Greene County Bancshares Reports Record First Quarter, with Earnings Per Diluted Share up 37%.GREENEVILLE Greeneville, town (1990 pop. 13,532), seat of Greene co., NE Tenn., in a tobacco, dairy, and cattle area; founded 1783, inc. 1875. It is a leading tobacco market with plants that produce various light manufactures. , Tenn. -- Greene County Greene County is the name of fourteen counties in the United States of America, each named in honor of American Revolutionary War general Nathanael Greene:
GCBS Ground Controlled Bombing System ), the third largest bank holding company headquartered in the State of Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. , today announced strong operating and financial results for the first quarter ended March 31, 2006. These record results, underscored by a 37% year-over-year increase in diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of , reflected continued improvement in credit quality, the impact of the Company's fourth quarter 2005 acquisition of five branches in Clarksville, Tennessee For other uses, see Clarksville (disambiguation). Clarksville is a city in Montgomery County, Tennessee, USA. Clarksville is the county seat of Montgomery County and is Tennessee's fastest growing and fifth largest city. , and expansion in the Company's net interest margin. First quarter net income increased 74% to $5,096,000 from $2,935,000 in the same 2005 period. Earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share rose 37% to $0.52 the first quarter of 2006 versus $0.38 for the year-earlier quarter. The disproportionate dis·pro·por·tion·ate adj. Out of proportion, as in size, shape, or amount. dis  pro·por increase in per share earnings results
from the issuance of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 2.2 million shares of new common stock during the fourth quarter of 2005 in connection with the Clarksville Clarksville, city (1990 pop. 75,494), seat of Montgomery co., NW Tenn., on the Cumberland and Red rivers, in a farm, livestock, and tobacco region; platted 1784, inc. as a city 1855. It is a market and processing center for dark and burley tobacco. transaction. On a linked-quarter basis, both first quarter 2006 net income and diluted earnings per share rose by 33% from the fourth quarter of 2005. The Company's profitability ratios Profitability ratios Ratios that focus on how well a firm is performing. Profit margins measure performance with relation to sales. Rate of return ratios measure performance relative to some measure of size of the investment. , as measured by Return on Average Assets (ROAA ROAA Return on Average Assets (business, banking, accounting) ROAA Rural Oregon Arts Association ROAA Royce Online Account Access (Royce Fund Services, Inc. ), Return on Average Equity (ROAE ROAE Return on Average Equity ), and Return on Average Tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. Equity (ROATE), all improved notably when compared with year-ago ratios as well as those on a linked-quarter basis. The Company's ROAA improved from 0.93% in the first quarter of last year to 0.98% in the fourth quarter of 2005 to 1.27% for the current quarter. ROAE demonstrated a similar trend, although distorted slightly in the fourth quarter of 2005 due to the issuance of new stock. ROAE improved from 10.58% in the first quarter of 2005 to 11.86% in the current quarter. Similarly, ROATE improved from 13.44% in the first quarter of 2005 to 15.41% for the first quarter of 2006. The Company's Efficiency Ratio also reflected continued improvement, declining from 62.26% in the first quarter of 2005 to 61.21% in the fourth quarter of 2005 and 57.55% for the current quarter. Net interest income for the first quarter increased 29% to $17,186,000 from $13,327,000 in the prior-year period, driven by a 29% increase in average loans outstanding. Net interest margin for the first quarter of 2006 advanced to 4.80% from 4.64% in the same period a year ago. On a linked-quarter basis, net interest margin improved by 13 basis points from 4.67% reported for the fourth quarter of 2005. The Company's provision for loan losses was $1,064,000 in the current quarter compared with $1,622,000 for the same period last year. This decline primarily reflected continued improvements in asset quality. GCBS Reports First Quarter Results Page 2 April 18, 2006 Commenting on the announcement, Stan STAN Stanchion STAN Stärke- und Ausrüstungsnachweis (German) Stan Standard Man (human patient simulator) STAN SEMCIP Technical Assistance Network STAN System Trace Audit Number STAN Star Trek Area Network Puckett Puckett can refer to:
Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis, which was below recent quarters and the result of a keenly competitive interest rate environment. However, we will continue to remain disciplined relative to loan pricing due to its impact on our net interest margin. We also witnessed an ongoing improvement in credit quality, as nonperforming loans declined as a percentage of both total loans and total assets - down 23 basis points and 18 basis points, respectively, versus the first quarter of 2005, and 14 basis points and 16 basis points, respectively, compared with the end of 2005. Moreover, the trend in net charge-offs continued to decline, falling to 0.21% of average total loans in the first quarter of 2006 versus 0.29% of average loans in the year-earlier period and 0.32% at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2005. On a bank-only basis, net charge-offs declined to 0.15% in the first quarter of 2006 from 0.16% in the year-earlier period and 0.21% at December December: see month. 31, 2005. "Concurrent At the same time. It implies that multiple processes are taking place simultaneously. See concurrent operation. with the expansion of our branch footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. and the growth we have experienced on the asset side of our balance sheet, we have worked diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to build our deposit base in a competitive marketplace," Puckett continued. "Although total deposits declined slightly from year-end 2005 as we continued to manage our funding alternatives, deposits increased 20% versus the first quarter of 2005. A major factor in this growth has been the success of our High Performance Checking program, initiated in February February: see month. 2005, which has resulted in the opening of 17,406 new accounts since inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. . The business version of this product also has been productive for us, with 2,022 new accounts opened since we started the program in November November: see month. 2005." Concluding, Puckett added, "We are pleased with the Company's performance in the first quarter and consider it an excellent beginning to 2006. In little more than one year, we have entered two major markets and have made important inroads inroads Noun, pl make inroads into to start affecting or reducing: my gambling has made great inroads into my savings inroads npl to make inroads into [+ in Nashville Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. and Knoxville Knoxville, city (1990 pop. 165,121), seat of Knox co., E Tenn., on the Tennessee River; inc. 1876. A port of entry, it is a trade and shipping center for a farm, bituminous-coal, and marble area. . We expect that this growth will continue to increase in significance as the year unfolds. We are also very aware of the challenges facing not only the Company, but the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry in general, as the current economic environment continues to evolve Evolve may refer to several terms:
At March 31, 2006, the Company's total assets declined 1% to $1,608,240,000 from $1,619,989,000 at December 31, 2005, but were 22% higher compared with total assets of $1,320,363,000 at March 31, 2005. Loans, net of unearned interest Unearned interest Interest that has been received on a loan, but that cannot be treated as a part of earnings yet, because the principal of the loan has not been outstanding long enough. , increased 2% to $1,404,627,000 at March 31, 2006, from year-end 2005 net loans of $1,378,642,000, and were 26% higher compared with net loans of $1,114,731,000 at March 31, 2005. Deposits declined 1% to $1,285,738,000 at March 31, 2006, compared with $1,295,879,000 at December 31, 2005, but were 20% higher compared with $1,074,313,000 at March 31, 2005. Total shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. increased 3% to $172,317,000 at March 31, 2006, versus $168,021,000 at December 31, 2005, and was up 56% from shareholders' equity of $110,669,000 a year ago, with the comparisons against both earlier periods reflecting earnings growth as well as the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the Company's public common stock offering during the second half of 2005. Greeneville, Tennessee-based Greene County Bancshares, Inc., with total assets of approximately $1.6 billion, is the holding company for Greene County Bank. Greene County Bank, founded in 1890, now has 48 branches throughout East and Middle Tennessee “Middle Tennessee” redirects here. For the university in Murfreesboro, see Middle Tennessee State University. Middle Tennessee is a distinct portion of the state of Tennessee, delineated according to law as well as custom. , one branch in Bristol, Virginia Bristol is an independent city in Virginia, bounded by Washington County, Virginia and Sullivan County, Tennessee. As of the 2000 census, the city had a total population of 17,367. , one branch in western North Carolina Western North Carolina (often abbreviated as WNC) is the region of North Carolina which includes the Appalachian Mountains, thus it is often known geographically as the state's Mountain Region. , and a trust services office in Lebanon, Tennessee
