The parent company of First Bank of Georgia reported this morning an increase of 54 percent to its third quarter net income.
Augusta-based Georgia-Carolina Bancshares posted net income of $1.49 million, or 43 cents per share, in July, August and September, up from $966,000, or 28 cents per share, in net income for the third quarter of 2008.
Company president and CEO Remer Brinson III cited gains in the sale of real estate, increased originations in the mortgage division and tight expense control as reasons for the profitability.
Year-to-date, net income is 7.9 percent higher than 2008.
Mr. Brinson said loans have grown $24.6 million since the beginning of the year. Deposits are $19.6 million higher since January.
This growth in both loans and deposits during the first nine months of 2009 is a testament to the relative strength of our local economy and our community banking model, Mr. Brinson said in a statement.