Southeastern Banking Corp. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2012; Reports Write-Downs for the Second Quarter Ended June 30, 2012
August 20, 2012 at 06:47 pm
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Southeastern Banking Corp. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported net interest income was $2,902,000 against $3,022,000 a year ago. Core operating earnings (nonGAAP) was $856,000 against $830,000 a year ago. Basic and diluted loss per share was $0.35 against $0.07 a year ago. Book value was $12.41 against $14.37 a year ago. Negative return on average assets was 1.07% against 0.21% a year ago. Negative return on average equity was 10.99% against 2.01% a year ago. Net loss was $1,095,000 against $225,000 a year ago.
For the six months, the company reported net interest income was $5,846,000 against $6,103,000 a year ago. Core operating earnings (nonGAAP) were $1,669,000 against $1,742,000 a year ago. Basic and diluted loss per share was $0.47 against $0.06 a year ago. Book value was $12.41 against $14.37 a year ago. Negative return on average assets was 0.72% against 0.09% a year ago. Negative return on average equity was 7.42% against 0.85% a year ago. Net loss was $1,484,000 against $199,000 a year ago.
For the quarter, the company reported write-downs on other real estate was $273,000 against $82,000 a year ago.
Southeastern Banking Corporation is a bank holding company for Southeastern Bank (the Bank). The Bank serves its customers and communities through its 10 branches located in coastal Georgia and northeast Florida, including Brunswick, Callahan, Darien, Eulonia, Folkston, Hilliard (FL), Kingsland, Nahunta, Richmond Hill and St. Simons Island, and a loan production office in Hinesville, Georgia. Through the Bank, the Company offers a range of commercial and consumer banking products and services to customers located primarily in McIntosh, Georgia; Brantley, Georgia; Bryan, Georgia; Camden, Georgia; Charlton, Georgia; Glynn, Georgia and Nassau, Florida. The Bank offers personal loans, credit cards, overdraft protection, credit card payments, business loans and business cash management. The Bank also offers online banking services, which enable its customers to check account balances, verify transactions, deposits, withdrawals and other bill payments.
Southeastern Banking Corp. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2012; Reports Write-Downs for the Second Quarter Ended June 30, 2012