Greene County Bancshares, Inc. (NASDAQ/NM: GCBS), the second
largest bank holding company headquartered in the state of
Tennessee, today announced strong operating and financial results
for the fourth quarter and year ended December 31, 2005. These
record results capped a year in which the Company saw significant
growth in loans outstanding, total assets and deposits - all
contributing to the highest level of annual net income in the
Company's history. Expansion to new markets and continued market
penetration were key drivers in this record performance. Fourth
quarter net income increased 44% to $3,838,000 from $2,668,000 in
the same 2004 period. Earnings on a diluted per share basis for the
fourth quarter increased 15% to $0.39 versus $0.34 for the year ago
quarter, reflecting the issuance of 2.1 million new shares in a
public common stock offering, which primarily affected fourth
quarter 2005 earnings per share. Weighted average shares
outstanding during the fourth quarter of 2005 approximated 9.8
million versus 7.7 million weighted average shares outstanding in
the year-earlier period. Net interest income for the fourth quarter
increased 32% to $16,839,000 from $12,743,000 in the prior-year
period, driven principally by an increase in earning assets. This
improvement was partially offset by the impact of increased
competition for deposits in a rising-rate environment, which
narrowed net interest margin to 4.67% in the current quarter from
4.81% during the same period a year ago. On a linked-quarter basis,
however, net interest margin improved 13 basis points from 4.54%
reported for the third quarter of 2005. The Company's provision for
loan losses declined 5% to $1,979,000 from $2,089,000 in the same
period last year. This decline primarily reflected continued
improvements in asset quality, which have more than offset
volume-driven additions to the provision. Net interest income after
provision for loan losses rose 39% to $14,860,000 in the fourth
quarter of 2005 versus $10,654,000 in the same period last year.
Commenting on the announcement, Stan Puckett, Chairman and Chief
Executive Officer, said, "We are pleased to report the Company's
solid performance in the fourth quarter and throughout 2005. It was
an exciting year for us as we continued to build momentum in our
operations. One of the highlights of 2005 was our October
acquisition of five branches in Clarksville, which added a total of
approximately $114 million to our loan portfolio and $173 million
in deposits. This acquisition not only signaled our entry into that
vibrant market and greatly expanded the footprint of our branch
system, it also complemented the strategies underlying our
late-2004 purchase of three branches in Lawrenceburg, Tennessee.
Moreover, it ties with our continued organic growth in the
metropolitan Nashville area, where we opened two new branches
during the year as a follow-up to our first Nashville branch opened
in November 2004. Together, these initiatives have contributed
significantly to our presence in an emerging Middle Tennessee
market. "In addition to these steps, we have continued to witness
sound market share growth in other areas of our system, like Knox
and Blount Counties, Tennessee, and particularly in Knoxville,
which is a relatively new market for us," Puckett continued. "This
growth has made the Knoxville region our largest market, and we are
excited about the opportunities we see for continued growth in
these areas." In concert with the Clarksville acquisition and to
support the associated growth in other areas of the bank, Greene
County Bancshares completed a public offering of 2.1 million common
shares this past fall at a price of $25.75 per share. The offering
raised approximately $51 million in new capital for the Company.
For the year ended December 31, 2005, net income increased 18% to
$14,163,000 from $12,008,000 in 2004. Net income per diluted share
for 2005 increased 10% to $1.71 on 8.3 million weighted average
shares outstanding, reflecting the initial impact of the new stock
offering, from $1.55 on 7.7 million weighted average shares
outstanding in 2004. Net interest income increased 20% to
$58,786,000 for 2005 compared with $49,018,000 last year, driven
principally by an increase in earning assets. This improvement was
partially offset by rapidly rising market interest rates during the
past year, as evidenced by the Federal Open Market Committee's
actions to increase rates eight times during 2005, which ratcheted
up market rates by 200 basis points and created significant
pressure on borrowing costs and competition for deposits. The
Company's provision for loan losses in 2005 increased 9% to
$6,365,000 from $5,836,000 in 2004. Non-interest income totaling
$14,756,000 increased 13% in 2005, driven principally by the growth
in transaction account income. Non-interest expenses increased
almost 20% over 2004 levels, reflecting the normal operating costs
associated with branch expansion initiatives completed in both 2004
and 2005. The Company's efficiency ratio was 60.3% in 2005 compared
with 59.6% in 2004. "We are pleased that in most aspects of our
business, we witnessed ongoing improvements during 2005," Puckett
added. "Reflecting our push into Middle Tennessee and recent
expansions in and around Knoxville, together with solid growth in
the Bristol and Washington County areas, our loan portfolio
increased at an annualized rate of 16% in the fourth quarter of
2005 (without the Clarksville acquisition) versus the third
quarter, and was up 32% for the year - with 21% attributable to
organic growth. Concurrent with this growth, we continued to see
improving credit quality trends, with net charge-offs for the year
of $3,814,000 or 0.32% of average total loans and bank-only net
charge-offs of $2,490,000 or 0.21% of bank-only average total
loans. Our High Performance Checking program, which we initiated
last February, resulted in the opening of 14,175 new accounts in
2005. This organic growth in our deposit base, combined with our
reach to new markets, continues to help support our expanding loan
portfolio. We are pleased with these accomplishments in 2005. Our
resolve is firm to continue this positive momentum into 2006." At
December 31, 2005, the Company's total assets increased 31% to
$1,619,989,000 from $1,233,403,000 at December 31, 2004. The
increase of almost $387,000,000 in assets resulted from organic
market growth of $214,000,000, coupled with the acquisition of the
Clarksville market branches that added approximately $173,000,000
to total assets. Loans, net of unearned interest, increased
$331,775,000 or 32% to $1,378,642,000 at December 31, 2005.
Approximately $114,000,000 of this improvement related to the
Clarksville acquisition. Deposits totaled $1,295,879,000 at
December 31, 2005, up $297,857,000 or 30% from the same period a
year ago. Approximately $173,000,000 of this increase related to
the Clarksville market expansion. Total shareholders' equity
increased 55% to $168,021,000 at December 31, 2005, versus
$108,718,000 at December 31, 2004, reflecting both earnings growth
as well as the net proceeds from the Company's public common stock
offering during the year. Annualized return on average
shareholders' equity for the fourth quarter and year ended December
31, 2005, was 9.10% and 11.09%, respectively, versus 9.68% and
11.23%, respectively, for the comparable periods last year. The
annualized returns on average tangible shareholder' equity were
11.65% for the fourth quarter of 2005 and 14.04% for the full year
compared with 11.99% and 13.95%, respectively, for the same periods
a year ago. Returns on average total assets for the fourth quarter
and year ended December 31, 2005, were 0.98% and 1.02%,
respectively, compared with 0.93% and 1.06%, respectively, for the
same periods in 2004. Greeneville, Tennessee-based Greene County
Bancshares, Inc., with total assets of approximately $1.6 billion,
is the holding company for Greene County Bank. Greene County Bank,
founded in 1890, now has 47 branches throughout East and Middle
Tennessee, one branch in Bristol, Virginia, one branch in western
North Carolina, and a trust services office in Lebanon, Tennessee.
Greene County Bank does business in Washington County, Tennessee,
as Washington County Bank; in Blount County and Knox County,
Tennessee, as American Fidelity Bank; in Montgomery County,
Tennessee, as Clarksville Community Bank; in Sumner County,
Tennessee, as First Independent Bank; in Rutherford County,
Tennessee, as Rutherford Bank and Trust; in Sullivan County,
Tennessee, as Sullivan County Bank and First Bristol Bank; in
Hamblen County, Tennessee, as Hamblen County Bank; in McMinn
County, Tennessee, as Bank of Athens and Bank of Niota; in Hawkins
County, Tennessee, as Hawkins County Bank and Bank of Bulls Gap; in
Lawrence County, Tennessee, as Bank of Lawrence County; in Cocke
County, Tennessee, as Cocke County Bank; in Loudon County,
Tennessee, as Community Bank of Loudon County; in Monroe County,
Tennessee, as Community Trust Bank; in the City of Bristol,
Virginia, as First Bristol Bank; in Davidson County and Williamson
County, Tennessee, as Middle Tennessee Bank & Trust; and in
Wilson County, Tennessee, as President's Trust. In addition, Greene
County Bank also conducts separate businesses through three wholly
owned subsidiaries: Superior Financial Services, Inc., a consumer
finance company; GCB Acceptance Corporation, a consumer finance
company specializing in subprime automobile lending; and Fairway
Title Co., a title insurance company. This news release may contain
forward-looking statements regarding Greene County Bancshares,
Inc., as defined in Section 21E of the Securities Exchange Act of
1934. All forward-looking statements involve risk and uncertainty
and actual results could differ materially from the anticipated
results or other expectations expressed in the forward-looking
statements. A discussion of factors that could cause actual results
to differ materially from those expressed in the forward-looking
statements is included in the Greene County Bancshares, Inc.
filings with the Securities and Exchange Commission. -0- *T GREENE
COUNTY BANCSHARES, INC. Unaudited Financial Highlights (In
thousands, except per share amounts) Three Months Ended Year Ended
-------------------------- ---------------- Dec. 31, Sept. 30, Dec.
