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11/20/09 - Georgia Bancshares Reports Nine Months 2009 Results
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PEACHTREE CITY, GA - Georgia Bancshares, Inc., (OTC BB:GABA.OB), the parent company of The Bank of Georgia, announced a net loss of ($7.6 million) or ($2.23) per share for the nine months ended September 30, 2009, compared to a net loss of ($0.7 million) or ($0.23) per share for the same period in 2008. The 3rd Quarter 2009 net loss of ($1.9 million) or ($0.57) per share was primarily attributable to a $2.0 million addition to the allowance for loan losses made during the quarter, making the total provision for the nine months $9.2 million. Total assets were $442.0 million at September 30, 2009, a 14.1% increase compared to $387.4 million at September 30, 2008. Loans have decreased 9.7% to $277.0 million at September 30, 2009 compared to $306.6 million at September 30, 2008, while deposits have increased by $59.1 million during this same period.
The aftermath of the downturn in the residential housing market continues to negatively impact our operating results. The Bank of Georgia has remained proactive in aggressively identifying and dealing with problem credits. Our allowance for loan losses at September 30, 2009 totaled $8.8 million or 3.17% of total loans outstanding. Net charge-offs against the allowance for loan losses during the first nine months of 2009 totaled $8.4 million as compared to $1.3 million in the same period in 2008. At September 30, 2009 non-performing assets (loans on non-accrual - $9.8 million plus other real estate owned - $21.0 million) were $30.8 million as compared to $31.0 million at the end of the 2nd Quarter 2009. During the first nine months of 2009, over $7.0 million of repossessed properties have been sold at a loss of ($0.3 million) when compared to the values established when placed in OREO.
Both our common and preferred stocks are available for market quotations on the Over The Counter Bulletin Board (OTCBB) under the symbols “GABA.OB” and “GABAP.OB”, respectively.
For more information about Georgia Bancshares, Inc., visit our Investors Relations website at www.georgiabancshares.com.
About Georgia Bancshares, Inc.: Based in Peachtree City, GA, Georgia Bancshares, Inc. is a bank holding company that provides traditional bank services to small businesses and consumers through its subsidiary, The Bank of Georgia. The Bank of Georgia opened for business in February 2000, and has nine locations in Peachtree City, Fayetteville, Newnan, Sharpsburg, Tyrone and Fairburn, Georgia. A full-service bank, The Bank of Georgia provides a broad array of services, including checking accounts, money market accounts, certificates of deposit, commercial loans, construction loans, consumer loans (including home equity lines of credit), residential mortgage loans, credit cards, drive-through windows, ATMs, on-line banking, and Visa check cards. For more information about The Bank of Georgia, visit www.bankofgeorgia.com.
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