Augusta-based Southeastern Bank Financial Corp., the holding company for Georgia Bank & Trust, on Friday reported a net income of $3 million for the fourth quarter of 2011, compared with the $2.1 million reported for the quarter in 2010.
For 2011, the company reported income of $11 million – an improvement over $6.9 million in 2010.
At year’s end, total assets were $1.6 billion, an increase of $7.7 million from 2010.
Loans outstanding at the end of 2011 were $875.1 million, down from $886.9 million at Dec. 31, 2010. Total deposits at the end of 2011 were $1.4 billion, an increase of $8.5 million from a year ago.
“We still must contend with weak loan demand, however,” said Daniel Blanton, Georgia Bank & Trust’s president and CEO. “Our mortgage revenue in 2011 was 18 percent lower than in 2010 and our core loans were down $28.1 million. This will continue to be a point of focus for us as we move forward.”
On Dec. 5, the company’s South Carolina bank subsidiary, Southern Bank & Trust, merged with Georgia Bank & Trust. It kept its name and operates as a division of Georgia Bank & Trust.
“We enter 2012 in a good position,” Blanton said. “Our goal is to build on the foundation we laid in 2011, while exploring ways of generating additional revenue growth to help offset the lack of loan demand.”
The company has 12 branches in Georgia and South Carolina, a limited service loan production office in Athens, Ga., and mortgage operations in Augusta and Savannah.