GB&T Bancshares Reports 21.9 Percent Increase in Fiscal Year 2005 Net Income

Declares First Quarter Cash Dividend of $0.085


GAINESVILLE, Ga., Jan. 18, 2006 (PRIMEZONE) -- GB&T Bancshares, Inc. (Nasdaq:GBTB), a multi-bank holding company with six community banks in markets surrounding Atlanta, Georgia, reported fiscal year 2005 net income of $12.0 million compared with $9.8 million for 2004, an increase of 21.9 percent. Over the last twelve months, loans and deposits increased 28.7 percent and 28.8 percent, respectively, generating recurring revenue growth of 33.1 percent for 2005 compared with the prior year.

Diluted earnings per share for 2005 were $0.93 compared with $1.04 for the prior-year period. Earnings per share were impacted by the $2.9 million increase in loan loss provision taken in the second quarter of 2005 to reserve for the charge-off of a deteriorated loan inherited with our acquisition of HomeTown Bank of Villa Rica ("HTB"). The additional provision lowered net income by $1.8 million after-tax, or $0.15 per diluted share. Per share results were also impacted by a 36.6 percent increase in average shares to 12,938,000 arising from shares issued in connection with three bank acquisitions over the past 18 months and a public offering of 1,651,680 shares of the Company's common stock completed in the fourth quarter of 2004.

For the fourth quarter of 2005, the Company reported net income of $3.7 million, an increase of 24.0 percent above the $3.0 million reported for the prior-year period. Diluted earnings per share for the fourth quarter of 2005 were $0.28 versus $0.27 for the prior-year period, an increase of 3.7 percent. The per share comparison reflects a 19.1 percent increase in average diluted shares to 13,103,000; the increase arose from shares issued in connection with the acquisition of First National Bank of Gwinnett ("FNBG") and the public offering.

At a meeting held on January 16, 2006, the board of directors of GB&T Bancshares declared a first quarter cash dividend of $0.085 per share on the Company's common stock. The dividend is payable on February 10, 2006, to stockholders of record at the close of business on January 31, 2006.

The returns on average assets ("ROA") and average equity ("ROE") for fiscal 2005 were 0.80 percent and 6.06 percent, respectively, compared with 0.91 percent and 8.32 percent for fiscal 2004. Adjusted to exclude intangibles, the returns on average tangible assets ("ROTA") and average tangible equity ("ROTE") were 0.84 percent and 9.44 percent, respectively, for 2005 compared with 0.95 percent and 12.90 percent for 2004.

Richard A. Hunt, President and CEO, commented, "We are pleased to report another record year of growth, highlighted by strong organic loan and deposit growth, the completed acquisition of the $142 million-asset FNBG Bancshares, Inc. and the sale of Community Loan Company, our consumer finance company in Northern Georgia. We have also recently announced an agreement to acquire the $130 million-asset Mountain Bancshares Inc. and its bank subsidiary, Mountain State Bank. Management believes that the FNBG and Mountain State Bank acquisitions expand our reach into other attractive markets and will prove to increase the value of our franchise. Gwinnett County, home to FNBG, has the high population growth that is a hallmark of the GB&T franchise, as do Dawson and Forsyth Counties, the primary market areas of Mountain State Bank. Both of these acquisitions are expected to be accretive to earnings within twelve months after closing, and FNBG is tracking to that target.

"We are particularly gratified with our loan growth in our highly competitive marketplace," continued Mr. Hunt. "Our revenue growth has been exceptional throughout 2005, far outdistancing growth in expenses. This performance reflects both the strength of our markets and the advantages of a local community banking presence in these markets. Most importantly, our improved operating efficiencies reflect the success of our integration efforts as we grow our portfolio of community banks."

Total revenue, defined as net interest income plus non-interest income, was $68.6 million for the fiscal year 2005, an increase of 31.7 percent over the $52.1 million reported in fiscal 2004. Net interest income increased 41.3 percent from the year-ago period, to $57.0 million, reflecting 38.0 percent growth in average earning assets and a ten basis point improvement in the net interest margin to 4.24 percent. "Our margin has modestly strengthened this year despite the challenge of funding our strong loan growth," added Mr. Hunt. "Our net interest margin has remained within an eleven basis point band as a result of the deposit-gathering initiatives of our community branch network and the success of our ALCO strategies."

