Southeastern Banking Corporation Reports First Quarter 2026 Results
Declares Quarterly Cash Dividend of $0.23 Per Share
Reports Results of Annual Shareholders’ Meeting
Darien, GA — May 21, 2026 – Southeastern Banking Corporation (OTCID:SEBC), the “Company”, the parent of Southeastern Bank, the “Bank”, today reported financial results for the first quarter of 2026. Financial highlights are shown below.
The Board of Directors declared a quarterly dividend of $0.23 per share, to be paid June 11, 2026, to shareholders of record on June 4, 2026. Additionally, the Company reported the outcome of the Annual Meeting of Shareholders held earlier today. With a quorum present in attendance or by proxy, all proposals recommended by the Board of Directors in the Proxy Statement were approved as presented.
“We are pleased to report another solid quarterly earnings performance. Our team continues to deliver outstanding results, and the strength of our balance sheet and stability in our core earnings gives us momentum for the coming quarters,” stated Donald “Jay” Torbert, Jr., President and Chief Executive Officer. “On a somber note, subsequent to quarter end, a terrible wildfire torched well over a hundred homes, several small businesses and nearly 22,500 acres in Brantley County. We are eternally grateful to the firefighters that saved hundreds of other homes and businesses and got the fires contained before more damage was done. Our Bank and Foundation have responded with providing resources, initially towards supporting the firefighters and those directly impacted by evacuations with the immediate needs of food, shelter and clothing. Now that the fire risk has been abated, our efforts will continue in support our neighbors there as they begin the long recovery and rebuilding process.”
Earnings
- Net income was $2.73 million (or $0.86 per share) for the first quarter of 2026, an increase compared to $2.31 million (or $0.73 per share) for the fourth quarter of 2025 and $2.52 million (or $0.79 per share) for the first quarter of 2025.
- Net interest income declined $9 thousand (or 0.1%) from the previous quarter due to slower loan production but increased $469 thousand (or 7.1%) from the first quarter of 2025 due to steady loan growth, stable loan pricing and slightly lower funding costs.
- Noninterest income increased $29 thousand (or 3.4%) compared to the previous quarter and $45 thousand (or 5.4%) over the first quarter of 2025.
- Noninterest expense (exclusive of a net loss on securities transactions) declined $88 thousand (or 2.0%) compared to the fourth quarter of 2025 primarily due to a one-time cost savings in employee benefits. However, noninterest expense increased $161 thousand (or 3.9%) from the first quarter of 2025 due to continued price increases.
- Core operating earnings for the first quarter totaled $3.68 million, an increase compared to $3.65 million for the fourth quarter of 2025 and $3.32 million for the first quarter of 2025.
- Our net interest margin was 4.87% in the first quarter, an improvement compared to 4.79% for the fourth quarter of 2025 and 4.61% for the first quarter of 2025.
- The return on average assets for the first quarter was 1.81%, up compared to 1.50% for the fourth quarter of 2025 and 1.71% for the first quarter of 2025.
- The return on average equity was 12.65% for the first quarter, up versus 10.78% for the fourth quarter of 2025 but down from 13.34% for the first quarter of 2025 as capital levels continued to rise.
Balance Sheet
- Total assets increased $16.8 million (or 2.8%) over the last twelve months to end at $622.1 million.
- Deposits decreased $4.8 million (or 0.9%) during the first quarter to end at $530.9 million. The quarterly change is primarily due to seasonal outflows of government funds. Over the last twelve months, deposits have increased $7.9 million, or 1.5%.
- Loans increased $4.2 million (or 1.0%) during the first quarter to end at $419.5 million and have increased $22.3 million (or 5.6%) over the last twelve months. While loan growth has been positive, the pace of growth has slowed in recent quarters with a notable decline in loan demand.
- Total loan production through commercial and retail lending activities was $34.0 million during the first quarter, down compared to $35.1 million during the fourth quarter of 2025 and $40.8 million for the first quarter of 2025.
Capital
- Capital continues to exceed regulatory thresholds required for the Bank to be considered “well-capitalized.”
- The Bank’s leverage capital ratio was 13.29% at March 31, 2026, up 61 basis points over the last twelve months.
- Consolidated Tier 1 leverage capital ratio was 15.15% at March 31, 2026, up 99 basis points over the last twelve months.
- Book value per share was $27.39 as of March 31, 2026, a $2.85 increase over the past year.
Asset Quality
- Asset quality metrics remain low and manageable.
- Nonperforming assets were $1.57 million (or 0.25% of total assets) at March 31, 2026, compared to $971 thousand (or 0.16%) twelve months prior.
- The allowance for credit losses related to loans aggregated $9.07 million (or 2.16% of total loans), at March 31, 2026, compared to $8.30 million (or 2.09% of total loans) twelve months prior. We have continued to build reserves in response to loan growth and overall economic uncertainty.
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