Exhibit 99.1

SECURITY BANK CORPORATION ANNOUNCES

PRELIMINARY FOURTH QUARTER 2008 FINANCIAL RESULTS

Macon, GA., January 29, 2009 / GlobeNewswire/ — Security Bank Corporation (Nasdaq: SBKC) today reported a preliminary net operating loss, before a goodwill impairment charge of $18.4 million and a $0.9 million gain on sales of securities, of $24.9 million for the fourth quarter ended December 31, 2008, compared with a net operating loss of $6.9 million for the fourth quarter of 2007. Diluted earnings per share before goodwill impairment and the gain on securities sale for the fourth quarter of 2008 reflected an operating loss of $1.07 per share compared to a loss of $0.36 per share for the comparable year ago period. The decrease in net operating income for the fourth quarter of 2008 was primarily driven by a 244 basis point decrease in the net interest margin due to increased costs associated with elevated levels of problem credits, a $9 million increase in the provision for loan losses and a $2 million increase in Other Real Estate Owned (“OREO”) related expenses. For the year ended December 31, 2008 preliminary net operating income decreased to a loss of $88.4 million compared to income of $6.6 million a year ago and on a diluted per share basis decreased to a loss of $3.95 versus income of $0.34 for the comparable year ago period.

Security Bank Corporation currently has approximately $586 million of available liquidity in the form of cash and cash equivalents, unpledged securities and available secured fed funds lines. This represents approximately 20% of total assets as of December 31, 2008.

Tony E. Collins, Security Bank Corporation’s President and CEO commented, “With financial markets still in turmoil, we maintained our allowance for loan losses to 3.00% of loans in the fourth quarter, more than double the 1.45% of loans at the end of 2007. While we anticipated that nonperforming assets would remain elevated through the year, the significant decline in growth in the economy and the residential real estate market in particular over this period, has made it difficult to sell OREO and reduce problem credits. 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. We greatly appreciate the continued support of our customers and our employees who remain committed to providing the highest level of customer service.”

Asset Quality

Nonperforming assets (nonaccrual loans and OREO) at the end of fourth quarter 2008 were $327 million, or 11.3% of total assets compared to 9.8% at the end of the third quarter of 2008 and 2.8% at the end of the fourth quarter in 2007. While Security Bank Corporation sold $11 million of OREO during the fourth quarter of 2008, new properties totaling approximately $18 million were moved to OREO from nonaccrual loans. Approximately $84 million of loans were placed on nonaccrual status during the quarter. Security Bank Corporation charged-off approximately $30 million in loans resulting in net charge-offs to average loans of 5.9% annualized for the fourth quarter of 2008, an increase from 2.7% in net charge-offs to average loans annualized for the third quarter of

2008. Net charge-offs to average loans were 2.8% annualized for the fourth quarter of 2007. Security Bank Corporation increased its allowance for loan losses to 3.00% of loans receivable at December 31, 2008, or $59.4 million, up from 2.95% of loans or $60.4 million at September 30, 2008 and 1.45% of loans or $31.7 million at December 31, 2007.

Balance Sheet

Security Bank Corporation has continued to shrink its balance sheet. Loans receivable totaled $1.98 billion at December 31, 2008, down 9% from $2.18 billion at December 31, 2007. On a sequential basis, loans declined 13% annualized with a 6% annualized decline in the middle and coastal Georgia markets, a 25% annualized decline in the Atlanta market and a 26% annualized decline in Security Real Estate Services, Inc., a wholly owned subsidiary of Security Bank of Bibb County.

As of December 31, 2008 deferred tax assets were $43 million. Management has reviewed these assets for possible impairment; however, the unaudited financial statements for the quarter and year ended December 31, 2008 do not reflect any valuation allowance as management has insufficient information to make a final determination as to the amount of potential impairment. Management estimates a potential valuation allowance on these deferred tax assets in the range of $0 to $18 million as of December 31, 2008 and expects to make its final determination before filing its audited financial statements in its Annual Report on Form 10-K with the SEC.

Total deposits were $2.44 billion at December 31, 2008, an increase of 6% from $2.30 billion at December 31, 2007. Total assets increased 2% to $2.89 billion at December 31, 2008, compared to $2.83 billion at December 31, 2007.

