This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Southwest Georgia Financial Corporation Reports Fourth Quarter And 2011 Results

Stocks in this article: SGB

Southwest Georgia Financial Corporation (the “Corporation”) (NYSE Amex: SGB), a full-service community bank holding company, today reported net income of $396 thousand for the fourth quarter of 2011, up 30% when compared with net income of $304 thousand for the same period in 2010. On a diluted per share basis, net income was up $0.04 to $0.16 in the fourth quarter of 2011. The growth in net income was driven by a $260 thousand increase in net interest income which resulted from lower funding costs and improved earning asset mix. For the year ended December 31, 2011, net income was $1.5 million, or $0.57 per diluted share, down $395 thousand from net income of $1.9 million, or $0.73 per diluted share, for 2010. The year-over-year decrease in net income reflects increased personnel expenses related to additional staffing in Valdosta, Georgia and higher provisions for loan losses.

DeWitt Drew, President and CEO commented, “Construction on our second banking center in Valdosta is moving forward and we expect to have the branch open by the first quarter of 2012. We now have nineteen full-time employees at our Valdosta locations and are completely staffed for our new banking center.”

Balance Sheet Trends and Asset Quality

At December 31, 2011, total assets were $305.7 million, up $9.3 million from December 31, 2010. The increase was due to considerable loan growth driven by the Valdosta market and funded by an increase in total deposits. Total loans increased $23.6 million, or 14.9%, to $181.3 million when compared with the same period last year while investment securities decreased $19.1 million resulting in a measurably improved earning asset mix. The allowance for loan losses was $3.1 million at the end of 2011, or 1.71% of total loans, up $345 thousand from the end of 2010. Net charge-offs to average loans was up 13 basis points to 0.37% for 2011 compared with 2010. Nonperforming assets remained flat at 1.18% of total assets compared with 1.19% at year-end last year, affected by a decline in foreclosed assets of $930 thousand that was offset by an increase in nonaccrual loans.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs