EXHIBIT 99.1
April 15, 2004
GEORGIA BANK FINANCIAL DECLARES CASH DIVIDEND
AND ANNOUNCES STOCK REPURCHASE
Georgia Bank Financial Corporation, the holding company for Georgia Bank &
Trust Company of Augusta, today announced the Board of Directors has declared
the payment of a quarterly cash dividend of $0.13 per share on outstanding
shares of the Company's Common Stock. The dividend is payable on May 21, 2004
to shareholders of record as of May 3, 2004.
The Company began paying a quarterly dividend during the first quarter of
2004. R. Daniel Blanton, President and Chief Executive Officer stated, "We are
pleased with this second quarterly dividend to reward our shareholders for their
investment and confidence in the Company."
The Company also announced the commencement of a stock repurchase program
pursuant to which it will, from time to time, repurchase up to 100,000 shares of
its outstanding stock. The Company may repurchase these shares in privately
negotiated transactions or in the open market.
"This repurchase program will enable us to take advantage of investment
opportunities in our stock as they arise which will ultimately benefit the
Company and its shareholders," stated Mr. Blanton.
Georgia Bank & Trust Company of Augusta, the Company's subsidiary, provides
banking, asset management and mortgage services through the six offices in the
Metro Augusta market. The Bank is the largest locally-owned and operated Bank
in Richmond and Columbia County and is "The Oldest Name in Augusta Banking."
For further information, please contact R. Daniel Blanton, President or
Ronald L. Thigpen, Executive Vice President at (706) 738-6990.
GEORGIA BANK FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Balance Sheets
ASSETS March 31,
2004 December 31,
(Unaudited) 2003
------------- --------------
Cash and due from banks $ 15,791,853 $ 15,704,566
Federal funds sold - -
Interest-bearing deposits in other banks 17,273 17,318
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Cash and cash equivalents 15,809,126 15,721,884
Investment securities
Available-for-sale 149,686,130 151,394,463
Held-to-maturity, at cost (fair values of
$5,478,826 and $5,750,099, respectively) 5,072,670 5,437,519
Loans held for sale 12,734,114 14,047,080
Loans 445,508,159 418,632,111
Less allowance for loan losses (7,402,292) (7,277,589)
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Loans, net 438,105,867 411,354,522
Premises and equipment, net 14,488,364 14,250,543
Accrued interest receivable 3,435,121 3,784,888
Intangible assets, net 139,883 139,883
Bank-owned life insurance 11,096,896 10,971,633
Other assets 3,247,764 3,530,542
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$653,815,935 $ 630,632,957
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LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Noninterest-bearing $ 75,745,996 $ 68,033,102
Interest-bearing:
NOW accounts 80,301,767 72,386,405
Savings 204,716,144 194,366,425
Money management accounts 23,394,362 22,137,192
Time deposits over $100,000 103,986,574 97,631,749
Other time deposits 28,173,283 29,396,929
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516,318,126 483,951,802
Federal funds purchased and securities sold
under repurchase agreements 41,433,893 56,968,754
Advances from Federal Home Loan Bank 35,000,000 30,000,000
Other borrowed funds 500,000 800,000
Accrued interest and other liabilities 4,831,504 5,223,354
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Total liabilities 598,083,523 576,943,910
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Stockholders' equity:
Common stock, $3.00 par value; 10,000,000
shares authorized; 5,284,746 shares issued;
5,247,204 shares outstanding 15,854,238 15,854,238
Additional paid-in capital 34,337,584 34,337,584
Retained earnings 4,325,033 3,001,079
Treasury stock, at cost 37,542 shares (507,360) (507,360)
Accumulated other comprehensive income 1,722,917 1,003,506
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Total stockholders' equity 55,732,412 53,689,047
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$653,815,935 $ 630,632,957
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GEORGIA BANK FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited)
Three Months Ended
March 31,
----------------------
2004 2003
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Interest income:
Loans, including fees $6,640,344 $6,257,448
Investment securities 1,706,843 1,621,372
Federal funds sold 8,224 33,106
Interest-bearing deposits in other banks 29 1,276
---------- ----------
Total interest income 8,355,440 7,913,202
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Interest expense:
Deposits 1,639,538 1,980,159
Federal funds purchased and securities sold
under repurchase agreements 177,388 167,572
Other borrowings 432,107 443,086
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Total interest expense 2,249,033 2,590,817
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Net interest income 6,106,407 5,322,385
Provision for loan losses 388,723 474,750
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Net interest income after provision for loan losses 5,717,684 4,847,635
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Noninterest income:
Service charges and fees on deposits 1,058,907 1,082,649
Gain on sale of loans 1,276,680 1,787,730
Investment securities gains, net 80,751 46,192
Retail investment income 95,555 90,937
Trust service fees 122,239 69,859
Increase in cash surrender value of
bank-owned life insurance 125,263 34,912
Miscellaneous income 99,332 97,312
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Total noninterest income 2,858,727 3,209,591
---------- ----------
Noninterest expense:
Salaries 2,513,124 2,755,773
Employee benefits 766,855 628,415
Occupancy expenses 619,164 581,346
Other operating expenses 1,699,930 1,271,463
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Total noninterest expense 5,599,073 5,236,997
---------- ----------
Income before income taxes 2,977,338 2,820,229
Income tax expense 971,248 968,042
---------- ----------
Net income $2,006,090 $1,852,187
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GEORGIA BANK FINANCIAL CORPORATION AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited)
Three Months Ended
March 31,
-----------------------
2004 2003
---------- -----------
Basic net income per share $ 0.38 $ 0.35
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Diluted net income per share $ 0.38 $ 0.35
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Weighted average common shares outstanding 5,247,204 5,247,204
========== ===========
Weighted average number of common and
common equivalent shares outstanding 5,324,089 5,353,697
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