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Southwest Georgia Financial Corporation Reports Results For The Second Quarter Of 2010

Southwest Georgia Financial Corporation (NYSE Amex: SGB), a full service community bank holding company, today reported net income of $906 thousand for the second quarter of 2010, up 250%, or $647 thousand, when compared with net income of $259 thousand for the second quarter of 2009. The significant increase was the result of higher net interest income, a $628 thousand gain on the sale of securities, and operating expenses which declined $632 thousand. On a per diluted share basis, earnings increased to $0.36 for the second quarter of 2010 from $0.10 for the second quarter of 2009.

DeWitt Drew, President and CEO commented, “Results for the second quarter were significantly impacted by transactions in our investment portfolio. These transactions were due in part to our decision to exit positions held in corporate bonds. Many of those positions were intermediate or long-term, the obligors continue to struggle financially, and their debt had been downgraded by national ratings services. Also, our full-service banking center in Valdosta opened in June and we are excited about the potential in that market.”

Return on average equity for the second quarter of 2010 increased to 13.56% compared with 4.37% for the same period in 2009. Return on average assets for the quarter was 1.21%, an increase of 83 basis points when compared with the same period in 2009.

For the first six months of 2010, net income was $1.31 million compared with net income of $640 thousand for the same period in 2009. The growth in net income reflects a $535 thousand net gain on the sale of securities and a measurable decline in operating expenses related to legal fees and the FDIC insurance assessments. Earnings per diluted share for the first six months of 2010 were $0.52, up over 100% compared with earnings per diluted share of $0.25 for the same period in 2009. Year-to-date return on average equity increased to 9.96% compared with 5.42% for the same period last year, while return on average assets increased 41 basis points to 0.88%.

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