FOR QUARTER ENDED SEPTEMBER 30, 2014
|
COMMISSION FILE NUMBER 0-12436
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GEORGIA
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58-1492391
|
|
(STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION)
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(I.R.S. EMPLOYER IDENTIFICATION NUMBER)
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LARGE ACCELERATED FILER o
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ACCELERATED FILER o
|
|
NON-ACCELERATED FILER o
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SMALLER REPORTING COMPANY x
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|
(DO NOT CHECK IF A SMALLER REPORTING COMPANY)
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CLASS
|
OUTSTANDING AT NOVEMBER 3, 2014
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COMMON STOCK, $1 PAR VALUE
|
8,439,258
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Page | |||
PART I – Financial Information
|
|||
3
|
|||
Item 1.
|
4
|
||
Item 2.
|
39
|
||
Item 3.
|
53
|
||
Item 4.
|
54
|
||
PART II – Other Information
|
|||
Item 1.
|
55
|
||
Item 1A.
|
55
|
||
Item 2.
|
55
|
||
Item 3.
|
55
|
||
Item 4.
|
55
|
||
Item 5.
|
55
|
||
Item 6.
|
56
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||
58
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● | Loss and regional economic conditions and the impact they may have on the Company and its customers and the Company’s assessment of that impact. |
● | Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements. |
● | The effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board. |
● | Inflation, interest rate, market and monetary fluctuations. |
● | Political instability. |
● | Acts of war or terrorism. |
● | The timely development and acceptance of new products and services and perceived overall value of these products and services by users. |
● | Changes in consumer spending, borrowings and savings habits. |
● | Technological changes. |
● | Acquisitions and integration of acquired businesses. |
● | The ability to increase market share and control expenses. |
● | The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiary must comply. |
● | The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters. |
● | Changes in the Company’s organization, compensation and benefit plans. |
● | The costs and effects of litigation and of unexpected or adverse outcomes in such litigation. |
● | Greater than expected costs or difficulties related to the integration of new lines of business. |
● | The Company’s success at managing the risks involved in the foregoing items. |
● | Restrictions or conditions imposed by our regulators on our operations. |
PART 1. | FINANCIAL INFORMATION |
A. | CONSOLIDATED BALANCE SHEETS – SEPTEMBER 30, 2014 (UNAUDITED) AND DECEMBER 31, 2013 (AUDITED). |
B. | CONSOLIDATED STATEMENTS OF INCOME – FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013 (UNAUDITED). |
C. | CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME – FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013 (UNAUDITED). |
D. | CONSOLIDATED STATEMENTS OF CASH FLOWS – FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013 (UNAUDITED). |
September 30, 2014
|
December 31, 2013
|
|||||||
ASSETS
|
(Unaudited)
|
(Audited)
|
||||||
Cash and Cash Equivalents
|
||||||||
Cash and Due from Banks
|
$
|
17,120
|
$
|
25,692
|
||||
Federal Funds Sold
|
6,712
|
20,495
|
||||||
23,832
|
46,187
|
|||||||
Interest-Bearing Deposits
|
10,682
|
21,960
|
||||||
Investment Securities
|
||||||||
Available for Sale, at Fair Value
|
273,547
|
263,258
|
||||||
Held to Maturity, at Cost (Fair Value of $33 and $37, as of September 30, 2014 and December 31, 2013, Respectively)
|
33
|
37
|
||||||
273,580
|
263,295
|
|||||||
Federal Home Loan Bank Stock, at Cost
|
2,831
|
3,164
|
||||||
Loans
|
743,281
|
751,218
|
||||||
Allowance for Loan Losses
|
(9,788
|
)
|
(11,806
|
)
|
||||
Unearned Interest and Fees
|
(354
|
)
|
(360
|
)
|
||||
733,139
|
739,052
|
|||||||
Premises and Equipment
|
24,976
|
24,876
|
||||||
Other Real Estate (Net of Allowance of $3,026 and $3,986 as of September 30, 2014 and December 31, 2013, Respectively)
|
10,833
|
15,502
|
||||||
Other Intangible Assets
|
161
|
188
|
||||||
Other Assets
|
34,380
|
34,327
|
||||||
Total Assets
|
$
|
1,114,414
|
$
|
1,148,551
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Deposits
|
||||||||
Noninterest-Bearing
|
$
|
116,131
|
$
|
115,261
|
||||
Interest-Bearing
|
825,069
|
872,269
|
||||||
941,200
|
987,530
|
|||||||
Borrowed Money
|
||||||||
Subordinated Debentures
|
24,229
|
24,229
|
||||||
Other Borrowed Money
|
40,000
|
40,000
|
||||||
64,229
|
64,229
|
|||||||
Other Liabilities
|
12,713
|
6,838
|
||||||
Stockholders' Equity
|
||||||||
Preferred Stock, Stated Value $1,000 a Share; Authorized 10,000,000 Shares, Issued 28,000 Shares
|
28,000
|
28,000
|
||||||
Common Stock, Par Value $1 a Share; Authorized 20,000,000 Shares, Issued 8,439,258 Shares as of September 30, 2014 and December 31, 2013
|
8,439
|
8,439
|
||||||
Paid-In Capital
|
29,145
|
29,145
|
||||||
Retained Earnings
|
36,978
|
33,445
|
||||||
Accumulated Other Comprehensive (Loss), Net of Tax Benefits
|
(6,290
|
)
|
(9,075
|
)
|
||||
96,272
|
89,954
|
|||||||
Total Liabilities and Stockholders' Equity
|
$
|
1,114,414
|
$
|
1,148,551
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30, 2014
|
September 30, 2013
|
September 30, 2014
|
September 30, 2013
|
|||||||||||||
Interest Income
|
||||||||||||||||
Loans, Including Fees
|
$
|
10,170
|
$
|
10,303
|
$
|
29,815
|
$
|
31,023
|
||||||||
Federal Funds Sold
|
6
|
7
|
23
|
27
|
||||||||||||
Deposits with Other Banks
|
9
|
5
|
32
|
21
|
||||||||||||
Investment Securities
|
||||||||||||||||
U.S. Government Agencies
|
1,165
|
880
|
3,574
|
2,454
|
||||||||||||
State, County and Municipal
|
24
|
30
|
75
|
94
|
||||||||||||
Corporate Obligations & Asset-Backed Securities
|
-
|
14
|
-
|
42
|
||||||||||||
Dividends on Other Investments
|
26
|
21
|
85
|
59
|
||||||||||||
11,400
|
11,260
|
33,604
|
33,720
|
|||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
1,260
|
1,361
|
3,869
|
4,452
|
||||||||||||
Borrowed Money
|
402
|
405
|
1,275
|
1,273
|
||||||||||||
1,662
|
1,766
|
5,144
|
5,725
|
|||||||||||||
Net Interest Income
|
9,738
|
9,494
|
28,460
|
27,995
|
||||||||||||
Provision for Loan Losses
|
500
|
1,500
|
1,308
|
4,200
|
||||||||||||
Net Interest Income After Provision for Loan Losses
|
9,238
|
7,994
|
27,152
|
23,795
|
||||||||||||
Noninterest Income
|
||||||||||||||||
Service Charges on Deposits
|
1,231
|
1,236
|
3,369
|
3,484
|
||||||||||||
Other Service Charges, Commissions and Fees
|
622
|
442
|
1,842
|
1,289
|
||||||||||||
Mortgage Fee Income
|
130
|
117
|
311
|
377
|
||||||||||||
Securities Gains (Losses)
|
-
|
-
|
1
|
(2
|
)
|
|||||||||||
Other
|
427
|
314
|
1,195
|
1,211
|
||||||||||||
2,410
|
2,109
|
6,718
|
6,359
|
|||||||||||||
Noninterest Expenses
|
||||||||||||||||
Salaries and Employee Benefits
|
4,432
|
4,178
|
13,149
|
12,496
|
||||||||||||
Occupancy and Equipment
|
1,049
|
974
|
3,069
|
2,842
|
||||||||||||
Other
|
3,053
|
3,336
|
9,473
|
10,281
|
||||||||||||
8,534
|
8,488
|
25,691
|
25,619
|
|||||||||||||
Income Before Income Taxes
|
3,114
|
1,615
|
8,179
|
4,535
|
||||||||||||
Income Taxes
|
1,033
|
535
|
2,625
|
1,532
|
||||||||||||
Net Income
|
2,081
|
1,080
|
