Southwest Georgia Financial Corporation Reports Results For The Third Quarter Of 2010
Southwest Georgia Financial Corporation (NYSE Amex: SGB), a full service community bank holding company, today reported net income of $239 thousand for the third quarter of 2010, down $228 thousand, when compared with net income of $467 thousand for the third quarter of 2009. This decrease was mainly the result of lower noninterest income which was impacted by lower income from mortgage banking services and a provision for market value change of foreclosed property. Net interest income and noninterest expense remained relatively flat compared with last year’s third quarter. On a per diluted share basis, earnings decreased to $0.09 for the third quarter of 2010 from $0.18 for the third quarter of 2009.
DeWitt Drew, President and CEO, commented, “Our third quarter results, although positive, continued to be challenged by low interest rates and the sluggish economic environment. With interest rates remaining at historic lows, we expect this tough operating environment to continue for the near-term. Our expansion into the Valdosta market is proving worthwhile. We are seeing solid loan growth there and are now experiencing some deposit growth there as well, since opening the new full-service banking center in June of this year.”
Return on average equity for the third quarter of 2010 decreased to 3.49% compared with 7.71% for the same period in 2009. Return on average assets for the quarter was 0.31%, a decrease of 36 basis points when compared with the same period in 2009.
For the first nine months of 2010, net income was $1.55 million compared with net income of $1.11 million 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. Earnings per diluted share for the first nine months of 2010 were $0.61, up 41.9% compared with earnings per diluted share of $0.43 for the same period in 2009. Year-to-date return on average equity increased to 7.74% compared with 6.19% for the same period last year, while return on average assets increased 15 basis points to 0.69%.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV