Southwest Georgia Financial Corp (SGB) has reported an 1.62 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $1.06 million, or $0.42 a share in the quarter, compared with $1.05 million, or $0.41 a share for the same period last year.

Revenue during the quarter grew 3.61 percent to $5.27 million from $5.09 million in the previous year period. Net interest income for the quarter rose 4.42 percent over the prior year period to $4.07 million. Non-interest income for the quarter rose 4.65 percent over the last year period to $1.28 million.

Southwest Georgia Financial Corp has made provision of $0.08 million for loan losses during the quarter, up 150 percent from $0.03 million in the same period last year.

Net interest margin contracted 31 basis points to 3.98 percent in the quarter from 4.29 percent in the last year period. Efficiency ratio for the quarter deteriorated to 70.15 percent from 69.86 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

"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 chief executive officer. "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."

Total assets stood at $470.90 million as on Mar. 31, 2017, up 15.11 percent compared with $409.09 million on Mar. 31, 2016. On the other hand, total liabilities stood at $431.59 million as on Mar. 31, 2017, up 16.15 percent from $371.57 million on Mar. 31, 2016.

Net loans stood at $307.54 million as on Mar. 31, 2017, up 14.88 percent compared with $267.70 million on Mar. 31, 2016. Deposits stood at $393.01 million as on Mar. 31, 2017, up 18.59 percent compared with $331.40 million on Mar. 31, 2016.

Noninterest-bearing deposit liabilities were $128.72 million or 32.75 percent of total deposits on Mar. 31, 2017, compared with $101.19 million or 30.53 percent of total deposits on Mar. 31, 2016.

Investments stood at $112.39 million as on Mar. 31, 2017, up 11.69 percent or $11.76 million from year-ago. Shareholders equity stood at $39.30 million as on Mar. 31, 2017, up 4.75 percent or $1.78 million from year-ago.

Return on assets moved down 10 basis points to 0.91 percent in the quarter from 1.01 percent in the last year period. At the same time, return on equity decreased 39 basis points to 10.91 percent in the quarter from 11.30 percent in the last year period.

Nonperforming assets moved up 1,450.57 percent or $1.26 million to $1.35 million on Mar. 31, 2017 from $0.09 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.29 percent in the quarter, up from 0.02 percent in the last year period.

Tier-1 leverage ratio stood at 8.79 percent for the quarter, down from 9.16 percent for the previous year quarter. Average equity to average assets ratio was 8.38 percent for the quarter, down from 8.94 percent for the previous year quarter. Book value per share was $15.43 for the quarter, up 4.75 percent or $0.70 compared to $14.73 for the same period last year.