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.