EXHIBIT 99
PRESS RELEASE OF GREAT PEE DEE BANCORP, INC.
FOR IMMEDIATE RELEASE
April 17, 2003
Cheraw, SC-April 17, 2003-Herbert W. Watts, CEO of Great Pee Dee Bancorp,
Inc., (NASDAQ:PEDE) has announced today that the Board of Directors has declared
a quarterly cash dividend in the amount of $.14 per share for the quarter ended
March 31, 2003. This dividend is payable on May 9, 2003 to shareholders of
record as of April 28, 2003.
The company's net income of $257,672, or $.16 per diluted share, for the quarter
ended March 31, 2003 included expenses of $118,024, net of taxes, associated
with the name change of the company's bank subsidiary to Sentry Bank & Trust
from First Federal Savings and Loan Association of Cheraw. Net income for the
quarter would have been $375,696 or $.23 per diluted share, compared to $326,000
or $.20 per diluted share for the same period in 2002. Net income for the
nine-month period ended March 31, 2003 was $1,137,804 or $.69 per diluted share,
compared to $897,585 or $.54 per diluted share for the same period in 2002. This
represents a 27% increase per diluted share. Both the recurring costs associated
with the name change, as well as a non-recurring income item of $108,000 net of
tax, in the second quarter of the year, are included in the nine-month period
ended March 31, 2003
Great Pee Dee Bancorp, Inc., has as its sole subsidiary, Sentry Bank and Trust
of Cheraw and Florence, a $144 million savings bank which has served the Pee Dee
area since 1935. The company's stock trades on the NASAQ market under the
symbol "PEDE".
Contact:
Great Pee Dee Bancorp
Herbert W. Watts, 843-537-7656
Great Pee Dee Bancorp
Summary of Operations
(000's omitted except per share data)
Three months Three months Nine months Nine months
ended ended ended ended
March 31, 2003 March 31, 2002 March 31, 2003 March 31, 2002
-------------- -------------- -------------- --------------
Interest Income $2,070 2,170 6,401 6,576
Interest Expense 813 839 2,565 2,938
Net Interest Income 1,257 1331 3,836 3,638
Provision for Loan Loss 100 150 250 375
Net after provision 1,157 1,181 3,588 3,263
Non-interest income 208 179 758 528
Non-interest expense 981 842 2,537 2,369
Income before tax 384 518 1,807 1,422
Income taxes 126 191 669 524
Net Income 258 327 1,138 898
Net Income per share
Basic $0.16 $0.20 $0.71 $0.55
Diluted 0.16 0.20 0.69 0.54