The holding company for First Bank of Georgia on Tuesday reported a slight increase in first-quarter earnings despite a slowing local economy.

Georgia-Carolina Bancshares Inc. said it earned $752,000, or 21 cents per diluted share, for the period ending March 31, a 2.7 percent increase from the $731,000 it reported during the same period last year.

"We are pleased with our performance, particularly in light of the softening of the residential construction, acquisition and development industries throughout the country," Patrick G. Blanchard, president & CEO, said in a statement. "Our first-quarter performance is reflective of the fact that the Augusta real estate market is more viable and has a greater level of stability than other regions of the country."

The company's income statement showed first-quarter net interest income and pre-tax income were both lower compared with the year-ago period. But lower personnel costs and lower income taxes were enough to result in the $21,000 increase in net profits.

The company's assets grew 7.4 percent during the period to $460.5 million.

First Bank operates branches in Richmond, Columbia and McDuffie counties.