Exhibit 99.1
NEWS RELEASE | ||
FOR IMMEDIATE RELEASE | ||
Date: | April 9, 2004 9:00 A.M. (ET) | |
Contact: | Terry L. Hester | |
Chief Financial Officer | ||
(229) 426-6002 |
Colony Bankcorp, Inc. Announces First Quarter Results
FITZGERALD, GA., April 9, 2004 — Colony Bankcorp, Inc. (Nasdaq: CBAN), today reported asset growth continued to be good as Colony reached a milestone during the quarter with total assets surpassing $900 million. Total assets increased 15.10% to $922,908,000 on March 31, 2004 from $801,843,000 a year ago. Net loans increased 15.78% to $688,793,000 on March 31, 2004 from $594,897,000 a year ago. Total deposits increased 16.38% to $786,351,000 on March 31, 2004 from $675,671,000 a year ago. Shareholders’ equity on March 31, 2004 was $57,983,000 and equaled 6.28% of total assets.
In addition the company reported record quarterly net income of $1,925,000 for the first quarter of 2004, up 17.02% from first quarter 2003 net income of $1,645,000. On a per share split-adjusted basis, net income was $0.34, up 17.24% from first quarter 2003 net income per share of $0.29. Annualized return on assets for the quarter was 0.87% and return on equity excluding FASB 115 accounting effect was 13.61%, compared to 0.84% and 12.85% for the same year ago period, respectively. Net interest margin reflected an improvement to 3.82% for first quarter 2004 compared to 3.54% for the same year ago period.
The ratio of non-performing assets to loans and other real estate on March 31, 2004 was 1.42% as compared to 1.74% on March 31, 2003 and 1.55% on December 31, 2003. The first quarter provisions for loan losses were $980,000 compared to $649,000 for the same period in 2003. Net charge-offs for the quarter were 0.06% of average loans, up from 0.03% for the first quarter of 2003. The loan loss reserve on March 31, 2004 was 1.30% of total loans, which provided coverage of 137.13% of nonperforming loans and 91.36% of nonperforming assets, compared to 86.89% and 74.36% on March 31, 2003, respectively.
During the quarter the board of directors increased the quarterly cash dividend to $0.075 per share compared to $0.0725 per share in the fourth quarter of 2003 and to the split-adjusted cash dividend of $0.06 per share in the first quarter of 2003. The increase represents an increase of 25% over the dividend payment in first quarter 2003.
Also during the quarter, Colony consummated the acquisition of Flag Bank’s Thomaston office that included the assumption of approximately $36 million in deposits and the purchase of $17 million in loans. In March, Colony announced that its wholly-owned subsidiary, Colony Bank Southeast had opened a Loan Production Office in Savannah, Georgia and that its wholly-owned subsidiary, Colony Bank Ashburn, had opened a new 4,500 square foot banking facility in the Dougherty/Lee County, Georgia market. The new facility will be the third office in the Dougherty/Lee County market.
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-five offices located in the Central, South and Coastal Georgia cities of Fitzgerald, Warner Robins, Ashburn, Leesburg, Cordele, Albany, Thomaston, 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 | 03/31/04 | 03/31/03 | 03/31/04 | 03/31/03 | ||||||||
Net Interest Income | $ | 7,908 | $ | 6,467 | $ | 7,908 | $ | 6,467 | ||||
Provision for Loan Losses | 980 | 649 | 980 | 649 | ||||||||
Non-interest Income | 1,513 | 1,561 | 1,513 | 1,561 | ||||||||
Non-interest Expense | 5,496 | 4,898 | 5,496 | 4,898 | ||||||||
