GAINESVILLE, Ga., Jan. 19, 2005 (PRIMEZONE) -- GB&T Bancshares, Inc. (Nasdaq:GBTB), a fast-growing multi-bank holding company operating five community banks based in Georgia, reported 2004 net income of $9.8 million, a 27.4 percent increase over the $7.7 million reported for 2003. Strong earnings reflect the Company's double-digit balance sheet growth achieved through organic expansion combined with an active acquisition strategy. During the course of the year, loans rose 34.6 percent while deposits increased 27.4 percent. Diluted earnings per share for 2004 were $1.04 compared to $1.03 for 2003. The earnings per share comparison reflects a 26.8 percent increase in average diluted shares outstanding to 9,472,000 arising from shares issued in connection with three bank acquisitions over the past 18 months and a public offering of 1,651,680 shares completed in the fourth quarter of 2004.
For the fourth quarter of 2004, GB&T Bancshares reported net income of $3.0 million, a 24.0 percent increase over the $2.4 million reported for the third quarter of 2004 and a 6.1 percent increase over the $2.8 million reported for the prior-year fourth quarter period. Diluted earnings per share were $0.27, compared with $0.25 for the 2004 third quarter and $0.32 for the prior-year period. The fourth quarter of 2004 compared to the fourth quarter of 2003, reflects a 26.9 percent increase in average diluted shares outstanding issued in connection with two bank acquisitions completed in the third quarter of 2004 and the above-mentioned fourth quarter 2004 public offering.
At a meeting held on January 17, 2005, the Board of Directors of GB&T Bancshares declared a first quarter cash dividend of $0.076 per share on the Company's common stock, unchanged from the previous quarter. The declared dividend is payable on February 11, 2005 to shareholders of record as of the close of business on January 31, 2005.
The annualized returns on average assets ("ROA") and average equity ("ROE") for fiscal year 2004 were 0.91 percent and 8.32 percent, respectively, compared with 0.95 percent and 10.56 percent for 2003. Adjusted to exclude intangibles, the annualized return on average tangible assets ("ROTA") and average tangible equity ("ROTE") were 0.95 percent and 12.90 percent, respectively, compared with 0.97 percent and 13.84 percent for 2003. For the fourth quarter of 2004, ROA and ROE were 0.95 percent and 7.74 percent, respectively, compared with 0.84 percent and 7.80 percent for the linked quarter, and 1.18 percent and 11.62 percent for the fourth quarter of 2003. Adjusted to exclude intangibles, fourth quarter 2004 ROTA and ROTE were 0.99 percent and 12.06 percent, respectively, compared with 0.88 percent and 12.72 percent for the linked quarter, and 1.22 percent and 17.76 percent for the fourth quarter of 2003.
Richard A. Hunt, President and CEO, commented, "Our growth strategy worked well for us in 2004. As in prior years, we achieved strong earnings growth by a combination of entry into new markets and the expansion of our community banking expertise in markets where we already had an established presence. We were pleased to complete 2004 with an expanded geographic footprint in several attractive high-growth Georgia markets. This past year, we acquired Lumpkin County Bank and Southern Heritage Bank, and we opened Bank of Athens, welcoming all three to our GB&T Bancshares family as new divisions of Gainesville Bank & Trust. We enter 2005 on an optimistic note. We believe that our economy is healthy, that our markets are strong, and we see significant opportunities for expansion.
"Our growth strategy continues with the acquisition of Gwinnett-based FNBG Bancshares, Inc., parent of First National Bank of Gwinnett, a $115-million asset bank. We anticipate that the acquisition will be consummated during February, 2005. To support future growth at the same high levels, we added to our capital base during the fourth quarter of 2004 with a public offering of approximately 1.65 million shares. Investors were highly receptive, and we added net proceeds of approximately $35.4 million to our capital."
Total revenue, defined as net interest income plus non-interest income, was $52.1 million for the fiscal year 2004, an increase of 25.7 percent over the $41.4 million reported in 2003. Net interest income increased 28.0 percent, to $40.3 million, reflecting a 31.4 percent growth in average earning assets from 2003. Mr. Hunt noted, "On a year-to-year basis, our net interest income was driven by strong growth in our earning assets. For the same period, our net interest margin experienced an eleven basis point decline to 4.14 percent. However, recent quarterly trends in our margin have been positive as a result of rising interest rates. Since mid-year, our net interest margin improved ten basis points. With expectations of a continuing higher interest rate environment, we look forward to a positive contribution from our margin in 2005."
