GAINESVILLE, Ga., Nov. 2, 2007 (PRIME NEWSWIRE) -- GB&T Bancshares, Inc. (Nasdaq:GBTB), a multi-bank holding company operating seven community banks in markets surrounding metropolitan Atlanta, reported a third quarter 2007 net loss of $6.3 million, or $0.44 per diluted share, compared with net income for the 2006 third quarter of $4.2 million, or $0.30 per diluted share, and net income of $3.1 million, or $0.22 per diluted share for the second quarter of 2007. For the first nine months of 2007, GB&T Bancshares reported net income of $515,000, or $0.04 per diluted share, compared with $11.4 million, or $0.83 per diluted share, for the comparable prior-year period. Results reflect a slowdown of loan growth, as well as continuing deterioration in credit quality, which has affected virtually all aspects of GB&T's performance.
In a separate release, GB&T Bancshares also announced today that it has entered into a definitive agreement pursuant to which it will be acquired by SunTrust Banks, Inc. Under the terms of the agreement, shareholders of GB&T would receive 0.1562 shares of SunTrust common stock for each share of GB&T common stock held. The acquisition, which is subject to approval by regulatory authorities and the shareholders of GB&T, is expected to close in the second quarter of 2008.
Richard A. Hunt, president and chief executive officer of GB&T Bancshares, commented, "In light of the difficult economic conditions and the prospect of continued deterioration in the residential real estate markets, we have taken a $14.1 million loan loss provision in the third quarter to increase our loan loss reserves. The market has not stabilized, and we continue to actively monitor our portfolio. We view the opportunity to join forces with SunTrust as a positive move during these difficult times."
At a meeting held on November 1, 2007, the board of directors of GB&T Bancshares declared a fourth quarter cash dividend of $0.095 per share on the Company's common stock, an increase of 5.6 percent over the prior-year third quarter. The dividend is payable on November 26, 2007, to stockholders of record at the close of business on November 12, 2007.
Income Statement
Total revenue, defined as net interest income on a fully tax-equivalent basis plus noninterest income, was $18.9 million for the third quarter of 2007, a decline of 10.7 percent from $21.2 million reported in the third quarter of 2006. Net interest income for the third quarter of 2007 was $15.9 million, down 13.5 percent from the $18.4 million reported for the prior-year third quarter, reflecting 4.5 percent growth in average earning assets, offset by a 76 basis point decline in the net interest margin, to 3.62 percent. Comparing the results of the third quarter of 2007 against the second quarter of 2007, net interest income decreased by $1.0 million, or 6.1 percent, from the combined impact of a 28 basis point decline in net interest margin and a $1.8 million, or 0.1 percent, decline in average earning assets. Mr. Hunt added, "We are seeing our cost of funds stabilize at 4.33 percent, unchanged from the second quarter of 2007; the margin decline this quarter reflects the growing level of nonperforming assets and a lower level of loan fees. Due to our asset-sensitive position, we anticipate further compression next quarter as a result of the fifty basis point decline in the prime rate."
Other income for the third quarter of 2007 was $3.0 million, an increase of 8.2 percent above the $2.8 million reported for the prior-year third quarter, and an increase of 7.6 percent from the second quarter of 2007. Service charges on deposit accounts continue to account for the majority of noninterest income, increasing by $422,000 or 26.6 percent third quarter year-over-year, and by $252,000, or 14.3 percent, from the linked quarter. Partially offsetting the growth in service charges is the $272,000, or 35.3 percent, year-over-year third quarter decline in mortgage origination fees from $770,000 for the year-ago quarter to $498,000 for the current third quarter, reflecting the slowdown in residential real estate.
Other expense for the third quarter of 2007 was $15.5 million, an increase of $2.6 million, or 20.3 percent, above the third quarter of 2006; expenses for the linked quarter increased $1.4 million, or 9.6 percent, from the second quarter of 2007. Other operating expenses accounted for the majority of the increase, up $1.8 million, or 52.6 percent, from the prior-year third quarter, largely attributable to a $1.4 million provision for potential OREO losses, in addition to a $217,000 increase in costs related to the resolution of the problem loan portfolio and a $90,000 increase in the FDIC insurance assessment over 2006.
