Exhibit 99
News Release
Date: Friday April 25, 2003
Contact: J. W. Davis, President and Chief Executive Officer
MountainBank Financial Corporation
(828) 693-7376
Release Date: For Immediate Release
MOUNTAINBANK FINANCIAL CORPORATION REPORTS
QUARTERLY INCOME UP 7%
HENDERSONVILLE N.C., April 25 / PR Newswire / -- MountainBank Financial
Corporation (Nasdaq SmallCap Market: MBFC) today announced that the Company's
earnings rose 7% during the first quarter of 2003 as compared the same period in
2002. Net income totaled $1.65 million or $0.42 per diluted share as compared
with $1.54 million or $0.41 per diluted share for the first three months of
2002. Included in the results of operations for the first quarter of 2003 was
$435 thousand in non-recurring expense relating to a proposed acquisition that
was not consummated. Excluding this non-recurring item, the Company's net income
increased 25% to $1.92 million or $0.49 per diluted share. The Company also
reported total assets, loans and deposits at March 31, 2003 of $847.3 million,
$717.6 million and $696.8 million, respectively.
In announcing these results, J.W. Davis, president and chief executive officer
said, "We believe the increase in our core earnings of 25% during the first
quarter of 2003 is reflective of MountainBank's strong earnings capacity. Given
the current economic environment, we are quite pleased with our first quarter
performance. As we remain focused on the fundamentals of our business model and
our core operating philosophy, we believe the opportunities and prospects for
our company continue to be exceptional."
Additional summary financial information follows on the accompanying pages:
MountainBank Financial Corporation
Summary of Financial Highlights
Three Months Ended
March 31,
-------------------------------------
2003 2002
---- ----
Summary of Operations (dollars in thousands)
Net income $ 1,652 $ 1,539
Preferred stock dividends declared 151 -
Net income available to common shareholders 1,501 1,539
Interest income 12,593 10,600
Interest expense 4,938 4,293
Net interest income 7,655 6,307
Provision for loan losses 1,375 1,300
Non-interest income 2,339 1,443
Non-interest expense 5,954 3,786
Income tax expense 1,013 1,125
Earnings Information and Per Share Data
Basic earnings per share $ 0.47 $ 0.49
Diluted earnings per share $ 0.42 $ 0.41
Book value per common share $ 13.62 $ 11.60
Tangible book value per common share $ 12.33 $ 10.72
Closing market price $ 25.00 $ 21.50
Other Share Information
Weighted average shares outstanding - basic 3,211,255 3,112,522
Weighted average shares outstanding - diluted 3,957,336 3,792,907
End of period shares outstanding 3,220,657 3,112,022
Selected Key Data
Efficiency ratio 59.58% 48.85%
Return on average assets 0.80% 1.08%
Return on average equity 12.47% 15.21%
March 31, December 31,
2003 2002
---- ----
Balance Sheet Information (dollars in thousands)
Total assets $ 847,328 $ 841,140
Cash and due from banks 15,781 10,229
Investment securities 55,457 77,477
Loans, gross 698,205 677,624
Loans held for sale 19,345 32,857
Allowance for loan losses 10,729 11,192
Intangible assets 4,162 4,244
Non-interest bearing deposits 61,380 64,607
Interest bearing deposits 635,442 612,662
Other interest-bearing liabilities 91,081 106,132
Shareholders equity 53,923 52,468
Asset Quality Information
Non-accrual loans, OREO and repossessed property 5,477 4,417
Accruing loans 90 days or more past due 225 18
Total nonperforming assets 5,702 4,435
Nonperforming assets to total assets 0.67% 0.53%
Allowance for loan losses to nonperforming assets 188.16% 252.36%
Allowance for loan losses to total loans 1.50% 1.58%
Allowance to loans excluding loans held for sale 1.54% 1.65%
Accruing loans 30 to 89 days past due 11,153 9,999
Loans charged off during period 1,952 1,449
Recoveries during period 114 228
Net charge-offs to total loans 0.26% 0.17%
Allowance for loan losses to net charge-offs 583.73% 916.63%
SOURCE: MountainBank Financial Corporation
______________________________________________________
MountainBank Financial Corporation's stock currently trades on the
NASDAQ SmallCap market under the symbol MBFC. MountainBank, one of the fastest
growing community banks in the Carolinas, currently operates eighteen full
service offices in ten western North Carolina counties. The company also offers
trust, wealth management and mortgage services through subsidiaries in
Greenville and Greenwood, South Carolina.
Forward-Looking Statements
This news release contains forward-looking statements. Such statements are
subject to certain factors that may cause the company's results to vary from
those expected. These factors include changing economic and financial market
conditions, competition, ability to execute our business plan, items already
mentioned in this press release, and other factors described in our filings with
the Securities and Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect management's
judgment only as of the date hereof. The company undertakes no obligation to
publicly revise these forward-looking statements to reflect events and
circumstances that arise after the date hereof.
+++End of Release+++