Georgia-Carolina Bancshares, Inc. reported net income of $838,000 or $0.24 per diluted share, in the first quarter of 2010. The company earned $395,000 or $0.11 per share, in the same quarter of 2009.
Management at Georgia-Carolina Bancshares, Inc. attributed the stronger performance to higher net interest income, which had been hurt in the first quarter of 2009 by the rapid reduction in interest rates by the Federal Reserve.
Remer Y. Brinson III, the CEO of Georgia-Carolina Bancshares, Inc. said, “We are pleased to report a substantial increase in our net income for the first quarter of 2010 when compared to the first quarter of 2009. This increase in net income can be attributed primarily to increased net interest income.”
Georgia-Carolina Bancshares, Inc. reported a higher loan loss provision at the end of the first quarter of 2010, as it continued to focus on asset quality. The bank had a loan loss provision of $1.08 million, and a loan loss reserve of 1.54% as of 3/31/2010.
Georgia-Carolina Bancshares, Inc. is a bank holding company that owns the First Bank of Georgia. First Bank of Georgia has three bank branches located in Richmond, Columbia and McDuffie County; and three mortgage origination offices in Georgia and Florida. The bank had total assets of $480 million as of 3/31/2010.