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Southwest Georgia Financial Corporation Reports Net Income Growth For Third Quarter 2012

Southwest Georgia Financial Corporation (the “Corporation”) (NYSE MKT: SGB), a full-service community bank holding company, today reported its results of operations for the third quarter ended September 30, 2012.

Third Quarter and Nine-Month Income Highlights
  • Net income was $421 thousand in the 2012 third quarter, or $0.17 per diluted share, compared with $99 thousand, or $0.04 per diluted share, in the third quarter of 2011. The increase was the result of a $375 thousand reduction in the Company’s provision for loan losses.
  • For the nine months ended September 30, 2012, net income was $1.3 million, or $0.51 per diluted share, a 21.8% increase when compared with $1.1 million, or $0.42 per diluted share, for the same period in the prior year.
  • Net interest margin grew to 4.32% for the third quarter of 2012 and 4.22% for the first nine months of 2012, up 19 and 17 basis points compared with the respective prior-year periods. Strengthened net interest margin was mainly attributed to continued loan growth.
  • Net interest income after provision for loan losses increased 29.4% to $2.9 million from $2.2 million in the 2011 third quarter.

Balance Sheet Trends and Asset Quality
  • Total assets at September 30, 2012, were $332.2 million, an increase of 13.1%, or $38.5 million, from September 30, 2011.
  • Total loans increased $20.0 million, or 11.0%, to $202.5 million compared with the same period last year. The growth in loans was funded by increases in noninterest-bearing deposits.
  • Total deposits grew $40.8 million to $277.7 million at September 30, 2012, an increase of 17.2% from the third quarter of 2011.
  • Non-performing asset ratio was 0.78% at September 30, 2012, a 154 basis point improvement when compared with 2.32% at the end of the third quarter 2011.

Capital Management
  • The Company has a total risk based capital ratio of 15.63%, measurably above the federal “well capitalized” standard.
  • Return on equity increased to 5.76% compared with 1.39% in the third quarter of 2011.
  • Tangible book value per share at September 30, 2012, was $11.28, up 4.1% from the end of the third quarter of 2011.

DeWitt Drew, President and CEO, commented, “We are experiencing solid net income growth this year, due mostly to increased loans and noninterest bearing deposits combined with improved credit costs. While other expenses are high, we believe our investment in people and infrastructure in growing communities will allow us to continue to grow at a reasonable pace.”

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