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Georgia-Carolina Bancshares Announces Record Annual Earnings

Brinson continued, "Despite our strong performance in 2012, we continue to experience a relatively weak economy. Loan demand remains soft and the sustainability of the strong mortgage origination volume is uncertain. However, we continue to provide a high level of customer service while maintaining strong expense control. Our capital ratios are very strong which enabled us to offer the payment of quarterly cash dividends to shareholders in 2012."

Total assets increased 2.62% to $506.2 million since December 31, 2011. Total loans, excluding loans held for sale, declined 6.9% during the twelve months ended December 31, 2012, to $265.8 million. However, loans held for sale increased 7.1% since year end 2011, reflecting the increased mortgage origination volume. For the twelve months ended December 31, 2012, total deposits increased 1.35% to $417 million, including core deposit growth of 15.9%.  Core deposits totaled $247.6 million at December 31, 2012.

First Bank of Georgia has previously announced plans to open a new branch office in Evans, Georgia, which will represent our seventh branch location. This office is projected to open in the first half of 2013.

Georgia-Carolina Bancshares' common stock is quoted on the OTC Bulletin Board under the symbol "GECR". First Bank of Georgia conducts banking operations through offices in Richmond County (Augusta), Columbia County, and McDuffie County (Thomson), Georgia and operates mortgage origination offices in Augusta and Savannah, Georgia.

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which can generally be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "anticipates," "plans" or similar expressions to identify forward-looking statements, and are made on the basis of management's plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic and market conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.

Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved. The Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 
GEORGIA-CAROLINA BANCSHARES, INC.
     
Consolidated Balance Sheets
(dollars in thousands)
     
  December 31, December 31,
  2012 2011
ASSETS    
     
Cash and due from banks  $ 30,279  $ 34,902
Securities available-for-sale  132,760  100,283
Loans  265,831  285,614
Allowance for loan losses  (5,954)  (6,804)
Loans, held for sale  48,432  45,227
Bank premises and fixed assets  8,790  8,979
Accrued interest receivable  1,772  1,732
Other real estate owned, net of allowance  5,876  6,990
Federal Home Loan Bank stock  1,865  2,070
Bank-owned life insurance  10,001  9,609
Other assets  6,523  4,650
     
Total assets  $ 506,175  $ 493,252
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
     
Deposits    
Non-interest bearing  $ 70,880  $ 52,735
Interest-bearing:    
NOW accounts  57,482  44,646
Savings  64,236  63,210
Money market accounts  54,982  52,981
Time deposits of $100,000, and over  111,537  134,655
Other time deposits  57,839  63,168
Total deposits  416,956  411,395
     
Federal Home Loan Bank and other borrowings  25,028  25,000
Repurchase agreements  3,333  3,565
Other liabilities  4,533  2,847
     
Total liabilities  449,850  442,807
     
Shareholders' equity    
Preferred stock, par value $.001; 1,000,000 shares authorized; none issued  --   -- 
Common stock, par value $.001; 9,000,000 shares authorized; 3528296 and 3592140 shares issued and outstanding  4  4
Additional paid-in-capital  15,687  16,301
Retained earnings  39,177  32,988
Accumulated other comprehensive income   1,457  1,152
Total shareholders' equity  56,325  50,445
Total liabilities and shareholders' equity  $ 506,175  $ 493,252
 
GEORGIA-CAROLINA BANCSHARES, INC.
         
Consolidated Statements of Income
(dollars in thousands, except per share amounts)
         
         
  Three Months Ended Twelve Months Ended
  December 31, December 31,
Interest income 2012 2011 2012 2011
Interest and fees on loans  $ 4,265  $ 4,786  $ 18,019  $ 19,624
Interest on taxable securities  504  472  2,046  2,208
Interest on nontaxable securities  104  105  439  403
Interest on Federal funds sold and other interest  14  16  65  88
Total interest income  4,887  5,379  20,569  22,323
         
Interest expense        
Interest on time deposits of $100,000 or more  325  514  1,600  2,523
Interest on other deposits  315  422  1,403  2,156
Interest on funds purchased and other borrowings  9  227  679  1,023
Total interest expense  649  1,163  3,682  5,702
         
Net interest income  4,238  4,216  16,887  16,621
         
Provision for loan losses  (306)  520  (605)  1,727
         
Net interest income after provision for loan losses  4,544  3,696  17,492  14,894
         
         
Noninterest income        
Service charges on deposits  410  409  1,524  1,531
Gain on sale of mortgage loans   2,652  2,163  11,376  8,185
Gain on sale of securities  (116)  44  (105)  58
Other income/loss  467  411  1,858  1,396
         
Total noninterest income  3,413  3,027  14,653  11,170
         
Noninterest expense        
Salaries and employee benefits  2,978  2,989  12,329  11,883
Occupancy expenses  388  385  1,556  1,547
Other real estate expenses  875  365  2,284  1,084
Other expenses  2,082  1,616  6,692  5,613
Total noninterest expense  6,323  5,355  22,861  20,127
         
Income before income taxes  1,634  1,368  9,284  5,937
         
Income tax expense  242  430  2,663  1,838
         
Net income   $ 1,392  $ 938  $ 6,621  $ 4,099
         
         
Net income per share of common stock        
Basic  $ 0.39  $ 0.26  $ 1.84  $ 1.15
Diluted  $ 0.39  $ 0.26  $ 1.84  $ 1.15
         
Dividends per share of common stock  $ 0.04  $ --   $ 0.12  $ -- 
CONTACT: Remer Y. Brinson III
         President & CEO
         remerbrinson@firstbankofga.com
         First Bank of Georgia
         3527 Wheeler Rd
         Augusta, GA 30909
         office (706) 731-6600
         fax (706) 731-6601

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