This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Georgia-Carolina Bancshares Reports Record First Quarter Earnings And Increase In Quarterly Dividend

AUGUSTA, Ga., April 23, 2013 (GLOBE NEWSWIRE) -- Georgia-Carolina Bancshares, Inc. (OTCBB:GECR), parent company of First Bank of Georgia, today reported 2013 first quarter net income of $2,307,000 ($0.65 per diluted common share), compared to $1,284,000 ($0.36 per diluted common share) for the three months ended March 31, 2012. This net income represents a 16.36% return on average equity and a 1.94% return on average assets (both annualized). Book value totaled $16.40 per common share at March 31, 2013, up from $14.28 at March 31, 2012.

Remer Y. Brinson III, President and CEO of the Company, stated, "We are pleased to report a record quarter of net income. Due to the continued improvement in our asset quality, we have conservatively reduced our loan loss reserve, in accordance with sound banking practices and proper accounting standards. However, we continue to maintain a healthy loan loss reserve and see improvement in asset quality. In addition, non-interest income included an $806,000 benefit on an insurance policy owned by the bank."

"Deposit growth remains strong and grew 6.36% (annualized) during the first quarter of the year. Loans, excluding loans held for sale, increased slightly during the first quarter and totaled $266,430,000."

Brinson continued, "We are excited about the opening of our seventh branch location which is located in the Kroger shopping center in Evans, Ga. This office will be open in early May and we look forward to serving this vibrant market. Mrs. Phyllis Salazar, Vice President and Office Manager, will be relocating from our West Town Office to deliver the same outstanding service that she and First Bank are known for by our history."

Georgia-Carolina Bancshares' Board of Directors declared a quarterly cash dividend of $0.045 per share of common stock payable on May 14, 2013, to shareholders of record as of May 7, 2013. "This dividend represents a 12.5% increase in the $0.04 cash dividend paid in each of the previous four quarters," Brinson stated. "This increased dividend is a reflection of the stability of Georgia-Carolina Bancshares, Inc. and reflects a 1.28% return (annualized) on the last traded stock price of $14.10."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,982.59 +22.02 0.13%
S&P 500 1,978.91 +0.57 0.03%
NASDAQ 4,444.9090 -4.6550 -0.10%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs