AUGUSTA, Ga., Oct. 30, 2013 (GLOBE NEWSWIRE) -- Georgia-Carolina Bancshares, Inc. (GECR.OB) (the "Company"), parent company of First Bank of Georgia, today reported net income of $843,000, or $0.23 per diluted common share, for the three months ended September 30, 2013, compared to net income of $2,242,000, or $0.62 per diluted common share, for the three months ended September 30, 2012. The Company reported net income of $5,269,000, or $1.47 per diluted common share, for the nine months ended September 30, 2013, compared to net income of $5,229,000, or $1.45 per diluted common share, for the nine months ended September 30, 2012.
Book value totaled $16.03 per common share at September 30, 2013, up from $15.50 per common share at September 30, 2012. Reported earnings represent a 12.13% return on average equity (annualized) and a 1.44% return on average assets (annualized) for the nine month period ended September 30, 2013.
Remer Y. Brinson III, President & CEO of the Company, stated, "The Company continues to report strong earnings performance through the first three quarters of 2013. Asset quality continues to improve and has resulted in a credit provision to our allowance for loan losses during the year. Through the first nine months of 2013, we have had net recoveries of 0.51% of average loans. Non-performing assets have declined to 1.66% of total assets, down from 1.88% one year ago. Third quarter earnings are down from recent quarters as mortgage volume declined and yields declined on the sale of mortgage loans due to increasing market interest rates."Brinson continued, "We have seen an increase in loan demand during the year, although bank loan outstandings, excluding the allowance for loan loss, have declined slightly during the first nine months. However, deposit growth remains strong. Core deposits, excluding Certificates of Deposits, have grown 14.0% (annualized) during the year."