DARIEN, Ga., March 23 /PRNewswire-FirstCall/ -- Southeastern
Banking Corporation (OTC Bulletin Board: SEBC) today
announced its earnings results for the quarter and year ended
December 31, 2009, compared to the
corresponding periods last year.
- A net loss approximating $281,000
was recognized for the 2009 fourth quarter, compared to a
$75,000 net loss for the 2008 fourth
quarter.
- For the year, net income approximated $734,000, down 79% or $2,816,000 from 2008. On a per share basis,
net income declined $0.89 to $0.23 in
2009 from $1.12 in 2008.
Major variances in the 2009 comparative results included:
- $1,418,000 reduction in net
interest income due to comparative asset sensitivity, margin
compression and increase in nonaccrual loans;
- $4,542,000 increase in the
provision for loan losses to address loan quality issues;
- $0 other-than-temporary impairment loss on corporate debt
security in 2009 versus $1,025,000 in
2008;
- $613,000 increase in FDIC
assessment charges; and
- $1,842,000 reduction in income
tax expense.
Form 10-K to be filed with the Securities & Exchange
Commission (SEC) will contain additional details on these and other
variances.
Southeastern Banking Corporation (the Company), with assets of
$421 million, is a financial services
company with operations in southeast Georgia and northeast Florida. Southeastern Bank (SEB), the
Company's bank subsidiary, offers a full line of commercial and
retail services to meet the financial needs of its customer base
through its seventeen branch locations and ATM network.
Services offered include traditional deposit and credit
services, long-term mortgage originations, and credit cards.
SEB also offers 24-hour delivery channels, including internet
and telephone banking, and provides insurance and investment
brokerage services. The Company is headquartered in
Darien, Georgia. More
information on the Company and its subsidiary can be obtained
through SEB's website at www.southeasternbank.com or through
periodic filings with the SEC at www.sec.gov.
SOURCE Southeastern Banking Corporation