Message #2 From:
Stock News Bot 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
