FITZGERALD, Ga., Jul 8, 2002 /PRNewswire-FirstCall via COMTEX/ -- Colony Bankcorp, Inc. (CBAN, Trade), today reported that asset growth continued to be good as Colony surpassed $722 million in total assets during the quarter. Total assets increased 27.88% to $722,937,000 on June 30, 2002 from $565,317,000 a year ago. Net loans increased 26.98% to $540,201,000 on June 30, 2002 from $425,432,000 a year ago. Total deposits increased 29.76% to $617,948,000 on June 30, 2002 from $476,230,000 a year ago. Shareholders' equity on June 30, 2002 was $49,490,000 and equaled 6.85% of total assets.
Net income for the second quarter of 2002 was $1,582,000, up 29.46% from second quarter 2001 net income of $1,222,000. On as per share basis, net income was $0.35, up 29.63% from second quarter 2001 net income per share of $0.27. Annualized return on assets for the quarter was 0.89% and return on equity excluding FASB 115 accounting effect was 13.26%, compared to 0.89% and 11.715% in the second quarter of 2001, respectively.
Net income for the six months ended June 30, 2002 was $2,942,000 or $0.67 per share as compared to $2,482,000 or $0.56 per share for the same period a year ago. Earnings per share reflect an increase of 19.64% from a year ago. Annualized return on assets for the six months ended June 30, 2002 was 0.88% and return on equity excluding FASB 115 accounting effect was 13.18%, compared to 0.92% and 12.02% for the six months ended June 30, 2001, respectively.
With a significant rally in the bond market during the second quarter, the company initiated balance sheet restructuring with its investment portfolio that resulted in gross gains of $507,000. The restructuring allowed the company to improve its risk-weighted capital ratios and increase its reserve for loan losses as additional loan loss provisions offset the gains realized. The company's provision for loan losses in the second quarter was $863,000 compared to $286,000 in the first quarter which allows the company's reserve for loan loss level to keep pace with the rapid loan growth that the company has experienced.
During the quarter, Mr. Morris Downing was elected Chairman of the Board following the scheduled retirement of Mr. Marion Massee, III after 26 years of sterling service. Mr. Joe Shiver also retired from the Colony board after 9 years of quality service. Also, at the wholly owned subsidiary, Colony Bank Wilcox, Mr. Bobby Gibbs was elected Chairman of the Board following the retirement of Mr. Wade Watson who served as a director for 18 years.
With Colony now in excess of $722 million in assets and additional expansion planned, the senior management team has been increased and new responsibilities assigned. In addition to his duties as CEO of Colony Bank Worth, Walter Patten is now responsible for the supervision of all subsidiaries and affiliates and also corporate strategy and development. Paul Williams was elected Senior Vice President and is responsible for the retail delivery of banking services, efficiency and quality initiatives and financial operations in addition to his duties as CEO of Colony Management Services. Also elected Senior Vice President was Al Ross as the head of Credit Policy and Loan Administration in addition to his duties as CEO of Colony Bank Southeast.
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, Quitman Federal Savings Bank, Georgia First Mortgage Company and Colony Management Services, Inc. The Company conducts a general full service commercial, consumer and mortgage banking business through twenty-one offices located in the South Georgia cities of Fitzgerald, Warner Robins, Ashburn, Leesburg, Cordele, Albany, Sylvester, Tifton, Moultrie, Douglas, Broxton, Eastman, Chester, Soperton, Rochelle, Pitts and Quitman, Georgia.
Colony Bankcorp, Inc. Common Stock is quoted on the Nasdaq National Market under the symbol "CBAN." |
