CHERAW, S.C., April 20 /PRNewswire-FirstCall/ -- Great Pee Dee Bancorp, Inc. , the parent company of Sentry Bank & Trust, announced unaudited net income for the quarter ended March 31, 2007, of $367,000 compared to $408,000 earned in the same period of 2006. Diluted earnings per share during the most recent quarter were $0.21 compared to diluted earnings per share of $0.24 for the same quarter of 2006.
Net income for nine months ended March 31, 2007, was $1,201,000, an increase 6.1% over the $1,132,000 earned in the same period of 2006.
Great Pee Dee Bancorp, Inc. reported total assets on December 31, 2006 of $219 million, reflecting a 2.8% increase over total assets of $213 million reported on June 30, 2006. Total net loans and deposits increased by 6.1% and 1.0% over the same period, respectively.
John S. Long, President & CEO of Great Pee Dee Bancorp, Inc., announced today that the Board of Directors has declared a quarterly cash dividend in the amount of $0.16 per share for the quarter ended March 31, 2007. The dividend is payable on May 10, 2007 to stockholders of record April 30, 2007.
Sentry Bank & Trust, the sole subsidiary of Great Pee Dee Bancorp, Inc., is a savings bank with $218 million in assets, operating three offices in Cheraw and Florence. In addition to primary banking operations, other related services are provided by Sentry Investment Services, the insurance and investment division. Shares of common stock of Great Pee Dee Bancorp, Inc. are listed on the NASDAQ and trade under the symbol PEDE. Additional corporate information, product descriptions, and online services can be located on the Bank's website at http://www.sentrybankandtrust.com/.
Note:
In addition to historical information, this release may contain forward- looking statements. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. There are a number of important factors that have been outlined in previously filed documents with the Securities and Exchange Commission, and other factors that could cause Great Pee Dee Bancorp, Inc.'s actual results to differ materially from those contemplated by such forward-looking statements, including, but not limited to increases in anticipated merger integration expenses. Great Pee Dee Bancorp, Inc. undertakes no obligation to publicly release the results of any revisions to those forward-looking statements that may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Great Pee Dee Bancorp, Inc.
Summary of Operations
(000's omitted except per share data)
Three Three Nine Nine
months months months months
ended ended ended ended
March 31, March 31, March 31, March 31,
2007 2006 2007 2006
(unaudited) (unaudited) (unaudited) (unaudited)
Interest Income $3,637 $3,235 $10,835 $9,323
Interest Expense 2,052 1,536 5,888 4,376
Net Interest Income 1,585 1,699 4,947 4,947
Provision for Loan Losses 41 23 148 240
Net interest income
after provision 1,544 1,676 4,799 4,707
Non-interest income 322 172 869 626
Non-interest expense 1,272 1,195 3,723 3,493
Income before tax 594 653 1,945 1,840
Income taxes 227 245 744 708
Net Income 367 408 1,201 1,132
Net Income per share
Basic 0.21 0.24 0.70 0.66
Diluted 0.21 0.24 0.70 0.65
Great Pee Dee Bancorp, Inc.
End of Period Balances
(000's omitted except per share data)
March 31, June 30, March 31,
2007 2006 2006
(unaudited) (audited) (unaudited)
Assets $218,994 $212,706 $213,759
Loans, Net 185,941 175,275 175,558
Allowance for Loan Loss 1,997 1,901 1,789
Deposits 152,702 151,339 156,564
Shareholders' Equity 27,340 26,540 26,320
Book Value per share 15.27 14.83 $14.70
