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GECR.. $7.25

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10 bagger   Wednesday, 01/27/10 09:27:17 PM
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GECR.. $7.25

Georgia-Carolina Bancshares Announces Increases in 2009 Fourth Quarter and Annual Net Income

This is one that it hit the ball out of the park.. hank

Company Symbols: NASDAQ-OTCBB:GECR


AUGUSTA, Ga., Jan. 27 /PRNewswire-FirstCall/ -- Georgia-Carolina Bancshares, Inc. (OTC Bulletin Board: GECR), a bank holding company and parent company of First Bank of Georgia, reported today that net income increased by 346% or $748,000 to $964,000 ($.27 per diluted common share) for the three months ended December 31, 2009, up from $216,000 ($.06 per diluted common share) for the three months ended December 31, 2008. Net income for the twelve months ended December 31, 2009 increased 34% or $952,000 over the twelve months ended December 30, 2008. Net income for the twelve months ended December 31, 2009 totaled $3,752,000 ($1.07 per diluted common share) as compared to net income for the twelve months ended December 31, 2008 of $2,800,000 ($.80 per common share). Book value per share of common stock increased to $12.37 at December 31, 2009 from $11.31 at December 31, 2008.

Remer Y. Brinson III, President & CEO of the Company, stated, "We are pleased to report a substantial increase in both fourth quarter and annual net income, when compared to the corresponding periods of 2008. These increases have been achieved despite sizeable challenges in the local and national economy, increased allocations to our loan loss reserve and increased regulatory deposit assessments."

The increase in net income for the twelve months ended December 31, 2009 was achieved despite allocations to the loan loss reserve increasing by $1,626,000 and FDIC assessments increasing by $563,000 due to an industry-wide increase in assessments for the FDIC Insurance Fund. "We are very pleased to have exceeded last year's performance in the face of these unprecedented expense increases," Brinson added.

"This net income resulted in a return on average equity of 8.93% for the year ended December 31, 2009 compared to 7.36% for 2008," Brinson continued.

"Asset quality remains a primary focus," Brinson stated. "Our loan loss reserve remains sound at 1.51% of loans, excluding loans held for sale. Also, we have reduced other real estate owned by $2.75 million since the beginning of the year. Net charge offs year to date have totaled 0.67% of loans, which is equal to 2008 net charge offs, but below industry averages."

Total gross loans grew $30.3 million, or 8.3% during the year ended December 31, 2009. Total deposits grew $28.2 million, or 7.5% during the same period. "This growth in both loans and deposits during 2009 is a testament to the relative strength of our local economy and our community banking model," Brinson commented.

"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)."

During the first quarter of 2009, First Bank of Georgia celebrated its 20 year anniversary of the opening of the Hill Street Office in Thomson, Georgia and the 10 year anniversary of entering the Augusta market with the opening of its Daniel Village Office. In October, the Bank also celebrated the 10 year anniversary of the opening of the West Town Office in Martinez.

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 Augusta, Columbia County, and 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,

2009 2008

ASSETS



Cash and due from banks $ 13,055 $ 9,954

Federal funds sold 3,175 -

Securities available-for-sale 44,461 57,594

Loans, net of allowance for loan losses of
$5,072 and $4,284, respectively 331,777 332,009

Loans, held for sale 58,135 28,402

Bank premises and fixed assets 9,654 10,081

Accrued interest receivable 1,851 1,934

Foreclosed real estate, net of allowance 4,466 7,217

Deferred tax asset, net 1,018 996

Federal Home Loan Bank stock 2,828 2,201

Bank-owned life insurance 8,812 8,402

Other assets 4,781 2,038



Total assets $ 484,013 $ 460,828



LIABILITIES AND SHAREHOLDERS' EQUITY



Deposits

Non-interest bearing $ 41,787 $ 34,121

Interest-bearing:

NOW accounts 36,395 37,373

Savings 51,424 55,426

Money market accounts 19,232 9,772

Time deposits of $100,000, and over 179,123 170,878

Other time deposits 77,279 69,439

Total deposits 405,240 377,009



Federal funds purchased - 1,148

Federal Home Loan Bank borrowings 3,600 6,000

Repurchase agreements 3,697 8,611

Current portion of long-term debt - 100

Long-term debt 25,000 25,400

Other liabilities, borrowings, and retail deposit
agreements 3,203 3,476



Total liabilities 440,740 421,744



Shareholders' equity

Preferred stock, par value $.001; 1,000,000 shares
authorized; none issued - -



Common stock, par value $.001; 9,000,000 shares
authorized; 3,499,477 and 3,456,816 shares issued
and outstanding 4 4



Additional paid-in-capital 15,567 15,268

Retained Earnings 27,355 23,604

Accumulated other comprehensive income 347 208

Total shareholders' equity 43,273 39,084

Total liabilities and shareholders'
equity $ 484,013 $ 460,828







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 2009 2008 2009 2008

Interest and fees on loans $ 5,877 $ 5,347 $ 22,260 $ 23,186

Interest on taxable
securities 406 662 1,925 2,763

Interest on nontaxable
securities 101 105 412 337

Interest on Federal funds sold and
other interest 1 9 7 85

Total interest income 6,385 6,123 24,604 26,371



Interest expense

Interest on time deposits of $100,000
or more 1,078 1,552 5,415 6,414

Interest on other deposits 782 1,018 3,330 5,536

Interest on funds purchased and other
borrowings 232 277 977 1,088

Total interest expense 2,092 2,847 9,722 13,038



Net interest income 4,293 3,276 14,882 13,333



Provision for loan losses 1,172 730 3,082 1,456



Net interest income after provision
for loan losses 3,121 2,546 11,800 11,877





Noninterest income

Service charges on deposits 406 351 1,496 1,338

Other income/loss 584 292 2,926 1,430

Gain on sale of mortgage
loans 2,585 1,595 9,735 7,152

Total noninterest income 3,575 2,238 14,157 9,920



Noninterest expense

Salaries and employee
benefits 3,349 2,642 12,776 10,958

Occupancy expenses 386 378 1,516 1,546

Other expenses 1,715 1,451 6,610 5,241

Total noninterest expense 5,450 4,471 20,902 17,745



Income before income taxes 1,246 313 5,055 4,052



Income tax expense 282 97 1,303 1,252



Net income $ 964 $ 216 $ 3,752 $ 2,800





Net income per share of common
stock

Basic $ 0.28 $ 0.06 $ 1.08 $ 0.82

Diluted $ 0.27 $ 0.06 $ 1.07 $ 0.80

Dividends per share of common
stock $ - $ - $ - $ -






SOURCE Georgia-Carolina Bancshares, Inc


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