UNITED STATES SECURITIES ANDEXCHANGE COMMISSIONWASHINGTON, D.C. 20549

FORM 10-Q

Mark One

| [ X ]
QUARTERLY REPORT PURSUANT TO      SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934  
          For      the quarterly period ended **September 30, 2001** 
[__]TRANSITION REPORT PURSUANT TO SECTION 13 OR      15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934 
          For      the transition period from __________ to __________
**Commission File Number: 000-24203**

**GB&T Bancshares, Inc.**(Exact name ofregistrant as specified in its charter)
 

****Georgia****(State or other jurisdiction ofincorporation or organization) 
****58-2400756(IRSEmployerIdentification No.)
 

**500 Jesse Jewell Parkway, S.E.Gainesville, Georgia 30501**(Address of principal executiveoffices)
**(770) 532-1212**(Registrant’s telephone number,including area code)
**N/A**(Former name, former address andformer fiscal year, if changed since last report)
Indicate by check mark whether theregistrant (1) filed all reports required to be filed by Section 13 or 15(d) ofthe Securities Exchange Act of 1934 during the preceding 12 months (or for suchshorter 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 CORPORATEISSUERS

State the number of sharesoutstanding of each of the issuer’s classes of common stock, as ofNovember 1, 2001: 4,732,229 shares; $5par value
 
 
 

TABLE OF CONTENTS

 

 
**Page No.****PART I.
**FINANCIAL INFORMATION****Item 1.       FINANCIAL STATEMENTS****Consolidated Balance Sheets –      September 30, 2001 (Unaudited)             And December 31, 2000 **
**1****Consolidated Statements of Income(Unaudited)-       Three and nine months endedSeptember 30,2001 and 2000**
**2****Consolidated Statements ofComprehensive Income (Unaudited)-       Three and nine months ended September 30,2001 and 2000**
** 3****Consolidated Statements ofStockholders’ Equity  (Unaudited)       Nine months endedSeptember 30, 2001
** 3****Consolidated Statements of CashFlows  (Unaudited) -       **Nine****months endedSeptember 30, 2001 and2000**
**4****Notes to Consolidated FinancialStatements (Unaudited)**
** 5-7****Item 2.       Management’s Discussionand Analysis of                          Financial Condition and Results ofOperations**
**8-13****Item 3.       Quantitative and QualitativeDisclosures About Market Risk**
**13**
**PART II. **
**OTHER INFORMATION****Item 6.       Exhibitsand Reports on Form 8-K**
**14****Signatures**
**15**
 
 **PART 1 - FINANCIAL INFORMATION
     **ITEM 1. FINANCIAL STATEMENTS**         **GB&T BANCSHARES, INC. AND SUBSIDIARIES**    **CONSOLIDATED  BALANCE SHEETS**    **SEPTEMBER 30, 2001 AND DECEMBER 31, 2000**              **(Dollars in Thousands)** **(unaudited)**** **** **  **2001**** ****2000****Assets**         Cash and due from banks$       17,755 $         16,244 Interest-bearing deposits in banks             1,307                  324 Federal funds sold             7,339               7,723 Securities available-for-sale, at fair value           89,939             84,032      Loans         403,238            384,691 Less allowance for loan losses             5,477               5,099 
     Loans, Net
         397,761            379,592      Premises and equipment           14,665             13,093 Other assets           11,705             11,392 
**Total Assets**
$     540,471 $         512,400      **Liabilities and Stockholders' Equity**         Deposits    
   Noninterest-bearing
$         54,666  $         49,209 
   Interest-bearing
         375,712            352,010 
     Total deposits
         430,378            401,219      
Federal funds purchased and securities
    
       sold under repurchase agreements
             9,354             17,132 
Federal Home Loan Bank advances
           47,577             44,603 
Other borrowings
             3,343               2,564 
Other liabilities
             6,027               6,333 
**Total liabilities**
         496,679            471,851 Stockholders' Equity    
   Common Stock, par value $5; 20,000,000
    
       shares authorized;4,694,328 and 4,656,800 shares
    
       issued and outstanding, respectively
           23,472             23,284 
   Capital surplus
             1,698               1,567 
   Retained earnings
           17,139             15,586 
   Accumulated other comprehensive
    
       income, net of tax
             1,483                  112 
**Total stockholders' equity**
           43,792             40,549      
**Total liabilities and stockholders' equity**
$     540,471  $       512,400      **The accompanying notes are an integral part of these financial statements.**    **
1 **GB&T BANCSHARES, INC. AND SUBSIDIARIES**        **CONSOLIDATED STATEMENTS OF INCOME**        **THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000**                  **( In Thousands, except per share amounts)** ** ** ** ** ** ** ** ****(unaudited)**    **2001** **2000** **2001** **2000****Interest income**        
   Loans
                9,041                9,410              28,154              26,520 
   Taxable securities
                1,085                1,088               3,296               3,136 
   Nontaxable securities
                  178                  175                  541                  499 
   Federal funds sold
                  149                  130                  395                  279 
   Interest-bearing deposits in banks
                    26                      5                    46                    41 
     Total interest income
              10,479              10,808              32,432              30,475          **Interest expense**        
   Deposits
                4,374                4,501              13,862              12,150 
   Other borrowings
                  834                  974               2,611               2,743 
     Total interest expense
                5,208                5,475              16,473              14,893          
**Net interest income**
                5,271                5,333              15,959              15,582 Provision for loan losses                  230                  283               1,038                  959 
**Net interest income after**
        
**provision for loan losses**
                5,041                5,050              14,921              14,623 
 
        **Other income**        
   Service charges on deposit accounts
                  606                  495               2,365               1,547 
Mortgage origination fees
                  278                  123                  658                  288 
   Insurance commissions
                  200                  156                  519                  436 
Gain on sale of loans
                      3                     -                      16                    50 
   Gain(loss) on sale of securities
                    38                   (12)                   35                  131 
   Other operating income
                  407                  321                  869                  786 
**Total other income**
                1,532                1,083               4,462               3,238 
 
        **Other expenses**        
   Salaries and other employee benefits
                2,555                2,474               8,803               7,560 
   Occupancy expenses
                  372                  353               1,066                  896 
   Equipment expenses
                  478                  406               1,398               1,232 
   Other operating expenses
                1,193                1,097               4,239               3,610 
**Total other expenses**
                4,598                4,330              15,506              13,298         
**Income before income taxes**
                1,975                1,803               3,877               4,563          Income tax expense                  670                  577               1,345               1,505          
**Net Income**
$              1,305  $           1,226  $           2,532  $           3,058 ** **        **Earnings Per Share**        
**Basic**
 $                0.28  $             0.26  $            0.54  $            0.66 
**Diluted**

$
                0.27  $               0.25  $              0.52  $            0.63 **Weighted Average Shares**        
**Basic**
                4,674                4,656               4,663               4,655 
**Diluted**
                4,873                4,808               4,864               4,818 **Cash dividends per common share** $ $              0.08  $             0.07  $              0.23  $            0.22          **The accompanying notes are an integral part of these financial statements.**
2 **GB&T BANCSHARES, INC. AND SUBSIDIARIES****CONSOLIDATED STATEMENTS OF   COMPREHENSIVE INCOME****THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000**                           **(Dollars in thousands)****(unaudited)** 
**September 30,**
 
**September 30,**
  
**2001**
 **2000** **2001** **2000**
**Net Income**
               1,305                 1,226                2,532                 3,058  ** **        
   Unrealized gains  on securities
        
    available-for-sale arising during period, net of tax
                  761                   522                1,395                    426  
** **
        
   Reclassification adjustment for (gains) losses realized on
        
    securities available-for-sale in net income, net of tax
                  (26)                      8                   (24)                  (89)         Other comprehensive income                  735                    530                1,371                    337           
**Comprehensive income**
 $           2,040   $           1,756  $           3,903   $           3,395  **GB&T BANCSHARES, INC. AND SUBSIDIARIES****CONSOLIDATED STATEMENTS OF   STOCKHOLDERS' EQUITY****NINE MONTHS ENDED SEPTEMBER 30, 2001****(Dollars in thousands)**** **** **** **** **** **** **** **** ****Accumulated**** **** ****(unaudited)**** **** **** **** **** **** **** **** ****Other**** ****Total**** ****Common Stock**** **** **** ****Capital** **Retained**** ****Comprehensive**** ****Stockholders'** **Shares**** ****Par Value**** ****Surplus** **Earnings**** ****Income**** ****Equity**Balance, December 31, 2000              2,766 $          13,830 $           1,145 $           9,666 $                18 $         24,659            Restatement to reflect the pooling of           
  interests with Community Trust Financial
           
  Services at December 31, 2000
              1,891 $              9,454 $              422 $           5,920 $                94 $         15,890Balance, December 31, 2000, as restated              4,657             23,284               1,567             15,586                  112             40,549
   Net income
                    2,532   $           2,532
   Options excercised
                   38                  188                  131     $              319
   Dividends declared
           
     $0.23 per share
                     (979)   $            (979)
   Other comprehensive income
                      1,371 $            1,371Balance, September 30, 2001              4,695 $         23,472 $           1,698 $         17,139 $           1,483 $         43,792
3 **GB&T BANCSHARES, INC. AND SUBSIDIARIES** ** **  **CONSOLIDATED STATEMENTS OF   CASH FLOWS**    **NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000**         **(Dollars in Thousands)** ** ** ** ****(unaudited)** ** ** ** **  2001 2000**OPERATING ACTIVITIES**    
  Net income
 $        2,532  $ $   3,058 
  Adjustments to reconcile net income to net cash
    
     provided by operating activities:
    
