EXHIBIT 99.1
FITZGERALD, Ga., Oct. 19, 2007 (PRIME NEWSWIRE) -- Colony Bankcorp, Inc. (Nasdaq:CBAN), today reported quarterly net income of $2,619,000 for the third quarter of 2007, down 0.11 percent from third quarter 2006 net income of $2,622,000. Diluted earnings per share for the third quarter of 2007 were $0.36 per share compared to $0.36 per share for the same year ago period. Annualized return on assets for the quarter was 0.87 percent and return on equity was 12.87 percent, compared to 0.90 percent and 14.45 percent for the same year ago period, respectively. Net interest margin decreased to 3.81 percent for third quarter 2007 from 3.86 percent for second quarter 2007 and due to sluggish loan activity and the flat to slightly inverted yield curve, net interest margin is down from 3.93 percent for third quarter 2006.
Net income for the nine months ended September 30, 2007 was $7,795,000 or $1.08 per share as compared to $7,541,000, or $1.05 per share for the same year ago period. Earnings per share reflect an increase of 2.86 percent from a year ago. Annualized return on assets for the nine months ended September 30, 2007 was 0.87 percent and return on equity was 13.07 percent, compared to 0.88 percent and 14.22 percent for the nine months ended September 30, 2006, respectively.
Total assets increased 2.27 percent to $1,213,270,000 on September 30, 2007 from $1,186,382,000 a year ago. Net loans increased 2.99 percent to $954,066,000 on September 30, 2007 from $926,332,000 a year ago. Total deposits increased 0.24 percent to $1,018,755,000 on September 30, 2007 from $1,016,327,000 a year ago. Shareholders' equity on September 30, 2007 was $82,921,000 and equaled 6.83 percent of total assets.
With the sluggish loan activity year to date and the financial sector experiencing a slowdown in the commercial real estate and housing market, Colony continues to focus on credit quality. The ratio of non-performing assets to loans and other real estate on September 30, 2007 was 0.76 percent as compared to 0.84 percent on September 30, 2006 and 0.96 percent on December 31, 2006. Total nonperforming assets decreased $1,689,000 to $7,359,000 on September 30, 2007 from $9,048,000 on December 31, 2006, or a decrease of 18.67 percent. The third quarter 2007 provision for loan losses were $850,000 compared to $1,021,000 for the same period in 2006, while year to date 2007 provision for loan losses were $2,678,000 compared to $2,990,000 for the same year ago period. Net charge-offs (recoveries) for the quarter were (0.03) percent of average loans, down from 0.04 percent for the third quarter of 2006, while net charge-offs for the nine months ended September 30, 2007 were 0.09 percent, down from 0.14 percent for th e same year ago period. Colony had recoveries on two commercial loans during the quarter that amounted to approximately $670,000. The loan loss reserve of $13,821,000 on September 30, 2007 was 1.43 percent of total loans compared to $12,308,000 or 1.31 percent of total loans on September 30, 2006, which provided coverage of 225.87 percent of non-performing loans and 187.81 percent of non-performing assets, compared to 167.11 percent and 155.46 percent on September 30, 2006, respectively.
During the quarter the board of directors increased the quarterly cash dividend to $0.0925 per share compared to $0.09 per share in the second quarter of 2007 and to the cash dividend of $0.0825 per share in the third quarter of 2006. The third quarter dividend payment represents an increase of 12.12 percent over the dividend payment in third 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 09/30/07 09/30/06 09/30/07 09/30/06
--------- --------- --------- ---------
Net Interest Income $10,793 $10,794 $32,069 $31,407
Provision for Loan Losses 850 1,021 2,678 2,990
Non-interest Income 1,846 1,898 6,012 5,524
Non-interest Expense 7,756 7,680 23,630 22,366
Income Taxes 1,414 1,369 3,978 4,034
Net Income 2,619 2,622 7,795 7,541
Operating Income 2,620 2,622 7,674 7,541
COLONY BANKCORP, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
QUARTER ENDED YEAR-TO-DATE
PER SHARE SUMMARY 09/30/07 09/30/06 09/30/07 09/30/06
--------- --------- --------- ---------
Common Shares
Outstanding 7,204,775 7,190,187 7,204,775 7,190,187
Weighted Average
Diluted Shares 7,202,424 7,181,894 7,198,270 7,177,042
Net Income Per Weighted
Average Diluted Shares $ 0.36 $ 0.36 $ 1.08 $ 1.05
Operating Income Per
Weighted Average
Diluted Shares $ 0.36 $ 0.36 $ 1.07 $ 1.05
Dividends Declared
Per Share $ 0.0925 $ 0.0825 $ 0.27 $ 0.24
QUARTER ENDED YEAR-TO-DATE
OPERATING RATIOS (1) 09/30/07 09/30/06 09/30/07 09/30/06
--------- --------- --------- ---------
Net Interest Margin (a) 3.81% 3.93% 3.79% 3.89%
Return on Average Assets
Based on Net Income 0.87% 0.90% 0.87% 0.88%
Return on Average Assets
Based on Operating Income 0.87% 0.90% 0.85% 0.88%
Return on Average Equity
Based on Net Income 12.87% 14.45% 13.07% 14.22%
Return on Average Equity
Based on Operating Income 12.88% 14.45% 12.86% 14.22%
Efficiency (b) 60.92% 60.17% 61.63% 60.26%
(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.
