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Southwest Georgia Financial Corporation Reports Results For First Quarter Of 2011

Southwest Georgia Financial Corporation (NYSE Amex: SGB), a full-service community bank holding company, today reported net income of $375 thousand, or $0.15 per diluted share, for the first quarter of 2011, down $32 thousand from net income of $407 thousand, or $0.16 earnings per diluted share, for the first quarter of 2010. The decrease in net income in the first quarter of 2011 was primarily due to increased salary and employee benefit expenses related to staffing the new full-service banking center and mortgage origination office in Valdosta, Georgia.

DeWitt Drew, President and CEO commented, “We continue to make progress in establishing our presence in Valdosta where our team has increased to 14 full-time employees with significant banking experience in that market. The results of this investment are already being seen in higher levels of low cost funding and increased loan levels on our balance sheet. This market has grown at twice the rate of our legacy markets over the last decade, and it is a central part of our growth and diversification strategy.”

Return on average equity for the first quarter of 2011 was 5.57% compared with 6.26% for the first quarter of 2010. Return on average assets for the quarter was 0.48% compared with 0.55% for the same period in 2010.

Balance Sheet Trends and Asset Quality

At March 31, 2011, total assets were $314.2 million, an increase of $16.0 million when compared with $298.2 million in the same quarter last year and up $17.8 million from $296.4 million at December 31, 2010. Investment securities increased $18.0 million to $102.9 million compared with the first quarter of 2010. The year-over-year increase was also due to solid loan growth driven by expansion into the Valdosta market. Total loans increased $7.6 million to $168.3 million when compared with the same quarter last year.

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