Georgia-Carolina Bancshares Announces Increase in Net Profit in Fourth Quarter 2010
AUGUSTA, Ga., Jan. 26, 2011 /PRNewswire/ -- Georgia-Carolina Bancshares, Inc. (OTC Bulletin Board: GECR), a bank holding company and parent company of First Bank of Georgia, reported today net income of $1,498,000 ($.42 per diluted common share) for the three months ended December 31, 2010, compared to $964,000 ($.27 per diluted common share) for the three months ended December 31, 2009. Net income for the twelve months ended December 31, 2010 totaled $1,533,000 ($.44 per diluted common share) as compared to net income for the twelve months ended December 31, 2009 of $3,752,000 ($1.07 per diluted common share). Book value per share of common stock increased to $12.72 at December 31, 2010 from $12.37 at December 31, 2009.
Remer Y. Brinson, III, President & CEO of the Company, stated, "We are pleased to report strong earnings in the fourth quarter of 2010 and annual earnings of $1,533,000. While our 2010 annual earnings are lower than 2009, due primarily to significant additions we provided to our provision for loan losses, we feel well positioned for 2011. During the year, we have increased our allowance for loan losses by $2.8 million, while reducing foreclosed real estate by $1.7 million. As of December 31, 2010, our allowance for loan loss reserve totals 2.48% of loans, excluding loans held for sale, up from 1.51% at December 31, 2009."
Total assets increased to $495.3 million at December 31, 2010 compared to $484.0 million at December 31, 2009. Total gross loans declined 8.0% during the year and totaled $363.4 million at December 31, 2010. Total deposits grew 2.3% during the same period and totaled $414.7 million at the end of the year.
Brinson continued, "In addition, we remain 'well capitalized' by regulatory standards and all of our regulatory capital ratios improved during the year, all accomplished without electing to apply for capital funds through the U.S. Treasury Troubled Asset Relief Program (TARP)."
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, and McDuffie County (Thomson), Georgia and operates mortgage origination offices in Augusta and Savannah, Georgia and Jacksonville, Florida.
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) |
||||||||
December 31, |
December 31, |
|||||||
2010 |
2009 |
|||||||
ASSETS |
||||||||
Cash and due from banks |
$ 6,170 |
$ 10,970 |
||||||
Interest-bearing deposits with banks |
25,526 |
2,085 |
||||||
Federal funds sold |
- |
3,175 |
||||||
Securities available-for-sale |
76,904 |
44,461 |
||||||
Loans, net of allowance for loan losses of $7,866 and $5,072, respectively |
309,052 |
331,777 |
||||||
Loans, held for sale |
46,461 |
58,135 |
||||||
Bank premises and fixed assets |
9,271 |
9,654 |
||||||
Accrued interest receivable |
1,697 |
1,851 |
||||||
Foreclosed real estate, net of allowance |
2,751 |
4,466 |
||||||
Deferred tax asset, net |
2,475 |
1,018 |
||||||
Federal Home Loan Bank stock |
2,527 |
2,828 |
||||||
Bank-owned life insurance |
9,210 |
8,812 |
||||||
Other assets |
3,267 |
4,781 |
||||||
Total assets |
$ 495,311 |
$ 484,013 |
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
Deposits |
||||||||
Non-interest bearing |
$ 41,602 |
$ 41,787 |
||||||
Interest-bearing: |
||||||||
NOW accounts |
38,668 |
36,395 |
||||||
Savings |
53,880 |
51,424 |
||||||
Money market accounts |
36,013 |
19,232 |
||||||
Time deposits of $100,000, and over |
171,843 |
179,123 |
||||||
Other time deposits |
72,743 |
77,279 |
||||||
Total deposits |
414,749 |
405,240 |
||||||
Federal funds purchased |
- |
- |
||||||
Federal Home Loan Bank borrowings |
- |
3,600 |
||||||
Repurchase agreements |
3,467 |
3,697 |
||||||
Current portion of long-term debt |
- |
- |
||||||
Long-term debt |
25,000 |
25,000 |
||||||
Other liabilities, borrowings, and retail deposit agreements |
7,119 |
3,203 |
||||||
Total liabilities |
450,335 |
440,740 |
||||||
Shareholders' equity |
||||||||
Preferred stock, par value $.001; 1,000,000 shares authorized; |
||||||||
none issued |
- |
- |
||||||
Common stock, par value $.001; 9,000,000 shares authorized; |
||||||||
3,536,715 and 3,499,477 shares issued and outstanding |
4 |
4 |
||||||
Additional paid-in-capital |
15,847 |
15,567 |
||||||
Retained Earnings |
28,889 |
27,355 |
||||||
Accumulated other comprehensive income |
236 |
347 |
||||||
Total shareholders' equity |
44,976 |
43,273 |
||||||
Total liabilities and shareholders' equity |
$ 495,311 |
$ 484,013 |
||||||
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, |
|||||||||
2010 |
2009 |
2010 |
2009 |
|||||||
Interest income |
||||||||||
Interest and fees on loans |
$ 5,489 |
$ 5,877 |
$ 22,379 |
$ 22,260 |
||||||
Interest on taxable securities |
388 |
406 |
1,620 |
1,925 |
||||||
Interest on nontaxable securities |
90 |
101 |
369 |
412 |
||||||
Interest on Federal funds sold and other interest |
16 |
1 |
41 |
7 |
||||||
Total interest income |
5,983 |
6,385 |
24,409 |
24,604 |
||||||
Interest expense |
||||||||||
Interest on time deposits of $100,000 or more |
823 |
1,078 |
3,578 |
5,415 |
||||||
Interest on other deposits |
677 |
782 |
2,759 |
3,330 |
||||||
Interest on funds purchased and other borrowings |
275 |
232 |
953 |
977 |
||||||
Total interest expense |
1,775 |
2,092 |
7,290 |
9,722 |
||||||
Net interest income |
4,208 |
4,293 |
17,119 |
14,882 |
||||||
Provision for loan losses |
922 |
1,172 |
8,355 |
3,082 |
||||||
Net interest income after provision for loan losses |
3,286 |
3,121 |
8,764 |
11,800 |
||||||
Noninterest income |
||||||||||
Service charges on deposits |
408 |
406 |
1,476 |
1,496 |
||||||
Gain on sale of mortgage loans |
2,858 |
2,585 |
10,780 |
9,735 |
||||||
Other income/loss |
190 |
584 |
990 |
2,926 |
||||||
Total noninterest income |
3,456 |
3,575 |
13,246 |
14,157 |
||||||
Noninterest expense |
||||||||||
Salaries and employee benefits |
2,958 |
3,349 |
12,511 |
12,776 |
||||||
Occupancy expenses |
405 |
421 |
1,650 |
1,657 |
||||||
Other expenses |
1,392 |
1,680 |
6,382 |
6,469 |
||||||
Total noninterest expense |
4,755 |
5,450 |
20,543 |
20,902 |
||||||
Income (loss) before income taxes |
1,987 |
1,246 |
1,467 |
5,055 |
||||||
Income tax expense (credit) |
489 |
282 |
(66) |
1,303 |
||||||
Net income |
$ 1,498 |
$ 964 |
$ 1,533 |
$ 3,752 |
||||||
Net income per share of common stock |
||||||||||
Basic |
$ 0.42 |
$ 0.28 |
$ 0.44 |
$ 1.08 |
||||||
Diluted |
$ 0.42 |
$ 0.27 |
$ 0.44 |
$ 1.07 |
||||||
Dividends per share of common stock |
$ - |
$ - |
$ - |
$ - |
||||||
SOURCE Georgia-Carolina Bancshares, Inc.
Share this article