EXHIBIT 99
PRESS RELEASE OF GREAT PEE DEE BANCORP, INC.
FOR IMMEDIATE RELEASE
April 13, 2005
Great Pee Dee Bancorp, Inc., Announces Earnings and Cash Dividend
Cheraw, SC-April 13, 2005-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 $.16 per share for the
quarter ended March 31, 2005. This dividend is payable on May 12, 2005 to
shareholders of record as of April 28, 2005.
Earnings for the quarter ended March 31, 2005 were $287,410 or $.17 per diluted
share, compared to $325,566, or $.19 per diluted share for the quarter ended
March 31, 2004. Net income for the quarter the previous year included a gain of
$102,000 (net of taxes) on security sales, plus increased expenses of $40,000
associated with Sentry Bank and Trust's move into its new home office. Net
income for the nine month period ended March 31, 2005 was $901,221 or $ .52 per
diluted share, compared to $956,000 or $.56 per diluted share for the same
period last year. Total assets increased 22%, from $157 million at March 31,
2004, to $192 million at March 31, 2005. In addition, total loans grew 23% to
$143 million over the past twelve months, and deposits grew to $137 million.
Great Pee Dee Bancorp, Inc. has as its sole subsidiary, Sentry Bank and Trust of
Cheraw and Florence, a $191 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 Nine months Nine months
ended ended ended ended
March 31, 2005 March 31, 2004 March 31, 2005 March 31, 2004
-------------- -------------- -------------- --------------
(unaudited) (unaudited)
Interest Income $2,393 $2,098 6,578 6,283
Interest Expense 1067 777 2,719 2,357
Net Interest Income 1,326 1,321 3,859 3,926
Provision for Loan Loss 32 75 56 375
Net after provision 1,294 1,246 3,803 3,551
Non-interest income 358 354 1157 840
Non-interest expense 1204 1101 3,553 2,890
Income before tax 448 499 1,407 1,501
Income taxes 161 173 506 545
Net Income 287 326 901 956
Net Income per share
Basic $0.17 $0.19 $0.53 $0.57
Diluted 0.17 0.19 0.52 0.56
Great Pee Dee Bancorp
End of Period Balances
(000's omitted except per share data)
March 31, 2005 June 30, 2004 March 31,2004
-------------- ------------- -------------
(unaudited)
-----------
Assets $192,032 $156,355 $156,918
Loans, Net 142,743 115,603 116,776
Allowance for Loan Loss 1,472 1,532 1,550
Deposits 136,731 108,945 108,967
Shareholder Equity 26,041 26,051 26,458
Contact:
Great Pee Dee Bancorp
Herbert W. Watts
843-537-7656