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Georgia Bank & Trust parent company reports first quarter profit of $3.3 million

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Georgia Bank & Trust parent company Southeastern Bank Financial Corp. reported Friday first quarter earnings of $3.3 million.

Earnings for 2011’s first quarter were $2.3 million.

Total assets for Southeastern as of March 31 were $1.6 billion, an increase of $33.7 million from Dec. 31.

“We’re making solid progress in an uncertain economy where loan demand continues to be stagnant,” said Southeastern president and CEO Daniel Blanton. “Our success over the past year is an indication that we are on the right track, and as such, we will continue our efforts to grow our interest and noninterest revenue streams, while enhancing profitability and shareholder value.”

Total deposits were $1.4 billion on March 31, an increase of $14.2 million from Dec. 31 and a decrease of $4.8 million from March 31, 2011.


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