QUARTER ENDED
ENDING BALANCES 09/30/07 09/30/06
----------- -----------
Total Assets $1,213,270 $1,186,382
Loans, Net of Reserves 954,066 926,332
Allowance for Loan Losses 13,821 12,308
Goodwill 2,412 2,412
Intangible Assets 411 448
Deposits 1,018,755 1,016,327
Stockholders' Equity 82,921 74,352
Book Value Per Share $11.51 $10.34
Tangible Book Value Per Share $11.12 $9.94
Shareholders' Equity to Total Assets 6.83% 6.27%
COLONY BANKCORP, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
QUARTER ENDED YEAR-TO-DATE
AVERAGE BALANCES 09/30/07 09/30/06 09/30/07 09/30/06
---------- ---------- ---------- ---------
Total Assets $1,204,561 $1,164,579 $1,200,717 $1,145,853
Loans, Net
of Reserves 944,431 912,300 930,106 890,616
Deposits 1,014,957 1,002,788 1,022,430 976,570
Stockholders' Equity 81,392 72,592 79,518 70,705
QUARTER ENDED YEAR-TO-DATE
ASSET QUALITY 09/30/07 09/30/06 09/30/07 09/30/06
---------- ---------- ---------- ----------
Nonperforming Loans $ 6,119 $ 7,365 $ 6,119 $ 7,365
Nonperforming Assets 7,359 7,917 7,359 7,917
Net Loan Chg-offs
(Recoveries) (324) 371 846 1,444
Reserve for Loan Loss
to Gross Loans 1.43% 1.31% 1.43% 1.31%
Reserve for Loan Loss to
Non-performing Loans 225.87% 167.11% 225.87% 167.11%
Reserve for Loan Loss to
Non-performing Assets 187.81% 155.46% 187.81% 155.46%
Net Loan Chg-offs
(Recoveries) to Avg.
Gross Loans (0.03)% 0.04% 0.09% 0.14%
Nonperforming Loans to
Gross Loans 0.63% 0.78% 0.63% 0.78%
Nonperforming Assets to
Total Assets 0.61% 0.67% 0.61% 0.67%
Nonperforming Assets to
Loans and Other Real Estate 0.76% 0.84% 0.76% 0.84%
Quarterly Comparative Data (in thousands, except per share data)
3Q2007 2Q2007 1Q2007 4Q2006 3Q2006
Assets $1,213,270 $1,203,777 $1,191,407 $1,213,504 $1,186,382
Loans 954,066 940,786 917,984 929,783 926,332
Deposits 1,018,755 1,021,743 1,024,632 1,042,446 1,016,327
Equity 82,921 79,858 78,553 76,611 74,352
Net Income 2,619 2,702 2,474 2,611 2,622
Net Income
Per Share 0.36 0.38 0.34 0.36 0.36
Dividends
Declared
Per Share 0.0925 0.09 0.0875 0.085 0.0825
Key Performance
Ratios 3Q2007 2Q2007 1Q2007 4Q2006 3Q2006
Return on
Assets 0.87% 0.91% 0.82% 0.87% 0.90%
Return on Equity 12.87% 13.58% 12.76% 13.83% 14.45%
Equity/Assets 6.83% 6.63% 6.59% 6.31% 6.27%
Net Interest
Margin 3.81% 3.86% 3.70% 3.70% 3.93%
Consolidated Balance Sheets Colony Bankcorp, Inc.
