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Southeastern Banking Corporation Reports Second Quarter 2023 Results - Declares Quarterly Cash Dividend of $0.18 Per Share
Southeastern Banking Corporation Reports Second Quarter 2023 Results - Declares Quarterly Cash Dividend of $0.18 Per Share.
About this update from Southeastern Banking Corp.
[{"type":"text","content":"Southeastern Banking Corporation Reports Second Quarter 2023 ResultsDeclares Quarterly Cash Dividend of $0.18 Per ShareDarien, Ga. — August 17, 2023 – Southeastern Banking Corporation (OTCPINK:SEBC; the “Company”), the parent of Southeastern Bank, today reported financial results for the second quarter of 2023. Financial highlights are shown below.Additionally, the Board of Directors declared a quarterly dividend of $0.18 per share, to be paid on September 7, 2023, to shareholders of record on August 31, 2023. This dividend level represents a penny per share, or 5.8%, increase from the prior quarter.Commenting on the Company’s results, Donald “Jay” Torbert, Jr., President and Chief Executive Officer, said, “Overall, the Bank is performing very well. Earnings were in line with our expectations for the quarter, and we are pleased to provide another increase in dividends for our shareholders. We are optimistic about new business growth opportunities in the second half of 2023. However, we expect earnings to dip as we make investments to complete a major systems migration, and we see a potential narrowing of our net interest margin as our cost of funds may rise at a pace faster than the repricing of our earning assets.”Earnings Net income was $2.7 million ($0.86 per diluted share) for the second quarter of 2023, compared to $3.0 million ($0.96 per diluted share) for the first quarter of 2023 and $1.9 million ($0.60 per diluted share) for the second quarter of 2022. Rising interest rates combined with loan production drove a $13 thousand increase in net interest income compared to the first quarter of 2023, and a $1.7 million increase compared to the second 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 second quarter totaled $3.6 million compared to $3.7 million for the first quarter of 2023 and $2.4 million for the second quarter of 2022.The return on average assets for the second quarter of 2023 was 1.78%, compared to 1.91% for the first quarter of 2023 and 1.16% for the second quarter of 2022.The return on average equity was 16.92% versus 19.84% for the first quarter of 2023 and 12.58% for the second quarter of 2022.Net interest margin improved to 4.46% in the second...