Colony Bankcorp Inc.
07/21/2006 | Press release | Archived content
Colony Bankcorp, Inc. Announces Second Quarter Results
FITZGERALD, GA -- (MARKET WIRE) -- 07/21/06 -- Colony Bankcorp, Inc. (NASDAQ: CBAN) today reported record quarterly net income of $2,610,000 for the second quarter of 2006, up 16.15 percent from second quarter 2005 net income of $2,247,000. Diluted earnings per share for the second quarter of 2006 was $0.36 per share compared to $0.31 per share for the same year ago period or an increase of 16.13 percent. Annualized return on assets for the quarter was 0.90 percent and return on equity excluding FASB 115 accounting effect was 14.37 percent, compared to 0.89 percent and 13.77 percent for the same year ago period, respectively. Net interest margin increased to 3.95 percent for second quarter 2006 compared to 3.88 percent for the same year ago period and 3.80 percent for first quarter 2006. Recovery of non-accrual interest on one large agricultural credit positively impacted second quarter 2006 net interest margin by six basis points.
Net income for the six months ended June 30, 2006 was $4,919,000 or $0.69 per share as compared to $4,421,000, or $0.62 per share for the same year ago period. Earnings per share reflect an increase of 11.29 percent from a year ago. Annualized return on assets for the six months ended June 30, 2006 was 0.87 percent and return on equity excluding FASB 115 accounting effect was 13.76 percent, compared to 0.88 percent and 13.77 percent for the six months ended June 30, 2005, respectively.
Total assets increased 14.84 percent to $1,169,161,000 on June 30, 2006 from $1,018,095,000 a year ago. Net loans increased 10.16 percent to $900,781,000 on June 30, 2006 from $817,687,000 a year ago. Total deposits increased 16.95 percent to $1,005,086,000 on June 30, 2006 from $859,390,000 a year ago. Shareholders' equity on June 30, 2006 was $71,051,000 and equaled 6.08 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, 2006 was 1.00 percent as compared to 1.48 percent on June 30, 2005 and 1.25 percent on December 31, 2005. The second quarter 2006 provision for loan losses were $1,047,000 compared to $1,025,000 for the same period in 2005, while year to date 2006 provision for loan losses were $1,969,000 compared to $1,833,000 for the same year ago period. Net charge-offs for the quarter were 0.02 percent of average loans, down from 0.13 percent for the second quarter of 2005, while net charge-offs for the six months ended June 30, 2006 were 0.12 percent, down from 0.22 percent for the same year ago period. The loan loss reserve of $11,658,000 on June 30, 2006 was 1.28 percent of total loans, which provided coverage of 187.43 percent of non-performing loans and 127.34 percent of non-performing assets, compared to 106.76 percent and 82.44 percent on June 30, 2005, respectively.
During the quarter the board of directors increased the quarterly cash dividend to $0.08 per share compared to $0.0775 per share in the first quarter of 2006 and to the cash dividend of $0.07 per share in the second quarter of 2005. The second quarter dividend payment represents an increase of 14.29 percent over the dividend payment in second quarter 2005.
In June, the company was recognized as one of Georgia's top-performing companies when the Atlanta Journal-Constitution announced its annual ranking of public companies based in Georgia. The thirteenth annual list, based on 2005 data, ranked Colony Bankcorp, Inc. 79th on the list and was the seventh consecutive year that Colony has been recognized.
