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Southeastern Banking Corporation Reports Fourth Quarter and Record Full Year 2024 Results - Declares Quarterly Cash Dividend of $0.21 Per Share
Southeastern Banking Corporation Reports Fourth Quarter and Record Full Year 2024 Results - Declares Quarterly Cash Dividend of $0.21 Per Share.
About this update from Southeastern Banking Corp.
[{"type":"text","content":"Southeastern Banking Corporation Reports Fourth Quarter and Record Full Year 2024 ResultsDeclares Quarterly Cash Dividend of $0.21 Per ShareDarien, GA — February 20, 2025 – Southeastern Banking Corporation (OTCPINK:SEBC), the “Company”, the parent of Southeastern Bank, the “Bank”, today reported financial results for the fourth quarter and full year of 2024. Financial highlights are shown below.Additionally, the Board of Directors declared a quarterly dividend of $0.21 per share, to be paid March 13, 2025, to shareholders of record on March 6, 2025. This is a penny per share increase from the prior quarterly dividend and represents a 26% payout of fourth quarter earnings. As previously announced, a special dividend of $1.00 per share was declared and paid during December 2024.Commenting on the Company’s results, Donald “Jay” Torbert, Jr., President and Chief Executive Officer, said, “2024 proved to be another exceptional year for the Bank. Our dedicated team delivered record earnings for a third consecutive year driven by strong loan production with very few asset quality concerns and a stable, core deposit customer base. The outlook for a positive operating environment remains given ongoing economic development and jobs growth in some of our communities. However, expectations for a fourth consecutive year of record earnings should be tempered by a continued rise in funding and operating costs.”Earnings For the year ended December 31, 2024, we posted net income of $10.6 million, an increase of $45 thousand, or 0.4%, compared to 2023.Net income was $2.6 million (or $0.81 per share) for the fourth quarter of 2024, compared to $2.7 million (or $0.86 per share) for the third quarter of 2024 and $2.8 million (or $0.89 per share) for the fourth quarter of 2023. Net interest income was enhanced during the quarter by the payoff of a previously charged-off loan which resulted in recognition of $143 thousand in interest income. Noninterest income improved during the quarter largely due to an increase in mortgage origination volume. Noninterest expense, excluding losses, increased as compared to the fourth quarter of 2023 due largely to increases in salaries and benefits.Core operating earnings for the fourth quarter totaled $3.5 million compared to $3.5 million for the third quarter and $3.6 million for the fourth quarte...