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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

Mark One

 

 

ý

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

 

 

For the quarterly period ended September 30, 2002

 

 

 

o

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

 

 

 

 

For the transition period from            to            

 

Commission File Number:  000-24203

 

GB&T Bancshares, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

Georgia

 

58-2400756

(State or other jurisdiction of
incorporation or organization)

 

(IRS Employer
Identification No.)

 

500 Jesse Jewell Parkway, S.E.

Gainesville, Georgia  30501

(Address of principal executive offices)

 

(770) 532-1212

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes  ý    No  o

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

State the number of shares outstanding of each of the issuer’s classes of common stock, as of November 8, 2002:    4,770,311 shares; no par value

 

 

 

GB&T BANCSHARES, INC.

 

TABLE OF CONTENTS

 

 

 

 

 

 

 

PART I.

FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

 

 

Item 1.  FINANCIAL STATEMENTS

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets – September 30, 2002 (Unaudited)
  and December 31, 2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Income (Unaudited)-
  Three and nine months ended September 30, 2002 and 2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited)-
  Three and nine months ended September 30, 2002 and 2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited)
  Nine months ended September 30, 2002

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) -
  Nine months ended September 30, 2002 and 2001

 

 

 

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

 

 

 

 

 

 

 

 

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

 

 

 

 

 

 

 

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

 

 

 

 

 

 

 

 

Item 4.  Controls and Procedures

 

 

 

 

 

 

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

 

 

 

 

 

 

 

Item 6.  Exhibits and Reports on Form 8-K

 

 

 

 

 

 

 

 

 

 

 

Signatures

 

 

 

 

 

 

 

 

 

 

 

Certifications

 

 

 

 

 

2

 

PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

 

GB&T BANCSHARES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

 

 

 

September 30,
2002

 

December 31,
2001

 

 

 

(amounts in thousands,
except share data)

 

Assets

 

 

 

 

 

Cash and due from banks

 

$

16,718

 

$

18,097

 

Interest-bearing deposits in banks

 

2,527

 

1,087

 

Federal funds sold

 

18,343

 

24

 

Securities available for sale, at fair value

 

84,243

 

86,204

 

Restricted equity securities

 

3,463

 

2,992

 

 

 

 

 

 

 

Loans, net of unearned income

 

451,490

 

418,656

 

Less allowance for loan losses

 

5,789

 

5,522

 

Loans, net

 

445,701

 

413,134

 

Premises and equipment

 

16,042

 

14,807

 

Other assets

 

12,409

 

11,251

 

Total assets

 

$

599,446

 

$

547,596

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Liabilities:

 

 

 

 

 

Deposits:

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

63,202

 

$

54,393

 

Interest-bearing deposits

 

406,214

 

372,365

 

Total deposits

 

469,416

 

426,758

 

 

 

 

 

 

 

Federal funds purchased and securities sold Under repurchase agreements

 

14,389

 

19,707

 

Federal Home Loan Bank advances

 

57,026

 

47,551

 

Other borrowings

 

4,822

 

2,911

 

Accrued expenses and other liabilities

 

4,483

 

5,895

 

Total liabilities

 

550,136

 

502,822

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

Capital Stock-no par value. Authorized 20,000,000 Shares;
issued and outstanding 4,769,155 shares at September 30, 2002

 

25,807

 

—

 

Common Stock-$5 par value. Authorized 20,000,000 shares;
issued and outstanding 4,739,139 shares at December 31, 2001

 

—

 

23,696

 

Capital surplus

 

—

 

1,894

 

Retained earnings

 

21,518

 

18,198

 

Accumulated other comprehensive income, net of tax

 

1,985

 

986

 

Total stockholders’ equity

 

49,310

 

44,774

 

Total liabilities and stockholders’ equity

 

$

599,446

 

$

547,596

 

 

See accompanying notes to consolidated financial statements.

 

3

 

GB&T BANCSHARES, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

 

 

 

Three months ended
September 30,

 

Nine months ended
September 30,

 

 

 

2002

 

2001

 

2002

 

2001

 

 

 

(amounts in thousands, except per
share data)

 

(amounts in thousands, except per
share data)

 

Interest income:

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

8,604

 

$

9,048

 

$

25,220

 

$

28,154

 

Investment securities:

 

 

 

 

 

 

 

 

 

Taxable

 

948

 

1,089

 

2,938

 

3,296

 

Nontaxable