<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
Mark One
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended SEPTEMBER 30, 1998
----------------------
[_] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from __________ to __________
COMMISSION FILE NUMBER: 000-24203
GB&T BANCSHARES, INC.
----------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
GEORGIA 58-2400756
- --------------------- ----------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
500 JESSE JEWELL PARKWAY, S.E.
GAINESVILLE, GEORGIA 30501
-------------------------------------
(Address of principal executive offices)
(770) 532-1212
------------------------
(Issuer's telephone number)
N/A
---------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No _________
-------
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of August 1, 1998: 2,095,171 shares; $5 par value
Transitional Small Business Disclosure Format (Check One) Yes ____ No X
-----
<PAGE>
GB&T BANCSHARES, INC. AND SUBSISIARY
INDEX
-----
<TABLE>
<CAPTION>
PAGE NO.
--------
<S> <C> <C>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEET - SEPTEMBER 30, 1998........................................ 1
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME -
THREE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997 AND NINE MONTHS
ENDED SEPTEMBER 30, 1998 AND 1997.................................................... 2
CONSOLIDATED STATEMENTS OF CASH FLOWS - NINE MONTHS ENDED
SEPTEMBER 30, 1998 AND 1997......................................................... 3
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS............................................. 4-6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS................................ 7-11
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.............................. 12
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K................................................. 12
SIGNATURES................................................................................ 13
</TABLE>
<PAGE>
PART 1 - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GB&T BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 1998
(UNAUDITED)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
ASSETS
- ------
<S> <C>
Cash and due from banks $ 8,016
Interest-bearing deposits in banks 254
Federal funds sold 15,560
Securities available-for-sale, at fair value 31,902
Loans 129,364
Less allowance for loan losses 1,774
--------------
Loans, Net 127,590
--------------
Premises and equipment 4,390
Other assets 4,667
==============
TOTAL ASSETS $ 192,379
==============
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
Deposits
Demand $ 19,756
Interest-bearing demand 14,750
Savings 33,937
Time deposits 103,836
--------------
Total deposits 172,279
Other borrowings 3,328
Other liabilities 1,806
--------------
TOTAL LIABILITIES 177,413
--------------
Stockholders' Equity
Common Stock, par value $5; 10,000,000
shares authorized; 2,095,171 shares
issued and outstanding 10,476
Capital surplus 2,003
Retained earnings 2,306
Accumulated other comprehensive
income, net of tax 181
--------------
TOTAL STOCKHOLDERS' EQUITY 14,966
--------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 192,379
==============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
1
<PAGE>
GB&T BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
THREE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997 AND
NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
(Unaudited)
(Dollars in Thousands, except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------- ---------------------------
1998 1997 1998 1997
------------ ------------ ------------- ------------
<S> <C> <C> <C> <C>
Interest income
Loans 3,342 2,990 9,566 8,316
Taxable securities 446 375 1,253 1,114
Nontaxable securities 36 14 93 41
Federal funds sold 142 84 459 216
Interest-bearing deposits in banks 7 5 17 14
------------ ------------ ------------- ------------
Total interest income 3,973 3,468 11,388 9,701
------------ ------------ ------------- ------------
Interest expense
Deposits 1,934 1,708 5,639 4,652
Other borrowings 37 20 84 48
------------ ------------ ------------- ------------
Total interest expense 1,971 1,728 5,723 4,700
------------ ------------ ------------- ------------
Net interest income 2,002 1,740 5,665 5,001
Provision for loan losses 126 72 378 216
------------ ------------ ------------- ------------
Net interest income after
provision for loan losses 1,876 1,668 5,287 4,785
------------ ------------ ------------- ------------
Other income
Service charges on deposit accounts 123 137 372 374
Mortgage origination fees 64 24 251 90
Gain on sale of loans 46 1 197 10
Other operating income 110 59 309 200
