286,
         respectively)                                 8,439,505    8,613,741
 
     Loans                                           295,998,195  283,573,028
        Less allowance for loan losses                (4,356,587)  (4,142,841)
           Loans, net                                291,641,608  279,430,187
 
     Premises and equipment, net                      11,704,556   10,710,745
     Accrued interest receivable                       3,206,138    3,537,384
     Other real estate                                   130,388       80,410
     Intangible assets, net                              338,949      369,721
     Other assets                                      4,035,894    3,394,201
 
                                                    $432,849,961 $405,791,013
 
                               LIABILITIES
                                   AND
                              STOCKHOLDERS'
                                 EQUITY
 
     Deposits
          Non-interest bearing                       $50,171,206  $50,138,476
          Interest bearing
             NOW accounts                             46,625,159   40,319,547
             Savings                                 107,763,043   96,880,744
             Money management accounts                17,133,191   15,246,131
             Time deposits over $100,000              58,423,646   54,325,411
             Other time deposits                      63,625,528   54,017,455
                                                     343,741,773  310,927,764
 
     Federal funds purchased and securities
      sold under repurchase agreements                24,873,377   32,095,552
     Advances from Federal Home Loan Bank             24,000,000   24,000,000
     Other borrowed funds                                300,000      950,000
     Accrued interest and other liabilities            3,977,932    3,434,153
 
               Total liabilities                     396,893,082  371,407,469
 
     Stockholders' equity
       Common stock, $3.00 par value;
        authorized 10,000,000 shares; issued
        2,093,152 in 2001 and 2000; outstanding
        2,074,381 in 2001 and 2000                     6,279,456    6,279,456
       Additional paid-in capital                     21,259,955   21,259,955
       Retained earnings                               8,153,827    7,168,491
       Treasury stock, at cost; 18,771 shares           (507,360)    (507,360)
       Accumulated other comprehensive
        income                                           771,001      183,002
 
               Total stockholders' equity             35,956,879   34,383,544
 
                                                    $432,849,961 $405,791,013
 
 
           GEORGIA BANK FINANCIAL CORPORATION AND SUBSIDIARY
 
                   Consolidated Statements of Income
 
                              (Unaudited)
 
                                                  Three Months Ended March 31,
                                                          2001          2000
     Interest income
        Loans, including fees                        $6,572,132     $5,582,783
        Investment securities                         1,286,937      1,153,489
        Federal funds sold                              163,671         97,606
        Interest bearing deposits in other banks          7,699            ---
                                                      8,030,439      6,833,878
     Interest expense
        Deposits                                      3,443,919      2,895,656
        Federal funds purchased and securities sold
          under repurchase agreements                   284,643        129,927
        Other borrowings                                364,704        233,194
                                                      4,093,266      3,258,777
 
     Net interest income                              3,937,173      3,575,101
 
     Provision for loan losses                          390,000        258,000
 
     Net interest income after provision
      for loan losses                                 3,547,173      3,317,101
 
     Non-interest income
        Service charges and fees on
         deposits                                       802,265        639,948
        Gain on sale of loans                           556,913        118,844
        Investment securities gains
         (losses), net                                    4,719        (28,517)
        Miscellaneous income                             42,589         76,426
                                                      1,406,486        806,701
 
     Non-interest expense
        Salaries                                      1,661,733      1,211,932
        Employee benefits                               492,549        360,567
        Occupancy expenses                              431,326        408,901
        Other operating expenses                        941,991        753,467
                                                      3,527,599      2,734,867
 
     Income before income taxes                       1,426,060      1,388,935
 
     Income tax expense                                 440,724        479,200
 
     Net income                                        $985,336       $909,735
 
     Basic net income per share                           $0.48          $0.43
 
     Diluted net income per share                         $0.47          $0.43
 
     Weighted average common shares
      outstanding                                     2,074,381      2,093,152
 
     Weighted average number of common and
        common equivalent shares outstanding          2,077,024      2,093,152
 
 
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SOURCE Georgia Bank Financial Corporation
    AUGUSTA, Ga., April 20 /PRNewswire Interactive News Release/ --
 Georgia Bank Financial Corporation (OTC Bulletin Board:   GBFP), the holding
 company for Georgia Bank & Trust Company of Augusta, today reported a
 quarterly earnings increase of 8.3 percent over the first quarter of 2000.
 Net income for the quarter totaled $985,000, or 47 cents per share, diluted,
 up from $910,000 or 43 cents per share, diluted, for the same period in 2000.
     As of March 31, 2001, Georgia Bank Financial Corporation had total assets
 of $432.8 million and total deposits of $343.7 million.  This reflects an
 increase of 6.7 percent in assets and 10.5 percent in deposits during the
 first quarter of 2001.  Total assets and deposits were $405.8 million and
 $310.9 million, respectively, at December 31, 2000.
     "The Company's increase in total assets and deposits continues to reflect
 our growth in the market.  Increases in net interest income and non-interest
 income driven by significant growth in mortgage related activities contributed
 to the Company's performance for the quarter.  The higher provision for loan
 losses of $390,000 during the first quarter of 2001, compared to $315,000 in
 the fourth quarter of 2000 and $258,000 in the first quarter of 2000 is due to
 continued loan growth and the assessment of risk in the Company's loan
 portfolio based on recent economic conditions," stated Ronald L. Thigpen,
 Executive Vice President.
     Georgia Bank & Trust Company of Augusta, the Company's subsidiary,
 operates six offices in the Metro Augusta market and is the only locally-owned
 and operated bank in Richmond and Columbia County.  It is scheduled to open
 its seventh full service office in June.
     For further information, please contact R. Daniel Blanton, President and
 Chief Executive Officer or Ronald L. Thigpen, Executive Vice President and
 Chief Operating Officer at 706-738-6990.
 