Non-interest income for fiscal year 2004 was $11.8 million, an increase of 18.6 percent over the $9.9 million reported in 2003. Excluding a one-time gain of $372,000 from the sale of excess real estate parcels associated with the Company's new operations center, non-interest income grew 14.9 percent. Service charges on deposit accounts increased 23.6 percent, reflecting the Company's 34.6 percent deposit growth, and other operating income increased 58.5 percent, of which $372,000 represented the one-time gain, partially offset by an 18.5 percent decline in mortgage origination fees.
Total revenue for the fourth quarter of 2004 was $15.0 million, an increase of 25.0 percent over the $12.0 million reported in the prior-year fourth quarter period. Net interest income rose 26.0 percent to $11.7 million, reflecting a 30.7 percent increase in average earning assets over the prior-year fourth quarter, resulting in a net interest margin of 4.19 percent. Non-interest income was $3.2 million, an increase of 21.7 percent from the fourth quarter of 2003. Excluding the one-time gain from the sale of real estate, fourth quarter non-interest income grew 7.7 percent.
Non-interest expense was $36.2 million in 2004, an increase of 21.8 percent over the $29.7 million reported for 2003; both asset growth and revenue growth outpaced growth of expenses, resulting in improved efficiencies. Excluding one-time charges of $205,000 in 2004 for conversion-related expenses and a $316,000 loss in 2003 from the sale of an acquired company's headquarters building, non-interest expense increased 22.5 percent. Growth in all expense categories was well-controlled. Salaries and employee benefits expense, the largest component of non-interest expense, increased 21.5 percent; the number of full-time equivalent employees increased 19.2 percent, primarily as a result of the two most recent acquisitions. GB&T Bancshares' efficiency ratio was 70.37 percent for fiscal year 2004 compared with 71.56 percent for 2003.
Non-interest expense for the fourth quarter of 2004 was $9.9 million, an increase of 19.5 percent over the $8.3 million reported in the fourth quarter of 2003, again well-controlled relative to the levels of asset and revenue growth. Mr. Hunt noted that this was the fourth consecutive quarter of improvement in the efficiency ratio, reflecting both strong revenue growth and the cost-savings opportunities arising from prior acquisitions.
Nonperforming assets at December 31, 2004, were 0.86 percent of assets compared with 0.60 percent at both September 30, 2004 and December 31, 2003. Annualized net charge-offs for the fourth quarter of 2004 were 0.29 percent of average loans compared with 0.06 percent for the third quarter of 2004 and 0.29 percent for the fourth quarter of 2003. Loan loss reserves at December 31, 2004 were 1.16 percent of total loans. Commenting on asset quality, Mr. Hunt said, "Overall, our outlook is quite positive. The year-over-year increase in nonperforming assets is associated with our acquisition of Lumpkin County Bank, which was reflected in our purchase price of the bank, and with a secured commercial loan that was added to nonperforming status during the fourth quarter. We reversed accrued interest on that loan and believe we are adequately reserved for future loss related to that loan. We also anticipate that a significant nonperforming loan will be paid out in the near future." Nonperforming assets at December 31, 2004, were 0.86 percent of assets compared with 0.60 percent at both September 30, 2004 and December 31, 2003. Annualized net charge-offs for the fourth quarter of 2004 were 0.29 percent of average loans compared with 0.06 percent for the third quarter of 2004 and 0.29 percent for the fourth quarter of 2003. Loan loss reserves at December 31, 2004 were 1.16 percent of total loans.
Total assets were $1.3 billion at December 31, 2004, an increase of $329.9 million, or 34.9 percent, from December 31, 2003. The Lumpkin County Bank and Southern Heritage Bancorp, Inc. acquisitions accounted for $187 million, or 56.7 percent, of the increase. Excluding these two acquisitions, organic growth during this same period was $142.9 million, or approximately 15.1 percent. Loans rose $245.9 million, or 34.6 percent, to $955.9 million at December 31, 2004 as compared with the prior year. Loan growth on a linked quarter basis, which represents exclusively organic growth, was 5.7 percent, or 23.0 percent annualized. Total deposits increased $200.0 million, or 27.4 percent, to $928.6 million at December 31, 2004 as compared with the prior year. Shareholders' equity at December 31, 2004 was $174.7 million, a twelve-month increase of $77.9 million, or 80.4 percent, reflecting the impact of two bank acquisitions during the third quarter and a public offering during the fourth quarter. Shareholders' equity was 13.7 percent of period-end assets. GB&T Bancshares had 11,772,352 shares of common stock outstanding at December 31, 2004.
