Colony Bankcorp Inc.
10/14/2005 | Press release | Archived content
Colony Bankcorp, Inc. Announces Third Quarter Results
FITZGERALD, GA -- (MARKET WIRE) -- 10/14/05 -- Colony Bankcorp, Inc. (NASDAQ: CBAN) today reported record quarterly net income of $2,251,000 for the third quarter of 2005, up 9.43 percent from third quarter 2004 net income of $2,057,000. Diluted earnings per share for the third quarter of 2005 was $0.31 per share compared to $0.29 per share for the same year ago period or an increase of 6.90 percent. Annualized return on assets for the quarter was 0.87 percent and return on equity excluding FASB 115 accounting effect was 13.43 percent, compared to 0.86 percent and 13.71 percent for the same year ago period, respectively. Net interest margin remained flat at 3.82 percent for both quarterly periods.
Net income for the nine months ended September 30, 2005 was $6,672,000 or $0.93 per share as compared to $5,989,000 or $0.84 per share for the same period a year ago. Earnings per share reflect an increase of 10.71 percent from a year ago. Annualized return on assets for the nine months ended September 30, 2005 was 0.88 percent and return on equity excluding FASB 115 accounting effect was 13.65 percent, compared to 0.87 percent and 13.71 percent for the nine months ended September 30, 2004, respectively. Net interest margin remained flat at 3.82 percent for both YTD periods ended September 30, 2005 and September 30, 2004.
Total assets increased 9.47 percent to $1,063,211,000 on September 30, 2005 from $971,278,000 a year ago. Net loans increased 8.38 percent to $831,493,000 on September 30, 2005 from $767,214,000 a year ago. Total deposits increased 9.24 percent to $900,731,000 on September 30, 2005 from $824,509,000 a year ago. Shareholders' equity on September 30, 2005 was $66,893,000 and equaled 6.29 percent of total assets.
The ratio of non-performing assets to loans and other real estate on September 30, 2005 was 1.40 percent as compared to 1.45 percent on September 30, 2004 and 1.27 percent on December 31, 2004. The third quarter 2005 provisions for loan losses were $869,000 compared to $864,000 for the same period in 2004, while year to date 2005 provisions for loan losses were $2,702,000 compared to $2,709,000 for the same period in 2004. Net charge-offs for the quarter were 0.04 percent of average loans, down from 0.06 percent for the third quarter of 2004 and net charge-offs for the nine months ended September 30, 2005 were 0.25 percent, up from 0.15 percent for the same period a year ago. The loan loss reserve of $10,663,000 on September 30, 2005 was 1.27 percent of total loans, which provided coverage of 116.50 percent of non-performing loans and 90.00 percent of non-performing assets, compared to 123.69 percent and 89.38 percent on September 30, 2004, respectively.
During the quarter the board of directors increased the quarterly cash dividend to $0.072 per share compared to $0.07 per share in the second quarter of 2005 and to the cash dividend of $0.064 split-adjusted per share in the third quarter of 2004. The third quarter dividend payment represents an increase of 12.50 percent over the dividend payment in third quarter 2004.
In September, the company announced the opening of a full-service branch in Savannah, Georgia. The new office located at 7011 Hodgson Memorial Drive will serve the Savannah/Chatham County market and will operate under the trade name Colony Bank. Colony Bank has operated a loan production office located in the Landmark Building at 6600 Abercorn Street since March 2004 and will now move that operation to the new facility.
Colony Bankcorp, Inc. is a multi-bank holding company headquartered in Fitzgerald, Georgia, that consists of the following subsidiaries: Colony Bank of Fitzgerald, Colony Bank Wilcox, Colony Bank Ashburn, Colony Bank of Dodge County, Colony Bank Worth, Colony Bank Southeast, Colony Bank Quitman, FSB, Georgia First Mortgage Company and Colony Management Services, Inc. The Company conducts a general full service commercial, consumer and mortgage banking business through twenty-eight offices located in the Central and South Georgia cities of Fitzgerald, Warner Robins, Ashburn, Leesburg, Cordele, Albany, Thomaston, Columbus, Sylvester, Tifton, Moultrie, Douglas, Broxton, Savannah, Eastman, Chester, Soperton, Rochelle, Pitts, Quitman and Valdosta, Georgia.
