DARIEN, Ga., Oct. 20 /PRNewswire-FirstCall/ -- Southeastern Banking
Corporation (OTC 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 www.southeasternbank.com
or through periodic filings with the Securities & Exchange Commission at
www.sec.gov.
SOURCE Southeastern Banking Corporation