 
 
            GEORGIA BANK FINANCIAL CORPORATION AND SUBSIDIARY
 
                       Consolidated Balance Sheets
 
                                 ASSETS
                                                      March 31,   December 31,
                                                         2001         2000
                                                     (Unaudited)
 
     Cash and due from banks                         $14,153,561  $14,674,253
     Federal funds sold                               20,018,000   10,820,000
     Interest bearing deposits in other
      banks                                              516,548      500,000
         Cash and cash equivalents                    34,688,109   25,994,253
 
     Investment securities
        Available-for-sale                            78,664,814   73,660,371
        Held-to-maturity, at cost (fair
         values of $8,611,472 and $8,662,286,
         respectively)                                 8,439,505    8,613,741
 
     Loans                                           295,998,195  283,573,028
        Less allowance for loan losses                (4,356,587)  (4,142,841)
           Loans, net                                291,641,608  279,430,187
 
     Premises and equipment, net                      11,704,556   10,710,745
     Accrued interest receivable                       3,206,138    3,537,384
     Other real estate                                   130,388       80,410
     Intangible assets, net                              338,949      369,721
     Other assets                                      4,035,894    3,394,201
 
                                                    $432,849,961 $405,791,013
 
                               LIABILITIES
                                   AND
                              STOCKHOLDERS'
                                 EQUITY
 
     Deposits
          Non-interest bearing                       $50,171,206  $50,138,476
          Interest bearing
             NOW accounts                             46,625,159   40,319,547
             Savings                                 107,763,043   96,880,744
             Money management accounts                17,133,191   15,246,131
             Time deposits over $100,000              58,423,646   54,325,411
             Other time deposits                      63,625,528   54,017,455
                                                     343,741,773  310,927,764
 
     Federal funds purchased and securities
      sold under repurchase agreements                24,873,377   32,095,552
     Advances from Federal Home Loan Bank             24,000,000   24,000,000
     Other borrowed funds                                300,000      950,000
     Accrued interest and other liabilities            3,977,932    3,434,153
 
               Total liabilities                     396,893,082  371,407,469
 
     Stockholders' equity
       Common stock, $3.00 par value;
        authorized 10,000,000 shares; issued
        2,093,152 in 2001 and 2000; outstanding
        2,074,381 in 2001 and 2000                     6,279,456    6,279,456
       Additional paid-in capital                     21,259,955   21,259,955
       Retained earnings                               8,153,827    7,168,491
       Treasury stock, at cost; 18,771 shares           (507,360)    (507,360)
       Accumulated other comprehensive
        income                                           771,001      183,002
 
               Total stockholders' equity             35,956,879   34,383,544
 
                                                    $432,849,961 $405,791,013
 
 
           GEORGIA BANK FINANCIAL CORPORATION AND SUBSIDIARY
 
                   Consolidated Statements of Income
 
                              (Unaudited)
 
                                                  Three Months Ended March 31,
                                                          2001          2000
     Interest income
        Loans, including fees                        $6,572,132     $5,582,783
        Investment securities                         1,286,937      1,153,489
        Federal funds sold                              163,671         97,606
        Interest bearing deposits in other banks          7,699            ---
                                                      8,030,439      6,833,878
     Interest expense
        Deposits                                      3,443,919      2,895,656
        Federal funds purchased and securities sold
          under repurchase agreements                   284,643        129,927
        Other borrowings                                364,704        233,194
                                                      4,093,266      3,258,777
 
     Net interest income                              3,937,173      3,575,101
 
     Provision for loan losses                          390,000        258,000
 
     Net interest income after provision
      for loan losses                                 3,547,173      3,317,101
 
     Non-interest income
        Service charges and fees on
         deposits                                       802,265        639,948
        Gain on sale of loans                           556,913        118,844
        Investment securities gains
         (losses), net                                    4,719        (28,517)
        Miscellaneous income                             42,589         76,426
                                                      1,406,486        806,701
 
     Non-interest expense
        Salaries                                      1,661,733      1,211,932
        Employee benefits                               492,549        360,567
        Occupancy expenses                              431,326        408,901
        Other operating expenses                        941,991        753,467
                                                      3,527,599      2,734,867
 
     Income before income taxes                       1,426,060      1,388,935
 
     Income tax expense                                 440,724        479,200
 
     Net income                                        $985,336       $909,735
 
     Basic net income per share                           $0.48          $0.43
 
     Diluted net income per share                         $0.47          $0.43
 
     Weighted average common shares
      outstanding                                     2,074,381      2,093,152
 
     Weighted average number of common and
        common equivalent shares outstanding          2,077,024      2,093,152
 
 
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 SOURCE  Georgia Bank Financial Corporation