Lebanon is a city in Wilson County, Tennessee, in the United States. The population was 20,235 at the 2000 census. . Greene County Bank does business in Washington County, Tennessee Washington County is a county located in the U.S. state of Tennessee. As of 2000, the population was 107,198. Its county seat is Jonesborough6. The county's largest city and a regional educational, medical and commercial center is Johnson City. , as Washington County Washington County is the name of 30 counties and one parish in the United States of America, all named for George Washington. It is the most common county name in the United States. Bank; in Blount County Blount County is the name of two counties in the United States:
According to the U.S. Census Bureau, the county has a total area of 1,113 km² (430 mi²). , as Sullivan County Sullivan County is the name of six counties in the United States of America:
Bristol. 1 Industrial city (1990 pop. 60,640), Hartford co., central Conn., on the Pequabuck River; settled 1727, inc. 1785. Its clock-making industry dates from 1790. Bank; in Hamblen County, Tennessee Hamblen County is a county located in the U.S. state of Tennessee. Together with Grainger and Jefferson counties, it is part of the Morristown, Tennessee Metropolitan Statistical Area which is, as of December 2005, considered a component of the Knoxville-Sevierville-La Follette, , as Hamblen County Bank; in McMinn County, Tennessee McMinn County is a county located in the U.S. state of Tennessee. As of 2000, the population was 49,015. Its county seat is Athens6. Geography According to the U.S. Census Bureau, the county has a total area of 1,119 km² (432 mi²). , as Bank of Athens History
Loudon County is a U.S. county located in the U.S. state of Tennessee. Its population was 39,086 at the United States Census, 2000. Its county seat is at Loudon6. , as Community Bank of Loudon County; in Monroe County, Tennessee Monroe County is a county located in the U.S. state of Tennessee. As of 2000, the population was 38,961. Its county seat is Madisonville6. Geography According to the U.S. Census Bureau, the county has a total area of 1,690 km² (653 mi²). , as Community Trust Bank; in the City of Bristol, Virginia, as First Bristol Bank; in Davidson County Davidson County is the name of two counties in the United States:
According to the U.S. Census Bureau, the county has a total area of 1,510 km² (583 mi²). , as President's Trust. In addition, Greene County Bank also conducts separate businesses through three wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. : Superior Financial Services, Inc., a consumer finance company; GCB GCB Gaming Control Board GCB Guyana Cricket Board GCB Gas Circuit Breaker GCB Groupement des Cartes Bancaires (French credit card data processor) GCB General Council of the Bar of South Africa GCB Grand Cross of the Bath Acceptance Corporation, a consumer finance company specializing in subprime automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of lending; and Fairway Title Co., a title insurance company. This news release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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
------------------------------------
March 31, Dec. 31, March 31,
2006 2005 2005
---------- ---------- ----------
Interest income $ 26,767 $ 25,638 $ 18,735
Interest expense 9,581 8,799 5,408
---------- ---------- ----------
Net interest income 17,186 16,839 13,327
Provision for loan losses 1,064 1,979 1,622
---------- ---------- ----------
Net interest income after
provision for loan losses 16,122 14,860 11,705
Non-interest income 4,755 4,321 3,176
Non-interest expense 12,706 12,952 10,275
---------- ---------- ----------
Income before income taxes 8,171 6,229 4,606
Income taxes 3,075 2,391 1,671
---------- ---------- ----------
Net income $ 5,096 $ 3,838 $ 2,935
========== ========== ==========
Comprehensive income $ 5,089 $ 3,627 $ 2,822
========== ========== ==========
Earnings per share:
Basic $ 0.52 $ 0.40 $ 0.38
========== ========== ==========
Diluted $ 0.52 $ 0.39 $ 0.38
========== ========== ==========
Weighted average shares:
Basic 9,771 9,710 7,649
========== ========== ==========
Diluted 9,871 9,800 7,744
========== ========== ==========
Dividends declared per share $ 0.12 $ 0.26 $ 0.12
========== ========== ==========
March 31, Dec. 31, March 31,
2006 2005 2005
---------- ---------- ----------
Total assets $1,608,240 $1,619,989 $1,320,363
Cash and cash equivalents 40,530 74,523 72,067
Investment securities 54,155 58,736 59,741
Loans, net of unearned interest 1,404,627 1,378,642 1,114,731
Allowance for loan losses 20,083 19,739 16,564
Deposits 1,285,738 1,295,879 1,074,313
Shareholders' equity 172,317 168,021 110,669
Tangible shareholders'
equity (1) 132,965 128,399 87,162
Book value per share 17.62 17.20 14.47
Tangible book value per
share (1) 13.59 13.15 11.39
(1) Tangible shareholders' equity is shareholders' equity less
goodwill and intangible assets.
GREENE COUNTY BANCSHARES, INC.