Excluding securities gains of $553 thousand and $609 thousand in 2005 and 2004, respectively, non-interest income remained essentially unchanged for the two years, at $11.1 million. Despite increased service charges on deposit accounts, up 4.8 percent in 2005, and mortgage origination fees, up 13.8 percent, overall growth remained flat due to a one-time $371 thousand gain on the sale of land in the fourth quarter of 2004.

For the 2005 fourth quarter, total revenue was $18.0 million compared with $15.0 million for the prior-year fourth quarter, an increase of 20.1 percent. Net interest income increased 32.0 percent to $15.5 million, reflecting 29.4 percent growth in average earning assets and a seven basis point increase in the net interest margin, to 4.26 percent. Non-interest income was $2.5 million for the fourth quarter of 2005 compared with $3.2 million for the prior-year period, again due in part to the one-time gain on the sale of land in 2004.

Non-interest expense remains well-controlled; for fiscal year 2005, non-interest expense was $44.8 million, an increase of 23.9 percent over the $36.2 million reported for the prior-year fiscal period. Salaries and employee benefits expense, the largest component of non-interest expense, increased 25.6 percent. The increase in non-interest expense was also affected by a $306 thousand loss on the sale of Community Loan Company. The efficiency ratio improved to 64.34 percent for fiscal 2005 from 69.46 percent for the prior year.

For the fourth quarter of 2005, non-interest expense was $11.4 million, an increase of 15.2 percent over the $9.9 million reported in the fourth quarter of 2004. Salaries and employee benefits, the largest component of the increase, grew 15.1 percent. The efficiency ratio improved to 60.76 percent from 66.78 percent for the prior-year period.

"The charge we took this last year to resolve a deteriorating legacy loan at HTB was our one disappointment in a year of asset quality improvement," commented Mr. Hunt. An additional $2.9 million provision was made to the Company's loan loss reserves in the second quarter of 2005 as a result of this relationship. Net charge-offs for 2005 were $5.3 million, or 0.47 percent of average loans, of which $3.4 million was attributable to the one loan relationship at HTB. This compares with net charge-offs of $1.1 million, or 0.14 percent of average loans for fiscal 2004. Nonperforming assets plus delinquencies at December 31, 2005, were $10.0 million or 0.63 percent of assets, compared with $11.0 million, or 0.86 percent of assets, twelve months ago. Loan loss reserves at December 31, 2005, were 1.04 percent of total loans.

Total assets were $1.6 billion at December 31, 2005, an increase of $315.3 million, or 24.7 percent over twelve months ago. The FNBG Bancshares, Inc. acquisition, completed in March, 2005, accounted for $141.9 million, or 45.0 percent, of the increase.

Excluding this acquisition, organic growth during this period was $173.4 million or 13.6 percent. Loans increased $274.1 million, or 28.7 percent, to $1.2 billion at December 31, 2005, compared with $955.9 million at December 31, 2004. Growth in construction loans, driven by the strong demographics of GB&T's franchise, accounted for $186.5 million of the $274.1 million increase. Exclusive of the FNBG Bancshares, Inc. acquisition, which accounted for $101.5 million of this increase, loans grew $172.6 million, or 18.1 percent. Total deposits were $1.2 billion, an increase of $267.0 million or 28.8 percent from year-ago levels. Excluding the acquisition, total deposits increased $157.3 million, or 16.9 percent. Core deposits comprise 47.9 percent of total deposits compared with 53.0 percent a year earlier.

Stockholders' equity at December 31, 2005, was $205.5 million, a twelve-month increase of $30.7 million, or 17.6 percent, reflecting the impact of the FNBG Bancshares, Inc. acquisition. Stockholders' equity was 12.9 percent of period-end assets. The Company had 12,784,397 shares of common stock outstanding at December 31, 2005.

About GB&T Bancshares, Inc.

Based in Gainesville, Georgia, GB&T Bancshares, Inc. is a multi-bank holding company operating six community banks: Gainesville Bank & Trust, United Bank & Trust, Community Trust Bank, HomeTown Bank of Villa Rica, First National Bank of the South and First National Bank of Gwinnett. As of December 31, 2005, GB&T Bancshares had assets of $1.6 billion, with 26 full-service banking offices located in eleven Georgia counties. GB&T Bancshares' common stock is listed on the Nasdaq National market under the symbol "GBTB." Visit the Company's website www.gbtbancshares.com for additional information about GB&T.