31, Dec. 31, Dec. 31, 2005 2005 2004 2005 2004 -------- -------
------- ------- ------- Interest income $25,638 $22,115 $17,135
$87,191 $65,076 Interest expense 8,799 7,567 4,392 28,405 16,058
------- ------- ------- ------- ------- Net interest income 16,839
14,548 12,743 58,786 49,018 Provision for loan losses 1,979 1,704
2,089 6,365 5,836 ------- ------- ------- ------- ------- Net
interest income after provision for loan losses 14,860 12,844
10,654 52,421 43,182 Non-interest income 4,321 3,796 3,844 14,756
13,028 Non-interest expense 12,952 10,691 10,247 44,340 36,983
------- ------- ------- ------- ------- Income before income taxes
6,229 5,949 4,251 22,837 19,227 Income taxes 2,391 2,273 1,583
8,674 7,219 ------- ------- ------- ------- ------- Net income $
3,838 $ 3,676 $ 2,668 $14,163 $12,008 ======= ======= =======
======= ======= Comprehensive income $ 3,627 $ 3,639 $ 2,569
$13,820 $11,795 ======= ======= ======= ======= ======= Earnings
per share: Basic $ 0.40 $ 0.48 $ 0.35 $ 1.73 $ 1.57 ======= =======
======= ======== ======= Diluted $ 0.39 $ 0.47 $ 0.34 $ 1.71 $ 1.55
======= ====== ======= ======== ======= Weighted average shares:
Basic 9,710 7,711 7,657 8,184 7,652 ======= ======= ======= =======
======= Diluted 9,800 7,805 7,736 8,276 7,734 ======= =======
======= ======= ======= Dividends declared per share $ 0.26 $ 0.12
$ 0.25 $ 0.62 $ 0.61 ======= ======= ======= ======= ======= Dec.
31, Sept. 30, Dec. 31, 2005 2005 2004 --------- --------- ---------
Total assets $1,619,989 $1,405,580 $1,233,403 Cash and cash
equivalents 74,523 46,321 70,648 Investment securities 58,736
63,565 45,910 Loans, net of unearned interest 1,378,642 1,215,072
1,046,867 Allowance for loan losses 19,739 17,640 15,721 Deposits
1,295,879 1,134,864 998,022 Shareholders' equity 168,021 160,307
108,718 Tangible shareholders' equity(1) 128,399 137,176 85,023
Book value per share 17.20 16.90 14.22 Tangible book value per
share(1) 13.15 14.46 11.12 (1) Tangible shareholders' equity is
shareholders' equity less goodwill and intangible assets. GREENE
COUNTY BANCSHARES, INC. Condensed Consolidated Balance Sheets
December 31, 2005 and December 31, 2004 (Dollars in thousands
except share and per share data) (Unaudited) December 31, December
31, 2005 2004(1) ---------------- ------------ ASSETS -------- Cash
and due from banks $ 46,136 $ 30,727 Federal funds sold 28,387
39,921 Securities available-for-sale ("AFS") 48,868 35,318
Securities held-to-maturity (with a market value of $3,335 and
$4,506 on December 31, 2005 and 2004) 3,379 4,381 FHLB, Bankers
Bank and other stock, at cost 6,489 6,211 Loans held for sale 2,686
1,151 Loans, net of unearned interest 1,378,642 1,046,867 Allowance
for loan losses (19,739) (15,721) Bank premises and equipment, net
of accumulated depreciation 49,985 35,591 Goodwill and other
intangible assets 39,622 23,695 Other assets 35,534 25,262
---------------- ------------ Total Assets $ 1,619,989 $ 1,233,403
================ ============ LIABILITIES AND SHAREHOLDERS' EQUITY
-------------------------------------- Deposits $ 1,295,879 $
998,022 Repurchase agreements 17,498 13,868 FHLB advances and notes
payable 105,146 85,222 Subordinated debentures 13,403 10,310
Accrued interest payable and other liabilities 20,042 17,263
---------------- ------------ Total Liabilities 1,451,968 1,124,685
---------------- ------------ SHAREHOLDERS' EQUITY
-------------------------------------- Common Stock: $2 par value,
15,000,000 shares authorized; 9,766,336 and 7,647,740 shares
outstanding 19,533 15,296 Paid in Capital 70,700 24,160 Retained
Earnings 78,158 69,289 Accumulated Other Comprehensive Income
(Loss) (370) (27) ---------------- ------------ Total Shareholders'
Equity 168,021 108,718 ---------------- ------------ Total
Liabilities & Shareholders' Equity $ 1,619,989 $ 1,233,403
================ ============ (1) Derived from Audited Consolidated
Financial Statements. GREENE COUNTY BANCSHARES, INC. Condensed
