Profits increase for First Bank of Georgia's holding company

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The parent company of First Bank of Georgia reported this morning an increase of 54 percent to its third quarter net income.

Augusta-based Georgia-Carolina Bancshares posted net income of $1.49 million, or 43 cents per share, in July, August and September, up from $966,000, or 28 cents per share, in net income for the third quarter of 2008.

Company president and CEO Remer Brinson III cited gains in the sale of real estate, increased originations in the mortgage division and tight expense control as reasons for the profitability.

Year-to-date, net income is 7.9 percent higher than 2008.

Mr. Brinson said loans have grown $24.6 million since the beginning of the year. Deposits are $19.6 million higher since January.

“This growth in both loans and deposits during the first nine months of 2009 is a testament to the relative strength of our local economy and our community banking model,” Mr. Brinson said in a statement.

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mrlonglelgs
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mrlonglelgs 10/27/09 - 12:29 pm
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The government take our money

The government take our money without letting us vote on it
the gives it to banks to loan back to us with interest. If you can get a loan. Wheres our bailout the taxpayers money get the federal reserve to print us some free cash.

atsugua13
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atsugua13 10/27/09 - 12:54 pm
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The banks should have never

The banks should have never received bailout one from the government. The government should have bailed out individuals and we could have decided which institutions we wanted to save and which ones we wanted to see bite the dust

scgirl78
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scgirl78 10/27/09 - 01:53 pm
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Do your research. This bank

Do your research. This bank didn't receive a bailout

IsAmericaFree
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IsAmericaFree 10/27/09 - 02:37 pm
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That's right scgirl. And

That's right scgirl. And during this entire time they have not waivered in providing excellent customer service either. I've been banking with these folks for 10 years and they are better than any other bank around. I have never experienced such personal service.

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