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Southwest Georgia Financial Corporation Reports Fourth Quarter And 2011 Results

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.

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