Southeastern Banking Corporation Reports Third Quarter 2025 Results Declares - Quarterly Cash Dividend of $0.22 Per Share

Southeastern Banking Corporation Reports Third Quarter 2025 Results

Declares Quarterly Cash Dividend of $0.22 Per Share

Darien, GA — November 20, 2025 – Southeastern Banking Corporation (OTCID:SEBC), the “Company”, the parent of Southeastern Bank, the “Bank”, today reported financial results for and through the third quarter of 2025. Financial highlights are shown below.

Additionally, the Board of Directors declared a quarterly dividend of $0.22 per share, to be paid December 11, 2025, to shareholders of record on December 4, 2025. This reflects an increase of one penny per share compared to the most recent quarterly dividend.   

Commenting on the Company’s results, Donald “Jay” Torbert, Jr., President and Chief Executive Officer, said, “The third quarter was another solid quarter for us.  Earnings are slightly lower than our record 2024 levels, but the stability in our core operating results has been reassuring as we move to increase our dividend payout.  We have been fortunate to not experience much asset quality concerns to date despite recent signs of economic unease and shifting conditions heading into 2026.  However, we will continue to add to our allowance for credit losses as needed to provide for those uncertainties as well as to support growth in our loan portfolio.”

Earnings

• Net income was $2.61 million (or $0.82 per share) for the third quarter of 2025, an increase compared to $2.44 million (or $0.77 per share) for the second quarter of 2025 but slightly below the $2.71 million (or $0.86 per share) for the third quarter of 2024. Net interest income increased $233 thousand (or 3.4%) from the previous quarter and $394 thousand (or 5.9%) from the third quarter of 2024 due to continued loan growth and stable funding costs. Provision for credit losses in the third quarter of 2025 increased to $220 thousand from $120 thousand in the second quarter and no provision for the third quarter of 2024 in response to changing economic conditions and overall loan growth.
• Core operating earnings for the third quarter totaled $3.63 million compared to $3.41 million for the second quarter of 2025 and $3.45 million for the third quarter of 2024.
• Our net interest margin was 4.84% in the third quarter, an increase from 4.73% for the second quarter of 2025 and 4.66% for the third quarter of 2024.
• The return on average assets for the third quarter of 2025 was 1.73%, compared to 1.64% for the second quarter of 2025 and 1.84% for the third quarter of 2024.
• The return on average equity was 12.64% versus 12.36% for the second quarter of 2025 and 14.30% for the third quarter of 2024. Capital levels continued to rise while earnings remained fairly constant.
• Year to date, net income was $7.57 million (or $2.38 per share), down 5.9% from $8.05 million (or $2.55 per share) for the first three quarters of 2024.

Balance Sheet

• Total assets increased $13.1 million (or 2.2%) year-over-year to end the quarter at $605.6 million.
• Deposits grew $13.5 million (or 2.7%) year-over-year to end at $519.0 million. Growing core deposits and overall banking relationships continue to be a key focus for us.
• Loans increased $29.3 million (or 7.6%) year-over-year to end at $414.8 million.
• Total loan production through commercial and retail lending activities was $36.3 million during the third quarter, slightly down from $36.7 million in the third quarter of 2024.  

Capital

• Capital continues to exceed regulatory thresholds required for the Bank to be considered “well-capitalized.”
• The Bank’s leverage capital ratio was 13.10% at September 30, 2025, up 63 basis points over the last twelve months.
• Consolidated Tier 1 leverage capital ratio was 14.81% at September 30, 2025, up 49 basis points over the last twelve months.
• Book value per share was $26.17 as of September 30, 2025, a $1.33 increase over the past year.

Asset Quality

• Asset quality metrics remain low and stable, with minimal change over the last year.
• Nonperforming assets were $1.12 million (or 0.19% of total assets) at September 30, 2025, down from $1.39 million (or 0.23%) twelve months prior.
• The allowance for credit losses related to loans aggregated $8.54 million (or 2.06% of total loans), at September 30, 2025, compared to $8.16 million (or 2.12% of total loans) at September 30, 2024.

About Southeastern Banking Corporation

Southeastern Banking Corporation is the bank holding company for Southeastern Bank. Established in 1888, Southeastern Bank has a long history of serving its customers and communities through its 10 branch locations in coastal Georgia and northeast Florida, including Brunswick, Callahan (FL), Darien, Eulonia, Folkston, Hilliard (FL), Kingsland, Nahunta, Richmond Hill and St. Simons Island.  In addition to these full service branches, the Bank has a loan production office in Hinesville, Georgia. The Bank is headquartered in Darien, Georgia.

Southeastern Banking Corporation’s common stock is traded on the OTCID Market under the symbol “SEBC.”

For more information, please visit www.southeasternbank.com.

Forward-Looking Statements

Certain statements contained in this release may not be based on historical facts and are forward-looking statements. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “outlook,” “may,” “might,” “will,” “would,” “could,” “should,” “potential” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, as actual results could differ materially from those indicated in such forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.

Explanation of Certain Unaudited Non-GAAP Financial Measures

The measure entitled core operating earnings is not a measure recognized under U.S. generally accepted accounting principles (GAAP) and therefore is considered to be a non-GAAP financial measure. The most comparable GAAP measure is net income before taxes. Core operating earnings exclude select revenues and expenditures not considered core to the Company’s daily operations.  

Management uses this non-GAAP financial measure in its analysis of the Company's performance and believes these presentations provide useful supplemental information and a clearer understanding of the Company's operating performance. These disclosures should not be considered an alternative to GAAP. The computations of core operating earnings are set forth in the Quarterly Financial Highlights table.

CONTACT:        

Robert M. Eidson, Jr.

Treasurer

912-437-4141

robbie.eidson@southeasternbank.com