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Southeastern Banking Corporation Reports First Quarter 2023 Results - Declares Quarterly Cash Dividend of $0.17 Per Share
Southeastern Banking Corporation Reports First Quarter 2023 Results - Declares Quarterly Cash Dividend of $0.17 Per Share.
About this update from Southeastern Banking Corp.
[{"type":"text","content":"Southeastern Banking Corporation Reports First Quarter 2023 ResultsDeclares Quarterly Cash Dividend of $0.17 Per ShareDarien, Ga. — May 18, 2023 – Southeastern Banking Corporation (OTCPINK:SEBC; the “Company”), the parent of Southeastern Bank, today reported financial results for the first quarter of 2023. Financial highlights are shown below.Additionally, the Board of Directors declared a quarterly dividend of $0.17 per share, to be paid on June 8, 2023, to shareholders of record on June 1, 2023.Commenting on the Company’s results, Donald “Jay” Torbert, Jr., President and Chief Executive Officer, said, “We are pleased to report a strong start to 2023 in terms of earnings, loan growth and capital as the momentum created in 2022 carried over into the new year. I remain encouraged by the long-term prospects for growth within our markets. However, concerns for a slowing economy and higher interest rates will create challenges in generating new loan production in the coming quarters. Additionally, we expect expenses to rise as we make new investments in technology and facilities through the remainder this year.”Earnings Net income increased to $3.0 million ($0.96 per diluted share) for the first quarter of 2023, compared to $2.8 million ($0.90 per diluted share) for the fourth quarter of 2022 and $1.7 million ($0.55 per diluted share) for the first quarter of 2022. Rising interest rates combined with loan production drove a $42 thousand increase in net interest income compared to the fourth quarter of 2022, and a $2.1 million increase compared to the first quarter of 2022. Income gains from rising rates were partially offset by higher rates paid to depositors and continued escalation in personnel and other operating costs.Core operating earnings for the first quarter totaled $3.7 million compared to $3.8 million for the fourth quarter of 2022 and $2.0 million for the first quarter of 2022.The return on average assets for the first quarter of 2023 totaled 1.91%, compared to 1.74% for the fourth quarter of 2022 and 1.07% for the first quarter of 2022.The return on average equity was 19.84% versus 19.72% for the fourth quarter of 2022 and 10.72% for the first quarter of 2022.Net interest margin improved to 4.26% in the first quarter versus 4.07% for the fourth quarter of 2022 and 2.94% in the first quarter of 2022.Balance S...