The parent company for First Bank of Georgia set a record for profits, it reported Tuesday.
Georgia-Carolina Bancshares Inc. reported its first quarter net income was $2.3 million, or 65 cents per share, compared with $1.2 million, or 36 cents per share, for the same quarter in 2012.
The Augusta-based bank also reported higher deposits and loan activity for the three-month period that ended in March.
“We have conservatively reduced our loan loss reserve in accordance with sound banking practices and proper accounting standards,” President and CEO Remer Brinson III said. “However, we continue to maintain a healthy loan loss reserve and see improvement in asset quality. In addition, non-interest income included an $806,000 benefit on an insurance policy owned by the bank.”
Total deposits grew from $416 million at the beginning of the year to $423 million at the end of March. In the same period, total assets shrank from $506 million to $489 million.
According to the company’s balance sheet, loans increased slightly during the first quarter and totaled $266 million.
First Bank will open its seventh branch in May. The branch is under construction near Kroger on Washington Road in Evans.