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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
AMENDMENT NO. 1 TO
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 3, 2000
Great Pee Dee Bancorp, Inc.
--------------------------
(Exact Name of Registrant as Specified in Charter)
Delaware 0-23521 56-2050592
- ---------------------------- ------------------- ---------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
515 Market Street, Cheraw, South Carolina 29520
- ----------------------------------------- -----
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (843) 537-7656
--------------
Not Applicable
--------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 2. Acquisition of Assets
On March 3, 2000, First Federal Savings and Loan Association of Cheraw,
Cheraw, South Carolina, the wholly-owned subsidiary of Great Pee Dee Bancorp,
Inc., and Coastal Federal Savings Bank, Myrtle Beach, South Carolina, the
wholly-owned subsidiary of Coastal Financial Corporation, completed the
previously described purchase by First Federal of certain assets and the
assumption of liabilities relating to Coastal Federal's branch office located at
1385 Alice Drive in Florence, South Carolina.
Item 7. Financial Statements and Pro Forma Financial Information
a. FINANCIAL STATEMENTS OF BUSINESS ACQUIRED.
A summary of assets acquired and liabilities assumed, including amounts
paid for a premium on the deposit liabilities assumed and for a three year
non-compete agreement, are as follows:
(Unaudited)
-------------
Assets:
Cash and cash equivalents $ 11,570,301
Loans receivable, net 10,897,432
Premises and equipment 336,994
Deposit premium 1,850,000
Non-compete agreement 250,000
Other assets 81,412
----------------
$ 24,986,139
================
Liabilities:
Deposits $ 24,852,560
Other liabilities 133,579
----------------
$ 24,986,139
b. PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
GREAT PEE DEE BANCORP, INC.
The following pro forma condensed consolidated balance sheet as of December
31, 1999, and the pro forma condensed consolidated statements of income for the
six month period then ended and the year ended June 30, 1999 give effect to the
acquisition described under Item 2. The adjustments related to the pro forma
condensed consolidated balance sheet assume the transaction was consummated at
December 31, 1999, while the adjustments related to the pro forma condensed
consolidated income statements the transaction was consummated at the beginning
of the period presented. The transaction was consummated on March 3, 2000.
The pro forma information is based on the historical financial statements
of Great Pee Dee Bancorp, Inc. and management's projection of the revenues and
operating expenses for the branch acquired. Amortization of the deposit premium
and the non-compete agreement are reflected using the straight line method over
lives of ten years and three years, respectively. The pro forma adjustments also
reflect a loan loss provision of $98,000 to increase the allowance for loan
losses as a result of the loans purchased.
These pro forma statements are not necessarily indicative of the results
that actually would have occurred if the transaction had been consummated as of
and for the periods presented or what may be achieved in the future.
<PAGE>
<TABLE>
<CAPTION>
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
December 31, 1999
(In Thousands of Dollars)
- -------------------------------------------------------------------------------------------------------------------------
Great Pee Dee Pro Forma Pro Forma
Bancorp, Inc. Adjustments Consolidated
ASSETS
<S> <C> <C> <C>
Cash and cash equivalents $ 2,000 $ 11,570 $ 13,570
Investment securities available for sale 469 - 469
Investment securities held to maturity 4,018 - 4,018
Loans receivable, net 68,394 10,898 79,292
Premises and equipment, net 733 337 1,070
Deposit premium - 1,850 1,850
Other assets 1,425 331 1,756
-------------- -------------- --------------
TOTAL ASSETS $ 77,039 $ 24,986 $ 102,025
============== ============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposit accounts $ 41,530 $ 24,852 $ 66,382
Advances from the FHLB 7,900 - 7,900
Accrued expenses and other liabilities 152 134 286