Consolidated Statements of Income and Comprehensive Income Three
and Twelve Months Ended December 31, 2005 and 2004 (Unaudited)
(Dollars in thousands except share and per share data) Three Months
Ended Twelve Months Ended December 31, December 31,
----------------------- ----------------------- 2005 2004 2005 2004
---------- ---------- ---------- ---------- Interest Income:
---------------- Interest and Fees on Loans $ 24,809 $ 16,737 $
84,074 $ 63,580 Interest on Investment Securities 649 365 2,340
1,434 Interest on Federal Funds Sold and Interest-earning Deposits
180 33 777 62 ---------- ---------- ---------- ---------- Total
Interest Income 25,638 17,135 87,191 65,076 ---------- ----------
---------- ---------- Interest Expense: ----------------- Interest
on Deposits 7,433 3,342 23,481 12,199 Interest on Borrowings 1,366
1,050 4,924 3,859 ---------- ---------- ---------- ---------- Total
Interest Expense 8,799 4,392 28,405 16,058 ---------- ----------
---------- ---------- Net Interest Income 16,839 12,743 58,786
49,018 Provision for Loan Losses 1,979 2,089 6,365 5,836 ----------
---------- ---------- ---------- Net Interest Income after
Provision for Loan Losses 14,860 10,654 52,421 43,182 ----------
---------- ---------- ---------- Noninterest Income:
-------------------- Service Charges, Commissions and Fees 3,546
2,429 11,683 9,778 Other Income 775 1,415 3,073 3,250 ----------
---------- ---------- ---------- Total Noninterest Income 4,321
3,844 14,756 13,028 ---------- ---------- ---------- ----------
Noninterest Expense: -------------------- Salaries and Benefits
6,475 5,218 22,185 19,189 Occupancy and Furniture and Equipment
Expense 1,939 1,578 7,273 6,023 Other Expenses 4,538 3,451 14,882
11,771 ---------- ---------- ---------- ---------- Total
Noninterest Expense 12,952 10,247 44,340 36,983 ----------
---------- ---------- ---------- Income Before Income Taxes 6,229
4,251 22,837 19,227 Income Taxes 2,391 1,583 8,674 7,219 ----------
---------- ---------- ---------- Net Income $ 3,838 $ 2,668 $
14,163 $ 12,008 ========== ========== ========== ==========
Comprehensive Income $ 3,627 $ 2,569 $ 13,820 $ 11,795 ==========
========== ========== ========== Per Share of Common Stock:
---------------------- Basic Earnings $ 0.40 $ 0.35 $ 1.73 $ 1.57
========== ========== ========== ========== Diluted Earnings $ 0.39
$ 0.34 $ 1.71 $ 1.55 ========== ========== ========== ==========
Dividends $ 0.26 $ 0.25 $ 0.62 $ 0.61 ========== ==========
========== ========== Weighted Average Shares Outstanding:
-------------------- Basic 9,709,731 7,656,509 8,184,499 7,652,099
========== ========== ========== ========== Diluted 9,799,609
7,735,834 8,276,133 7,734,335 ========== ========== ==========
========== GREENE COUNTY BANCSHARES, INC. Consolidated Financial
Highlights (UNAUDITED) (Dollars in thousands except share and per
share data) December 31, December 31, % 2005 2004 Change ----------
---------- ------- Financial Condition Data:
------------------------- Assets $1,619,989 $1,233,403 31.34%
Loans, net of unearned interest 1,378,642 1,046,867 31.69% Cash and
investments 104,872 76,637 36.84% Federal funds sold 28,387 39,921
-28.89% Deposits 1,295,879 998,022 29.84% FHLB advances and notes
payable 105,146 85,222 23.38% Subordinated debentures 13,403 10,310
30.00% Federal funds purchased and repurchase agreements 17,498
13,868 26.18% Shareholders' equity 168,021 108,718 54.55% Tangible
shareholders' equity(1) 128,399 85,023 51.02% Ratios: ---------
Book value per share $17.20 $14.22 20.96% Tangible book value per
share(1) $13.15 $11.12 18.26% Average equity to average assets
9.20% 9.46% -2.75% Dividend payout ratio 37.38%(2) 38.86%(2) -3.81%
(1) Tangible shareholders' equity is shareholders' equity less
goodwill and intangible assets. (2) Includes special dividend of
$.14 and $.13 per share paid in December 2005 and 2004,
respectively. Three Months Ended December 31,
---------------------- 2005 2004 % Change ---------- ----------
--------- Operating Data: --------------- Total Interest Income $
