Georgia Bank & Trust has record profit

Friday, Oct. 25, 2013 12:25 PM
Last updated 8:24 PM
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The parent company of Geor­gia Bank & Trust reported earning more than $4 million in the latest quarter.

Augusta-based Southeastern Bank Finan­cial Corp. reported third-quarter net income Friday of $4.2 million, or 63 cents per share, up from $3.9 million, or 58 cents per share, for the quarter in 2012.

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, Ga.

“We achieved another record quarter of earnings driven by solid growth in our core banking operations and effective expense controls,” bank President and CEO R. Daniel Blanton said.

Total assets on Sept. 30 were $1.69 billion, up from $1.66 billion at the beginning of the year.

Total deposits were also higher, standing at $1.44 billion at the end of the quarter, compared with $1.42 billion at the start of 2013.

Loans outstanding at the end of the third quarter were $900.6 million, a slight decrease from year’s start, but up $17.5 million from the third quarter in 2012.

“While our profitability has been solid and steady, we expect the increase in mortgage rates to have a negative impact on both refinance and purchase origination revenue, resulting in lower levels for the near future,” Blanton said.

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nocnoc 10/25/13 - 04:09 pm
Great people

They remind me a lot of the 1960-70's GA. Rail Road Bank & Trust people, before 1st Union bought them and screwed up a good local bank.

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