Income Taxes | 1,020 | 836 | 1,020 | 836 | ||||||||
Net Income | 1,925 | 1,645 | 1,925 | 1,645 | ||||||||
Operating Income | 1,925 | 1,645 | 1,925 | 1,645 | ||||||||
QUARTER ENDED | YEAR-TO-DATE | |||||||||||
PER SHARE SUMMARY | 03/31/04 | 03/31/03 | 03/31/04 | 03/31/03 | ||||||||
Common Shares Outstanding** | 5,738,343 | 5,729,227 | 5,738,343 | 5,729,227 | ||||||||
Weighted Average Diluted Shares** | 5,712,080 | 5,716,250 | 5,712,080 | 5,716,250 | ||||||||
Net Income Per Weighted Average Diluted Shares** | $ | 0.34 | $ | 0.29 | $ | 0.34 | $ | 0.29 | ||||
Operating Income Per Weighted Average Diluted Shares ** | $ | 0.34 | $ | 0.29 | $ | 0.34 | $ | 0.29 | ||||
Dividends Declared Per Share** | $ | 0.075 | $ | 0.06 | $ | 0.075 | $ | 0.06 |
QUARTER ENDED | YEAR-TO-DATE | |||||||||||
OPERATING RATIOS (1) | 03/31/04 | 03/31/03 | 03/31/04 | 03/31/03 | ||||||||
Net Interest Margin (a) | 3.82 | % | 3.54 | % | 3.82 | % | 3.54 | % | ||||
Return on Average Assets Based on Net Income | 0.87 | % | 0.84 | % | 0.87 | % | 0.84 | % | ||||
Return on Average Assets Based on Operating Income | 0.87 | % | 0.84 | % | 0.87 | % | 0.84 | % | ||||
Return on Average Equity Based on Net Income(b) | 13.61 | % | 12.85 | % | 13.61 | % | 12.85 | % | ||||
Return on Average Equity Based on Operating Income(b) | 13.61 | % | 12.85 | % | 13.61 | % | 12.85 | % | ||||
Efficiency (c) | 57.89 | % | 60.50 | % | 57.89 | % | 60.50 | % |
QUARTER ENDED | ||||||||
ENDING BALANCES | 03/31/04 | 03/31/03 | ||||||
Total Assets | $ | 922,908 | $ | 801,843 | ||||
Loans Held for Sale | 1,911 | 5,855 | ||||||
Loans, Net of Reserves | 688,793 | 594,897 | ||||||
Allowance for Loan Losses | 9,082 | 7,820 | ||||||
Intangible Assets | 3,142 | 808 | ||||||
Deposits | 786,351 | 675,671 | ||||||
Stockholders’ Equity | 57,983 | 52,484 | ||||||
Book Value Per Share** | $ | 10.10 | $ | 9.16 | ||||
Tangible Book Value Per Share** | $ | 9.56 | $ | 9.02 | ||||
Shareholders’ Equity to Total Assets | 6.28 | % | 6.55 | % |
(1) | Annualized. |
(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. |
** | All per share data has been adjusted to reflect 5-for-4 stock split effected as a 25% stock dividend as of September 1, 2003. |
COLONY BANKCORP, INC
FINANCIAL HIGHLIGHTS (UNAUDITED)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
QUARTER ENDED | YEAR-TO-DATE | |||||||||||
AVERAGE BALANCES | 03/31/04 | 03/31/03 | 03/31/04 | 03/31/03 | ||||||||
Total Assets | $ | 881,257 | $ | 780,642 | $ | 881,257 | $ | 780,642 | ||||
Loans, Net of Reserves | 660,526 | 577,200 | 660,526 | 577,200 | ||||||||
Deposits | 744,359 | 664,245 | 744,359 | 664,245 | ||||||||
Stockholders’ Equity | 57,015 | 52,075 | 57,015 | 52,075 |
QUARTER ENDED | YEAR-TO-DATE | |||||||||||||||
ASSET QUALITY | 03/31/04 | 03/31/03 | 03/31/04 | 03/31/03 | ||||||||||||
Nonperforming Loans | $ | 6,623 | $ | 9,000 | $ | 6,623 | $ | 9,000 | ||||||||
Nonperforming Assets | 9,941 | 10,517 | 9,941 | 10,517 | ||||||||||||
Net Loan Chg-offs (Recoveries) | 414 | 193 | 414 | 193 | ||||||||||||
Reserve for Loan Loss to Gross Loans | 1.30 | % | 1.30 | % | 1.30 | % | 1.30 | % | ||||||||
Reserve for Loan Loss to Non-performing Loans | 137.13 | % | 86.89 | % | 137.13 | % | 86.89 | % | ||||||||
Reserve for Loan Loss to Non-performing Assets | 91.36 | % | 74.36 | % | 91.36 | % | 74.36 | % | ||||||||
Net Loan Chg-offs (Recoveries) to Avg. Gross Loans | 0.06 | % | 0.03 | % | 0.06 | % | 0.03 | % | ||||||||
