Comparing the current results to its competitors, Southeastern Bank Financial reported Revenue increase in the 3 quarter 2016 by 2.88 % year on year. The sales growth was above Southeastern Bank Financial's competitors' average revenue growth of 2.75 %, achieved in the same quarter.
Southeastern Bank Financial CorpNet Income in the 3 quarter 2016 fell year on year by -1.93%, while most of its competitors have experienced a contraction in net income by -2.45 %.
Southeastern Bank Financial's Comment on Competitors and Industry Peers
The banking business generally is highly competitive, and sources of competition
are varied. The Company competes as a financial intermediary with other commercial
banks, savings and loan associations, credit unions, mortgage banking companies,
consumer finance companies, securities brokerages, insurance companies, and
money market mutual funds operating in Richmond and Columbia Counties in Georgia,
Aiken County in South Carolina and elsewhere. In addition, customers conduct
banking activities without regard to geographic barriers through computer-based
banking and similar services.
Many of the financial organizations in competition with the Company have much
greater financial resources, more diversified markets and larger branch networks
than the Company and are able to offer similar services at varying costs with
higher lending limits. In addition, with the enactment of federal and state
laws affecting interstate and bank holding company expansion, there have been
major interstate acquisitions involving financial institutions which have offices
in the Company’s market area but are headquartered in other states. The
effect of such acquisitions (and the possible increase in size of the financial
institutions in the Company’s market areas) may further increase the competition
faced by the Company. The Company believes, however, that it will be able to
use its local independent image to its advantage in competing for retail and
commercial business.