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Subsequent Events
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

21. SUBSEQUENT EVENTS

 

On February 26, 2020, Southwest Georgia Financial Corporation declared a quarterly cash dividend of $0.12 per common share. The dividend was paid on March 19, 2020, to shareholders of record on March 9, 2020.

 

In February 2020, the Corporation began the process of settlement of its defined benefit pension plan. As part of this process, an additional contribution was made. These transactions resulted in a charge of $3.4 million to expense.

 

In early 2020, an outbreak of a novel strain of coronavirus (COVID-19) emerged globally. As a result, events have occurred domestically in the United States and globally, including mandates from federal, state and local authorities, leading to an overall decline in economic activity. The ultimate impact of COVID-19 on the financial performance of the Company cannot be reasonably estimated at this time.

 

The Corporation performed an evaluation of subsequent events through March 26, 2020, the date upon which the Corporation’s financial statements were available for issue. The Corporation has not evaluated subsequent events after this date.