<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, 2003

[ ]   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: 333-19081

                                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 1, 2003: 1,711,083; $1 par value

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

<PAGE>

                        GBC BANCORP, INC. AND SUBSIDIARY

                                      INDEX

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

           ITEM 1.  FINANCIAL STATEMENTS

              CONSOLIDATED BALANCE SHEET - MARCH 31, 2003...........................   3

              CONSOLIDATED STATEMENTS OF INCOME AND
               COMPREHENSIVE INCOME - THREE MONTHS ENDED
               MARCH 31, 2003 AND 2002..............................................   4

              CONSOLIDATED STATEMENTS OF CASH FLOWS - THREE
               MONTHS ENDED MARCH 31, 2003 AND 2002.................................   5

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

           ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                         FINANCIAL CONDITION AND RESULTS OF OPERATIONS..............   7

           ITEM 3.  CONTROLS AND PROCEDURES.........................................  13

PART II.   OTHER INFORMATION

           ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.............  14

           ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K................................  14

           SIGNATURES...............................................................  15
</TABLE>

<PAGE>

                         PART I - FINANCIAL INFORMATION
ITEM I -                     FINANCIAL STATEMENTS

                        GBC BANCORP, INC. AND SUBSIDIARY

                           CONSOLIDATED BALANCE SHEET
                                 MARCH 31, 2003
                                   (UNAUDITED)

<TABLE>
<S>                                                                             <C>
                                 ASSETS
Cash and due from banks                                                         $       4,650,493
Federal funds sold                                                                      9,970,000
Securities available-for-sale, at fair value                                           19,675,730

Loans                                                                                 167,134,870
Less allowance for loan losses                                                          2,335,457
                                                                                -----------------
          Loans, net                                                                  164,799,413

Premises and equipment                                                                    575,599
Other assets                                                                            5,109,523
                                                                                -----------------

          TOTAL ASSETS                                                          $     204,780,758
                                                                                =================

                  LIABILITIES AND STOCKHOLDERS' EQUITY

DEPOSITS
    Noninterest-bearing                                                         $      15,468,992
    Interest-bearing                                                                  165,922,526
                                                                                -----------------
          TOTAL DEPOSITS                                                              181,391,518
Securities sold under repurchase agreements                                               328,641
Other liabilities                                                                       1,290,642
                                                                                -----------------
          TOTAL LIABILITIES                                                           183,010,801
                                                                                -----------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
    Common stock, par value $1; 3,000,000 shares authorized;
      1,711,083 shares issued and outstanding                                           1,711,083
    Capital surplus                                                                    18,068,979
    Retained earnings                                                                   1,854,868
    Accumulated other comprehensive income                                                135,027
                                                                                -----------------
          TOTAL STOCKHOLDERS' EQUITY                                                   21,769,957
                                                                                -----------------

          TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                            $     204,780,758
                                                                                =================
</TABLE>

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

                                       3

<PAGE>

                        GBC BANCORP, INC. AND SUBSIDIARY

        CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
                   THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                      THREE MONTHS ENDED
                                                                                          MARCH 31,
                                                                       ------------------------------------------------

                                                                               2003                       2002
                                                                       --------------------       ---------------------
<S>                                                                    <C>                        <C>
INTEREST INCOME
    Loans                                                              $          2,870,450       $           2,375,357
    Taxable securities                                                              162,829                     142,480
    Nontaxable securities                                                            24,156
    Federal funds sold                                                               19,408                      52,284
                                                                       --------------------       ---------------------
              TOTAL INTEREST INCOME                                               3,076,843                   2,570,121
                                                                       --------------------       ---------------------

INTEREST EXPENSE
    Deposits                                                                      1,192,083                   1,229,268
    Repurchase agreements                                                             4,001                       2,650
                                                                       --------------------       ---------------------
              TOTAL INTEREST EXPENSE                                              1,196,084                   1,231,918
                                                                       --------------------       ---------------------

              NET INTEREST INCOME                                                 1,880,759                   1,338,203
PROVISION FOR LOAN LOSSES                                                           167,720                     157,348
                                                                       --------------------       ---------------------
              NET INTEREST INCOME AFTER
                PROVISION FOR LOAN LOSSES                                         1,713,039                   1,180,855
                                                                       --------------------       ---------------------

OTHER INCOME
    Service charges on deposit accounts                                              37,178                      32,421
    Other operating income                                                          254,956                      76,790
                                                                       --------------------       ---------------------
              TOTAL OTHER INCOME                                                    292,134                     109,211
                                                                       --------------------       ---------------------

OTHER EXPENSES
    Salaries and employee benefits                                                  844,030                     695,313
    Equipment and occupancy expenses                                                222,993                     221,305
    Other operating expenses                                                        332,972                     291,170
                                                                       --------------------       ---------------------
              TOTAL OTHER EXPENSES                                                1,399,995                   1,207,788
                                                                       --------------------       ---------------------

              NET INCOME BEFORE INCOME TAXES                                        605,178                      82,278

INCOME TAX EXPENSE                                                                  200,000                      13,502
                                                                       --------------------       ---------------------

              NET INCOME                                                            405,178                      68,776
                                                                       --------------------       ---------------------

OTHER COMPREHENSIVE INCOME :
    Unrealized gains (losses) on securities
      available-for-sale arising during period, net of tax                          (65,144)                   (113,987)
                                                                       --------------------       ---------------------

              COMPREHENSIVE INCOME                                     $            340,034       $             (45,211)
                                                                       ====================       =====================

BASIC EARNINGS PER SHARE                                               $               0.24       $                0.04
                                                                       ====================       =====================

DILUTED EARNINGS PER SHARE                                             $               0.23       $                0.04
                                                                       ====================       =====================

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, 2003 AND 2002
                                    (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                    2003                        2002
                                                                            ---------------------      ----------------------
<S>                                                                         <C>                        <C>
OPERATING ACTIVITIES
    Net income                                                              $             405,178      $               68,776
    Adjustments to reconcile net income to net
        cash provided by operating activities:
        Depreciation                                                                       65,190                      68,311
        Provision for loan losses                                                         167,720                     157,348
        (Increase) decrease in interest receivable                                         64,841                      (3,562)
        Decrease in interest payable                                                      (40,309)                    (71,413)
        Increase (decrease) in taxes payable                                               65,416                        (460)
        Net other operating activities                                                   (216,243)                   (156,157)
                                                                            ---------------------      ----------------------

              Net cash provided by operating activities                                   511,793                      62,843
                                                                            ---------------------      ----------------------

INVESTING ACTIVITIES
    Purchases of securities available-for-sale                                         (1,998,938)                 (1,555,290)
    Proceeds from maturities of securities available-for-sale                           2,515,410                           -
    Net (increase) decrease in federal funds sold                                         857,000                  (9,358,000)
    Net increase in loans                                                              (6,975,368)                 (3,658,821)
    Purchase of premises and equipment                                                    (15,241)                    (30,551)
                                                                            ---------------------      ----------------------

          Net cash used in investing activities                                        (5,617,137)                (14,602,662)
                                                                            ---------------------      ----------------------

FINANCING ACTIVITIES
    Net increase in deposits                                                            6,608,065                  11,627,484
    Net decrease in securities sold under repurchase agreements                          (212,573)                   (164,721)
    Net proceeds from sale of common stock                                                      -                   2,913,695
                                                                            ---------------------      ----------------------

          Net cash provided by financing activities                                     6,395,492                  14,376,458
                                                                            ---------------------      ----------------------

Net (increase) decrease in cash and due from banks                                      1,290,148                    (163,361)

Cash and due from banks at beginning of period                                          3,360,345                   4,347,480
                                                                            ---------------------      ----------------------

Cash and due from banks at end of period                                    $           4,650,493      $            4,184,119
                                                                            =====================      ======================

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

           Cash paid during the period for :

                  Interest                                                  $           1,155,775      $            1,303,331

                  Income taxes                                              $             219,073      $               13,962
</TABLE>

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

                                       5

<PAGE>

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

NOTE 1.           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, 2003 are not necessarily indicative of the results
                  to be expected for the full year.

NOTE 2.           STOCK COMPENSATION PLAN

                  At March 31, 2003, the Company has a stock-based employee
                  compensation plan. The Company accounts for this plan under
                  the recognition and measurement principles of APB Opinion No.
                  25, Accounting for Stock Issued to Employees, and related
                  Interpretations. No stock-based employee compensation cost is
                  reflected in net income, as all options granted under this
                  plan had an exercise price equal to the market value of the
                  underlying stock on the date of grant. The following table
                  illustrates the effect on net income and earnings per share if
                  the Company had applied the fair value recognition provisions
                  of SFAS Statement No. 123, Accounting for Stock-Based
                  Compensation, to stock-based employee compensation.

<TABLE>
<CAPTION>
                                                                       THREE MONTHS ENDED MARCH 31,
                                                                   -------------------------------------
                                                                         2003                2002
                                                                   ------------------  -----------------
<S>                                                                <C>                 <C>
Net income, as reported                                            $         405,178   $        68,776
Deduct: Total stock-based employee compensation
      expense determined under fair value based
      method for all awards                                                 (314,337)         (105,672)
                                                                   -----------------   ---------------
Pro forma net income (loss)                                        $          90,841   $       (36,896)
                                                                   =================   ===============
Earnings (losses) per share:
   Basic - as reported                                             $             .24   $           .04
                                                                   =================   ===============
   Basic - pro forma                                               $             .05   $          (.02)
                                                                   =================   ===============
   Diluted - as reported                                           $             .23   $           .04
                                                                   =================   ===============
   Diluted - pro forma                                             $             .05   $          (.02)
                                                                   =================   ===============
</TABLE>

NOTE 3.           CURRENT ACCOUNTING DEVELOPMENTS

                  There are no recent accounting pronouncements that have had,
                  or are expected to have, a material effect on the Company's
                  financial statements.

                                       6

<PAGE>

                        GBC BANCORP, 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 GBC
Bancorp, Inc. and its bank subsidiary, Gwinnett Banking Company, during the
periods included in the accompanying consolidated financial statements.

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 reserves 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 statement that may be made from time to time by, or on our
behalf.

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, 2002
as filed on our annual report on Form 10-KSB.

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.

                                       7

<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

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 needs category
establishes sufficient cash requirements to fund the volatility of deposits. As
determined under these categories, our liquidity as of March 31, 2003 was
considered satisfactory.

At March 31, 2003, 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:

<TABLE>
<CAPTION>
                                                       ACTUAL
                                             --------------------------
                                                                                 MINIMUM
                                                                                REGULATORY
                                             CONSOLIDATED         BANK          REQUIREMENT
                                             ------------         ----          -----------
<S>                                          <C>                  <C>           <C>
Leverage capital ratios                         10.94%            10.63%             4.00%
Risk-based capital ratios:
   Core capital                                 12.04             11.70              4.00
   Total capital                                13.29             12.95              8.00
</TABLE>

OFF-BALANCE SHEET RISK

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 sheets.

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,
                                                                           2003
                                                                    -------------------
<S>                                                                 <C>
Commitments to extend credit                                        $        73,409,954
Letters of credit                                                             4,779,205
                                                                    -------------------
                                                                    $        78,189,159
                                                                    ===================
</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.

                                       8

<PAGE>

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.

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,
                                                             2003                2002
                                                       ----------------    -----------------
                                                              (DOLLARS IN THOUSANDS)
                                                       -------------------------------------
<S>                                                    <C>                 <C>
Cash and due from banks                                $         4,650     $          3,360
Federal funds sold                                               9,970               10,827
Securities                                                      19,676               20,282
Loans, net                                                     164,799              157,992
Premises and equipment                                             576                  626
Other assets                                                     5,110                5,119
                                                       ----------------    ----------------
                                                       $       204,781     $        198,206
                                                       ================    ================

Deposits                                               $       181,391     $        174,784
Securities sold under repurchase agreements                        329                  541
Other liabilities                                                1,291                1,451
Stockholders' equity                                            21,770               21,430
                                                       ---------------     ----------------
                                                       $       204,781     $        198,206
                                                       ===============     ================
</TABLE>

Our total assets increased by 3.32% for the first quarter of 2003. Deposit
growth of $6,607,000 was invested primarily in the interest earning categories
of loans and federal funds sold. Our loan to deposit ratio has only increased to
92.14% at March 31, 2003 from 90.39% at December 31, 2002. Our total equity
increased by year-to-date net income of $405,000 and decreased by unrealized
losses on securities available-for-sale, net of tax, of $65,000.

Our securities portfolio, consisting of U.S. Agency, mortgage-backed securities
and state, county and municipals, amounted to $19,676 million at March 31, 2003.
Unrealized gains on securities amounted to $217,000 at March 31, 2003 as
compared to an unrealized gain of $308,000 at December 31, 2002. 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.

                                       9

<PAGE>

We have 75% 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 25% 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.