25,638 $ 17,135 49.62% Total Interest Expense 8,799 4,392 100.34%
---------- ---------- --------- Net Interest Income 16,839 12,743
32.14% Provision for Loan Losses 1,979 2,089 -5.27% ----------
---------- --------- Net Interest Income After Provision for Loan
Losses 14,860 10,654 39.48% Non-Interest Income 4,321 3,844 12.41%
Non-Interest Expense 12,952 10,247 26.40% ---------- ----------
--------- Income Before Income Taxes 6,229 4,251 46.53% ----------
---------- --------- Income Tax Expense 2,391 1,583 51.04%
---------- ---------- --------- Net Income $ 3,838 $ 2,668 43.85%
========== ========== ========= Comprehensive Income $ 3,627 $
2,569 41.18% ========== ========== ========= Per Share of Common
Stock: -------------------------- Basic Earnings $0.40 $0.35 14.29%
========== ========== ========= Diluted Earnings $0.39 $0.34 14.71%
========== ========== ========= Dividends $0.26 $0.25 4.00%
========== ========== ========= Weighted Average Shares
Outstanding: ------------------------------------ Basic 9,709,731
7,656,509 ========== ========== Diluted 9,799,609 7,735,834
========== ========== Twelve Months Ended December 31,
---------------------- 2005 2004 % Change ---------- ----------
--------- Operating Data: --------------- Total Interest Income $
87,191 $ 65,076 33.98% Total Interest Expense 28,405 16,058 76.89%
---------- ---------- --------- Net Interest Income 58,786 49,018
19.93% Provision for Loan Losses 6,365 5,836 9.06% ----------
---------- --------- Net Interest Income After Provision for Loan
Losses 52,421 43,182 21.40% Non-Interest Income 14,756 13,028
13.26% Non-Interest Expense 44,340 36,983 19.89% ----------
---------- --------- Income Before Income Taxes 22,837 19,227
18.78% ---------- ---------- --------- Income Tax Expense 8,674
7,219 20.16% ---------- ---------- --------- Net Income $ 14,163 $
12,008 17.95% ========== ========== ========= Comprehensive Income
$ 13,820 $ 11,795 17.17% ========== ========== ========= Per Share
of Common Stock: -------------------------- Basic Earnings $1.73
$1.57 10.19% ========== ========== ========= Diluted Earnings $1.71
$1.55 10.32% ========== ========== ========= Dividends $0.62 $0.61
1.64% ========== ========== ========= Weighted Average Shares
Outstanding: ------------------------------------ Basic 8,184,499
7,652,099 ========== ========== Diluted 8,276,133 7,734,335
========== ========== Three Months Twelve Months Ended Ended
December 31, December 31, ------------- ------------- 2005 2004
2005 2004 ------ ------ ------ ------ Key Financial Ratios:
--------------------- Return on Average Assets 0.98% 0.93% 1.02%
1.06% Return on Average Shareholders' Equity 9.10% 9.68% 11.09%
11.23% Return on Average Tangible Shareholders' Equity (1) 11.65%
11.99% 14.04% 13.95% Interest Rate Spread 4.29% 4.56% 4.30% 4.53%
Net Interest Margin 4.67% 4.81% 4.61% 4.75% Efficiency Ratio 61.21%
61.78% 60.29% 59.61% (1) Tangible shareholders' equity is
shareholders' equity less goodwill and intangible assets. As of
Dec. 31, ---------------- 2005 2004 ------- ------- Asset Quality
Ratios: --------------------- Nonperforming Loans as a Percentage
of Total Loans, net of Unearned Income 0.49% 0.66% Nonperforming
Assets as a Percentage of Total Assets 0.65% 0.69% Allowance for
Loan Losses as a Percentage of Total Loans, net of Unearned Income
1.43% 1.50% Allowance for Loan Losses as a Percentage of
Nonperforming Assets 188.58% 185.56% Net Charge-Offs to Average
Total Loans, Net of Unearned Income 0.32% 0.51% GREENE COUNTY
BANCSHARES, INC. Consolidated Financial Highlights December 31,
2005 (UNAUDITED) Nonperforming Assets and Net Charge-offs
---------------------------------------- As of and for the year
ended December 31, 2005 Bank Other Total
------------------------------------------------ ------ ------
------- Loans past due 90 days and still accruing $ 809 $ - $ 809
Nonaccrual loans 5,393 522 5,915 Other real estate owned and
repossessed assets 3,396 347 3,743 ------ ------ ------- Total
