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Message #2
From: NewsBot
Date: October 13, 2006 09:39:00 AM

GBFL News CORRECTING and REPLACING Great Basin Financial Corporation Announces Record Earnings and Asset Increase

ELKO, Nev.--(BUSINESS WIRE)--The first graph of this press release has been replaced. The corrected graph should read: Great Basin Financial Corporation (OTCBB: GBFL.OB), the holding company for Great Basin Bank of Nevada, reported consolidated earnings of $1,006,147, for the nine months ended September 30, 2006, a 14% increase over last years $880,815. Earnings per share increased to $.39 compared to $.35 for the same period last year. Earnings per share for the third quarter 2006 were $.14 compared to last years $.11 (adjusted for the 4 for 1 stock split issued on May 15, 2006).

The corrected release reads:

GREAT BASIN FINANCIAL CORPORATION ANNOUNCES RECORD EARNINGS AND ASSET INCREASE

Great Basin Financial Corporation (OTCBB: GBFL.OB), the holding company for Great Basin Bank of Nevada, reported consolidated earnings of $1,006,147, for the nine months ended September 30, 2006, a 14% increase over last years $880,815. Earnings per share increased to $.39 compared to $.35 for the same period last year. Earnings per share for the third quarter 2006 were $.14 compared to last years $.11 (adjusted for the 4 for 1 stock split issued on May 15, 2006).

Total assets increased 13% year-over-year to $211 million on September 30, 2006. Loans totaled $143 million at quarter-end, up 22% from last year.

“All four Great Basin Bank of Nevada branches are growing,” commented Terry R. Sullivan, Chairman, President and CEO. “2006 is 'shaping up' as a strong growth year for the bank.”

Great Basin Bank of Nevada is an FDIC insured and an equal opportunity lender. Its parent company, Great Basin Financial Corporation, is listed over the OTCBB market at tickler 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 Corporation and Subsidiaries
 
Consolidated Balance Sheets (Unaudited)
September 30, 2006 and December 31, 2005 September 30, December 31,
  2006  2005 
Assets
Cash and due from banks $ 11,189,679  $ 10,778,288 
Interest bearing deposits at other financial institutions 100,000  100,000 
Securities available for sale 39,527,143  41,515,101 
Loans, net 142,664,407  116,682,142 
Premises and equipment, net 9,832,700  9,865,564 
Other real estate owned 526,048  592,580 
Accrued interest receivable 2,030,759  1,271,797 
Net deferred tax assets 176,968  176,968 
Cash surrender value of life insurance 3,422,501  3,324,782 
Federal Home Loan Bank stock 1,042,300  773,700 
Other assets 57,703  971,356 

Total assets

$ 210,570,209  $ 186,052,278 
 
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing demand $ 64,124,801  $ 57,277,368 
Interest bearing:
Demand 36,901,622  33,309,602 
Savings 20,899,460  19,936,734 
Time, $100,000 and over 45,331,739  41,423,655 
Other time 18,890,270  13,552,784 
Total deposits 186,147,891  165,500,142 
Accrued interest payable and other liabilities 723,659  884,227 
Borrowed funds 8,400,000  5,500,000 
Junior subordinated debt 4,124,000  4,124,000 
Total liabilities 199,395,551  176,008,369 
 
Commitments and Contingencies (Note 5)
 
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: 2,634,384, 2005: 2,613,584; and shares outstanding: 2006: 2,575,676; 2005: 2,561,796 (Split Adjusted)
 
26,344  26,136 
Additional paid-in capital 3,428,246  3,511,672 
Retained earnings 8,314,828  7,308,680 
Accumulated other comprehensive income (loss) (445,374) (561,154)
11,324,044  10,285,335 
 
Less: cost of treasury stock (149,387) (221,824)
Total stockholders' equity 11,174,658  10,043,909 
Total liabilities and stockholders' equity $ 210,570,208  $ 186,052,278 
Great Basin Financial Corporation and Subsidiaries
 
Consolidated Statements of Income (Unaudited)
For the Three and Nine Month Periods Ended September 30, 2006 Three Months Ended September 30 Nine Months Ended September 30
  2006  2005  2006  2005 
Interest income on:
Loans $ 3,407,632  $ 2,404,796  $ 9,544,365  $ 6,485,496 
Securities available for sale 442,119  441,081  1,298,646  1,323,280 
Federal funds sold and other 1,487  13,739  10,392  30,353 
Total interest income 3,851,238  2,859,616  10,853,404  7,839,129 
Interest expense on:
Deposits 923,697  532,806  2,345,945  1,295,997 
Borrowed funds 163,680  107,320  481,329  254,254 
Junior subordinated debt 61,925  61,923  185,775  180,975 
Total interest expense 1,149,302  702,049  3,013,048  1,731,226 
 
Net interest income 2,701,898  2,157,567  7,840,355  6,107,903 
Provision for loan losses 180,000  120,000  445,000  245,000 
Net interest income after provision for loan losses 2,521,898  2,037,567  7,395,355  6,352,903 
Other income:
Service charges on deposit accounts 224,695  127,706  657,289  345,480 
Mortgage loan fees 238,206  204,755  691,551  468,456 
Gain on sale of securities available for sale 4,729  11  57,242  22,318 
Gain on sale of other real estate owned and repossessions 43,873  0  43,873  191,000 
Other 109,661  219,347  260,028  574,183 
621,164  551,819  1,709,982  1,601,437 
Other expense:
Salaries and employee benefits 1,296,105  1,143,036  3,745,535  3,136,380 
Equipment rentals, depreciation and maintenance 229,875  303,756  794,516  833,799 
Printing and postage 39,429  111,613  208,682  371,676 
Occupancy 176,339  97,992  460,162  290,560 
Advertising and public relations 84,017  97,305  278,858  283,358 
Legal and professional 21,645  60,087  86,942  165,131 
Insurance 31,274  25,534  102,169  85,447 
Other real estate owned 1,877  3,338  30,755  13,508 
Federal reserve charges 25,947  19,801  80,713  88,528 
Taxes and licenses 43,285  49,552  121,367  137,411 
Telephone expenses 44,580  32,722  133,523  95,826 
Directors expense 61,164  28,778  186,247  80,750 
Dues and memberships 3,759  16,543  21,909  42,305 
Other 550,136  242,642  1,396,584  691,540 
2,609,432  2,232,699  7,647,961  6,316,219 
Income before income taxes 533,630  356,687  1,457,377  1,148,141 
Income tax expense 167,676  76,847  451,230  267,326 
Net income $ 365,954  $ 279,840  $ 1,006,147  $ 880,815 
 
Basic earnings per share $ 0.14  $ 0.11  $ 0.39  $ 0.35 
 
Diluted earnings per share $ 0.13  $ 0.10  $ 0.37  $ 0.33 
 
Earnings per share adjusted - 4 for 1 stock split of May 1, 2006

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