Southeastern Bank Financial Corp. reported second-quarter net income of $4 million, up from $3.4 million in the second quarter of 2012. The Augusta banking company had profits of $3.8 million in the first quarter of this year.
R. Daniel Blanton, the president and CEO, said continued growth in core banking operations and decreased expenses led to the earnings milestone.
“Increases in loans, deposits and net interest income helped drive double-digit growth in income and earnings, while improvement in our deposit mix helped lower our funding costs. Loan growth was slight, however, due to low loan demand resulting from a lackluster economy and uncertainty among consumers and small businesses,” Blanton said.
Georgia Bank & Trust, the largest locally owned bank in the Augusta metro area, has 12 full-service offices. The company has mortgage operations in Augusta and Savannah.
Southeastern Bank Financial had total assets of $1.7 billion at the end of June, an increase of $31.4 million from the beginning of the year. Total deposits are up $21 million from the start of the year, to $1.4 billion.
Loans outstanding at the end of the second quarter were $903.4 million.
“We increased our provision for loan losses in the second quarter to accommodate the resolution of several problem credits,” Blanton said. “Our overall asset quality ratios remained solid, however, and have been stable throughout the past year.”