nonperforming assets $9,598 $ 869 $10,467 ====== ====== ======= Net
charge-offs $2,490 $1,324 $ 3,814 ====== ====== ======= As of and
for the year ended December 31, 2004 Bank Other Total
------------------------------------------------ ------ ------
------- Loans past due 90 days and still accruing $ 664 $ - $ 664
Nonaccrual loans 5,536 706 6,242 Other real estate owned and
repossessed assets 1,306 260 1,566 ------ ------ ------- Total
nonperforming assets $7,506 $ 966 $ 8,472 ====== ====== ======= Net
charge-offs $3,418 $1,624 $ 5,042 ====== ====== ======= Asset
Quality Ratios -------------------- As of and for the year ended
Dec. 31, 2005 Bank Other Consolidated
------------------------------------------ ------ -------
------------ Nonperforming loans as a percentage of total loans,
net of unearned income 0.45% 1.68% 0.49% Nonperforming assets as a
percentage of total assets 0.59% 2.37% 0.65% Allowance for loan
losses as a percentage of total loans, net of unearned income 1.26%
7.89% 1.43% Allowance for loan losses as a percentage of
nonperforming assets 180.06% 282.74% 188.58% Net charge-offs to
average total loans, net of unearned income 0.21% 4.22% 0.32% As of
and for the year ended Dec. 31, 2004 Bank Other Consolidated
------------------------------------------ ------ -------
------------ Nonperforming loans as a percentage of total loans,
net of unearned income 0.60% 2.22% 0.66% Nonperforming assets as a
percentage of total assets 0.61% 2.90% 0.69% Allowance for loan
losses as a percentage of total loans, net of unearned income 1.27%
7.77% 1.50% Allowance for loan losses as a percentage of
nonperforming assets 176.54% 255.69% 185.56% Net charge-offs to
average total loans, net of unearned income 0.35% 5.04% 0.51%
GREENE COUNTY BANCSHARES, INC. Condensed Average Balances, Interest
Rates and Yields December 31, 2005 Three Months Ended December 31,
------------------- 2005 ------ Average Average Balance Interest
Rate ------------ -------- ------- Interest-earning assets:
------------------------ Loans 1,350,357 24,809 7.29% Investment
securities 60,301 649 4.27% Other short-term investments 18,597 180
3.84% ------------ -------- ------- Total interest-earning assets
1,429,255 25,638 7.12% ------------ -------- ------- Non-interest
earning assets 140,186 ------------ Total assets 1,569,441
============ Interest-bearing liabilities:
----------------------------- Deposits: --------- Now accounts,
money market and savings 496,629 2,178 1.74% Time deposits 630,787
5,255 3.31% ------------ -------- ------- Total interest
bearing-deposits 1,127,416 7,433 2.62% ------------ --------
------- Securities sold under repurchase and short-term borrowings
15,840 132 3.31% Notes payable 92,657 1,234 5.28% ------------
-------- ------- Total interest-bearing liabilities 1,235,913 8,799
2.83% ------------ -------- ------- Non-Interest Bearing
Liabilities: ----------------------------------- Demand Deposits
146,261 Other Liabilities 18,647 ------------ Total Non-Interest
Bearing Liabilities 164,908 ------------ Total liabilities
1,400,821 ------------ Shareholders' equity 168,620 Total
liabilities & shareholders' equity 1,569,441 ============ Net
interest income 16,839 ======== Interest rate spread 4.29% =======
Net yield on interest-earning assets (net interest margin) 4.67%
======= 2004 ------ Average Average Balance Interest Rate
---------- -------- ------- Interest-earning assets:
------------------------ Loans 1,007,236 16,737 6.61% Investment
securities 39,744 365 3.65% Other short-term investments 6,895 33
1.90% ---------- -------- ------- Total interest-earning assets
1,053,875 17,135 6.47% ---------- -------- ------- Non-interest
earning assets 98,030 ---------- Total assets 1,151,905 ==========
Interest-bearing liabilities: -----------------------------
Deposits: --------- Now accounts, money market and savings 341,157
562 0.66% Time deposits 474,379 2,780 2.33% ---------- --------
------- Total interest bearing-deposits 815,536 3,342 1.63%
---------- -------- ------- Securities sold under repurchase and
short-term borrowings 12,928 51 1.57% Notes payable 86,868 999
4.58% ---------- -------- ------- Total interest-bearing
liabilities 915,332 4,392 1.91% ---------- -------- -------
Non-Interest Bearing Liabilities:
----------------------------------- Demand Deposits 112,134 Other
Liabilities 14,155 ---------- Total Non-Interest Bearing
Liabilities 126,289 ---------- Total liabilities 1,041,621
---------- Shareholders' equity 110,284 Total liabilities &
shareholders' equity 1,151,905 ========== Net interest income
12,743 ======== Interest rate spread 4.56% ======= Net yield on
interest-earning assets (net interest margin) 4.81% ======= Twelve
Months Ended December 31, -------------------- 2005 ------ Average
Average Balance Interest Rate ---------- -------- -------
Interest-earning assets: ------------------------ Loans 1,191,077
84,074 7.06% Investment securities 58,750 2,340 3.98% Other
short-term investments 25,964 777 2.99% ---------- -------- -------
Total interest-earning assets 1,275,791 87,191 6.84% ----------
-------- ------- Non-interest earning assets 112,805 ----------
Total assets 1,388,596 ========== Interest-bearing liabilities:
----------------------------- Deposits: --------- Now accounts,
money market and savings 423,619 5,654 1.33% Time deposits 591,608
17,827 3.01% ---------- -------- ------- Total interest
bearing-deposits 1,015,227 23,481 2.31% ---------- -------- -------
Securities sold under repurchase and short-term borrowings 15,695
414 2.64% Notes payable 89,429 4,510 5.04% ---------- --------
------- Total interest-bearing liabilities 1,120,351 28,405 2.54%
---------- -------- ------- Non-Interest Bearing Liabilities:
----------------------------------- Demand Deposits 125,071 Other
Liabilities 15,460 ---------- Total Non-Interest Bearing
Liabilities 140,531 ---------- Total liabilities 1,260,882
---------- Shareholders' equity 127,714 Total liabilities &
shareholders' equity 1,388,596 ========== Net interest income
58,786 ======== Interest rate spread 4.30% ======= Net yield on
interest-earning assets (net interest margin) 4.61% ======= 2004
------ Average Average Balance Interest Rate ---------- --------
------- Interest-earning assets: ------------------------ Loans
986,806 63,580 6.44% Investment securities 40,024 1,434 3.58% Other
short-term investments 4,810 62 1.29% ---------- -------- -------
Total interest-earning assets 1,031,640 65,076 6.31% ----------
-------- ------- Non-interest earning assets 98,381 ----------
Total assets 1,130,021 ========== Interest-bearing liabilities:
----------------------------- Deposits: ----------- Now accounts,
money market and savings 336,114 1,762 0.52% Time deposits 466,392
10,437 2.24% ---------- -------- ------- Total interest
bearing-deposits 802,506 12,199 1.52% ---------- -------- -------
Securities sold under repurchase and short-term borrowings 15,903
163 1.02% Notes payable 85,621 3,696 4.32% ---------- --------
------- Total interest-bearing liabilities 904,030 16,058 1.78%
---------- -------- ------- Non-Interest Bearing Liabilities:
----------------------------------- Demand Deposits 105,763 Other
Liabilities 13,271 ---------- Total Non-Interest Bearing
Liabilities 119,034 ---------- Total liabilities 1,023,064
---------- Shareholders' equity 106,957 Total liabilities &
shareholders' equity 1,130,021 ========== Net interest income
49,018 ======== Interest rate spread 4.53% ======= Net yield on
interest-earning assets (net interest margin) 4.75% ======= GREENE
COUNTY BANCSHARES, INC. Consolidated Financial Highlights December
31, 2005 (UNAUDITED) December 31, 2005 December 31, 2004
------------------ ------------------ Loans Balance % Balance % %
Change ----- ---------- ------- ---------- ------- ---------
Commercial $ 245,285 17.67% $ 165,975 15.70% 47.78% Commercial real
estate 729,254 52.52% 484,088 45.79% 50.64% Residential real estate
319,797 23.03% 319,713 30.24% 0.03% Consumer 90,682 6.53% 82,532
