Southeastern Bank Financial Corp., holding company for Georgia Bank & Trust of Augusta and Southern Bank & Trust of Aiken, reported today that its third quarter income was lower than last year.
The Augusta-based holding company reported net income of $740,000, or 11 cents per share, compared to $1.9 million, or 31 cents per share, earned in the third quarter last year.
“Our core bank continued to perform well, with gains in net interest income and noninterest income over last year, giving us the ability to increase our provision for loan losses while maintaining positive earnings,” said President and CEO R. Daniel Blanton.
Total assets at the end of Sept. 30 were $1.5 billion, up 4.6 percent from the beginning of the year.
Total deposits were $1.3 billion at the end of September, up 10 percent from the beginning of the year.
The amount of foreclosed property being held by the financial firm continues to increase.
The company held $15.6 million in foreclosed property at the end of the quarter, compared to $13.8 million in June and $377,000 in September 2008.
“We continued to work aggressively to reduce problem assets during the third quarter,” Mr. Blanton said. “The good news is that our level of non-performing assets remained relatively flat with no further deterioration from the second quarter. That said, we remain cautious given the continued weakness in our real estate markets.”
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That's razor thin from a loss. I wouldn't be happy about that.
Georgia bank is still better than any other bank around. The president there is making very good decisions.
I would not call it razor thin! I would call it "making sound decisions".! Way to go Mr. Blanton and Georgia Bank & Trust. Still standing as strong as can be expected!
(Dan Blanton, president and CEO of Georgia Bank & Trust in Augusta, has been named by the Federal Deposit Insurance Corp. to serve on an advisory committee on community bankers.)
Glad things appear stable, if not completely thrilling.
All of the banks should have a big profit since they all have reduced the amount of interest that you receive on deposits and CDs. A profit for the bank and a lost for you.
great to see sound business decisions from a local bank I am beginning to wonder about srp. Why on earth are they wasting so much money on that building. How are they going to pay for it. I know they don't pay taxes but is that enough to pay for that monster building.
Jack, have you ever heard of the Federal Reserve Board and the interest rate they charge to banks, as in the prime rate? A big profit? Do you even understand the banking system?