The parent company of First Bank of Georgia reported higher profits Wednesday.
Georgia-Carolina Bancshares Inc. reported second-quarter net income of $2.1 million, up from $1.7 million in the second quarter of 2012. The banking company had profits of $2.3 million in the first quarter of this year.
Remer Brinson III, the president and CEO, said the strong balance sheet comes from fewer delinquencies and an improvement in credit quality.
“In addition, we received recoveries of $946,000 from loans previously charged off. As a result we have recorded a year-to-date credit to the loan-loss provision of $1,802,000,” Brinson said.
New loan demand also increased in the second quarter, Brinson said.
First Bank has branches in Richmond, Columbia and McDuffie counties, and mortgage offices in Augusta and Savannah. Its seventh branch opened in May on Washington Road in Evans.
The Augusta-based bank had assets of $496.4 million at the end of June, down from $506.1 million at the beginning of the year. Deposits have grown since the beginning of the year, from $416.9 million to $424.9 million.
“Non-interest income remains strong and is led by strong mortgage origination income. These factors, coupled with strong expense control, have resulted in our superior earnings performance,” Brinson said.