Colony Bankcorp, Inc. Common Stock is quoted on the Nasdaq National Market under the symbol "CBAN."
Certain statements contained in the preceding release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), notwithstanding that such statements are not specifically identified. In addition, certain statements may be contained in the Company's future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statement of plans and objectives of Colony Bankcorp, Inc. or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes," "anticipates," "expects," "intends," "targeted" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Forward-looking statements speak only as of the date on which such statements are made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.
COLONY BANKCORP, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
QUARTER ENDED YEAR-TO-DATE
EARNINGS SUMMARY 09/30/0509/30/0409/30/0509/30/04
--------- --------- --------- ---------
Net Interest Income $ 9,266 $ 8,573 $ 27,363 $ 24,776
Provision for Loan Losses 869 864 2,702 2,709
Non-interest Income 1,606 1,622 4,808 4,771
Non-interest Expense 6,564 6,255(3) 19,241 17,764(3)
Income Taxes 1,188 1,019 3,556 3,085
Net Income 2,251 2,057 6,672 5,989
Operating Income 2,251 2,077 6,672 6,009
COLONY BANKCORP, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
QUARTER ENDED YEAR-TO-DATE
PER SHARE SUMMARY (2) 09/30/0509/30/0409/30/0509/30/04
--------- --------- --------- ---------
Common Shares Outstanding 7,181,320 7,172,928 7,181,320 7,172,928
Weighted Average Diluted
Shares 7,171,622 7,159,523 7,173,602 7,154,343
Net Income Per Weighted
Average Diluted Shares $ 0.31 $ 0.29 $ 0.93 $ 0.84
Operating Income Per
Weighted Average Diluted
Shares $ 0.31 $ 0.29 $ 0.93 $ 0.84
Dividends Declared Per Share $ 0.072 $ 0.064 $ 0.21 $ 0.186
QUARTER ENDED YEAR-TO-DATE
OPERATING RATIOS (1) 09/30/0509/30/0409/30/0509/30/04
--------- --------- --------- ---------
Net Interest Margin (a) 3.82% 3.82% 3.82% 3.82%
Return on Average Assets
Based on Net Income 0.87% 0.86% 0.88% 0.87%
Return on Average Assets
Based on Operating Income 0.87% 0.87% 0.88% 0.87%
Return on Average Equity
Based on Net Income(b) 13.43% 13.71% 13.65% 13.71%
Return on Average Equity
Based on Operating Income(b) 13.43% 13.84% 13.65% 13.75%
Efficiency (c) 60.05% 60.85% 59.49% 59.80%
QUARTER ENDED
ENDING BALANCES (2) 09/30/0509/30/04
--------- ---------
Total Assets $1,063,211 $ 971,278
Loans Held for Sale 0 1,559
Loans, Net of Reserves 831,493 767,214
Allowance for Loan Losses 10,663 10,114
Intangible Assets 2,957 3,085
Deposits 900,731 824,509
Stockholders' Equity 66,893 60,528
Book Value Per Share $ 9.31 $ 8.44
Tangible Book Value
Per Share $ 8.90 $ 8.01
Shareholders' Equity to
Total Assets 6.29% 6.23%
(1) Annualized.
(2) All Per Share Data has been adjusted to reflect 5-for-4 stock split
effective May 16, 2005.
(3) Includes loss on sale of securities of ($31) for third quarter 2004
and ($31) for YTD 2004.
(a) Computed using fully taxable-equivalent net income.
(b) Excludes FASB 115 accounting effect
(c) Computed by dividing non-interest expense by the sum of fully taxable-
equivalent net interest income and non-interest income and excluding
any security gains/losses.