Forward-Looking Statements

Some of the statements in this press release, including, without limitation, statements regarding projected growth , our proposed acquisitions, our efficiency, loan loss reserves, loan portfolio, net interest margin, revenue growth and other statements regarding our future results of operations are "forward-looking statements" within the meaning of the federal securities laws. In addition, when we use words like "anticipate", "believe", "intend", "expect", "estimate", "could", "should", "will", and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. These forward-looking statements involve risks and uncertainties and are based on our current beliefs and assumptions. Factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) changes in the interest rate environment may reduce margins or the volumes or values of loans held or made by us; (3) general economic conditions may be less favorable than expected (both generally and in our markets), resulting in, among other things, a deterioration in credit quality and/or a reduction in demand for credit; (4) economic, governmental or other factors may prevent the projected population and commercial growth in the counties in which we operate; (5) we may be unable to obtain required shareholder or regulatory approval for our proposed acquisitions; (6) legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which we are engaged; (7) costs or difficulties related to the integration of our businesses may be greater than expected; (8) deposit attrition, customer loss or revenue loss following the acquisitions may be greater than expected; (9) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than us; and (10) adverse changes may occur in the equity markets. Many of these factors are beyond our ability to control or predict, and readers are cautioned not to put undue reliance on such forward-looking statements. We disclaim any obligation to update or revise any forward-looking statements contained in this release.



  GB&T Bancshares Inc.
 CONSOLIDATED FINANCIAL
       HIGHLIGHTS
      (Unaudited)
 ---------------------- ---------- ---------- ----------  ----------
 (Dollars in thousands   
   except per share       4th Qtr    3rd Qtr    2nd Qtr     1st Qtr
       amounts)             2005       2005       2005       2005
 ---------------------- ---------- ---------- ----------  ----------

 EARNINGS
  Net interest income   $   15,468     14,645     14,120     12,746
  Provision for loan
   loss                 $      977        635      3,822        482
  Other income          $    2,492      3,476      2,906      2,757
  Other expense         $   11,406     11,551     11,273     10,595
  Net income            $    3,689      3,903      1,388      3,011
  Non-recurring
   (income)
   / expense (after-
   tax)                 $      190          0          0          0
  Operating income      $    3,879      3,903      1,388      3,011

 PER SHARE DATA
  Basic earnings per
   share                $     0.29       0.31       0.11       0.25
  Diluted earnings per
   share                $     0.28       0.30       0.11       0.25
  Operating diluted
   earnings per share   $     0.30       0.30       0.11       0.25
  Book value per share  $    16.07      15.99      15.81      15.77
  Tangible book value
   per share            $    10.32      10.16       9.97       9.90
  Cash dividend per
   share                $    0.085      0.085      0.085      0.076

 PERFORMANCE RATIOS
  Return on average
   assets                     0.92%      1.00%      0.37%      0.91%
  Return on average
   tangible assets            0.96%      1.05%      0.39%      0.95%
  Return on average
   equity                     7.16%      7.64%      2.76%      6.65%
  Return on average
   tangible equity           11.20%     12.07%      4.37%      9.98%
  Net interest margin         4.26%      4.18%      4.23%      4.29%
  Other expense/Average
   assets                     2.84%      2.96%      3.02%      3.19%
  Efficiency Ratio           60.76%     64.69%     65.11%     67.25%
  Other income/Total
   operating revenue         13.88%     16.64%     17.07%     17.78%

 MARKET DATA
  Market value per
   share -- Period end  $    21.41      21.23      23.76      21.66
  Market as a % of book       1.33       1.33       1.50       1.37
  Cash dividend yield         1.59%      1.60%      1.43%      1.40%
  Common stock dividend
   payout ratio              30.36%     28.33%     77.27%     30.40%
  Period-end common
   shares outstanding
   (000)                    12,784     12,729     12,716     12,641
  Common stock market
   capitalization
   ($ Millions)         $   273.71     270.24     302.13     273.81

