GBFL News Great Basin Financial Corporation Announces Record Earnings for 2006

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Message #4
From: NewsBot
Date: January 11, 2007 08:00:00 AM

GBFL News Great Basin Financial Corporation Announces Record Earnings for 2006

ELKO, Nev.--(BUSINESS WIRE)--Great Basin Financial Corporation (OTC BB: GBFL.OB), the holding company for Great Basin Bank of Nevada, reported consolidated earnings of $1,484,283, for the twelve (12) months ended December 31, 2006, compared to $1,247,233 for the previous year. Earnings per share increased to $.58 from $.45, a 29% increase. Fourth quarter earnings of $478,136 compared favorably to last year's $366,420, while earnings per share increased to $.19 from $.14 for the quarter.

Total holding company assets reached $215 million at year-end, up 16% from $186 million a year ago. Net loans grew to $144 million, up 23% for the twelve (12) month period.

“2006 was a strong growth year for Great Basin Bank of Nevada,” reported Terry R. Sullivan, Chairman, President and CEO. “We are growing market share in Elko, Fallon, and Winnemucca as more customers discover ‘A Great Bank for Great People’.”

Great Basin Bank of Nevada is FDIC insured and is an equal housing opportunity lender. Its parent company, Great Basin Financial Corporation, is listed over the OTC BB 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 Corporation and Subsidiaries

Consolidated Balance Sheets (Unaudited)
December 31, 2006 and December 31, 2005	December 31,	December 31,
	2006	2005
Assets
Cash and due from banks	$ 11,830,658	$ 10,778,288
Interest bearing deposits at other financial institutions	100,000	100,000
Securities available for sale	40,869,548	41,515,101
Loans, net	144,005,459	116,682,142
Premises and equipment, net	9,743,875	9,865,564
Other real estate owned	520,386	592,580
Accrued interest receivable	1,763,169	1,271,797
Net deferred tax assets	236,968	176,968
Cash surrender value of life insurance	3,454,074	3,324,782
Federal Home Loan Bank stock	880,600	773,700
Other assets	1,159,961	971,356
Total assets	$ 214,564,700	$ 186,052,278

Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing demand	$ 64,373,376	$ 57,277,368
Interest bearing:
Demand	40,293,874	33,309,602
Savings	21,163,994	19,936,734
Time, $100,000 and over	48,974,245	41,423,655
Other time	21,737,332	13,552,784
Total deposits	196,542,821	165,500,142
Accrued interest payable and other liabilities	1,059,936	884,227
Borrowed funds	1,000,000	5,500,000
Junior subordinated debt	4,124,000	4,124,000
Total liabilities	202,726,757	176,008,369


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	3,580,094	3,511,672
Retained earnings	8,792,964	7,308,680
Accumulated other comprehensive income (loss)	(410,826)	(561,154)
	11,988,576	10,285,335

Less: cost of treasury stock	(150,632)	(221,824)
Total stockholders' equity	11,837,944	10,043,909
Total liabilities and stockholders' equity	$ 214,564,700	$ 186,052,278

Great Basin Financial Corporation and Subsidiaries

Consolidated Statements of Income (Unaudited)

For the Three and Twelve Month Periods Ended December 31, 2006	Three Months Ended December 31		Twelve Months Ended December 31
	2006	2005	2006	2005
Interest income on:
Loans	$ 2,772,081	$ 2,578,204	$ 12,316,446	$ 9,063,700
Securities available for sale	415,151	455,983	1,713,797	1,779,263
Federal funds sold and other	17,970	1,791	28,362	15,530
Total interest income	3,205,202	3,035,978	14,058,605	10,858,493
Interest expense on:
Deposits	247,700	624,727	3,436,996	1,920,724
Borrowed funds	47,365	45,727	528,694	299,981
Junior subordinated debt	61,925	61,925	247,700	242,900
Total interest expense	356,990	732,379	4,213,390	2,463,605

Net interest income	2,848,212	2,303,599	9,845,215	8,394,888
Provision for loan losses	165,000	80,000	610,000	325,000
Net interest income after provision for loan losses	2,683,212	2,223,599	9,235,215	8,069,888
Other income:
Service charges on deposit accounts	207,984	118,148	865,273	463,628
Mortgage loan fees	244,749	221,716	936,300	690,172
Gain on sale of securities available for sale	21,814	13,247	79,055	35,565
Gain on sale of other real estate owned and repossessions	43,873	0	43,873	191,000
Other	452,228	193,961	712,256	768,144
	970,648	547,072	2,636,758	2,148,509
Other expense:
Salaries and employee benefits	1,388,374	1,154,704	5,133,909	4,291,084
Equipment rentals, depreciation and maintenance	271,355	364,912	1,065,871	1,198,711
Printing and postage	66,604	138,572	275,286	510,248
Occupancy	167,401	119,641	627,563	410,201
Advertising and public relations	104,420	126,637	383,278	409,995
Legal and professional	49,004	45,023	135,946	210,154
Insurance	27,517	41,722	129,686	127,169
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