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Southwest Georgia Financial Corporation Reports Results For First Quarter Of 2010

Southwest Georgia Financial Corporation (NYSE Amex: SGB), a full-service community bank holding company, today reported net income of $407 thousand, or $0.16 per diluted share, for the first quarter of 2010, up $26 thousand, or 6.9%, from net income of $381 thousand, or $0.15 earnings per diluted share, for the first quarter of 2009. The increase in net income in the first quarter of 2010 was mainly due to higher net interest income resulting from lower interest paid on interest bearing liabilities, and a lower loan loss provision compared with the first quarter of 2009.

DeWitt Drew, President and CEO commented, “Despite the prolonged economic pressures that grip our region, we have realized measurable growth in loans, deposits, and earnings by continuing to meet the banking needs of the communities we serve and taking advantage of opportunities that arise while expanding our reach into new markets. Our first quarter results reflect that continued success.”

Return on average equity for the first quarter of 2010 was 6.26% compared with 6.48% for the first quarter of 2009. Return on average assets for the quarter was 0.55% compared with 0.56% for the same period in 2009.

Balance Sheet Trends and Asset Quality

At March 31, 2010, total assets were $298.2 million, an increase of $25.7 million, or 9.4%, when compared with $272.5 million in the same quarter last year and up $7.2 million, or 2.5% from $291.0 million at December 31, 2009. The year-over-year increase was primarily due to solid loan growth and higher interest-bearing balances. Although total loans were relatively flat when compared with the previous quarter, total loans increased $11.4 million, or 7.6%, to $160.7 million when compared with $149.3 million at March 31, 2009. Loan growth was driven primarily by our expansion into the Valdosta market. The Corporation’s new full-service banking center in Valdosta, Georgia is scheduled to open for business in the second quarter of 2010.

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