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Georgia Bank & Trust parent reports higher earnings

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Southeastern Bank Finan­cial Corp., the parent company for Georgia Bank & Trust, reported second-quarter earnings of $3.4 million, or 50 cents per share, on Friday.

A year ago, the company turned in a net income of $2.8 million, or 42 cents per share.

Daniel Blanton, the president and CEO ofSoutheastern Bank Financial, said core earnings, deposits, total assets and core loans also grew.

“Our performance reflects the ongoing success of our focus on executing the fundamentals of banking and providing an unparalleled level of customer service,” he said. “While we are very encouraged by our growth and profitability over the past two years, the state of the economy remains in flux, which is why we have built and maintained a ‘fortress’ balance sheet.”

Total assets at June 30 were $1.7 billion, an increase of $51.4 million from Dec. 31.

Loans outstanding at the end of the second quarter were $875 million, a decrease of $669,000 from the beginning of the year.

Total deposits were $1.4 billion at the end of the quarter, $33 million higher than the second quarter of 2011.


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