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Southeastern Bank Financial Q1 Profit Rises

Southeastern Bank Financial Corp. (SBFC: Quote) Friday reported first-quarter profit of $3.8 million or $0.57 per share, up from $3.3 million or $0.49 per share in the same period last year.

Net-interest income increased 4.5 percent to $13.2 million from $12.6 million last year. Net-interest margin was 3.40 percent, compared to 3.34 percent last year.

Non-interest income declined to $4.8 million from $10.1 million last year, due to slower mortgage volumes as well as the absence of any gains on the sale of investment securities.

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by RTT Staff Writer

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