First Bank of Georgia parent reports higher income

Augusta-based Georgia-Carolina Bancshares, the holding company for First Bank of Georgia, reported higher second-quarter income Wednesday.

 

Net income for April, May and June was $899,000, or 26 cents per diluted share, compared to the $866,000, or 25 cents per share, earned in the second quarter of 2008.

President Remer Brinson III said the banking company had “solid” growth in net interest income and non-interest income.

“This increase in net income was also achieved in spite of a $642,000 increase in our provision for loan losses and a $279,000 increase in FDIC insurance expense,” he said.

Total assets were $488 million at the end of June, up from $460 million at the beginning of the year.

Deposits totaled $399 million, up from $377 million at the start of 2009.

 

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