About GB&T Bancshares, Inc.
Based in Gainesville, Georgia, GB&T Bancshares, Inc. is a multi-bank holding company operating five community banks: Gainesville Bank & Trust, United Bank & Trust, Community Trust Bank, HomeTown Bank of Villa Rica and First National Bank of the South. In addition, the Company owns a consumer finance company, Community Loan Company, with eight offices located in Northern Georgia. As of December 31, 2004, GB&T Bancshares had assets of $1.3 billion, with 25 branches located in high-growth Georgia markets. GB&T Bancshares' common stock is listed on the Nasdaq National Market under the symbol "GBTB." Visit the Company's website www.gbt.com for additional information about GB&T.
Forward-Looking Statements
Some of the statements in this press release, including, without limitation, statements regarding our proposed acquisitions, projected growth in the counties in which we operate, our efficiency, loan loss reserves, net interest margin, revenue growth and other statements regarding our future results of operations are "forward-looking statements" within the meaning of the federal securities laws. In addition, when we use words like "anticipate", "believe", "intend", "expect", "estimate", "could", "should", "will", and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. These forward-looking statements involve risks and uncertainties and are based on our current beliefs and assumptions. Factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) changes in the interest rate environment may reduce margins or the volumes or values of loans held or made by us; (3) general economic conditions may be less favorable than expected (both generally and in our markets), resulting in, among other things, a deterioration in credit quality and/or a reduction in demand for credit; (4) economic, governmental or other factors may prevent the projected population and commercial growth in the counties in which we operate; (5) we may be unable to obtain required shareholder or regulatory approval for our proposed acquisitions, (6) legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which we are engaged; (7) costs or difficulties related to the integration of our businesses may be greater than expected; (8) deposit attrition, customer loss or revenue loss following the acquisitions may be greater than expected; (9) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than us; and (10) adverse changes may occur in the equity markets. Many of these factors are beyond our ability to control or predict, and readers are cautioned not to put undue reliance on such forward-looking statements. We disclaim any obligation to update or revise any forward-looking statements contained in this release.
GB&T Bancshares has a filed registration statement on Form S-4 and other documents with the Securities and Exchange Commission ("SEC") and will file amendments to those documents in the near future. The registration statement contains a prospectus of GB&T Bancshares relating to the common stock to be issued in the acquisition of FNBG Bancshares and a proxy statement of FNBG Bancshares relating to the acquisition. Investors and shareholders are urged to read the proxy statement/prospectus and any other relevant documents filed with the SEC, as they contain important information. Investors and shareholders will be able to receive the proxy statement/prospectus and other documents filed by GB&T Bancshares free of charge at the SEC's web site, www.sec.gov or from GB&T Bancshares, Inc. at 500 Jesse Jewell Parkway, S.E., Gainesville, Georgia 30501.
GB&T Bancshares, FNBG Bancshares and their directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the acquisition. Information about such directors and executive officers and their ownership of GB&T Bancshares and FNBG Bancshares common stock are set forth in the proxy statement/prospectus. Investors may obtain additional information regarding the interests of such participants by reading the proxy statement/prospectus.
G B & T Bancshares Inc.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
----------------------------------
(Dollars in thousands except per share amounts)
---------- --------- --------- --------
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
2004 2004 2004 2004
---------- --------- --------- --------
EARNINGS
Net interest income $ 11,716 10,610 9,110 8,886
Provision for
loan loss $ 465 332 325 284
Other income $ 3,238 2,699 2,942 2,899
Other expense $ 9,901 9,456 8,475 8,348
Net income $ 2,975 2,400 2,233 2,230
Non-recurring
income/expense
(after-tax) $ 230 127 0 0
Operating income $ 2,745 2,527 2,233 2,230
PER SHARE DATA
Basic earnings per
share $ 0.28 0.25 0.26 0.26
Diluted earnings
per share $ 0.27 0.25 0.26 0.26
Operating diluted
earnings per share $ 0.25 0.26 0.26 0.26
Book value per share $ 14.84 13.57 11.57 11.65
Tangible book value
per share $ 10.19 8.11 7.75 7.79
Cash dividend per
share $ 0.076 0.076 0.076 0.072
PERFORMANCE RATIOS
Return on average
assets 0.95% 0.84% 0.91% 0.93%
Return on average
tangible assets 0.99% 0.88% 0.94% 0.97%
Return on average
equity 7.74% 7.80% 9.05% 9.14%
Return on average
tangible equity 12.06% 12.72% 13.53% 13.77%
Net interest margin 4.19% 4.15% 4.09% 4.13%
Other expense/Average
assets 3.16% 3.33% 3.44% 3.49%
Efficiency Ratio 67.89% 69.51% 72.40% 72.45%
Other income/Total
operating revenue 19.66% 20.28% 22.18% 22.88%
MARKET DATA
Market value per share
-- Period end $ 24.12 22.06 23.90 22.52
Market as a % of book 1.63 1.63 2.07 1.93
Cash dividend yield 1.26% 1.38% 1.27% 1.28%
Common stock dividend
payout ratio 28.15% 30.40% 29.23% 28.13%
Period-end common
shares
outstanding (000) 11,772 10,052 8,593 8,528
Common stock market
capitalization
($ Millions) $ 283.95 221.74 205.37 192.04
CAPITAL & LIQUIDITY
Equity to assets 13.71% 11.23% 9.94% 10.20%
Period-end tangible
equity to tangible
assets 9.84% 7.03% 6.88% 7.06%
Total risk-based
capital ratio n/a 12.95% 11.66% 11.78%
Average loans to
deposits 97.99% 96.09% 95.54% 97.39%
ASSET QUALITY
Net charge-offs $ 666 132 342 6
(Ann.) Net loan
charge-offs / Average
loans 0.285% 0.062% 0.186% 0.003%
Non-performing loans $ 10,059 4,905 2,511 2,951
OREOs $ 620 1,240 1,368 2,053
90-day past dues $ 328 1,110 1,096 1,053
NPAs + 90 day past
due / Total assets 0.86% 0.60% 0.50% 0.62%
Allowance for loan
losses / Total loans 1.16% 1.25% 1.21% 1.24%
Allowance for loan
losses / NPA's +
90 days past due 100.49% 155.23% 180.64% 148.65%
END OF PERIOD BALANCES
Total loans, net of
unearned fees $ 955,880 904,407 745,437 724,282
Total assets $1,274,136 1,215,373 1,000,519 974,213
Deposits $ 928,603 940,867 778,364 758,178
Stockholders' equity $ 174,715 136,440 99,431 99,327
Full-time equivalent
employees 453 440 384 388
AVERAGE BALANCES
Loans $ 928,935 840,569 738,092 720,063
Total earning assets $1,111,717 1,016,482 896,534 866,228
---------- --------- --------- --------
Total assets $1,246,184 1,130,820 990,519 960,962
Deposits $ 947,975 874,783 772,587 739,353
Stockholders' equity $ 152,932 122,336 99,254 98,137
--------- --------- --------
4th Qtr YTD YTD
2003 2004 2003
--------- --------- --------
EARNINGS
Net interest income $ 9,301 40,322 31,504
Provision for loan loss $ 155 1,406 1,406
Other income $ 2,660 11,778 9,928
Other expense $ 8,282 36,180 29,693
Net income $ 2,803 9,838 7,725
Non-recurring income/expense
(after-tax) $ 0 103 196
