EXHIBIT 99.1
PRESS RELEASE OF GREAT PEE DEE BANCORP, INC.
Great Pee Dee Bancorp, Inc. Announces Increased Earnings for the First Quarter
and a Cash Dividend
October 11, 2006
Cheraw, SC - Great Pee Dee Bancorp, Inc. (NASDAQ: PEDE), the parent company of
Sentry Bank & Trust, announced unaudited net income for the quarter ended
September 30, 2006 of $453,000 an increase of 31% over the $346,000 earned in
the same period of 2005. Basic earnings per share during the most recent quarter
were $0.27 compared to basic earnings per share of $0.20 for the same quarter of
2005.
Great Pee Dee Bancorp, Inc. reported total assets on September 30, 2006 of $214
million, reflecting a 3% increase over total assets of $207 million reported on
September 30, 2005. Total net loans and deposits increased by 9% and 10% over
the same period, respectively.
At the Great Pee Dee Bancorp, Inc. annual meeting held on October 11, 2006,
William R. Butler and H. Malloy Evans, Jr. were elected to serve as Directors
until 2009. Shareholders also ratified the appointment of Dixon Hughes PLLC to
serve as independent registered public accounting firm for the fiscal year
ending June 30, 2007.
John S. Long, President & CEO of Great Pee Dee Bancorp, Inc., announced today
that the Board of Directors has declared a quarterly cash dividend in the amount
of $0.16 per share for the quarter ended September 30, 2006. The dividend is
payable on November 2, 2006 to stockholders of record October 23, 2006.
Sentry Bank & Trust, the sole subsidiary of Great Pee Dee Bancorp, Inc., is a
savings bank with $213 million in assets, operating three offices in Cheraw and
Florence. In addition to primary banking operations, other related services are
provided by Sentry Investment Services, the insurance and investment division.
Shares of common stock of Great Pee Dee Bancorp, Inc. are listed on the NASDAQ
and trade under the symbol PEDE. Additional corporate information, product
descriptions, and online services can be located on the Bank's website at
www.sentrybankandtrust.com.
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Note:
In addition to historical information, this release may contain forward-looking
statements. For this purpose, any statements contained herein that are not
statements of historical fact may be deemed to be forward-looking statements.
There are a number of important factors that have been outlined in previously
filed documents with the Securities and Exchange Commission, and other factors
that could cause Great Pee Dee Bancorp, Inc.'s actual results to differ
materially from those contemplated by such forward-looking statements,
including, but not limited to increases in anticipated merger integration
expenses. Great Pee Dee Bancorp, Inc. undertakes no obligation to publicly
release the results of any revisions to those forward-looking statements that
may be made to reflect events or circumstances after the date of this release or
to reflect the occurrence of unanticipated events.
Great Pee Dee Bancorp, Inc.
Summary of Operations
(000's omitted except per share data)
Three months Three months
ended ended
September 30, 2006 September 30, 2005
------------------ ------------------
(unaudited)
Interest Income $3,545 $2,895
Interest Expense 1,824 1307
Net Interest Income 1,721 1,588
Provision for Loan Loss 47 120
Net after provision 1,674 1,468
Non-interest income 290 253
Non-interest expense 1,231 1,158
Income before tax 733 563
Income taxes 280 217
Net Income 453 346
Net Income per share
Basic 0.27 0.20
Dilutive 0.26 0.20
Great Pee Dee Bancorp, Inc.
End of Period Balances
(000's omitted except per share data)
September 30, 2006 September 30, 2005
------------------ ------------------
(unaudited)
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Assets $214,237 $207,500
Total Loans (net) 180,880 165,938
Allowance for Loan Loss 1,940 1,666
Deposits 155,387 140,647
Shareholders' Equity 26,863 26,362
Book Value per share $15.04 $14.63
Contact:
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Great Pee Dee Bancorp
John S. Long
843-537-7656