Friday, Southwest Georgia Financial Corp. (SGB) a holding company for Southwest Georgia Bank that provides community banking services, announced fourth quarter financial results, reporting a narrower net loss from the year-ago quarter.
The Moultrie, Georgia-based company reported net loss for the fourth quarter of $116 thousand or $0.05 per share, narrower than $692 thousand or $0.27 per share for the fourth quarter of 2007.
Net interest income for the quarter was $2.49 million, down from $2.02 million last year, while non-interest income declined to $1.12 million from $1.18 million in the prior year quarter.
Provision for loan losses for the quarter was $825 thousand. The company did not record any provision for loan losses for the fourth quarter of 2007. The company said that the significant increase in the loan loss provision reflected the impact of the charge offs experienced in the quarter.
For the full year, the company reported a net loss of $1.28 million or $0.50 per share, compared to net income of $1.72 million or $0.66 per share in the previous year.
The company's annual net interest income increased to $9.60 million from $8.91 million in the prior year, while non-interest income was $1.48 million, down from $6.72 million last year.
SGB is currently trading at $9.20, up $0.20 or 2.2%, on the AMEX.
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