Greenville First Reports Record Earnings as of September 30, 2005
19 10월 2005 - 5:40AM
PR Newswire (US)
Assets grow to over $375 million GREENVILLE, S.C., Oct. 18
/PRNewswire-FirstCall/ -- Greenville First Bancshares, Inc.
(NASDAQ:GVBK), holding company for Greenville First Bank NA, today
announced that net income for the first nine months of 2005 has
exceeded net income for the entire year of 2004. Net income for the
first nine months of 2005 was $2.4 million, or $0.82 per diluted
share, an 84% increase when compared to a net income of $1.3
million, or $0.65 per diluted share for the same period in 2004.
Net income for the third quarter of 2005 increased 83% to $927
thousand, or $0.32 per diluted share compared to $507 thousand, or
$0.25 per diluted share for the same period in 2004. Return on
average assets for the nine months ended September 30, 2005 was
0.92% compared to 0.66% for the same period in 2004. Return on
average shareholders' equity was 10.93% compared to 14.15% for the
same period in 2004. The decline in return on shareholders' equity
resulted from a significant increase in capital from the Company's
secondary offering in the later part of 2004. The company's
efficiency ratio (noninterest expense divided by the sum of net
interest income and noninterest income) improved to 49.45% during
2005 compared to 52.71% for the nine months ended September 30,
2004. "I am proud of the Greenville First team and their tremendous
accomplishments achieved during the first nine months of 2005,"
said Art Seaver, President and CEO. "Assets have grown nearly $60
million year to date and the significant increase in earnings is
evidence of the strong momentum of our company. We will continue to
strategically increase our presence in the Greenville community and
look forward to opening our Augusta Road office in November." Total
assets grew to $375.3 million as of September 30, 2005 compared to
$292.9 million at September 30, 2004, or an increase of 28.1%.
Loans were $324.3 million at September 30, 2005, an increase of
$56.5 million or 21.1% when compared with $267.8 million at
September 30, 2004. Deposits grew over $53.7 million to $236.9
million at September 30, 2005 compared to $183.2 million at
September 30, 2004. The closing stock price on September 30, 2005
was $21.48 per share. Forward-Looking Statements Certain statements
in this news release contain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, such as statements relating to future plans and expectations,
and are thus prospective. Such forward-looking statements are
subject to risks, uncertainties, and other factors, such as a
downturn in the economy, which could cause actual results to differ
materially from future expressed or implied by such forward-looking
statements. Although we believe that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions
could prove to be inaccurate. Therefore, we can give no assurance
that the results contemplated in the forward-looking statements
will be realized. The inclusion of this forward-looking information
should not be construed as a representation by our company or any
person that future events, plans, or expectations contemplated by
our company will be achieved. We undertake no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise.
Summary Consolidated Financial Data Our summary consolidated
financial data as of and for the three months and nine months ended
September 30, 2005 and 2004 have not been audited but, in the
opinion of our management, contain all adjustments (consisting of
only normal recurring adjustments) necessary to present fairly our
financial position and results of operations for such periods in
accordance with generally accepted accounting principles. Three
Months Nine Months Ended September 30, Ended September 30, 2005
2004 2005 2004 (In thousands, except per share amounts) Summary
Results of Operations Data: Interest income $5,669 $3,635 $15,480
$9,778 Interest expense 2,564 1,444 6,773 3,693 Net interest income
3,105 2,191 8,707 6,085 Provision for loan losses 225 375 835 1,025
Net interest income after provision for loan losses 2,880 1,816
7,872 5,060 Noninterest income 201 185 633 547 Noninterest expense
1,586 1,183 4,619 3,496 Income before taxes 1,495 818 3,886 2,111
Income tax expense 568 311 1,477 802 Net income $927 $507 $2,409
$1,309 Per Share Data: Net income, basic $0.35 $0.28 $0.91 $0.75
Net income, diluted $0.32 $0.25 $0.82 $0.65 Book value $11.45
$10.08 $11.45 $10.08 Weighted Average Number of Shares Outstanding:
Basic 2,660 1,789 2,656 1,747 Diluted 2,931 2,045 2,929 2,014
Performance Ratios: Return on average assets (2) 1.02% 0.71% 0.92%
0.66% Return on average equity (2) 12.17% 15.02% 10.93% 14.15% Net
interest margin (2) 3.45% 3.15% 3.39% 3.15% Efficiency ratio (3)
47.96% 49.79% 49.45% 52.71% Growth Ratios and Other Data:
Percentage change in net income 82.94% 84.08% Percentage change in
diluted net income per share 28.00% 26.15% SUMMARY CONSOLIDATED
FINANCIAL DATA, CONTINUED At September 30, 2005 2004 Summary
Balance Sheet Data: Assets $375,288 $292,941 Investment securities
43,634 21,007 Loans (1) 324,312 267,832 Allowance for loan losses
4,584 3,573 Deposits 236,884 183,232 Securities sold under
agreement to repurchase and federal funds purchased 16,232 13,805
Other borrowed funds 81,500 60,610 Junior subordinate debentures
6,186 6,186 Shareholders' equity 30,462 25,488 Asset Quality
Ratios: Nonperforming assets, past due and restructured loans to
total loans (1) 0.38% 0.18% Nonperforming assets, past due and
restructured loans to total assets 0.33% 0.18% Net charge-offs year
to date to average total loans (1) 0.00% 0.07% Allowance for loan
losses to nonperforming loans 376.35% 1980.30% Allowance for loan
losses to total loans (1) 1.41% 1.33% Capital Ratios: Average
equity to average assets 8.39% 4.66% Leverage ratio 10.00% 11.03%
Tier 1 risk-based capital ratio 12.41% 13.03% Total risk-based
capital ratio 13.66% 14.28% Growth Ratios and Other Data:
Percentage change in assets 28.11% Percentage change in loans (1)
21.09% Percentage change in deposits 29.28% Percentage change in
equity 19.52% Loan to deposit ratio (1) 136.91% (1) Includes
nonperforming loans. (2) Annualized for the three and nine month
periods. (3) Computed by dividing noninterest expense by the sum of
net interest income on a tax equivalent basis and noninterest
income, net of securities gains or losses. FINANCIAL CONTACT: JIM
AUSTIN 864-679-9070 MEDIA CONTACT: EDDIE TERRELL 864-679-9016 WEB
SITE: http://www.greenvillefirst.com/ DATASOURCE: Greenville First
Bancshares, Inc. CONTACT: Financial, Jim Austin, +1-864-679-9070,
or Media, Eddie Terrell, +1-864-679-9016, both Greenville First
Bancshares, Inc. Web site: http://www.greenvillefirst.com/
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