Southwest Georgia Financial Corporation (the “Company”) (NYSE
American: SGB), a full-service community bank holding company,
today reported results of operations for the third quarter and nine
months ended September 30, 2019. Comparisons are to prior-year
period unless otherwise noted.
“We continue to make excellent progress in growing our business.
Loans and deposits both saw meaningful growth and when combined
with our prudent expense management, we measurably increased our
earnings,” commented DeWitt Drew, President and CEO. “We believe we
are well positioned to continue to capitalize on future growth
opportunities and are confident that our customer-focused strategy
will continue to yield positive results as we add new customers and
further deepen relationships.”
Third Quarter and Nine-Month Income Highlights
- Net income increased 25% to $1.43 million, or $0.56 per diluted
share, from $1.14 million, or $0.45 per diluted share. Net interest
income improved 9% to $5.2 million, primarily due to growth in
average total loans of $32.6 million. The net interest margin held
steady at 4.08%. The provision for loan losses was up $130
thousand, due to continued loan growth.
- For the nine months ended September 30, 2019, net income was up
12% to $4.0 million, or $1.56 per diluted share, due mostly to
higher net interest income of 9%, or $1.3 million, and increases in
noninterest income of 23%, or $704 thousand. Partially offsetting
were higher provisions for loan losses of $140 thousand and
increased overhead expenses of $911 thousand.
Balance Sheet Trends
- Total assets at quarter-end were $547.5 million, up 6%, or
$32.2 million. Total loans grew approximately 8%, or $28.0 million,
to $394.6 million, while continuing to maintain high standards of
credit quality. Net charge-offs to average loans were 0.35%.
- Total deposits of $466.1 million were up $39.9 million, or more
than 9%, which reflects a 15% increase in noninterest-bearing
deposits and nearly 8% increase in interest bearing deposits.
- Federal Home Loan Bank Advances were down $13.7 million given
the strong deposit gathering activities. The average cost of all
interest bearing liabilities increased 24 basis points to 1.19%,
while the average cost of interest bearing deposits increased 30
basis points to 1.10%.
Capital Management
- Book value per share grew 14% to $19.01 at September 30,
2019.
- In September 2019, the Company paid a quarterly cash dividend
of $0.12 per common share. For the year-to-date period, cash
dividends totaled $0.36, up 3%. Southwest Georgia Financial
Corporation or its predecessor, Southwest Georgia Bank, has paid
cash dividends for 91 consecutive years.
Webcast and Conference Call
The Company will host a conference call and webcast on Tuesday,
October 22, 2019 at 1:00 p.m. ET. Management will review the
financial and operating results for the third quarter 2019, 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, October 29, 2019. To
listen to the archived call, dial (412) 317-6671 and enter
conference ID number 13694758, 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 $548 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 and
branch offices located in Baker County, Worth County, Lowndes
County and 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 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.
Financial tables follow.
SOUTHWEST GEORGIA FINANCIAL
CORPORATION
CONSOLIDATED STATEMENT OF
CONDITION
(Dollars in thousands except
per share data)
(Unaudited)
(Audited)
(Unaudited)
September 30,
December 31,
September 30,
2019
2018
2018
ASSETS
Cash and due from banks
$
13,284
$
14,051
$
14,607
Interest-bearing deposits in banks
10,557
21,448
10,911
Certificates of deposit in other banks
2,977
2,732
1,985
Investment securities available for
sale
71,423
58,314
58,576
Investment securities held to maturity
31,167
36,827
36,961
Federal Home Loan Bank stock, at cost
1,715
1,820
2,257
Loans, less unearned income and
discount
394,613
376,750
366,645
Allowance for loan losses
(3,505
)
(3,429
)
(3,078
)
Net loans
391,108
373,321
363,567
Premises and equipment
14,021
14,574
14,188
Bank properties held for sale
0
0
212
Foreclosed assets, net
170
128
128
Intangible assets
0
4
8
Bank owned life insurance
6,880
6,779
6,677
Other assets
4,244
4,835
5,293
Total assets
$
547,544
$
534,833
$
515,370
LIABILITIES AND SHAREHOLDERS'
EQUITY
Deposits:
Interest bearing business checking
$
29,388
$
28,071
$
26,347
NOW accounts
17,875
35,816
20,241
Money market
165,387
158,730
157,631
Savings
33,348
31,849
32,224
Certificates of deposit $250,000 and
over
34,495
16,265
24,625
Other time accounts
70,594
81,214
65,019
Total interest-bearing deposits
351,086
351,945
326,087
Noninterest-bearing deposits
115,051
103,695
100,161
Total deposits
466,138
455,640
426,248
Other borrowings
5,814
10,457
12,171
Long-term debt
23,232
21,171
30,600
Accounts payable and accrued
liabilities
3,961
3,946
3,900
Total liabilities
499,145
491,214
472,919
Shareholders' equity:
Common stock - par value $1; 5,000,000
shares
authorized; 2,545,776 shares issued
(*)
2,546
2,546
2,546
Additional paid-in capital
18,419
18,419
7,207
Retained earnings
27,884
24,841
35,653
Accumulated other comprehensive income
(450
)
(2,187
)
(2,955
)
Total shareholders' equity
48,399
43,619
42,451
Total liabilities and shareholders'
equity
$
547,544
$
534,833
$
515,370
* Common stock - shares outstanding
2,545,776
2,545,776
2,545,776
SOUTHWEST GEORGIA FINANCIAL
CORPORATION
CONSOLIDATED INCOME STATEMENT
(unaudited*)
(Dollars in thousands except
per share data)
For the Three Months
For the Nine Months
Ended September 30,
Ended September 30,
Interest income:
2019*
2018*
2019*
2018*
Interest and fees on loans
$ 5,552
$ 4,876
$ 16,001
$ 13,641
Interest and dividend on securities
available for sale
427
365
1,218
1,059
Interest on securities held to
maturity
224
252
711
791
Dividends
31
45
79
112
Interest on deposits in banks
102
90
402
357
Interest on certificates of deposit in
other banks
19
12
53
35
Total interest income
6,355
5,640
18,465
15,995
Interest expense:
Interest on deposits
975
630
3,000
1,483
Interest on federal funds purchased
0
1
0
1
Interest on other borrowings
26
106
99
339
Interest on long-term debt
150
130
342
383
Total interest expense
1,151
867
3,441
2,206
Net interest income
5,205
4,773
15,041
13,789
Provision for loan losses
379
249
745
605
Net interest income after provision for
losses on loans
4,826
4,524
14,278
13,184
Noninterest income:
Service charges on deposit accounts
234
246
702
737
Income from trust services
55
56
167
178
Income from retail brokerage services
82
90
277
275
Income from insurance services
412
389
1,305
1,194
Income from mortgage banking services
0
1
0
2
Net gain (loss) on the sale or disposition
of assets
(1)
(7)
244
(7)
Net gain on the sale of securities
174
0
174
0
Net gain on extinguishment of debt
0
0
143
0
Other income
235
203
724
653
Total noninterest income
1,192
978
3,736
3,032
Noninterest expense:
Salary and employee benefits
