<PAGE>

                    U. S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

         For the quarterly period ended MARCH 31, 2005

[ ]   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: 000-50265

                                GBC Bancorp, Inc.
        -----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

             Georgia                                            58-2265327
-------------------------------                             -------------------
(State or other jurisdiction of                                (IRS Employer
incorporation or organization)                              Identification No.)

                  165 NASH STREET, LAWRENCEVILLE, GEORGIA 30045
               ---------------------------------------------------
                    (Address of principal executive offices)

                                 (770) 995-0000
                           ---------------------------
                           (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 [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity, as of May 12, 2005: [1,749,108]; $1 par value

Transitional Small Business Disclosure Format   Yes [ ]    No [X]

<PAGE>

                        GBC BANCORP, INC. AND SUBSIDIARY

                                      INDEX

<TABLE>
<CAPTION>
                                                                                           PAGE
                                                                                           ----
<S>                                                                                        <C>
PART I.     FINANCIAL INFORMATION

            ITEM 1.  FINANCIAL STATEMENTS

               CONSOLIDATED BALANCE SHEET - MARCH 31, 2005...............................    3

               CONSOLIDATED STATEMENTS OF INCOME AND
                COMPREHENSIVE INCOME - THREE MONTHS ENDED MARCH 31, 2005 AND 2004........    4

               CONSOLIDATED STATEMENTS OF CASH FLOWS - THREE
                MONTHS ENDED MARCH 31, 2005 AND 2004.....................................    5

               NOTES TO CONSOLIDATED FINANCIAL STATEMENTS................................    6

            ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS...........    9

            ITEM 3. CONTROLS AND PROCEDURES.............................................    17

PART II.    OTHER INFORMATION

            ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K....................................   18

            SIGNATURES...................................................................   19
</TABLE>

<PAGE>

                         PART I - FINANCIAL INFORMATION
ITEM I -                      FINANCIAL STATEMENTS

                        GBC BANCORP, INC. AND SUBSIDIARY

                           CONSOLIDATED BALANCE SHEET
                                 MARCH 31, 2005
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                 ASSETS
                                 ------
<S>                                                             <C>
Cash and due from banks                                         $   3,667,180
Federal funds sold                                                  9,694,000
Securities available-for-sale, at fair value                       30,261,868

Loans                                                             282,499,594
Less allowance for loan losses                                      3,125,378
                                                                -------------
          Loans, net                                              279,374,216

Premises and equipment                                                340,888
Other assets                                                        9,891,517
                                                                -------------

          TOTAL ASSETS                                          $ 333,229,669
                                                                =============

                  LIABILITIES AND STOCKHOLDERS' EQUITY

DEPOSITS
    Noninterest-bearing                                         $  27,885,978
    Interest-bearing                                              272,264,837
                                                                -------------
          TOTAL DEPOSITS                                          300,150,815
Securities sold under repurchase agreements                         1,588,019
Other liabilities                                                   3,555,754
                                                                -------------
          TOTAL LIABILITIES                                       305,294,588
                                                                -------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
    Common stock, par value $1; 3,000,000 shares authorized;
      1,749,108 shares issued and outstanding                       1,749,108
    Capital surplus                                                18,484,005
    Retained earnings                                               7,983,533
    Accumulated other comprehensive loss                             (281,565)
                                                                -------------
          TOTAL STOCKHOLDERS' EQUITY                               27,935,081
                                                                -------------

          TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY            $ 333,229,669
                                                                =============
</TABLE>

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

                                       3
<PAGE>

                        GBC BANCORP, INC. AND SUBSIDIARY

           CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
                   THREE MONTHS ENDED MARCH 31, 2005 AND 2004
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                   THREE MONTHS ENDED
                                                                        MARCH 31,
                                                              ---------------------------
                                                                  2005           2004
                                                              -----------     -----------
<S>                                                           <C>             <C>
INTEREST INCOME
    Loans                                                     $ 4,967,666     $ 3,475,624
    Taxable securities                                            275,003         195,175
    Nontaxable securities                                          48,637          48,801
    Federal funds sold                                             56,674          14,654
                                                              -----------     -----------
              TOTAL INTEREST INCOME                             5,347,980       3,734,254
                                                              -----------     -----------