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002

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

<TABLE>
<CAPTION>
                                                               THREE MONTHS ENDED
                                                                    MARCH 31,
                                                     --------------------------------------
                                                             2003               2002
                                                     ------------------  ------------------
                                                             (DOLLARS IN THOUSANDS)
                                                     --------------------------------------
<S>                                                  <C>                 <C>
Interest income                                      $           3,077   $           2,570
Interest expense                                                 1,196               1,232
                                                     -----------------   -----------------
Net interest income                                              1,881               1,338
Provision for loan losses                                          168                 157
Other income                                                       292                 109
Other expense                                                    1,400               1,208
                                                     -----------------   -----------------
Pretax income                                                      605                  82
Income tax                                                         200                  13
                                                     -----------------   -----------------
Net income                                           $             405   $              69
                                                     =================   =================
</TABLE>

                                       10

<PAGE>

Our net interest income has increased by $543,000 during the first quarter of
2003 as compared to the same period in 2002. Our net interest margin increased
to 3.93% during the first quarter of 2003 as compared to 3.66% for the first
quarter of 2002 and 3.89% for the entire year of 2002. The increase in net
interest income is due primarily to the increased volume of average loans. The
increase in net interest margin is due to the decrease in cost of funds. The
cost of funds has decreased as deposits have been able to be repriced as they
matured. Our cost of funds decreased to 2.98% in the first quarter of 2003 as
compared to 4.07% in the first quarter of 2002.

The provision for loan losses increased by $11,000 during the first quarter of
2003 as compared to the same period in 2002. The amounts provided are due
primarily to loan growth and 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 uncollectible. 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. 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 1.40% at March 31, 2003 as compared to 1.31% at December 31, 2002.

Information with respect to nonaccrual, past due and restructured loans at March
31, 2003 and 2002 is as follows:

<TABLE>
<CAPTION>
                                                                                                  MARCH 31,
                                                                                      ---------------------------------
                                                                                            2003              2002
                                                                                      ---------------    --------------
<S>                                                                                   <C>                <C>
Nonaccrual loans                                                                      $         1,087    $           13
Loans contractually past due ninety days or more as to interest
   or principal payments and still accruing                                                         0                 0
Restructured loans                                                                                  0                 0
Potential problem loans                                                                         2,818             2,348
Interest income that would have been recorded on nonaccrual
   and restructured loans under original terms                                                     15                 6
Interest income that was recorded on nonaccrual and restructured loans                              0                 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 such 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.

                                       11

<PAGE>

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.

Information regarding certain loans and allowance for loan loss data through
March 31, 2003 and 2002 is as follows:

<TABLE>
<CAPTION>
                                                                                              THREE MONTHS ENDED
                                                                                                  MARCH 31,
                                                                                    --------------------------------------
                                                                                           2003                2002
                                                                                    ------------------   -----------------
                                                                                            (DOLLARS IN THOUSANDS)
                                                                                    --------------------------------------
<S>                                                                                 <C>                  <C>
Average amount of loans outstanding                                                 $          164,405   $         123,835
                                                                                    ==================   =================

Balance of allowance for loan losses at beginning of period                         $            2,174   $           1,532
                                                                                    ------------------   -----------------

Loans charged off
   Commercial and financial                                                                          6                   -
   Real estate mortgage                                                                                                  -
   Installment                                                                                                           4
                                                                                    ------------------   -----------------
                                                                                                     6                   4
                                                                                    ------------------   -----------------

Loans recovered
   Commercial and financial                                                                                              -
   Real estate mortgage                                                                                                  -
   Installment                                                                                                           -
                                                                                    ------------------   -----------------
                                                                                                     -                   -
                                                                                    ------------------   -----------------

Net charge-offs                                                                                      6                   4
                                                                                    ------------------   -----------------

Additions to allowance charged to operating expense during period                                  167                 157
                                                                                    ------------------   -----------------

Balance of allowance for loan losses at end of period                               $            2,335   $           1,685
                                                                                    ==================   =================

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

Other income increased by $183,000 during the first quarter of 2003 as compared
to the same period in 2002 due to an increase of $170,000 from premiums on sell
of SBA loans and $7,000 in mortgage loan fees.

Other expenses increased by $192,000 during the first quarter of 2003 as
compared to the same period in 2002 due to increased salaries and employee
benefits of $149,000 and increased other operating expenses of $42,000. Salaries
and employee benefits have increased due to an increase in the number of full
time equivalent employees to 39 at March 31, 2003 from 34 at March 31, 2002 and
to other annual salary increases. Occupancy and equipment expenses have remained
stable. The increase in other operating expenses is primarily attributable to
the overall growth of the Bank.