------------ ------------ ------------- ------------
Total other income 343 221 1,129 674
------------ ------------ ------------- ------------
Other expenses
Salaries and other employee benefits 877 690 2,562 1,932
Occupancy and equipment expenses 265 204 787 565
Marketing expenses 59 30 158 75
Other operating expenses 351 313 1,047 891
------------ ------------ ------------- ------------
Total other expenses 1,552 1,237 4,554 3,463
------------ ------------ ------------- ------------
Income before income taxes 667 652 1,862 1,996
Income tax expense 213 229 602 705
------------ ------------ ------------- ------------
Net Income 454 423 1,260 1,291
------------ ------------ ------------- ------------
Other comprehensive income:
Unrealized gains (losses) on securities
available-for-sale arising during period,
net of tax 124 72 121 97
============ ============ ============= ============
Comprehensive income $ 578 $ 495 $ 1,381 $ 1,388
============ ============ ============= ============
Basic earnings per common share $ 0.22 $ 0.20 $ 0.60 $ 0.62
============ ============ ============= ============
Diluted earnings per common share $ 0.21 $ 0.20 $ 0.57 $ 0.62
============ ============ ============= ============
Cash dividends per common share $ 0.06 $ - $ 0.10 $ 0.09
============ ============ ============= ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
GB&T BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
(Unaudited)
(Dollars in Thousands)
<TABLE>
<CAPTION>
1998 1997
------------ -------------
<S> <C> <C>
OPERATING ACITIVITIES
Net income $ 1,260 $ 1,291
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 312 306
Provision for loan losses 378 216
Net realized losses on securities - 10
Other operating activities (862) (371)
------------ -------------
Net cash provided by operating activities 1,088 1,452
------------ -------------
INVESTING ACTIVITIES
Purchases of securities available-for-sale (16,134) (4,610)
Proceeds from maturities of securities available-for-sale 9,137 3,859
Net decrease in interest-bearing deposits in banks 85 36
Net increase in Federal funds sold (5,035) (2,850)
Net increase in loans (8,191) (24,395)
Purchase of premises and equipment (371) (1,131)
------------ -------------
Net cash used in investing activities (20,509) (29,091)
------------ -------------
FINANCING ACTIVITIES
Net increase in deposits 16,668 27,079
Net increase in other borrowings 1,898 1,048
Options exercised 14
Dividends paid (217) (184)
------------ -------------
Net cash provided by financing activities 18,349 27,957
------------ -------------
Net (decrease) increase in cash and due from banks (1,072) 318
Cash and due from banks at beginning of period 9,088 6,453
============ =============
Cash and due from banks at end of period $ 8,016 $ 6,771
============ =============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
3
<PAGE>
GB&T BANCSHARES, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1. BASIS OF PRESENTATION
The consolidated financial information included herein is unaudited;
however, such information reflects all adjustments (consisting solely
of normal recurring adjustments) which are, in the opinion of
management, necessary for a fair statement of results for the interim
periods.
The results of operations for the nine month period ended September
30, 1998 are not necessarily indicative of the results to be expected
for the full year.
NOTE 2. CURRENT ACCOUNTING DEVELOPMENTS
The adoption of the provisions of SFAS No. 125, "Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities" that became effective on January 1, 1998 did not have a
material effect on the Company's financial statements.
The adoption of SFAS No. 128, Earnings Per Share", that became
effective as of December 31, 1997 had no effect on the calculation of
income per common share for the three and six months ended September
30, 1997.
The adoption of SFAS No. 130, "Reporting Comprehensive Income", that
became effective on January 1, 1998 required the Company to report
comprehensive income in the Company's Statements of Income and
Comprehensive Income.
In April of 1998 the Accounting Standards Executive Committee issued
Statement of Position (SOP) 98-5, "Reporting on the Costs of Start Up
Activities". SOP 98-5 requires that costs of startup activities and
organization costs be expensed as incurred. SOP 98-5 becomes effective
for financial statements for fiscal years beginning after December 15,
1998. However, early adoption is encouraged for fiscal years in which
financial statements have not been issued. As of September 30, 1998
the company had $38,558 of unamortized organization costs which will
be required to be written off upon adoption of SOP 98-5.