Tangible shareholders’ equity at December 31, 2008 declined by approximately $47 million to $129 million compared to December 31, 2007, reflecting net operating losses of $88 million and $2 million in dividends paid, which was partly offset by approximately $28 million in capital raised in a rights offering in the first quarter of 2008.

Net Interest Income

Net interest income for the fourth quarter of 2008 was $6.8 million, a decrease of 68% from $21.6 million when compared to the fourth quarter of 2007. The decrease is primarily the result of a decline in the net interest margin and a decline in Security Bank Corporation’s loan portfolio. The net interest margin (on a fully tax-equivalent basis (“FTE”)) was 1.02% for the quarter ended December 31, 2008, compared to 1.82% for the third quarter of 2008 and 3.46% for the comparable period one year ago. The decrease in the net interest margin in the fourth quarter of 2008 on a year-over-year and sequential quarterly basis was the result of costs associated with the current credit cycle including carrying costs and reversals of interest for nonaccruing loans, liquidity costs and the asset sensitive nature of the balance sheet. For the year ended December 31, 2008, the net interest margin (FTE) was 1.81% compared to 3.88% for the year ended December 31, 2007.

Noninterest Income and Expense

Noninterest income for the fourth quarter of 2008 decreased $1.9 million to $2.6 million compared to the fourth quarter of 2007 due primarily to a decrease in mortgage banking fees of $0.7 million and a decrease in other income of $0.9 million. During the fourth quarter Security Bank Corporation outsourced its personal mortgage-lending department to a mortgage company out of Texas.

Noninterest expense for the fourth quarter of 2008 was $17.5 million, a decrease of $3.5 million, or 17% sequentially from the third quarter of 2008, and essentially flat with the fourth quarter 2007 level of $17.6 million. Excluding increased credit cycle costs and increases in foreclosure expenses, losses on sales of OREO and FDIC insurance premiums, noninterest expense was down $2.2 million or 15% over the fourth quarter 2007 level. For the year ended December 31, 2008 noninterest expense declined $5.7 million or 9% versus the comparable year ago period. The decline in controllable noninterest expense was primarily due to reduced salary and benefits expense and the elimination of directors’ fees at the holding company and bank level.

Investor Contact:	Lorraine D Miller, CFA
	Senior Vice President
	478.722.6210

Media Contact:	Tom Woodbery
	Senior Vice President
	478.722.6117

This press release, including the attached selected unaudited financial tables, which are a part of this release, contains financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP financial measures are “net operating income (loss),” “operating earnings,” “tangible book value,” “tangible equity to tangible assets” and “return on average tangible equity.” Security Bank Corporation’s management uses these non-GAAP measures in its analysis of Security Bank Corporation’s performance.

Net operating income (loss) and operating earnings are defined as net income adjusted for significant, typically nonrecurring income and expenses. Security Bank Corporation’s management includes these measures because it believes they are helpful in measuring the Company’s performance from core operations absent the impact from the usually nonrecurring items such as asset impairments, goodwill impairment, gains/losses on investment sales and prepayments of borrowed money. Tangible book value is defined as total equity reduced by recorded intangible assets, net of related deferred tax benefits. Tangible book value per share is defined as tangible book value divided by total common shares outstanding. This measure is important to many investors in the marketplace who are interested in changes from period to period in book value per share exclusive of changes in intangible assets. Goodwill, an intangible asset that is recorded in a purchase business combination, has the effect of increasing total book value while not increasing the tangible assets of the company. For companies such as Security Bank Corporation that have engaged in multiple business combinations, purchase accounting requires the recording of significant amounts of goodwill related to such transactions. Tangible equity to tangible assets is the ratio of tangible equity defined as total equity reduced by recorded intangible assets, net of related deferred tax benefits, to tangible assets defined as total assets reduced by recorded intangible assets, net of related deferred tax benefits. Tangible equity to tangible assets is an important measure of Security Bank Corporation’s capital strength without the effects of purchase accounting as noted above. Return on average tangible equity is defined as earnings for the period (annualized for the quarterly period or year-to-date period, as applicable) divided by average equity reduced by average goodwill and other intangible assets, net of related deferred tax benefits. Security Bank Corporation’s management includes this measure because it believes that it is important when measuring Security Bank Corporation’s performance exclusive of the effects of goodwill and other intangibles recorded in recent acquisitions, and many investors use this measure as part of their analysis of Security Bank Corporation.

