Colony Bankcorp, Inc. Announces Second Quarter Results
FITZGERALD, Ga., July 23, 2010 (GLOBE NEWSWIRE) -- Colony Bankcorp, Inc. (Nasdaq:CBAN), today reported net income available to shareholders of $171,000, or $0.02 per diluted share for the second quarter of 2010, up from second quarter 2009 net loss available to shareholders of $6,747,000 or $(0.94) per diluted share, while net income available to shareholders for six months ended June 30, 2010 was $505,000 or $0.06 per diluted share compared to net loss available to shareholders for the comparable period in 2009 of $5,984,000 or $(0.83) per diluted share. The increase in net income for both periods is primarily driven by the reduction in loan loss provisions. "Though first half 2010 earnings are below our historic standards, our pre-tax, pre-provision core earnings continue to provide strong support for the credit-related expenses needed to address our problem loan assets. We expect problem assets and charge-offs to continue to be elevated above historical levels, but it is encouraging that the pace of problem loan formation has slowed from prior periods. We are beginning to see slight but positive signs of economic recovery, but loan demand remains stubbornly weak and is the weakest that many bankers have seen in their careers. We have said for some time that we are committed to reducing our non-performing assets to an acceptable level in a timely and prudent manner and returning to our accustomed earnings standards. That commitment continues and, though we still have much work to do, we have made significant progress," said Al D. Ross, President and Chief Executive Officer.
Colony continues to maintain a favorable capital position to be categorized as "well-capitalized" by regulatory benchmarks. At June 30, 2010, the Company's tier one leverage ratio, tier one and total risk-based capital ratios were 8.65 percent, 13.45 percent and 14.73 percent, respectively, compared to 8.30 percent, 11.79 percent and 13.07 percent, respectively, at December 31, 2009. Regulatory benchmarks to be categorized as "well-capitalized" for tier one leverage ratio, tier one and total risk-based capital ratios are 5.00 percent, 6.00 percent and 10.00 percent, respectively. During first quarter 2010, the Company strengthened its capital position by accepting subscriptions of several accredited investors in a private placement stock offering. The offering was closed on March 30, 2010 with proceeds realized of $5.08 million.
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