UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended June 30, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number 0-14289 |
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GREENE COUNTY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
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Tennessee |
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62-1222567 |
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(State or other jurisdiction of |
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(I.R.S. Employer Identification No.) |
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100 North Main Street, Greeneville, Tennessee |
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37743-4992 |
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(Address of principal executive offices) |
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(Zip Code) |
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
As of August 6, 2004, the number of shares outstanding of the issuer’s common stock was: 7,644,400.
PART 1 – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
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The unaudited condensed consolidated financial statements of the Registrant and its wholly owned subsidiaries are as follows: |
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Condensed Consolidated Balance Sheets – June 30, 2004 and December 31, 2003. |
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Condensed Consolidated Statements of Cash Flows - For the six months ended June 30, 2004 and 2003. |
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1
GREENE COUNTY BANCSHARES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2004 and December 31, 2003
(Dollar amounts in thousands, except share and per share data)
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(Unaudited) |
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December 31, |
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ASSETS |
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Cash and due from banks |
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$ |
32,033 |
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$ |
36,087 |
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Federal funds sold |
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2,412 |
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5,254 |
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Securities available for sale |
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27,461 |
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33,199 |
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Securities held to maturity (with a market value of $4,682 and $5,846) |
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4,582 |
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5,632 |
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FHLB, Bankers Bank and other stock, at cost |
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6,097 |
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5,992 |
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Loans held for sale |
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2,979 |
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3,546 |
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Loans |
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984,882 |
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952,225 |
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Less: Allowance for loan losses |
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(14,905 |
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(14,564 |
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Net loans |
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969,977 |
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937,661 |
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Premises and equipment, net |
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34,885 |
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33,886 |
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Goodwill and other intangible assets |
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20,661 |
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20,970 |
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Other assets |
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23,915 |
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26,295 |
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Total assets |
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$ |
1,125,002 |
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$ |
1,108,522 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Liabilities |
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Deposits |
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$ |
884,014 |
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$ |
907,115 |
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Repurchase agreements |
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14,532 |
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12,896 |
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Notes payable |
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96,662 |
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63,030 |
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Subordinated debentures |
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10,310 |
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10,310 |
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Accrued interest payable and other liabilities |
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13,975 |
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13,236 |
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Total liabilities |
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1,019,493 |
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1,006,587 |
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Shareholders’ equity |
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Common stock: $2 par, 15,000,000 shares authorized, 7,644,400 and 7,659,929 shares outstanding |
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15,289 |
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15,320 |
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Additional paid-in capital |
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24,116 |
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24,482 |
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Retained earnings |
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66,237 |
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61,947 |
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Accumulated other comprehensive income (loss) |
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(133 |
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186 |
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Total shareholders’ equity |
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105,509 |
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101,935 |
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Total liabilities and shareholders’ equity |
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$ |
1,125,002 |
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$ |
1,108,522 |
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* Derived from audited consolidated 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, 2004 and 2003
(Dollar amounts in thousands, except share and per share data)
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Three Months Ended |
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Six Months Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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(Unaudited) |
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(Unaudited) |
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Interest income |
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Interest and fees on loans |
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$ |
15,522 |
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$ |
13,721 |
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$ |
31,047 |
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$ |
27,339 |
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Investment securities |
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339 |
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318 |
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725 |
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644 |
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Federal funds sold and interest-earning deposits |
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8 |
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43 |
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27 |
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99 |
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15,869 |
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14,082 |
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31,799 |
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28,082 |
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Interest expense |
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Deposits |
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3,006 |
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3,276 |
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6,192 |
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6,754 |
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Borrowings |
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880 |
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753 |
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1,744 |
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1,470 |
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3,886 |
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4,029 |
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7,936 |
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8,224 |
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Net interest income |
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11,983 |
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10,053 |
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23,863 |
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19,858 |
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Provision for loan losses |
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1,162 |
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1,729 |
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2,685 |
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2,855 |
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Net interest income after provision for loan losses |
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