EXHIBIT 99
PRESS RELEASE OF GREAT PEE DEE BANCORP, INC.
FOR IMMEDIATE RELEASE
July 22, 2003
GREAT PEE DEE BANCORP, INC., ANNOUNCES EARNINGS AND CASH DIVIDEND
Cheraw, SC- July 22, 2003- Herbert W. Watts, President and CEO of Great Pee Dee
Bancorp, Inc., (NASDAQ: PEDE) announced today that Great Pee Dee achieved record
performance for its year ended June 30, 2003 with net income of $1.4 million, or
$.85 per diluted share, an increase of $208,000 or 17% over net income of $1.2
million, or $.73 per diluted share, for the year ended June 30, 2002. "This
major increase in performance is due to increased lending activity and continued
strong support from the company's customers in our South Carolina markets,"
Watts stated.
For the quarter ended June 30, 2003, Great Pee Dee reported net income of
$273,000 or $.16 per diluted share, down from $305,000, or $.18 per diluted
share for the quarter ended June 30, 2002. Watts reported that this decrease was
principally due to a decrease in the company's net interest rate margin
resulting from the sustained period of low interest rates that has caused many
borrowers to refinance loans at the lower rates presently available.
Watts also announced today that the Board of Directors had declared a quarterly
cash dividend in the amount of $.14 per share for the quarter ended June 30,
2003. This dividend is payable on August 15, 2003 to shareholders of record as
of August 1, 2003.
Great Pee Dee Bancorp, Inc., has as its sole subsidiary, Sentry Bank and Trust,
a $142 million savings bank which has served the Pee Dee area since 1935. The
company's stock trades on the NASDAQ market under the symbol "PEDE".
Great Pee Dee Bancorp
Summary of Operations
(000's omitted except per share data)
Three months Three months Twelve months Twelve months
ended ended ended ended
June 30, 2003 June 30, 2002 June 30, 2003 June 30, 2002
(unaudited) (unaudited)
Interest Income $2,017 2,024 8,426 8,476
Interest Expense 801 786 3,367 3,724
Net Interest Income 1,216 1238 5,059 4,752
Provision for Loan Loss 150 125 400 500
Net after provision 1,066 1,113 4,659 4,252
Non-interest income 231 208 1,080 860
Non-interest expense 860 838 3,495 3,207
Income before tax 437 483 2,244 1,905
Income taxes 164 178 833 702
Net Income 273 305 1,411 1,203
Net Income per share
Basic 0.17 0.19 0.87 0.74
Dilutive 0.16 0.18 0.85 0.73
Great Pee Dee Bancorp
End of Period Balances
(000's omitted except per share data)
June 30, 2003 June 30, 2002
Assets $143,204 $131,034
Total Loans 110,010 110,677
Allowance for Loan Loss 1,416 1,066
Deposits 108,249 88,090
Shareholder Equity 25,689 25,569
Book Value per share $14.57 $14.48
Contact:
Great Pee Dee Bancorp
Herbert W. Watts
843-537-7656