     Depreciation and amortization
             989          873 
     Provision for loan losses
          1,038          959 
     Other operating activities
             717          448 
          Net cash provided by operating activities
          5,276       5,338      **INVESTING ACTIVITIES**    
   Purchases of securities available-for-sale
       (42,594)    (15,690)
   Proceeds from maturities of securities available-for-sale
        36,722      10,005 
   Net (increase) decrease in interest-bearing deposits in banks
            (983)      1,224 
   Purchase of life insurance
               -        (1,650)
   Net decrease in  Federal funds sold
             384       2,015 
   Net increase in  loans
       (19,207)    (45,522)
   Purchase of premises  and equipment
         (2,561)     (2,497)
          Net cash used in investing activities
       (28,239)    (52,115)    **FINANCING ACTIVITIES**    
   Net increase in deposits
        29,159      37,565 
   Net increase in FHLB advances
          2,974      10,974 
   Net decrease in other borrowings
         (6,999)     (1,433)
   Issuance of stock
             319            17 
   Dividends paid
            (979)        (826)
          Net cash provided by financing activities
        24,474      46,297      Net increase (decrease) in cash and due from banks          1,511         (480)     Cash and due from banks at beginning of period        16,244      14,249 Cash and due from banks at end of period $     17,755$  13,769     **The accompanying notes are an integral part of these financial statements.**         
4 
**GB&T BANCSHARES, INC. ANDSUBSIDIARIES****NOTES TO CONSOLIDATED FINANCIALSTATEMENTS(Unaudited)
 

NOTE 1.            BASIS OF PRESENTATION**
The accompanying unauditedconsolidated financial statements have been prepared in accordance withaccounting principles generally accepted in the United States of America, forinterim financial information and with instructions for Form 10-Q. Accordingly,they do not include all of the information and footnotes required by generallyaccepted accounting principles for complete financial statements. In the opinionof management, all adjustments (consisting of normal and recurring adjustmentsand merger related transactions) considered necessary for a fair presentationhave been included. The results of operations for the nine-month period endedSeptember 30, 2001 is not necessarily indicative of the results that may beexpected for the year ending December 31, 2001.

Prior period financialinformation has been restated for a business combination with Community TrustFinancial Services Corporation (and its wholly-owned subsidiaries, CommunityTrust Bank, Community Loan Company, and Metroplex Appraisals, Inc.), which wasconsummated on June 30, 2001, and accounted for as a pooling of interests inconformity with accounting principles generally accepted in the United States ofAmerica. Prior period financial information has also been restated to includeownership of 49% of the equity of Cash Transactions, LLC. Cash Transactions, LLCis treated as an unconsolidated subsidiary for financial reporting purposes,and, accordingly, the Company’s interest is reflected in the consolidatedfinancial statements at its proportionate share.

 

 

 

5 **NOTE 2.            EARNINGS PER COMMON SHARE(in thousands, except per share data)

 Presented below is a summary ofthe components used to calculate basic and diluted earnings per share for thethree and nine month periods ended September 30, 2001 and 2000.

Quarters ended September 30,
2001
2000
Basic Earnings Per Share:
Weighted average common shares      outstanding
4,674
4,656
Net income
$

1,305
$

1,226
Basic earnings per share
$

 0.28
$

 0.26
Diluted Earnings Per Share:
Weighted average common shares      outstanding
4,674
4,656
Net effect of the assumed      exercise of stock
       options based on the treasury      stock method
       using average market prices      for the period
199
152
Total weighted average common      shares and
       common stock equivalents      outstanding
4,873
4,808
Net income
$

1,305
$

1,226
Diluted earnings per share
$

$ 0.27
$

0.25
Nine Months ended September      30,
2001
2000
Basic Earnings Per Share:
Weighted average common shares      outstanding
4,663
4,655
Net income
$

 2,532
$

3,058
Basic earnings per share
$

 0.54
$

0.66
Diluted Earnings Per Share:
Weighted average common shares      outstanding
4,663
4,655
Net effect of the assumed      exercise of stock
       options based on the treasury      stock method
       using average market prices      for the period
201
163
Total weighted average common      shares and
       common stock equivalents      outstanding
4,864
4,818
Net income
$

2,532
$

3,058
Diluted earnings per share
$

 0.52
$

0.63
6 **NOTE 3. BUSINESS COMBINATIONS**
On June 30, 2001, the Companyconsummated its merger with Community Trust Financial Services Corporationsubject to an agreement and plan of reorganization, dated March 16, 2001,pursuant to which Community Trust Financial Services Corporation merged with andinto GB&T Bancshares, Inc. Community Trust Financial Services stockholdersreceived 1,890,662 shares of Company Stock. The combination was accounted for asa pooling of interests.

The following unaudited datasummarizes operating data of GB&T Bancshares, Inc. and Community TrustFinancial Services Corporation prior to the merger.

 
**For the six months ended**June 30, 2001**(Dollars in Thousands)**GB&T**Community**Bancshares**Trust
Interest income
$             15,291
$             6,684
Interest Expense
8,279
2,986
Other income
1,325
1,598
Other expense
5,685
5,238
Net income
1,529
(302)
 

The above presentation includesone-time merger expenses for both GB&T Bancshares, Inc. and Community TrustFinancial Services Corporation. (See Management’s Discussion and Analysis ofFinancial Condition and Results of Operations)
**  
** 

 **
7 
**GB&T BANCSHARES, INC. ANDSUBSIDIARIES**
** 

Item 2.  MANAGEMENT’S DISCUSSIONAND ANALYSIS OF FINANCIAL****************************** |
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