Southeastern Banking Corporation Reports Third Quarter 2008 Earnings
October 20 2008 - 10:54AM
PR Newswire (US)
DARIEN, Ga., Oct. 20 /PRNewswire-FirstCall/ -- Southeastern Banking
Corporation (OTC:SEBC) (BULLETIN BOARD: SEBC) today announced its
net income results for the quarter and nine months ended September
30, 2008 compared to the corresponding periods last year. -- Net
income for the 2008 third quarter approximated $1,142,000, down
$521,000 or 31.33% from September 30, 2007. -- Year-to-date, net
income declined $1,362,000 or 27.31% to $3,625,000 at September 30,
2008 from $4,987,000 in 2007. On a per share basis, net income for
the nine-month period fell $0.41 to $1.14 at September 30, 2008
from $1.55 in 2007. The decline in net income was primarily
attributable to reductions in net interest margin. Southeastern
Banking Corporation (the Company), with assets exceeding $400
million, is a financial services company with operations in
southeast Georgia and northeast Florida. Southeastern Bank (SEB),
the Company's principal 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 subsidiaries can be obtained
through SEB's website at http://www.southeasternbank.com/ or
through periodic filings with the Securities & Exchange
Commission at http://www.sec.gov/. DATASOURCE: Southeastern Banking
Corporation CONTACT: Alyson G. Beasley, Vice President &
Treasurer of Southeastern Banking Corporation, +1-912-437-4141 Web
site: http://www.southeasternbank.com/
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