 CAPITAL & LIQUIDITY
  Equity to assets           12.93%     12.62%     13.13%     13.56%
  Period-end tangible
   equity to tangible
   assets                     8.71%      8.40%      8.70%      8.97%
  Total risk-based
   capital ratio             13.89%     13.72%     14.39%     14.70%
  Average loans to
   deposits                 100.72%    100.53%    100.57%    101.38%

 ASSET QUALITY
  Net charge-offs       $      307      2,949      1,707        346
   (Ann.) Net loan
   charge-offs/
   Average loans             0.100%     0.996%     0.607%     0.140%
  Non-performing loans  $    6,562      5,957      6,811     10,213
  OREOs                 $    3,431      2,887      2,965      1,451
  90-day past dues      $       17        297        126        364
  NPAs + 90 day past
   due/ Total assets          0.63%      0.57%      0.65%      0.82%
  Allowance for loan
   losses/ Total loans        1.04%      1.02%      1.26%      1.13%
  Allowance for loan
   losses/ NPA's + 90
   days past due            127.60%    134.20%    147.25%    103.64%

 END OF PERIOD BALANCES
  Total loans, net of
   unearned fees        $1,229,981  1,208,031  1,152,737  1,099,344
  Total assets          $1,589,413  1,613,806  1,532,935  1,470,574
  Deposits              $1,195,597  1,233,729  1,159,109  1,096,190
  Stockholders' equity  $  205,459    203,597    201,269    199,367
  Full-time equivalent
   employees                   452        469        463        457

 AVERAGE BALANCES
  Loans                 $1,218,896  1,175,083  1,128,442  1,004,588
  Interest-earning
   assets               $1,439,033  1,390,897  1,338,276  1,204,489
  Total assets          $1,593,014  1,546,761  1,498,217  1,347,362
  Deposits              $1,210,205  1,168,863  1,122,061    990,944
  Interest-bearing
   liabilities          $1,195,088  1,176,016  1,131,022  1,015,305
  Stockholders' equity  $  204,481    202,586    201,727    183,586

                               ----------  ----------  ----------
                                4th Qtr       YTD         YTD
                                  2004        2005        2004
                               ----------  ----------  ----------
 EARNINGS
  Net interest income          $   11,716      56,979     40,322
  Provision for loan loss      $      465       5,916      1,406
  Other income                 $    3,238      11,631     11,778
  Other expense                $    9,901      44,825     36,180
  Net income                   $    2,975      11,991      9,838
  Non-recurring
   (income)/expense
   (after-tax)                 $     (230)        190       (103)
  Operating income             $    2,745      12,181      9,735

 PER SHARE DATA
  Basic earnings per share     $     0.28        0.96       1.05
  Diluted earnings per
   share                       $     0.27        0.93       1.04
  Operating diluted
   earnings per share          $     0.25        0.94       1.03
  Book value per share         $    14.84       16.07      14.84
  Tangible book value per
   share                       $    10.19       10.32      10.19
  Cash dividend per share      $    0.076       0.331      0.300

 PERFORMANCE RATIOS
  Return on average
   assets                            0.95%       0.80%      0.91%
  Return on average
   tangible assets                   0.99%       0.84%      0.95%
  Return on average equity           7.74%       6.06%      8.32%
  Return on average
   tangible equity                  12.06%       9.44%     12.90%
  Net interest margin                4.19%       4.24%      4.14%
  Other expense / Average
   assets                            3.16%       2.99%      3.34%
  Efficiency Ratio                  66.78%      64.34%     69.46%
  Other income/Total
   operating revenue                19.65%      16.28%     21.12%

 MARKET DATA
  Market value per share
   -- Period end               $    24.12       21.41      24.12
  Market as a % of book              1.63        1.33       1.63
  Cash dividend yield                1.26%       1.55%      1.24%
  Common stock dividend
   payout ratio                     28.15%      35.59%     28.85%
  Period-end common shares
   outstanding (000)               11,772      12,784     11,772
  Common stock market
   capitalization
   ($ Millions)                $   283.95      273.71     283.95

 CAPITAL & LIQUIDITY
  Equity to assets                  13.71%      12.93%     13.71%
  Period-end tangible
   equity to tangible assets         9.84%       8.71%      9.84%
  Total risk-based capital
   ratio                            16.27%      13.89%     16.27%
  Average loans to deposits         97.99%     100.74%     96.79%

