The Augusta company that owns First Bank of Georgia continues to report higher earnings.
Georgia-Carolina Bancshares Inc. reported Wednesday that its net income for the fourth quarter was $1.3 million, or 39 cents per share, up from $938,000, 26 cents per share, in the fourth quarter of 2011.
For the year, the company posted a profit of $6.6 million – better than the $4.0 million in 2011.
More mortgages and fewer troubles with bad loans helped the company to higher earnings, said Chief Executive Remer Brinson III.
“Our results reflect increased net interest income and sizeable increases in mortgage origination income. During the year, we recorded less in loan loss provision expense and more in other real estate valuation expense when compared to 2011,” Brinson said.
First Bank of Georgia has six bank branches in Richmond, Columbia and McDuffie counties, and mortgage offices in Augusta and Savannah. It is currently building its seventh branch in Evans.
Total deposits grew in 2012, from $411.3 million at the beginning of the year to $416.9 million.
Assets have also increased, from $493.2 million to $506.1 million at the end of December.