-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UyCi4L5ipvHIs9FZRkkE5JdvMaltd1i+lGK2Q8By1rREeNrEs3W4QVTW7iidRImB JUhUZCEmtTZsiFzKx5Mypg== 0001157523-05-006220.txt : 20050719 0001157523-05-006220.hdr.sgml : 20050719 20050719133327 ACCESSION NUMBER: 0001157523-05-006220 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050719 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050719 DATE AS OF CHANGE: 20050719 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREENE COUNTY BANCSHARES INC CENTRAL INDEX KEY: 0000764402 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 621222567 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14289 FILM NUMBER: 05961197 BUSINESS ADDRESS: STREET 1: 100 NORTH MAIN STREET CITY: GREENEVILLE STATE: TN ZIP: 37743-4992 BUSINESS PHONE: 4236395111 MAIL ADDRESS: STREET 1: P O BOX 1120 CITY: GREENEVILLE STATE: TN ZIP: 37744-1120 8-K 1 a4932911.txt GREENE COUNTY BANCSHARES 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 19, 2005 GREENE COUNTY BANCSHARES, INC. ------------------------------ (Exact name of Registrant as specified in its charter) Tennessee 0-14289 62-1222567 --------- ------- ---------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 100 North Main Street, Greeneville, Tennessee 37743-4992 -------------------------------------------------------- (Address of principal executive offices) (423) 639-5111 -------------- Registrant's telephone number, including area code Not Applicable -------------- (Former Name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On July 19, 2005, Greene County Bancshares, Inc. (the "Company") announced its financial results for the second quarter and six months ended June 30, 2005. The full text of the press release is set forth in Exhibit 99.1 hereto. The information in this Form 8-K and the attached Exhibit is being furnished pursuant to Item 2.02 "Results of Operations and Financial Condition" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. ITEM 7.01 REGULATION FD DISCLOSURE On July 19, 2005, the Company announced its financial results for the second quarter and six months ended June 30, 2005. The full text of the press release is set forth in Exhibit 99.1 hereto. The information in this Form 8-K and the attached Exhibit is being furnished pursuant to Item 7.01 "Regulation FD Disclosure" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. 99.1 Press Release dated July 19, 2005. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GREENE COUNTY BANCSHARES, INC. Date: July 19, 2005 By: /s/ R. Stan Puckett --------------------------------------- R. Stan Puckett Chairman of the Board and Chief Executive Officer (Duly Authorized Representative) EXHIBIT INDEX Exhibit Number Description of Exhibit(s) ------- ------------------------- 99.1 Copy of press release issued by the Company on July 19, 2005. EX-99.1 2 a4932911ex99_1.txt EXHIBIT 99.1 - PRESS RELEASE Exhibit 99.1 Greene County Bancshares Reports 14% Increase in Second Quarter Earnings Per Share GREENEVILLE, Tenn.--(BUSINESS WIRE)--July 19, 2005--Greene County Bancshares, Inc. (NASDAQ:GCBS) today announced continued growth in the second quarter and six-month period ended June 30, 2005. Building on the momentum that characterized the Company's results earlier this year, the second quarter results reflected ongoing strong loan demand and deposit growth, as recent expansion in Middle Tennessee and the greater Knoxville area continued to augment solid operations across the Company's more established markets. For the second quarter of 2005, net income increased 13% to $3,714,000 or $0.48 per diluted share compared with $3,275,000 or $0.42 per diluted share in the year-earlier period. Net interest income for the second quarter increased 17% to $14,072,000 from $11,983,000 in the year-earlier period. Net interest income after provision for loan losses rose 20% to $13,012,000 in the second quarter of 2005 versus $10,821,000 in the same period last year, reflecting a 9% decline in the provision for loan losses to $1,060,000 in the current quarter from $1,162,000 in the second quarter of last year. The decline in the provision, even with loan portfolio growth, reflects continued improvements in the Company's overall asset quality. Commenting on the second quarter results, Stan Puckett, Chairman and Chief Executive Officer, said, "The second quarter results were highlighted by low loan losses, solid loan growth and improvement in non-interest income. Annualized net charge-offs to average total loans (net of unearned interest) fell to 0.27% for the six months ended June 30, 2005, from 0.48% in the comparable 2004 period; for the year ended December 31, 2004, the figure was 0.51%. This trend continued the improvement in credit quality that began in 2001. Annualized loan growth for the first half of 2005 was 21% and is the result of recent expansions in Middle Tennessee and Knoxville as well as solid performances by our existing Washington County Bank, First Bristol Bank and American Fidelity Bank offices. Non-interest income grew 13% in the second quarter versus the same period in 2004 and 9% over the first quarter of 2005. In late February of this