Salaries and employee benefits were the second largest contributors to increased operating expense, up $716,000 or 9.4 percent, compared with the third quarter of 2006; the increase reflects the addition of 10 FTE employees over the past twelve months, bringing the total to 507 at period-end. Relative to the second quarter of 2007, salaries and employee benefits expense rose $157,000, or 1.9 percent, as headcount increased from the previous quarter by eight FTE employees. The efficiency ratio was 81.2 percent for the third quarter of 2007 compared with 59.8 percent for the prior-year third quarter, and 70.9 percent for the second quarter of 2007, reflecting a combination of lower net interest income and higher expenses.
Balance Sheet
Total assets were $2.0 billion at September 30, 2007, an increase of 4.7 percent over the past twelve months. Loans totaled $1.5 billion, an increase of $71.1 million, or 4.9 percent from the prior-year quarter, and a decrease of $29.6 million, or 1.9 percent, from the second quarter of 2007. The majority of the year-over-year loan growth was derived from a $56.5 million increase in construction and development (C&D) loans - the largest component of GB&T's loan portfolio at 46.9 percent - and a $22.1 million increase in commercial real estate (CRE) loans. For the linked quarter, C&D loans declined by $41.2 million; this was partially offset by $19.1 million of CRE growth, up 4.8 percent, and a $17.4 million increase in 1-4 family residential loans, up 8.9 percent.
Total deposits at September 30, 2007 were $1.5 billion, an increase of $70.9 million or 4.9 percent from September 30, 2006; on a linked quarter comparison, deposits decreased $20.3 million, or 1.3 percent. Wholesale time deposits continue to account for a growing share of total deposits: 29.2 percent for the third quarter of 2007 compared with 27.6 percent for the third quarter of 2006, representing growth of $44.7 million, or 11.1 percent. Core deposits, by comparison, grew $26.2 million, or 2.5 percent, during the same 12-month period. Within core deposits, customers shifted from noninterest-bearing deposits, down $24.4 million, or 14.5 percent, into interest-bearing demand deposits, up $21.1 million or 4.9 percent, and retail time deposits, up $29.4 million or 6.5 percent. Virtually all of the shift out of demand deposits occurred in the third quarter of 2007, and accounted for the majority of the decrease in the linked quarter comparison.
Asset Quality
Nonperforming assets at September 30, 2007 were $89.0 million, or 4.53 percent of total assets, compared with $56.0 million, or 2.82 percent at June 30, 2007, and $18.0 million, or 0.96 percent, at September 30, 2006. Foreclosed real estate represented $34.3 million of nonperforming assets, up from $15.6 million for the second quarter of 2007, and from $3.0 million for the year-ago quarter.
Net charge-offs for the third quarter of 2007 were $6.3 million, or an annualized 1.60 percent of average loans, compared with $1.4 million for the second quarter of 2007, or 0.36 percent annualized, and $526,000, or 0.15 percent annualized, for the third quarter of 2006. Loan loss reserves at September 30, 2007, were 2.12 percent of total loans compared to 1.58 at June 30, 2007 and 1.15 percent at September 30, 2006. Mr. Hunt commented, "The very challenging state of our region's real estate market is reflected in the higher level of nonperforming assets in our loan portfolio. Approximately 70 percent of nonperforming assets are construction loans, the majority of which are residential real estate projects. We have gone from one of the strongest housing markets in the country, to one of the slowest moving."
Stockholders' equity at September 30, 2007, was $230.9 million, a twelve-month decrease of $3.3 million, or 1.4 percent. Stockholders' equity was 11.8 percent of period-end assets, and capital ratios are within the range for "well-capitalized" banks.
About GB&T Bancshares, Inc.
Based in Gainesville, Georgia, GB&T Bancshares, Inc. is a multi-bank holding company operating seven community banks: Gainesville Bank & Trust, United Bank & Trust, Community Trust Bank, HomeTown Bank of Villa Rica, First National Bank of the South, First National Bank of Gwinnett, and Mountain State Bank. As of September 30, 2007, GB&T Bancshares has 32 banking offices located in 14 Georgia counties. GB&T Bancshares' common stock is listed on the Nasdaq Global Select Market under the symbol "GBTB." Visit the Company's web site at: http://www.gbtbancshares.com for additional information.
