First Bank posts earnings increase

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The holding company for First Bank of Georgia today reported first quarter earnings of $1.3 million, or 39 cents per share, up from last year's first quarter, which was $838,000 or 24 cents per share.

Remer Y. Brinson III, president and CEO of the company, said the increase could be attributed to reductions in provisions for loan losses and non-interest expenses.

"Asset quality continues to be a primary focus in this weakened economy and we continue to maintain a healthy allowance," he said.

Brinson said First Bank has increased its loan allowance this year to 2.29 percent, up from 1.54 percent at this time last year.

Deposits grew from the end of 2010, from $414 million to $428 million at the end of March.

Assets also grew, from $495 million in December to $510 million in March.

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Fools_and_sages 04/27/11 - 12:17 pm
It also helps that they are

It also helps that they are paying only 1% interest or less on the most of their interest-bearing accounts. The half percent interest I'm getting allows me to buy one ice cream cone a month. . .Woo hoo! I save more in change every month than I earn in interest.

jack2006 04/27/11 - 03:02 pm
It is a joke on how much they

It is a joke on how much they paid on their interest bearing accounts.

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