In June of 1998 the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards (SFAS) No. 133, "
Accounting for Derivative Instruments and Hedging Activities". This
statement establishes accounting and reporting standards for
derivative instruments, including certain derivative instruments
embedded in other contracts and for hedging activities. It requires
that an entity recognize all derivatives as either assets
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 2. CURRENT ACCOUNTING DEVELOPMENTS (CONTINUED)
or liabilities in the statement of financial position and measure
those instruments at fair value. The statement is effective for all
fiscal quarters of fiscal years beginning after June 15, 1999.
Earlier adoption is encouraged, but permitted only as of the beginning
of any fiscal quarter that begins after June 1998. The company has not
determined the affect of SFAS 133 on its financial condition and
results of operations at this time.
There are no other recent accounting pronouncements that have had, or
are expected to have a material effect on the Company's financial
statements.
NOTE 3. EARNINGS PER COMMON SHARE
The following is a reconciliation of net income and weighted-average
shares outstanding used in determining basic and diluted earnings per
common share (EPS):
<TABLE>
<CAPTION>
Three Months Ended September 30, 1998
----------------------------------------------------
Net Weighted-Average
Income Shares PER SHARE
AMOUNT
------------- ----------------- --------------
<S> <C> <C> <C>
Basic EPS $ 454,000 2,095,171 $ 0.22
Effect of Dilutive Securities
Stock options - 104,478
------------- -----------------
Diluted EPS $ 454,000 2,199,649 $ 0.21
============= ================= ==============
</TABLE>
<TABLE>
<CAPTION>
Three Months Ended September 30, 1997
----------------------------------------------------
Net Weighted-Average
Income Shares Per Share
Amount
------------- ----------------- --------------
<S> <C> <C> <C>
Basic EPS $ 423,000 2,093,338 $ 0.20
Effect of Dilutive Securities
Stock options - 5,491
------------- -----------------
Diluted EPS $ 423,000 2,098,829 $ 0.20
============= ================= ==============
</TABLE>
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
<TABLE>
<CAPTION>
Nine Months Ended September 30, 1998
----------------------------------------------------
Net Weighted-Average
Income Shares PER SHARE
AMOUNT
------------- ----------------- --------------
<S> <C> <C> <C>
Basic EPS $ 1,260,000 2,095,171 $ 0.60
Effect of Dilutive Securities
Stock options - 99,629
------------- -----------------
Diluted EPS $ 1,260,000 2,194,800 $ 0.57
============= ================= ==============
</TABLE>
<TABLE>
<CAPTION>
Nine Months Ended September 30, 1997
----------------------------------------------------
Net Weighted-Average
Income Shares Per Share
Amount
------------- ----------------- --------------
<S> <C> <C> <C>
Basic EPS $ 1,291,000 2,092,727 $ 0.62
Effect of Dilutive Securities
Stock options - 4,836
------------- -----------------
Diluted EPS $ 1,291,000 2,097,563 $ 0.62
============= ================= ==============
</TABLE>
NOTE 4. EARNINGS PER COMMON SHARE
GB&T Bancshares, Inc. declared a stock dividend in the form of a stock
split on August 29, 1998, paid on September 21, 1998 to stockholder's
of record August 31, 1998, All per share amounts have been restated to
reflect the split.
<PAGE>
GB&T BANCSHARES, INC. AND SUBSIDIARY
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following is management's discussion and analysis of certain significant
factors which have affected the financial position and operating results of the
Company and its bank subsidiary, Gainesville Bank & Trust, during the periods
included in the accompanying consolidated financial statements.