Forward-Looking Statements
Some of the statements in this press release, including, without limitation, statements regarding our loan loss reserves, the resolution of problem assets in our loan portfolio, anticipated stabilization of our cost of funds 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", "plan", "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 continued deterioration in credit quality and/or a reduction in demand for credit; (4) declines in local real estate values; (5) economic, governmental or other factors may prevent the projected population and commercial growth in the counties in which we operate; (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.
Where You Can Find Additional Information About The Merger
The proposed Merger will be submitted to GB&T Bancshares' shareholders for consideration. SunTrust will file a Form S-4 Registration Statement, GB&T Bancshares will file a Proxy Statement and both companies will file other relevant documents regarding the Merger with the SEC. GB&T Bancshares will mail the Proxy Statement/Prospectus to its shareholders. These documents, and any applicable amendments or supplements, will contain important information about the Merger. GB&T Bancshares and SunTrust urge you to read these documents when they become available.
You may obtain copies of all documents filed with the SEC regarding the Merger, free of charge, at the SEC's website (www.sec.gov). You may also obtain documents filed by SunTrust free of charge from SunTrust's website (www.suntrust.com) under the heading "Investor Relations" and then under the heading "Financials and Regulatory Filings" and then under the item "SEC Filings." You may also obtain documents filed by GB&T Bancshares free of charge from GB&T Bancshares' website (www.gbtbancshares.com) under the heading "Corporate Information" and then under the item "Documents."
Participants in the Merger
SunTrust and GB&T Bancshares and their respective directors and executive officers may be deemed participants in the solicitation of proxies from GB&T Bancshares' shareholders in connection with the Merger. Information about the directors and executive officers of SunTrust and GB&T Bancshares and information about other persons who may be deemed participants in the Merger will be included in the Proxy Statement/Prospectus. You can find information about SunTrust's executive officers and directors in its definitive proxy statement filed with the SEC on March 2, 2007. You can find information about GB&T Bancshares' executive officers and directors in its definitive proxy statement filed with the SEC on April 18, 2007. You can obtain free copies of these documents from the websites of SunTrust, GB&T Bancshares or the SEC.
G B & T Bancshares Inc.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
---------------------------------
(Dollars in thousands except per share amounts)
---------- --------- --------- --------- ---------
3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
2007 2007 2007 2006 2006
---------- --------- --------- --------- ---------
EARNINGS
Net interest
income (fully
tax
equivalent) $ 15,914 16,953 17,718 18,171 18,397
Provision for
loan loss $ 14,056 914 911 11,475 1,789
Other income $ 2,990 2,778 2,756 2,675 2,764
Other expense $ 15,467 14,114 13,863 12,977 12,860