 ASSET QUALITY
  Net charge-offs              $      666       5,309      1,146
  (Ann.) Net loan charge-offs/
   Average loans                    0.285%       0.47%      0.14%
  Non-performing loans         $   10,059       6,562     10,059
  OREOs                        $      620       3,431        620
  90-day past dues             $      328          17        328
  NPAs + 90 day past due/
   Total assets                      0.86%       0.63%      0.86%
  Allowance for loan
   losses/ Total loans               1.16%       1.04%      1.16%
  Allowance for loan
   losses/NPA's + 90 days
   past due                        100.49%     127.60%    100.49%

 END OF PERIOD BALANCES
  Total loans, net of
   unearned fees               $  955,880   1,229,981    955,880
  Total assets                 $1,274,136   1,589,413  1,274,136
  Deposits                     $  928,603   1,195,597    928,603
  Stockholders' equity         $  174,715     205,459    174,715
  Full-time equivalent
   employees                          453         452        453

 AVERAGE BALANCES
  Loans                        $  928,935   1,131,883    807,340
  Interest-earning assets      $1,111,717   1,343,345    973,246
  Total assets                 $1,246,184   1,496,792  1,082,701
  Deposits                     $  947,975   1,123,577    834,100
  Interest-bearing
   liabilities                 $  945,777   1,129,707    844,642
  Stockholders' equity         $  152,932     198,004    118,271


 The following table provides a detailed analysis 
  of Non-GAAP measures.

                              --------- --------- --------- ---------
 Reconciliation Table          4th Qtr   3rd Qtr   2nd Qtr   1st Qtr
  (Dollars in thousands)         2005      2005      2005      2005
 ---------------------------- --------- --------- --------- ---------
 Book value per share         $   16.07     15.99     15.81     15.77
 Effect of intangible assets
  per share                   $   (5.75)    (5.83)    (5.84)    (5.87)
 Tangible book value per 
  share                       $   10.32     10.16      9.97      9.90

 Return on average assets          0.92%     1.00%     0.37%     0.91%
 Effect of intangible assets       0.04%     0.05%     0.02%     0.04%
 Return on average tangible 
  assets                           0.96%     1.05%     0.39%     0.95%

 Return on average equity          7.16%     7.64%     2.76%     6.65%
 Effect of intangible assets       4.04%     4.43%     1.61%     3.33%
 Return on average tangible 
  equity                          11.20%    12.07%     4.37%     9.98%

 Equity to assets                 12.93%    12.62%    13.13%    13.56%
 Effect of intangible assets      -4.22%    -4.22%    -4.43%    -4.59%
 Period-end tangible equity 
  to tangible assets               8.71%     8.40%     8.70%     8.97%


                                        --------- --------- ---------
                                         4th Qtr     YTD       YTD
                                           2004      2005      2004
                                        --------- --------- --------- 

 Book value per share                   $   14.84     16.07     14.84
 Effect of intangible assets              
  per share                             $   (4.65)    (5.75)    (4.65)
 Tangible book value per                  
  share                                 $   10.19     10.32     10.19
                                         
 Return on average assets                    0.95%     0.80%     0.91%
 Effect of intangible assets                 0.04%     0.04%     0.04%
 Return on average tangible  
  assets                                     0.99%     0.84%     0.95%
                            
 Return on average equity                    7.74%     6.06%     8.32%
 Effect of intangible assets                 4.32%     3.38%     4.58%
 Return on average tangible  
  equity                                    12.06%     9.44%    12.90%
                            
 Equity to assets                           13.71%    12.93%    13.71%
 Effect of intangible assets                -3.88%    -4.22%    -3.87%
 Period-end tangible equity  
  to tangible assets                         9.84%     8.71%     9.84%


                   GB&T Bancshares, Inc. and Subsidiaries
                    Consolidated Statements of Condition

                                         12/31/2005      12/31/2004
 Assets (in thousands):                  (Unaudited)      (Audited)

 Cash and due from banks                $    30,748    $    20,723
 Interest-bearing deposits in banks             728            700
 Federal funds sold                             568             93
 Securities available-for-sale              188,127        190,636
 Restricted equity securities, at cost        9,277          7,226

 Loans, net of unearned income            1,229,981        955,880
 Less allowance for loan losses              12,773         11,061
                                        -----------    -----------
  Loans, net                              1,217,208        944,819
                                        -----------    -----------

