Parent Company Financial Data

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015, and its related condensed statements of operations and cash flows for the years ended are as follows:

Condensed Balance Sheets

as of December 31, 2016 and 2015

(Dollars in thousands)

	2016			2015
ASSETS
Cash	$	940		$	1,919
Investment in consolidated wholly-owned bank
subsidiary, at equity		36,612			33,147
Loans		185			363
Other assets		685			669
Total assets	$	38,422		$	36,098
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 2016 and 2015  issued		4,294			4,294
Additional paid-in capital		31,701			31,701
Retained earnings		30,334			27,370
Accumulated other comprehensive loss		(1,786	)		(1,153	)
Treasury stock, at cost, 1,746,398 for 2016
and 1,745,998 for 2015		(26,121	)		(26,114	)
Total stockholders’ equity		38,422			36,098
Total liabilities and stockholders’ equity	$	38,422		$	36,098

Condensed Statements of Income and Expense

for the years ended December 31, 2016, 2015, and 2014

(Dollars in thousands)

	2016			2015			2014
Income:
Dividend received from bank subsidiary	$	0		$	2,685		$	1,000
Interest income		23			12			10
Total income		23			2,697			1,010
Expenses:
Other		178			141			166
Income before income taxes and equity in
Undistributed income of bank subsidiary		(155	)		2,556			844
Income tax benefit – allocated from
consolidated return		(91	)		(87	)		(88	)
Income before equity in undistributed
income of subsidiary		(64	)		2,643			932
Equity in undistributed income of subsidiary		4,098			731			1,972
Net income		4,034			3,374			2,904
Retained earnings – beginning of year		27,370			25,015			22,926
Cash dividend declared		(1,070	)		(1,019	)		(815	)
Retained earnings – end of year	$	30,334		$	27,370		$	25,015

Condensed Statements of Cash Flows

for the years ended December 31, 2016, 2015, and 2014

(Dollars in thousands)

	2016			2015			2014
Cash flow from operating activities:
Net income	$	4,034		$	3,374		$	2,904
Adjustments to reconcile net income to net
cash used by operating activities:
Equity in undistributed earnings of
Subsidiary		(4,098	)		(731	)		(1,972	)
Changes in:
Other assets		(16	)		(34	)		(68	)
Net cash provided (used) for operating activities		(80	)		2,609			864
Cash flow from investing activities:
Net change in loans		178			(347	)		4
Net cash provided (used) for investing
activities		178			(347	)		4
Cash flow from financing activities:
Cash dividend paid to stockholders		(1,070	)		(1,019	)		(815	)
Payment to repurchase common stock		(7	)		0			0
Net cash used for financing activities		(1,077	)		(1,019	)		(815	)
Increase (decrease) in cash		(979	)		1,243			53
Cash – beginning of year		1,919			676			623
Cash – end of year	$	940		$	1,919		$	676