Net income $ (6,298) 3,103 3,710 (1,925) 4,215
Non-recurring
(income)/ex-
pense (after-
tax) $ 0 0 0 0 0
Operating
income $ (6,298) 3,103 3,710 (1,925) 4,215
PER SHARE DATA
Basic earnings
per share $ (0.44) 0.22 0.26 (0.14) 0.30
Diluted
earnings
per share $ (0.44) 0.22 0.26 (0.13) 0.30
Operating
diluted
earnings per
share $ (0.44) 0.22 0.26 (0.13) 0.30
Book value per
share $ 16.22 16.67 16.67 16.51 16.66
Tangible book
value per
share $ 9.75 10.15 10.14 9.95 10.05
Cash dividend
per share $ 0.095 0.095 0.090 0.090 0.090
PERFORMANCE
RATIOS
Return on
average assets -1.26% 0.63% 0.79% -0.40% 0.90%
Return on average
tangible assets -1.32% 0.67% 0.83% -0.42% 0.95%
Return on average
equity -10.63% 5.24% 6.40% -3.22% 7.21%
Return on average
tangible equity -17.49% 8.59% 10.56% -5.29% 12.02%
Net interest
margin
(fully tax
equivalent) 3.62% 3.90% 4.19% 4.23% 4.38%
Other expense/
Average assets 3.09% 2.89% 2.94% 2.71% 2.75%
Efficiency Ratio 81.23% 70.85% 66.96% 61.34% 59.84%
Other income/
Total operating
revenue 15.95% 14.18% 13.54% 12.96% 13.10%
MARKET DATA
Market value
per share --
Period end $ 13.24 16.70 18.13 22.17 21.05
Market as a %
of book 0.82 1.00 1.09 1.34 1.26
Cash dividend
yield 2.87% 2.28% 1.99% 1.62% 1.71%
Common stock
dividend payout
ratio -21.59% 43.18% 34.62% -69.23% 30.00%
Period-end
common
shares out-
standing (000) 14,231 14,176 14,174 14,132 14,054
Common stock
market capital-
ization
($Millions) $ 188.42 236.74 256.97 313.30 295.83
CAPITAL &
LIQUIDITY RATIOS
Period-end
equity to
assets 11.76% 11.90% 12.24% 12.28% 12.48%
Period-end
tangible equity
to tangible
assets 7.42% 7.60% 7.82% 7.78% 7.92%
Total risk-based
capital ratio N/A N/A 12.09% 12.12% 12.31%
Average loans
to average
deposits 100.35% 101.00% 101.04% 99.86% 99.18%
ASSET QUALITY
Net charge-
offs $ 6,261 1,385 565 3,520 526
(Ann.) Net
loan charge-
offs/Average
loans 1.604% 0.361% 0.152% 0.948% 0.146%
Nonaccrual
loans $ 54,668 40,404 30,246 14,790 14,934
Foreclosed
assets $ 34,293 15,593 4,221 4,673 3,047
90-day past
dues $ 7 12 10 10 12
Nonperforming
assets/Total
assets** 4.53% 2.82% 1.79% 1.59% 0.96%
Allowance for
loan losses/
Total loans 2.12% 1.58% 1.64% 1.65% 1.15%
Allowance for
loan losses/Non-
performing
assets** 36.36% 43.83% 72.58% 81.59% 92.93%
END OF PERIOD
BALANCES
Total loans,
net of un-
earned fees $1,529,013 1,558,628 1,524,746 1,497,701 1,457,873
Total assets $1,963,916 1,985,130 1,931,227 1,900,376 1,876,062
Total
deposits $1,528,100 1,548,414 1,513,444 1,480,168 1,457,237
Total stock-
holders'
equity $ 230,891 236,261 236,347 233,338 234,196
Full-time
equivalent
employees 507 499 505 505 497
AVERAGE BALANCES
Total loans,
net of un-
earned fees $1,548,708 1,540,523 1,504,256 1,472,742 1,432,361
Total interest-
earning
assets $1,741,826 1,743,596 1,715,447 1,706,123 1,666,388
Total assets $1,982,894 1,960,447 1,915,556 1,902,510 1,856,968
Total
deposits $1,543,379 1,525,199 1,488,800 1,474,740 1,444,246
Total interest-
bearing
liabilities $1,577,773 1,546,234 1,507,626 1,470,151 1,437,952
Total stock-
holders'
equity $ 235,069 237,317 235,182 237,313 231,831
** Nonperforming assets includes nonaccrual loans, other impaired
loans, foreclosed assets and 90-day past dues.
The following table provides a detailed analysis of Non-GAAP
measures.