INTEREST EXPENSE
    Deposits                                                    1,778,429       1,244,648
    Repurchase agreements                                          10,789           4,001
                                                              -----------     -----------
              TOTAL INTEREST EXPENSE                            1,789,218       1,248,649
                                                              -----------     -----------

              NET INTEREST INCOME                               3,558,762       2,485,605
PROVISION FOR LOAN LOSSES                                         255,687         171,237
                                                              -----------     -----------
              NET INTEREST INCOME AFTER
                PROVISION FOR LOAN LOSSES                       3,303,075       2,314,368
                                                              -----------     -----------

OTHER INCOME
    Service charges on deposit accounts                            41,768          96,048
    Gain on Sale of Loans                                         520,409         149,834
    Gain on Sale of Other Real estate owned                        43,748
    Other operating income                                         91,558          43,928
                                                              -----------     -----------
              TOTAL OTHER INCOME                                  697,483         289,810
                                                              -----------     -----------

OTHER EXPENSES
    Salaries and employee benefits                              1,340,886       1,106,063
    Equipment and occupancy expenses                              212,889         231,777
    Other operating expenses                                      509,031         373,013
                                                              -----------     -----------
              TOTAL OTHER EXPENSES                              2,062,806       1,710,853
                                                              -----------     -----------

              NET INCOME BEFORE INCOME TAXES                    1,937,752         893,325

INCOME TAX EXPENSE                                                702,000         288,000
                                                              -----------     -----------

              NET INCOME                                        1,235,752         605,325
                                                              -----------     -----------

OTHER COMPREHENSIVE INCOME (LOSS):
    Unrealized gains (losses)  on securities
      available-for-sale arising during period, net of tax       (332,245)        151,474
                                                              -----------     -----------

              COMPREHENSIVE INCOME                            $   903,507     $   756,799
                                                              ===========     ===========

BASIC EARNINGS PER SHARE                                      $      0.71     $      0.35
                                                              ===========     ===========

DILUTED EARNINGS PER SHARE                                    $      0.67     $      0.34
                                                              ===========     ===========

CASH DIVIDENDS PER SHARE                                      $         -     $         -
                                                              ===========     ===========
</TABLE>

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

                                       4
<PAGE>

                        GBC BANCORP, INC. AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                   THREE MONTHS ENDED MARCH 31, 2005 AND 2004
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                   2005             2004
                                                                               ------------     ------------
<S>                                                                            <C>              <C>
OPERATING ACTIVITIES
    Net income                                                                 $  1,235,752     $    605,325
    Adjustments to reconcile net income to net
        cash provided by operating activities:
        Depreciation                                                                 39,735           52,311
        Provision for loan losses                                                   255,687          171,237
        Increase  in interest receivable                                           (195,924)         (16,522)
        Increase in interest payable                                                117,722           85,060
        Increase in taxes payable                                                   575,386          173,292
        Net other operating activities                                             (192,345)        (148,184)
                                                                               ------------     ------------
              Net cash provided by  operating activities                          1,836,013          922,519
                                                                               ------------     ------------

INVESTING ACTIVITIES
    Purchases of securities available-for-sale                                            -       (4,996,222)
    Proceeds from maturities of securities available-for-sale                       202,254        3,372,856
    Net (increase) decrease  in federal funds sold                                8,000,000       (6,719,000)
    Net increase in loans                                                       (30,828,619)      (9,444,389)
    Proceeds from sale of Other Real Estate Owned                                 1,194,430                -
    Purchase of premises and equipment                                               (2,925)         (14,077)
                                                                               ------------     ------------
          Net cash used in investing activities                                 (21,434,860)     (17,800,832)
                                                                               ------------     ------------

