|
24.04.2018 12:30:00
|
Southwest Georgia Financial Corporation Reports 16% Net Income Growth for First Quarter 2018
Southwest Georgia Financial Corporation (the "Company”) (NYSE American:SGB), a full-service community bank holding company, today reported results of operations for the first quarter ended March 31, 2018. Comparisons are to prior year-periods unless otherwise noted.
"Our first quarter results continue the trend of solid growth in loans, deposits, and earnings. Response in our new Tifton market has been promising, and our Moultrie and Valdosta markets continue to provide growth and stability. We anticipate another successful and exciting year and are confident that our long-term strategy and focus will continue to deliver value,” commented DeWitt Drew, President and CEO.
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.
Balance Sheet Trends
- Total assets at March 31, 2018, were $510.1 million, up 8% or $39.2 million. Total loans grew 8%, or $24.5 million, to $335.2 million, while continuing to maintain high standards of credit quality. Net charge-offs to average loans were 0.11%.
- Total deposits were up over 6%, or $25.4 million, to $418.4 million at March 31, 2018. Federal Home Loan Bank Advances were up $12.6 million as further funding for loan growth. The average cost of all interest bearing liabilities increased 18 basis points to 0.77%.
Capital Management
- Book value per share grew 5% to $16.23 at March 31, 2018.
- In March 2018, 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 90 consecutive years.
Webcast and Conference Call
The Company will host a conference call and webcast on Tuesday, April 24, 2018 at 1:00 p.m. ET. Management will review the financial and operating results for the first quarter 2018, as well as the Company’s strategy and outlook. A question and answer session will follow the formal discussion.
The conference call can be accessed by calling (201) 689-8263. Alternatively, the webcast can be monitored at www.sgb.bank.
A telephonic replay will be available from 4:00 p.m. ET on the day of the teleconference until Tuesday, May 1, 2018. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13678425, or access the webcast replay at www.sgb.bank/investor-relations, where a transcript will be posted once available.
About Southwest Georgia Financial Corporation
Southwest Georgia Financial Corporation is a state-chartered bank holding company with approximately $510 million in assets headquartered in Moultrie, Georgia. Its primary subsidiary, Southwest Georgia Bank, offers comprehensive financial services to consumer, business, and government customers. The current banking facilities include the main office located in Colquitt County, branch offices located in Baker County, Worth County and Lowndes County, and a loan production office located in Tift County. In addition to conventional banking services, the Company provides investment planning and management, trust management, and commercial and individual insurance products. Insurance products and advice are provided by Southwest Georgia Insurance Services, which is located in Colquitt County. The Company routinely posts news and other important information on its website. More information on Southwest Georgia Financial Corporation and Southwest Georgia Bank can be found at: www.sgb.bank.
SAFE HARBOR STATEMENT
This news release contains forward-looking statements, as defined by federal securities laws, including statements about the Company’s financial outlook. These statements are based on current expectations and are provided to assist in the understanding of future financial performance. Such performance involves risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements. Important factors that could cause actual results to differ materially from those contemplated today include a change in the Company’s capital structure, new or expanded regulatory requirements, the success of the Company’s growth strategy, customer preferences, the interest rate environment and other factors described in the Company’s filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q under the sections entitled "Forward-Looking Statements” and "Risk Factors”. The Company undertakes no obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as otherwise required by law.
|
SOUTHWEST GEORGIA FINANCIAL CORPORATION |
||||||||||||
|
CONSOLIDATED STATEMENT OF CONDITION |
||||||||||||
|