                                       12

<PAGE>

We have provided for income taxes at an effective tax rate of 33% for the first
quarter of 2003 as compared to 16% for the first quarter of 2002. The increase
is due to higher pretax income in 2003.

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 its 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

Within 90 days prior to the date of filing of 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 design and operation
of our disclosure controls and procedures. Based on this evaluation, our Chief
Executive Officer and the 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 Securities Exchange Act of 1934, within the time periods specified in the
SEC's rules and forms. Our Chief Executive Officer and the 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 controls or in other
factors that could significantly affect internal controls subsequent to the date
of this evaluation.

                                       13

<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.

                          99.1   Certification Pursuant to Section 906 of the
                                 Sarbanes-Oxley Act of 2002

                          99.2   Certification Pursuant to Section 906 of the
                                 Sarbanes-Oxley Act of 2002

                  (b)     Reports on Form 8-K.

                          None.

                                       14

<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 13, 2003           BY: /s/ Larry D. Key
                                 -----------------------------------------------
                             Larry D. Key, President and Chief Executive Officer

DATE: May 13, 2003           BY: /s/ John Hopkins
                                 ----------------------------------------------
                             John Hopkins, Chief Financial Officer

                                       15

<PAGE>

                                 CERTIFICATIONS

I, Larry D. Key, President and C.E.O., certify that:

1.       I have reviewed this quarterly report on Form 10-QSB of GBC Bancorp,
         Inc.

2.       Based on my knowledge, this quarterly report does not contain any
         untrue statement of a material fact or omit to state a material fact
         necessary to make the statements made, in light of the circumstances
         under which such statements were made, not misleading with respect to
         the period covered by this quarterly report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this quarterly report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the registrant as of, and for, the periods presented in
         this quarterly report;

4.       The registrant's other certifying officer and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         have:

         a.       designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiary, is made known to us by
                  others within that entity, particularly during the period in
                  which this quarterly report is being prepared;

         b.       evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing of this quarterly report (the "Evaluation Date");
                  and

         c.       presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

5.       The registrant's other certifying officer and I have disclosed, based
         on our most recent evaluation, to the registrant's auditors and the
         audit committee of registrant's board of directors:

         a.       all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

         b.       any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

                                       16

<PAGE>

6.       The registrant's other certifying officer and I have indicated in this
         quarterly report whether there were significant changes in internal
         controls or in other factors that could significantly affect internal
         controls subsequent to the date of our most recent evaluation,
         including any corrective actions with regard to significant
         deficiencies and material weaknesses.

Date: May 13, 2003

                                              /s/ Larry D. Key
                                              ----------------------------------
                                              Larry D. Key, President and C.E.O.
                                              (Principal Executive Officer)

                                       17

<PAGE>

I, John Hopkins, C.F.O., certify that:

1.       I have reviewed this quarterly report on Form 10-QSB of GBC Bancorp,
         Inc.

2.       Based on my knowledge, this quarterly report does not contain any
         untrue statement of a material fact or omit to state a material fact
         necessary to make the statements made, in light of the circumstances
         under which such statements were made, not misleading with respect to
         the period covered by this quarterly report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this quarterly report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the registrant as of, and for, the periods presented in
         this quarterly report;

4.       The registrant's other certifying officer and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         have:

         a.       designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiary, is made known to us by
                  others within that entity, particularly during the period in
                  which this quarterly report is being prepared;

         b.       evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing of this quarterly report (the "Evaluation Date");
                  and

         c.       presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

5.       The registrant's other certifying officer and I have disclosed, based
         on our most recent evaluation, to the registrant's auditors and the
         audit committee of registrant's board of directors:

         a.       all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

         b.       any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

                                       18

<PAGE>

6.       The registrant's other certifying officer and I have indicated in this
         quarterly report whether there were significant changes in internal
         controls or in other factors that could significantly affect internal
         controls subsequent to the date of our most recent evaluation,
         including any corrective actions with regard to significant
         deficiencies and material weaknesses.

Date: May 13, 2003

                                    /s/ John Hopkins
                                    ----------------------------------------
                                    John Hopkins, C.F.O.
                                    (Principal Financial and Accounting Officer)

                                       19