FINANCIAL CONDITION
The Company's total assets increased $19,381,000 or 11.2%, for the nine months
ended September 30, 1998. Total loans increased by $8,154,000 or 6.7% for the
nine months ended September 30, 1998. The loan to deposit ratio as of September
30, 1998 was 75.1%, within the Company's target range of 75% to 80%, as compared
to 81.6% at September 30, 1997. Total deposits increased by $16,668,000 for the
nine months ended September 30, 1998. The deposit growth is believed to stem
from a more volatile economy in the third quarter. Prior to the current year,
the Bank's market area has experienced significant growth during the last
several years.
LIQUIDITY
As of September 30, 1998, the liquidity ratio was 29.70% compared to 21.89% at
September 30, 1997. This is above the Bank's target ratio of 25%. Liquidity is
measured by the ratio of net cash, Federal funds sold and securities to net
deposits and short-term liabilities. The increase in the liquidity ratio is
related to the increase in deposits and a reduction of pledged deposits since
December 31, 1997. The Bank has lines of credit available to meet any
unforeseen liquidity needs. Also, the Bank has a relationship with the Federal
Home Loan Bank of Atlanta which provides funding for loan growth on an as needed
basis.
CAPITAL
The minimum capital requirements for banks and bank holding companies require a
leverage capital to total assets ratio of at least 4%, core capital to risk-
weighted assets ratio of at least 4% and total capital to risk-weighted assets
of at least 8%.
At September 30, 1998, the capital ratios at the Company and the Bank were
adequate based on regulatory minimum capital requirements. The actual capital
ratios of the Company are as follows:
Leverage capital ratio 7.98%
Risk-based capital ratios:
Core capital 10.98%
Total capital 12.23%
<PAGE>
RESULTS OF OPERATIONS
Net interest income increased $262,000 or 15.1% for the three months ended
September 30, 1998 compared to the same period in 1997. The net increase
consists of an increase in interest income of $505,000 or 14.6% less an increase
in interest expense of $243,000 or 14.1% for the three month period. The
increase in interest income is due primarily to the growth in total interest-
earning assets of $29 million from September 30, 1997 to September 30, 1998.
Total interest-bearing liabilities increased during the same period by $26
million.
Net interest income increased $664,000 or 13.3% for the nine months ended
September 30, 1998 compared to the same period in 1997. The net increase
consists of an increase in interest income of $1,687,000 or 17.4% less an
increase in interest expense of $1,023,000 or 21.7% for the nine month period.
The increase in interest income is due primarily to the growth in total
interest-earning assets of $29 million from September 30, 1997 to September 30,
1998. Total interest-bearing liabilities increased during the same period by
$26 million. The net interest margin was 4.68% and 5.01% for the nine months
ended September 30, 1998 and 1997, respectively. Competitive pressures continue
to place downward pressure on net interest margin.
The Bank's provision for loan losses increased by $54,000 or 75% during the
three months ended September 30, 1998 as compared to the same period in 1997.
The Bank's provision for loan losses increased by $162,000 or 75% during the
nine months ended September 30, 1998 as compared to the same period in 1997.
The allowance for loan losses at September 30, 1998 was $1,774,000 or 1.37% of
total loans compared to 1.13% at September 30, 1997. Based on management's
evaluation, the allowance is adequate to absorb any anticipated loan losses at
September 30, 1998.
The increase in the provision for loan losses for the three and nine month
periods ended September 30, 1998 as compared to 1997 is based on an overall
slowing economy. The analysis below indicates only a slight increase in net
charge-offs in 1998 as compared to 1997. The second table following indicates
increases of $359,000 and $126,000 in nonaccrual loans and past due loans over
90 days, respectively. The increase in nonaccrual and past due loans resulted
from three larger well collateralized loans. There are minimal or no losses
anticipated on these loans. The allowance for loan losses is evaluated monthly
and adjusted to reflect the risk in the portfolio.
The following table summarizes the allowance for loan losses for the nine month
periods ended September 30, 1998 and 1997.
