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.”