FINANCING ACTIVITIES
    Net increase in deposits                                                     17,814,689       19,751,747
    Net  increase (decrease) in securities sold under repurchase agreements        (231,450)         139,703
    Net proceeds from the exercise of stock options                                 292,500           46,199
                                                                               ------------     ------------

          Net cash provided by financing activities                              17,875,739       19,937,649
                                                                               ------------     ------------

Net increase (decrease) in cash and due from banks                               (1,723,108)       3,059,336

Cash and due from banks at beginning of period                                    5,390,288        3,373,507
                                                                               ------------     ------------

Cash and due from banks at end of period                                       $  3,667,180     $  6,432,843
                                                                               ============     ============

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

           Cash paid during the period for :

                  Interest                                                     $  1,671,496     $  1,163,589

                  Income taxes                                                 $    147,614     $    148,098
</TABLE>

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

                                       5
<PAGE>

                        GBC BANCORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 1.  NATURE OF BUSINESS AND BASIS OF PRESENTATION

         The consolidated financial information for GBC Bancorp, Inc. (the
         "Company") 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 period.

         The results of operations for the three month period ended March 31,
         2005 are not necessarily indicative of the results to be expected for
         the full year.

NOTE 2.  EARNINGS PER SHARE

         Presented below is a summary of the components used to calculate basic
         and diluted earnings per common share.

<TABLE>
<CAPTION>
                                                      THREE MONTHS ENDED
                                                           MARCH 31
                                                    -----------------------
                                                       2005         2004
                                                    ----------   ----------
<S>                                                 <C>          <C>
Basic Earnings Per Share:
   Weighted average common shares outstanding        1,739,608    1,715,290
                                                    ==========   ==========

   Net income                                       $1,235,752   $  605,325
                                                    ==========   ==========

   Basic earnings  per share                        $      .71   $      .35
                                                    ==========   ==========

Diluted Earnings Per Share:
   Weighted average common shares outstanding        1,739,608    1,715,290
   Net effect of the assumed exercise of stock
      options based on the treasury stock method
      using average market prices for the year          94,247       61,902
                                                    ----------   ----------
   Total weighted average common shares and
      common stock equivalents outstanding           1,833,855    1,777,192
                                                    ==========   ==========

   Net income                                       $1,235,752   $  605,325
                                                    ==========   ==========

   Diluted earnings per share                       $      .67   $      .34
                                                    ==========   ==========
</TABLE>

                                      -6-
<PAGE>

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 3.  CURRENT ACCOUNTING DEVELOPMENTS

         In December 2004, the Financial Accounting Standards Board (FASB)
         issued Statement No. 123R, Share-Based Payment, a revision of FASB
         Statement No. 123, Accounting for Stock-Based Compensation. This
         Statement supersedes APB Opinion No. 25, Accounting for Stock Issued to
         Employees, and its related implementation guidance. This Statement
         establishes standards for the accounting for transactions in which an
         entity exchanges its equity instruments for goods or services. It also
         addresses transactions in which an entity incurs liabilities in
         exchange for goods or services that are based on the fair value of the
         entity's equity instruments or that may be settled by the issuance of
         those equity instruments. This Statement focuses primarily on
         accounting for transactions in which an entity obtains employee
         services in share-based payment transactions such as the issuance of
         stock options in exchange for employee services. This Statement
         requires a public entity to measure the cost of employee services
         received in exchange for an award of equity instruments based on the
         grant-date fair value of the award (with limited exceptions). That cost
         will be recognized over the period during which an employee is required
         to provide service in exchange for the award - the requisite service
         period (usually the vesting period). The Company has elected to
         continue with the accounting methodology of Opinion No. 25 until
         adoption of this standard is required.

