First Bank of Georgia parent company reports earnings

The parent company of First Bank of Georgia reported earnings of $4 million for 2011.


Augusta-based holding company Georgia-Carolina Bancshares Inc. also reported Wednesday that its fourth-quarter profit was $938,000, or 26 cents per share, compared with $1.4 million, or 42 cents per share, in the fourth quarter of 2010.

“Our earnings of more than $4 million are impressive in this current economy relative to other banks in Georgia and the Southeast. While loan demand remains soft, we enjoyed strong growth in core deposits,” President Remer Brinson III said.

For all of 2010, the banking company had net income of $1.5 million.

“Non-interest income declined from $13.2 million to $11.2 million primarily due to reduced single family mortgage loan origination volume,” Brinson said.

For the year, total assets declined from $495.3 million to $493.3 million.

Total deposits also declined for the year, from $414 million to $411 million. An increase in deposits in savings accounts, interest-bearing accounts and money markets was offset by a decline in certificate of deposits, “as we allowed brokered and public fund deposits to roll off our balance sheet,” Brinson said.

First Bank of Georgia has branches in Richmond, Columbia and McDuffie counties and mortgage offices in Augusta and Savannah.



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