Parent Company Financial Data

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Data

16. PARENT COMPANY FINANCIAL DATA

Southwest Georgia Financial Corporation’s condensed balance sheets as of December 31, 2015 and 2014, and its related condensed statements of operations and cash flows for the years ended are as follows:

Condensed Balance Sheets

as of December 31, 2015 and 2014

(Dollars in thousands)

	2015			2014
ASSETS
Cash	$	1,919		$	676
Investment in consolidated wholly-owned bank
subsidiary, at equity		33,147			33,008
Loans		363			16
Other assets		669			635
Total assets	$	36,098		$	34,335
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 2015 and 2014  issued		4,294			4,294
Additional paid-in capital		31,701			31,701
Retained earnings		27,370			25,015
Accumulated other comprehensive loss		(1,153	)		(561	)
Treasury stock, at cost, 1,745,998 for 2015
and  2014		(26,114	)		(26,114	)
Total stockholders’ equity		36,098			34,335
Total liabilities and stockholders’ equity	$	36,098		$	34,335

Condensed Statements of Income and Expense

for the years ended December 31, 2015, 2014, and 2013

(Dollars in thousands)

	2015			2014			2013
Income:
Dividend received from bank subsidiary	$	2,685		$	1,000		$	667
Interest income		12			10			5
Total income		2,697			1,010			672
Expenses:
Other		141			166			144
Income before income taxes and equity in
Undistributed income of bank subsidiary		2,556			844			528
Income tax benefit – allocated from
consolidated return		(87	)		(88	)		(66	)
Income before equity in undistributed
income of subsidiary		2,643			932			594
Equity in undistributed income of subsidiary		731			1,972			2,178
Net income		3,374			2,904			2,772
Retained earnings – beginning of year		25,015			22,926			20,664
Cash dividend declared		(1,019	)		(815	)		(510	)
Retained earnings – end of year	$	27,370		$	25,015		$	22,926

Condensed Statements of Cash Flows

for the years ended December 31, 2015, 2014, and 2013

(Dollars in thousands)

	2015			2014			2013
Cash flow from operating activities:
Net income	$	3,374		$	2,904		$	2,772
Adjustments to reconcile net income to net
cash used by operating activities:
Equity in undistributed earnings of
Subsidiary		(731	)		(1,972	)		(2,178	)
Changes in:
Other assets		(34	)		(68	)		(43	)
Net cash provided for operating activities		2,609			864			551
Cash flow from investing activities:
Net change in loans		(347	)		4			40
Net cash provided (used) for investing
activities		(347	)		4			40
Cash flow from financing activities:
Cash dividend paid to stockholders		(1,019	)		(815	)		(510	)
Net cash used for financing
activities		(1,019	)		(815	)		(510	)
Increase in cash		1,243			53			81
Cash – beginning of year		676			623			542
Cash – end of year	$	1,919		$	676		$	623