UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 20, 1994
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GRENADA SUNBURST SYSTEM CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 01-15003 64-0723929
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
organization) Number)
2000 Gateway, Grenada, Mississippi 38902-0947
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (601) 226-1100
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Item 5. Other Events
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Grenada Sunburst System Corporation announced on October 20, 1994,
earnings information for the third quarter of 1994. The press release is
attached as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Statements, and Exhibits
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(c) Exhibits
99 Additional Exhibits
99.1 Grenada Sunburst System Corporation Announces Record Earnings
Press Release dated October 20, 1994.
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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.
Dated: October 21, 1994
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GRENADA SUNBURST SYSTEM CORPORATION
By: /s/ D. L. Holland
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D. L. Holland, Treasurer &
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release dated October 20, 1994
NEWS FOR IMMEDIATE RELEASE
Traded: NASDAQ/NMS
Symbol: GSSC
Grenada Sunburst System Corporation
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Announces Record Earnings
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Grenada, MS; October 20, 1994 - James T. Boone, Chairman, President, and
CEO of Grenada Sunburst System Corporation, has announced record earnings for
the third quarter of 1994.
Net income was $7.740 million, or $.82 per share, for the three months
ended September 30, 1994, an increase of 15% over net income of $6.720
million, or $.71 per share, earned in the third quarter of 1993. These
earnings represent a third quarter return on assets (ROA) of 1.23% and a
return on equity (ROE) of 16.43%.
For the nine months ended September 30, 1994, net income was $20.891
million, up 12% over earnings of $18.718 million for the same period of 1993.
Earnings per share for the same period were $2.20 in 1994 compared to $1.99
in 1993.
Total assets for the Corporation were $2.511 billion and shareholders'
equity was $188.7 million at September 30, 1994. For the nine months ended
September 30, 1994, ROA was 1.13% and ROE was 15.38%.
Boone stated that the increased earnings were the result of an improved
net interest margin, highlighted by an 11% growth in net loan volume, coupled
with a continued improvement in asset quality.
The Company also announced that the fourth quarter cash dividend for
1994 will be $.20 per share. The dividend will be payable on January 2, 1995,
to shareholders of record on December 15, 1994.
Grenada Sunburst System Corporation is a Grenada, Mississippi, based
financial services company with principal operations being Sunburst Bank,
Louisiana; Sunburst Bank, Mississippi; Sunburst Mortgage Corporation;
Sunburst Financial Group, Inc.; Sunburst Trust and Asset Management Group;
and Rapid Finance.
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GSSC Selected Financial Information:
<TABLE>
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<CAPTION>
Three Months Ended Nine Months Ended
Sept. 30, (1) Sept. 30, (1)
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1994 1993 1994 1993
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(Dollars in thousands, except per share data)
<S> <C> <C> <C> <C>
Income Statement Data
Net interest income $28,825 $25,980 $82,583 $74,724
Provision for losses on loans 990 1,560 2,765 5,500
Securities gains (losses), net (44) 170 (145) (131)
Other non-interest income 7,710 8,189 22,896 23,084
Non-interest expense 24,286 22,888 72,381 66,255
Earnings before accounting
changes 7,740 6,720 20,891 17,937
Accounting changes, net of tax 0 0 0 781
Net earnings 7,740 6,720 20,891 18,718
Per Common Share Data
Earnings before accounting
changes .82 .71 2.20 1.91
Net earnings .82 .71 2.20 1.99
Cash dividends .20 .20 .60 .52
Book value 19.88 17.84
Profitability Ratios
Return on average assets
Earnings before accounting
changes 1.23% 1.11% 1.13% 1.04%
Net earnings 1.23 1.11 1.13 1.07
Return on average equity
Earnings before accounting
changes 16.43 15.95 15.38 14.97
Net earnings 16.43 15.95 15.38 15.46
Net interest income
(tax equivalent) as a
percentage of average
earning assets 5.17 4.83 5.03 4.88
</TABLE>
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<TABLE>
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<CAPTION>
September 30,
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1994 1993
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(Dollars in thousands)
<S> <C> <C>
Asset Quality Data
Allowance for losses on loans $32,898 $32,142
Nonperforming loans 2,902 6,278
Nonperforming assets 6,846 12,992
Loans 90 days or more past due 2,591 3,138
Allowance for losses on loans to loans 1.94% 2.10%
Nonperforming loans to loans .17% .41%
Nonperforming assets to loans .40% .85%
Allowance/nonperforming loans 1,133.63 511.98
Balance Sheet Data (At Period End)
Total Assets $2,510,895 $2,393,800
Loans, net of unearned income 1,695,765 1,530,709
Securities
Amortized cost 575,761 586,105
Fair value 573,803 609,859
Total Deposits 2,222,374 2,164,425
Long-term debt (2) 24,355 13,117
Total shareholders' equity 188,743 169,350
Capital Ratios
Equity/assets 7.52% 7.07%
Leverage 7.50 6.97
(1) Interim period ratios are annualized
(2) Subsidiary banks' long-term debt (primarily Federal Home Loan Bank
advances)
</TABLE>
For More Information:
Dan Holland
Chief Financial Officer
P. O. Box 947
Grenada, MS 38902
601-226-1100
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