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NewsBot Date: July 20, 2006 09:36:00 AM
GBFL News Great Basin Financial Corp. Announces Earnings and Asset Increase
ELKO, Nev.--(BUSINESS WIRE)--July 20, 2006--Great Basin Financial Corp. (OTCBB: GBFL), the holding company for Great Basin Bank of Nevada, reported consolidated earnings of $640,193, for the six months ended June 30, 2006, a 6.5% increase over last year's $600,975. Earnings per share increased to $.25 compared to $.24 for the same period last year. Earnings per share for the second quarter 2006 were $.12 compared to last year's $.15 (adjusted for the 4-for-1 stock split issued on May 15, 2006).
Total assets increased 19% year-over-year to $206 million on June 30, 2006. Loans totaled $136 million at quarter-end, up 26% from last year.
"Great Basin Bank of Nevada is increasing market share in Elko, Fallon and Winnemucca," commented Terry R. Sullivan, chairman, president and CEO. "We are looking forward to continued asset and earnings growth from the bank's expanded branch network."
Great Basin Bank of Nevada is an FDIC-insured and an equal opportunity lender. Its parent company, Great Basin Financial Corp., is listed over the OTCBB market at ticker symbol GBFL. More information on Great Basin Bank of Nevada can be found at www.greatbasinbank.com.
This press release contains forward-looking statements relating to operations, product features and benefits, market penetration and market strategies. Such statements are made based on management's beliefs as well as assumptions made by, and information currently available to, management, pursuant to "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. While these statements reflect our best judgment, they are subject to risks and uncertainties that could cause a change in focus and direction.
Great Basin Financial Corp. and Subsidiaries
Consolidated Balance Sheets (Unaudited)
June 30, 2006 and Dec. 31, 2005 June 30, Dec. 31,
2006 2005
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Assets
Cash and due from banks $12,317,445 $10,778,288
Interest bearing deposits at other
financial institutions 100,000 100,000
Securities available for sale 39,752,068 41,515,101
Loans, net 135,888,816 116,682,142
Premises and equipment, net 9,759,447 9,865,564
Other real estate owned 562,156 592,580
Accrued interest receivable 1,583,123 1,271,797
Net deferred tax assets 176,968 176,968
Cash surrender value of life insurance 3,390,719 3,324,782
Federal Home Loan Bank stock 1,029,600 773,700
Other assets 997,208 971,356
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Total assets $205,557,550 $186,052,278
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Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing demand $58,894,859 $57,277,368
Interest bearing:
Demand 32,604,648 33,309,602
Savings 21,486,477 19,936,734
Time, $100,000 and over 37,226,848 41,423,655
Other time 16,264,783 13,552,784
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Total deposits 166,477,615 165,500,142
Accrued interest payable and other
liabilities 350,832 884,227
Borrowed funds 24,400,000 5,500,000
Junior subordinated debt 4,124,000 4,124,000
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Total liabilities 195,352,446 176,008,369
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Commitments and Contingencies
Stockholders' Equity
Preferred stock, no par value,
nonvoting, 300,000 shares authorized,
none issued or outstanding - -
Common stock, $.01 par value,
10,000,000 shares authorized; shares
issued: 2006: 2,618,384, 2005: 653,396;
and shares outstanding: 2006: 2,560,265,
2005: 640,449 26,184 6,534
Additional paid-in capital 3,390,886 3,511,672
Retained earnings 7,948,875 7,308,680
Accumulated other comprehensive income
(loss) (1,017,674) (561,154)
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10,348,270 10,265,733
Less: cost of treasury stock, 2006:
58,119, 2005: 12,947 shares; (143,167) (221,824)
------------- -------------
Total stockholders' equity 10,205,104 10,043,909
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Total liabilities and stockholders'
equity $205,557,550 $186,052,278
============= =============
Great Basin Financial Corp. and Subsidiaries
Consolidated Statements of Income (Unaudited)
For the Three- and Six-Month Periods Ended June 30, 2006
Three Months Ended Six Months Ended
June 30 June 30
2006 2005 2006 2005
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Interest income on:
Loans $3,274,939 $2,166,592 $6,136,773 $4,080,700
Securities available
for sale 421,136 432,971 856,527 882,199
Federal funds sold
and other 1,494 14,146 8,905 16,614
----------- ----------- ----------- -----------
Total interest
income 3,697,569 2,613,709 7,002,204 4,979,513
----------- ----------- ----------- -----------
Interest expense on:
Deposits 741,326 436,470 1,422,248 763,191
Borrowed funds 237,043 94,261 317,649 146,934
Junior subordinated
debt 61,925 57,127 123,850 119,052
----------- ----------- ----------- -----------
Total interest
expense 1,040,294 587,858 1,863,747 1,029,177
----------- ----------- ----------- -----------
Net interest
income 2,657,275 2,025,851 5,138,457 3,950,336
Provision for loan
losses 145,000 70,000 265,000 125,000
----------- ----------- ----------- -----------
Net interest
income after
provision for
loan losses 2,512,275 1,955,851 4,873,457 3,825,336
----------- ----------- ----------- -----------
Other income:
Service charges on
deposit accounts 219,429 119,880 432,594 217,774
Mortgage loan fees 264,147 162,942 453,345 263,701
Gain on sale of
securities available
for sale 1,054 32,280 52,513 22,307
Gain on sale of
other real estate
owned and
repossessions 0 191,000 0 191,000
Other 66,801 214,173 150,367 354,836
----------- ----------- ----------- -----------
551,431 720,275 1,088,819 1,049,618
----------- ----------- ----------- -----------
Other expense:
Salaries and
employee benefits 1,264,073 1,053,426 2,449,430 1,993,344
Equipment rentals,
depreciation and
maintenance 279,004 298,792 564,641 530,023
Printing and postage 91,564 139,498 169,253 260,063
Occupancy 143,648 95,770 283,823 192,568
Advertising and
public relations 97,297 91,763 194,841 186,053
Legal and
professional 40,189 56,526 65,300 105,044
Insurance 32,025 32,769 70,895 59,913
Other real estate
owned 27,860 (7,116) 28,878 10,170
Federal reserve
charges 27,670 36,001 54,766 68,727
Taxes and licenses 43,620 38,069 78,082 87,859
Telephone expenses 45,109 34,411 88,943 63,104
Directors expense 59,544 27,495 125,075 51,972
Dues and memberships 8,882 8,882 18,154 25,762
Other 413,451 252,656 846,448 448,898
----------- ----------- ----------- -----------
2,573,935 2,158,942 5,038,529 4,083,500
----------- ----------- ----------- -----------
Income before
income taxes 489,771 517,184 923,747 791,454
Income tax expense 178,266 126,476 283,554 190,479
----------- ----------- ----------- -----------
Net income $311,506 $390,708 $640,193 $600,975
=========== =========== =========== ===========
Basic earnings
per share $0.12 $0.15 $0.25 $0.24
=========== =========== =========== ===========
Diluted earnings
per share $0.12 $0.14 $0.24 $0.22
=========== =========== =========== ===========
Earnings per share
adjusted - 4-for-1
stock split of May 1,
2006
