CHERAW, S.C., Jan. 17 /PRNewswire-FirstCall/ -- Great Pee Dee Bancorp, Inc. , the parent company of Sentry Bank & Trust, announced unaudited net income for the quarter ended December 31, 2007, of $315,000, a decrease of 17% from the $381,000 earned in the same period of 2006. Diluted earnings per share during the most recent quarter were $0.18 compared to diluted earnings per share of $0.22 for the same quarter of 2006. The decrease in net income was a result of costs related to the Great Pee Dee and First Bancorp merger.
Great Pee Dee Bancorp, Inc. reported total assets on December 31, 2007 of $221 million, reflecting a 0.6% increase from total assets of $220 million reported on December 31, 2006. Total net loans decreased by 4% and deposits decreased by 9% over the same period, respectively when compared to June 30, 2007.
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 December 31, 2007. The dividend is payable on February 7, 2008, to stockholders of record January 28, 2008.
Sentry Bank & Trust, the sole subsidiary of Great Pee Dee Bancorp, Inc., is a savings bank with $220 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. End of Period Balances (000's omitted except per share data) December June 30, December 31, 2007 2007 31, 2006 (unaudited) (audited) (unaudited) Assets $221,435 $236,747 $220,157 Total Loans (net) 171,861 178,687 184,581 Allowance for Loan Loss 2,001 1,938 1,989 Deposits 155,373 171,204 157,592 Shareholders' Equity 27,799 27,314 27,137 Book Value per share $15.33 $15.35 15.16 Great Pee Dee Bancorp, Inc. Summary of Operations (000's omitted except per share data) Three Three Six Six months months months months ended ended ended ended December December December December 31, 2007 31, 2006 31, 2007 31, 2006 (unaudited)(unaudited)(unaudited)(unaudited) Interest Income $3,828 $3,653 $7,769 $7,198 Interest Expense 2,162 2,012 4,391 3,836 Net Interest Income 1,666 1,641 3,378 3,362 Provision for Loan Losses 100 60 167 107 Net interest income after provision 1,566 1,581 3,211 3,255 Non-interest income 269 257 544 547 Non-interest expense 1,291 1,220 2,868 2,451 Income before tax 544 618 887 1,351 Income taxes 229 237 477 517 Net Income 315 381 410 834 Net Income per share Basic 0.18 0.22 0.24 0.49 Diluted 0.18 0.22 0.23 0.49
