Colony Bankcorp, Inc. Announces Third Quarter Results
Market Wire, October, 2006
COLONY BANKCORP, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
QUARTER ENDED YEAR-TO-DATE
EARNINGS SUMMARY 09/30/06 09/30/05 09/30/06 09/30/05
-------- -------- -------- --------
Net Interest Income $ 10,794 $ 9,266 $ 31,407 $ 27,363
Provision for Loan Losses 1,021 869 2,990 2,702
Non-interest Income 1,898 1,533 5,524 4,634
Non-interest Expense 7,680 6,491 22,366 19,067
Income Taxes 1,369 1,188 4,034 3,556
Net Income 2,622 2,251 7,541 6,672
Operating Income 2,622 2,251 7,541 6,672
COLONY BANKCORP, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
QUARTER ENDED YEAR-TO-DATE
PER SHARE SUMMARY (2) 09/30/06 09/30/05 09/30/06 09/30/05
-------- -------- -------- --------
Common Shares Outstanding 7,190,187 7,181,320 7,190,187 7,181,320
Weighted Average Diluted Shares 7,181,894 7,171,622 7,177,042 7,173,602
Net Income Per Weighted
Average Diluted Shares $ 0.36 $ 0.31 $ 1.05 $ 0.93
Operating Income Per Weighted
Average Diluted Shares $ 0.36 $ 0.31 $ 1.05 $ 0.93
Dividends Declared Per Share $ 0.0825 $ 0.072 $ 0.24 $ 0.21
QUARTER ENDED YEAR-TO-DATE
OPERATING RATIOS (1) 09/30/06 09/30/05 09/30/06 09/30/05
-------- -------- -------- --------
Net Interest Margin (a) 3.93% 3.82% 3.89% 3.82%
Return on Average Assets
Based on Net Income 0.90% 0.87% 0.88% 0.88%
Return on Average Assets
Based on Operating Income 0.90% 0.87% 0.88% 0.88%
Return on Average Equity
Based on Net Income 14.45% 13.60% 14.22% 13.83%
Return on Average Equity
Based on Operating Income 14.45% 13.60% 14.22% 13.83%
Efficiency (b) 60.17% 59.78% 60.26% 59.28%
QUARTER ENDED
ENDING BALANCES (2) 09/30/06 09/30/05
-------- --------
Total Assets $1,186,382 $1,063,211
Loans, Net of Reserves 926,332 831,493
Allowance for Loan Losses 12,308 10,663
Goodwill 2,412 2,412
Intangible Assets 448 545
Deposits 1,016,327 900,731
Stockholders' Equity 74,352 66,893
Book Value Per Share $ 10.34 $ 9.31
Tangible Book Value Per Share $ 9.94 $ 8.90
Shareholders' Equity to Total Assets 6.27% 6.29%
(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) 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 09/30/06 09/30/05 09/30/06 09/30/05
-------- -------- -------- --------
Total Assets $1,164,579 $1,033,371 $1,145,853 $1,013,793
Loans, Net of Reserves 912,300 819,698 890,616 798,335
Deposits 1,002,788 872,363 976,570 859,068
Stockholders' Equity 72,592 66,219 70,705 64,323
QUARTER ENDED YEAR-TO-DATE
ASSET QUALITY 09/30/06 09/30/05 09/30/06 09/30/05
-------- -------- -------- --------
Nonperforming Loans $ 7,365 $ 9,153 $ 7,365 $ 9,153
Nonperforming Assets 7,917 11,848 7,917 11,848
Net Loan Chg-offs (Recoveries) 371 325 1,444 2,051
Reserve for Loan Loss to Gross
Loans 1.31% 1.27% 1.31% 1.27%
Reserve for Loan Loss to Non-
performing Loans 167.11% 116.50% 167.11% 116.50%
Reserve for Loan Loss to Non-
performing Assets 155.46% 90.00% 155.46% 90.00%
Net Loan Chg-offs (Recoveries)
to Avg. Gross Loans 0.04% 0.04% 0.14% 0.25%
Nonperforming Loans to Gross
Loans 0.78% 1.09% 0.78% 1.09%
Nonperforming Assets to Total
Assets 0.67% 1.11% 0.67% 1.11%
Nonperforming Assets to Loans
and Other Real Estate 0.84% 1.40% 0.84% 1.40%
Quarterly Comparative Data (in thousands, except per share data)
3Q2006 2Q2006 1Q2006 4Q2005 3Q2005
Assets $1,186,382 $1,169,161 $1,145,186 $1,108,338 $1,063,211
Loans 926,332 900,781 881,897 848,053 831,493
Deposits 1,016,327 1,005,086 974,672 944,365 900,731
Equity 74,352 71,051 69,625 68,128 66,893
Net Income 2,622 2,610 2,309 2,305 2,251
Net Income Per
Share (1) 0.36 0.36 0.32 0.32 0.31
Dividends
Declared Per
Share (1) 0.0825 0.08 0.0775 0.075 0.072
Key Performance
Ratios 3Q2006 2Q2006 1Q2006 4Q2005 3Q2005
Return on Assets 0.90% 0.90% 0.83% 0.84% 0.87%
Return on Equity 14.45% 14.80% 13.39% 13.64% 13.60%
Equity/Assets 6.27% 6.08% 6.08% 6.15% 6.29%
Net Interest Margin 3.93% 3.95% 3.80% 3.79% 3.82%
(1) 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, 2006 Sept 30, 2005
(unaudited) (unaudited)
ASSETS
Cash and Cash Equivalents
Cash and Due from Banks $ 23,254 $ 23,064
Federal Funds Sold 35,577 43,204
----------- -----------
58,831 66,268
----------- -----------
Interest-Bearing Deposits 3,156 4,233
----------- -----------
Investment Securities
Available for Sale, at Fair Value 140,010 107,910
Held for Maturity, at Cost (Fair Value
of $78 and $80 as of Sept. 30, 2006 and
Sept. 30, 2005, Respectively) 78 80
----------- -----------
140,088 107,990
----------- -----------
Federal Home Loan Bank Stock, at Cost 5,222 5,102
----------- -----------
Loans 939,139 842,354
Allowance for Loan Losses (12,308) (10,663)
Unearned Interest and Fees (499) (198)
----------- -----------
926,332 831,493
----------- -----------
Premises and Equipment 27,558 24,461
----------- -----------
Other Real Estate 552 2,695
----------- -----------
Goodwill 2,412 2,412
----------- -----------
Other Intangible Assets 448 545
----------- -----------
Other Assets 21,783 18,012
----------- -----------
Total Assets $ 1,186,382 $ 1,063,211
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Noninterest-Bearing $ 72,033 $ 66,381
Interest-Bearing 944,294 834,350
1,016,327 900,731
----------- -----------
Borrowed Money
Subordinated Debentures 24,229 19,074
Other Borrowed Money 63,500 70,781
----------- -----------
87,729 89,855
----------- -----------
Other Liabilities 7,974 5,732
----------- -----------
Stockholders' Equity
Common Stock, Par Value $1, Authorized
20,000,000 Shares, Issued 7,190,187 and
7,181,320 Shares as of Sept. 30, 2006
and Sept. 30, 2005, Respectively 7,190 7,181
Paid in Capital 24,202 24,000
Retained Earnings 44,417 36,834
Restricted Stock- Unearned Compensation (346) (358)
Accumulated Other Comprehensive Loss,
Net of Tax (1,111) (764)
----------- -----------
74,352 66,893
----------- -----------
Total Liabilities and Stockholders' Equity $ 1,186,382 $ 1,063,211
=========== ===========
Consolidated Statements of Income Colony Bankcorp, Inc.
(in thousands except per share data)
Quarter Year-to-Date
Three Months Ended Three Months Ended
09/30/06 09/30/05 09/30/06 09/30/05
---------- ---------- --------- ----------
(unaudited) (unaudited) (unaudited) (unaudited)
Interest Income
Loans, Including Fees $ 19,665 $ 15,065 $ 55,070 $ 42,179
Federal Funds Sold 462 241 1,458 669
Deposits with Other
Banks 38 23 92 57
Investment Securities
U. S. Government
Agencies 1,370 782 3,716 2,420
State, County and
Municipal 95 60 274 178
Corporate Obligations 43 36 116 102
Dividends on Other
Investments 75 55 203 136
---------- ---------- --------- ----------
21,748 16,262 60,929 45,741
---------- ---------- --------- ----------
Interest Expense
Deposits 9,762 5,984 25,938 15,531
Federal Funds Purchased 12 8 28 15
Borrowed Money 1,180 1,004 3,556 2,832
---------- ---------- --------- ----------
10,954 6,996 29,522 18,378
---------- ---------- --------- ----------
Net Interest Income 10,794 9,266 31,407 27,363
Provision for Loan
Losses 1,021 869 2,990 2,702
---------- ---------- --------- ----------
Net Interest Income After
Provision for Loan Losses 9,773 8,397 28,417 24,661
---------- ---------- --------- ----------
Noninterest Income
Service Charges on
Deposits 1,193 1,077 3,380 3,057
Other Service Charges,
Commissions and Fees 207 186 625 539
Mortgage Fee Income 180 146 516 379
Other 318 124 1,003 659
---------- ---------- --------- ----------
1,898 1,533 5,524 4,634
---------- ---------- --------- ----------
Noninterest Expense
Salaries and Employee
Benefits 4,350 3,580 12,676 10,454
Occupancy and Equipment 1,047 994 3,035 2,819
Other 2,283 1,917 6,655 5,794
---------- ---------- --------- ----------
7,680 6,491 22,366 19,067
---------- ---------- --------- ----------
Income Before Income
Taxes 3,991 3,439 11,575 10,228
Income Taxes 1,369 1,188 4,034 3,556
---------- ---------- --------- ----------
Net Income $ 2,622 $ 2,251 $ 7,541 $ 6,672
========== ========== ========== ==========
Net Income Per Share of
Common Stock
Basic $ 0.36 $ 0.32 $ 1.05 $ 0.93
========== ========== ========== ==========
Diluted $ 0.36 $ 0.31 $ 1.05 $ 0.93
========== ========== ========== ==========
Weighted Average Basic
Shares Outstanding 7,181,894 7,143,741 7,176,186 7,143,741
========== ========== ========== ==========
Weighted Average Diluted
Shares Outstanding 7,181,894 7,171,622 7,177,042 7,173,602
========== ========== ========== ==========
Per Share Data has been adjusted to reflect 5-for-4 stock split
effective May 16, 2005.
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