FITZGERALD, Ga., Feb. 8, 2013 (GLOBE NEWSWIRE) -- Colony Bankcorp, Inc. (Nasdaq:CBAN), today reported net income available to shareholders of $203,000, or $0.02 per diluted share for the fourth quarter of 2012 compared to net income available to shareholders of $31,000, or $0.00 per diluted share for the comparable 2011 period, while net income available to shareholders for twelve months ended December 31, 2012 was $1,206,000, or $0.14 per diluted share compared to $1,134,000, or $0.13 per share for the comparable 2011 period. "Several of our markets are showing signs of general economic improvement. Specifically some segments of agribusiness have experienced a record year in terms of price and yield. This is reflected on our balance sheet as total loans outstanding have increased over the previous quarter end for the third consecutive quarter. The Company focus continues to be problem asset resolution and those efforts resulted in further improvement during the quarter as nonperforming assets decreased to $46.16 million at December 31, 2012 from $51.74 million at September 30, 2012, or a decrease of 10.78 percent, while the substandard assets to tier one equity plus loan loss allowance ratio improved to 55.60% at December 31, 2012 from 63.87% at September 30, 2012. Though improvement was once again realized this quarter, we still have much work ahead to meet our goals of reducing our problem assets to an acceptable level and returning to acceptable earnings. Our board, management and staff committed to making incremental progress toward these goals during 2012 and we were able to again achieve that this quarter," said Ed Loomis, President and Chief Executive Officer. "Momentum carrying over from 2012 along with revenue enhancement initiatives bode well for a successful and rewarding year in 2013."
Colony Bankcorp, Inc. Announces Fourth Quarter Results
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