Greenville First Bancshares (NASDAQ:GVBK)
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Greenville First Announces Record Growth for 2004
Assets grow to over $315 million and net income to over $2 million
GREENVILLE, S.C., Jan. 20 /PRNewswire-FirstCall/ -- Greenville First
Bancshares, Inc. (NASDAQ:GVBK), holding company for Greenville First Bank NA,
today announced that net income for the fourth quarter of 2004 was $704
thousand, or $0.24 per diluted share compared to $342 thousand, or $0.18 per
diluted share for the same period in 2003. The company also reported net income
for the year ended December 31, 2004 of $2.0 million, or $0.90 per diluted
share, a 100% increase when compared to a net income of $1.0 million, or $0.53
per diluted share for the previous year, 2003.
As a result of the $2.0 million in net income in 2004 and the $15.0 million in
net proceeds from the secondary stock offering that was completed in October of
2004, the Company's book value per share increased 63.3%, from $6.49 on
December 31, 2003 to $10.60 on December 31, 2004.
Return on average assets for the year ended December 31, 2004 was 0.73%
compared to 0.52% for the same period in 2003. Return on average shareholders'
equity in 2004 was 12.37% compared to 9.28% for the same period in 2003. The
company's efficiency ratio (noninterest expense divided by the sum of net
interest income and noninterest income) improved to 51.58% during 2004 compared
to 59.04% for the year 2003.
"2004 was a year of outstanding growth and exceptional results for our
employees and shareholders," said Art Seaver, President and CEO. "Growing our
assets to over $315 million and doubling our earnings to $2 million is evidence
that our Client First level of service has been embraced by the Greenville
market, and provides us with significant momentum as we expand with two new
offices in 2005."
Total assets grew to $315.8 million as of December 31, 2004 compared to $230.8
million on December 31, 2003, or an increase of 36.8%. Loans were $276.6
million at December 31, 2004, an increase of $70.5 million or 34.2% when
compared with $206.1 million at the end of 2003. Deposits grew over 21.2% to
$204.8 million on December 31, 2004 compared to $168.9 million on December 31,
2003.
Greenville First celebrated five years of operations on January 10, 2005. The
closing stock price on December 31, 2004 was $19.61 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.
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 and
years ended December 31, 2004 and 2003 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 Years
(In thousands, except per Ended December 31, Ended December 31,
share amounts) 2004 2003 2004 2003
Summary Results of Operations
Data:
Interest income $4,187 $2,708 $13,965 $9,722
Interest expense 1,624 933 5,317 3,618
Net interest income 2,563 1,775 8,648 6,104
Provision for loan losses 285 300 1,310 1,050
Net interest income after
provision for loan losses 2,278 1,475 7,338 5,054
Noninterest income 214 76 761 422
Noninterest expense 1,357 999 4,853 3,853
Income before taxes 1,135 552 3,246 1,623
Income tax expense 431 210 1,233 617
Net income $704 $342 $2,013 $1,006
Per Share Data: (2)
Net income, basic $0.27 $0.20 $1.02 $0.58
Net income, diluted $0.24 $0.18 $0.90 $0.53
Book value $10.60 $6.49 $10.60 $6.49
Weighted average number of
shares outstanding:
Basic 2,648 1,725 1,972 1,725
Diluted 2,916 1,900 2,240 1,881
Performance Ratios:
Return on average assets (3) 0.90% 0.62% 0.73% 0.52%
Return on average equity (3) 10.09% 12.06% 12.37% 9.28%
Net interest margin (3) 3.35% 3.30% 3.17% 3.24%
Efficiency ratio (4) 48.87% 53.97% 51.58% 59.04%
Growth Ratios and Other Data:
Percentage change in net
income 105.85% 100.10%
Percentage change in
diluted net income per
share 33.33% 69.81%
SUMMARY CONSOLIDATED FINANCIAL DATA, CONTINUED
At December 31,
2004 2003
Summary Balance Sheet Data:
Assets $315,811 $230,841
Investment securities 29,163 15,759
Loans (1) 276,630 206,077
Allowance for loan losses 3,717 2,705
Deposits 204,864 168,964
Securities sold under
agreement to repurchase
and federal funds
purchased 13,100 9,297
Other borrowed funds 60,660 32,500
Junior subordinate
debentures 6,186 6,186
Shareholders' equity 28,079 11,187
Asset Quality Ratios:
Nonperforming assets, past
due and restructured loans
to total loans (1) 0.27% 0.21%
Nonperforming assets, past
due and restructured loans
to total assets 0.24% 0.19%
Net charge-offs year to
date to average total
loans (1) 0.12% 0.10%
Allowance for loan losses
to nonperforming loans 502.84% 609.35%
Allowance for loan losses
to total loans (1) 1.34% 1.30%
Capital Ratios:
Average equity to average
assets 5.87% 5.57%
Leverage ratio 10.79% 6.09%
Tier 1 risk-based capital
ratio 13.13% 7.78%
Total risk-based capital
ratio 14.38% 10.24%
Growth Ratios and Other Data:
Percentage change in assets 36.81%
Percentage change in
loans (1) 34.24%
Percentage change in
deposits 21.25%
Percentage change in equity 151.00%
Loan to deposit ratio (1) 133.22%
(1) Includes nonperforming loans.
(2) Adjusted for all years presented giving retroactive effect to a
three-for-two common stock split in November 2003.
(3) Annualized for the three month periods.
(4) 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.
DATASOURCE: Greenville First Bancshares, Inc.
CONTACT: Financial, Jim Austin, +1-864-679-9070, or Media, Eddie
Terrell, +1-864-679-9016, both of Greenville First Bancshares, Inc.
Web site: http://www.greenvillefirst.com/