Operating income $ 2,803 9,735 7,921
PER SHARE DATA
Basic earnings per share $ 0.33 1.05 1.06
Diluted earnings per share $ 0.32 1.04 1.03
Operating diluted earnings
per share $ 0.32 1.03 1.06
Book value per share $ 11.40 14.84 11.40
Tangible book value
per share $ 7.51 10.19 7.51
Cash dividend per share $ 0.072 0.30 0.29
PERFORMANCE RATIOS
Return on average assets $ 1.18% 0.91% 0.95%
Return on average
tangible assets 1.22% 0.95% 0.97%
Return on average equity 11.62% 8.32% 10.56%
Return on average
tangible equity 17.76% 12.90% 13.84%
Net interest margin 4.34% 4.14% 4.25%
Other expense/Average assets 3.47% 3.34% 3.65%
Efficiency Ratio 70.58% 70.37% 71.56%
Other income/Total
operating revenue 20.73% 21.12% 23.25%
MARKET DATA
Market value per share
-- Period end $ 18.90 24.12 18.90
Market as a % of book 1.66 1.63 1.66
Cash dividend yield 1.52% 1.24% 1.53%
Common stock dividend
payout ratio 22.50% 28.85% 28.16%
Period-end common shares
outstanding (000) 8,493 11,772 8,493
Common stock market
capitalization ($ Millions) $ 160.55 283.95 160.51
CAPITAL & LIQUIDITY
Equity to assets 10.26% 13.71% 10.26%
Period-end tangible equity
to tangible assets 7.00% 9.84% 7.00%
Total risk-based
capital ratio 11.80% n/a 11.80%
Average loans to deposits 95.63% 96.79% 95.36%
ASSET QUALITY
Net charge-offs $ 508 1,146 1,082
(Ann.) Net loan charge-offs/
Average loans 0.29% 0.14% 0.18%
Non-performing loans $ 3,333 10,059 3,333
OREOs $ 1,868 620 1,868
90-day past dues $ 509 328 509
NPAs + 90 day past due/
Total assets 0.60% 0.86% 0.60%
Allowance for loan losses/
Total loans 1.23% 1.16% 1.23%
Allowance for loan losses/
NPA's + 90 days past due 152.82% 100.49% 152.82%
END OF PERIOD BALANCES
Total loans, net of
unearned fees $ 709,958 955,880 709,958
Total assets $ 944,278 1,274,136 944,278
Deposits $ 728,629 928,603 728,629
Stockholders' equity $ 96,843 174,715 96,843
Full-time equivalent
employees 380 453 380
AVERAGE BALANCES
Loans $ 700,662 807,340 608,131
Total earning assets $ 850,872 973,246 740,818
Total assets $ 945,785 1,082,701 813,134
Deposits $ 732,672 834,100 637,688
Stockholders' equity $ 95,701 118,271 73,144
The following table provides a detailed analysis of
Non-GAAP measures.
Reconciliation Table
(Dollars in thousands)
------- ------- ------- ------- ------- ------ ------
YTD YTD
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 12/31 12/31
2004 2004 2004 2004 2003 2004 2003
------ ------ ------ ------ ------ ------ ------
Book value
per share $14.84 13.57 11.57 11.65 11.40 14.84 11.40
Effect of
intangible
assets per
share $(4.65) (5.46) (3.82) (3.86) (3.89) (4.65) (3.89)
Tangible book
value per
share $10.19 8.11 7.75 7.79 7.51 10.19 7.51
Return on
average
assets 0.95% 0.84% 0.91% 0.93% 1.18% 0.91% 0.95%
Effect of
intangible
assets 0.04% 0.04% 0.03% 0.05% 0.04% 0.04% 0.02%
Return on
average
tangible
assets 0.99% 0.88% 0.94% 0.97% 1.22% 0.95% 0.97%
Return on
average
equity 7.74% 7.80% 9.05% 9.14% 11.62% 8.32% 10.56%
Effect of
intangible
assets 4.32% 4.93% 4.48% 4.63% 6.14% 4.58% 3.28%
Return on
average
tangible
equity 12.06% 12.72% 13.53% 13.77% 17.76% 12.90% 13.84%
Equity to
assets 13.71% 11.23% 9.94% 10.20% 10.26% 13.71% 10.26%
Effect of
intangible
assets -3 88% -4.20% -3.06% -3.14% -3.26% -3.88% -3.26%
Period-end
tangible
equity to
tangible
assets 9.84% 7.03% 6.88% 7.06% 7.00% 9.84% 7.00%
GB&T Bancshares, Inc.
