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First Bank of Georgia holding company reports $963,000 profit

Wednesday, July 30, 2014 3:04 PM
Last updated 9:58 PM
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The parent company of First Bank of Georgia reported Wednesday a second-quarter profit of $963,000, which would have been higher except for charges related to its pending merger with State Bank Financial Corp.

The net income for Augusta-based Georgia-Carolina Bancshares Inc. without the merger expenses would have been $1.4 million.

The second quarter income of $963,000, or 27 cents per share, is lower than the $2.1 million, or 59 cents per share, reported for the second quarter in 2013.

Remer Brinson III, the president and CEO, said the lower profits also stemmed from a decrease in mortgage income and smaller credit provisions to the allowance for loan losses.

“We are pleased to report sound earnings for the first half of 2014 and continue to see a return to a more stable economic environment,” Brinson said. “We have seen strong loan demand over the past three quarters and have seen our asset quality measures return to very healthy levels. Bank loans have grown by over 10 percent during the first half of 2014 while core deposits have continued to grow also.”

Georgia-Carolina Bancshares had total assets of $518 million at the end of June, an increase of $2.3 million from the beginning of the year. Total deposits are down $3.6 million from the start of the year, to $416.1 million. Loans outstanding at the end of the second quarter were $304 million.

State Bank, based in Atlanta, announced in June that it would be combining with Georgia-Carolina Bancshares, an $82 million acquisition that should be complete by early 2015.

First Bank of Georgia has branches in Augusta, Evans, Martinez and Thomson. It has mortgage origination offices in Augusta and Savannah, Ga.

State Bank and Trust Co., founded in 2009, has $2.6 billion in assets and 20 branches in metro Atlanta, Macon and middle Georgia. In April, State Bank Financial announced plans to acquire Bank of Atlanta for about $25 million, closing the deal later this year.

DIVIDEND TO BE PAID IN AUGUST

The board of directors announced that a 4.5-cent dividend will be paid on Aug. 19 to shareholders of record as of Aug. 12.

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