Parent Company Financial Data

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Parent Company Financial Data

16. PARENT COMPANY FINANCIAL DATA

Southwest Georgia Financial Corporation’s condensed balance sheets as of December 31, 2011 and 2010, and its related condensed statements of operations and cash flows for the years ended are as follows:

Condensed Balance Sheets

as of December 31, 2011 and 2010

(Dollars in thousands)

	2011			2010
ASSETS
Cash	$	546		$	1,005
Investment in consolidated wholly-owned bank
subsidiary, at equity		27,344			25,231
Loans		157			101
Other assets		503			439
Total assets	$	28,550		$	26,776
LIABILITIES AND STOCKHOLDERS’ EQUITY
Total liabilities	$	0		$	0
Stockholders’ equity:
Common stock, $1 par value, 5,000,000 shares
authorized, 4,293,835 shares for 2011 and 2010 issued		4,294			4,294
Additional paid-in capital		31,701			31,701
Retained earnings		19,132			17,926
Accumulated other comprehensive income		(463	)		(1,031	)
Treasury stock, at cost, 1,745,998 for 2011
and 2010		(26,114	)		(26,114	)
Total stockholders’ equity		28,550			26,776
Total liabilities and stockholders’ equity	$	28,550		$	26,776

Condensed Statements of Income and Expense

for the years ended December 31, 2011, 2010, and 2009

(Dollars in thousands)

	2011			2010			2009
Income:
Dividend received from bank subsidiary	$	368		$	368		$	577
Interest income		7			6			7
Other		(12	)		94			0
Total income		363			468			584
Expenses:
Other		148			94			135
Income before income taxes and equity in
Undistributed income of bank subsidiary		215			374			449
Income tax expense (benefit) – allocated from
consolidated return		(62	)		(20	)		(50	)
Income before equity in undistributed
income of subsidiary		277			394			499
Equity in undistributed income (loss) of subsidiary		1,184			1,462			1,314
Net income (loss)		1,461			1,856			1,813
Retained earnings – beginning of year		17,926			16,325			14,512
Cash dividend declared		(255	)		(255	)		0
Retained earnings – end of year	$	19,132		$	17,926		$	16,325

Condensed Statements of Cash Flows

for the years ended December 31, 2011, 2010, and 2009

(Dollars in thousands)

		2011			2010			2009
Cash flow from operating activities:
Net income (loss)	$	1,461		$	1,856		$	1,813
Adjustments to reconcile net income to net
cash provided (used) by operating activities:
Equity (deficit) in undistributed earnings of
Subsidiary		(1,552	)		(1,462	)		(1,314	)
Changes in:
Other assets		(57	)		210			(2	)
Net cash provided for operating activities		(148	)		604			497
Cash flow from investing activities:
Net change in loans		(56	)		28			(54	)
Net cash provided (used) for investing
activities		(56	)		28			(54	)
Cash flow from financing activities:
Cash dividend paid to stockholders		(255	)		(255	)		(178	)
Net cash provided (used) for financing
activities		(255	)		(255	)		(178	)
Increase (decrease) in cash		(459	)		377			265
Cash – beginning of year		1,005			628			363
Cash – end of year	$	546		$	1,005		$	628