Southwest Georgia Financial (SGB) Reports Q2 EPS of $0.45

Southwest Georgia Financial (NYSE: SGB) reported Q2 EPS of $0.45.

“We are encouraged by our results both in the second quarter and year-to-date as we continued to achieve higher earnings and balance sheet growth. During the recent quarter, we completed the modifications to our deposit offerings, highlighted by the introduction of an interest bearing business checking account. We see this new product as a valuable retention tool and early results have been positive as our customers moved just under $30 million in deposits into that product,” commented DeWitt Drew, President and CEO. “Weather and construction delays on our Tifton location have us behind schedule, but we are working toward a late summer opening.”

Second Quarter and Six-Month Income Highlights

• Net income increased 7% to $1.15 million, or $0.45 per diluted share, from $1.07 million, or $0.42 per diluted share. Net interest income improved 5% to $4.6 million, primarily due to growth in average total loans of $24.2 million. An increase in provision for loan losses of $65 thousand and an increase in other operating expenses partially offset growth in net interest income.
• For the six months ended June 30, 2018, net income was up over 11% to $2.4 million, or $0.94 per diluted share, due mostly to increases in net interest income of 7% and lower effective tax rates in the first half of 2018. Partially offsetting were higher provisions for loan losses, which more than doubled due to continued strong loan growth, increased overhead expenses of $225 thousand, or 15%, and lower noninterest income.

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

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