5,554
|
3,003
|
||||||||||||
Preferred Stock Dividends
|
697
|
379
|
2,021
|
1,124
|
||||||||||||
Net Income Available to Common Stockholders
|
$
|
1,384
|
$
|
701
|
$
|
3,533
|
$
|
1,879
|
||||||||
Net Income Per Share of Common Stock
|
||||||||||||||||
Basic
|
$
|
0.16
|
$
|
0.08
|
$
|
0.42
|
$
|
0.22
|
||||||||
Diluted
|
$
|
0.16
|
$
|
0.08
|
$
|
0.42
|
$
|
0.22
|
||||||||
Cash Dividends Declared Per Share of Common Stock
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
||||||||
Weighted Average Basic Shares Outstanding
|
8,439,258
|
8,439,258
|
8,439,258
|
8,439,258
|
||||||||||||
Weighted Average Diluted Shares Outstanding
|
8,439,258
|
8,439,258
|
8,439,258
|
8,439,258
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30, 2014
|
September 30, 2013
|
September 30, 2014
|
September 30, 2013
|
|||||||||||||
Net Income
|
$
|
2,081
|
$
|
1,080
|
$
|
5,554
|
$
|
3,003
|
||||||||
Other Comprehensive Income (Loss):
|
||||||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||
Unrealized holding gains (losses)
|
(488
|
)
|
(2,464
|
)
|
4,220
|
(10,338
|
)
|
|||||||||
Tax Effect
|
166
|
838
|
(1,435
|
)
|
3,515
|
|||||||||||
Reclassification of gains recognized in net income
|
-
|
(2
|
)
|
-
|
-
|
|||||||||||
Tax Effect
|
-
|
1
|
-
|
-
|
||||||||||||
(322
|
)
|
(1,627
|
)
|
2,785
|
(6,823
|
)
|
||||||||||
Comprehensive Income (Loss)
|
$
|
1,759
|
$
|
(547
|
)
|
$
|
8,339
|
$
|
(3,820
|
)
|
Nine Months Ended
|
||||||||
September 30, 2014
|
September 30, 2013
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net Income
|
$
|
5,554
|
$
|
3,003
|
||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
|
||||||||
Depreciation
|
1,207
|
1,172
|
||||||
Provision for Loan Losses
|
1,308
|
4,200
|
||||||
Securities (Gains) Losses
|
(1
|
)
|
2
|
|||||
Amortization and Accretion
|
979
|
2,277
|
||||||
Losses on Sale of Other Real Estate and Repossessions
|
501
|
796
|
||||||
Provision for Losses on Other Real Estate
|
605
|
1,049
|
||||||
Increase in Cash Surrender Value of Life Insurance
|
(431
|
)
|
(178
|
)
|
||||
Gain on Sale of Premises and Equipment
|
(12
|
)
|
-
|
|||||
Other Prepaids, Deferrals and Accruals, Net
|
2,745
|
2,939
|
||||||
12,455
|
15,260
|
|||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Purchases of Investment Securities Available for Sale
|
(34,062
|
)
|
(78,604
|
)
|
||||
Proceeds from Maturities, Calls, and Paydowns of
|
||||||||
Investment Securities:
|
||||||||
Available for Sale
|
27,072
|
40,794
|
||||||
Held for Maturity
|
8
|
8
|
||||||
Proceeds from Sale of Investment Securities
|
||||||||
Available for Sale
|
-
|
36,217
|
||||||
Interest-Bearing Deposits in Other Banks
|
11,278
|
17,678
|
||||||
Net Loans to Customers
|
1,864
|
(13,442
|
)
|
|||||
Purchase of Premises and Equipment
|
(1,308
|
)
|
(1,089
|
)
|
||||
Proceeds from Sale of Other Real Estate and Repossessions
|
6,321
|
6,514
|
||||||
Proceeds from Sale of Federal Home Loan Bank Stock
|
333
|
200
|
||||||
Proceeds from Sale of Fixed Assets
|
14
|
-
|
||||||
Purchase of Bank Owned Life Insurance
|
-
|
(10,000
|
)
|
|||||
11,520
|
(1,724
|
)
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Noninterest-Bearing Customer Deposits
|
870
|
(13,097
|
)
|
|||||
Interest-Bearing Customer Deposits
|
(47,200
|
)
|
(17,126
|
)
|
||||
Proceeds from Other Borrowed Money
|
-
|
(16,500
|
)
|
|||||
Principal Payments on Other Borrowed Money
|
-
|
21,500
|
||||||
(46,330
|
)
|
(25,223
|
)
|
|||||
Net Decrease in Cash and Cash Equivalents
|
(22,355
|
)
|
(11,687
|
)
|
||||
Cash and Cash Equivalents at Beginning of Period
|
46,187
|
49,246
|
||||||
Cash and Cash Equivalents at End of Period
|
$
|
23,832
|
$
|
37,559
|
Description
|
Life in Years.
