Georgia-Carolina Bancshares Inc., parent company of First Bank of Georgia, reported today that it earned $866,000, or 25 cents per share, for the second quarter, which ended June 30.
Last year, the company had net income of $935,000, or 27 cents per share.
The decline was blamed on the Federal Reserve’s decision to lower interest rates.
“We are pleased with our results given the current state of the economy and interest rates,” said company president Remer Brinson III.
Mr. Brinson said the bank has seen a nearly 15 percent increase in deposits.
“We feel that this growth is in response to our community bank model and our ATM anywhere free checking program which provides an automatic refund of other banks’ ATM charges,” Mr. Brinson said.
First Bank of Georgia has bank branches in Augusta, Columbia County and Thomson.
The holding company has $456 million in assets.