Condensed Consolidated Balance Sheets
March 31, 2006, December 31, 2005 and March 31, 2005
(Dollars in thousands except share and per share data)
(Unaudited) (Unaudited)
March 31, December 31, March 31,
2006 2005 (1) 2005
------------ ------------ ------------
ASSETS
------
Cash and due from banks $ 39,189 $ 46,136 $ 30,440
Federal funds sold 1,341 28,387 41,627
Securities available-for-sale
("AFS") 44,311 48,868 49,538
Securities held-to-maturity
(with a market value of
$3,003, $3,335 and $3,988 on
March 31, 2006, December 31,
2005 and March 31, 2005) 3,049 3,379 3,931
FHLB, Bankers Bank and other
stock, at cost 6,795 6,489 6,272
Loans held for sale 1,957 2,686 1,952
Loans, net of unearned interest 1,404,627 1,378,642 1,114,731
Allowance for loan losses (20,083) (19,739) (16,564)
Bank premises and equipment, net
of accumulated depreciation 52,109 49,985 35,590
Goodwill and other intangible
assets 39,352 39,622 23,507
Other assets 35,593 35,534 29,339
------------ ------------ ------------
Total Assets $ 1,608,240 $ 1,619,989 $ 1,320,363
============ ============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Deposits $ 1,285,738 $ 1,295,879 $ 1,074,313
Repurchase agreements 17,966 17,498 15,117
FHLB advances and notes payable 97,052 105,146 95,187
Subordinated debentures 13,403 13,403 10,310
Accrued interest payable and
other liabilities 21,764 20,042 14,767
------------ ------------ ------------
Total Liabilities 1,435,923 1,451,968 1,209,694
------------ ------------ ------------
SHAREHOLDERS' EQUITY
--------------------
Common Stock: $2 par value,
15,000,000 shares authorized;
9,781,070, 9,766,336 and
7,650,816 shares outstanding 19,562 19,533 15,302
Paid in Capital 71,052 70,700 24,201
Retained Earnings 82,080 78,158 71,306
Accumulated Other Comprehensive
Income (Loss) (377) (370) (140)
------------ ------------ ------------
Total Shareholders' Equity 172,317 168,021 110,669
------------ ------------ ------------
Total Liabilities &
Shareholders' Equity $ 1,608,240 $ 1,619,989 $ 1,320,363
============ ============ ============
(1) Derived from Audited Consolidated Financial Statements.
GREENE COUNTY BANCSHARES, INC.
Condensed Consolidated Statements of Income and Comprehensive Income
Three Months Ended March 31, 2006 and 2005 and December 31, 2005
(Unaudited)
(Dollars in thousands except share and per share data)
Three Months Ended
--------------------------------------
March 31, December 31, March 31,
2006 2005 2005
------------ ------------ ------------
Interest Income:
----------------
Interest and Fees on Loans $ 26,100 $ 24,809 $ 18,079
Interest on Investment
Securities 631 649 473
Interest on Federal Funds
Sold and Interest-earning
Deposits 36 180 183
------------ ------------ ------------
Total Interest Income 26,767 25,638 18,735
------------ ------------ ------------
Interest Expense:
-----------------
Interest on Deposits 8,042 7,433 4,262
Interest on Borrowings 1,539 1,366 1,146
------------ ------------ ------------
Total Interest Expense 9,581 8,799 5,408
------------ ------------ ------------
Net Interest Income
17,186 16,839 13,327
Provision for Loan Losses 1,064 1,979 1,622
------------ ------------ ------------
Net Interest Income after
Provision for Loan Losses 16,122 14,860 11,705
------------ ------------ ------------
Noninterest Income:
-------------------
Service Charges, Commissions
and Fees 3,231 3,546 2,142
Other Income 1,524 775 1,034
------------ ------------ ------------
Total Noninterest Income 4,755 4,321 3,176
------------ ------------ ------------
Noninterest Expense:
--------------------
Salaries and Benefits 6,391 6,475 5,245
Occupancy and Furniture and
Equipment Expense 2,059 1,939 1,739
Other Expenses 4,256 4,538 3,291
------------ ------------ ------------
Total Noninterest Expense 12,706 12,952 10,275
------------ ------------ ------------
Income Before Income Taxes 8,171 6,229 4,606
Income Taxes 3,075 2,391 1,671
------------ ------------ ------------
Net Income $ 5,096 $ 3,838 $ 2,935
============ ============ ============
Comprehensive Income $ 5,089 $ 3,627 $ 2,822
============ ============ ============
Per Share of Common Stock:
--------------------------
Basic Earnings $ 0.52 $ 0.40 $ 0.38
============ ============ ============
Diluted Earnings $ 0.52 $ 0.39 $ 0.38
============ ============ ============
Dividends $ 0.12 $ 0.26 $ 0.12
============ ============ ============
Weighted Average Shares
Outstanding:
-----------------------
Basic 9,770,555 9,709,731 7,649,070
============ ============ ============
Diluted 9,870,691 9,799,609 7,744,181
============ ============ ============
GREENE COUNTY BANCSHARES, INC.