|
Method
|
||
Banking Premises
|
15-40
|
Straight-Line and Accelerated
|
||
Furniture and Equipment
|
5-10
|
Straight-Line and Accelerated
|
September 30, 2014
|
Gross
|
Gross
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Securities Available for Sale:
|
||||||||||||||||
U.S. Government Agencies
|
||||||||||||||||
Mortgage-Backed
|
$
|
279,533
|
$
|
182
|
$
|
(9,705
|
)
|
$
|
270,010
|
|||||||
State, County & Municipal
|
3,544
|
21
|
(28
|
)
|
3,537
|
|||||||||||
$
|
283,077
|
$
|
203
|
$
|
(9,733
|
)
|
$
|
273,547
|
||||||||
Securities Held to Maturity:
|
||||||||||||||||
State, County and Municipal
|
$
|
33
|
$
|
-
|
$
|
-
|
$
|
33
|
||||||||
December 31, 2013
|
Gross
|
Gross
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Securities Available for Sale:
|
||||||||||||||||
U.S. Government Agencies
|
||||||||||||||||
Mortgage-Backed
|
$
|
273,029
|
$
|
119
|
$
|
(13,800
|
)
|
$
|
259,348
|
|||||||
State, County & Municipal
|
3,979
|
15
|
(84
|
)
|
3,910
|
|||||||||||
$
|
277,008
|
$
|
134
|
$
|
(13,884
|
)
|
$
|
263,258
|
||||||||
Securities Held to Maturity:
|
||||||||||||||||
State, County and Municipal
|
$
|
37
|
$
|
-
|
$
|
-
|
$
|
37
|
Securities
|
||||||||||||||||
Available for Sale
|
Held to Maturity
|
|||||||||||||||
Amortized Cost
|
Fair Value
|
Amortized Cost
|
Fair Value
|
|||||||||||||
Due In One Year or Less
|
$
|
718
|
$
|
721
|
$
|
-
|
$
|
-
|
||||||||
Due After One Year Through Five Years
|
734
|
745
|
33
|
33
|
||||||||||||
Due After Five Years Through Ten Years
|
1,169
|
1,160
|
-
|
-
|
||||||||||||
Due After Ten Years
|
923
|
911
|
-
|
-
|
||||||||||||
$
|
3,544
|
$
|
3,537
|
$
|
33
|
$
|
33
|
|||||||||
Mortgage-Backed Securities
|
279,533
|
270,010
|
-
|
-
|
||||||||||||
$
|
283,077
|
$
|
273,547
|
$
|
33
|
$
|
33
|
Less Than 12 Months
|
12 Months or Greater
|
Total
|
||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
September 30, 2014
|
||||||||||||||||||||||||
U.S. Government Agencies
|
||||||||||||||||||||||||
Mortgage-Backed
|
$
|
74,078
|
$
|
(602
|
)
|
$
|
178,358
|
$
|
(9,103
|
)
|
$
|
252,436
|
$
|
(9,705
|
)
|
|||||||||
State, County and Municipal
|
474
|
(6
|
)
|
1,380
|
(22
|
)
|
1,854
|
(28
|
)
|
|||||||||||||||
$
|
74,552
|
$
|
(608
|
)
|
$
|
179,738
|
$
|
(9,125
|
)
|
$
|
254,290
|
$
|
(9,733
|
)
|
||||||||||
December 31, 2013
|
||||||||||||||||||||||||
U.S. Government Agencies
|
||||||||||||||||||||||||
Mortgage-Backed
|
$
|
190,064
|
$
|
(9,441
|
)
|
$
|
63,194
|
$
|
(4,359
|
)
|
$
|
253,258
|
$
|
(13,800
|
)
|
|||||||||
State, County and Municipal
|
1,647
|
(84
|
)
|
-
|
-
|
1,647
|
(84
|
)
|
||||||||||||||||
$
|
191,711
|
$
|
(9,525
|
)
|
$
|
63,194
|
$
|
(4,359
|
)
|
$
|
254,905
|
$
|
(13,884
|
)
|
September 30, 2014
|
December 31, 2013
|
|||||||
Commercial and Agricultural
|
||||||||
Commercial
|
$
|
46,481
|
$
|
48,107
|
||||
Agricultural
|
23,017
|
10,666
|
||||||
Real Estate
|
||||||||
Commercial Construction
|
50,455
|
52,739
|
||||||
Residential Construction