 Premises and equipment, net                 37,014         31,548
 Goodwill                                    67,912         49,127
 Intangible assets                            5,586          5,618
 Other assets                                32,245         23,646
                                        -----------    -----------
  Total assets                          $ 1,589,413    $ 1,274,136
                                        ===========    ===========

 Liabilities and Stockholders' Equity
  (in thousands):
 Deposits:
  Non interest-bearing                  $   157,058    $   125,704
  Interest-bearing demand & savings         414,542        367,078
  Time deposits                             623,997        435,821
                                        -----------    -----------
   Total deposits                         1,195,597        928,603
 Federal funds purchased and securities 
  sold under repurchase agreements           45,510         47,582
 Federal Home Loan Bank advances             97,298         80,992
 Other borrowings                               968            934
 Other liabilities                           14,683         11,412
 Subordinated debt                           29,898         29,898
                                        -----------    -----------
   Total liabilities                      1,383,954      1,099,421
                                        -----------    -----------

 Stockholders' equity:
 Capital stock                              164,623        139,207
 Retained earnings                           43,404         35,550
 Accumulated other comprehensive 
  income                                     (2,568)           (42)
                                        -----------    -----------
   Total stockholders' equity               205,459        174,715
                                        -----------    -----------
   Total liabilities and
    stockholders' equity                $ 1,589,413    $ 1,274,136
                                        ===========    ===========


                  GB&T BANCSHARES, INC. AND SUBSIDIARIES
                   Consolidated Statements of Income
                               (Unaudited)

                             Three months ended  Twelve months ended
                                December 31,         December 31,
                               2005      2004      2005      2004
                          --------------------------------------------
                      (Dollars in thousands, except per share amounts)

 Interest income:
  Loans, including fees       $23,725   $15,381   $82,541   $52,642
  Taxable securities            1,927     1,431     7,287     4,706
  Nontaxable securities           135       182       618       736
  Federal funds sold               92        48       327       163
  Interest-bearing
   deposits in banks                7        10        42        27
                              -------   -------   -------   ------- 
    Total interest income      25,886    17,052    90,815    58,274
                              -------   -------   -------   ------- 

 Interest expense:
  Deposits                      8,607     4,042    27,153    13,379
  Federal funds purchased
   and securities sold
   under repurchase
   agreements                     271        98       740       248
  Federal Home Loan Bank
   advances                       976       770     3,879     3,131
  Other borrowings                564       426     2,064     1,194
                              -------   -------   -------   ------- 
    Total interest expense     10,418     5,336    33,836    17,952
                              -------   -------   -------   ------- 

    Net interest income        15,468    11,716    56,979    40,322

 Provision for loan losses        977       465     5,916     1,406
                              -------   -------   -------   ------- 
    Net interest income
     after provision for
     loan losses               14,491    11,251    51,063    38,916
                              -------   -------   -------   ------- 
 Other income:
  Service charges on
   deposit accounts             1,590     1,642     6,413     6,121
  Mortgage origination
   fees                           519       513     2,263     1,988
  Insurance commissions            46       165       488       621
  Gain on sale of
   securities                      --        --       553       609
  Other operating income          337       918     1,914     2,439
                              -------   -------   -------   ------- 
    Total other income          2,492     3,238    11,631    11,778
                              -------   -------   -------   ------- 

 Other expense:
  Salaries and employee
   benefits                     6,502     5,651    26,248    20,893
  Occupancy and equipment
   expenses, net                1,686     1,381     6,334     5,099
  Other operating expenses      3,218     2,869    12,243    10,188
                              -------   -------   -------   ------- 
    Total other expense        11,406     9,901    44,825    36,180
                              -------   -------   -------   ------- 
    Income before income
     taxes                      5,577     4,588    17,869    14,514

 Income tax expense             1,888     1,613     5,878     4,676
                              -------   -------   -------   ------- 

   Net income                 $ 3,689   $ 2,975   $11,991   $ 9,838
                              =======   =======   =======   ======= 

 Earnings per share:
   Basic                      $  0.29   $  0.28   $  0.96   $  1.05
                              =======   =======   =======   =======
   Diluted                    $  0.28   $  0.27   $  0.93   $  1.04
                              =======   =======   =======   =======

 Weighted average shares
   Basic                       12,764    10,784    12,562     9,340
                              =======   =======   =======   ======= 
   Diluted                     13,103    11,004    12,938     9,472
                              =======   =======   =======   ======= 

 Cash dividends per common
  share                       $ 0.085   $ 0.076   $ 0.331   $ 0.300
                              =======   =======   =======   =======

 GB&T Bancshares, Inc.
 Yield Analysis -- December 31, 2005    For the Twelve Months Ended
 (Dollars in thousands)                      December 31, 2005
                                     ---------------------------------
                                       Average                  Yields
                                      balances     Interest    /Rates
                                     ---------------------------------
 Assets
 Interest earning assets:
  Taxable securities                 $   194,093  $     7,287   3.75%
  Nontaxable securities                   14,023          618   4.41%
  Federal funds sold                       9,842          327   3.32%
  Interest bearing deposits in banks       1,077           42   3.90%
  Loans, net of unearned income        1,124,310       82,541   7.34%
                                     ------------------------ 
   Total interest earning assets     $ 1,343,345  $    90,815   6.76%
                                     ------------------------
 Noninterest earning assets:
  Unrealized gains (losses) on 
   securities                             (2,175)
  Allowance for loan losses              (12,499)
  Nonaccrual loans                         7,573
  Cash and due from banks                 24,996
  Other assets                           135,552
                                     ---------------------------------
   Total noninterest earning assets      153,447
                                     ---------------------------------
   Total assets                      $ 1,496,792
                                     ---------------------------------
 Liabilities & Stockholders'
  Equity
 Interest bearing liabilities:
  Interest bearing demand & savings  $   407,551        8,337   2.05%
  Time                                   560,786       18,816   3.36%
  Borrowings                             161,370        6,683   4.14%
   Total interest bearing
    liabilities                        1,129,707       33,836   3.00%
                                     ------------------------
 Noninterest bearing
  liabilities & shareholders'
  equity:
  Noninterest bearing deposits          155,241
  Other liabilities                      13,840
  Stockholder's equity                  198,004
                                     ---------------------------------
  Total liabilities & stockholders' 
   equity                            $ 1,496,792
                                     ---------------------------------
 Interest rate differential                                     3.76%
                                     ---------------------------------
 Net interest income                                   56,979
                                     ---------------------------------
 Net interest margin                                            4.24%

                                        For the Three Months Ended
                                             December 31, 2005
                                     ---------------------------------
                                       Average                  Yields
                                      balances     Interest    /Rates
                                     ---------------------------------
 Assets                              
 Interest earning assets:            
  Taxable securities                 $   203,079  $     1,927   3.76%
  Nontaxable securities                   12,099          135   4.43%
  Federal funds sold                      10,269           92   3.55%
  Interest bearing deposits in banks         639            7   4.35%
  Loans, net of unearned income        1,212,947       23,725   7.76%
                                     ------------------------ 
   Total interest earning assets     $ 1,439,033  $    25,886   7.14%
                                     ------------------------ 
 Noninterest earning assets:
  Unrealized gains (losses)
   on securities                          (3,414)
  Allowance for loan losses              (12,552)
  Nonaccrual loans                         5,949
  Cash and due from banks                 21,917 
  Other assets                           142,081 
                                     ---------------------------------
   Total noninterest earning assets      153,981
                                     ---------------------------------
   Total assets                      $ 1,593,014
                                     ---------------------------------
 Liabilities & Stockholders'         
  Equity                             
 Interest bearing liabilities:       
  Interest bearing demand & savings  $   414,968        2,479    2.37%
  Time                                   617,197        6,128    3.94%
  Borrowings                             162,923        1,811    4.41%
                                     ------------------------
   Total interest bearing 
    liabilities                        1,195,088       10,418    3.46%
                                     ------------------------
 Noninterest bearing  
  liabilities & shareholders'        
  equity:                            
  Noninterest bearing deposits           178,040
  Other liabilities                       15,405  
  Stockholder's equity                   204,481  
                                     ---------------------------------
  Total liabilities & stockholders' 
   equity                            $ 1,593,014
                                     ---------------------------------
 Interest rate differential                                      3.68%
                                     ---------------------------------
 Net interest income                                   15,468
                                     ---------------------------------
 Net interest margin                                             4.26%
                                     ---------------------------------

            

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