                                      -7-
<PAGE>

                        GBC BANCORP, INC. AND SUBSIDIARY

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

The following is management's discussion and analysis of certain significant
factors which have affected the financial position and operating results of GBC
Bancorp, Inc. and its bank subsidiary, Gwinnett Banking Company, during the
periods included in the accompanying consolidated financial statements. The
purpose of this discussion is to focus on information about our financial
condition and results of operations that are not otherwise apparent from our
unaudited consolidated financial statements as of and for the three months ended
March 31, 2005. Reference should be made to those financial statements for an
understanding of the following discussion and analysis.

FORWARD-LOOKING STATEMENTS

We may from time to time make written or oral forward-looking statements,
including statements contained in our filings with the Securities and Exchange
Commission and reports to stockholders. Statements made, other than those
concerning historical information, should be considered forward-looking and
subject to various risks and uncertainties. Such forward-looking statements are
made based upon management's belief as well as assumptions made by, and
information currently available to, management pursuant to "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. Our actual
results may differ materially from the results anticipated in forward-looking
statements due to a variety of factors, including governmental monetary and
fiscal policies, deposit levels, loan demand, loan collateral values, securities
portfolio values, interest rate risk management, the effects of competition in
the banking business from other commercial banks, thrifts, mortgage banking
firms, consumer finance companies, credit unions, securities brokerage firms,
insurance companies, money market funds and other financial institutions
operating in our market area and elsewhere, including institutions operating
through the Internet, changes in governmental regulation relating to the banking
industry, including regulations relating to branching and acquisitions, failure
of assumptions underlying the establishment of allowance for loan losses,
including the value of collateral underlying delinquent loans and other factors.
We caution that such factors are not exclusive. We do not undertake to update
any forward-looking statements that may be made from time to time by, or on our
behalf.

OVERVIEW

Our results for the first quarter of 2005 were highlighted by continued
increased profitability to approximately $1,236,000, compared to approximately
$605,000 for the first quarter of 2004, along with continued quality growth of
over $19 million in total assets during the quarter.

CRITICAL ACCOUNTING POLICIES

We have adopted various accounting policies which govern the application of
accounting principles generally accepted in the United States in the preparation
of our financial statements. Our significant accounting policies are described
in the footnotes to the consolidated financial statements at December 31, 2004,
as filed in our annual report on Form 10-KSB.

                                      -8-
<PAGE>

Certain accounting policies involve significant judgments and assumptions by us
which have a material impact on the carrying value of certain assets and
liabilities. We consider these accounting policies to be critical accounting
policies. The judgments and assumptions we use are based on historical
experience and other factors, which we believe to be reasonable under the
circumstances. Because of the nature of the judgments and assumptions we make,
actual results could differ from these judgments and estimates which could have
a material impact on our carrying values of assets and liabilities and our
results of operations.

We believe the allowance for loan losses is a critical accounting policy that
requires the most significant judgments and estimates used in preparation of our
consolidated financial statements. Please see the portion of this discussion
that addresses our allowance for loan losses for a description of our processes
and methodology for determining our allowance for loan losses.

LIQUIDITY AND CAPITAL RESOURCES

The purpose of liquidity management is to ensure that there are sufficient cash
flows to satisfy demands for credit, deposit withdrawals, and our other needs.
Traditional sources of liquidity include asset maturities and growth in core
deposits. A company may achieve its desired liquidity objectives from the
management of assets and liabilities and through funds provided by operations.
Funds invested in short-term marketable instruments and the continuous maturing
of other earning assets are sources of liquidity from the asset perspective. The
liability base provides sources of liquidity through deposit growth, the
maturity structure of liabilities, and accessibility to market sources of funds.

Scheduled loan payments are a relatively stable source of funds, but loan
payoffs and deposit flows fluctuate significantly, being influenced by interest
rates and general economic conditions and competition. We attempt to price
deposits to meet asset/liability objectives consistent with local market
conditions.

