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Southeastern Banking Corporation Reports Second Quarter 2024 Results - Declares Quarterly Cash Dividend of $0.19 Per Share
Southeastern Banking Corporation Reports Second Quarter 2024 Results - Declares Quarterly Cash Dividend of $0.19 Per Share.
About this update from Southeastern Banking Corp.
[{"type":"text","content":"Southeastern Banking Corporation Reports Second Quarter 2024 ResultsDeclares Quarterly Cash Dividend of $0.19 Per ShareDarien, GA — August 15, 2024 – Southeastern Banking Corporation (OTCPINK:SEBC), the “Company”, the parent of Southeastern Bank, the “Bank”, today reported financial results for the second quarter and first half of 2024. Financial highlights are shown below.Additionally, the Board of Directors declared a quarterly dividend of $0.19 per share, to be paid September 5, 2024, to shareholders of record on August 29, 2024.Commenting on the Company’s results, Donald “Jay” Torbert, Jr., President and Chief Executive Officer, said, “We are pleased with our results for the first half of 2024. Earnings are slightly lower than 2023’s record earnings pace due to higher funding costs and operating expenses caused by elevated interest rates and inflation. In this interest rate environment, we expect to see some continued compression of our net interest margin in the coming quarters. However, solid loan production, asset quality and capital levels from the second quarter, I believe, position us favorably to deliver comparable results for the remainder of the year.”Earnings Net income was $2.5 million (or $0.80 per share) for the second quarter of 2024, compared to $2.8 million (or $0.90 per share) for the first quarter of 2024 and $2.7 million (or $0.86 per share) for the second quarter of 2023. Loan growth along with continued repricing of earning assets led to increased interest income, which was offset during the quarter by higher funding costs and a $237 thousand provision for credit loss. Noninterest income declined primarily due to a decline in mortgage origination volume. Noninterest expense rose primarily on increased wages and benefits costs.Core operating earnings for the second quarter totaled $3.5 million compared to $3.7 million for the first quarter and $3.6 million for the second quarter of 2023.The return on average assets for the second quarter of 2024 was 1.73%, compared to 1.91% for the first quarter and 1.78% for the second quarter of 2023.The return on average equity was 14.19% versus 16.19% for the first quarter and 16.92% for the second quarter of 2023. The lower comparative return is the result of increasing capital and a slight decline in earnings.Net interest margin was 4.69% in ...