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, 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 06/30/06 06/30/05 06/30/06 06/30/05
-------- -------- -------- --------
Net Interest Income $ 10,680 $ 9,245 $ 20,613 $ 18,097
Provision for Loan Losses 1,047 1,025 1,969 1,833
Non-interest Income 2,018 1,499 3,626 3,101
Non-interest Expense 7,599 6,292 14,686 12,576
Income Taxes 1,442 1,180 2,665 2,368
Net Income 2,610 2,247 4,919 4,421
Operating Income 2,610 2,247 4,919 4,421
COLONY BANKCORP, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
QUARTER ENDED YEAR-TO-DATE
PER SHARE SUMMARY (2) 06/30/06 06/30/05 06/30/06 06/30/05
-------- -------- -------- --------
Common Shares Outstanding 7,190,535 7,181,882 7,190,735 7,181,882
Weighted Average Diluted Shares 7,177,367 7,169,617 7,175,018 7,170,122
Net Income Per Weighted
Average Diluted Shares $ 0.36 $ 0.31 $ 0.69 $ 0.62
Operating Income Per Weighted
Average Diluted Shares $ 0.36 $ 0.31 $ 0.69 $ 0.62
Dividends Declared Per Share $ 0.08 $ 0.07 $ 0.1575 $ 0.138
QUARTER ENDED YEAR-TO-DATE
OPERATING RATIOS (1) 06/30/06 06/30/05 06/30/06 06/30/05
-------- -------- -------- --------
Net Interest Margin (a) 3.95% 3.88% 3.87% 3.83%
Return on Average Assets
Based on Net Income 0.90% 0.89% 0.87% 0.88%
Return on Average Assets
Based on Operating Income 0.90% 0.89% 0.87% 0.88%
Return on Average Equity
Based on Net Income(b) 14.37% 13.77% 13.76% 13.77%
Return on Average Equity
Based on Operating Income(b) 14.37% 13.77% 13.76% 13.77%
Efficiency (c) 59.58% 58.25% 60.31% 59.02%
QUARTER ENDED
ENDING BALANCES (2) 06/30/06 06/30/05
-------- --------
Total Assets $ 1,169,161 $ 1,018,095
Loans, Net of Reserves 900,781 817,687
Allowance for Loan Losses 11,658 10,119
Goodwill 2,412 2,412
Intangible Assets 469 571
Deposits 1,005,086 859,390
Stockholders' Equity 71,051 65,257
Book Value Per Share $ 9.88 $ 9.09
Tangible Book Value Per Share $ 9.48 $ 8.67
Shareholders' Equity to Total Assets 6.08% 6.41%
(1) Annualized.
(2) All Per Share Data has been adjusted to reflect 5-for-4 stock split
effective May 16, 2005.
(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 06/30/06 06/30/05 06/30/06 06/30/05
Total Assets $1,154,272 $1,010,365 $1,133,050 $1,003,924
Loans, Net of Reserves 896,880 800,971 879,648 787,526
Deposits 981,730 854,676 963,305 852,366
Stockholders' Equity 70,543 64,299 69,751 63,386
QUARTER ENDED YEAR-TO-DATE
ASSET QUALITY 06/30/06 06/30/05 06/30/06 06/30/05
Nonperforming Loans $ 6,220 $ 9,478 $ 6,220 $ 9,478
Nonperforming Assets 9,155 12,275 9,155 12,275
Net Loan Chg-offs (Recoveries) 149 1,077 1,073 1,726
Reserve for Loan Loss to Gross
Loans 1.28% 1.22% 1.28% 1.22%
Reserve for Loan Loss to Non-
performing Loans 187.43% 106.76% 187.43% 106.76%
Reserve for Loan Loss to Non-
performing Assets 127.34% 82.44% 127.34% 82.44%
Net Loan Chg-offs (Recoveries)
to Avg. Gross Loans 0.02% 0.13% 0.12% 0.22%
Nonperforming Loans to Gross
Loans 0.68% 1.14% 0.68% 1.14%
Nonperforming Assets to Total
Assets 0.78% 1.21% 0.78% 1.21%
Nonperforming Assets to Loans
and Other Real Estate 1.00% 1.48% 1.00% 1.48%
Quarterly Comparative Data (in thousands, except per share data)
2Q2006 1Q2006 4Q2005 3Q2005 2Q2005
Assets $1,169,161 $1,145,186 $1,108,338 $1,063,211 $1,018,095
Loans 900,781 881,897 848,053 831,493 817,687
Deposits 1,005,086 974,672 974,672 944,365 900,731
Equity 71,051 69,625 68,128 66,893 65,257
Net Income 2,610 2,309 2,305 2,251 2,247
Net Income Per
Share (2) 0.36 0.32 0.32 0.31 0.31
Dividends Declared
Per Share (2) 0.08 0.0775 0.075 0.072 0.07
Key Performance
Ratios 2Q2006 1Q2006 4Q2005 3Q2005 2Q2005
Return on Assets 0.90% 0.83% 0.84% 0.87% 0.89%
Return on Equity* 14.37% 13.12% 13.40% 13.43% 13.77%
Equity/Assets 6.08% 6.08% 6.15% 6.29% 6.41%
Net Interest Margin 3.95% 3.80% 3.79% 3.82% 3.88%
*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)
Jun 30, 2006 Jun 30, 2005
------------ ------------
(unaudited) (unaudited)
ASSETS
Cash and Cash Equivalents
Cash and Due from Banks $ 22,554 $ 18,973
Federal Funds Sold 51,830 17,813
----------- -----------
74,384 36,786
----------- -----------
Interest-Bearing Deposits 2,914 2,744
----------- -----------
Investment Securities
Available for Sale, at Fair Value 130,155 109,111