Nonperforming Loans to Gross Loans | 0.95 | % | 1.49 | % | 0.95 | % | 1.49 | % | ||||||||
Nonperforming Assets to Total Assets | 1.08 | % | 1.31 | % | 1.08 | % | 1.31 | % | ||||||||
Nonperforming Assets to Loans and Other Real Estate | 1.42 | % | 1.74 | % | 1.42 | % | 1.74 | % |
Quarterly Comparative Data (in thousands, except per share data)
1Q2004 | 4Q2003 | 3Q2003 | 2Q2003 | 1Q2003 | |||||||||||
Assets | $ | 922,908 | $ | 868,606 | $ | 831,384 | $ | 819,757 | $ | 801,843 | |||||
Loans | 688,793 | 645,661 | 642,969 | 623,356 | 594,897 | ||||||||||
Deposits | 786,351 | 732,318 | 697,805 | 688,641 | 675,671 | ||||||||||
Equity | 57,983 | 55,976 | 54,449 | 54,055 | 52,484 | ||||||||||
Net Income | 1,925 | 1,787 | 1,719 | 1,665 | 1,645 | ||||||||||
Net Income Per Share* | 0.34 | 0.31 | 0.30 | 0.29 | 0.29 | ||||||||||
Dividends Declared Per Share* | 0.075 | 0.0725 | 0.07 | 0.068 | 0.06 |
* | All per share data has been adjusted to reflect 5-for-4 stock split effected as a 25% stock dividend on September 1, 2003. |
Key Performance Ratios | 1Q2004 | 4Q2003 | 3Q2003 | 2Q2003 | 1Q2003 | ||||||||||
Return on Assets | 0.87 | % | 0.84 | % | 0.83 | % | 0.83 | % | 0.84 | % | |||||
Return on Equity* | 13.61 | % | 12.92 | % | 12.75 | % | 12.65 | % | 12.85 | % | |||||
Equity/Assets | 6.28 | % | 6.45 | % | 6.55 | % | 6.60 | % | 6.55 | % | |||||
Net Interest Margin | 3.82 | % | 3.76 | % | 3.67 | % | 3.62 | % | 3.54 | % |
* | Excludes FASB 115 Accounting Effect |
Consolidated Balance Sheets Colony Bankcorp, Inc.
(in thousands)
March 31, 2004 | March 31, 2003 | |||||||
(unaudited) | (unaudited) | |||||||
ASSETS | ||||||||
Cash and Balances Due from Depository Institutions | $ | 19,428 | $ | 19,708 | ||||
Interest-Bearing Deposits | 9,446 | 16,131 | ||||||
Federal Funds Sold | 44,544 | 39,283 | ||||||
Investment Securities | ||||||||
Available for Sale, at Fair Value | 114,738 | 88,800 | ||||||
Held for Maturity, at Cost (Fair Value of $91 and $98, Respectively) | 91 | 98 | ||||||
114,829 | 88,898 | |||||||
Federal Home Loan Bank Stock, at Cost | 3,030 | 3,054 | ||||||
Loans Held for Sale | 1,911 | 5,855 | ||||||
Loans | 697,909 | 602,767 | ||||||
Allowance for Loan Losses | (9,082 | ) | (7,820 | ) | ||||
Unearned Interest and Fees | (34 | ) | (50 | ) | ||||
688,793 | 594,897 | |||||||
Premises and Equipment | 20,251 | 17,539 | ||||||
Other Real Estate | 3,318 | 1,517 | ||||||
Goodwill | 2,392 | 448 | ||||||
Intangible Assets | 750 | 360 | ||||||
Other Assets | 14,216 | 14,153 | ||||||
Total Assets | $ | 922,908 | $ | 801,843 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Deposits | ||||||||
Noninterest-Bearing | $ | 66,484 | $ | 55,243 | ||||
Interest-Bearing | 719,867 | 620,428 | ||||||
786,351 | 675,671 | |||||||
Borrowed Money | ||||||||
Subordinated Debentures | 14,434 | 14,434 | ||||||
Other Borrowed Money | 59,124 | 54,351 | ||||||
73,558 | 68,785 | |||||||
Other Liabilities | 5,016 | 4,903 | ||||||
Stockholders’ Equity | ||||||||
Common Stock, Par Value $1, Authorized 20,000,000 Shares, Issued 5,738,343 and 4,583,382 Shares as of March 31, 2004 and March 31, 2003, Respectively | 5,738 | 4,583 | ||||||
Paid in Capital | 23,713 | 23,511 | ||||||
Retained Earnings | 28,352 | 24,043 | ||||||
Restricted Stock- Unearned Compensation | (327 | ) | (215 | ) | ||||
Accumulated Other Comprehensive Income, Net of Taxes | 507 | 562 | ||||||
57,983 | 52,484 | |||||||
Total Liabilities and Stockholders’ Equity | $ | 922,908 | $ | 801,843 | ||||
Consolidated Statements of Income Colony Bankcorp, Inc.
