First Bank of Georgia holding company nearly triples quarterly earnings

Wednesday, Oct. 24, 2012 3:27 PM
Last updated Thursday, Oct. 25, 2012 1:32 AM
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The Augusta company that owns First Bank of Georgia reported more than $2.2 million in quarterly profits Wednesday.

Georgia-Carolina Bancshares Inc. posted a net income almost triple that reported in the third quarter of 2011. According to its earnings release, the company had profit of $2.2 million, or 62 cents per share, compared to $789,000, or 22 cents per share, in last year’s quarter.

Chief Executive Remer Brinson III said the bank is closing more mortgages, up 17 percent over last year, and has experienced fewer troubles from loan charge-offs and having to set aside money to cover the bad loans.

“Although loan demand remains soft, we have maintained a healthy net-interest margin. Non-interest income has grown over last year due to increased mortgage origination volumes and yields,” Brinson said.

Non-interest income – which comes from service charges on deposits, the sale of mortgage loans and securities – was $4.8 million in the third quarter. In the third quarter of 2011, Georgia-Carolina made $2.8 million in non-interest income.

Assets have increased for the year, from $493.2 million to $515.8 million at the end of September.

Total deposits also grew since the beginning of the year, from $411.3 million to $425.2 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.

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Fools_and_sages 10/24/12 - 04:40 pm
Your net interest margin
Unpublished healthy because you pay a whopping 0.50% interest to your customers who have sizable deposits. You pay less than that to customers who have smaller accounts. If you're making such great profits, you can afford to give me an extra $10 an month, cheapskates.

Greengolf 10/24/12 - 06:06 pm
Don't blame the Bank, blame Obama

Interest rates are low not because of First Bank but Obama. If they would balance the budget and trim the deficit, the Federal Reserve wouldn't have to keep rates low!

Plus, do you know how much FDIC insurance premiums have gone up since Obama became President????

Reimer Brinson has done a great job bringing this bank back to profitability inspite of the heavy regulatory climate, he should be congratulated on a job well done.

willie7 10/24/12 - 08:03 pm
I expecting some good

I expecting some good dividends and the stock to increase.

soapy_725 10/25/12 - 07:52 am
Simple math or Obama?

So Obama is to blame for banking windfall profits? Is Obama also to blame for oil industry windfall profits? Is Obama actually creating more "evil rich"? Is Obama working for the 1% ers? Maybe he is Satan?

Or is it just simple math. I take you money and give you a 0.5% return. Then I put your money on the street for 5 to 25% return.

What is the failure rate in this enterprise?

Once it was called usury.

Fiat_Lux 10/25/12 - 09:42 am
Important to remember

that a rise in dividends means there will be a corresponding and much larger rise in mortgage and other loan interest rates.

The choice is in who you want to help the most. It should be obvious to the biggest fool what Obama and the Democrats think about that, although, for those of us who are able, real estate can be a terrific investment.

Jane18 10/25/12 - 01:45 pm
First Bank(Thomson)

I have been with First Bank since moving to Thomson. Longgggg time! I wouldn't, and have not, ever thought of banking anywhere else. I'm sure they like me too! Congratulations on earnings and profit, also the opening of your seventh branch.

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