Profile: Southwest Georgia Financial Corp (SGB.A)
23 Feb 2017
Southwest Georgia Financial Corporation, incorporated on March 12, 1980, is a bank holding company of Southwest Georgia Bank (the Bank). The Company's primary business is providing banking services through the Bank to individuals and businesses principally in the counties, including Colquitt, Baker, Worth, Lowndes, and Tift, as well as the surrounding counties of southwest Georgia. The Bank also owns Empire Financial Services, Inc. (Empire), which is a provider of commercial mortgage banking services. The Bank offers customary banking services, such as consumer and commercial checking accounts, Negotiable Order of Withdrawal (NOW) accounts, savings accounts, certificates of deposit, lines of credit, VISA business accounts, money transfers and mortgage banking services.
The Bank finances commercial and consumer transactions, makes secured and unsecured loans, and provides a range of other banking services. The Bank has a Wealth Strategies division that performs corporate, pension, and personal trust services and acts as trustee, executor, and administrator for estates and as administrator or trustee of various types of employee benefit plans for corporations and other organizations. The Wealth Strategies area has a securities sales department, which offers full-service brokerage services through a third party service provider. The Bank's Southwest Georgia Insurance Services Division offers property and casualty insurance, life, health and disability insurance.
The Bank's consumer and commercial lending operations include various types of credit for the Bank's customers. Secured loans include first and second real estate mortgage loans. The Bank also makes direct installment loans to consumers on both a secured and unsecured basis. Its consumer installment, real estate, including construction and mortgage loans, and commercial, including financial and agricultural loans are approximately 1.4%, 75.4% and 23.2%, respectively, of the Bank's total loan portfolio. The loan portfolio mix consists of over 7.9% loans secured by construction real estate, approximately 34.2% loans secured by commercial real estate, over 27.1% of loans secured by residential real estate, and approximately 6.2% of loans secured by agricultural real estate. Its total net loans are approximately $247.7 million.
The Bank's investment securities consist of securities available for sale and securities held to maturity. The securities available for sale include the United States government agency securities, state and municipal securities, residential mortgage-backed securities, corporate notes and equity securities. The Securities Held to Maturity includes the state and municipal securities and residential mortgage-backed securities. The total investment portfolio is approximately $112.4 million. The Bank's total securities available for sale are approximately $51.4 million and securities held to maturity are over $60.8 million.
Sources of Funds
The Bank's primary source of funds is deposits. The Company offers deposit accounts having a range of interest rates and terms to both consumers and businesses. It offers deposits, including noninterest-bearing demand deposits, interest-bearing deposits, such as money market deposit accounts, savings and time deposits, and other borrowings. Its total average deposits are approximately $331.14 million.
Southwest Georgia Financial Corp
201 1st St SE,
PO Box 3488
MOULTRIE GA 31768-4747