The parent company of Georgia Bank & Trust reported earning more than $4 million in the latest quarter.
Augusta-based Southeastern Bank Financial Corp. reported third-quarter net income Friday of $4.2 million, or 63 cents per share, up from $3.9 million, or 58 cents per share, for the quarter in 2012.
Georgia Bank & Trust is the largest locally owned community bank in metro Augusta, with 12 offices. The company also has mortgage operations in Augusta and Savannah, Ga.
“We achieved another record quarter of earnings driven by solid growth in our core banking operations and effective expense controls,” bank President and CEO R. Daniel Blanton said.
Total assets on Sept. 30 were $1.69 billion, up from $1.66 billion at the beginning of the year.
Total deposits were also higher, standing at $1.44 billion at the end of the quarter, compared with $1.42 billion at the start of 2013.
Loans outstanding at the end of the third quarter were $900.6 million, a slight decrease from year’s start, but up $17.5 million from the third quarter in 2012.
“While our profitability has been solid and steady, we expect the increase in mortgage rates to have a negative impact on both refinance and purchase origination revenue, resulting in lower levels for the near future,” Blanton said.