Southwest Georgia Financial (SGB) Reports Q3 EPS of $0.45

Southwest Georgia Financial (NYSE: SGB) reported Q3 EPS of $0.45.

• Net income increased to $1.14 million, or $0.45 per diluted share, from $952 thousand, or $0.37 per diluted share. Net interest income improved 9% to $4.8 million, primarily due to growth in average total loans of $32.8 million. An increase in provision for loan losses of $174 thousand and increases in non-interest expenses partially offset growth in net interest income.
• For the nine months ended September 30, 2018, net income was up over 14% to $3.5 million, or $1.38 per diluted share, due mostly to increases in net interest income of almost 8% and lower effective tax rates. Partially offsetting were higher provisions for loan losses, increased overhead expenses of $339 thousand, and lower noninterest income of $321 thousand.

“We continue to experience solid results. Loan growth exceeded 11%, or nearly $37 million, and deposits were also up 11% year-over-year,” commented DeWitt Drew, President and CEO. “In mid-October, Hurricane Michael impacted a portion of our operating area and, as a result of both continued loan growth and weather events, we anticipate higher provisions for loan losses for the remainder of the year.”

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

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