AUGUSTA, Ga., May 24 /PRNewswire-FirstCall/ -- GEORGIA-CAROLINA BANCSHARES, INC. (OTC Bulletin Board: GECR.OB - News), parent company of FIRST BANK OF GEORGIA, announced today the reelection of six members of the Board of Directors during the 2007 Annual Shareholders Meeting held in the Corporate Headquarters of the Company at 3527 Wheeler Road, Augusta, Georgia.
The six members of the Board of Directors who were reelected for a three- year term were Phillip G. Farr, Samuel A. Fowler, Jr., Arthur J. Gay, Jr., Joseph D. Greene, Hugh L. Hamilton, Jr., and Remer Y. Brinson III.
According to Patrick G. Blanchard, President & CEO of the Company each of these Directors have contributed much to the ongoing success of the Company and the Bank during their past terms of office.
Blanchard further stated that the Company is celebrating its tenth anniversary since Georgia-Carolina Bancshares, Inc. was founded in 1997.
At the close of 1996 total assets of the original bank were $38 million while the total capital was $7 million.
"We are pleased to confirm that our total consolidated assets as of March 31, 2007 were $429 million and our total capital accounts total $33 million," Blanchard continued.
Consolidated net income for the year ended December 31, 2006 was $2,897,000 or $.83 per diluted share compared to consolidated net income of $3,455,000 or $.98 per diluted share for the year ended December 31, 2005.
The Company did post consolidated net income of $946,000 or $.27 per diluted share in the fourth quarter of 2006 which offered a favorable comparison to results from the first, second and third quarters of the year.
Blanchard further stated that earnings were impacted during 2006 by the expenses associated with the opening and operation of the new Corporate Headquarters and the new Main Office of First Bank of Georgia which opened on September 12, 2005.
The Company further confirmed that through the three months ended March 31, 2007 net income increased by 12.6% compared to the three months ended March 31, 2006. Net income for the first quarter was $731,000 or $0.21 per diluted common share, compared to $649,000 or $0.19 per diluted common share for the first quarter of 2006.
The Company also reported total consolidated assets of the Company of $429 million, an increase of 16.1% over the prior year period. This represents an increase of 2.7% since December 31, 2006.
Total loans, excluding loans held for resale increased by 19.9% to $296 million at March 31, 2007, compared to March 31, 2006, and 6.9% compared to December 31, 2006.
Total deposits experienced a 20.7% increase over the same quarter last year and were $385 million at quarter end. Total deposits also represented a 12.7% increase since December 31, 2006.
Book value of the common stock of the Company increased 12.7% to $9.77 per share at March 31, 2007 from $8.67 per share as of March 31, 2006.
Georgia-Carolina Bancshares, Inc. was recently named again as one of the top 100 highest performing publicly traded companies in Georgia by the Atlanta Journal-Constitution. Blanchard was also named one of the top 25 CEOs in Georgia by The Atlanta Business Chronicle based on a five-year comparison of total shareholders return.
Georgia-Carolina Bancshares' common stock is quoted on the Over-The- Counter Bulletin Board under the symbol GECR.
Georgia-Carolina Bancshares, Inc. is a bank holding company with $429 million in assets as of March 31, 2007. The Company owns First Bank of Georgia which conducts bank operations through offices in Augusta, Columbia County and Thomson, Georgia.
Morgan Keegan & Company, Inc. serves as the principal market maker of the common stock for the Company. Mr. Leonard H. Seawell, Senior Vice President of Morgan Keegan is the Company's principal contact at Morgan Keegan.
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 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.
Source: Georgia-Carolina Bancshares, Inc.