-----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, IYds0wYcpDk2BfJhc2Mu6iCPRoycK6LmzK11UIuzZWsH6wc4FAZZZ98lNcP/5uVN eeSVwlbb/4n4eRey4sdFPQ== 0000948520-05-000261.txt : 20051121 0000948520-05-000261.hdr.sgml : 20051121 20051121113106 ACCESSION NUMBER: 0000948520-05-000261 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051121 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051121 DATE AS OF CHANGE: 20051121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REGIONAL BANKSHARES INC CENTRAL INDEX KEY: 0001135513 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 571108717 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-32493 FILM NUMBER: 051217022 BUSINESS ADDRESS: STREET 1: PO BOX 2255 CITY: HARTSVILLE STATE: SC ZIP: 29551 BUSINESS PHONE: 8433834333 MAIL ADDRESS: STREET 1: PO 2255 CITY: HARTSVILLE STATE: SC ZIP: 29551 8-K 1 regn8k3d-05rev.txt SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ---------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ---------- Date of Report (Date of earliest event reported): November 21, 2005 REGIONAL BANKSHARES, INC. South Carolina 000-32493 57-1108717 (State or Other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) 206 South Fifth Street, Hartsville, SC 29551 (Address of Principal Executive Offices) (Zip Code) (843) 383-4333 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Section 2 - Financial Information Item 2.02 Results of Operations and Financial Condition. Third Quarter Earnings Please see Exhibit 99 for the Registrant's Revised 2005 Third Quarter Financial Report and letter to shareholders. Section 9 - Financial Statements and Exhibits Item 9.01 Financial Statements and Exhibits (c) Exhibit 99 - Registrant's Revised 2005 Third Quarter Financial Report and letter to shareholders. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. REGIONAL BANKSHARES, INC. (Registrant) Date: November 16, 2005 By: /s/ Curtis A. Tyner -------------------------------------------- Curtis A. Tyner President EXHIBIT INDEX Exhibit 99 Registrant's Revised 2005 Third Quarter Financial Report and letter to Shareholders EX-99 2 regn8k3d-05revex99.txt EXHIBIT 99 Regional Bankshares, Inc. and its subsidiary, HERITAGE Community Bank September 30, 2005 Financial Report 206 South Fifth Street, Hartsville (843) 383-4333 Financial Highlights Income Statement Data Nine Months Ended September 30 ------------------------------ 2005 2004 Percent Change ---- ---- -------------- (unaudited) (unaudited) Net Interest Income ............... $2,318,678 $1,923,814 20.53% Loan Loss Provision ............... 84,000 100,000 (16.00)% Noninterest Income ................ 402,139 412,855 (2.60)% Income Taxes ...................... 199,207 141,322 40.96% Net Income ........................ 339,193 242,049 40.13% Per Share Data Average Shares Outstanding(1) ..... 689,758 682,827 1.01% Basic(2) .......................... 0 .49 $ 0.35 40.00% Diluted(3) ........................ 0.49 $ 0.35 40.00% Three Months Ended September 30 ------------------------------- 2005 2004 Percent Change ---- ---- -------------- (unaudited) (unaudited) Net Interest Income ............... $790,671 $684,046 15.59% Loan Loss Provision ............... 24,000 45,000 (46.67)% Noninterest Income ................ 153,530 153,741 (0.14)% Income Taxes ...................... 81,986 61,218 33.92% Net Income ........................ 139,597 105,660 32.12% Per Share Data Average Shares Outstanding(1) ..... 690,977 684,684 0.92% Basic(2) .......................... $ 0.20 $ 0.15 33.33% Diluted(3) ........................ $ 0.19 $ 0.15 26.67% Balance Sheet Data September 30, December 31, Percent 2005 2004 Change ---- ---- ------ (unaudited) Total Assets ...................... $ 74,684,009 $ 70,260,401 6.30% Gross Loans ....................... 56,205,697 55,052,377 2.09% Allowance for Loan Losses ......... (650,293) (589,765) 10.26% Investment Securities ............. 7,292,762 4,001,705 82.24% Total Deposits .................... 61,493,022 57,691,196 6.59% Total Interest-Bearing ............ 60,455,712 56,660,219 6.70% Liabilities Shareholders' Equity .............. 5,467,067 5,093,599 7.33% Shares Outstanding(1) ............. 692,759 572,070 21.62% Book Value per Share .............. $ 7.89 $ 8.90 (11.35)% 1 Adjusted to reflect 20% stock dividend paid in 2005. 2 Net income divided by average shares outstanding. 3 Net income divided by average shares outstanding plus exercisable options and warrants. To Our Shareholders and Friends: We are pleased to report the results of our operations for the first nine months of 2005 and the quarter ended September 30, 2005. The results continue to show strong growth in earnings. Loan demand has slowed somewhat, while credit quality continues to be excellent. During the first nine months of 2005: o total assets of the Bank grew from $70,260,401 to $74,684,009 an increase of 6.30% o loans outstanding grew from $55,052,377, to $56,205,697, an increase of 2.09% o deposits grew from $57,691,196 to $61,493,022, an increase of 6.59% o net income after taxes grew from $242,049 in 2004 to $339,193 in 2005, an increase of 40.13%. During the quarter ended September 30, 2005 compared to 2004: o net interest income grew from $684,046 to $790,671 an increase of 15.59% o net income after taxes grew from $105,660 to $139,597, an increase of 32.12%. We are excited to be occupying our permanent office in McBee and invite you to drop in and visit as you travel through the community. We will also be moving in to our new operations center on Westfield Street in Hartsville by the end of November. These improvements will allow us to better serve you. In appreciation for your investment in Regional Bankshares and our improved profitability, the Board of Directors approved a 20% stock dividend to shareholders of record as of August 31, 2005. The dividend was paid on September 1, 2005. Thank you for your continued confidence. Goz Segars Chairman Curtis A. Tyner, Sr. President & CEO Corporate Information Stock Transfer Agent Regional Bankshares, Inc. 206 South Fifth Street Hartsville, SC 29550 For Additional inquiries Mr. Curtis A. Tyner, Sr., President and CEO Regional Bankshares, Inc. 206 South Fifth Street Hartsville, South Carolina 29550 -----END PRIVACY-ENHANCED MESSAGE-----