(Dollars in thousands except per share data) |
||||||||||||
| (Unaudited) | (Audited) | (Unaudited) | ||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2018 | 2017 | 2017 | ||||||||||
| ASSETS | ||||||||||||
| Cash and due from banks | $ | 9,777 | $ | 11,143 | $ | 7,133 | ||||||
| Interest-bearing deposits in banks | 39,210 | 22,995 | 18,106 | |||||||||
| Certificates of deposit in other banks | 1,985 | 1,985 | 1,235 | |||||||||
| Investment securities available for sale | 56,228 | 54,364 | 59,692 | |||||||||
| Investment securities held to maturity | 43,898 | 44,591 | 52,698 | |||||||||
| Federal Home Loan Bank stock, at cost | 2,475 | 2,438 | 1,905 | |||||||||
| Loans, less unearned income and discount | 335,185 | 330,173 | 310,707 | |||||||||
| Allowance for loan losses | (3,170 | ) | (3,044 | ) | (3,162 | ) | ||||||
| Net loans | 332,015 | 327,129 | 307,545 | |||||||||
| Premises and equipment | 12,975 | 12,250 | 11,260 | |||||||||
| Bank properties held for sale | 212 | 212 | 212 | |||||||||
| Foreclosed assets, net | 0 | 759 | 127 | |||||||||
| Intangible assets | 16 | 20 | 31 | |||||||||
| Bank owned life insurance | 6,595 | 6,553 | 5,390 | |||||||||
| Other assets | 4,747 | 4,633 | 5,563 | |||||||||
| Total assets | $ | 510,133 | $ | 489,072 | $ | 470,897 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
| Deposits: | ||||||||||||
| NOW accounts | $ | 28,318 | $ | 25,871 | $ | 38,164 | ||||||
| Money market | 139,728 | 129,040 | 114,702 | |||||||||
| Savings | 32,683 | 30,794 | 30,190 | |||||||||
| Certificates of deposit $250,000 and over | 22,636 | 22,662 | 21,017 | |||||||||
| Other time accounts | 62,186 | 60,969 | 60,215 | |||||||||
| Total interest-bearing deposits | 285,551 | 269,337 | 264,287 | |||||||||
| Noninterest-bearing deposits | 132,898 | 127,669 | 128,720 | |||||||||
| Total deposits | 418,449 | 397,006 | 393,007 | |||||||||
| Other borrowings | 19,471 | 17,971 | 8,448 | |||||||||
| Long-term debt | 27,557 | 29,057 | 26,029 | |||||||||
| Accounts payable and accrued liabilities | 3,330 | 3,895 | 4,110 | |||||||||
| Total liabilities | 468,807 | 447,929 | 431,594 | |||||||||
| Shareholders' equity: | ||||||||||||
|
Common stock - par value $1; 5,000,000 shares authorized; 4,293,835 shares issued (*) |
4,294 | 4,294 | 4,294 | |||||||||
| Additional paid-in capital | 5,459 | 31,701 | 31,701 | |||||||||
| Retained earnings | 33,972 | 33,021 | 31,118 | |||||||||
| Accumulated other comprehensive income | (2,399 | ) | (1,630 | ) | (1,690 | ) | ||||||
| Total | 41,326 | 67,386 | 65,423 | |||||||||
| Treasury stock - at cost (**) | 0 | (26,243 | ) | (26,120 | ) | |||||||
| Total shareholders' equity | 41,326 | 41,143 | 39,303 | |||||||||
| Total liabilities and shareholders' equity | $ | 510,133 | $ | 489,072 | $ | 470,897 | ||||||
|
* Common stock - shares outstanding |
2,545,776 | 2,541,505 | 2,547,437 | |||||||||
| ** Treasury stock - shares | 0 | 1,752,330 | 1,746,398 | |||||||||
|
SOUTHWEST GEORGIA FINANCIAL CORPORATION |
||||||||
|
CONSOLIDATED INCOME STATEMENT (unaudited*) |
||||||||
|
(Dollars in thousands except per share data) |
||||||||
| For the Three Months | ||||||||
| Ended March 31, | ||||||||
| Interest income: | 2018* | 2017* | ||||||
| Interest and fees on loans | $ |
4,293 |
|
$ |
3,785 |
|
||
| Interest and dividend on securities available for sale | 331 | 325 | ||||||
| Interest on securities held to maturity | 277 | 316 | ||||||
| Dividends on Federal Home Loan Bank stock | 32 | 24 | ||||||
| Interest on deposits in banks | 118 | 50 | ||||||
| Interest on certificates of deposit in other banks | 11 | 2 | ||||||
| Total interest income | 5,062 | 4,502 | ||||||
| Interest expense: | ||||||||
| Interest on deposits | 372 | 272 | ||||||
| Interest on other borrowings | 116 | 26 | ||||||
| Interest on long-term debt | 126 | 138 | ||||||
| Total interest expense | 614 | 436 | ||||||
| Net interest income | 4,448 | 4,066 | ||||||
| Provision for loan losses | 215 | 75 | ||||||
| Net interest income after provision for losses on loans | 4,233 | 3,991 | ||||||
| Noninterest income: | ||||||||
| Service charges on deposit accounts | 224 | 270 | ||||||
| Income from trust services | 59 | 54 | ||||||
| Income from retail brokerage services | 88 | 89 | ||||||
| Income from insurance services | 388 | 433 | ||||||
| Income from mortgage banking services | 1 | 72 | ||||||
| Net gain (loss) on the sale or disposition of assets | (7 | ) | 0 | |||||
