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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   March 31, 2005

 

 

 

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 May 3, 2005:    12,677,407 shares; no par value

 

 


 

GB&T BANCSHARES, INC.

 

TABLE OF CONTENTS

 

PART I.

FINANCIAL INFORMATION

 

 

 

 

Item 1. FINANCIAL STATEMENTS

 

 

 

 

Consolidated Balance Sheets – March 31, 2005 (Unaudited) and December 31, 2004

 

 

 

 

 

Consolidated Statements of Income (Unaudited)-
Three months ended March 31, 2005 and 2004

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited)-
Three months ended March 31, 2005 and 2004

 

 

 

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited)-
Three months ended March 31, 2005

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) -
Three months ended March 31, 2005 and 2004

 

 

 

 

 

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

 

 

2


 

PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

 

GB&T BANCSHARES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

 

 

 

March 31,
2005

 

December 31,
2004

 

 

 

(Dollars in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

29,522

 

$

20,723

 

Interest-bearing deposits in banks

 

823

 

700

 

Federal funds sold

 

10,818

 

93

 

Securities available for sale, at fair value

 

196,613

 

190,636

 

Restricted equity securities, at cost

 

8,734

 

7,226

 

 

 

 

 

 

 

Loans, net of unearned income

 

1,098,155

 

955,880

 

Less allowance for loan losses

 

11,277

 

11,061

 

Loans, net

 

1,086,878

 

944,819

 

 

 

 

 

 

 

Premises and equipment, net

 

36,096

 

31,548

 

Goodwill

 

68,405

 

49,127

 

Intangible assets

 

6,145

 

5,618

 

Other assets

 

26,540

 

23,646

 

 

 

 

 

 

 

Total assets

 

$

1,470,574

 

$

1,274,136

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

Deposits:

 

 

 

 

 

Noninterest-bearing

 

$

142,496

 

$

125,704

 

Interest-bearing

 

953,694

 

802,899

 

Total deposits

 

1,096,190

 

928,603

 

Federal funds purchased and securities sold under repurchase agreements

 

30,584

 

47,582

 

Federal Home Loan Bank advances

 

97,891

 

80,992

 

Other borrowings

 

838

 

934

 

Other liabilities

 

15,806

 

11,412

 

Subordinated debt

 

29,898

 

29,898

 

 

 

 

 

 

 

Total liabilities

 

1,271,207

 

1,099,421

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

 

 

 

 

 

Capital stock, no par value; 20,000,000 shares authorized, 12,641,076 and 11,772,352 shares issued and outstanding at March 31, 2005 and December 31, 2004, respectively

 

163,691

 

139,207

 

Retained earnings

 

37,666

 

35,550

 

Accumulated other comprehensive loss

 

(1,990

)

(42

)

 

 

 

 

 

 

Total stockholders’ equity

 

199,367

 

174,715

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

1,470,574

 

$

1,274,136

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

 

3


 

GB&T BANCSHARES, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

 

 

 

Three months ended
March 31,

 

 

 

2005

 

2004

 

 

 

(Dollars in thousands,
except per share amounts)

 

Interest income:

 

 

 

 

 

Loans, including fees

 

$

16,959

 

$

11,645

 

Taxable securities

 

1,699

 

985

 

Nontaxable securities