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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, 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 November 10, 2003:    6,792,326 shares; no par value

 

 

 

GB&T BANCSHARES, INC.

 

TABLE OF CONTENTS

 

PART I.

FINANCIAL INFORMATION

 

 

 

 

 

Item 1.  FINANCIAL STATEMENTS

 

 

 

 

 

 

Consolidated Balance Sheets – September 30, 2003 (Unaudited) and December 31, 2002

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited)
Nine months ended September 30, 2003

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) -
Nine months ended September 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 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)

 

 

 

September 30,
2003

 

December 31,
2002

 

 

 

(amounts in thousands,
except share data)

 

Assets

 

 

 

 

 

Cash and due from banks

 

$

24,960

 

$

18,113

 

Interest-bearing deposits in banks

 

542

 

8,205

 

Federal funds sold

 

—

 

25,170

 

Securities available for sale, at fair value

 

136,429

 

106,843

 

Restricted equity securities

 

4,582

 

3,784

 

 

 

 

 

 

 

Loans, net of unearned income

 

685,098

 

542,834

 

Less allowance for loan losses

 

9,079

 

7,538

 

Loans, net

 

676,019

 

535,296

 

Premises and equipment

 

26,117

 

20,774

 

Goodwill and intangible assets

 

30,851

 

9,522

 

Other assets

 

19,728

 

14,265

 

Total assets

 

$

919,228

 

$

741,972

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Liabilities:

 

 

 

 

 

Deposits:

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

96,406

 

$

56,795

 

Interest-bearing deposits

 

615,883

 

523,453

 

Total deposits

 

712,289

 

580,248

 

 

 

 

 

 

 

Federal funds purchased and securities sold Under repurchase agreements

 

14,455

 

11,538

 

Federal Home Loan Bank advances

 

75,825

 

63,654

 

Other borrowings

 

233

 

820

 

Other liabilities

 

6,254

 

9.935

 

Company guaranteed trust preferred securities

 

15,000

 

15,000

 

Total liabilities

 

824,056

 

681,195

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity:
Capital Stock-no par value. Authorized 20,000,000 Shares.  6,792,326 shares issued and outstanding at September 30, 2003; 5,356,946 shares issued and outstanding at December 31, 2002

 

67,888

 

35,658

 

Retained earnings

 

26,626

 

23,130

 

Accumulated other comprehensive income, net of tax

 

658

 

1,989

 

Total stockholders’ equity

 

95,172

 

60,777

 

Total liabilities and stockholders’ equity

 

$

919,228

 

$

741,972

 

 

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,

 

 

 

2003

 

2002

 

2003

 

2002

 

 

 

(amounts in thousands, except per share data)

 

Interest income:

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

10,480

 

$

8,604

 

$

30,185

 

$

25,220

 

Investment securities:

 

 

 

 

 

 

 

 

 

Taxable

 

882

 

948

 

2,817

 

2,938

 

Nontaxable

 

169

 

173

 

495

 

526

 

Federal funds sold

 

11

 

30

 

117

 

69

 

Interest-bearing deposits in banks

 

9

 

7

 

26

 

25

 

Total interest income

 

11,551

 

9,762

 

33,640

 

28,778

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

Deposits

 

2,723

 

2,738

 

8,599

 

8,627

 

Federal funds purchased and securities sold under repurchase agreements

 

45

 

57

 

128

 

190

 

Federal Home Loan Bank advances

 

703

 

743

 

2,068

 

2,193