Augusta Economy

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Georgia Bank & Trust reports fourth quarter profit of $3.9 million

Net income for 2012 was $14.4 million

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The parent company of Geor­gia Bank & Trust reported earning nearly $4 million in the latest quarter.

Southeastern Bank Finan­cial Corp. reported net income of $3.9 million, or 58 cents per share, for the fourth quarter, up from $3 million, or 45 cents per share, for the quarter in 2011.

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.

For the full year, the company reported net income of $14.4 million, or $2.16 per share. That is an increase from $11 million, or $1.65 per diluted share, for 2011.

“Our effort and performance over the entire year have been solid, and our success is reflected in the fact that we increased net interest income in a historically low interest rate environment, improved our deposit mix, grew loans in a market of low demand and improved our asset quality in what continues to be a challenging economic environment,” Chief Executive R. Dan­iel Blanton said.

Total assets at Dec. 31 were $1.7 billion, up $47.7 million from Dec. 31, 2011.

Total deposits were also higher for the year, $1.4 billion at Dec. 31, an increase of $2 million from the start of 2012.

Loans outstanding at the end of the fourth quarter were $901.5 million, an increase of $25.9 million from the beginning of the year.

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Frank I
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Frank I 01/25/13 - 05:57 pm
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I guess if you consider being

I guess if you consider being portion of Synovus, based in Columbus, to be local..

moderate321
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moderate321 01/25/13 - 06:39 pm
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GB&T is not a part of Synovous

Augusta Bank and Trust is however. But these are two different banks.

triscuit
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triscuit 01/25/13 - 08:18 pm
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Well great for them! They

Well great for them! They deserve it because they have great customer service and put the other banks in town to shame!

soapy_725
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soapy_725 01/26/13 - 11:41 am
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The Bankers?
Unpublished

Some believe they are at the heart of all of our problems. NYC bankers provided funds to Nazi Germany in the 1930 as they grew their economy. And paid Hitler's Brown Shirt's wages. Fact.

Who loves money? No just acquire and use money. But love MONEY?

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