Southwest Georgia Financial Corporation Reports Results For Fourth Quarter And 2010
Southwest Georgia Financial Corporation (NYSE Amex: SGB), a full service community bank holding company, today reported net income of $304 thousand, or $0.12 per diluted share, for the fourth quarter of 2010, down from a net income of $706 thousand, or $0.28 per diluted share, for the fourth quarter of 2009. The decline in net income was partially a result of an increase in salaries and employee benefits of $298 thousand mostly attributed to additional staffing at the new banking center in Valdosta, Georgia. The fourth quarter earnings comparison reflected a $221 thousand nonrecurring gain on the sale of securities recognized in last year’s fourth quarter. Also, other decreases in income were in service charges on deposit accounts and provision for market value changes in foreclosed property.
Return on average equity for the fourth quarter of 2010 decreased to 4.42% compared with 11.11% for the same period in 2009. Return on average assets for the quarter was 0.40%, a decrease of 58 basis points when compared with the same period in 2009.
For the year ended December 31, 2010, net income was $1.86 million, or $0.73 per diluted share, compared with a net income of $1.81 million, or $0.71 per diluted share, for the same period in 2009. Year to date net earnings increases occurred mainly in net interest income, gain on sales of securities, reductions in legal fees and FDIC insurance assessment expenses. Return on average equity decreased to 6.89% for 2010 compared with 7.48% for the same period last year. Return on average assets decreased to 0.62% compared with 0.65% for the same period in 2009.
DeWitt Drew, President and CEO of Southwest Georgia Financial commented, “The economic downturn continues to challenge our region, however, our strength and stability in the market and our focused efforts enabled us to achieve solid results in 2010. We continued to invest in our people and communities, fully aware of the near-term impact that would have on earnings.”
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 + 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