GB&T Bancshares shows increase in first quarter dividend

GAINESVILLE - The Board of Directors of GB&T Bancshares, Inc., the parent company of Gainesville Bank & Trust in Hall County, United Bank & Trust in Polk County, Community Trust Bank in Paulding County and Community Loan Company, declared an increase in the cash dividend to 8 ½ cents per share for the quarter ending March 31, 2002. <br> <br> The dividend was declared on April 15, 2002, for payment on April 30th to stockholders of record as of April 19, 2002. This represents a 13% increase over the dividend declared for the same period in 2001 and a 6% increase over the dividend declared in the fourth quarter of 2001. <br> <br> The dividend is based on first quarter earnings of $1,497,000, which is ahead of profit plan and an increase in excess of 42% over consolidated first quarter earnings of $1,056,000 in 2001. This translates to first quarter 2002 earnings per share of $.32, compared to consolidated earnings per share of $.23 for the same period in 2001, representing an increase of 39%. First quarter 2001 earnings have been adjusted for non-recurring merger expenses.<br> <br> As of 3/31/02, total assets for GB&T Bancshares, Inc. climbed to over $564 million, which, when compared to total assets of $529 million for first quarter 2001, represents an increase of over 6%.<br> <br> <br> &#34;We are pleased with the company's strong performance in the first quarter of the year&#34;, commented President and CEO Richard Hunt. &#34;In the remainder of the year, we will continue to take the necessary steps to take advantage of economies of scale which have been established through our network of affiliates. A primary example is the investment into a new systems upgrade, which will allow for consolidation of backroom operations and a positive impact on the company's bottom line.&#34; <br> <br> GB&T Board Chairman Abit Massey added, &#34;I am confident that GB&T is on target to meet our long-term objective to grow an even stronger performing financial services organization. We will continue to identify positive growth opportunities for the company as we build our north Georgia based financial services network.&#34;

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