Southwest Georgia Financial Corporation, a full-service community bank holding company, reported quarterly net income and record earnings per share for the first quarter ended March 31, 2017.

First Quarter Income Highlights

- Net income increased to $1.1 million, or $0.42 per diluted share, up from $1.0 million, or $0.41 per diluted share, in the first quarter of 2016.

- Net interest income improved $172 thousand to $4.1 million, primarily due to increased loan volume.

- Higher net interest income and noninterest income were partially offset by a $173 thousand increase in noninterest expenses. Personnel and data processing expenses grew, primarily due to continued Valdosta and Tifton expansion and preparation for migration to a new core processing vendor.

Balance Sheet Trends and Asset Quality

- Total assets at March 31, 2017 were $470.9 million, up nearly $62 million, or 15%, from the same period last year.

- Total loans increased $39.9 million, or 15%, to $310.7 million. The Company continues to maintain a high-quality and diversified loan portfolio. Net charge-offs to average loans were 0.05%.

- Total deposits were up 19%, or $61.6 million, to $393.0 million at March 31, 2017. Noninterest-bearing deposits increased a significant 27% to $128.7 million while interest-bearing deposit accounts increased 15%. The average cost of interest bearing deposits was 0.40%, while the average cost of all interest bearing funds was 0.59%.

Capital Management

- Book value per share at March 31, 2017 was $15.43, up 5% from $14.73 at March 31, 2016.

- In March 2017, the Company paid a quarterly cash dividend of $0.11 per common share. Southwest Georgia Financial Corporation or its predecessor, Southwest Georgia Bank, has paid cash dividends for 89 consecutive years.

“We had outstanding growth in the first quarter providing a very strong start to 2017 and positioning us for another year of exceptional results,” commented DeWitt Drew, President and CEO. “Our confidence is based on the market’s continued strong reception of Southwest Georgia Bank in Valdosta as well as the progress being made on opening our full service banking center in Tifton in early 2018. As we grow, it is imperative that we maintain an intense focus on our customers’ experiences. Significant progress is being made and we continue to prudently invest in people and systems to improve our service levels and offerings in all our markets. Ultimately, we expect to leverage our strong franchise and win greater customer share in our markets.”