Southwest Georgia Financial Corporation, a full-service community bank holding company, today reported its results of operations for the second quarter ended June 30, 2014.

Second Quarter and Six-Month Income Highlights

• Net income was $737 thousand for the second quarter of 2014, or $0.28 per diluted share, 28% higher than the $574 thousand, or $0.23 per diluted share, in the second quarter of 2013.

• For the six months ended June 30, 2014, net income was $1.4 million, or $0.56 per diluted share, a 26% increase from $1.1 million, or $0.45 per diluted share, for the same period in the prior year.

• Net interest income grew 6.1% and 4.7% in the second quarter and year-to-date period, respectively, over the comparable periods of 2013, due to lower deposit costs combined with increased revenue from a higher volume of earning assets.

• Noninterest income increased 8.4% to $1.2 million for the second quarter of 2014, as a result of gains from most of the Corporation’s business units. Year-to-date noninterest income was up 9.9%.

  Balance Sheet Trends and Asset Quality

  • Total assets at June 30, 2014 were $376 million, an increase of 6.9% from June 30, 2013.

  • Total loans were $227 million, an increase of 3.6% over the same period last year.

  • Total deposits grew $17.4 million, or 5.8%, to $314 million at June 30, 2014, from the second quarter of 2013. Net deposit growth was primarily in noninterest-bearing transaction accounts.

  • Assets quality remains strong with extraordinarily low levels of non-performing assets.

DeWitt Drew, President and CEO, commented, “Our second quarter results were strong and demonstrate the strength of our strategy. Although loan growth has slowed, we remain extremely encouraged with our progress. However, we continue to devote significant resources to compliance requirements and are challenged by that burden.”

Dividends

In June 2014, the Corporation paid a quarterly cash dividend of $0.08 per common share. Southwest Georgia Financial Corporation or its predecessor, Southwest Georgia Bank, has paid cash dividends for 86 consecutive years.