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Georgia-Carolina Bancshares Announces Net Loss in Second Quarter 2010
AUGUSTA, Ga., July 28 -- Georgia-Carolina Bancshares, Inc. (OTC:GECR) (BULLETIN BOARD: GECR) , parent company of First Bank of Georgia reported today a net loss of $1,906,000, or ($.55) per diluted common share, for the three months ended June 30, 2010, compared to a net profit of $899,000, or $.26 per diluted common share, for the three months ended June 30, 2009. The company reported a net loss of $1,068,000 for the six months ended June 30, 2010, or ($.31) per diluted common share, compared to a net profit of $1,294,000, or $.37 per diluted common share, for the six months ended June 30, 2009. Book value totaled $12.13 per common share at June 30, 2010, as compared to book value of $11.63 per common share at June 30, 2009.
Net interest income for the six months ended June 30, 2010 totaled $8,594,000, a 28.2% increase over the $6,703,000 earned during the first six months of 2009. The net interest margin increased during the first six months of 2010 to 3.86% compared to 3.05% for the first six months of 2009. Non-interest income decreased 4.3% for the six month period ending June 30, 2010 to $6,083,000 compared to $6,359,000 for the six month period ending June 30, 2009. Non-interest expense increased 6.7% to $10,761,000 for the six months ended June 30, 2010 compared to $10,087,000 for the six months ended June 30, 2009. Total assets increased 1.4% to $490.7 million since 2009 year-end. Total net loans, excluding loans held for sale, declined 3.0% during the six month period ended June 30, 2010 to $321.9 million, while deposits increased 2.5% over the same time period to $415.3 million.
Remer Y. Brinson III, President & CEO of the Company, stated, "During the second quarter of 2010, we significantly increased our provision for loan and lease losses in light of the continued weakness in the economy and significantly reduced our level of non-performing assets. During the second quarter of 2010, our provision for loan losses totaled $4,706,000 versus the $613,000 recorded for the second quarter of 2009. Charge offs for the quarter totaled $3.8 million."
"For the first six months of 2010, our provision totaled $5,792,000, compared to $1,240,000 for the first six months of 2009. Asset quality is always a primary focus, but especially in the current economic environment. Overall, we have significantly reduced non-performing assets in 2010 by $2.9 million, or 27.4%.
"Our core earnings, however, remain strong as does our capital position." Brinson continued. "All of our capital ratios are well above regulatory guidelines for "well-capitalized" banks. We do expect positive earnings for the remaining two quarters and anticipate generating a net profit for the year."
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.