This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Colony Bankcorp, Inc. Announces Third Quarter Results

FITZGERALD, Ga., Oct. 22, 2010 (GLOBE NEWSWIRE) -- Colony Bankcorp, Inc. (Nasdaq:CBAN), today reported net loss available to shareholders of $1,384,000, or $(0.16) per diluted share for the third quarter of 2010, down from third quarter 2009 net income available to shareholders of $18,000, or $0.00 per diluted share, while net loss available to shareholders for nine months ended September 30, 2010 was $879,000, or $(0.11) per diluted share, compared to net loss available to shareholders for the comparable period in 2009 of $5,966,000, or $(0.83) per diluted share. The decrease in net income for the comparable quarterly periods was primarily driven by the loss from sale and write-down on OREO properties that resulted in losses of $1.6 million in third quarter 2010 compared to $374 thousand in third quarter 2009, while the increase in net income for the comparable year to date periods is primarily driven by the decrease in loan loss provisions from $21.6 million for nine months ended September 30, 2009 to $10.9 million for the comparable 2010 period. "Though disappointed with 2010 earnings that are below our historic standards, our pre-tax, pre-provision core earnings continue to provide solid support for the credit-related expenses needed to address our problem loan assets. Losses from the sale and write-down of OREO properties in the third quarter dampened our quarterly results, but it was encouraging that an auction of coastal properties in the Savannah market generated significant interest and combined with sales in other markets allowed Colony to dispose of approximately $6.2 million in OREO property holdings during the quarter. Until there is some stabilization with the real estate market and economy, we expect problem assets and charge-offs to continue to be elevated above historical levels and loan demand to continue to be slow and sluggish. 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 continued in the third quarter and though we still have work to do, we have made significant progress," said Al D. Ross, President and Chief Executive Officer.     

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs