This Day On The Street
Continue to site
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

Georgia-Carolina Bancshares Reports First Quarter Earnings And Quarterly Dividend

AUGUSTA, Ga., April 30, 2014 (GLOBE NEWSWIRE) -- Georgia-Carolina Bancshares, Inc. (OTCQB:GECR), parent company of First Bank of Georgia, today reported 2014 first quarter net income of $852,000 ($0.24 per diluted common share), compared to $2,307,000 ($0.65 per diluted common share) for the three months ended March 31, 2013. Book value totaled $16.54 per common share at March 31, 2014.

Remer Y. Brinson III, President and CEO of the Company, stated: "We are pleased to report first quarter earnings of $852,000, although this is well below our first quarter of 2013, where net income was increased by an $806,000 benefit on an insurance policy, as well as higher mortgage loan volume and related gain on loans held for sale. We've seen an increase in loan demand which has resulted in a quarterly increase of 4.6% in loans, excluding loans held for sale. We have also experienced a 5.0% increase in net interest income when comparing the first quarter of 2014 to the first quarter of last year."

Brinson continued, "We have continued to see soft demand in mortgage originations for the third consecutive quarter. Originations for the first quarter of 2014 are down approximately 40% from the first quarter of 2013, which is consistent with national mortgage originations."

"Asset quality continues to improve and is approaching pre-recession levels," Brinson related. "Non-performing assets are now only 1.15% of total assets and we continue to operate in a net recovery position related to our allowance for loans losses."

Georgia-Carolina Bancshares' Board of Directors also declared a quarterly cash dividend of $0.045 per share of common stock payable on May 20, 2014, to shareholders of record as of May 13, 2014.

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

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs