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Atlantic Southern reports record earnings in quarter
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MACON — Atlantic Southern Financial Group, Inc. (NASDAQ Global Market:  ASFN) announced record financial results for the nine months ending Sept. 30 and the third quarter of 2007. Compared with the third quarter of 2006, the company achieved a 23 percent increase in net earnings while diluted earnings per share remained the same as the prior year.   

For the third quarter of 2007, net earnings increased to $2,061,000 compared to $1,678,000 a year earlier. Diluted earnings per share remained unchanged with $0.46 for the third quarter 2007 and 2006. Net earnings were $6,002,000 for the nine months ended Sept. 30 compared to $4,099,000 for the nine months ended Sept. 30, 2006. Diluted earnings per share for the nine months ended Sept. 30 increased to $1.35 from $1.26 for the nine months ended Sept. 30, 2006.

Total non-interest expense of $4.9 million increased $2.5 million, or 102 percent, from the third quarter of 2006. The acquisitions of Sapelo National Bank and First Community Bank accounted for $1.14 million of the total increase.