-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SyIUtYiFTHpjtMRDL9YzkuhzwnUNY022lVXVgfXjDgxuEes/9fvKESz+R0PmdoNY 0QekfKQjwAEnOL6lCMCNEA== 0001021408-03-006932.txt : 20030502 0001021408-03-006932.hdr.sgml : 20030502 20030502122649 ACCESSION NUMBER: 0001021408-03-006932 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030425 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MOUNTAINBANK FINANCIAL CORP CENTRAL INDEX KEY: 0001135253 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 562237240 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-32547 FILM NUMBER: 03678774 BUSINESS ADDRESS: STREET 1: 201 WREN DRIVE CITY: HENDERSONVILLE STATE: NC ZIP: 28792 BUSINESS PHONE: 8286937376 8-K 1 d8k.txt MOUNTAINBANK SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 25, 2003 ------------------------------- MOUNTAINBANK FINANCIAL CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) NORTH CAROLINA 000-32547 56-2237240 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 201 Wren Drive Hendersonville, North Carolina 28792 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (828) 693-7376 ---------------------------- Item 7. Financial Statements and Exhibits. (c) Exhibits. The following exhibit is being filed with this Report: Exhibit No. Exhibit Description 99 Copy of our press release dated April 25, 2003 Item 9. Regulation FD Disclosure (Being furnished under Item 12. Results of Operations and Financial Condition.) On April 25, 2003, we announced our results of operations for the quarter ended March 31, 2003. A copy of our press release is attached as Exhibit 99 to this Report and is incorporated by reference into this Report. Our press release announced our net income for the first quarter of 2003, and the percentage increase in net income as compared to the same period in 2002, computed according to generally accepted accounting principles in the United States ("GAAP"). Our press release also described our net income, and the percentage increase, excluding a non-recurring expense we recognized during the first quarter of 2003 related to a proposed acquisition that was not consummated. The presentation of net income before a non-recurring expense is not in conformity with GAAP. However, since the particular expense we described was a one-time charge, we believe the non-GAAP financial measure in our press release provides useful information to investors regarding our first-quarter financial performance and results of operations. Disclosures About Forward Looking Statements The discussions included in this Report and its exhibits may contain forward looking statements within the meaning of the Private Securities Litigation Act of 1995, including Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Those statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially. For the purposes of these discussions, any statements that are not statements of historical fact may be considered to be forward looking statements. Those statements are often characterized by the use of qualifying words such as "expects," "anticipates," "believes," "estimates," "plans," "projects," or other statements concerning our opinions or judgments and those of our management about future events. The accuracy of those forward looking statements could be affected by various factors, including but not limited to the financial success or changing conditions or strategies of our customers or vendors, fluctuations in interest rates, actions of government regulators, the availability of capital and personnel or general economic conditions. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, we have duly caused this Report to be signed on our behalf by our undersigned officer thereunto duly authorized. MOUNTAINBANK FINANCIAL CORPORATION (Registrant) Date: May 1, 2003 By: /s/ Gregory L. Gibson ------------------------------- Gregory B. Gibson Chief Financial Officer EX-99 3 dex99.txt PRESS RELEASE Exhibit 99 News Release Date: Friday April 25, 2003 Contact: J. W. Davis, President and Chief Executive Officer MountainBank Financial Corporation (828) 693-7376 Release Date: For Immediate Release MOUNTAINBANK FINANCIAL CORPORATION REPORTS QUARTERLY INCOME UP 7% HENDERSONVILLE N.C., April 25 / PR Newswire / -- MountainBank Financial Corporation (Nasdaq SmallCap Market: MBFC) today announced that the Company's earnings rose 7% during the first quarter of 2003 as compared the same period in 2002. Net income totaled $1.65 million or $0.42 