<TABLE>
<CAPTION>
1998 1997
------------ ------------
(DOLLARS IN THOUSANDS)
----------------------------
<S> <C> <C>
BALANCE, BEGINNING OF PERIOD $ 1,433 $ 1,146
LESS CHARGE-OFFS
Commercial loans (42) (34)
Consumer loans (24) (15)
PLUS RECOVERIES
Commercial loans 19
Consumer loans 10 17
------------ ------------
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
------------ ------------
Net charge-offs (37) (32)
------------ ------------
PLUS PROVISION FOR LOAN LOSSES 378 216
------------ ------------
BALANCE, END OF PERIOD $ 1,774 $ 1,330
============ ============
</TABLE>
The following table is a summary of nonaccrual, past due and restructured debt.
<TABLE>
<CAPTION>
September 30, 1998
-----------------------------------------------------------
Past Due
Nonaccural 90 Days Restructured
Loans Still Debt
Accruing
---------------- ---------------- -----------------
(Dollars in Thousands)
-----------------------------------------------------------
<S> <C> <C> <C>
Real estate loans $ 339 $ 317 $ -
Commercial loans - - -
Consumer loans 20 - -
---------------- ---------------- -----------------
Total $ 359 $ 317 $ -
================ ================ =================
</TABLE>
<TABLE>
<CAPTION>
September 30, 1997
-----------------------------------------------------------
Past Due
Nonaccural 90 Days Restructured
Loans Still Debt
Accruing
---------------- ---------------- -----------------
(Dollars in Thousands)
-----------------------------------------------------------
<S> <C> <C> <C>
Real estate loans $ - $ 124 $ -
Commercial loans - 8 -
Consumer loans - 59 -
---------------- ---------------- -----------------
Total $ - $ 191 $ -
================ ================ =================
</TABLE>
The Company's policy is to discontinue the accrual of interest income when, in
the opinion of management, collection of such interest becomes doubtful. This
status is determined when; (1) there is a significant deterioration in the
financial condition of the borrower and full repayment of principal and interest
is not expected; and (2) the principal or interest is more than ninety days past
due, unless the loan is both well-secured and in the process of collection.
Accrual of interest on such loans is resumed when, in management's judgment, the
collection of interest and principal becomes probable.
Loans classified for regulatory purposes as loss, doubtful, substandard, or
special mention that have not been included in the table above do not represent
or result from trends or uncertainties which management reasonably expects will
materially impact future operating results, liquidity or capital resources.
These classified loans do not represent material credits about which management
is aware of any information which causes management to have serious doubts as to
the ability of such borrowers to comply with the loan repayment terms.
<PAGE>
Other income for the three months ended September 30, 1998 increased by $122,000
or 55.2% compared to the same period in 1997. The increase in other income is
primarily due to increases in mortgage origination fees of $42,000 and SBA loan
premiums of $45,000. Other income for the nine months ended September 30, 1998
increased by $455,000 or 67.5% compared to the same period in 1997. The
increase in other income is primarily due to increases in mortgage origination
fees of $161,000 and SBA loan premiums of $187,000.
Other expenses increased by approximately $315,000 or 25.5% for the three month
period ended September 30, 1998 compared to the same period in 1997. The
increase is due primarily to an increase in salaries and employee benefits of
$187,000. Other expenses increased by approximately $1,091,000 or 31.5% for the
nine month period ended September 30, 1998 compared to the same period in 1997.
The increase is due primarily to an increase in salaries and employee benefits
of $630,000 which can be partially attributed to an increase of full time
employees to 86 in 1998 as compared to 72 in 1997. The significant increase in
employees is due to the opening of two new branches in the past two years. In
addition, the Bank has begun offering trust services and increased the activity
in their mortgage operations, both which required additional experienced
personnel. The increase in occupancy and equipment expenses of $222,000 is also
related to the opening of two branches within the past two years. The increase
in other operating expenses of $156,000 is not related to any one significant
item, but includes normal increases in operating expenses.
