EXHIBIT 99
PRESS RELEASE OF GREAT PEE DEE BANCORP, INC.
FOR IMMEDIATE RELEASE
April 16, 2004
Great Pee Dee Bancorp, Inc., Announces Earnings and Cash Dividend
Cheraw, SC- April 16, 2004-Herbert W. Watts, President and CEO of Great Pee Dee
Bancorp, Inc., (NASDAQ:PEDE) announced today that the Board of Directors has
declared a quarterly cash dividend in the amount of $.155 per share for the
quarter ended March 31, 2004. This dividend is payable on May 14, 2004 to
shareholders of record as of April 30, 2004.
The company's net income of $325,566 or $.19 per diluted share for the quarter
ended March 31, 2004 included a gain of $102,000 net of taxes, on security
sales, as well as increased expenses of $40,000 associated with Sentry Bank and
Trust's move into its new home office. Net income for the same period in 2003
was $257,672 or $.16 per diluted share. Net income in the 2003 period was
impacted by 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 nine month period
ended March 31, 2004 was $956,135 or $.56 per diluted share, compared to
$1,137,804 or $.69 per diluted share for the same period in 2003.
Great Pee Dee Bancorp, Inc. has as its sole subsidiary, Sentry Bank and Trust of
Cheraw and Florence, a $156 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".
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, 2004 March 31, 2003 March 31, 2004 March 31, 2003
-------------- -------------- -------------- --------------
(unaudited) (unaudited)
Interest Income $2,098 $2,070 6,283 6,401
Interest Expense 777 813 2,357 2,565
Net Interest Income 1,321 1,257 3,926 3,836
Provision for Loan Loss 75 100 375 250
Net after provision 1,246 1,157 3,551 3,588
Non-interest income 354 208 840 758
Non-interest expense 1101 981 2,890 2,537
Income before tax 499 384 1,501 1,807
Income taxes 173 126 545 669
Net Income 326 258 956 1,138
Net Income per share
Basic $0.19 $0.16 $0.57 $0.71
Diluted 0.19 0.16 0.56 0.69
Great Pee Dee Bancorp
End of Period Balances
(000's omitted except per share data)
March 31, 2004 June 30, 2003 March 31,2003
-------------- ------------- -------------
(unaudited)
Assets $156,918 $143,326 $144,648
Loans, Net 116,776 110,000 111,045
Allowance for Loan Loss 1,550 1,416 1,286
Deposits 108,967 108,812 107,958
Shareholder Equity 26,458 26,043 25,867
Contact:
Great Pee Dee Bancorp
Herbert W. Watts
843-537-7656