SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: April 13, 2004
(Date of Earliest Event Reported)
GRAYSON BANKSHARES, INC.
(Exact Name of Registrant as Specified in its Charter)
Virginia (State or Other Jurisdiction of Incorporation) | 0-30535 (Commission File Number) | 54-1647596 (IRS Employer Identification No.) | |
113 West Main Street Independence, Virginia (Address of Principal Executive Offices) | 24348 (Zip Code) | ||
Registrant’s telephone number, including area code:
(276) 773-2811
Item 12.
Results of Operations and Financial Condition.
On April 13, 2004, the Registrant presented at its 2004 Annual Meeting of Shareholders the following financial results for the quarter ended March 31, 2004.
Consolidated Balance Sheets | ||||
March 31, | December 31, | |||
2004 | 2003 | |||
Assets | ||||
Cash and due from banks | $ 6,435,887 | $ 11,748,139 | ||
Federal funds sold | 16,847,364 | 15,305,544 | ||
Investment securities | 46,449,582 | 46,281,767 | ||
Loans | 183,731,228 | 178,550,118 | ||
Less allowance for loan losses | 2,412,176 | 2,395,387 | ||
Net loans | 181,319,052 | 176,154,731 | ||
Properties and equipment | 6,144,837 | 6,228,192 | ||
Accrued interest receivable | 1,839,888 | 1,891,116 | ||
Other assets | 6,780,624 | 6,255,439 | ||
Total assets | $ 265,817,234 | 263,864,928 | ||
Liabilities | ||||
Demand deposits | 25,314,457 | 26,708,360 | ||
Interest-bearing demand deposits | 19,164,777 | 19,359,587 | ||
Savings deposits | 52,088,836 | 53,415,745 | ||
Large denomination time deposits | 34,872,176 | 34,695,733 | ||
Other time deposits | 92,795,052 | 94,039,723 | ||
Total deposits | 224,235,298 | 228,219,148 | ||
FHLB Advances | 15,000,000 | 10,000,000 | ||
Accrued interest payable | 548,272 | 264,640 | ||
Other liabilities | 601,527 | 780,344 | ||
Total liabilities | 240,385,097 | 239,264,132 | ||
Stockholders’ equity | ||||
Preferred stock; $25 par value; 500,000 | ||||
shares authorized; none outstanding | - | - | ||
Common stock; $1.25 par value; 5,000,000 | ||||
shares authorized; 1,718,968 shares | ||||
issued and outstanding | 2,148,710 | 2,148,710 | ||
Surplus | 521,625 | 521,625 | ||
Retained earnings | 22,112,793 | 21,587,202 | ||
Accumulated other comprehensive income (loss) | 649,009 | 343,259 | ||
Total stockholders’ equity | 25,432,137 | 24,600,796 | ||
Total liabilities and stockholders’ equity | $ 265,817,234 | $ 263,864,928 | ||
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Consolidated Statements of Operations | ||||
Three Months Ended March 31, | ||||
2004 | 2003 | |||
Interest income | ||||
Loans and fees on loans | $ 3,075,099 | $ 2,815,234 | ||
Interest on securities | 468,507 | 584,467 | ||
Federal funds sold | 33,043 | 70,079 | ||
Total interest income | 3,576,649 | 3,469,780 | ||
Interest expense | ||||
Deposits | 1,036,532 | 1,416,177 | ||
FHLB Advances | 115,268 | 114,001 | ||
Total interest expense | 1,151,800 | 1,530,178 | ||
Net interest income | 2,424,849 | 1,939,602 | ||
Provision for loan losses | 90,000 | 90,000 | ||
Net interest income after provision | 2,334,849 | 1,849,602 | ||
Other income | ||||
Service charges on deposit accounts | 116,619 | 91,030 | ||
Other income | 157,596 | 1,013,305 | ||
Total other income | 274,215 | 1,104,335 | ||
Other expenses | ||||
Salaries and employee benefits | 1,021,995 | 840,442 | ||
Occupancy expense | 58,477 | 35,169 | ||
Equipment expense | 155,113 | 107,441 | ||
Other expense | 362,422 | 337,469 | ||
Total other expense | 1,598,007 | 1,320,521 | ||
Net income before income taxes | 1,011,057 | 1,633,416 | ||
Income taxes | 262,000 | 487,000 | ||
Net income | $ 749,057 | $ 1,146,416 | ||
Net income per share | $ .44 | $ .67 | ||
Weighted average shares outstanding | 1,718,968 | 1,718,968 | ||
The foregoing information is being furnished pursuant to this Item 12 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this information shall not be deemed to be incorporated by reference into any of the Registrant’s filings with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in any such filing.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GRAYSON BANKSHARES, INC.
(Registrant)
Date: April 13, 2004
By:
/s/ Blake M. Edwards, Jr.
Blake M. Edwards, Jr.
Chief Financial Officer
