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Georgia-Carolina Bancshares reports lower profits

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The parent company of First Bank of Georgia on Wednesday reported lower profits.

Georgia-Carolina Banc­shares Inc. reported third-quarter net income of $843,000, or 23 cents per share, down from $2.2 million, or 62 cents per share, for the third quarter of 2012.

Remer Brinson III, the president and CEO, said mortgage volume was the reason earnings were not as high as in previous quarters.

“And yields declined on the sale of mortgage loans due to increasing market interest rates,” he said.

The Augusta-based bank had assets of $500.1 million at the end of September, down from $506.1 million at the beginning of the year. Deposits have grown since the beginning of the year, from $416.9 million to $429.3 million.

“We have seen an increase in loan demand during the year, although bank loan outstandings, excluding the allowance for loan loss, have declined slightly during the first nine months,” Brinson said. “However, deposit growth remains strong. Core deposits, excluding certificates of deposits, have grown 14 percent during the year.”

First Bank has branches in Richmond, Columbia and McDuffie counties, and mortgage offices in Augusta and Savannah. Its seventh branch opened in May on Washington Road in Evans.

“The company continues to report strong earnings performance through the first three quarters of 2013. Asset quality continues to improve and has resulted in a credit provision to our allowance for loan losses during the year,” Brinson said. “Nonperforming assets have declined to 1.66 percent of total assets, down from 1.88 percent one year ago.”

DIVIDEND

Georgia-Carolina Bancshares will pay a quarterly cash dividend of 45 cents per share of common stock on Nov. 19 to shareholders of record as of Nov. 12.

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Riverman1
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Riverman1 10/30/13 - 04:46 pm
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That seems to be a razor thin

That seems to be a razor thin profit. A bank running things that close is scary to me.

jmo
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jmo 10/30/13 - 06:45 pm
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And Obama wants.....

you to believe the economy is picking up. RIGHT!

Little Lamb
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Little Lamb 10/31/13 - 06:32 am
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Mortgage

Brinson says the yields on mortgages are declining. It would seem to me that First Bank should move away from mortgages and start investing in something else. Energy might be a good sector.

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