SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

 

Commission file number    0-14289

 

GREENE COUNTY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

 

 

Registrant’s telephone number, including area code:  (423) 639-5111.

 

Indicate by check mark whether the registrant (1) has 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 Act.) YES   ý   NO   o

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 6,823,315.

 

 

PART 1 – FINANCIAL INFORMATION

 

ITEM 1.          FINANCIAL STATEMENTS

 

The unaudited condensed consolidated financial statements of the Registrant and its wholly owned subsidiaries are as follows:

 

Condensed Consolidated Balance Sheets – June 30, 2003 and December 31, 2002.

 

Condensed Consolidated Statements of Income and Comprehensive Income - For the three and six months ended June 30, 2003 and 2002.

 

Condensed Consolidated Statement of Stockholders’ Equity – For the six months ended June 30, 2003.

 

Condensed Consolidated Statements of Cash Flows - For the six months ended June 30, 2003 and 2002.

 

Notes to Condensed Consolidated Financial Statements.

 

1

 

GREENE COUNTY BANCSHARES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2003 and December 31, 2002

(Dollar amounts in thousands, except share and per share data)

 

		(Unaudited) June 30, 2003			December 31, 2002*
ASSETS
Cash and due from banks		$	42,035		$	23,466
Federal funds sold		—			39,493
Securities available for sale		42,111			33,322
Securities held to maturity (fair value $458 and $455)		448			448
FHLB, Bankers Bank and other stock, at cost		5,446			4,744
Loans held for sale		5,172			6,646
Loans		772,848			750,257
Less: Allowance for loan losses		(12,411		)	(12,586		)
Net loans		760,437			737,671
Premises and equipment, net		27,096			26,377
Other assets		26,356			27,229
Total assets		$	909,101		$	899,396
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits		$	704,909		$	719,323
Federal funds purchased and repurchase agreements		26,443			10,038
Notes payable		87,076			82,359
Accrued interest payable and other liabilities		12,682			13,081
Total liabilities		831,110			824,801
Shareholders’ equity
Common stock: $2 par, 15,000,000 shares authorized, 6,823,315 and 6,820,540 shares outstanding		13,647			13,641
Additional paid-in capital		4,901			4,870
Retained earnings		59,210			55,928
Accumulated other comprehensive income		233			156
Total shareholders’ equity		77,991			74,595
Total liabilities and shareholders’ equity		$	909,101		$	899,396

 

* Condensed from audited financial statements.

 

See accompanying notes.

 

2

 

GREENE COUNTY BANCSHARES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Three and Six Months Ended June 30, 2003 and 2002

(Dollar amounts in thousands, except share and per share data)

 

 

		Three Months Ended June 30,						Six Months Ended June 30,
		2003			2002			2003			2002
		(Unaudited)						(Unaudited)
Interest income
Interest and fees on loans		$	13,721		$	14,403		$	27,339		$	28,693
Investment securities		318			440			644			823
Federal funds sold and interest-earning deposits		43			123			99			372
		14,082			14,966			28,082			29,888
Interest expense
Deposits		3,276			3,790			6,754			8,001
Borrowings		753			814			1,470			1,711
		4,029			4,604			8,224			9,712
Net interest income		10,053			10,362			19,858			20,176
Provision for loan losses		1,729			1,369			2,855			2,676
Net interest income after provision for loan losses		8,324			8,993			17,003			17,500
Noninterest income
Service charges and fees		2,436