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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%.

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