Our liquidity is monitored on a periodic basis by management and State and
Federal regulatory authorities. We monitor our liquidity requirements under two
categories, operational needs and emergency needs. The operational needs
category establishes the cash requirements to sufficiently fund our deposit
reserve requirements and pay operating expenses. The emergency need category
establishes sufficient cash requirements to fund the volatility of deposits. As
determined under these categories, our liquidity as of March 31, 2005 was
considered satisfactory.

In the future, the primary source of funds available to us will be the payment
of dividends by the Bank. Banking regulations limit the amount of the dividends
that may be paid without prior approval of the Bank's regulatory agency.
Currently, the Bank could pay us approximately $1,600,000 dividend without
regulatory approval.

At March 31, 2005, our capital ratios were adequate based on regulatory minimum
capital requirements. The minimum capital requirements and the actual capital
ratios on a consolidated and bank-only basis are as follows:

                                      -9-
<PAGE>

<TABLE>
<CAPTION>
                                     ACTUAL
                             ----------------------
                                                      REGULATORY
                                                        MINIMUM
                             CONSOLIDATED     BANK    REQUIREMENT
                             ------------   -------   -----------
<S>                          <C>            <C>       <C>
Leverage capital ratios         8.87 %       8.57 %      5.00 %
Risk-based capital ratios:
   Core capital                 9.50 %       9.19 %      6.00 %
   Total capital               10.55 %      10.24 %     10.00 %
</TABLE>

These ratios may decline as asset growth continues, but are expected to exceed
regulatory minimum requirements. We believe that anticipated future earnings
will assist in keeping these ratios at satisfactory levels.

OFF-BALANCE SHEET ARRANGEMENTS

We are a party to financial instruments with off-balance sheet risk in the
normal course of business to meet the financing needs of our customers. These
financial instruments include commitments to extend credit and standby letters
of credit. Such commitments involve, to varying degrees, elements of credit risk
and interest rate risk in excess of the amount recognized in the balance sheet.

Our exposure to credit loss in the event of nonperformance by the other party to
the financial instrument for commitments to extend credit and standby letters of
credit is represented by the contractual amount of those instruments. We use the
same credit policies in making commitments and conditional obligations as we do
for on-balance sheet instruments. A summary of our commitments is as follows:

<TABLE>
<CAPTION>
                                  MARCH 31,
                                    2005
                                ------------
<S>                             <C>
Commitments to extend credit    $113,811,460
Letters of credit                  4,794,569
                                ------------
                                $118,606,029
                                ============
</TABLE>

Commitments to extend credit are agreements to lend to a customer as long as
there is no violation of any condition established in the contract. Since many
of the commitments are expected to expire without being drawn upon, the total
commitment amounts do not necessarily represent future cash requirements. The
amount of collateral obtained, if deemed necessary by us upon extension of
credit, is based on our credit evaluation of the customer.

Standby letters of credit are conditional commitments issued by us to guarantee
the performance of a customer to a third party. Those letters of credit are
primarily issued to support public and private borrowing arrangements. The
credit risk involved in issuing letters of credit is essentially the same as
that involved in extending loans to customers. Collateral is required in
instances which we deem necessary.

                                      -10-
<PAGE>

RELATED PARTY TRANSACTIONS

We lease our main office banking facilities under a noncancelable operating
lease agreement from GBC Properties, LLC, a limited liability company formed by
our organizers. The lease term is for 15 years with the monthly rental payment
adjusting every fifth year for changes in the Consumer Price Index. The lease
agreement requires us to pay normal operating and occupancy expenses of the
facilities.

