Revenue during the quarter grew 8.84 percent to $5.05 million from $4.64 million in the previous year period. Net interest income for the quarter rose 11.83 percent over the prior year period to $4.02 million. Non-interest income for the quarter rose 2.87 percent over the last year period to $1.08 million.

Southwest Georgia Financial Corp has made provision of $0.04 million for loan losses during the quarter, down 68.15 percent from $0.14 million in the same period last year.

Net interest margin contracted 2 basis points to 3.97 percent in the quarter from 3.99 percent in the last year period. Efficiency ratio for the quarter improved to 71.06 percent from 73.99 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

“We are very encouraged with the progress we are making. We achieved a second consecutive record of annual earnings per share with a 20% year-over-year improvement in net income,” commented DeWitt Drew, President and Chief executive officer. “We experienced excellent growth in both our Valdosta and Moultrie markets, and we are currently applying for a branch in Tifton, where our loan production office has seen good results. As we look forward, we expect continued success in strengthening and growing our core markets. Importantly, our balance sheet, with its liability structure, is well positioned to benefit in a rising interest rate environment, although there will be some lag in realizing the benefit of raising rates in our loan portfolio.”

Noninterest-bearing deposit liabilities were $116.65 million or 31.40 percent of total deposits on Dec. 31, 2016, compared with $101.77 million or 30.02 percent of total deposits on Dec. 31, 2015.

Investments stood at $108.17 million as on Dec. 31, 2016, down 3.73 percent or $4.20 million from year-ago. Shareholders equity stood at $38.50 million as on Dec. 31, 2016, up 6.64 percent or $2.40 million from year-ago.

Return on assets moved up 6 basis points to 0.89 percent in the quarter from 0.83 percent in the last year period. At the same time, return on equity increased 107 basis points to 10.23 percent in the quarter from 9.16 percent in the last year period.

Nonperforming assets moved down 77.10 percent or $1.26 million to $0.37 million on Dec. 31, 2016 from $1.63 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.08 percent in the quarter, down from 0.39 percent in the last year period.

Tier-1 leverage ratio stood at 13.03 percent for the quarter, down from 14.09 percent for the previous year quarter. Average equity to average assets ratio was 8.90 percent for the quarter, down from 9.02 percent for the previous year quarter. Book value per share was $15.11 for the quarter, up 6.63 percent or $0.94 compared to $14.17 for the same period last year.