Southwest Georgia Financial Corporation, a full-service community bank holding company, reported results of operations for the first quarter ended March 31, 2019. Comparisons are with the prior-year period unless otherwise noted.

“Our customer-centric approach continues to drive solid results with income before taxes up nearly 20%, or $241 thousand, despite the impact of higher funding costs and investments made in a tight labor market,” commented DeWitt Drew, President and CEO. “While the deposit mix has evolved and deposit costs continue to increase, we have been successful in capitalizing on the right opportunities. Total deposits increased $35 million in the quarter, with more than two-thirds from business customers, and importantly, half of that growth was in noninterest bearing transaction accounts. Over the coming quarters, we will continue to focus on deposit pricing and mix, while also repricing balloon loans at higher rates. We are cautious in our considerations, lending is slowing in our markets, the labor market is tightening, and customers are moving money into higher yielding accounts.”