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Southeastern Banking Corporation Reports Fourth Quarter and Full Year 2022 Results, Declares Quarterly Dividend
Southeastern Banking Corporation Reports Fourth Quarter and Full Year 2022 Results, Declares Quarterly Dividend.
About this update from Southeastern Banking Corp.
[{"type":"text","content":"Southeastern Banking Corporation (OTCBB:SEBC; the “Company”), the parent of Southeastern Bank, today reported financial results for the fourth quarter and full year of 2022. Financial highlights are shown below.Additionally, the Board of Directors declared a quarterly dividend of $0.17 per share, to be paid on March 9, 2023, to shareholders of record on March 2, 2023. This dividend amount represents a 6.25% increase over the $0.16 per share quarterly dividend paid during 2022.Commenting on the Company’s results, Donald “Jay” Torbert, Jr., President and Chief Executive Officer, said, “We are pleased to report improved profitability and growth for the fourth quarter and record earnings for the full year. Although inflation and rising interest rates have had an impact on economic conditions, housing and labor markets in particular, our asset quality levels have held steady and capital levels continue to strengthen.”Earnings For the year ended December 31, 2022, net income of $9.1 million represented an increase of $1.6 million, or 20.8%, compared to 2021. Quarterly net income increased to $2.8 million ($0.90 per diluted share) for the fourth quarter of 2022, compared to $2.6 million ($0.82 per diluted share) for the third quarter of 2022 and $1.6 million ($0.49 per diluted share) for the fourth quarter of 2021. Rising interest rates combined with increased loan production drove an $860 thousand increase in net interest income compared to the third quarter of 2022, and over $2.0 million compared to the fourth quarter of 2021. Core operating earnings increased to $3.8 million for the fourth quarter of 2022 compared to $3.0 million for the third quarter of 2022 and $1.7 million for the fourth quarter of 2021 (see Quarterly Financial Highlights). The Company’s credit card portfolio was sold during the fourth quarter of 2022, resulting in a gain of $92 thousand. Return on average assets for the fourth quarter increased to 1.74%, compared to 1.00% for the fourth quarter of 2021. Return on average equity was 19.72% for the fourth quarter versus 9.18% for the fourth quarter of 2021. Net interest margin continues to improve in the rising rate environment, totaling 4.07% in the fourth quarter versus 3.52% for the third quarter of 2022 and 3.06% in the fourth quarter of 2021.Balance Sheet Total assets increased 4.8%, or $30.7 million,...