Reconciliation Table
(Dollars in thousands)
----------------------
---------- --------- --------- --------- ---------
3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
2007 2007 2007 2006 2006
---------- --------- --------- --------- ---------
Book value per
share $ 16.22 16.67 16.67 16.51 16.66
Effect of in-
tangible
assets per
share $ (6.47) (6.52) (6.53) (6.56) (6.61)
Tangible book
value per
share $ 9.75 10.15 10.14 9.95 10.05
Return on
average
assets -1.26% 0.63% 0.79% -0.40% 0.90%
Effect of in-
tangible assets -0.06% 0.04% 0.04% -0.02% 0.05%
Return on
average
tangible
assets -1.32% 0.67% 0.83% -0.42% 0.95%
Return on
average
equity -10.63% 5.24% 6.40% -3.22% 7.21%
Effect of in-
tangible
assets -6.86% 3.35% 4.16% -2.07% 4.81%
Return on
average
tangible
equity -17.49% 8.59% 10.56% -5.29% 12.02%
Period end
equity
to assets 11.76% 11.90% 12.24% 12.28% 12.48%
Effect of in-
tangible assets -4.34% -4.30% -4.42% -4.50% -4.56%
Period-end
tangible equity
to tangible
assets 7.42% 7.60% 7.82% 7.78% 7.92%
G B & T Bancshares Inc.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
---------------------------------
(Dollars in thousands except per share amounts)
---------- ----------
YTD YTD
9/30/2007 9/30/2006
---------- ----------
EARNINGS
Net interest income (fully tax
equivalent) $ 50,585 51,288
Provision for loan loss $ 15,881 4,269
Other income $ 8,523 7,838
Other expense $ 43,443 37,182
Net income $ 515 11,446
Non-recurring (income)/expense
(after-tax) $ 0 0
Operating income $ 515 11,446
PER SHARE DATA
Basic earnings per share $ 0.04 0.85
Diluted earnings per share $ 0.04 0.83
Operating diluted earnings per share $ 0.04 0.83
Book value per share $ 16.22 16.66
Tangible book value per share $ 9.75 10.05
Cash dividend per share $ 0.280 0.265
PERFORMANCE RATIOS
Return on average assets 0.04% 0.88%
Return on average tangible assets 0.04% 0.93%
Return on average equity 0.29% 7.01%
Return on average tangible equity 0.48% 11.15%
Net interest margin (fully tax equivalent) 3.90% 4.39%
Other expense / Average assets 2.97% 2.87%
Efficiency Ratio 72.81% 61.99%
Other income/Total operating revenue 14.52% 13.30%
MARKET DATA
Market value per share -- Period end $ 13.24 21.05
Market as a % of book 0.82 1.26
Cash dividend yield 2.82% 1.68%
Common stock dividend payout ratio 700.00% 31.93%
Period-end common shares outstanding (000) 14,231 14,054
Common stock market capitalization
($Millions) $ 188.42 295.83
CAPITAL & LIQUIDITY RATIOS
Period-end equity to assets 11.76% 12.48%
Period-end tangible equity to
tangible assets 7.42% 7.92%
Total risk-based capital ratio N/A 12.31%
Average loans to average deposits 100.79% 100.53%
ASSET QUALITY
Net charge-offs $ 8,211 1,409
(Ann.) Net loan charge-offs/ Average loans 0.717% 0.140%
Nonaccrual loans $ 54,668 14,934
Foreclosed assets $ 34,293 3,047
90-day past dues $ 7 12
Nonperforming assets/ Total assets** 4.53% 0.96%
Allowance for loan losses/ Total loans 2.12% 1.15%
Allowance for loan losses/Nonperforming
assets** 36.36% 92.93%
END OF PERIOD BALANCES
Total loans, net of unearned fees $1,529,013 1,457,873
Total assets $1,963,916 1,876,062
Total deposits $1,528,100 1,457,237
Total stockholders' equity $ 230,891 234,196
Full-time equivalent employees 507 497
AVERAGE BALANCES
Total loans, net of unearned fees $1,531,334 1,347,891
Total interest-earning assets $1,733,834 1,562,721
Total assets $1,953,212 1,734,574
Total deposits $1,519,326 1,340,818
Total interest-bearing liabilities $1,544,134 1,333,455
Total stockholders' equity $ 235,855 218,384
** Nonperforming assets includes nonaccrual loans, other impaired
loans, foreclosed assets and 90-day past dues.
The following table provides a detailed analysis of
Non-GAAP measures.
