Southeastern Bank Financial Corp. reports $3.9 million in quarterly profit

  • Follow Business

The parent company of Geor­gia Bank & Trust reported earning nearly $4 million in the latest quarter.

Southeastern Bank Finan­cial Corp. reported net income of $3.9 million, or 58 cents per share, for the third quarter, up from $2.9 million, or 44 cents per share, for the quarter in 2011.

President and CEO R. Dan­iel Blanton said the record earnings come from growth in mortgage loans and core areas of the bank.

“We are delighted to see loan growth for the quarter,” Blanton said. “We saw decreases in both interest and non-interest expense for the third quarter, and our credit quality continued to remain solid with a decline in nonperforming assets.”

Total assets at Sept. 30 were $1.67 billion, up $58.3 million from Dec. 31.

Total deposits were $1.4 billion at the end of the quarter, which is $17.1 million higher than the beginning of the year and $35.1 million higher than from the third quarter of 2011.

Loans outstanding at the end of the third quarter were $883.1 million, an increase of $7.5 million from the beginning of the year.

“While we have seen some loan growth, the overall level of business activity continues to remain low in our market,” Blanton said. “As such, significant pressure remains on the net interest margin. We will continue with our strategy of maintaining a strong balance sheet, keeping expenses in line and finding ways of generating additional revenue growth.”

Georgia Bank & Trust is the largest locally owned com­munity bank in metro Augusta, with 12 offices. The company also has mortgage operations in Augusta and Savannah.

Comments (1) Add comment
ADVISORY: Users are solely responsible for opinions they post here and for following agreed-upon rules of civility. Posts and comments do not reflect the views of this site. Posts and comments are automatically checked for inappropriate language, but readers might find some comments offensive or inaccurate. If you believe a comment violates our rules, click the "Flag as offensive" link below the comment.
OpenCurtain
10049
Points
OpenCurtain 10/29/12 - 08:32 am
0
0
Great one on one Bank

Once again they prove there is honest profits in treating customers fairly. Unlike like so many of the other banks that even charge you to cash a check drawn on their bank.

They remember me a lot of the GA Railroad Bank and Trust before they were sold to Union.

Add to it fresh HOT popcorn for customers.

Back to Top

Top headlines

Historic building on Laney campus demolished

The demolition of the 89-year-old Cauley-Wheeler building on the Lucy C. Laney High School campus is over, but the plan for a building that will act as a link to the former site and its story has ...
Search Augusta jobs