These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Please refer to the “Reconciliation Table” in the attached schedules for a more detailed analysis of these non-GAAP measures and the most directly comparable GAAP measures.

About Security Bank Corporation

Based in Macon, Georgia, Security Bank Corporation is a multi-bank holding company with assets of $2.9 billion at December 31, 2008. Security Bank Corporation operates six community banks with banking offices located throughout middle Georgia, coastal Georgia and north metropolitan Atlanta.

Security Bank Corporation common stock is traded on the NASDAQ Global Select Market under the ticker symbol “SBKC.” You may obtain copies of all documents that Security Bank Corporation files with the Securities and Exchange Commission, free of charge, at the SEC’s website at www.sec.gov. In addition, copies of these documents may also be obtained from us without charge by directing a written request to Security Bank Corporation, 4219 Forsyth Road, Macon, Georgia 31210, Attention: Investor Relations.

Safe Harbor

This press release contains forward-looking statements as defined by federal securities laws, including statements about Security Bank Corporation’s loan loss provisions, capital or liquidity adequacy, deferred tax asset and any potential impairment, net charge-offs, non-performing assets, net interest margin changes, the overall economic cycle and its impact on real estate values in Security Bank Corporation’s markets, loan growth, and Security Bank Corporation’s long-term prospects, among others. Statements contained in this press release that are not historical facts are forward-looking statements. Forward-looking statements may address issues involving significant risks, uncertainties, estimates and assumptions made by management. Security Bank Corporation’s ability to accurately project results or predict the effects of future plans or strategies is inherently limited. Although Security Bank Corporation believes that the expectations and estimates reflected in its forward-looking statements are based on reasonable assumptions, actual results and performance could differ materially from those set forth in the forward-looking statements. Please refer to Security Bank Corporation’s public filings with the Securities and Exchange Commission for a summary of important factors that could affect Security Bank Corporation’s financial results and operations and its forward-looking statements. You are cautioned not to place

undue reliance on these forward-looking statements. Security Bank Corporation does not intend, and undertakes no responsibility to update or revise any forward looking statement, whether as a result of difference in actual results, changes in assumptions or changes in other factors affecting such statements, except as required by law.

Security Bank Corporation

Selected Consolidated Financial Data

(Dollars in Thousands, except Per Share Amounts)

Unaudited

	Quarters Ended December 31,								Year Ended December 31,
	2008			2007			% Change		2008			2007			% Change
OPERATING EARNINGS SUMMARY:
Net interest income	$	6,823		$	21,583		-68.4	%	$	47,422		$	90,524		-47.6	%
Provision for loan losses		29,129			20,000		45.6	%		128,070			32,660		292.1	%
Noninterest income		2,620			4,539		-42.3	%		15,301			18,985		-19.4	%
Foreclosed property expenses		2,202			1,339		64.5	%		7,003			2,879		143.2	%
Losses (gains) on sales of ORE		2,487			1,435		73.3	%		8,235			1,944		323.6	%
Other noninterest expense		12,815			14,809		-13.5	%		57,776			62,252		-7.2	%
Income taxes		(12,280	)		(4,588	)	167.7	%		(49,997	)		3,184		-1670.3	%
Net operating income (loss)		(24,910	)		(6,873	)	262.4	%		(88,364	)		6,590		-1440.9	%
PER COMMON SHARE:
Basic operating earnings (loss)	$	(1.07	)	$	(0.36	)	197.2	%	$	(3.95	)	$	0.35		-1228.6	%
Diluted operating earnings (loss)		(1.07	)		(0.36	)	197.2	%		(3.95	)		0.34		-1261.8	%
Cash dividends declared		—			0.088		-100.0	%		0.131			0.350		-62.6	%
Book value		5.62			16.22		-65.3	%		5.62			16.22		-65.3	%
Tangible book value		5.54			9.28		-40.3	%		5.54			9.28		-40.3	%
KEY PERFORMANCE RATIOS (a):
Return on average tangible equity, operating		-70.32	%		-14.77	%				-53.17	%		3.63	%
Return on average assets, operating		-3.42	%		-0.99	%				-3.08	%		0.25	%
Efficiency ratio		185.36	%		67.31	%				116.41	%		61.25	%
Net interest margin (FTE)		1.02	%		3.46	%				1.81	%		3.88	%
Net charge-offs to average loans		5.92	%		2.79	%				4.73	%		1.12	%
BALANCE SHEET SUMMARY - END OF PERIOD
Investment securities	$	407,343		$	305,399		33.4	%
Loans Held for sale		1			7,605		-100.0	%
Loans receivable		1,981,476			2,182,313		-9.2	%
Allowance for loan losses		59,437			31,698		87.5	%
Total assets		2,892,229			2,833,071		2.1	%
Deposits		2,438,136			2,298,705		6.1	%
Other borrowed money		300,621			206,326		45.7	%
Shareholders’ equity		130,883			306,693		-57.3	%
Tangible equity to tangible assets		4.46	%		6.50	%	-31.3	%
ASSET QUALITY - END OF PERIOD
Nonaccrual loans	$	232,436		$	50,635		359.0	%
Loans 90 Days Past Due and Accruing		146			242		0.0	%
Other real estate owned		94,717			28,175		236.2	%
Total nonperforming assets		327,299			79,052		314.0	%
Allowance for loan losses/loans		3.00	%		1.45	%

(a) Income annualized based on number of days in the period, except efficiency ratio

NOTE: Refer to the attached GAAP to non-GAAP reconciliation for the calculation of operating earnings

Security Bank Corporation

Average Balance Sheet and Net Interest Income Analysis

(Dollars in Thousands)

Unaudited

	Quarter Ended December 31, 2008							Year Ended December 31, 2008
	Average Balance		Income/ Expense			Yield/ Rate		Average Balance		Income/ Expense			Yield/ Rate
ASSETS
Earning assets:
Interest-bearing deposits and fed funds sold	$	286,708	$	310		0.43	%	$	160,463	$	2,060		1.28	%
Investment securities		362,556		3,978		4.36	%		338,437		15,161		4.48	%
Mortgage Loans Held for Sale		1,994		31		6.18	%		4,129		264		6.39	%
Loans		2,024,239		27,043		5.31	%		2,119,936		128,476		6.06	%
Other earning assets		1,238		20		6.43	%		1,238		81		6.54	%
Total earning assets		2,676,735		31,382		4.66	%		2,624,203		146,042		5.57	%
Non-earning assets		223,986							246,558
Total assets	$	2,900,721						$	2,870,761
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Savings and interest-bearing transaction	$	375,042	$	1,801		1.91	%	$	450,248	$	10,364		2.30	%
Time deposits		1,897,718		19,578		4.10	%		1,762,888		77,553		4.40	%
Borrowings		302,898		3,165		4.16	%		237,306		10,609		4.47	%
Total interest-bearing liabilities		2,575,658		24,544		3.79	%		2,450,442		98,526		4.02	%
Noninterest-bearing liabilities:
Noninterest bearing deposits		141,830							154,173
Other noninterest-bearing liabilities		22,044							25,086
Total liabilities	$	2,739,532						$	2,629,701
Shareholders’ Equity		161,189							241,060
Total liabilities and shareholders’ equity	$	2,900,721						$	2,870,761
Interest rate spread						0.87	%						1.55	%
Net interest income			$	6,838						$	47,516
Net interest margin (FTE)				1.02	%						1.81	%

Security Bank Corporation (SBKC)

Selected Financial Information

(Amounts in thousands, except per share data)