FINANCIAL CONDITION

Following is a summary of our balance sheets for the periods indicated:

<TABLE>
<CAPTION>
                                               MARCH 31,   DECEMBER 31,
                                                  2005         2004
                                               ---------   ------------
                                                (DOLLARS IN THOUSANDS)
                                               ------------------------
<S>                                            <C>         <C>
Cash and due from banks                        $  3,667      $  5,390
Federal funds sold                                9,694        17,694
Securities                                       30,262        31,000
Loans, net                                      279,374       248,801
Premises and equipment                              341           378
Other assets                                      9,892        10,672
                                               --------      --------
                                               $333,230      $313,935
                                               ========      ========

Deposits                                       $300,151      $282,336
Securities sold under repurchase agreements       1,588         1,820
Other liabilities                                 3,556         3,040
Stockholders' equity                             27,935        26,739
                                               --------      --------
                                               $333,230      $313,935
                                               ========      ========
</TABLE>

Our total assets increased by 6.15% for the first three months of 2005. Deposit
growth of approximately $17,815,000 was invested primarily in the interest
earning categories of loans and federal funds sold. Our net loan to deposit
ratio has increased to 93.08% at March 31, 2005 from 88.12% at December 31,
2004. Our total equity increased by year-to-date net income of approximately
$1,236,000, proceeds from the exercise of stock options of approximately
$293,000, and decreased by an unrealized loss on securities available-for-sale,
net of tax, of approximately $332,000.

Our securities portfolio, consisting of U.S. Agency, State, County and
Municipals, and mortgage-backed securities, amounted to approximately
$30,262,000 at March 31, 2005. Unrealized losses on securities amounted to
approximately $454,000 at March 31, 2005, as compared to an unrealized gain of
approximately $82,000 at December 31, 2004. Management has not specifically
identified any securities for sale in future periods that, if so designated,
would require a charge to operations if the market value would not be reasonably
expected to recover prior to the time of sale.

                                      -11-
<PAGE>

We have 80% of our loan portfolio collateralized by real estate located in our
primary market area of Gwinnett County, Georgia and surrounding counties. Our
real estate construction portfolio consists of loans collateralized by loans to
build one-to-four-family residential properties. We generally require that loans
collateralized by real estate not exceed 80%-85% of the collateral value.

The remaining 20% of the loan portfolio consists of commercial, consumer, and
other loans. We require collateral commensurate with the repayment ability and
creditworthiness of the borrower.

The specific economic and credit risks associated with our loan portfolio,
especially the real estate portfolio, include, but are not limited to, a general
downturn in the economy which could affect unemployment rates in our market
area, general real estate market deterioration, interest rate fluctuations,
deteriorated or non-existing collateral, title defects, inaccurate appraisals,
financial deterioration of borrowers, fraud, and any violation of banking
protection laws. Construction lending can also present other specific risks to
the lender such as whether the builders can obtain financing for the
construction, whether the builders can sell the home to a buyer, and whether the
buyer can obtain permanent financing. Currently, real estate values and
employment trends in our market area are stable with no indications of a
significant downturn in the local economy.

We attempt to reduce these economic and credit risks not only by adhering to
loan to value guidelines, but also by investigating the creditworthiness of the
borrower and monitoring the borrower's financial position. Also, we establish
and periodically review our lending policies and procedures as well as having
independent loan review. State banking regulations limit exposure by prohibiting
secured loan relationships that exceed 25% of the Bank's statutory capital and
unsecured loan relationships that exceed 15% of the Bank's statutory capital.

                                      -12-
<PAGE>

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004

Following is a summary of our operations for the periods indicated:

<TABLE>
<CAPTION>
                               THREE MONTHS ENDED
                                    MARCH 31,
                             ----------------------
                               2005          2004
                             --------      --------
                             (DOLLARS IN THOUSANDS)
                             ----------------------
<S>                          <C>           <C>
Interest income              $  5,348      $  3,734
Interest expense                1,789         1,249
                             --------      --------
Net interest income             3,559         2,485
Provision for loan losses         256           171
Other income                      698           290
Other expense                   2,063         1,711
                             --------      --------
Pretax income                   1,938           893
Income tax                        702           288
                             --------      --------
Net income                   $  1,236      $    605
                             ========      ========
</TABLE>

Our net interest income increased by approximately $1,074,000 for the first
three months of 2005 as compared to the same periods in 2004. Our net interest
margin increased to 4.51% during the first three months of 2005 as compared to
3.94% for the first three months of 2004. The increase in net interest income is
due primarily to the increased volume of average loans, the increase in prime
interest rate and related loan fees. The increase in the net interest margin is
due to the increase in the prime interest rate along with the decrease in cost
of funds. Our cost of funds increased to 2.48% in the first three months of 2005
as compared to 2.13% in the first three months of 2004.

