Greenville First Reports Strong Growth for First Quarter 2007
18 4월 2007 - 2:33AM
PR Newswire (US)
Assets grow to over $550 million GREENVILLE, S.C., April 17
/PRNewswire-FirstCall/ -- Greenville First Bancshares, Inc.
(NASDAQ:GVBK), holding company for Greenville First Bank, NA, today
announced that net income for the first quarter of 2007 was $958
thousand, or $0.30 per diluted share, a 13.8% increase in net
income when compared to $842 thousand, or $0.25 per diluted share
for the same period in 2006. Return on average assets for the first
quarter of 2007 was 0.73% compared to 0.85% for the same quarter in
2006. Return on average shareholders' equity for the first quarter
in 2007 was 11.03% compared to 10.92% for the first quarter in
2006. The company's efficiency ratio (noninterest expense divided
by the sum of net interest income and noninterest income) was 57.3%
for the 2007 first quarter compared to 50.9% for the 2006 first
quarter. The earnings for the first quarter were positively
impacted by an after- tax gain of $223 thousand on other real
estate owned activity. In addition, noninterest expenses increased
by $718 thousand, resulting from both our expansion into the
Columbia market and the expansion of our corporate infrastructure,
which included both additional personnel and the higher cost of our
new corporate office building. Our net interest income increased
$424 thousand or 12.6% resulting from higher earning assets and
liabilities. Our provision for loan losses increased $60 thousand
to $460 thousand for the first quarter of 2007. "The first quarter
of 2007 was the greatest period of asset growth in our company's
history," said Art Seaver, CEO. "Assets increased $48.4 million
since year-end and now total $557.7 million. This was an exciting
quarter as we moved into our new corporate headquarter building and
opened our loan production office in Columbia." Seaver added. Total
assets grew to $557.7 million as of March 31, 2007, compared to
$417.8 million on March 31, 2006, an increase of 33.5%. Loans were
$432.4 million at March 31, 2007, an increase of $68.0 million or
18.7%, when compared with $364.4 million on March 31, 2006.
Deposits grew 39.2% to $383.9 million on March 31, 2007, compared
to $275.8 million on March 31, 2006. The Company's book value per
share was $12.15 as of March 31, 2007, while the closing stock
price was $21.44 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 projected growth, or loan quality, and are thus
prospective. Such forward- looking statements are subject to risks,
uncertainties, and other factors, such as a downturn in the
economy, greater than expected non-interest expenses, excessive
loan losses and other factors, which could cause actual results to
differ materially from future expressed or implied by such forward-
looking statements. For a more detailed description of factors that
could cause or contribute to such differences, please see our
filings with the Securities and Exchange Commission. 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. FINANCIAL CONTACT: JIM
AUSTIN 864-679-9070 MEDIA CONTACT: EDDIE TERRELL 864-679-9016 WEB
SITE: http://www.greenvillefirst.com/ SUMMARY CONSOLIDATED
FINANCIAL DATA Our summary consolidated financial data as of and
for the three months ended March 31, 2007 and 2006 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 Ended March 31, 2007 2006 (In
thousands, except per share dollar amounts) Summary Results of
Operations Data: Interest income $8,961 $6,626 Interest expense
5,177 3,266 Net interest income 3,784 3,360 Provision for loan
losses 460 400 Net interest income after provision for loan losses
3,324 2,960 Noninterest income 593 156 Noninterest expense 2,508
1,790 Income before taxes 1,409 1,326 Income tax expense 451 484
Net income $958 $842 Per Share Data: Net income, basic $0.33 $0.29
Net income, diluted $0.30 $0.25 Book value $12.15 $11.75 Weighted
average number of shares outstanding: Basic 2,934 2,927 Diluted
3,245 3,246 Performance Ratios: Return on average assets (1) 0.73 %
0.85 % Return on average equity (1) 11.03 % 10.92 % Net interest
margin (1) 3.01 % 3.48 % Efficiency ratio (2) 57.29 % 50.91 %
Growth Ratios and Other Data: Percentage change in net income from
the same quarter of the previous year 13.80 % 27.53 % Percentage
change in diluted net income per share from the same quarter of the
previous year 20.00 % 26.09 % SUMMARY OF CONSOLIDATED FINANCIAL
DATA, CONTINUED At March 31, 2007 2006 Summary Balance Sheet Data:
Assets $557,656 $417,782 Investments securities 101,888 40,221
Loans (3) 432,353 364,392 Allowance for loan losses 5,352 4,515
Deposits 383,930 275,807 Securities sold under agreement to
repurchase and federal funds purchased - 14,232 Federal Home Loan
Bank Advances 118,500 79,000 Junior subordinate debentures 13,403
13,403 Shareholders' equity 35,634 31,310 Asset Quality Ratios:
Nonperforming assets, past due and restructured loans to total
loans (3) 0.55 % 0.80 % Nonperforming assets, past due and
restructured loans to total assets 0.42 % 0.70 % Net charge-offs
year to date to average total loans (1) (3) 0.06 % 0.43 % Allowance
for loan losses to nonperforming loans 327.30 % 416.71 % Allowance
for loan losses to total loans (3) 1.24 % 1.24 % Capital Ratios:
Average equity to average assets 6.61 % 7.77 % Leverage ratio 9.13
% 11.10 % Tier 1 risk-based capital ratio 11.78 % 13.00 % Total
risk-based capital ratio 12.54 % 14.20 % Growth Ratios and Other
Data: Percentage change in assets 33.48 % Percentage change in
loans (3) 18.65 % Percentage change in deposits 39.20 % Percentage
change in equity 13.81 % Loans to deposit ratio (3) 112.61 % (1)
Annualized for the three month periods. (2) Computed by dividing
noninterest expense by the sum of net interest income and
noninterest income. (3) Includes nonperforming loans. DATASOURCE:
Greenville First Bancshares, Inc. CONTACT: Financial Contact, Jim
Austin, +1-864-679-9070, or Media Contact, Eddie Terrell,
+1-864-679-9016, both of Greenville First Bancshares, Inc. Web
site: http://www.greenvillefirst.com/
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