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

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.

Stock quotes in this article: GECR 

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