COLONY BANKCORP, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
QUARTER ENDED YEAR-TO-DATE
AVERAGE BALANCES 09/30/0509/30/0409/30/0509/30/04
--------- --------- --------- ---------
Total Assets $1,033,371 $ 955,525 $1,013,793 $ 918,942
Loans, Net of Reserves 819,698 750,136 798,335 707,840
Deposits 872,363 807,667 859,068 779,765
Stockholders' Equity 66,219 59,533 64,323 58,251
QUARTER ENDED YEAR-TO-DATE
ASSET QUALITY 09/30/0509/30/0409/30/0509/30/04
--------- --------- --------- ---------
Nonperforming Loans $ 9,153 $ 8,177 $ 9,153 $ 8,177
Nonperforming Assets 11,848 11,316 11,848 11,316
Net Loan Chg-offs
(Recoveries) 325 428 2,051 1,111
Reserve for Loan Loss to
Gross Loans 1.27% 1.30% 1.27% 1.30%
Reserve for Loan Loss to
Non-performing Loans 116.50% 123.69% 116.50% 123.69%
Reserve for Loan Loss to
Non-performing Assets 90.00% 89.38% 90.00% 89.38%
Net Loan Chg-offs
(Recoveries) to Avg. Gross
Loans 0.04% 0.06% 0.25% 0.15%
Nonperforming Loans to
Gross Loans 1.09% 1.05% 1.09% 1.05%
Nonperforming Assets to
Total Assets 1.11% 1.17% 1.11% 1.17%
Nonperforming Assets to
Loans and Other Real Estate 1.40% 1.45% 1.40% 1.45%
Quarterly Comparative Data (in thousands, except per share data)
3Q2005 2Q2005 1Q2005 4Q2004 3Q2004
Assets $1,063,211 $1,018,095 $ 995,826 $ 997,286 $ 971,278
Loans 831,493 817,687 788,232 768,632 767,214
Deposits 900,731 859,390 845,753 850,325 824,509
Equity 66,893 65,257 62,784 61,763 60,528
Net Income 2,251 2,247 2,174 2,080 2,057
Net Income Per
Share (2) 0.31 0.31 0.30 0.29 0.29
Dividends
Declared Per
Share (2) 0.072 0.07 0.068 0.066 0.064
Key Performance
Ratios 3Q2005 2Q2005 1Q2005 4Q2004 3Q2004
Return on
Assets 0.87% 0.89% 0.87% 0.84% 0.86%
Return on
Equity* 13.43% 13.77% 13.76% 13.47% 13.71%
Equity/Assets 6.29% 6.41% 6.30% 6.19% 6.23%
Net Interest
Margin 3.82% 3.88% 3.77% 3.77% 3.82%
*Excludes FASB 115 Accounting Effect
(2) All per share data has been adjusted to reflect 5-for-4 stock split
effective May 16, 2005.
Consolidated Balance Sheets Colony Bankcorp, Inc.
(in thousands)
Sept 30, 2005Sept 30, 2004
------------- -------------
(unaudited) (unaudited)
ASSETS
Cash and Cash Equivalents
Cash and Due from Banks $ 23,064 $ 18,792
Federal Funds Sold 43,204 28,128
---------- ----------
66,268 46,920
---------- ----------
Interest-Bearing Deposits 4,233 3,189
Investment Securities
Available for Sale, at Fair Value 107,910 105,036
Held for Maturity, at Cost
(Fair Value of $80 and
$89, Respectively) 80 89
---------- ----------
107,990 105,125
---------- ----------
Federal Home Loan Bank
Stock, at Cost 5,102 3,402
Loans Held for Sale 0 1,559
Loans 842,354 777,363
Allowance for Loan Losses (10,663) (10,114)
Unearned Interest and Fees (198) (35)
---------- ----------
831,493 767,214
---------- ----------
Premises and Equipment 24,461 21,747
Other Real Estate 2,695 3,139
Goodwill 2,412 2,412
Intangible Assets 545 673
Other Assets 18,012 15,898
---------- ----------
Total Assets $1,063,211 $ 971,278
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Noninterest-Bearing $ 66,381 $ 62,042
Interest-Bearing 834,350 762,467
---------- ----------
900,731 824,509
---------- ----------
Borrowed Money
Subordinated Debentures 19,074 19,074
Other Borrowed Money 70,781 62,507
---------- ----------
89,855 81,581
---------- ----------
Other Liabilities 5,732 4,660
Stockholders' Equity
Common Stock, Par Value $1,
Authorized 20,000,000 Shares,
Issued 7,181,320 and 5,738,343
Shares as of September 30, 2005
and September 30, 2004,
Respectively 7,181 5,738
Paid in Capital 24,000 23,713
Retained Earnings 36,834 31,513
Restricted Stock-
Unearned Compensation (358) (250)
Accumulated Other Comprehensive
Income, Net of Taxes (764) (186)
---------- ----------
66,893 60,528
---------- ----------
Total Liabilities and
Stockholders' Equity $1,063,211 $ 971,278
========== ==========
Consolidated Statements of Income Colony Bankcorp, Inc.
(in thousands except per share data)
Quarter Year-to-Date
Three Months Ended Nine Months Ended
09/30/0509/30/0409/30/0509/30/04
---------- ---------- ---------- ----------
(unaudited)(unaudited) (unaudited)(audited)
Interest Income
Loans, including fees $ 15,065 $ 12,256 $ 42,179 $ 34,763
Federal Funds Sold 241 89 669 227
Deposits with Other Banks 23 13 57 59
Investment Securities
U.S. Treasury & Federal
Agencies 782 792 2,420 2,441
State, County and
Municipal 60 63 178 229
Corporate Obligations 36 54 102 222
Dividends on Other
Investments 55 27 136 87
---------- ---------- ---------- ----------
16,262 13,294 45,741 38,028
---------- ---------- ---------- ----------
Interest Expense
Deposits 5,984 3,904 15,531 10,873
Federal Funds Purchased 8 1 15 4
Borrowed Money 670 575 1,914 1,793
Subordinated Debentures 334 241 918 582
---------- ---------- ---------- ----------
6,996 4,721 18,378 13,252
---------- ---------- ---------- ----------
Net Interest Income 9,266 8,573 27,363 24,776
Provision for Loan Losses 869 864 2,702 2,709
---------- ---------- ---------- ----------
Net Interest Income After
Provisions for Loan Losses 8,397 7,709 24,661 22,067
---------- ---------- ---------- ----------
Noninterest Income
Service Charges on Deposits 1,077 1,100 3,057 3,170
Other Service Charges,
Commissions, Fees 186 149 539 413
Mortgage Banking Income 219 281 553 823
Other Income 124 92 659 365
---------- ---------- ---------- ----------
1,606 1,622 4,808 4,771
---------- ---------- ---------- ----------
Noninterest Expense
Salaries and Employee
Benefits 3,580 3,189 10,454 9,433
Occupancy and Equipment 994 940 2,819 2,606
Security Losses, net 0 31 0 31
Other Operating Expenses 1,990 2,095 5,968 5,694
---------- ---------- ---------- ----------
6,564 6,255 19,241 17,764
---------- ---------- ---------- ----------
Income Before Income Taxes 3,439 3,076 10,228 9,074
Income Taxes 1,188 1,019 3,556 3,085
---------- ---------- ---------- ----------
Net Income $ 2,251 $ 2,057 $ 6,672 $ 5,989
========== ========== ========== ==========
Net Income Per Share
of Common Stock
Basic $ 0.32 $ 0.29 $ 0.93 $ 0.84
========== ========== ========== ==========
Diluted $ 0.31 $ 0.29 $ 0.93 $ 0.84
========== ========== ========== ==========
Weighted Average
Basic Shares Outstanding 7,143,741 7,134,803 7,143,741 7,129,773
========== ========== ========== ==========
Weighted Average
Diluted Shares Outstanding 7,171,622 7,159,523 7,173,602 7,154,343
========== ========== ========== ==========
Per Share Data has been adjusted to reflect 5-for-4 stock split effective
May 16, 2005.
Contact: Terry L. Hester Chief Financial Officer (229) 426-6002
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