per diluted share as compared with $1.54 million or $0.41 per diluted share for the first three months of 2002. Included in the results of operations for the first quarter of 2003 was $435 thousand in non-recurring expense relating to a proposed acquisition that was not consummated. Excluding this non-recurring item, the Company's net income increased 25% to $1.92 million or $0.49 per diluted share. The Company also reported total assets, loans and deposits at March 31, 2003 of $847.3 million, $717.6 million and $696.8 million, respectively. In announcing these results, J.W. Davis, president and chief executive officer said, "We believe the increase in our core earnings of 25% during the first quarter of 2003 is reflective of MountainBank's strong earnings capacity. Given the current economic environment, we are quite pleased with our first quarter performance. As we remain focused on the fundamentals of our business model and our core operating philosophy, we believe the opportunities and prospects for our company continue to be exceptional." Additional summary financial information follows on the accompanying pages: MountainBank Financial Corporation Summary of Financial Highlights
Three Months Ended March 31, ------------------------------------- 2003 2002 ---- ---- Summary of Operations (dollars in thousands) Net income $ 1,652 $ 1,539 Preferred stock dividends declared 151 - Net income available to common shareholders 1,501 1,539 Interest income 12,593 10,600 Interest expense 4,938 4,293 Net interest income 7,655 6,307 Provision for loan losses 1,375 1,300 Non-interest income 2,339 1,443 Non-interest expense 5,954 3,786 Income tax expense 1,013 1,125 Earnings Information and Per Share Data Basic earnings per share $ 0.47 $ 0.49 Diluted earnings per share $ 0.42 $ 0.41 Book value per common share $ 13.62 $ 11.60 Tangible book value per common share $ 12.33 $ 10.72 Closing market price $ 25.00 $ 21.50 Other Share Information Weighted average shares outstanding - basic 3,211,255 3,112,522 Weighted average shares outstanding - diluted 3,957,336 3,792,907 End of period shares outstanding 3,220,657 3,112,022 Selected Key Data Efficiency ratio 59.58% 48.85% Return on average assets 0.80% 1.08% Return on average equity 12.47% 15.21%
March 31, December 31, 2003 2002 ---- ---- Balance Sheet Information (dollars in thousands) Total assets $ 847,328 $ 841,140 Cash and due from banks 15,781 10,229 Investment securities 55,457 77,477 Loans, gross 698,205 677,624 Loans held for sale 19,345 32,857 Allowance for loan losses 10,729 11,192 Intangible assets 4,162 4,244 Non-interest bearing deposits 61,380 64,607 Interest bearing deposits 635,442 612,662 Other interest-bearing liabilities 91,081 106,132 Shareholders equity 53,923 52,468 Asset Quality Information Non-accrual loans, OREO and repossessed property 5,477 4,417 Accruing loans 90 days or more past due 225 18 Total nonperforming assets 5,702 4,435 Nonperforming assets to total assets 0.67% 0.53% Allowance for loan losses to nonperforming assets 188.16% 252.36% Allowance for loan losses to total loans 1.50% 1.58% Allowance to loans excluding loans held for sale 1.54% 1.65% Accruing loans 30 to 89 days past due 11,153 9,999 Loans charged off during period 1,952 1,449 Recoveries during period 114 228 Net charge-offs to total loans 0.26% 0.17% Allowance for loan losses to net charge-offs 583.73% 916.63%
SOURCE: MountainBank Financial Corporation ______________________________________________________ MountainBank Financial Corporation's stock currently trades on the NASDAQ SmallCap market under the symbol MBFC. MountainBank, one of the fastest growing community banks in the Carolinas, currently operates eighteen full service offices in ten western North Carolina counties. The company also offers trust, wealth management and mortgage services through subsidiaries in Greenville and Greenwood, South Carolina. Forward-Looking Statements This news release contains forward-looking statements. Such statements are subject to certain factors that may cause the company's results to vary from those expected. These factors include changing economic and financial market conditions, competition, ability to execute our business plan, items already mentioned in this press release, and other factors described in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events and circumstances that arise after the date hereof. +++End of Release+++ -----END PRIVACY-ENHANCED MESSAGE-----