-------------- -------------- --------------
TOTAL LIABILITIES 49,582 24,986 74,568
-------------- -------------- --------------
STOCKHOLDERS' EQUITY
Common stock 22 - 22
Additional paid in capital 21,607 - 21,607
Unearned compensation (1,710) - (1,710)
Retained earnings 12,126 - 12,126
Unrealized holding gains (losses) (20) - (20)
Common stock held in treasury (4,568) - (4,568)
-------------- -------------- --------------
TOTAL STOCKHOLDERS' EQUITY 27,457 - 27,457
-------------- -------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 77,039 $ 24,986 $ 102,025
============== ============== ==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Six Months Ended December 31, 1999
(In Thousands of Dollars, Except Per Share Data)
- -------------------------------------------------------------------------------------------------------------------
Great Pee Dee Pro Forma Pro Forma
Bancorp, Inc. Adjustments Consolidated
INTEREST INCOME
<S> <C> <C> <C>
Loans $ 2,506 $ 572 $ 3,078
Investments 195 340 535
-------------- -------------- --------------
TOTAL INTEREST INCOME 2,701 912 3,613
-------------- -------------- --------------
INTEREST EXPENSE
Deposit accounts 1,006 582 1,588
Borrowed funds 130 - 130
-------------- -------------- --------------
TOTAL INTEREST EXPENSE 1,136 582 1,718
-------------- -------------- --------------
NET INTEREST INCOME 1,565 330 1,895
PROVISION FOR LOAN LOSSES - 98 98
-------------- -------------- --------------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,565 232 1,797
-------------- -------------- --------------
OTHER INCOME 54 151 205
-------------- -------------- --------------
GENERAL AND ADMINISTRATIVE EXPENSES
Personnel costs 497 163 660
Occupancy 65 43 108
Other 208 227 435
-------------- -------------- --------------
TOTAL GENERAL AND
ADMINISTRATIVE EXPENSES 770 433 1,203
-------------- -------------- --------------
INCOME BEFORE INCOME TAXES 849 (50) 799
PROVISION FOR INCOME TAXES 317 - 317
-------------- -------------- --------------
NET INCOME $ 532 $ (50) $ 482
============== ============== ==============
NET INCOME PER COMMON SHARE
Basic $ 0.30 $ 0.27
Assuming dilution 0.30 0.27
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING
Basic 1,790,556 1,790,556
Assuming dilution 1,798,177 1,798,177
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Year Ended June 30, 1999
(In Thousands of Dollars, Except Per Share Data)
- -------------------------------------------------------------------------------------------------------------------
Great Pee Dee Pro Forma Pro Forma
Bancorp, Inc. Adjustments Consolidated
INTEREST INCOME
<S> <C> <C> <C>
Loans $ 4,625 $ 1,143 $ 5,768
Investments 442 680 1,122
-------------- -------------- --------------
TOTAL INTEREST INCOME 5,067 1,823 6,890
-------------- -------------- --------------
INTEREST EXPENSE
Deposit accounts 1,953 1,164 3,117
Borrowed funds 7 - 7
-------------- -------------- --------------
TOTAL INTEREST EXPENSE 1,960 1,164 3,124
-------------- -------------- --------------
NET INTEREST INCOME 3,107 659 3,766
PROVISION FOR LOAN LOSSES 96 98 194
-------------- -------------- --------------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 3,011 561 3,572
-------------- -------------- --------------
OTHER INCOME 85 301 386
-------------- -------------- --------------
GENERAL AND ADMINISTRATIVE EXPENSES
Personnel costs 1,178 325 1,503
Occupancy 111 85 196
Other 429 454 883
-------------- -------------- --------------
TOTAL GENERAL AND
ADMINISTRATIVE EXPENSES 1,718 864 2,582
-------------- -------------- --------------
INCOME BEFORE INCOME TAXES 1,378 (2) 1,376
PROVISION FOR INCOME TAXES 488 - 488
-------------- -------------- --------------
NET INCOME $ 890 $ (2) $ 888
============== ============== ==============
NET INCOME PER COMMON SHARE
Basic $ 0.45 $ 0.45
Assuming dilution 0.45 0.45
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING
Basic 1,990,342 1,990,342
Assuming dilution 1,993,249 1,993,249
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
GREAT PEE DEE BANCORP, INC.
DATE: May 16, 2000 By: \s\ Johnnie L. Craft
--------------------
Johnnie L. Craft
Treasurer and Secretary
(Duly Authorized Representative)
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