Georgia-Carolina Bancshares Announces Third Quarter 2013 Net Income & Quarterly Cash Dividend

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."

Total assets have declined 1.2% to $500.1 million since December 31, 2012. Total loans, excluding loans held for sale, declined 1.1% during the nine month period ended September, 2013, to $262.8 million.  Core deposits totaled $273.6 million at September 30, 2013, compared to $247.6 million at December 31, 2012, an increase of 10.5%.

Georgia-Carolina Bancshares' Board of Directors declared a quarterly cash dividend of $0.045 per share of common stock payable on November 19, 2013, to shareholders of record as of November 12, 2013.

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

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which can generally be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "anticipates," "plans" or similar expressions to identify forward-looking statements, and are made on the basis of management's plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic and market conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.

Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved. The Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
GEORGIA-CAROLINA BANCSHARES, INC.
     
Consolidated Balance Sheets
(dollars in thousands, except share and per share data)
     
  September 30, 2013 December 31, 2012
  (Unaudited)  
ASSETS    
     
Cash and due from banks  $ 18,970  $ 30,279
Securities available-for-sale  156,571  132,760
     
Loans  262,815  265,831
Allowance for loan losses  (5,174)  (5,954)
Loans, net  257,641  259,877
     
Loans held for sale at fair value  27,694  48,432
Bank-owned life insurance  14,703  10,001
Bank premises and fixed assets  9,513  8,790
Accrued interest receivable  1,852  1,772
Other real estate owned, net of allowance  5,136  5,876
Federal Home Loan Bank stock  697  1,865
Other assets  7,348  6,523
     
Total assets  $ 500,125  $ 506,175
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
     
Deposits    
Non-interest bearing  $ 79,743  $ 70,880
Interest-bearing:    
NOW accounts  56,752  57,482
Savings  61,164  64,236
Money market accounts  75,959  54,982
Time deposits of $100,000, and over  99,061  111,537
Other time deposits  56,700  57,839
Total deposits  429,379  416,956
     
Federal Home Loan Bank and other borrowings  --   25,028
Repurchase agreements  6,268  3,333
Other liabilities  7,313  4,533
     
Total liabilities  442,960  449,850
     
Shareholders' equity    
Preferred stock, par value $.001; 1,000,000 shares authorized; none issued  --   -- 
Common stock, par value $.001; 9,000,000 shares authorized; 3,565,246 and 3,528,296 shares issued and outstanding  4  4
Additional paid-in-capital  16,042  15,687
Retained earnings  43,984  39,177
Accumulated other comprehensive income   (2,865)  1,457
Total shareholders' equity  57,165  56,325
Total liabilities and shareholders' equity  $ 500,125  $ 506,175
 
GEORGIA-CAROLINA BANCSHARES, INC.
         
Consolidated Statements of Income
(dollars in thousands, except per share amounts)
         
  Three Months Ended September 30, Nine Months Ended September 30,
Interest income 2013 2012 2013 2012
Interest and fees on loans  $ 3,795  $ 4,579  $ 11,465  $ 13,754
Interest on taxable securities  635  502  1,784  1,542
Interest on nontaxable securities  143  109  386  335
Interest on Federal funds sold and other interest  8  10  42  51
Total interest income  4,581  5,200  13,677  15,682
         
Interest expense        
Interest on time deposits of $100,000 or more  253  376  801  1,275
Interest on other deposits  255  349  811  1,088
Interest on funds purchased and other borrowings  4  220  14  670
Total interest expense  512  945  1,626  3,033
         
Net interest income  4,069  4,255  12,051  12,649
         
Provision for loan losses  15  (729)  (1,787)  (299)
         
Net interest income after provision for loan losses  4,054  4,984  13,838  12,948
         
         
Noninterest income        
Service charges on deposits  414  380  1,174  1,114
Mortgage banking activities  1,765  3,929  6,462  8,724
Gain on sale of other real estate  22  10  181  16
Gain on sale of securities  --   10  91  11
Other income/loss  503  506  2,386  1,375
Total noninterest income  2,704  4,835  10,294  11,240
         
Noninterest expense        
Salaries and employee benefits  3,299  3,449  9,664  9,351
Occupancy expenses  387  391  1,122  1,168
Other real estate expenses  351  918  1,053  1,409
Other expenses  1,596  1,749  4,875  4,610
Total noninterest expense  5,633  6,507  16,714  16,538
         
Income before income taxes  1,125  3,312  7,418  7,650
         
Income tax expense  282  1,070  2,149  2,421
         
Net income   $ 843  $ 2,242  $ 5,269  $ 5,229
         
Net income per share of common stock        
Basic  $ 0.24  $ 0.62  $ 1.48  $ 1.45
Diluted  $ 0.23  $ 0.62  $ 1.47  $ 1.45
         
Dividends per share of common stock  $ 0.045  $ 0.040  $ 0.130  $ 0.080
CONTACT: Remer Y. Brinson III         President & CEO         remerbrinson@firstbankofga.com         First Bank of Georgia         3527 Wheeler Rd         Augusta, GA 30909         office (706) 731-6600         fax (706) 731-6601

More from Press Releases

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

21st Century Fox Scoops Up Local News Stations

21st Century Fox Scoops Up Local News Stations

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Three-Part FREE Webinar Series

Three-Part FREE Webinar Series

March 24 Full-Day Course Offering: Professional Approach to Trading SPX

March 24 Full-Day Course Offering: Professional Approach to Trading SPX