Held for Maturity, at Cost (Fair
Value of $75 and $86 as of
June 30, 2006 and June 30, 2005,
Respectively) 75 86
----------- -----------
130,230 109,197
----------- -----------
Federal Home Loan Bank Stock, at Cost 5,109 5,012
----------- -----------
Loans 912,913 827,839
Allowance for Loan Losses (11,658) (10,119)
Unearned Interest and Fees (474) (33)
----------- -----------
900,781 817,687
----------- -----------
Premises and Equipment 27,651 23,718
----------- -----------
Other Real Estate 2,935 2,797
----------- -----------
Goodwill 2,412 2,412
----------- -----------
Other Intangible Assets 469 571
----------- -----------
Other Assets 22,276 16,260
----------- -----------
Total Assets $ 1,169,161 $ 1,018,095
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Noninterest-Bearing $ 73,624 $ 65,856
Interest-Bearing 931,462 793,534
----------- -----------
1,005,086 859,390
----------- -----------
Borrowed Money
Subordinated Debentures 24,229 19,074
Other Borrowed Money 62,117 69,337
----------- -----------
86,346 88,411
----------- -----------
Other Liabilities 6,678 5,037
----------- -----------
Stockholders' Equity
Common Stock, Par Value $1,
Authorized 20,000,000 Shares,
Issued 7,190,535 and 7,181,882
Shares as of June 30, 2006 and
June 30, 2005, Respectively 7,191 7,182
Paid in Capital 24,210 24,011
Retained Earnings 42,388 35,101
Restricted Stock- Unearned
Compensation (418) (423)
Accumulated Other Comprehensive
Loss, Net of Tax (2,320) (614)
----------- -----------
71,051 65,257
----------- -----------
Total Liabilities and Stockholders'
Equity $ 1,169,161 $ 1,018,095
=========== ===========
Consolidated Statements of Income Colony Bankcorp, Inc.
(in thousands except per share data)
Quarter Year-to-Date
Three Months Ended Three Months Ended
06/30/06 06/30/05 06/30/06 06/30/05
---------- ---------- ---------- ----------
(unaudited)(unaudited)(unaudited)(unaudited)
Interest Income
Loans, Including Fees $ 18,652 $ 14,140 $ 35,405 $ 27,114
Federal Funds Sold 517 193 996 428
Deposits with Other Banks 36 17 54 34
Investment Securities
U.S. Government Agencies 1,182 770 2,346 1,638
State, County and Municipal 88 64 179 118
Corporate Obligations 37 36 73 66
Dividends on Other
Investments 59 34 59 34
---------- ---------- ---------- ----------
20,581 15,267 39,181 29,479
---------- ---------- ---------- ----------
Interest Expense
Deposits 8,662 5,063 16,176 9,547
Federal Funds Purchased 7 7 16 7
Borrowed Money 1,232 952 2,376 1,828
---------- ---------- ---------- ----------
9,901 6,022 18,568 11,382
---------- ---------- ---------- ----------
Net Interest Income 10,680 9,245 20,613 18,097
Provision for Loan Losses 1,047 1,025 1,969 1,833
---------- ---------- ---------- ----------
Net Interest Income After
Provision for Loan Losses 9,633 8,220 18,644 16,264
---------- ---------- ---------- ----------
Noninterest Income
Service Charges on Deposits 1,155 1,050 2,187 1,980
Other Service Charges,
Commissions and Fees 203 169 418 353
Mortgage Fee Income 213 126 336 233
Other 447 154 685 535
---------- ---------- ---------- ----------
2,018 1,499 3,626 3,101
---------- ---------- ---------- ----------
Noninterest Expense
Salaries and Employee Benefits 4,247 3,552 8,326 6,874
Occupancy and Equipment 1,003 925 1,988 1,825
Other 2,349 1,815 4,372 3,877
---------- ---------- ---------- ----------
7,599 6,292 14,686 12,576
---------- ---------- ---------- ----------
Income Before Income Taxes 4,052 3,427 7,584 6,789
Income Taxes 1,442 1,180 2,665 2,368
---------- ---------- ---------- ----------
Net Income $ 2,610 $ 2,247 $ 4,919 $ 4,421
========== ========== ========== ==========
Net Income Per Share of Common
Stock
Basic $ 0.36 $ 0.31 $ 0.69 $ 0.62
========== ========== ========== ==========
Diluted $ 0.36 $ 0.31 $ 0.69 $ 0.62
========== ========== ========== ==========
Weighted Average Basic
Shares Outstanding 7,176,258 7,143,741 7,173,332 7,143,741
========== ========== ========== ==========
Weighted Average Diluted
Shares Outstanding 7,177,367 7,169,617 7,175,018 7,170,122
========== ========== ========== ==========
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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