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Georgia-Carolina Bancshares Announces Increased Net Income In Second Quarter 2013

Stocks in this article: GECR

AUGUSTA, Ga., July 24, 2013 (GLOBE NEWSWIRE) -- Georgia-Carolina Bancshares, Inc. (OTCBB:GECR) (the "Company"), parent company of First Bank of Georgia, today reported net income of $2,119,000, or $0.59 per diluted common share, for the three months ended June 30, 2013, compared to net income of $1,703,000, or $0.47 per diluted common share, for the three months ended June 30, 2012. The Company reported net income of $4,426,000, or $1.24 per diluted common share, for the six months ended June 30, 2013, compared to net income of $2,987,000, or $0.83 per diluted common share for the six months ended June 30, 2012. Book value totaled $16.00 per common share at June 30, 2013.

These earnings represent a 15.28% return on average equity and a 1.83% return on average assets for the six month period ended June 30, 2013, up from an 11.43% return on average equity and a 1.22% return on average assets for the six month period ended June 30, 2012.

Remer Y. Brinson III, President & CEO of the Company, stated, "We continue to report very strong quarterly and year to date earnings in 2013 and also continue to reflect a very strong balance sheet and capital position.

We continue to see an improvement in overall credit quality and delinquencies. In addition, we received recoveries of $946,000 from loans previously charged off.  As a result we have recorded a year to date credit to the loan loss provision of $1,802,000.  New loan demand has increased in the second quarter, however, due to slightly lower loan outstandings, lower loans held for sale and a lower net interest margin, net interest income has declined. Non-interest income remains strong and is led by strong mortgage origination income. These factors, coupled with strong expense control, have resulted in our superior earnings performance.

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