year, we kicked off our High Performance Checking program. During the last four months, customers opened over 5,500 new personal checking accounts, more than double the pace for the same period in 2004. We believe that our employees' commitment to this long-term initiative will continue to grow core deposits and non-interest income. "Our net interest margin for the second quarter was a disappointment - down 12 basis points compared with the year-earlier period and a drop of seven basis points sequentially when compared with the first quarter of 2005 - representing the second consecutive quarter of declines in this area. Despite our asset-sensitive balance sheet, deposit costs have continued to rise faster than loan yields. Improvements in margin management are a top priority for the remainder of 2005." For the six months ended June 30, 2005, net income increased 9% to $6,649,000 or $0.86 per diluted share from $6,127,000 or $0.79 per diluted share in the first half of 2004. Net interest income after provision for loan losses increased 17% to $24,717,000 for the first half of 2005 compared with $21,178,000 in the same period last year. At June 30, 2005, the Company's total assets increased 11% to $1,374,194,000 from $1,233,403,000 at December 31, 2004, and were 22% ahead of the $1,125,002,000 in total assets reported as of June 30, 2004. Net loans, including loans held for sale, increased 11% to $1,142,821,000 at June 30, 2005, from $1,032,297,000 at December 31, 2004, and were 17% higher than net loans, including loans held for sale, of $972,956,000 at June 30, 2004. Deposits increased 15% to $1,148,434,000 at June 30, 2005, from $998,022,000 at December 31, 2004, and were 30% ahead of deposits of $884,014,000 as of June 30, 2004. Total shareholders' equity increased 4% to $113,486,000 at June 30, 2005, versus $108,718,000 at December 31, 2004, and was 8% higher than total shareholders' equity of $105,509,000 at June 30, 2004. Annualized return on average shareholders' equity for the second quarter and the six months ended June 30, 2005, was 13.11% and 11.86%, respectively, versus 12.39% and 11.69%, respectively, for the comparable periods last year. Return on average total assets for the second quarter and six months ended June 30, 2005, was 1.11% and 1.02%, respectively, compared with 1.17% and 1.09%, respectively, for the same periods in 2004. Greene County Bancshares, Inc., with total assets of approximately $1.4 billion, is the holding company for Greene County Bank, headquartered in Greeneville, Tennessee. Greene County Bank, founded in 1890, now has 41 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 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. GREENE COUNTY BANCSHARES, INC. Unaudited Financial Highlights (In thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, ----------------------- ----------------------- 2005 2004 2005 2004 ---------- ---------- ---------- ---------- Interest income $ 20,703 $ 15,869 $ 39,438 $ 31,799 Interest expense 6,631 3,886 12,039 7,936 ---------- ---------- ---------- ---------- Net interest income 14,072 11,983 27,399 23,863 Provision for loan losses 1,060 1,162 2,682 2,685 ---------- ---------- ---------- ---------- Net interest income after provision for loan losses 13,012 10,821 24,717 21,178 Noninterest income 3,463 3,070 6,639 6,164 Noninterest expense 10,422 8,574 20,697 17,525 ---------- ---------- ---------- ---------- Income before income taxes 6,053 5,317 10,659 9,817 Income taxes 2,339 2,042 4,010 3,690 ---------- ---------- ---------- ---------- Net income $ 3,714 $ 3,275 $ 6,649 $ 6,127 ========== ========== ========== ========== Comprehensive income $ 3,732 $ 2,935 $ 6,554 $ 5,808 ========== ========== ========== ========== Earnings per share: Basic $ 0.49 $ 0.43 $ 0.87 $ 0.80 ========== ========== ========== ========== Diluted $ 0.48 $ 0.42 $ 0.86 $ 0.79 ========== ========== ========== ========== Weighted average shares: Basic 7,651 7,657 7,650 7,662 ========== ========== ========== ========== Diluted 7,746 7,714 7,745 7,720 ========== ========== ========== ========== Dividends declared per share $ 0.12 $ 0.12 $ 0.24 $ 0.24 ========== ========== ========== ========== June 30, Dec. 31, June 30, 2005 2004 2004 ---------- ---------- ---------- Total assets $1,374,194 $1,233,403 $1,125,002 Cash and cash equivalents 81,936 70,648 34,445 Investment securities 61,035 45,910 38,140 Loans, net (1) 1,142,821 1,032,297 972,956 Deposits 1,148,434 998,022 884,014 Shareholders' equity 113,486 108,718 105,509 Tangible shareholders' equity (2) 90,167 85,023 84,848 Book value per share 14.83 14.22 13.80 Tangible book value per share (2) 11.78 11.12 11.10 (1) Includes loans held for sale. (2) Tangible shareholders' equity is shareholders' equity less goodwill and intangible assets. For unaudited financial statements for the second quarter and six months ended June 30, 2005 and 2004, along with related information, click the following links: http://www.irinfo.com/gcbs/2q05fsp.pdf or http://www.irinfo.com/gcbs/2q04fs.pdf. CONTACT: Greene County Bancshares Inc. William F. Richmond, 423-278-3050 -----END PRIVACY-ENHANCED MESSAGE-----