Georgia-Carolina Bancshares Announces Record Annual Earnings
AUGUSTA, Ga., Jan. 30, 2013 (GLOBE NEWSWIRE) -- Georgia-Carolina Bancshares, Inc. (OTCBB:GECR) (the "Company"), parent company of First Bank of Georgia, today reported net income of $6,621,000, or $1.84 per diluted common share, for the twelve months ended December 31, 2012, compared to net income of $4,099,000, or $1.15 per diluted common share, for the twelve months ended December 31, 2011. The Company reported that net income totaled $1,392,000, or $0.39 per diluted common share, for the three months ended December 31, 2012, compared to net income of $938,000, or $0.26 per diluted common share, for the three months ended December 31, 2011.
Book value increased $1.92 during the year and totaled $15.96 per common share at December 31, 2012, compared to book value of $14.04 per common share at December 31, 2011. Reported earnings represent a 12.16% return on average equity and a 1.34% return on average assets for the twelve months ended December 31, 2012.
Remer Y. Brinson III, President & CEO of the Company, stated "We have reported 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 results reflect increased net interest income and sizeable increases in mortgage origination income. During the year, we recorded less in loan loss provision expense and more in other real estate valuation expense when compared to 2011. This is the result of the movement of non-performing loans to other real estate owned and then to liquidation. During 2012, we had $5.2 million in additions to other real estate owned while reductions and liquidations for the year totaled $6.3 million.""Total non-performing assets have continued to decline and now represent 1.93% of assets, compared to 2.99% at December 31, 2011. Net charge offs also declined to $245,000 or .09% of net average loans for the twelve months ended December 31, 2012, as compared to $2,789,000 or .90% of average loans for the twelve months ended December 31, 2011."
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