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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 June 30, 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 August 4, 2003:    5,391,200 shares; no par value

 

 

 

GB&T BANCSHARES, INC.

 

TABLE OF CONTENTS

 

PART I.

 

FINANCIAL INFORMATION

 

 

 

 

 

Item 1.  FINANCIAL STATEMENTS

 

 

 

 

 

Consolidated Balance Sheets - June 30, 2003 (Unaudited)
and December 31, 2002

 

 

 

 

 

Consolidated Statements of Income (Unaudited)-
Three and six months ended June 30, 2003 and 2002

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited)-
Three and six months ended June 30, 2003 and 2002

 

 

 

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited)
Six months ended June 30, 2003

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) -
Six months ended June 30, 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 4.  Submission of Matters to a Vote of Security Holders

 

 

 

 

 

Item 6.  Exhibits and Reports on Form 8-K

 

 

 

 

 

Signatures

 

2

 

PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

 

GB&T BANCSHARES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

 

 

 

June 30,
2003

 

December 31,
2002

 

 

 

(amounts in thousands,
except share data)

 

Assets

 

 

 

 

 

Cash and due from banks

 

$

17,092

 

$

18,113

 

Interest-bearing deposits in banks

 

4,778

 

8,205

 

Federal funds sold

 

15,607

 

25,170

 

Securities available for sale, at fair value

 

115,988

 

106,843

 

Restricted equity securities

 

3,531

 

3,784

 

 

 

 

 

 

 

Loans, net of unearned income

 

565,055

 

542,834

 

Less allowance for loan losses

 

7,527

 

7,538

 

Loans, net

 

557,528

 

535,296

 

Premises and equipment

 

20,576

 

20,774

 

Goodwill and intangible assets

 

9,493

 

9,522

 

Other assets

 

13,455

 

14,265

 

Total assets

 

$

758,048

 

$

741,972

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Liabilities:

 

 

 

 

 

Deposits:

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

66,894

 

$

56,795

 

Interest-bearing deposits

 

538,169

 

523,453

 

Total deposits

 

605,063

 

580,248

 

 

 

 

 

 

 

Federal funds purchased and securities sold Under repurchase agreements

 

11,451

 

11,538

 

Federal Home Loan Bank advances

 

57,585

 

63,654

 

Other borrowings

 

822

 

820

 

Other liabilities

 

4,802

 

9.935

 

Company guaranteed trust preferred securities

 

15,000

 

15,000

 

Total liabilities

 

694,723

 

681,195

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

Capital Stock-no par value. Authorized 20,000,000 shares.  5,390,807 shares issued and outstanding at June 30, 2003; 5,356,946 shares issued and outstanding at December 31, 2002

 

35,976

 

35,658

 

Retained earnings

 

25,635

 

23,130

 

Accumulated other comprehensive income, net of tax

 

1,714

 

1,989

 

Total stockholders’ equity

 

63,325

 

60,777

 

Total liabilities and stockholders’ equity

 

$

758,048

 

$

741,972

 

 

See accompanying notes to consolidated financial statements.

 

3

 

GB&T BANCSHARES, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

 

 

 

Three months ended
June 30,

 

Six months ended
June 30,

 

 

 

2003

 

2002

 

2003

 

2002

 

 

 

(amounts in thousands, except per
share data)

 

(amounts in thousands, except per
share data)

 

Interest income:

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

9,967

 

$

8,390

 

$

19,705

 

$

16,590

 

Investment securities:

 

 

 

 

 

 

 

 

 

Taxable

 

950

 

998

 

1,935

 

1,990

 

Nontaxable

 

158

 

177

 

326

 

353

 

Federal funds sold

 

52

 

18

 

106

 

38

 

Interest-bearing deposits in banks

 

6

 

9

 

17

 

18

 

Total interest income

 

11,133

 

9,592

 

22,089

 

18,989

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

Deposits

 

2,899

 

2,798

 

5,876

 

5,888

 

Federal funds purchased and securities sold under repurchase agreements

 

42

 

53

 

83