	2008										2007
	Dec. 31/YTD		4th Quarter		3rd Quarter		2nd Quarter		1st Quarter		Dec. 31/YTD		4th Quarter		3rd Quarter		2nd Quarter		1st Quarter
Period-End Balance Sheet
Total Assets	$	2,892,229	$	2,892,229	$	2,888,353	$	2,877,383	$	2,818,477	$	2,833,071	$	2,833,071	$	2,723,986	$	2,672,177	$	2,541,603
Total Securities		407,343		407,343		347,020		342,994		306,018		305,399		305,399		227,694		219,185		191,945
Mortgage Loans held for Sale		1		1		4,780		6,192		5,759		7,605		7,605		8,867		9,052		8,341
Loans:
Commercial Real-Estate		906,909		906,909		942,075		983,733		963,384		947,371		959,671		900,969		843,477		932,971
Construction/A&D (2)		652,806		652,806		715,631		772,179		862,532		898,690		886,390		921,321		920,644		703,703
Personal Real-Estate		157,405		157,405		152,604		160,878		157,040		158,244		158,244		155,508		152,726		180,687
Other		264,356		264,356		239,799		225,472		198,601		178,008		178,008		187,414		177,407		199,636
Total Loans		1,981,476		1,981,476		2,050,109		2,142,262		2,181,557		2,182,313		2,182,313		2,165,212		2,094,254		2,016,997
Allowance for loan losses		59,437		59,437		60,442		48,452		49,749		31,698		31,698		27,132		24,108		23,336
Other earning assets		278,710		278,710		15,794		95,903		26,704		14,866		14,866		59,968		84,060		78,319
Total Earning Assets		2,667,530		2,667,530		2,417,703		2,587,351		2,520,038		2,510,183		2,510,183		2,461,741		2,406,551		2,295,602
Other Real Estate		94,717		94,717		83,362		62,814		35,749		28,175		28,175		23,891		19,229		3,403
Intangibles:
Goodwill		—		—		18,373		18,373		128,074		128,571		128,571		128,571		128,601		128,553
Core-Deposit		3,241		3,241		3,444		3,647		3,879		4,125		4,125		4,371		4,617		4,863
Deposits:
Demand Deposits		153,006		153,006		145,416		172,610		164,842		158,759		158,759		161,749		171,427		176,658
Interest bearing deposits		2,285,130		2,285,130		2,257,138		2,283,016		2,144,829		2,139,946		2,139,946		2,029,351		1,989,651		1,842,431
Total Deposits		2,438,136		2,438,136		2,402,554		2,455,626		2,309,671		2,298,705		2,298,705		2,191,100		2,161,078		2,019,089
Fed Funds purchased & repo agreements		36,844		36,844		31,343		36,084		31,328		68,417		68,417		81,995		58,985		59,065
Other borrowed funds		263,777		263,777		266,558		180,340		138,738		137,909		137,909		121,388		118,888		129,888
Common Equity		130,883		130,883		166,662		183,285		309,876		306,693		306,693		312,036		314,687		311,729
Average Balance Sheet
Total Assets	$	2,870,761	$	2,900,721	$	2,863,228	$	2,877,604	$	2,818,622	$	2,591,947	$	2,745,087	$	2,648,300	$	2,529,142	$	2,441,326
