Company reports increased earnings

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The parent company of First Bank of Georgia reported Wednesday its first earnings growth in a year.

Patrick Blanchard:President of Augusta-based Georgia-Carolina Bancshares Inc. is pleased with its earnings.  Special
Special
Patrick Blanchard:President of Augusta-based Georgia-Carolina Bancshares Inc. is pleased with its earnings.

Georgia-Carolina Bancshares Inc. reported net income for the quarter ending March 31, 2007, at $731,000, a 12.6 percent increase from the first quarter of 2006.

The increase comes after four straight quarters of profit decline, which in part was attributed to the additional operating expenses created with a new main office and corporate headquarters.

"We are pleased with our performance," Patrick G. Blanchard, the president and chief executive officer of the Augusta-based bank, said in a statement.

One of the fastest-growing community banks in the Augusta-Aiken market, the company also reported consolidated assets of $428 million for the quarter, a 16.1 percent increase over the same period a year earlier.

Total loans in the first quarter increased 16.5 percent to $295.5 million compared with first-quarter 2006, while deposits increased 20.7 percent to $384 million compared with a year earlier.

The community bank finished 2006 down 16.2 percent at $2.89 million compared with 2005.

The company originally reported its 2006 first-quarter net income as $678,000. On Wednesday the company revised that figure to $649,000 to reflect additional payroll accrual to comply with the Securities and Exchange Commission's Staff Accounting Bulletin 108, which was adopted in September.

The bank said the revision was not "material" enough to warrant a formal restatement of earnings.

Georgia-Carolina's over-the-counter-traded stock, which has traded between $12.80 and $16.65 a share in the 52-week range, closed Thursday at $13.17.

Reach Laura Youngs at (706) 823-3227 or laura.youngs@augustachronicle.com.

 
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