(in thousands)
Sept. 30, Sept. 30,
--------- ---------
2007 2006
---- ----
(unaudited) (unaudited)
ASSETS
Cash and Cash Equivalents
Cash and Due from Banks $ 22,405 $ 23,254
Federal Funds Sold 17,129 35,577
39,534 58,831
Interest-Bearing Deposits 3,616 3,156
Investment Securities
Available for Sale, at Fair Value 155,605 140,010
Held for Maturity, at Cost (Fair Value of
$69 and $78 as of Sept. 30, 2007 and
Sept. 30, 2006, Respectively) 69 78
----------- -----------
155,674 140,088
----------- -----------
Federal Home Loan Bank Stock, at Cost 5,533 5,222
----------- -----------
Loans 968,292 939,139
Allowance for Loan Losses (13,821) (12,308)
Unearned Interest and Fees (405) (499)
----------- -----------
954,066 926,332
----------- -----------
Premises and Equipment 27,541 27,558
----------- -----------
Other Real Estate 1,240 552
----------- -----------
Goodwill 2,412 2,412
----------- -----------
Other Intangible Assets 411 448
----------- -----------
Other Assets 23,243 21,783
----------- -----------
Total Assets $1,213,270 $1,186,382
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Noninterest-Bearing $74,158 $72,033
Interest-Bearing 944,597 944,294
----------- -----------
1,018,755 1,016,327
----------- -----------
Borrowed Money
Federal Funds Purchased 476 --
Subordinated Debentures 29,384 24,229
Other Borrowed Money 73,600 63,500
----------- -----------
103,460 87,729
----------- -----------
Other Liabilities 8,134 7,974
----------- -----------
Stockholders' Equity
Common Stock, Par Value $1, Authorized
20,000,000 Shares, Issued 7,204,775 and
7,190,187 Shares as of Sept. 30, 2007 and
Sept. 30, 2006, Respectively 7,205 7,190
Paid in Capital 24,503 24,202
Retained Earnings 52,019 44,417
Restricted Stock-
Unearned Compensation (343) (346)
Accumulated Other Comprehensive
Loss, Net of Tax (463) (1,111)
----------- -----------
82,921 74,352
----------- -----------
Total Liabilities and
Stockholders' Equity $1,213,270 $1,186,382
=========== ===========
Consolidated Statements of Income Colony Bankcorp, Inc.
(in thousands except per share data)
Quarter Year-to-Date
Three Months Ended Nine Months Ended
09/30/07 09/30/06 09/30/07 09/30/06
-------- -------- -------- --------
(unaudited) (unaudited) (unaudited) (unaudited)
Interest Income
Loans,
Including Fees $ 20,735 $ 19,665 $ 60,923 $ 55,070
Federal Funds Sold 237 462 1,204 1,458
Deposits with
Other Banks 36 38 111 92
Investment Securities
U. S. Government
Agencies 1,632 1,370 4,749 3,716
State, County and
Municipal 136 95 407 274
Corporate
Obligations
/Asset-Backed Sec 79 43 205 116
Dividends on
Other Investments 76 75 225 203
----------- ----------- ----------- -----------
22,931 21,748 67,824 60,929
----------- ----------- ----------- -----------
Interest Expense
Deposits 10,853 9,762 32,133 25,938
Federal Funds
Purchased 13 12 50 28
Borrowed Money 1,272 1,180 3,572 3,556
----------- ----------- ----------- -----------
12,138 10,954 35,755 29,522
----------- ----------- ----------- -----------
Net Interest Income 10,793 10,794 32,069 31,407
Provision for
Loan Losses 850 1,021 2,678 2,990
----------- ----------- ----------- -----------
Net Interest Income
After Provision for
Loan Losses 9,943 9,773 29,391 28,417
----------- ----------- ----------- -----------
Noninterest Income
Service Charges
on Deposits 1,224 1,193 3,556 3,380
Other Service Charges,
Commissions and Fees 218 207 703 625
Mortgage Fee Income 225 180 763 516
Securities Gains (2) -- 184 --
Other 181 318 806 1,003
----------- ----------- ----------- -----------
1,846 1,898 6,012 5,524
----------- ----------- ----------- -----------
Noninterest Expense
Salaries and
Employee Benefits 4,464 4,350 13,693 12,676
Occupancy and Equipment 1,025 1,047 3,036 3,035
Other 2,267 2,283 6,901 6,655
----------- ----------- ----------- -----------
7,756 7,680 23,630 22,366
----------- ----------- ----------- -----------
Income Before
Income Taxes 4,033 3,991 11,773 11,575
Income Taxes 1,414 1,369 3,978 4,034
----------- ----------- ----------- -----------
Net Income $ 2,619 $ 2,622 $ 7,795 $ 7,541
=========== =========== =========== ===========
Net Income Per Share
of Common Stock
Basic $ 0.36 $ 0.36 $ 1.08 $ 1.05
=========== =========== =========== ===========
Diluted $ 0.36 $ 0.36 $ 1.08 $ 1.05
=========== =========== =========== ===========
Weighted Average
Basic Shares
Outstanding 7,193,603 7,181,894 7,187,586 7,176,186
=========== =========== =========== ===========
Weighted Average
Diluted Shares
Outstanding 7,202,424 7,181,894 7,198,270 7,177,042
=========== =========== =========== ===========
CONTACT: Colony Bankcorp, Inc.
Terry L. Hester, Chief Financial Officer
(229) 426-6002