Total Securities		338,437		362,556		345,775		348,677		296,395		216,610		256,061		220,379		195,031		194,248
Mortgage Loans held for Sale		4,129		1,994		3,869		4,782		5,896		6,328		5,647		6,367		8,728		4,557
Loans:
Commercial Real-Estate		954,279		918,047		965,881		974,558		958,903		907,729		939,330		863,915		890,191		937,948
Construction/A&D		777,000		688,792		742,968		802,453		875,131		825,302		912,693		918,328		810,122		627,003
Personal Real-Estate		157,160		154,547		158,421		157,616		158,069		153,682		156,468		154,652		152,519		180,152
Other		231,497		262,853		240,954		219,744		201,989		195,286		189,580		186,717		199,441		205,761
Total Loans		2,119,936		2,024,239		2,108,224		2,154,371		2,194,092		2,081,999		2,198,071		2,123,612		2,052,273		1,950,864
Other earning assets		161,701		287,946		170,505		100,342		55,246		36,866		28,184		33,016		34,280		52,292
Total Earning Assets		2,624,203		2,676,735		2,628,373		2,608,172		2,551,629		2,341,803		2,487,963		2,383,374		2,290,312		2,201,961
Other Real Estate		63,459		88,808		77,300		53,994		33,299		15,970		25,502		27,061		8,081
Deposits:
Demand Deposits		154,173		141,830		157,289		162,222		155,389		163,712		159,891		161,225		168,589		165,255
Interest bearing deposits
Savings		14,978		14,090		15,112		15,741		14,979		16,005		15,104		15,513		16,810		16,612
NOW		348,413		302,184		333,136		376,409		382,597		373,522		373,274		377,448		375,605		367,657
Money Market		86,857		58,768		81,446		96,607		110,976		145,619		147,908		151,428		144,907		138,060
Time deposits > $100,000		1,082,546		1,107,146		1,099,022		1,067,626		1,061,895		892,248		1,003,681		949,323		833,758		779,136
Time deposits < $100,000		680,342		790,572		709,688		637,784		575,833		521,923		531,107		523,421		516,844		516,137
Total Deposits		2,367,309		2,414,590		2,395,693		2,356,389		2,301,669		2,113,029		2,230,965		2,178,358		2,056,513		1,982,857
Fed Funds purchased & repo agreements		37,535		37,697		32,168		39,601		44,745		43,881		55,528		41,945		43,682		34,158
Other borrowed funds		199,771		265,201		230,453		171,993		130,379		100,430		125,342		92,383		92,277		91,436
Common Equity		241,060		161,189		184,340		306,580		313,635		313,504		315,791		316,060		313,877		308,691
Operating Earnings
Interest Income	$	145,948	$	31,367	$	36,150	$	37,689	$	40,742	$	192,840	$	48,989	$	49,643	$	48,175	$	46,033
Interest Expense		98,526		24,544		24,126		23,913		25,943		102,316		27,406		26,862		24,792		23,256
Net Interest Income		47,422		6,823		12,024		13,776		14,799		90,524		21,583		22,781		23,383		22,777
Loan loss provision		128,070		29,129		26,359		30,383		42,199		32,660		20,000		9,400		2,000		1,260