2,443
2,431
7,524
7,160
Occupancy expense
341
336
975
920
Equipment expense
303
207
921
585
Data processing expense
412
383
1,220
1,088
Amortization of intangible assets
0
4
4
12
Other operating expense
722
788
2,542
2,511
Total noninterest expense
4,220
4,149
13,187
12,276
Income before income tax expense
1,797
1,353
4,828
3,940
Provision for income taxes
365
209
869
416
Net income
$ 1,432
$ 1,144
$ 3,959
$ 3,524
Net income per share, basic
$ 0.56
$ 0.45
$ 1.56
$ 1.38
Net income per share, diluted
$ 0.56
$ 0.45
$ 1.56
$ 1.38
Dividends paid per share
$ 0.12
$ 0.12
$ 0.36
$ 0.35
Basic weighted average shares
outstanding
2,545,776
2,545,776
2,545,776
2,545,494
Diluted weighted average shares
outstanding
2,545,776
2,545,776
2,545,776
2,545,494
SOUTHWEST GEORGIA FINANCIAL
CORPORATION
Financial Highlights
(Dollars in thousands except
per share data)
At September 30
2019
2018
Assets
$
547,544
$
515,370
Loans, less unearned income &
discount
$
394,613
$
366,645
Deposits
$
466,138
$
426,248
Shareholders' equity
$
48,399
$
42,451
Three Months Ended
September 30,
Nine Months Ended September
30,
2019
2018
2019
2018
Performance Data & Ratios
Net income
$
1,432
$
1,144
$
3,959
$
3,524
Earnings per share, basic
$
0.56
$
0.45
$
1.56
$
1.38
Earnings per share, diluted
$
0.56
$
0.45
$
1.56
$
1.38
Dividends paid per share
$
0.12
$
0.12
$
0.36
$
0.35
Return on assets
1.04
%
0.90
%
0.97
%
0.93
%
Return on equity
11.92
%
10.74
%
11.43
%
11.20
%
Net interest margin (tax equivalent)
4.08
%
4.08
%
4.01
%
4.01
%
Dividend payout ratio
21.13
%
26.71
%
23.15
%
25.29
%
Efficiency ratio
65.25
%
71.01
%
69.45
%
71.77
%
Asset Quality Data & Ratios
Total nonperforming loans
$
1,918
$
2,123
$
1,918
$
2,123
Total nonperforming assets
$
2,088
$
2,251
$
2,088
$
2,251
Net loan charge offs
$
339
$
364
$
669
$
570
Reserve for loan losses to total loans
0.89
%
0.84
%
0.89
%
0.84
%
Nonperforming loans/total loans
0.49
%
0.58
%
0.49
%
0.58
%
Nonperforming assets/total assets
0.38
%
0.44
%
0.38
%
0.44
%
Net charge offs / average loans
0.35
%
0.40
%
0.23
%
0.22
%
Capital Ratios
Average common equity to average total
assets
8.73
%
8.36
%
8.46
%
8.32
%
Common equity Tier 1 capital ratio
12.25
%
12.14
%
12.25
%
12.14
%
Tier 1 capital ratio
12.25
%
12.14
%
12.25
%
12.14
%
Tier 1 leverage ratio
8.81
%
8.89
%
8.81
%
8.89
%
Total risk based capital ratio
13.14
%
12.96
%
13.14
%
12.96
%
Book value per share
$
19.01
$
16.67
$
19.01
$
16.67
Tangible book value per share
$
19.01
$
16.67
$
19.01
$
16.67
Quarterly
3rd Qtr
2nd Qtr
1st Qtr
4th Qtr
3rd Qtr
Averages
2019
2019
2019
2018
2018
Assets
$
550,737
$
545,292
$
542,361
$
530,054
$
509,416
Loans, less unearned income &
discount
$
389,531
$
383,167
$
377,995
$
373,324
$
356,981
Deposits
$
467,055
$
476,529
$
469,726
$
444,256
$
417,092
Equity
$
48,067
$
46,067
$
44,431
$
42,887
$
42,581
Return on assets
1.04
%
0.95
%
0.91
%
0.85
%
0.90
%
Return on equity
11.92
%
11.27
%
11.06
%
10.48
%
10.74
%
Net income
$
1,432
$
1,298
$
1,229
$
1,123
$
1,144
Net income per share, basic
$
0.56
$
0.51
$
0.48
$
0.44
$
0.45
Net income per share, diluted
$
0.56
$
0.51
$
0.48
$
0.44
$
0.45
Dividends paid per share
$
0.12
$
0.12
$
0.12
$
0.12
$
0.12
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191022005107/en/
Karen T. Boyd Senior Vice President and Treasurer Phone: (229)
873-3837 investorinfo@sgfc.com
Deborah K. Pawlowski Kei Advisors LLC Phone: (716) 843-3908
dpawlowski@keiadvisors.com
Southwest Georgia Financ... (AMEX:SGB)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Southwest Georgia Financ... (AMEX:SGB)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024