Consolidated Financial Highlights
(UNAUDITED)
(Dollars in thousands except share and per share data)
March 31, December 31, %
2006 2005 Change
------------ ------------ ---------
Financial Condition Data:
-------------------------
Assets $ 1,608,240 $ 1,619,989 -0.73%
Loans, net of unearned
interest 1,404,627 1,378,642 1.88%
Cash and investments 93,344 104,872 -10.99%
Federal funds sold 1,341 28,387 -95.28%
Deposits 1,285,738 1,295,879 -0.78%
FHLB advances and notes
payable 97,052 105,146 -7.70%
Subordinated debentures 13,403 13,403 0.00%
Federal funds purchased and
repurchase agreements 17,966 17,498 2.67%
Shareholders' equity 172,317 168,021 2.56%
Tangible shareholders'
equity (1) 132,965 128,399 3.56%
Ratios:
-------
Book value per share $ 17.62 $ 17.20 2.44%
Tangible book value
per share (1) $ 13.59 $ 13.15 3.35%
Average equity to
average assets 10.74% 9.20% 16.74%
Dividend payout ratio 23.04% 37.38%(2) -38.36%
(1) Tangible shareholders' equity is shareholders' equity less
goodwill and intangible assets.
(2) Includes special dividend of $.14 per share paid in December 2005.
Three Months Ended
March 31,
-------------------------
2006 2005 Change
------------ ------------ ---------
Operating Data:
---------------
Total Interest Income $ 26,767 $ 18,735 42.87%
Total Interest Expense 9,581 5,408 77.16%
------------ ------------ ---------
Net Interest Income 17,186 13,327 28.96%
Provision for Loan Losses 1,064 1,622 -34.40%
------------ ------------ ---------
Net Interest Income After
Provision for Loan Losses 16,122 11,705 37.74%
Non-Interest Income 4,755 3,176 49.72%
Non-Interest Expense 12,706 10,275 23.66%
------------ ------------ ---------
Income Before Income Taxes 8,171 4,606 77.40%
------------ ------------ ---------
Income Tax Expense 3,075 1,671 84.02%
------------ ------------ ---------
Net Income $ 5,096 $ 2,935 73.63%
============ ============ =========
Comprehensive Income $ 5,089 $ 2,822 80.33%
============ ============ =========
Per Share of Common Stock:
--------------------------
Basic Earnings $ 0.52 $ 0.40 30.00%
============ ============ =========
Diluted Earnings $ 0.52 $ 0.39 33.33%
============ ============ =========
Dividends $ 0.12 $ 0.12 0.00%
============ ============ =========
Weighted Average Shares Outstanding:
------------------------------------
Basic 9,709,731 7,649,070
============ ============
Diluted 9,799,609 7,744,181
============ ============
Three Months Ended
--------------------------------------
March 31, December 31, March 31,
2006 2005 2005
------------ ------------ ------------
Key Financial Ratios:
---------------------
Return on Average Assets 1.27% 0.98% 0.93%
Return on Average
Shareholders' Equity 11.86% 9.10% 10.58%
Return on Average Tangible
Shareholders' Equity (1) 15.41% 11.65% 13.44%
Interest Rate Spread 4.42% 4.29% 4.39%
Net Interest Margin 4.80% 4.67% 4.64%
Efficiency Ratio 57.55% 61.21% 62.26%
(1) Tangible shareholders' equity is shareholders' equity less
goodwill and intangible assets.
March 31, December 31, March 31,
2006 2005 2005
------------ ------------ ------------
Asset Quality Ratios:
---------------------
Nonperforming Loans as a
Percentage of Total Loans,
net of Unearned Income 0.35% 0.49% 0.58%
Nonperforming Assets as a
Percentage of Total Assets 0.49% 0.65% 0.67%
Allowance for Loan Losses as
a Percentage of Total Loans,
net of Unearned Income 1.43% 1.43% 1.49%
Allowance for Loan Losses as
a Percentage of Nonperforming
Assets 252.55% 188.58% 187.12%
Net Charge-Offs to Average
Total Loans, Net of Unearned
Income 0.21% 0.32% 0.29%
GREENE COUNTY BANCSHARES, INC.
Consolidated Financial Highlights
March 31, 2006
(UNAUDITED)
Nonperforming Assets and Net Charge-offs
----------------------------------------
As of and for the three months
ended March 31, 2006 Bank Other Total
------------------------------ ------------ ------------ ------------
Loans past due 90 days and
still accruing $ 20 $ 5 $ 25
Nonaccrual loans
4,590 341 4,931
Other real estate owned and
repossessed assets 2,752 244 2,996
------------ ------------ ------------
Total nonperforming assets $ 7,362 $ 590 $ 7,952
============ ============ ============
Annualized net charge-offs $ 2,080 $ 800 $ 2,880
============ ============ ============
As of and for the three months
ended March 31, 2005 Bank Other Total
------------------------------ ------------ ------------ ------------
Loans past due 90 days and
still accruing $ 1,225 $ - $ 1,225
Nonaccrual loans 4,519 689 5,208
Other real estate owned and
repossessed assets 2,237 182 2,419
------------ ------------ ------------
Total nonperforming assets $ 7,981 $ 871 $ 8,852
============ ============ ============
Annualized net charge-offs $ 1,740 $ 1,376 $ 3,116
============ ============ ============
As of and for the year ended
December 31, 2005 Bank Other Total
---------------------------- ------------ ------------ ------------
Loans past due 90 days and
still accruing $ 809 $ - $ 809
Nonaccrual loans 5,393 522 5,915
Other real estate owned and
repossessed assets 3,396 347 3,743
------------ ------------ ------------
Total nonperforming assets $ 9,598 $ 869 $ 10,467
============ ============ ============
Net charge-offs $ 2,490 $ 1,324 $ 3,814
============ ============ ============
Asset Quality Ratios
--------------------
As of and for the three months
ended March 31, 2006 Bank Other Consolidated
------------------------------ ------------ ------------ ------------
Nonperforming loans as a
percentage of total loans,
net of unearned income 0.33% 1.11% 0.35%
Nonperforming assets as a
percentage of total assets 0.46% 1.68% 0.49%
Allowance for loan losses as
a percentage of total loans,
net of unearned income 1.26% 7.94% 1.43%
Allowance for loan losses as
a percentage of nonperforming
assets 239.12% 420.17% 252.55%
Annualized net charge-offs to
average total loans, net of
unearned income 0.15% 2.59% 0.21%
As of and for the three months
ended March 31, 2005 Bank Other Consolidated
------------------------------ ------------ ------------ ------------
Nonperforming loans as a
percentage of total loans,
net of unearned income 0.52% 2.17% 0.58%
Nonperforming assets as a
percentage of total assets 0.61% 2.60% 0.67%
Allowance for loan losses as
a percentage of total loans,
net of unearned income 1.27% 7.76% 1.49%
Allowance for loan losses as
a percentage of nonperforming
assets 176.73% 282.32% 187.12%
Annualized net charge-offs to
average total loans, net of
unearned income 0.16% 4.35% 0.29%
As of and for the year ended
December 31, 2005 Bank Other Consolidated
---------------------------- ------------ ------------ ------------
Nonperforming loans as a
percentage of total loans,
net of unearned income 0.45% 1.68% 0.49%
Nonperforming assets as a
percentage of total assets 0.59% 2.37% 0.65%
Allowance for loan losses as
a percentage of total loans,
net of unearned income 1.26% 7.89% 1.43%
Allowance for loan losses as
a percentage of nonperforming
assets 180.06% 282.74% 188.58%
Net charge-offs to average
total loans, net of unearned
income 0.21% 4.22% 0.32%
GREENE COUNTY BANCSHARES, INC.
Condensed Average Balances, Interest Rates and Yields
March 31, 2006
Three Months Ended
March 31,
--------------------------------------
2006
------------ ------------ ------------
Average Average
Balance Interest Rate
------------ ------------ ------------
Interest-earning assets:
------------------------
Loans 1,392,401 26,100 7.60%
Investment securities 56,446 631 4.53%
Other short-term investments 3,374 36 4.33%
------------ ------------ ------------
Total interest-earning
assets 1,452,221 26,767 7.48%
------------ ------------ ------------
Non-interest earning assets 147,140
------------
Total assets 1,599,361
============
Interest-bearing liabilities:
-----------------------------
Deposits:
-----------
Now accounts, money market
and savings 520,821 2,576 2.01%
Time deposits 626,047 5,466 3.54%
------------ ------------ ------------
Total interest bearing-
deposits 1,146,868 8,042 2.84%
------------ ------------ ------------
Securities sold under
repurchase and short-term
borrowings 21,678 207 3.87%
Notes payable 101,629 1,332 5.32%
------------ ------------ ------------
Total interest-bearing
liabilities 1,270,175 9,581 3.06%
------------ ------------ ------------
Non-Interest Bearing
Liabilities:
----------------------
Demand Deposits 140,044
Other Liabilities 17,312
------------
Total Non-Interest Bearing
Liabilities 157,356
------------
Total liabilities 1,427,531
------------
Shareholders' equity 171,830
Total liabilities &
shareholders' equity 1,599,361
============
Net interest income 17,186
============
Interest rate spread 4.42%
============
Net yield on interest-earning
assets (net interest margin) 4.80%
============
Three Months Ended
March 31,
--------------------------------------
2005
------------ ------------ ------------
Average Average
Balance Interest Rate
------------ ------------ ------------
Interest-earning assets:
------------------------
Loans 1,079,588 18,079 6.79%
Investment securities 51,004 473 3.76%
Other short-term investments 34,127 183 2.17%
------------ ------------ ------------
Total interest-earning
assets 1,164,719 18,735 6.52%
------------ ------------ ------------
Non-interest earning assets 102,563
------------
Total assets 1,267,282
============
Interest-bearing liabilities:
-----------------------------
Deposits:
-----------
Now accounts, money market
and savings 388,983 866 0.90%
Time deposits 523,974 3,396 2.63%
------------ ------------ ------------
Total interest bearing-
deposits 912,957 4,262 1.89%
------------ ------------ ------------
Securities sold under
repurchase and short-term
borrowings 18,429 89 1.96%
Notes payable 92,543 1,057 4.63%
------------ ------------ ------------
Total interest-bearing
liabilities 1,023,929 5,408 2.14%
------------ ------------ ------------
Non-Interest Bearing
Liabilities:
----------------------
Demand Deposits 116,854
Other Liabilities 15,544
------------
Total Non-Interest Bearing
Liabilities 132,398
------------
Total liabilities 1,156,327
------------
Shareholders' equity 110,955
Total liabilities &
shareholders' equity 1,267,282
============
Net interest income 13,327
============
Interest rate spread 4.38%
============
Net yield on interest-earning
assets (net interest margin) 4.64%
============
GREENE COUNTY BANCSHARES, INC.
Consolidated Financial Highlights
March 31, 2006
(UNAUDITED)
March 31, 2006
-------------------------
Loans Balance %
----- ------------ ------------
Commercial $ 253,935 17.95%
Commercial real estate 766,361 54.16%
Residential real estate 305,951 21.62%
Consumer 86,750 6.13%
Other 1,915 0.14%
------------ ------------
1,414,912 100.00%
============
Less: Unearned interest income (10,285)
------------
Total $ 1,404,627
============
Loan Balances by Banking Units and Operating Subsidiaries
---------------------------------------------------------
March 31, 2006
-------------------------
Loan % to
Balance Total Loans
------------ ------------
Greene County Bank $ 113,670 8.09%
American Fidelity Bank 466,263 33.21%
Bank of Athens 45,830 3.26%
Bank of Bulls Gap 5,220 0.37%
Bank of Niota 10,046 0.72%
Clarksville Community Bank 103,025 7.33%
Cocke County Bank 6,018 0.43%
Community Bank of Loudon County 20,976 1.49%
Community Trust Bank 9,321 0.66%
First Bristol Bank 60,392 4.30%
First Independent Bank 63,721 4.54%
Hamblen County Bank 48,096 3.42%
Hawkins County Bank 33,038 2.35%
Bank of Lawrence County 23,055 1.64%
Middle Tennessee Bank and Trust 98,120 6.99%
Rutherford Bank and Trust 88,740 6.32%
Sullivan County Bank 16,328 1.16%
Washington County Bank 161,563 11.50%
GCB Acceptance Corporation 12,365 0.88%
Superior Financial Services, Inc. 18,840 1.34%
------------ ------------
Totals $ 1,404,627 100.00%
============ ============
March 31, 2006
-------------------------
Deposits Balance %
-------- ------------ ------------
Non-interest bearing demand $ 148,781 11.58%
Interest bearing demand 302,962 23.56%
Money market and savings 233,423 18.15%
Retail time 414,286 32.22%
Jumbo time 186,286 14.49%
------------ ------------
Total $ 1,285,738 100.00%
============ ============
Deposit Balances by Banking Units and Operating Subsidiaries
------------------------------------------------------------
March 31, 2006
-------------------------
Balance %
------------ ------------
Greene County Bank $ 312,727 24.32%
American Fidelity Bank 183,885 14.30%
Bank of Athens 34,965 2.72%
Bank of Bulls Gap 17,395 1.35%
Bank of Niota 17,162 1.33%
Clarksville Community Bank 167,066 12.99%
Cocke County Bank 29,283 2.28%
Community Bank of Loudon County 23,889 1.86%
Community Trust Bank 5,335 0.41%
First Bristol Bank 36,874 2.87%
First Independent Bank 100,871 7.85%
Hamblen County Bank 62,727 4.88%
Hawkins County Bank 46,738 3.64%
Bank of Lawrence County 71,168 5.54%
Middle Tennessee Bank and Trust 35,029 2.72%
Rutherford Bank and Trust 52,690 4.10%
Sullivan County Bank 12,561 0.98%
Washington County Bank 75,373 5.86%
GCB Acceptance Corporation - 0.00%
Superior Financial Services, Inc. - 0.00%
------------ ------------
$ 1,285,738 100.00%
============ ============
December 31, 2005
-------------------------
Loans Balance % % Change
------------ ------------ ---------
Commercial $ 245,285 17.67% 3.53%
Commercial real estate 729,254 52.52% 5.09%
Residential real estate 319,797 23.03% -4.33%
Consumer 90,682 6.53% -4.34%
Other 3,476 0.25% -44.91%
------------ ------------ ---------
1,388,494 100.00% 1.90%
============ =========
Less: Unearned interest income (9,852)
------------
Total $ 1,378,642
============
Loan Balances by Banking Units and Operating Subsidiaries
---------------------------------------------------------
December 31, 2005
-------------------------
Loan % to
Balance Total Loans % Change
------------ ------------ ---------
Greene County Bank $ 113,213 8.21% 0.40%
American Fidelity Bank 447,261 32.46% 4.25%
Bank of Athens 46,744 3.39% -1.96%
Bank of Bulls Gap 5,273 0.38% -1.01%
Bank of Niota 10,478 0.76% -4.12%
Clarksville Community Bank 107,660 7.81% -4.31%
Cocke County Bank 6,021 0.44% -0.05%
Community Bank of Loudon County 23,362 1.69% -10.21%
Community Trust Bank 9,937 0.72% -6.20%
First Bristol Bank 57,661 4.18% 4.74%
First Independent Bank 65,391 4.74% -2.55%
Hamblen County Bank 48,944 3.55% -1.73%
Hawkins County Bank 31,887 2.31% 3.61%
Bank of Lawrence County 24,222 1.76% -4.82%
Middle Tennessee Bank and Trust 87,351 6.34% 12.33%
Rutherford Bank and Trust 83,590 6.06% 6.16%
Sullivan County Bank 16,865 1.22% -3.18%
Washington County Bank 161,643 11.72% -0.05%
GCB Acceptance Corporation 12,140 0.88% 1.85%
Superior Financial Services, Inc. 18,999 1.38% -0.84%
------------ ------------ ---------
Totals $ 1,378,642 100.00% 1.88%
============ ============ =========
December 31, 2005
-------------------------
Deposits Balance % % Change
-------- ------------ ------------ ---------
Non-interest bearing demand $ 144,216 11.13% 3.17%
Interest bearing demand 268,714 20.74% 12.75%
Money market and savings 245,740 18.96% -5.01%
Retail time 425,506 32.83% -2.64%
Jumbo time 211,703 16.34% -12.01%
------------ ------------ ---------
Total $ 1,295,879 100.00% -0.78%
============ ============ =========
Deposit Balances by Banking Units and Operating Subsidiaries
------------------------------------------------------------
December 31, 2005
-------------------------
Balance % % Change
------------ ------------ ---------
Greene County Bank $ 322,396 24.90% -3.00%
American Fidelity Bank 184,874 14.27% -0.53%
Bank of Athens 26,280 2.03% 33.05%
Bank of Bulls Gap 16,181 1.25% 7.50%
Bank of Niota 16,237 1.25% 5.70%
Clarksville Community Bank 169,032 13.04% -1.16%
Cocke County Bank 28,314 2.18% 3.42%
Community Bank of Loudon County 24,507 1.89% -2.52%
Community Trust Bank 6,539 0.50% -18.41%
First Bristol Bank 47,351 3.65% -22.13%
First Independent Bank 101,071 7.80% -0.20%
Hamblen County Bank 52,998 4.09% 18.36%
Hawkins County Bank 47,484 3.66% -1.57%
Bank of Lawrence County 70,519 5.44% 0.92%
Middle Tennessee Bank and Trust 38,919 3.00% -10.00%
Rutherford Bank and Trust 51,903 4.01% 1.52%
Sullivan County Bank 13,671 1.05% -8.12%
Washington County Bank 77,603 5.99% -2.87%
GCB Acceptance Corporation - 0.00% -
Superior Financial Services, Inc. - 0.00% -
------------ ------------ ---------
$ 1,295,879 100.00% -0.78%
============ ============ =========
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