Security Bank Corporation (SBKC)

Selected Financial Information

(Amounts in thousands, except per share data)

	2008															2007
	Dec. 31/YTD			4th Quarter			3rd Quarter			2nd Quarter			1st Quarter			Dec. 31/YTD			4th Quarter			3rd Quarter			2nd Quarter			1st Quarter
Service charges on deposit accounts		9,183			2,218			2,425			2,253			2,287			9,363			2,533			2,356			2,376			2,098
Mortgage banking revenues		2,726			275			650			799			1,002			4,475			995			1,170			1,271			1,039
Other income		3,392			127			689			2,037			539			5,147			1,011			1,080			1,103			1,953
Total noninterest income		15,301			2,620			3,764			5,089			3,828			18,985			4,539			4,606			4,750			5,090
Salaries and benefits		31,623			7,004			7,803			8,080			8,736			35,061			7,564			8,852			9,094			9,551
Occupancy and equipment		6,401			1,503			1,848			1,501			1,549			6,189			1,595			1,559			1,547			1,488
Foreclosed Property Expenses		7,003			2,202			2,104			1,324			1,373			2,879			1,339			778			546			216
Losses (Gains) on Sales of ORE		8,235			2,487			3,904			1,570			274			1,944			1,435			375			164			(30	)
Other noninterest expense		19,752			4,308			5,391			5,078			4,975			21,002			5,650			5,496			5,193			4,663
Total noninterest expense		73,014			17,504			21,050			17,553			16,907			67,075			17,583			17,060			16,544			15,888
Pre-tax operating earnings (loss)		(138,361	)		(37,190	)		(31,621	)		(29,071	)		(40,479	)		9,774			(11,461	)		927			9,589			10,719
Income Taxes		(49,997	)		(12,280	)		(11,472	)		(11,244	)		(15,001	)		3,184			(4,588	)		349			3,489			3,934
Operating income (loss)	$	(88,364	)	$	(24,910	)	$	(20,149	)	$	(17,827	)	$	(25,478	)	$	6,590		$	(6,873	)	$	578		$	6,100		$	6,785
Operating earnings (loss) per share-basic	$	(3.95	)	$	(1.07	)	$	(0.87	)	$	(0.77	)	$	(1.28	)	$	0.35		$	(0.36	)	$	0.03		$	0.32		$	0.35
Operating earnings (loss) per share-diluted	$	(3.95	)	$	(1.07	)	$	(0.87	)	$	(0.77	)		(1.28	)		0.34			(0.36	)		0.03			0.31			0.35
End of period shares outstanding		23,274,639			23,274,639			23,259,539			23,248,585			23,233,634			18,912,264			18,912,264			18,889,227			19,212,139			19,181,241
Weighted average diluted shares o/s		22,387,908			23,265,091			23,247,824			23,235,668			19,810,520			19,225,069			18,958,448			19,184,272			19,463,979			19,456,857
Tax equivalent adjustment		94			15			15			15			50			445			112			110			112			111
Net interest income (FTE)		47,516			6,838			12,039			13,791			14,849			90,969			21,695			22,891			23,495			22,888
Effective Tax Rate		36.14	%		33.02	%		36.28	%		38.68	%		37.06	%		32.58	%		40.03	%		37.65	%		36.39	%		36.70	%
Stock and related per share data:
Book value	$	5.62		$	5.62		$	7.17		$	7.88		$	13.34		$	16.22		$	16.22		$	16.52		$	16.38		$	16.25
Tangible book value		5.54			5.54			6.28			7.00			7.72			9.28			9.28			9.57			9.54			9.39
Dividends declared per share		0.1313			—			—			0.0438			0.0875			0.35			0.0875			0.0875			0.0875			0.0875
Other Key Ratios/Data:
Return on average tangible equity (1), (3)		-53.17	%		-70.32	%		-48.95	%		-40.43	%		-56.13	%		3.63	%		-14.77	%		1.24	%		13.42	%		15.78	%
Return on average assets (1), (3)		-3.08	%		-3.42	%		-2.80	%		-2.49	%		-3.64	%		0.25	%		-0.99	%		0.09	%		0.97	%		1.13	%
Net interest margin (FTE) (1)		1.81	%		1.02	%		1.82	%		2.13	%		2.34	%		3.88	%		3.46	%		3.81	%		4.11	%		4.22	%
Efficiency ratio (FTE)		116.23	%		185.08	%		133.21	%		92.97	%		90.52	%		61.00	%		67.02	%		62.04	%		58.57	%		56.79	%
Tangible Equity/Tangible Assets		4.46	%		4.46	%		5.10	%		5.69	%		6.67	%		6.50	%		6.50	%		6.97	%		7.21	%		7.48	%
Loan Performance Data:
Nonaccrual loans	$	232,436		$	232,436		$	199,907		$	186,139		$	186,520		$	50,635		$	50,635		$	41,492		$	35,450		$	39,139
Loans 90 Days Past Due and Accruing		146			146			—			—			68			242			242			—			—			—
Other real estate (ORE)		94,717			94,717			83,362			62,814			35,749			28,175			28,175			23,891			19,229			3,403
Total nonperforming assets		327,299			327,299			283,269			248,953			222,337			79,052			79,052			65,383			54,679			42,542
Net charge-offs		100,331			30,134			14,369			31,680			24,148			23,298			15,434			6,376			1,228			260
Reversal of Interest		6,751			1,487			968			1,268			3,028			1,874			796			915			268			(105	)
Forfeited Interest from NPA’s		16,477			4,773			4,704			4,259			2,741			4,435			1,281			1,405			970			779
Allowance for loan losses/loans		3.00	%		3.00	%		2.95	%		2.26	%		2.28	%		1.45	%		1.45	%		1.25	%		1.15	%		1.16	%
NPA’s/Loans plus ORE		15.76	%		15.76	%		13.28	%		11.29	%		10.03	%		3.58	%		3.58	%		2.99	%		2.59	%		2.11	%
Nonperforming assets/total assets		11.32	%		11.32	%		9.81	%		8.65	%		7.89	%		2.79	%		2.79	%		2.40	%		2.05	%		1.67	%
Net charge-offs to average loans (1)		4.73	%		5.92	%		2.71	%		5.91	%		4.43	%		1.12	%		2.79	%		1.19	%		0.24	%		0.05	%

(1) The actual number of days in the period was used to annualize income

(2) At December 31, 2008 approximately 60% of loans were residential and 40% of loans were commercial.

(3) Calculated on an operating basis

NOTE: Refer to the attached GAAP to non-GAAP reconciliation for the calculation of operating earnings

Security Bank Corporation (SBKC)

GAAP Reconciliation Table

(Amounts in thousands, except per share data)

	2008															2007
	Dec 31/YTD			4th Quarter			3rd Quarter			2nd Quarter			1st Quarter			Dec 31/YTD			4th Quarter			3rd Quarter			2nd Quarter			1st Quarter
Reconciliation Table- GAAP to non-GAAP:
Book Value per share	$	5.62		$	5.62		$	7.17		$	7.88		$	13.34		$	16.22		$	16.22		$	16.52		$	16.38		$	16.25
Effect of intangible assets per share		(0.08	)		(0.08	)		(0.89	)		(0.88	)		(5.62	)		(6.94	)		(6.94	)		(6.95	)		(6.84	)		(6.86	)
Tangible book value	$	5.54		$	5.54		$	6.28		$	7.00		$	7.72		$	9.28		$	9.28		$	9.57		$	9.54		$	9.39
Equity	$	130,883		$	130,883		$	166,662		$	183,285		$	309,876		$	306,693		$	306,693		$	312,036		$	314,687		$	311,729
Intangible assets		3,241			3,241			21,817			22,020			131,953			132,696			132,696			132,942			133,218			133,416
Less tax effect of Core-Deposit Intangible (38%)		(1,232	)		(1,232	)		(1,309	)		(1,386	)		(1,474	)		(1,568	)		(1,568	)		(1,661	)		(1,754	)		(1,848	)
Tangible equity	$	128,874		$	128,874		$	146,154		$	162,651		$	179,397		$	175,565		$	175,565		$	180,755		$	183,223		$	180,161
Assets	$	2,892,229		$	2,892,229		$	2,888,353		$	2,877,383		$	2,818,477		$	2,833,071		$	2,833,071		$	2,723,986		$	2,672,177		$	2,541,603
Intangible assets		2,009			2,009			20,508			20,634			130,479			131,129			131,129			131,281			131,464			131,568
Tangible assets	$	2,890,220		$	2,890,220		$	2,867,845		$	2,856,749		$	2,687,998		$	2,701,942		$	2,701,942		$	2,592,705		$	2,540,713		$	2,410,035
Equity/Assets		4.53	%		4.53	%		5.77	%		6.37	%		10.99	%		10.83	%		10.83	%		11.46	%		11.78	%		12.27	%
Effect of intangible assets		-0.07	%		-0.07	%		-0.67	%		-0.68	%		-4.32	%		-4.33	%		-4.33	%		-4.49	%		-4.57	%		-4.79	%
Tangible Equity/Tangible Assets		4.46	%		4.46	%		5.10	%		5.69	%		6.67	%		6.50	%		6.50	%		6.97	%		7.21	%		7.48	%
Average Equity	$	241,060		$	161,189		$	184,340		$	306,580		$	313,635		$	313,504		$	315,791		$	316,060		$	313,877		$	308,691
Average Intangible assets		76,263			21,540			21,944			130,657			132,599			133,878			132,849			133,117			133,363			136,228
Less tax effect of Core-Deposit Intangible (38%)		(1,402	)		(1,279	)		(1,357	)		(1,440	)		(1,533	)		(1,763	)		(1,626	)		(1,720	)		(1,813	)		(1,896	)
Average tangible equity	$	166,199		$	140,928		$	163,753		$	177,363		$	182,569		$	181,389		$	184,568		$	184,663		$	182,327		$	174,359
Net operating Income (loss)	$	(88,364	)	$	(24,910	)	$	(20,149	)	$	(17,827	)	$	(25,478	)	$	6,590		$	(6,873	)	$	578		$	6,100		$	6,785
Return on average tangible equity, operating (a)		-53.17	%		-70.32	%		-48.95	%		-40.43	%		-56.13	%		3.63	%		-14.77	%		1.24	%		13.42	%		15.78	%
Diluted operating earnings (loss) per share	$	(3.95	)	$	(1.07	)	$	(0.87	)	$	(0.77	)	$	(1.28	)	$	0.34		$	(0.36	)	$	0.03		$	0.31		$	0.35
Effect of securities gains (losses), net of tax		0.10			0.04			—			—			0.06			—			—			—			—			—
Effect of prepayment of FHLB advances, net of tax		—			—			—			—			—			—			—			—			—			—
Goodwill impairment, net of tax		(5.45	)		(0.79	)		—			(4.46	)		—			—			—			—			—			—
Diluted earnings (loss) per share	$	(9.30	)	$	(1.82	)	$	(0.87	)	$	(5.23	)	$	(1.22	)	$	0.34		$	(0.36	)	$	0.03		$	0.31		$	0.35
Net operating income (loss)	$	(88,364	)	$	(24,910	)	$	(20,149	)	$	(17,827	)	$	(25,478	)	$	6,590		$	(6,873	)	$	578		$	6,100		$	6,785
Effect of securities gains (losses), net of tax		2,164			883			—			1			1,280			(2	)		—			(3	)		—			1
Effect of prepayment of FHLB advances, net of tax		—			—			—			—			—			—			—			—			—			—
Goodwill impairment, net of tax		(121,992	)		(18,373	)		—			(103,619	)		—			—			—			—			—			—
Net income (loss)	$	(208,192	)	$	(42,400	)	$	(20,149	)	$	(121,445	)	$	(24,198	)	$	6,588		$	(6,873	)	$	575		$	6,100		$	6,786

(a) The actual number of days in the period were used to annualize income