Condensed Consolidated Statement of Condition
12/31/2004 12/31/2003
(Unaudited) (Unaudited)
Assets (in thousands):
Cash and due from banks $ 20,723 $ 17,584
Interest-bearing deposits in banks 700 535
Federal funds sold 93 6,534
---------- ----------
Total cash and equivalents 21,516 24,653
---------- ----------
Securities available-for-sale, at
fair value 190,636 132,945
Restricted equity securities 7,226 4,582
---------- ----------
Total securities 197,862 137,527
---------- ----------
Loans 955,880 709,958
Allowance for loan losses 11,061 8,726
---------- ----------
Loans, net 944,819 701,232
---------- ----------
Premises and equipment 31,548 25,813
Goodwill and intangible assets 54,745 33,043
Other assets 23,646 22,010
---------- ----------
Total assets $1,274,136 $ 944,278
========== ==========
Liabilities and Stockholders' Equity
(in thousands):
Deposits
Non interest-bearing $ 125,704 $ 90,914
Interest-bearing 802,899 637,715
---------- ----------
Total deposits 928,603 728,629
---------- ----------
Federal funds purchased and
securities sold under
repurchase agreements 47,582 17,314
Federal Home Loan Bank advances 80,992 75,703
Other borrowings 934 300
Other liabilities 11,412 10,025
Company guaranteed trust
preferred securities 29,898 15,464
---------- ----------
Total liabilities 1,099,421 847,435
---------- ----------
Stockholders' equity:
Capital stock 139,207 67,983
Retained earnings 35,550 28,393
Accumulated other comprehensive
income (loss) (42) 467
---------- ----------
Total stockholders' equity 174,715 96,843
---------- ----------
Total liabilities and
stockholders' equity $1,274,136 $ 944,278
========== ==========
GB&T BANCSHARES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
Three Twelve
months ended months ended
December 31, December 31,
2004 2003 2004 2003
------- ------- ------- -------
(Dollars in thousands, except
per share amounts)
Interest income:
Loans, including fees $15,381 $11,991 $52,642 $42,176
Taxable securities 1,431 936 4,706 3,753
Nontaxable securities 182 193 736 688
Federal funds sold 48 28 163 145
Interest-bearing deposits
in banks 10 4 27 30
------- ------- ------- -------
Total interest income 17,052 13,152 58,274 46,792
------- ------- ------- -------
Interest expense:
Deposits 4,042 2,872 13,379 11,471
Federal funds purchased and
securities sold under
repurchase agreements 98 40 248 168
Federal Home Loan Bank
advances 770 776 3,131 2,844
Other borrowings 426 163 1,194 805
------- ------- ------- -------
Total interest expense 5,336 3,851 17,952 15,288
------- ------- ------- -------
Net interest income 11,716 9,301 40,322 31,504
Provision for loan losses 465 155 1,406 1,406
------- ------- ------- -------
Net interest income after
provision for loan losses 11,251 9,146 38,916 30,098
------- ------- ------- -------
Other income:
Service charges on deposit
accounts 1,642 1,413 6,121 4,953
Mortgage origination fees 513 459 1,988 2,440
Insurance commissions 165 183 621 614
Gain on sale of securities -- 227 609 382
Other operating income 918 378 2,439 1,539
------- ------- ------- -------
Total other income 3,238 2,660 11,778 9,928
------- ------- ------- -------
Other expense:
Salaries and employee
benefits 5,651 4,507 20,893 17,193
Occupancy and equipment
expenses, net 1,381 1,001 5,099 4,138
Other operating expenses 2,869 2,774 10,188 8,362
------- ------- ------- -------
Total other expense 9,901 8,282 36,180 29,693
------- ------- ------- -------
Income before income
taxes 4,588 3,524 14,514 10,333
Income tax expense 1,613 721 4,676 2,608
------- ------- ------- -------
Net income $ 2,975 $ 2,803 $ 9,838 $ 7,725
======= ======= ======= =======
Earnings per share:
Basic $ 0.28 $ 0.33 $ 1.05 $ 1.06
======= ======= ======= =======
Diluted $ 0.27 $ 0.32 $ 1.04 $ 1.03
======= ======= ======= =======
Weighted average shares
Basic 10,784 8,491 9,340 7,313
======= ======= ======= =======
Diluted 11,004 8,669 9,472 7,469
======= ======= ======= =======
Cash dividends per
common share $ 0.076 $ 0.072 $ 0.300 $ 0.288
======= ======= ======= =======