EXHIBIT 99.1
FITZGERALD, Ga., July 20, 2007 (PRIME NEWSWIRE) -- Colony Bankcorp, Inc. (Nasdaq:CBAN), today reported record quarterly net income of $2,702,000 for the second quarter of 2007, up 3.52 percent from second quarter 2006 net income of $2,610,000. Diluted earnings per share for the second quarter of 2007 were $0.38 per share compared to $0.36 per share for the same year ago period or an increase of 5.56 percent. Annualized return on assets for the quarter was 0.91 percent and return on equity was 13.58 percent, compared to 0.90 percent and 14.80 percent for the same year ago period, respectively. Net interest margin improved to 3.86 percent for second quarter 2007 from 3.70 percent for first quarter 2007; however, due to sluggish loan activity and the flat to slightly inverted yield curve, net interest margin is below the 3.95 percent for second quarter 2006.
Net income for the six months ended June 30, 2007 was $5,176,000 or $0.72 per share as compared to $4,919,000, or $0.69 per share for the same year ago period. Earnings per share reflect an increase of 4.35 percent from a year ago. Annualized return on assets for the six months ended June 30, 2007 was 0.86 percent and return on equity was 13.17 percent, compared to 0.87 percent and 14.10 percent for the six months ended June 30, 2006, respectively.
Total assets increased 2.96 percent to $1,203,777,000 on June 30, 2007 from $1,169,161,000 a year ago. Net loans increased 4.44 percent to $940,786,000 on June 30, 2007 from $900,781,000 a year ago. Total deposits increased 1.66 percent to $1,021,743,000 on June 30, 2007 from $1,005,086,000 a year ago. Shareholders' equity on June 30, 2007 was $79,858,000 and equaled 6.63 percent of total assets.
The company's focus on credit quality resulted in an outstanding quarter as the ratio of non-performing assets to loans and other real estate on June 30, 2007 was 0.72 percent as compared to 1.00 percent on June 30, 2006 and 0.96 percent on December 31, 2006. Total nonperforming assets decreased $2,183,000 to $6,865,000 on June 30, 2007 from $9,048,000 on December 31, 2006, or a decrease of 24.13 percent. The second quarter 2007 provision for loan losses were $914,000 compared to $1,047,000 for the same period in 2006, while year to date 2007 provision for loan losses were $1,828,000 compared to $1,969,000 for the same year ago period. Net charge-offs for the quarter were 0.05 percent of average loans, up from 0.02 percent for the second quarter of 2006, while net charge-offs for the six months ended June 30, 2007 were 0.13 percent, up from 0.12 percent for the same year ago period. The loan loss reserve of $12,647,000 on June 30, 2007 was 1.33 percent of total loans, which provided coverage of 232.87 percen t of non-performing loans and 184.22 percent of non-performing assets, compared to 187.43 percent and 127.34 percent on June 30, 2006, respectively.
During the quarter the board of directors increased the quarterly cash dividend to $0.09 per share compared to $0.0875 per share in the first quarter of 2007 and to the cash dividend of $0.08 per share in the second quarter of 2006. The second quarter dividend payment represents an increase of 12.50 percent over the dividend payment in second quarter 2006.
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-nine offices located in the middle and south Georgia cities of Fitzgerald, Warner Robins, Centerville, 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 06/30/07 06/30/06 06/30/07 06/30/06
-------- -------- -------- --------
Net Interest Income $ 10,825 $ 10,680 $ 21,276 $ 20,613
Provision for Loan
Losses 914 1,047 1,828 1,969
Non-interest Income 2,056 2,018 4,166 3,626
Non-interest Expense 7,965 7,599 15,874 14,686
Income Taxes 1,300 1,442 2,564 2,665
Net Income 2,702 2,610 5,176 4,919
Operating Income 2,701 2,610 5,053 4,919
COLONY BANKCORP, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
QUARTER ENDED YEAR-TO-DATE
06/30/07 06/30/06 06/30/07 06/30/06
--------- --------- --------- ---------
PER SHARE SUMMARY
Common Shares
Outstanding 7,204,775 7,190,535 7,204,775 7,190,535
Weighted Average
Diluted Shares 7,197,645 7,177,367 7,196,193 7,175,018
Net Income Per
Weighted Average
Diluted Shares $ 0.38 $ 0.36 $ 0.72 $ 0.69
Operating Income Per
Weighted Average
Diluted Shares $ 0.38 $ 0.36 $ 0.70 $ 0.69
Dividends Declared
Per Share $ 0.09 $ 0.08 $ 0.1775 $ 0.1575
OPERATING RATIOS (1)
Net Interest
Margin (a) 3.86% 3.95% 3.78% 3.87%
Return on Average Assets
Based on Net Income 0.91% 0.90% 0.86% 0.87%
Return on Average Assets
Based on Operating Income 0.91% 0.90% 0.84% 0.87%
Return on Average Equity
Based on Net Income 13.58% 14.80% 13.17% 14.10%
Return on Average Equity
Based on Operating
Income 13.57% 14.80% 12.86% 14.10%
Efficiency (b) 61.40% 59.58% 61.98% 60.31%
QUARTER ENDED
ENDING BALANCES 06/30/07 06/30/06
-------- --------
Total Assets $1,203,777 $1,169,161
Loans Held for Sale 380 --
Loans, Net of Reserves 940,406 900,781
Allowance for Loan Losses 12,647 11,658
Goodwill 2,412 2,412
Intangible Assets 420 469
Deposits 1,021,743 1,005,086
Stockholders' Equity 79,858 71,051
Book Value Per Share $ 11.08 $ 9.88
Tangible Book Value Per Share $ 10.69 $ 9.48
Shareholders' Equity to Total Assets 6.63% 6.08%
(1) Annualized.
