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Southwest Georgia Financial Corporation
Southwest Georgia Financial Corporation Announces Fourth Quarter and Year End 2008 Results
MOULTRIE, Ga., Jan. 30, 2009 (GLOBE NEWSWIRE) -- Southwest Georgia Financial Corporation (NYSE Alternext:SGB), a full service community bank holding company, today reported a net loss for the fourth quarter of 2008 of $116 thousand, or $0.05 per diluted share, measurably improved when compared with a net loss of $692 thousand, or $0.27 per diluted share for the fourth quarter of 2007. Return on average equity was negative 2.02% for the quarter compared with negative 9.91% for the same period in 2007. Return on average assets for the quarter was negative 0.17%, compared with a return of negative 0.99% for the fourth quarter of 2007. Fourth quarter results were negatively impacted by a $785 thousand partial charge-off related to a large commercial real estate loan and an $825 thousand provision for loan losses.