Reconciliation Table YTD YTD
(Dollars in thousands) 9/30/2007 9/30/2006
--------------------- ---------- ----------
Book value per share $ 16.22 16.66
Effect of intangible assets per share $ (6.47) (6.61)
Tangible book value per share $ 9.75 10.05
Return on average assets 0.04% 0.88%
Effect of intangible assets 0.00% 0.05%
Return on average tangible assets 0.04% 0.93%
Return on average equity 0.29% 7.01%
Effect of intangible assets 0.19% 4.14%
Return on average tangible equity 0.48% 11.15%
Period end equity to assets 11.76% 12.48%
Effect of intangible assets -4.34% -4.56%
Period-end tangible equity to
tangible assets 7.42% 7.92%
GB&T Bancshares, Inc. and Subsidiaries
Consolidated Statements of Condition
9/30/2007 9/30/2006
Assets (in thousands): (Unaudited) (Unaudited)
----------- -----------
Cash and due from banks $ 22,864 $ 20,255
Interest-bearing deposits in banks 11,391 3,502
Federal funds sold 2,147 23,287
Securities available-for-sale 213,564 206,390
Restricted equity securities, at cost 10,294 9,725
Loans, net of unearned income 1,529,013 1,457,873
Less allowance for loan losses 32,346 16,720
----------- -----------
Loans, net 1,496,667 1,441,153
----------- -----------
Premises and equipment, net 40,641 42,279
Goodwill 87,116 87,047
Intangible assets 4,968 5,913
Other assets 74,264 36,511
----------- -----------
Total assets $ 1,963,916 $ 1,876,062
=========== ===========
Liabilities and Stockholders'
Equity (in thousands):
Deposits:
Noninterest-bearing $ 143,157 $ 167,510
Interest-bearing demand & savings 454,586 433,452
Time deposits 930,357 856,275
----------- -----------
Total deposits 1,528,100 1,457,237
Federal funds purchased and securities
sold under repurchase agreements 48,765 43,442
Federal Home Loan Bank advances 107,236 92,636
Other borrowings 854 851
Other liabilities 18,172 17,802
Subordinated debt 29,898 29,898
----------- -----------
Total liabilities 1,733,025 1,641,866
----------- -----------
Stockholders' equity:
Capital stock 187,533 185,313
Retained earnings 44,694 51,339
Accumulated other comprehensive loss (1,336) (2,456)
----------- -----------
Total stockholders' equity 230,891 234,196
----------- -----------
Total liabilities and
stockholders' equity $ 1,963,916 $ 1,876,062
=========== ===========
GB&T Bancshares, Inc. and Subsidiaries
Consolidated Statements of Income
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
2007 2006 2007 2006
------------------- ------------------
(Dollars in thousands,
except per share amounts)
Interest income:
Loans, including fees $31,666 $31,504 $96,264 $84,565
Taxable securities 2,348 2,168 6,927 6,058
Nontaxable securities 328 142 899 392
Federal funds sold 137 294 352 490
Interest-bearing deposits
in banks 105 39 169 84
------- ------- ------- -------
Total interest income 34,584 34,147 104,611 91,589
------- ------- ------- -------
Interest expense:
Deposits 16,370 13,769 47,494 34,724
Federal funds purchased and
securities sold under
repurchase agreements 466 287 1,256 815
Federal Home Loan Bank
advances 1,333 1,050 3,755 3,002
Other borrowings 655 710 1,944 1,944
------- ------- ------- -------
Total interest expense 18,824 15,816 54,449 40,485
------- ------- ------- -------
Net interest income 15,760 18,331 50,162 51,104
Provision for loan losses 14,056 1,789 15,881 4,269
------- ------- ------- -------
Net interest income
after provision for
loan losses 1,704 16,542 34,281 46,835
------- ------- ------- -------
Other income:
Service charges on deposit
accounts 2,010 1,588 5,255 4,714
Mortgage origination fees 498 770 1,748 1,911
Insurance commissions 3 1 7 8
Other operating income 479 405 1,513 1,205
------- ------- ------- -------
Total other income 2,990 2,764 8,523 7,838
------- ------- ------- -------
Other expense:
Salaries and employee
benefits 8,319 7,603 24,719 22,244
Net occupancy and equipment
expense 1,884 1,808 5,637 5,147
Other operating expenses 5,264 3,449 13,087 9,791
------- ------- ------- -------
Total other expense 15,467 12,860 43,443 37,182
------- ------- ------- -------
Income before income
taxes (10,773) 6,446 (639) 17,491
Income tax expense (4,475) 2,231 (1,154) 6,045
------- ------- ------- -------
Net income $ (6,298) $ 4,215 $ 515 $ 11,446
======== ======== ======== ========
Earnings per share:
Basic $ (0.44) $ 0.30 $ 0.04 $ 0.85
======== ======== ======== ========
Diluted $ (0.44) $ 0.30 $ 0.04 $ 0.83
======== ======== ======== ========
Weighted average shares:
Basic 14,202 13,970 14,179 13,501
======== ======== ======== ========
Diluted 14,310 14,304 14,341 13,813
======== ======== ======== ========
Cash dividends per
common share $ 0.095 $ 0.090 $ 0.280 $ 0.265
======== ======== ======== ========
GB&T Bancshares, Inc.
Yield Analysis - March 31, 2007 For the Three Months Ended
(Dollars in thousands) March 31, 2007
------------------------------
Average Yields
balances Interest /Rates
----------- ----------- -----
Assets
Interest earning assets:
Taxable securities $ 202,119 $ 2,308 4.63%
Nontaxable securities* 24,807 384 6.28%
Federal funds sold 8,638 108 5.07%
Interest bearing deposits in banks 1,801 26 5.85%
Loans, net of unearned income 1,478,082 32,157 8.82%
----------- -----------
Total interest earning assets $ 1,715,447 $ 34,983 8.27%
----------- -----------
Noninterest earning assets:
Unrealized gains (losses) on
securities (2,638)
Allowance for loan losses (24,956)
Nonaccrual loans 26,174
Cash and due from banks 24,132
Other assets 177,397
----------- ----------- ----
Total noninterest earning assets 200,109
----------- ----------- ----
Total assets $ 1,915,556
----------- ----------- ----
Liabilities & Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand & savings $ 446,821 3,535 3.21%
Time 889,410 11,596 5.29%
Borrowings 171,395 2,134 5.05%
----------- -----------
Total interest bearing
liabilities 1,507,626 17,265 4.64%
----------- -----------
Noninterest bearing liabilities &
shareholders' equity:
Noninterest bearing deposits 152,569
Other liabilities 20,179
Shareholder's equity 235,182
----------- ----------- ----
Total liabilities & shareholders'
equity $ 1,915,556
----------- ----------- ----
Interest rate differential 3.63%
----------- ----------- ----
Net interest income* 17,718
----------- ----------- ----
Net interest margin* 4.19%
----------- ----------- ----
*fully tax equivalent
For the Three Months Ended
March 31, 2006
------------------------------
Average Yields
balances Interest /Rates
----------- ----------- ----
Assets
Interest earning assets:
Taxable securities $ 190,059 $ 1,912 4.08%
Nontaxable securities* 10,332 172 6.75%
Federal funds sold 9,458 99 4.25%
Interest bearing deposits in banks 666 8 4.87%
Loans, net of unearned income 1,237,056 24,532 8.04%
----------- -----------
Total interest earning assets $ 1,447,571 $ 26,723 7.49%
----------- -----------
Noninterest earning assets:
Unrealized gains (losses) on
securities (4,147)
Allowance for loan losses (13,018)
Nonaccrual loans 7,205
Cash and due from banks 22,855
Other assets 136,413
----------- ----------- ----
Total noninterest earning assets 149,308
----------- ----------- ----
Total assets $ 1,596,879
----------- ----------- ----
Liabilities & Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand & savings $ 412,978 2,646 2.60%
Time 654,117 6,786 4.21%
Borrowings 153,237 1,774 4.70%
----------- -----------
Total interest bearing
liabilities 1,220,332 11,206 3.72%
----------- -----------
Noninterest bearing liabilities &
shareholders' equity:
Noninterest bearing deposits 159,046
Other liabilities 16,209
Shareholder's equity 201,292
----------- ----------- ----
Total liabilities & shareholders'
equity $ 1,596,879
----------- ----------- ----
Interest rate differential 3.77%
----------- ----------- ----
Net interest income* 15,517
----------- ----------- ----
Net interest margin* 4.35%
----------- ----------- ----
*fully tax equivalent