Southwest Georgia Financial (SGB) Reports Q1 EPS of $0.48

Southwest Georgia Financial (NYSE: SGB) reported Q1 EPS of $0.48.

Income Highlights

• Net income increased 16% to $1.2 million, or $0.48 per diluted share, from $1.1 million, or $0.42 per diluted share. An adjustment was made to estimated tax accruals in the first quarter, and, absent this adjustment, the Company expects it will be accruing a tax rate of approximately 14% for the remainderof 2018.
• Net interest income improved $382 thousand to $4.4 million, primarily due to growth in average total loans of $29.2 million. The increase in provision for loan losses to $215 thousand was necessitated by continued strong loan growth.
• Higher net interest income was mostly offset by a decrease in noninterest income and increases in provision for loan loss and noninterest expense. Noninterest income continues to be impacted by lower service charges as the economy improves and decreased mortgage banking fees as a result of closing Empire Financial Services.

Balance Sheet Trends

• Total assets at March 31, 2018, were $510.1 million, up 8% or $39.2 million. Total loans grew 8%, or $24.5 million, to $335.2 million, while continuing to maintain high standards of credit quality. Net charge-offs to average loans were 0.11%.
• Total deposits were up over 6%, or $25.4 million, to $418.4 million at March 31, 2018. Federal Home Loan Bank Advances were up $12.6 million as further funding for loan growth. The average cost of all interest bearing liabilities increased 18 basis points to 0.77%.

Capital Management

• Book value per share grew 5% to $16.23 at March 31, 2018.
• In March 2018, the Company paid a quarterly cash dividend of $0.11 per common share. Southwest Georgia Financial Corporation or its predecessor, Southwest Georgia Bank, has paid cash dividends for 90 consecutive years.

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

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