Georgia-Carolina Bancshares Announces Substantial Increase In Net Income In Third Quarter 2012
AUGUSTA, Ga., Oct. 24, 2012 (GLOBE NEWSWIRE) -- Georgia-Carolina Bancshares, Inc. (OTCBB:GECR) (the "Company"), parent company of First Bank of Georgia, today reported net income of $2,242,000, or $0.62 per diluted common share, for the three months ended September 30, 2012, compared to net income of $789,000, or $0.22 per diluted common share, for the three months ended September 30, 2011. The Company reported that net income increased 65.4% to $5,229,000, or $1.45 per diluted common share, for the nine months ended September 30, 2012, compared to net income of $3,161,000, or $0.89 per diluted common share for the nine months ended September 30, 2011.
Book value totaled $15.50 per common share at September 30, 2012, as compared to book value of $13.84 per common share at September 30, 2011. Reported earnings represent a 16.07% return on average equity and a 1.79% return on average assets for the three month period ended September 30, 2012, and a 13.29% return on average equity and a 1.41% return on average assets for the nine month period ended September 30, 2012.
Remer Y. Brinson III, President & CEO of the Company, stated, "We continue to enjoy a very strong earnings performance in 2012 as evidenced by our increased quarterly and year to date income, when compared to the same periods last year. Our financials reflect stable net interest income and increases in non-interest income. In 2012, credit related expenses have shifted from loan loss provision expense to other real estate owned expense as we continue to reduce our non-performing loan levels.""Total non-performing assets have continued to decline and now represent 1.88% of assets, compared to 2.99% at December 31, 2011 and 3.33% at September 30, 2011. Net charge offs have also declined to (0.03)% of net average loans for the nine months ended September 30, 2012 as recoveries have exceeded charge offs for this period. For the first nine months of 2011, net charge offs totaled 0.59% of average loans."
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