Southwest Georgia Financial Corporation, a full-service community bank holding company, reported its results of operations for the first quarter ended March 31, 2016.

First Quarter Income Highlights

  •  Net income increased 30% to $1.0 million, or $0.41 per diluted share, from $809 thousand, or $0.32 per diluted share, in the first quarter of 2016.  

  •  Net interest income improved over 15% to $3.9 million when compared with last year’s first quarter.  The increase was due primarily to higher interest income and fees on loans related to a $37.1 million growth in average loans.  Net interest margin increased to 4.29%, up 33 basis points from the 2015 first quarter.

  •  Noninterest expense increased 7% to $3.7 million as personnel and data processing expenses grew primarily due to continued Valdosta and Tifton expansion.