EXHIBIT 99
PRESS RELEASE OF GREAT PEE DEE BANCORP, INC.
FOR IMMEDIATE RELEASE
October 15, 2003
Great Pee Dee Bancorp, Inc., Announces Increased Cash Dividend, and Results of
Annual Meeting
Cheraw, SC-October 15, 2003-Herbert W. Watts, President and 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 $.155 per share for the
quarter ending September 30, 2003. This represents an 11% increase from the
previous quarterly dividend of $.14 per share. The dividend is payable on
November 14, 2003 to stockholders of record as of October 31, 2003.
Net income for the quarter ending September 30, 2003 was $330,211 compared to
$369,444 for the same period a year earlier. Basic net income per share was $.20
for the quarter ending September 30, 2003 compared to $.23 per share for the
quarter ending September 30, 2002. Assets increased to $153,471,355 compared to
$142,086,466 a year earlier, an increase of 8%.
At the Great Pee Dee Bancorp, Inc., annual meeting held on October 15, 2003,
William R. Butler and H. Malloy Evans were elected to serve as Directors until
2006. Shareholders approved the 2003 Long-Term Incentive Stock Plan and ratified
the appointment of Dixon Odom and Company to serve as independent auditors.
Great Pee Dee Bancorp, Inc., has as its sole subsidiary, Sentry Bank & Trust of
Cheraw and Florence, a $152 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."
Herbert W. Watts
President
Great Pee Dee Bancorp
Summary of Operations
(000's omitted except per share data)
Three months Three months
ended ended
September 30, 2003 September 30, 2002
------------------ ------------------
(unaudited)
Interest Income $2,072 2,137
Interest Expense 778 884
Net Interest Income 1,294 1,253
Provision for Loan Loss 150 75
Net after provision 1,144 1,178
Non-interest income 245 161
Non-interest expense 862 743
Income before tax 527 596
Income taxes 197 227
Net Income 330 369
Net Income per share
Basic 0.20 0.23
Dilutive 0.19 0.22
Cash Dividend Per Share 0.14 0.125
Great Pee Dee Bancorp
End of Period Balances
(000's omitted except per share data)
September 30, 2003 September 30, 2002
------------------ ------------------
(unaudited)
Assets $153,471 $142,086
Total Loans (net) 112,090 113,533
Allowance for Loan Loss 1,411 1,141
Deposits 108,760 99,170
Shareholder Equity 26,228 25,476
Book Value per share $ 14.84 $ 14.62
Contact:
Great Pee Dee Bancorp
Herbert W. Watts
843-537-7656