(a) Computed using fully taxable-equivalent net income.
(b) 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
06/30/07 06/30/06 06/30/07 06/30/06
---------- ---------- ---------- ----------
AVERAGE BALANCES
Total Assets $1,192,780 $1,154,272 $1,198,792 $1,133,050
Loans, Net of
Reserves 929,996 896,880 922,854 879,648
Deposits 1,019,149 981,730 1,026,235 963,305
Stockholders'
Equity 79,599 70,543 78,580 69,751
ASSET QUALITY
Nonperforming
Loans $ 5,431 $ 6,220 $ 5,431 $ 6,220
Nonperforming
Assets 6,865 9,155 6,865 9,155
Net Loan Chg-offs
(Recoveries) 437 149 1,170 1,073
Reserve for Loan Loss
to Gross Loans 1.33% 1.28% 1.33% 1.28%
Reserve for Loan Loss
to Non-performing
Loans 232.87% 187.43% 232.87% 187.43%
Reserve for Loan Loss
to Non-performing
Assets 184.22% 127.34% 184.22% 127.34%
Net Loan Chg-offs
(Recoveries) to Avg
Gross Loans 0.05% 0.02% 0.13% 0.12%
Nonperforming Loans to
Gross Loans 0.57% 0.68% 0.57% 0.68%
Nonperforming Assets to
Total Assets 0.57% 0.78% 0.57% 0.78%
Nonperforming Assets to
Loans and Other Real
Estate 0.72% 1.00% 0.72% 1.00%
Quarterly Comparative Data (in thousands, except per share data)
2Q2007 1Q2007 4Q2006 3Q2006 2Q2006
---------- ---------- ---------- ---------- ----------
Assets $1,203,777 $1,191,407 $1,213,504 $1,186,382 $1,169,161
Loans 940,786 917,984 929,783 926,332 900,781
Deposits 1,021,743 1,024,632 1,042,446 1,016,327 1,005,086
Equity 79,858 78,553 76,611 74,352 71,051
Net Income 2,702 2,474 2,611 2,622 2,610
Net Income
Per
Share (1) 0.38 0.34 0.36 0.36 0.36
Dividends
Declared
Per
Share (1) 0.09 0.0875 0.085 0.0825 0.08
Key Performance Ratios
2Q2007 1Q2007 4Q2006 3Q2006 2Q2006
------ ------ ------ ------ ------
Return on Assets 0.91% 0.82% 0.87% 0.90% 0.90%
Return on Equity 13.58% 12.76% 13.83% 14.45% 14.80%
Equity/Assets 6.63% 6.59% 6.31% 6.27% 6.08%
Net Interest Margin 3.86% 3.70% 3.70% 3.93% 3.95%
Consolidated Balance Sheets Colony Bankcorp, Inc.
(in thousands)
June 30,
------------------------
2007 2006
---------- ----------
ASSETS (unaudited)
Cash and Cash Equivalents
Cash and Due from Banks $ 28,128 $ 22,554
Federal Funds Sold 16,705 51,830
---------- ----------
44,833 74,384
---------- ----------
Interest-Bearing Deposits 2,199 2,914
---------- ----------
Investment Securities
Available for Sale, at Fair Value 155,305 130,155
Held for Maturity, at Cost (Fair Value of
$67 and $75 as of June 30, 2007 and
June 30, 2006, Respectively) 67 75
---------- ----------
155,372 130,230
---------- ----------
Federal Home Loan Bank Stock, at Cost 5,465 5,109
---------- ----------
Loans Held for Sale 380 --
---------- ----------
Loans 953,494 912,913
Allowance for Loan Losses (12,647) (11,658)
Unearned Interest and Fees (441) (474)
---------- ----------
940,406 900,781
---------- ----------
Premises and Equipment 27,607 27,651
---------- ----------
Other Real Estate 1,434 2,935
---------- ----------
Goodwill 2,412 2,412
---------- ----------
Other Intangible Assets 420 469
---------- ----------
Other Assets 23,249 22,276
---------- ----------
Total Assets $1,203,777 $1,169,161
---------- ----------
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Noninterest-Bearing $ 75,069 $ 73,624
Interest-Bearing 946,674 931,462
---------- ----------
1,021,743 1,005,086
---------- ----------
Borrowed Money
Federal Funds Purchased 900 --
Subordinated Debentures 24,229 24,229
Other Borrowed Money 69,500 62,117
---------- ----------
94,629 86,346
---------- ----------
Other Liabilities 7,547 6,678
---------- ----------
Stockholders' Equity
Common Stock, Par Value $1, Authorized
20,000,000 Shares, Issued 7,204,775 and
7,190,535 Shares as of June 30, 2007 and
June 30, 2006, Respectively 7,205 7,191
Paid in Capital 24,503 24,210
Retained Earnings 50,066 42,388
Restricted Stock- Unearned Compensation (411) (418)
Accumulated Other Comprehensive Loss,
Net of Tax (1,505) (2,320)
---------- ----------
79,858 71,051
---------- ----------
Total Liabilities and Stockholders' Equity $1,203,777 $1,169,161
========== ==========
Consolidated Statements of Income Colony Bankcorp, Inc.
(in thousands except per share data)
(unaudited)
Quarter Year-to-Date
Three Months Ended Six Months Ended
06/30/07 06/30/06 06/30/07 06/30/06
---------- --------- --------- ---------
Interest Income
Loans, Including
Fees $ 20,420 $ 18,652 $ 40,188 $ 35,405
Federal Funds Sold 336 517 967 996
Deposits with Other
Banks 34 36 75 54
Investment Securities
U. S. Government
Agencies 1,573 1,182 3,117 2,346
State, County and
Municipal 137 88 271 179
Corporate Obligations/
Asset-Backed Sec. 63 37 126 73
Dividends on Other
Investments 73 69 149 128
--------- --------- --------- ---------
22,636 20,581 44,893 39,181
--------- --------- --------- ---------
Interest Expense
Deposits 10,673 8,662 21,280 16,176
Federal Funds Purchased 31 7 37 16
Borrowed Money 1,107 1,232 2,300 2,376
--------- --------- --------- ---------
11,811 9,901 23,617 18,568
--------- --------- --------- ---------
Net Interest Income 10,825 10,680 21,276 20,613
Provision for Loan
Losses 914 1,047 1,828 1,969
--------- --------- --------- ---------
Net Interest Income
After Provision for
Loan Losses 9,911 9,633 19,448 18,644
--------- --------- --------- ---------
Noninterest Income
Service Charges on
Deposits 1,214 1,155 2,332 2,187
Other Service Charges,
Commissions and Fees 239 203 485 418
Mortgage Fee Income 286 213 538 336
Securities Gains 2 -- 186 --
Other 315 447 625 685
--------- --------- --------- ---------
2,056 2,018 4,166 3,626
--------- --------- --------- ---------
Noninterest Expense
Salaries and Employee
Benefits 4,687 4,247 9,229 8,326
Occupancy and Equipment 1,010 1,003 2,011 1,988
Other 2,268 2,349 4,634 4,372
--------- --------- --------- ---------
7,965 7,599 15,874 14,686
--------- --------- --------- ---------
Income Before Income
Taxes 4,002 4,052 7,740 7,584
Income Taxes 1,300 1,442 2,564 2,665
--------- --------- --------- ---------
Net Income $ 2,702 $ 2,610 $ 5,176 $ 4,919
========= ========= ========= =========
Net Income Per Share
of Common Stock
Basic $ 0.38 $ 0.36 $ 0.72 $ 0.69
========= ========= ========= =========
Diluted $ 0.38 $ 0.36 $ 0.72 $ 0.69
========= ========= ========= =========
Weighted Average
Basic Shares
Outstanding 7,187,587 7,176,258 7,184,576 7,173,332
========= ========= ========= =========
Weighted Average
Diluted Shares
Outstanding 7,197,645 7,177,367 7,196,193 7,175,018
========= ========= ========= =========
CONTACT: Colony Bankcorp, Inc.
Terry L. Hester, Chief Financial Officer
(229) 426-6002