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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 March 31, 2003

 

 

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

 

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).  Yes   o    No   ý

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

State the number of shares outstanding of each of the issuer’s classes of common stock, as of May 5, 2003:    5,381,747 shares; no par value

 

 

 

GB&T BANCSHARES, INC.

 

TABLE OF CONTENTS

 

PART I.

FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

FINANCIAL STATEMENTS

 

 

 

 

 

 

Consolidated Balance Sheets – March 31, 2003 (Unaudited)
and December 31, 2002

 

 

 

 

 

 

Consolidated Statements of Income (Unaudited)-
Three months ended March 31, 2003 and 2002

.

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited)-
Three months ended March 31, 2003 and 2002

 

 

 

 

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited)
Three months ended March 31, 2003

 

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) -
Three months ended March 31, 2003 and 2002

.

 

 

 

 

 

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)

 

 

 

March 31,
2003

 

December 31,
2002

 

 

 

(Dollars in thousands,
except share data)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

18,217

 

$

18,113

 

Interest-bearing deposits in banks

 

2,332

 

8,205

 

Federal funds sold

 

29,590

 

25,170

 

Securities available for sale, at fair value

 

104,811

 

106,843

 

Restricted equity securities

 

3,784

 

3,784

 

 

 

 

 

 

 

Loans, net of unearned income

 

562,682

 

542,834

 

Less allowance for loan losses

 

7,438

 

7,538

 

Loans, net

 

555,244

 

535,296

 

 

 

 

 

 

 

Premises and equipment

 

20,734

 

20,774

 

Goodwill and intangible assets

 

9,509

 

9,522

 

Other assets

 

13,732

 

14,265

 

 

 

 

 

 

 

Total assets

 

$

757,953

 

$

741,972

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

Deposits:

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

66,830

 

$

56,795

 

Interest-bearing deposits

 

533,374

 

523,453

 

Total deposits

 

600,204

 

580,248

 

 

 

 

 

 

 

Federal funds purchased and securities sold Under repurchase agreements

 

14,351

 

11,538

 

Federal Home Loan Bank advances

 

61,619

 

63,654

 

Other borrowings

 

231

 

820

 

Other liabilities

 

4,872

 

9,935

 

Company guaranteed trust preferred securities

 

15,000

 

15,000

 

Total liabilities

 

696,277

 

681,195

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

Capital Stock-no par value; 20,000,000 shares  Authorized, 5,365,478 shares issued and Outstanding at March 31, 2003; 5,356,946  Shares issued and outstanding at December 31, 2002

 

35,688

 

35,658

 

Retained earnings

 

24,386

 

23,130

 

Accumulated other comprehensive income, Net of tax

 

1,602

 

1,989

 

Total stockholders’ equity

 

61,676

 

60,777

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

757,953

 

$

741,972

 

 

See accompanying notes to consolidated financial statements.

 

3

 

GB&T BANCSHARES, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

 

 

 

Three months ended
March 31,

 

 

 

2003

 

2002

 

 

 

(Dollars in thousands, except per
share data)

 

Interest income:

 

 

 

 

 

Loans, including fees

 

$

9,738

 

$

8,200

 

Taxable securities

 

985

 

992

 

Nontaxable securities

 

168

 

176

 

Federal funds sold

 

54

 

20

 

Interest-bearing deposits in banks

 

11

 

9

 

Total interest income

 

10,956

 

9,397

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

Deposits

 

2,977

 

3,090

 

Federal funds purchased and securities sold under repurchase agreements

 

41

 

80

 

Federal Home Loan Bank advances

 

728

 

705

 

Other borrowings

 

213

 

23

 

Total interest expense

 

3,959

 

3,898

 

 

 

 

 

 

 

Net interest income