Colony Bankcorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter of 2013
January 24, 2014 at 06:30 pm IST
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Colony Bankcorp Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported interest income of $11,466,000 compared to $11,377,000 a year ago. Net interest income was $9,694,000 compared to $9,076,000 a year ago. Income before income taxes was $2,429,000 compared to $816,000 a year ago. Net income available to common shareholders was $1,241,000 or $0.15 per basic and diluted share compared to $203,000 or $0.02 per basic and diluted share a year ago. Return on average assets was 0.44% compared to 0.07% a year ago. Return on average equity was 5.43% compared to 0.85% a year ago.
For the year, the company reported interest income of $45,186,000 compared to $47,289,000 a year ago. Net interest income was $37,689,000 compared to $36,273,000 a year ago. Income before income taxes was $6,964,000 compared to $3,842,000 a year ago. Net income available to common shareholders was $3,120,000 or $0.37 per basic and diluted share compared to $1,206,000 or $0.14 per basic and diluted share a year ago.
Increase of 158.71% in net income for the comparable twelve month period was primarily driven by an increase in net interest income and noninterest income (excluding securities gains), along with a reduction in provision for loan losses. Common book value per share was $7.34 compared to $8.05 for the same period a year ago. Tangible common book value per share was $7.32 compared to $8.02 for the same period a year ago. Return on average assets was 0.28% compared to 0.11% a year ago. Return on average equity was 3.34% compared to 1.25% a year ago.
In the fourth quarter of 2013 net charge-offs were $1.43 million, or 0.19% of average loans as compared to net charge-offs of $2.81 million, or 0.38% of average loans in fourth quarter 2012.
Colony Bankcorp, Inc. is a financial service and a bank holding company. The Companyâs business is conducted through its bank subsidiary, Colony Bank (the Bank), a Georgia state-chartered commercial bank. The Bank provides a range of banking services to its retail and commercial customers. The Company operates through three segments: Banking Division, Retail Mortgage Division and Small Business Specialty Lending Division. The Banking Division delivers full service financial services, including commercial loans, consumer loans and deposit accounts. The Retail Mortgage Division offers services for one-to-four family residential mortgage loans. The Small Business Specialty Lending Division offers small business administration and United States Department of Agriculture (USDA) government guaranteed loans. Its product line includes loans to small and medium-sized businesses, residential and commercial construction and land development loans, commercial real estate loans and others.
Colony Bankcorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter of 2013