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Southeastern Banking Corporation Reports First Quarter 2025 Results - Declares Quarterly Cash Dividend of $0.21 Per Share
Southeastern Banking Corporation Reports First Quarter 2025 Results - Declares Quarterly Cash Dividend of $0.21 Per Share.
About this update from Southeastern Banking Corp.
[{"type":"text","content":"Southeastern Banking Corporation Reports First Quarter 2025 Results\r\n\r\nDeclares Quarterly Cash Dividend\r\nof $0.21 Per Share\r\n\r\n\r\n \r\nDarien, GA — May 15, 2025 – Southeastern Banking Corporation\r\n(OTCPINK:SEBC), the “Company”, the parent of Southeastern Bank, the “Bank”,\r\ntoday reported financial results for the first quarter of 2025. Financial\r\nhighlights are shown below.\r\n\r\nAdditionally, the Board of Directors declared a quarterly\r\ndividend of $0.21 per share, to be paid June 5, 2025, to shareholders of record\r\non May 29, 2025. \r\n\r\nCommenting\r\non the Company’s results, Donald “Jay” Torbert, Jr., President and Chief\r\nExecutive Officer, said, “We are pleased with the start to 2025. Although earnings were slightly lower than\r\n2024, our performance for the first quarter is consistent with our\r\nexpectations. We remain positive with\r\nour outlook for the coming quarters given continued economic development and jobs growth in\r\nour communities. However, like most, we\r\nare concerned with recent market volatility and the potential immediate and\r\nlonger-term implications of this evolving operating environment on interest\r\nrates and inflation.”\r\n\r\nEarnings \r\n· \r\nNet income was $2.5 million (or $0.79 per share) for the first\r\nquarter of 2025, compared to $2.6 million (or $0.81 per share) for the fourth\r\nquarter of 2024 and $2.8 million (or $0.90 per share) for the first quarter of 2024.\r\nNet interest income declined slightly from previous quarters as funding costs\r\nincreased. Provision for credit loss in the first quarter of 2025 was $40\r\nthousand, with net recoveries of $96 thousand also building credit reserves in\r\nresponse to continued loan growth. Noninterest income was down slightly due primarily\r\nto a lack of mortgage activity while noninterest expense levels have remained\r\nstable. \r\n· \r\nCore operating earnings for the first quarter totaled $3.3\r\nmillion compared to $3.5 million for the fourth quarter of 2024 and $3.7\r\nmillion for the first quarter of 2024. \r\n· \r\nThe return on average assets for the first quarter of 2025 was 1.71%,\r\ncompared to 1.74% for the fourth quarter of 2...