Georgia Bank & Trust parent reports lower quarterly income

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Southeastern Bank Financial Corp., holding company for Georgia Bank & Trust of Augusta and Southern Bank & Trust of Aiken, reported today that its second quarter income was $637,000, lower than the $2.4 million earned in the second quarter last year.

“We continued to be profitable in a tough environment during the second quarter, thanks to a solid performance from our core banking operations, sizeable gains in mortgage income from refinancing activity, and our ability to keep operating expenses under control,” said President and CEO R. Daniel Blanton.

Total assets at the end of June 30 were $1.46 billion, up from $1.41 billion at the beginning of the year.

Total deposits were $1.2 billion at the end of June, compared to $1.1 billion for the same period a year ago.

"We also continued to work through our problem loans during the second quarter, raising our provision for loan losses to ensure that we maintain adequate coverage as our markets struggle to recover,” Mr. Blanton said.

The company's loan-loss provision was $5.1 million in the second quarter of 2009, which compares to $4.7 million in the first quarter of 2009 and $1.7 million a year ago.

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