Great Pee Dee Earnings Slip

The bank cites a rise in expenses owing to its asset growth.
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Great Pee Dee Bancorp

(PEDE)

said fourth-quarter earnings fell from a year ago, as the latest quarter was hit by a rise in the bank's reserve for loan losses.

For the quarter ended June 30, Great Pee Dee's profit fell to $262,000, or 15 cents a share, from the year-ago $292,000, or 17 cents a share. The Cheraw, S.C., bank said "there was a significant increase in personnel and occupancy expenses due to the significant growth" of the bank in the latest year. Meanwhile, second-quarter loan-loss provision was $136,000 in the latest period, up from nothing in the year-ago quarter.

Great Pee Dee's sole subsidiary is Sentry Bank and Trust, a $195 million savings bank that has served the Pee Dee area since 1935.

On Monday, Great Pee Dee shares were flat at $15.75.