Southwest Georgia Financial (SGB) Reports Q4 EPS of $0.28

Southwest Georgia Financial (NYSE: SGB) reported Q4 EPS of $0.28.

Income Highlights

• Net income for 2017 was $3.8 million, down $227 thousand, due primarily to the revaluing of net deferred tax assets. On a per diluted share basis, earnings were $1.49. Excluding the deferred tax impairment of $419 thousand, net income was $4.2 million, or $1.66 per diluted share, a 5% increase from 2016. Average loan growth of 13% and an improved asset mix grew net interest income over 9%.
• Annual net interest income was $17.2 million, up $1.4 million. The growth was the result of a $36.7 million increase in average total loans to $317.7 million. Growth in net interest income more than offset the $915 thousand increase in noninterest expense due in large part to higher professional fees, migration to a new core processing provider, and investment in personnel.
• Fourth quarter net income was $717 thousand, or $0.28 per diluted share. Excluding the deferred tax impairment mentioned above, net income for the quarter was $1.1 million, up 13% over the prior-year period. Net interest income for the quarter increased $441 thousand to $4.5 million primarily due to a $523 thousand increase in interest and fees on loans.

For earnings history and earnings-related data on Southwest Georgia Financial (SGB) click here.

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