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Southeastern Banking Corporation Reports Second Quarter 2025 Results - Declares Quarterly Cash Dividend of $0.21 Per Share
Southeastern Banking Corporation Reports Second 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 Second 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 — August 21, 2025 – Southeastern Banking Corporation\r\n(OTCID:SEBC), the “Company”, the parent of Southeastern Bank, the “Bank”, today\r\nreported financial results for and through the second 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 September 11, 2025, to shareholders of\r\nrecord on September 4, 2025. \r\n\r\nCommenting\r\non the Company’s results, Donald “Jay” Torbert, Jr., President and Chief\r\nExecutive Officer, said, “Overall, we are pleased with the results for the\r\nsecond quarter and first half of 2025. Although\r\nearnings are lower than our record earnings in 2024, our performance remains consistent\r\nwith expectations for the year. We have\r\ngrown revenues to absorb much of the rising funding and operating costs. Operating conditions have remained favorable,\r\nbut this morning’s announcement of International Paper’s decision to close\r\ntheir Riceboro and Savannah plants gives us cause for concern.”\r\n\r\nEarnings \r\nNet income was $2.44 million (or $0.77 per share) for the second\r\nquarter of 2025, down slightly compared to $2.52 million (or $0.79 per share)\r\nfor the first quarter of 2025 and $2.52 million (or $0.80 per share) for the second\r\nquarter of 2024. Net interest income increased 3.4% from the previous quarter due\r\nto continued loan growth and stable funding costs. Provision for credit losses\r\nin the second quarter of 2025 increased to $120 thousand from $40 thousand in\r\nthe first quarter in response to continued loan growth. The second quarter also\r\nsaw a 7.1% increase in non-interest expense driven by rising personnel and occupancy\r\ncosts. Core operating earnings for the second quarter totaled $3.41\r\nmillion compared to $3.32 million for the first quarter of 2025 and $3.50\r\nmillion for the second quarter of 2024. Our net interest margin was 4.73% in the second quarter, an\r\nincrease from 4.61% for the first quarter of 2025 and 4.69% for the second\r\nquarter of 2024.The return on average assets for the second quarter of 2025 was 1.64%,\r\ncompared to 1.71% for ...