Income tax expense decreased by $16,000 for the three months ended September 30,
1998 compared to the three months ended September 30, 1997. Income tax expense
decreased by $103,000 for the nine months ended September 30, 1998 compared to
the nine months ended September 30, 1997. The effective tax rate for the period
in 1998 was 32% compared to 35% for the same period in 1997. This decrease is
attibutable to the investment in tax free investments during the year.
Net income increased for the three months ended September 30, 1998 by $31,000
compared to the same period in 1997. Net income decreased for the nine months
ended September 30, 1998 by $31,000 compared to the same period in 1997. The
decrease in net income is attributable to increases in provision for loan losses
and other expense as explained above.
The Company is not aware of any other known trends, events or uncertainties,
other than the effect of events as described above, that will have or that are
reasonably likely to have a material effect on its liquidity, capital resources
or operations. The Company is also not aware of any current recommendations by
the regulatory authorities which, if they were implemented, would have such an
effect.
CAPABILITY OF THE BANK'S DATA PROCESSING SOFTWARE TO ACCOMMODATE THE YEAR 2000
The Company heavily relies upon computers for the daily conduct of their
business and for data processing generally. There is concern among industry
experts that commencing on January 1, 2000, computers will be unable to "read"
the new year and there may be widespread computer malfunctions.
The Company has conducted a comprehensive review of its computer systems,
programs, applications, and other electronic components used in the operations
of the Company as well as third party vendors and customers to identify the
areas that could be affected by the Year 2000 issue, and has developed a
remediation plan to resolve any identified non-compliant component. All mission
critical components have been identified and the Company is currently in the
validation phase of its Year 2000 plan. The validation phase of its plan is
expected to be substantially complete by December 31, 1998. The Company has
budgeted the cost of remediation at approximately $275,000. As of October 31,
1998, the Company has expended approximately $176,000 of the budget.
<PAGE>
A material negative impact on the operations, liquidity and financial condition
of the bank would occur in a worst case scenario if the bank performed no
remediation. The company has substantially completed its remediation plan. In
the event of a worst case scenario the Company also has a contingency plan that
addresses each of its mission critical components.
<PAGE>
PART II - OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits.
27. Financial Data Schedule
(b) Reports on Form 8-K.
None
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
GB&T BANCSHARES, INC.
DATE: 11/13/98 BY: /s/ Richard A. Hunt
------------------ ---------------------
Richard A. Hunt
President and Chief Executive Officer
DATE: 11/13/98 BY: /s/ Gregory L. Hamby
------------------ ---------------------
Gregory L. Hamby
Chief Financial Officer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<CASH> 8,016
<INT-BEARING-DEPOSITS> 254
<FED-FUNDS-SOLD> 15,560
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 31,902
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 129,364
<ALLOWANCE> 1,774
<TOTAL-ASSETS> 192,379
<DEPOSITS> 172,279
<SHORT-TERM> 3,328
<LIABILITIES-OTHER> 1,806
<LONG-TERM> 0
10,476
0
<COMMON> 0
<OTHER-SE> 4,490
<TOTAL-LIABILITIES-AND-EQUITY> 192,379
<INTEREST-LOAN> 9,566
<INTEREST-INVEST> 1,346
<INTEREST-OTHER> 476
<INTEREST-TOTAL> 11,388
<INTEREST-DEPOSIT> 5,639
<INTEREST-EXPENSE> 5,723
<INTEREST-INCOME-NET> 5,665
<LOAN-LOSSES> 378
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 4,554
<INCOME-PRETAX> 1,862
<INCOME-PRE-EXTRAORDINARY> 1,862
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,260
<EPS-PRIMARY> .60
<EPS-DILUTED> .57
<YIELD-ACTUAL> 4.68
<LOANS-NON> 359
<LOANS-PAST> 317
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,433
<CHARGE-OFFS> 66
<RECOVERIES> 29
<ALLOWANCE-CLOSE> 1,774
<ALLOWANCE-DOMESTIC> 1,774
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 1,774
</TABLE>
