July 26--The Augusta-based company that owns Georgia Bank & Trust reported a steady profit margin for the spring quarter.
Southeastern Bank Financial Corp. reported Friday its second quarter earnings of $4 million, or 60 cents per share, matching the profit shown in the second quarter of 2013. The company reported net income of $3.8 million for the first quarter of this year.
"The ongoing historically low interest rate environment continues to squeeze our net interest margin and net interest income," said Ronald Thigpen, the president and chief operating officer. "Non-interest income is down due primarily to lower mortgage lending volume. But we also saw quarterly improvement in both retail investment and trust income, as well as excellent loan and total deposit growth."
Net interest income for the quarter was $13 million, a 2 percent drop from the previous year.
Georgia Bank & Trust, the largest locally owned bank in the metro area, has 12 full-service offices. The company has mortgage operations in Augusta and Savannah.
Southeastern Bank Financial had total assets of $1.8 billion at the end of June, an increase of $91.3 million from the beginning of the year. Total deposits are up $77 million from the start of the year, to $1.5 billion.
"We continue to see growth in the balance sheet, with significant core loan and deposit growth," Thigpen said.
Loans outstanding at the end of the second quarter were $984.7 million.
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