The provision for loan losses increased by approximately $85,000 for the first
three months of 2005 as compared to the same periods in 2004. The amounts
provided are due primarily to overall loan growth, as well as our assessment of
the inherent risk in the loan portfolio. Based upon our evaluation of the loan
portfolio, we believe the allowance for loan losses to be adequate to absorb
losses on existing loans that may become uncollectable. Our evaluation considers
significant factors relative to the credit risk and loss exposure in the loan
portfolio, including past due and classified loans, past experience, underlying
collateral values, and current economic conditions that may affect the
borrower's ability to repay. The allowance for loan losses is evaluated by
segmenting the loan portfolio into unclassified and classified loans. The
unclassified loans are further segmented by loan type with an allowance
percentage applied to each type in order to establish a general allowance for
loan losses. The allowance percentage determined is based upon our experience
specifically and the historical experience of the banking industry generally.
Due to improvements in the economic environment, the historical experience of
low losses and the maturing of the loan portfolio, management may decrease the
general allowances for loan losses in the future. The classified loans,
including impaired loans, are analyzed individually in order to establish a
specific allowance for losses. The allowance for loan losses as a percentage of
total loans was 1.10% at March 31, 2005 as compared to 1.49% at December 31,
2004.

                                      -13-
<PAGE>

Information with respect to nonaccrual, past due and restructured loans is as
follows:

<TABLE>
<CAPTION>
                                                                                 MARCH 31,
                                                                          ----------------------
                                                                            2005           2004
                                                                          -------        -------
                                                                          (DOLLARS IN THOUSANDS)
                                                                          ----------------------
<S>                                                                       <C>            <C>
Nonaccrual loans                                                          $ 2,229        $ 1,139
Loans contractually past due ninety days or more as to interest
   or principal payments and still accruing                                     0              0
Restructured loans                                                            304              0
Potential problem loans                                                     2,551          3,988
Interest income that would have been recorded on nonaccrual
   and restructured loans under original terms                                 97             24
Interest income that was recorded on nonaccrual and restructured loans         38              0
</TABLE>

Potential problem loans are defined as loans about which we have serious doubts
as to the ability of the borrower to comply with the present loan repayment
terms and which may cause the loan to be placed on nonaccrual status, to become
past due more than ninety days, or to be restructured.

It is our policy to discontinue the accrual of interest income when, in the
opinion of management, collection of interest becomes doubtful. This status is
accorded interest 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.

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.

                                      -14-
<PAGE>

Information regarding certain loans and allowance for loan loss data is as
follows:

<TABLE>
<CAPTION>
                                                               THREE MONTHS ENDED
                                                                    MARCH 31,
                                                              ---------------------
                                                                 2005        2004
                                                              ---------   ---------
                                                              (DOLLARS IN THOUSANDS)
                                                              ----------------------
<S>                                                           <C>         <C>
Average amount of loans outstanding                           $ 264,611   $ 220,094
                                                              =========   =========

Balance of allowance for loan losses at beginning of period   $   3,775   $   3,029
                                                              ---------   ---------

Loans charged off
   Commercial and financial                                   $     573   $      16
   Real estate construction                                           0           0
   Installment                                                        0           0
   Other                                                            333           0
                                                              ---------   ---------
                                                                    906          16
                                                              ---------   ---------

