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

Net income for 2012 was $14.4 million

 

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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