The Augusta company that owns First Bank of Georgia reported higher quarterly profits Wednesday.
Georgia-Carolina Bancshares Inc. posted net income of $1.7 million for the second quarter, or 47 cents per share, compared with net income of $981,000, or 28 cents per share, for the second quarter of 2011.
“We continue to enjoy a strong earnings performance in 2012 as evidenced by our increased quarterly and year to date income when compared to the same periods last year,” said Chief Executive Remer Brinson III. “We reflect stable net interest income, a reduction in our provision for loan losses and increases in non-interest income.”
Brinson said the bank is closing more mortgages, up 17 percent from last year, and is setting aside less money each quarter for bad loans.
“Although loan demand remains soft, we have been able to maintain a healthy net-interest margin,” Brinson said.
Assets have increased for the year, from $493.2 million to $499.8 million. Total deposits also grew in the first half of the year, from $411.3 million to $413.3 million.
First Bank of Georgia has bank branches in Richmond, Columbia and McDuffie counties, and mortgage offices in Augusta and Savannah. The company plans to open its seventh branch next year, which will be on Washington Road in Evans.