GB&T BANCSHARES INC - 10-Q Quarterly Report

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, 2004

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 ý No o

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer’s classes of capital stock, as of November 5, 2004: 10,056,127 shares; no par value

PART I - - FINANCIAL INFORMATION

ITEM 1 - - FINANCIAL STATEMENTS

GB&T BANCSHARES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	September 30, 2004		December 31, 2003
	(Dollars in thousands)
Assets

Cash and due from banks	$	23,442	$	17,584
Interest-bearing deposits in banks	2,658		535
Federal funds sold	13,995		6,534
Securities available for sale	165,336		132,945
Restricted equity securities, at cost	5,273		4,582

Loans, net of unearned income	904,407		709,958
Less allowance for loan losses	11,262		8,726
Loans, net	893,145		701,232

Premises and equipment, net	32,413		25,813
Goodwill and intangible assets	54,896		33,043
Other assets	24,215		22,010

Total assets	$	1,215,373	$	944,278

Liabilities and Stockholders’ Equity

Liabilities:
Deposits:
Noninterest-bearing	$	126,469	$	90,914
Interest-bearing	814,398		637,715
Total deposits	940,867		728,629
Federal funds purchased and securities sold under repurchase agreements	20,479		17,314
Federal Home Loan Bank advances	75,094		75,703
Other borrowings	542		300
Other liabilities	12,053		10,025
Subordinated debt	29,898		15,464

Total liabilities	1,078,933		847,435

Stockholders’ Equity:

Capital stock, no par value; 20,000,000 shares authorized, 10,051,696 and 8,492,685 shares issued and outstanding at September 30, 2004 and December 31, 2003, respectively	102,501		67,983
Retained earnings	33,339		28,393
Accumulated other comprehensive income	600		467

Total stockholders’ equity	136,440		96,843

Total liabilities and stockholders’ equity	$	1,215,373	$	944,278

See accompanying notes to consolidated financial statements.

PART I.	FINANCIAL INFORMATION

	Item 1. FINANCIAL STATEMENTS

		Consolidated Balance Sheets – September 30, 2004 (Unaudited) and December 31, 2003

		Consolidated Statements of Income (Unaudited)- Three and nine months ended September 30, 2004 and 2003

		Consolidated Statements of Comprehensive Income (Unaudited)- Three and nine months ended September 30, 2004 and 2003

		Consolidated Statements of Stockholders’ Equity (Unaudited)- Nine months ended September 30, 2004

		Consolidated Statements of Cash Flows (Unaudited) - Nine months ended September 30, 2004 and 2003

		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

	Signatures

	Certifications