Loans recovered
   Commercial and financial                                           0           0
   Real estate construction                                           0           0
   Installment                                                        0           0
                                                              ---------   ---------
                                                                      0           0
                                                              ---------   ---------

Net charge-offs                                                     906          16
                                                              ---------   ---------

Additions to allowance charged to
   operating expense during period                                  256         171
                                                              ---------   ---------

Balance of allowance for loan losses at end of period         $   3,125   $   3,184
                                                              =========   =========

Ratio of net loans charged off during the period to
   average loans outstanding                                        .34%        .01%
                                                              =========   =========
</TABLE>

Other income increased by approximately $408,000 for the first three months of
2005 as compared to the same periods in 2004. Increased gain on sale of loans of
approximately $372,000 accounted for the majority of the year-to-date increase.
The increase is due to increased activity in the Small Business Administration
(SBA) loan program.

Other expenses increased by approximately $352,000 for the first three months of
2005 as compared to the same periods in 2004. Salaries and employee benefits
have increased by approximately $235,000 during this period due to an increase
in the number of full time equivalent employees to 44 as of March 31, 2005 from
42 as of March 31, 2004, commissions on sale of loans, and to other annual
salary increases. Equipment and occupancy expenses have remained stable. Other
operating expenses have increased by approximately $100,000, during this period
due to our overall growth.

                                      -15-
<PAGE>

We have provided for income taxes at an effective tax rate of 36% for the first
three months of 2005 as compared to 32% for the first three months of 2004.

We are not aware of any 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 our liquidity, capital resources or
operations. We are also not aware of any current recommendations by the
regulatory authorities, which, if they were implemented, would have such an
effect.

ITEM 3. CONTROLS AND PROCEDURES

As of the end of the period covered by this report, we carried out an
evaluation, under the supervision and with the participation of our Chief
Executive Officer and the Chief Financial Officer, of the effectiveness of the
design and operation of our disclosure controls and procedures in accordance
with Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). Based on this evaluation, our Chief Executive and Chief
Financial Officer concluded that our disclosure controls and procedures are
effective for gathering, analyzing and disclosing the information that we are
required to disclose in the reports we file under the Exchange Act, within the
time periods specified in the SEC's rules and forms. Our Chief Executive Officer
and Chief Financial Officer also concluded that our disclosure controls and
procedures are effective in timely alerting them to material information
relating to our company required to be included in our periodic SEC filings. In
connection with the new rules, we are in the process of further reviewing and
documenting our disclosure controls and procedures, including our internal
controls and procedures for financial reporting, and may from time to time make
changes designed to enhance their effectiveness and to ensure that our systems
evolve with our business.

There have been no significant changes in our internal control over financial
reporting that occurred during the period covered by this report that have
materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.

                                      -16-
<PAGE>

                           PART II - OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

         (a)   Exhibits.

               [Were any material agreements entered into during this quarter?]

               31.1  Certification of Chief Executive Officer Pursuant to Rule
                     13a-14(a) under the Securities Exchange Act of 1934, as
                     amended.

               31.2  Certification of Chief Financial Officer Pursuant to Rule
                     13a-14(a) under The Securities Exchange Act of 1934, as
                     amended.

               32    Certification of the Chief Executive Officer and Chief
                     Financial Officer, Pursuant to 18 U.S.C. Section 1350, as
                     Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
                     of 2002.

         (b)   Reports on Form 8-K.

               None.

                                      -17-
<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.

                                     GBC BANCORP, INC.
                                        (Registrant)

DATE: May 12, 2005                    BY: /s/ Larry D. Key
                                          -------------------------------------
                                          Larry D. Key, President and
                                           Chief Executive Officer
                                          (Principal Executive Officer)

DATE: May 12, 2005                    BY: /s/ John Hopkins
                                          --------------------------------------
                                          John Hopkins, Chief Financial Officer
                                          (Principal Financial and
                                           Accounting Officer)

                                      -18-