Originally created 07/20/02

Bank company reports earnings



The holding company for Augusta-based Georgia Bank & Trust Co. reported record second-quarter earnings.

Georgia Bank Financial Corp. posted net income of $1.5 million, or 61 cents per share, for the period ending June 30, a 43 percent increase from the $1 million, or 43 cents per share, reported during the period last year.

For the six-month period, the bank earned $2.7 million, or $1.14 per share, a 35.8 percent increase from the $2 million reported during the same period last year.

The bank, whose assets totaled $531.6 million, attributed the earnings growth to a 16.9 percent increase in net interest income and 12.5 percent growth in fees from mortgage origination operations.

"The gain on the sale of mortgage loans was up 37.3 percent," Executive Vice President Ronald L. Thigpen said, commenting on the $62.2 million worth of mortgage loans originated during the quarter.

The company posted a quarterly return on average assets of 1.09 percent and a return on average equity of 13.34 percent. The bank is the largest community bank in the Augusta-Aiken area and is the 18th largest Georgia-based bank.

"As we approach our 13th year of service in August, we are proud to be Augusta's largest locally owned and operated financial institution," President and CEO R. Daniel Blanton said.

The bank's deposits at the end of the period totaled $400.6 million; its loans totaled $353.8 million.

The company's over the counter-traded stock closed at $40 per share Friday, unchanged from the previous day's trading.

Reach Damon Cline at (706) 823-3486 or dcline@augustachronicle.com.