Security Bank shows $88 million loss

Macon-based Security Bank Corp, reported Thursday a net operating income loss of $88.4 million for 2008 compared to income of $6.6 million a year ago.

Also the company reported a loss per share of $3.95 versus income of 34 cents a share in 2007, according to a news release.

For the fourth quarter, Security reported a net loss of $24.9 million and an operating loss per share of $1.07, compared to a net loss of $6.9 million and a loss of 36 cents per share for the fourth quarter of 2007, the release stated.

A portion of the decrease in net operating income was caused by an increase in costs associated with high levels of problem credits, a $9 million increase in the provision for loan losses and $2 million increase in other real estate owned expenses.

Security Bank Corporation (Nasdaq: SBKC) currently has about $586 million of available liquidity in the form of cash and cash equivalents, unpledged securities and available secured fed funds lines.

“Given these times of unprecedented challenges for financial institutions, we remain very focused on our previously stated objectives of preserving capital, maintaining liquidity, improving asset quality and reducing noninterest expenses,” president/CEO Tony Collins, said in the release.