Southwest Georgia Financial (SGB) Reports Q3 EPS of $0.37

Southwest Georgia Financial (NYSE: SGB) reported Q3 EPS of $0.37. Revenue for the quarter came in at $4.89 million.

Income Highlights

• For the nine months ended September 30, 2017, net income was up 2% to $3.1 million, or $1.21 per diluted share. Average loans grew $35.8 million, driving strong growth in net interest income of $1.0 million, or 9%. However, increased overhead expenses mostly offset this growth due in large part to higher professional fees, migration to a new core processing provider, and personnel costs related to staffing the Company’s Tifton expansion and greater incentive based income.
• For the quarter, net income decreased slightly to $952 thousand, or $0.37 per diluted share. Strong net interest income growth of $391 thousand, or 10%, was more than offset by a $329 thousand increase in noninterest expense and a decrease in noninterest income of $91 thousand, primarily within mortgage banking services income. Higher overhead expenses for the quarter were related to a mass reissue of debit cards, other system migration costs and increased salaries and employee benefits.

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

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