| Net gain on the sale of securities | 0 | 124 | ||||||
| Other income | 241 | 241 | ||||||
| Total noninterest income | 994 | 1,283 | ||||||
| Noninterest expense: | ||||||||
| Salary and employee benefits | 2,341 | 2,298 | ||||||
| Occupancy expense | 290 | 279 | ||||||
| Equipment expense | 190 | 205 | ||||||
| Data processing expense | 354 | 387 | ||||||
| Amortization of intangible assets | 4 | 4 | ||||||
| Other operating expense | 817 | 728 | ||||||
| Total noninterest expense | 3,996 | 3,901 | ||||||
| Income before income tax expense | 1,231 | 1,373 | ||||||
| Provision for income taxes | (1 | ) | 308 | |||||
| Net income | $ | 1,232 | $ | 1,065 | ||||
| Net income per share, basic | $ | 0.48 | $ | 0.42 | ||||
| Net income per share, diluted | $ | 0.48 | $ | 0.42 | ||||
| Dividends paid per share | $ | 0.11 | $ | 0.11 | ||||
| Basic weighted average shares outstanding | 2,544,922 | 2,547,437 | ||||||
| Diluted weighted average shares outstanding | 2,544,922 | 2,547,437 | ||||||
|
SOUTHWEST GEORGIA FINANCIAL CORPORATION |
||||||||
|
Financial Highlights |
||||||||
|
(Dollars in thousands except per share data) |
||||||||
| At March 31 | 2018 | 2017 | ||||||
| Assets | $ | 510,133 | $ | 470,897 | ||||
| Loans, less unearned income & discount | $ | 335,185 | $ | 310,707 | ||||
| Deposits | $ | 418,449 | $ | 393,007 | ||||
| Shareholders' equity | $ | 41,326 | $ | 39,303 | ||||
| Three Months Ended March 31, | ||||||||
| 2018 | 2017 | |||||||
| Performance Data & Ratios | ||||||||
| Net income | $ | 1,232 | $ | 1,065 | ||||
| Earnings per share, basic | $ | 0.48 | $ | 0.42 | ||||
| Earnings per share, diluted | $ | 0.48 | $ | 0.42 | ||||
| Dividends paid per share | $ | 0.11 | $ | 0.11 | ||||
| Return on assets | 0.99 | % | 0.91 | % | ||||
| Return on equity | 11.89 | % | 10.91 | % | ||||
| Net interest margin (tax equivalent) | 4.05 | % | 3.98 | % | ||||
| Dividend payout ratio | 22.74 | % | 26.30 | % | ||||
| Efficiency ratio | 70.92 | % | 70.15 | % | ||||
| Asset Quality Data & Ratios | ||||||||
| Total nonperforming loans | $ | 1,506 | $ | 1,222 | ||||
| Total nonperforming assets | $ | 1,506 | $ | 1,349 | ||||
| Net loan charge offs | $ | 89 | $ | 38 | ||||
| Reserve for loan losses to total loans | 0.95 | % | 1.02 | % | ||||
| Nonperforming loans/total loans | 0.45 | % | 0.39 | % | ||||
| Nonperforming assets/total assets | 0.30 | % | 0.29 | % | ||||
| Net charge offs / average loans | 0.11 | % | 0.05 | % | ||||
| Capital Ratios | ||||||||
| Average common equity to average total assets | 8.33 | % | 8.38 | % | ||||
| Common equity Tier 1 capital ratio | 12.86 | % | 12.54 | % | ||||
| Tier 1 capital ratio | 12.86 | % | 12.54 | % | ||||
| Tier 1 leverage ratio | 8.78 | % | 8.79 | % | ||||
| Total risk based capital ratio | 13.79 | % | 13.50 | % | ||||
| Book value per share | $ | 16.23 | $ | 15.43 | ||||
| Tangible book value per share | $ | 16.23 | $ | 15.42 | ||||
| Quarterly | 1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | |||||||||||||||
| Averages | 2018 | 2017 | 2017 | 2017 | 2017 | |||||||||||||||
| Assets | $ | 497,562 | $ | 486,699 | $ | 471,643 | $ | 469,201 | $ | 466,019 | ||||||||||
| Loans, less unearned income & discount | $ | 331,822 | $ | 330,842 | $ | 324,206 | $ | 312,848 | $ | 302,620 | ||||||||||
| Deposits | $ | 405,827 | $ | 396,746 | $ | 385,989 | $ | 390,268 | $ | 388,761 | ||||||||||
| Equity | $ | 41,466 | $ | 41,502 | $ | 41,089 | $ | 40,169 | $ | 39,054 | ||||||||||
| Return on assets | 0.99 | % | 0.59 | % | 0.81 | % | 0.92 | % | 0.91 | % | ||||||||||
| Return on equity | 11.89 | % | 6.91 | % | 9.26 | % | 10.69 | % | 10.91 | % | ||||||||||
| Net income | $ | 1,232 | $ | 717 | $ | 952 | $ | 1,074 | $ | 1,065 | ||||||||||
| Net income per share, basic | $ | 0.48 | $ | 0.28 | $ | 0.37 | $ | 0.42 | $ | 0.42 | ||||||||||
| Net income per share, diluted | $ | 0.48 | $ | 0.28 | $ | 0.37 | $ | 0.42 | $ | 0.42 | ||||||||||
| Dividends paid per share | $ | 0.11 | $ | 0.11 | $ | 0.11 | $ | 0.11 | $ | 0.11 | ||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20180424005146/en/
Der finanzen.at Ratgeber für Aktien!
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!
Nachrichten zu Southwest Georgia Financial Corpmehr Nachrichten
| Keine Nachrichten verfügbar. |
Analysen zu Southwest Georgia Financial Corpmehr Analysen
ETF-Sparplan
Oskar ist der einfache und intelligente ETF-Sparplan. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig.