Southwest Georgia Financial Corporation, a full-service community bank holding company, reported results of operations for the first quarter ended March 31, 2018.

Income Highlights

•    Net income increased 16% to $1.2 million, or $0.48 per diluted share, from $1.1 million, or $0.42 per diluted share. An adjustment was made to estimated tax accruals in the first quarter, and, absent this adjustment, the Company expects it will be accruing a tax rate of approximately 14% for the remainder of 2018.

•    Net interest income improved $382 thousand to $4.4 million, primarily due to growth in average total loans of $29.2 million. The increase in provision for loan losses to $215 thousand was necessitated by continued strong loan growth.

•    Higher net interest income was mostly offset by a decrease in noninterest income and increases in provision for loan loss and noninterest expense. Noninterest income continues to be impacted by lower service charges as the economy improves and decreased mortgage banking fees as a result of closing Empire Financial Services.