EXHIBIT 99
PRESS RELEASE OF GREAT PEE DEE BANCORP, INC.
FOR IMMEDIATE RELEASE
July 25, 2005
GREAT PEE DEE BANCORP, INC., ANNOUNCES EARNINGS
Cheraw, SC-July 25, 2005 - Herbert W. Watts, President and CEO of Great Pee Dee
Bancorp, Inc., (NASDAQ:PEDE) announced today fourth quarter and year-end
financial results for the company. For the quarter ended June 30, 2005, the
company reported net income of $262,000, or $.15 per diluted share compared to
$292,000 or $.17 per diluted share for the same period last year. For the year
ended June 30, 2005, net income was $1,164,000 or $.68 per diluted share,
compared to $1,248,000 or $.73 per diluted share for the same period last year.
Assets of the company increased by $39 million, or 25% to $195 million during
the year with loan growth of $40 million, or 34%. Deposits also increased by
more than $28 million, or 25%. Income for the year was down slightly, as there
was a significant increase in personnel and occupancy expenses due to the
significant growth of the company. This growth resulted in an increase of net
interest income of $236,000, even though the net interest margin declined during
the year.
Great Pee Dee Bancorp, Inc. has as its sole subsidiary, Sentry Bank & Trust, a
$195 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, 2005 June 30, 2004 June 30, 2005 June 30, 2004
------------- ------------- ------------- -------------
(unaudited) (unaudited)
Interest Income $2,755 $2,209 9,371 8,312
Interest Expense 1,235 774 3,954 3,131
Net Interest Income 1,520 1,435 5,417 5,181
Provision for Loan Loss 136 0 192 375
Net Income after provision 1,384 1,435 5,225 4,806
Non-interest income 197 254 1,316 1,274
Non-interest expense 1,170 1,215 4,723 4,105
Income before tax 411 474 1,818 1,975
Income taxes 149 182 654 727
Net Income 262 292 1,164 1,248
Net Income per share
Basic 0.15 0.17 0.68 0.74
Dilutive 0.15 0.17 0.68 0.73
Great Pee Dee Bancorp
End of Period Balances
(000's omitted except per share data)
June 30, 2005 June 30, 2004
(unaudited)
Assets $195,498 $156,355
Total Loans 155,715 115,603
Allowance for Loan Loss 1,593 1,532
Deposits 136,410 108,945
Shareholder Equity 26,152 26,051
Book Value per share $14.52 $14.38
Contact:
Great Pee Dee Bancorp
Herbert W. Watts
843-537-7656