(in thousands except per share data)
Quarter Three Months Ended | Year-to-Date Three Months Ended | |||||||||||
03/31/04 | 03/31/03 | 03/31/04 | 03/31/03 | |||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||
Interest Income | ||||||||||||
Loans, including fees | $ | 10,970 | $ | 10,455 | $ | 10,970 | $ | 10,455 | ||||
Federal Funds Sold | 84 | 123 | 84 | 123 | ||||||||
Deposits with Other Banks | 26 | 34 | 26 | 34 | ||||||||
Investment Securities | ||||||||||||
U.S. Treasury & Federal Agencies | 844 | 575 | 844 | 575 | ||||||||
State, County and Municipal | 86 | 83 | 86 | 83 | ||||||||
Other Investments | 84 | 117 | 84 | 117 | ||||||||
Dividends on Other Investments | 26 | 36 | 26 | 36 | ||||||||
Other Interest Income | 8 | 9 | 8 | 9 | ||||||||
12,128 | 11,432 | 12,128 | 11,432 | |||||||||
Interest Expense | ||||||||||||
Deposits | 3,432 | 4,279 | 3,432 | 4,279 | ||||||||
Federal Funds Purchased | 0 | 0 | 0 | 0 | ||||||||
Borrowed Money | 619 | 510 | 619 | 510 | ||||||||
Subordinated Debentures | 169 | 176 | 169 | 176 | ||||||||
4,220 | 4,965 | 4,220 | 4,965 | |||||||||
Net Interest Income | 7,908 | 6,467 | 7,908 | 6,467 | ||||||||
Provision for Loan Losses | 980 | 649 | 980 | 649 | ||||||||
Net Interest Income After Provisions for Loan Losses | 6,928 | 5,818 | 6,928 | 5,818 | ||||||||
Noninterest Income | ||||||||||||
Service Charges on Deposits | 993 | 856 | 993 | 856 | ||||||||
Other Service Charges, Commissions & Fees | 274 | 277 | 274 | 277 | ||||||||
Security Gains, net | 0 | 0 | 0 | 0 | ||||||||
Other Income | 246 | 428 | 246 | 428 | ||||||||
1,513 | 1,561 | 1,513 | 1,561 | |||||||||
Noninterest Expense | ||||||||||||
Salaries and Employee Benefits | 3,019 | 2,745 | 3,019 | 2,745 | ||||||||
Occupancy and Equipment | 797 | 762 | 797 | 762 | ||||||||
Other Operating Expenses | 1,680 | 1,391 | 1,680 | 1,391 | ||||||||
5,496 | 4,898 | 5,496 | 4,898 | |||||||||
Income Before Income Taxes | 2,945 | 2,481 | 2,945 | 2,481 | ||||||||
Income Taxes | 1,020 | 836 | 1,020 | 836 | ||||||||
Net Income | $ | 1,925 | $ | 1,645 | $ | 1,925 | $ | 1,645 | ||||
Net Income Per Share of Common Stock | ||||||||||||
Basic | $ | 0.34 | $ | 0.29 | $ | 0.34 | $ | 0.29 | ||||
Diluted | $ | 0.34 | $ | 0.29 | $ | 0.34 | $ | 0.29 | ||||
Weighted Average Basic Shares Outstanding | 5,695,614 | 5,695,000 | 5,695,614 | 5,695,000 | ||||||||
Weighted Average Diluted Shares Outstanding | 5,712,080 | 5,716,250 | 5,712,080 | 5,716,250 | ||||||||
All per share data has been adjusted to reflect a 5-for-4 stock split effected as a 25% stock dividend on September 1, 2003.