AUGUSTA, Ga., Jan. 30, 2014 (GLOBE NEWSWIRE) -- Georgia-Carolina Bancshares, Inc. (GECR) (the "Company"), parent company of First Bank of Georgia, today reported net income of $6,204,000, or $1.73 per diluted common share, for the year ended December 31, 2013. Remer Y. Brinson III, President & CEO of the Company stated, "We are very pleased to report another very strong earnings performance for 2013, similar to our record year in 2012. The 2013 earnings represent a 1.26% return on average assets and a 10.68% return on average equity. While slightly below the $6,621,000, or $1.84 per diluted common share, earned in 2012, we are very pleased with our 2013 results."
Brinson continued, "2013 has been a year of transition as we've seen a continued gradual improvement in the economy and in loan demand. Traditional bank loan demand has increased during the second half of the year, while conventional mortgage loan demand declined somewhat during the period following a robust 2012 and early 2013.
Loans, excluding loans held for sale, grew 3.3% this year to $275 million, while core deposits grew 7.9% to $267 million during the year. Loans held for sale declined 35% to $31 million, while total assets increased 2% since December 31, 2012 to $516,498,000."
Net income for the quarter ended December 31, 2013 totaled $935,000, or $.26 per diluted common share, compared to $1,392,000, or $.39 per diluted common share, for the quarter ended December 31, 2012.
Brinson reported, "Asset quality continues to improve as reflected by total non-performing assets declining from 1.93% of assets to 1.32% of assets during the year. In addition, recoveries exceeded charge offs during the year, resulting in a net recovery of 0.54% of average loans during the year."
First Bank of Georgia also opened its seventh branch office in Evans, Georgia, during the second quarter of 2013.
Georgia-Carolina Bancshares' Board of Directors declared a quarterly cash dividend of $0.045 per share of common stock payable on February 18, 2014, to shareholders of record as of February 11, 2014.
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) | ||
| December 31, | December 31, | |
| 2013 | 2012 | |
| (Unaudited) | ||
| ASSETS | ||
| Cash and due from banks | $ 16,828 | $ 30,279 |
| Securities available-for-sale | 158,439 | 132,760 |
| Loans | 274,747 | 265,831 |
| Allowance for loan losses | (5,357) | (5,954) |
| Loans, net | 269,390 | 259,877 |
| Loans held for sale at fair value | 31,298 | 48,432 |
| Bank-owned life insurance | 14,834 | 10,001 |
| Bank premises and fixed assets | 9,512 | 8,790 |
| Accrued interest receivable | 1,854 | 1,772 |
| Other real estate owned, net of allowance | 4,897 | 5,876 |
| Federal Home Loan Bank stock | 1,606 | 1,865 |
| Other assets | 7,840 | 6,523 |
| Total assets | $ 516,498 | $ 506,175 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Deposits | ||
| Non-interest bearing | $ 76,747 | $ 70,880 |
| Interest-bearing: | ||
| NOW accounts | 59,661 | 57,482 |
| Savings | 56,757 | 64,236 |
| Money market accounts | 74,056 | 54,982 |
| Time deposits of $100,000, and over | 97,625 | 111,537 |
| Other time deposits | 54,859 | 57,839 |
| Total deposits | 419,705 | 416,956 |
| Federal Home Loan Bank and other borrowings | 22,200 | 25,028 |
| Repurchase agreements | 12,111 | 3,333 |
| Other liabilities | 5,593 | 4,533 |
| Total liabilities | 459,609 | 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; 3,572,204 and 3,528,296 shares issued and outstanding | 4 | 4 |
| Additional paid-in-capital | 16,192 | 15,687 |
| Retained earnings | 44,758 | 39,177 |
| Accumulated other comprehensive income/(loss) | (4,065) | 1,457 |
| Total shareholders' equity | 56,889 | 56,325 |
| Total liabilities and shareholders' equity | $ 516,498 | $ 506,175 |
| GEORGIA-CAROLINA BANCSHARES, INC. | ||||
| Consolidated Statements of Income | ||||
| (dollars in thousands, except per share amounts) | ||||
| Three Months Ended | Twelve Months Ended | |||
| December 31, | December 31, | |||
| Interest income | 2013 | 2012 | 2013 | 2012 |
| Interest and fees on loans | $ 3,812 | $ 4,265 | $ 15,277 | $ 18,019 |
| Interest on taxable securities | 688 | 504 | 2,472 | 2,046 |
| Interest on nontaxable securities | 150 | 104 | 536 | 439 |
| Interest on Federal funds sold and other interest | 5 | 14 | 47 | 65 |
| Total interest income | 4,655 | 4,887 | 18,332 | 20,569 |
| Interest expense | ||||
| Interest on time deposits of $100,000 or more | 228 | 325 | 1,029 | 1,600 |
| Interest on other deposits | 248 | 315 | 1,059 | 1,403 |
| Interest on funds purchased and other borrowings | 13 | 9 | 27 | 679 |
| Total interest expense | 489 | 649 | 2,115 | 3,682 |
| Net interest income | 4,166 | 4,238 | 16,217 | 16,887 |
| Provision for loan losses | (242) | (306) | (2,029) | (605) |
| Net interest income after provision for loan losses | 4,408 | 4,544 | 18,246 | 17,492 |
| Noninterest income | ||||
| Service charges on deposits | 392 | 410 | 1,567 | 1,524 |
| Mortgage banking activities | 1,763 | 2,652 | 8,225 | 11,376 |
| Gain on sale of other real estate | 50 | 24 | 231 | 40 |
| Gain/(loss) on sale of securities | -- | (116) | 91 | (105) |
| Other income/loss | 405 | 443 | 2,790 | 1,818 |
| Total noninterest income | 2,610 | 3,413 | 12,904 | 14,653 |
| Noninterest expense | ||||
| Salaries and employee benefits | 3,189 | 2,978 | 12,853 | 12,329 |
| Occupancy expenses | 383 | 388 | 1,505 | 1,556 |
| Other real estate expenses | 601 | 875 | 1,654 | 2,284 |
| Other expenses | 1,579 | 2,082 | 6,454 | 6,692 |
| Total noninterest expense | 5,752 | 6,323 | 22,466 | 22,861 |
| Income before income taxes | 1,266 | 1,634 | 8,684 | 9,284 |
| Income tax expense | 331 | 242 | 2,480 | 2,663 |
| Net income | $ 935 | $ 1,392 | $ 6,204 | $ 6,621 |
| Net income per share of common stock | ||||
| Basic | $ 0.26 | $ 0.39 | $ 1.74 | $ 1.84 |
| Diluted | $ 0.26 | $ 0.39 | $ 1.73 | $ 1.84 |
| Dividends per share of common stock | $ 0.045 | $ 0.040 | $ 0.175 | $ 0.120 |
Remer Y. Brinson III President & CEO First Bank of Georgia 3527 Wheeler Rd Augusta, GA 30909 office (706) 731-6600 fax (706) 731-6601
