First Bank of Georgia reports $1.28 million profit

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Georgia-Carolina Bancshares, the parent company of First Bank of Georgia, reported quarterly net income of $1.28 million, or 36 cents per share, compared with $1.39 million, or 39 cents per share, a year ago.

“Our core deposits grew nicely in the first quarter, however, we continue to see very weak loan demand,” said Remer Brinson III, the president and CEO.

Total deposits grew in the first quarter from $411 million to $414 million.

Total assets grew since the beginning of the year from $493 million to $497 million.

“Mortgage origination volume remained solid at $94.8 million for the first quarter of 2012, an increase of 17 percent over the first quarter of 2011,” Brinson said.

Brinson said the bank is developing its plans for the new Evans branch, which will be at 4349 Washington Road in the Kroger shopping center, and expects it to open late this year or early in 2013.

“We are seeing some signs of a stabilizing economy and remain optimistic about the Augusta market,” Brinson said. “This office will be our seventh overall and our third office in Columbia County. Columbia County is one of the fastest growing counties in Georgia as evidenced by its 38 percent population growth from 2000 to 2010, and this new branch will allow us to continue to serve existing customers as well as obtain new customer relationships.”

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

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Riverman1 04/27/12 - 07:51 am
That's a razor thin margin.

That's a razor thin margin. It wouldn't take much for this bank to be another statistic.

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