7.81% 9.87% Other 3,476 0.25% 4,990 0.47% -30.34% ----------
------- ---------- ------- --------- 1,388,494 100.00% 1,057,298
100.00% 31.32% ======= ======= ========= Less: Unearned interest
income (9,852) (10,431) ---------- ---------- Total $1,378,642
$1,046,867 ========== ========== Loan Balances by Banking Units and
Operating Subsidiaries ------------------------------ December 31,
2005 December 31, 2004 ------------------ ------------------ Loan %
to Loan % to Balance Total Balance Total Loans Loans % Change
---------- ------- ---------- ------- --------- Greene County Bank
$ 113,213 8.21% $ 119,437 11.40% -5.21% American Fidelity Bank
447,261 32.46% 311,300 29.74% 43.68% Bank of Athens 46,744 3.39%
44,131 4.22% 5.92% Bank of Bulls Gap 5,273 0.38% 5,523 0.53% -4.53%
Bank of Niota 10,478 0.76% 14,415 1.38% -27.31% Clarksville
Community Bank 107,660 7.81% - 0.00% 100.00% Cocke County Bank
6,021 0.44% 6,341 0.61% -5.05% Community Bank of Loudon County
23,362 1.69% 24,718 2.36% -5.49% Community Trust Bank 9,937 0.72%
15,020 1.43% -33.84% First Bristol Bank 57,661 4.18% 40,322 3.85%
43.00% First Independent Bank 65,391 4.74% 59,786 5.71% 9.38%
Hamblen County Bank 48,944 3.55% 56,505 5.40% -13.38% Hawkins
County Bank 31,887 2.31% 31,012 2.96% 2.82% Bank of Lawrence County
24,222 1.76% 28,367 2.71% -14.61% Middle Tennessee Bank and Trust
87,351 6.34% 22,708 2.17% 284.67% Rutherford Bank and Trust 83,590
6.06% 77,401 7.39% 8.00% Sullivan County Bank 16,865 1.22% 20,759
1.98% -18.76% Washington County Bank 161,643 11.72% 137,319 13.12%
17.71% GCB Acceptance Corporation 12,140 0.88% 12,548 1.20% -3.25%
Superior Financial Services, Inc. 18,999 1.38% 19,255 1.84% -1.33%
---------- ------- ---------- ------- --------- Totals $1,378,642
100.00% $1,046,867 100.00% 31.69% ========== ======= ==========
======= ========= December 31, 2005 December 31, 2004
------------------ ---------------- Deposits Balance % Balance % %
Change ---------------------- ---------- ------- -------- -------
--------- Non-interest bearing demand $ 144,216 11.13% $109,956
11.03% 31.16% Interest bearing demand 268,714 20.74% 203,442 20.38%
32.08% Money market and savings 245,740 18.96% 169,081 16.94%
45.34% Retail time 425,506 32.83% 369,318 37.00% 15.21% Jumbo time
211,703 16.34% 146,225 14.65% 44.78% ---------- ------- --------
------- --------- Total $1,295,879 100.00% $998,022 100.00% 29.84%
========== ======= ======== ======= ========= Deposit Balances by
Banking Units and Operating Subsidiaries
--------------------------------- December 31, 2005 December 31,
2004 ------------------ ---------------- Balance % Balance % %
Change ---------- ------- -------- ------- --------- Greene County
Bank $ 322,396 24.90% $281,738 28.24% 14.43% American Fidelity Bank
184,874 14.27% 159,860 16.02% 15.65% Bank of Athens 26,280 2.03%
21,737 2.18% 20.90% Bank of Bulls Gap 16,181 1.25% 16,104 1.61%
0.48% Bank of Niota 16,237 1.25% 16,484 1.65% -1.50% Clarksville
Community Bank 169,032 13.04% - 0.00% 100.00% Cocke County Bank
28,314 2.18% 19,753 1.98% 43.34% Community Bank of Loudon County
24,507 1.89% 26,309 2.64% -6.85% Community Trust Bank 6,539 0.50%
6,732 0.67% -2.87% First Bristol Bank 47,351 3.65% 24,173 2.42%
95.88% First Independent Bank 101,071 7.80% 120,422 12.07% -16.07%
Hamblen County Bank 52,998 4.09% 38,509 3.86% 37.62% Hawkins County
Bank 47,484 3.66% 46,088 4.62% 3.03% Bank of Lawrence County 70,519
5.44% 68,713 6.88% 2.63% Middle Tennessee Bank and Trust 38,919
3.00% 7,882 0.79% 393.77% Rutherford Bank and Trust 51,903 4.01%
60,028 6.01% -13.54% Sullivan County Bank 13,671 1.05% 14,196 1.42%
-3.70% Washington County Bank 77,603 5.99% 69,294 6.94% 11.99% GCB
Acceptance Corporation - 0.00% - 0.00% - Superior Financial
Services, Inc. - 0.00% - 0.00% - ---------- ------- --------
------- --------- $1,295,879 100.00% $998,022 100.00% 29.84%
========== ======= ======== ======= ========= *T
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