|
9,700
|
6,549
|
||||||
Commercial
|
327,498
|
341,783
|
||||||
Residential
|
204,313
|
206,258
|
||||||
Farmland
|
50,401
|
47,035
|
||||||
Consumer and Other
|
||||||||
Consumer
|
23,448
|
25,676
|
||||||
Other
|
7,968
|
12,405
|
||||||
Total Loans
|
$
|
743,281
|
$
|
751,218
|
● | Grades 1 and 2 – Borrowers with these assigned grades range in risk from virtual absence of risk to minimal risk. Such loans may be secured by Company-issued and controlled certificates of deposit or properly margined equity securities or bonds. Other loans comprising these grades are made to companies that have been in existence for a long period of time with many years of consecutive profits and strong equity, good liquidity, excellent debt service ability and unblemished past performance, or to exceptionally strong individuals with collateral of unquestioned value that fully secures the loans. Loans in this category fall into the “pass” classification. |
● | Grades 3 and 4 – Loans assigned these “pass” risk grades are made to borrowers with acceptable credit quality and risk. The risk ranges from loans with no significant weaknesses in repayment capacity and collateral protection to acceptable loans with one or more risk factors considered to be more than average. |
● | Grade 5 – This grade includes “special mention” loans on management’s watch list and is intended to be used on a temporary basis for pass grade loans where risk-modifying action is intended in the short-term. |
● | Grade 6 – This grade includes “substandard” loans in accordance with regulatory guidelines. This category includes borrowers with well-defined weaknesses that jeopardize the payment of the debt in accordance with the agreed terms. Loans considered to be impaired are assigned this grade, and these loans often have assigned loss allocations as part of the allowance for loan and lease losses. Generally, loans on which interest accrual has been stopped would be included in this grade. |
● | Grades 7 and 8 – These grades correspond to regulatory classification definitions of “doubtful” and “loss,” respectively. In practice, any loan with these grades would be for a very short period of time, and generally the Company has no loans with these assigned grades. Management manages the Company’s problem loans in such a way that uncollectible loans or uncollectible portions of loans are charged off immediately with any residual, collectible amounts assigned a risk grade of 6. |
September 30, 2014
|
||||||||||||||||
Pass
|
Special Mention
|
Substandard
|
Total Loans
|
|||||||||||||
Commercial and Agricultural
|
||||||||||||||||
Commercial
|
$
|
41,379
|
$
|
3,058
|
$
|
2,044
|
$
|
46,481
|
||||||||
Agricultural
|
22,825
|
35
|
157
|
23,017
|
||||||||||||
Real Estate
|
||||||||||||||||
Commercial Construction
|
44,084
|
1,979
|
4,392
|
50,455
|
||||||||||||
Residential Construction
|
9,591
|
109
|
-
|
9,700
|
||||||||||||
Commercial
|
306,612
|
9,959
|
10,927
|
327,498
|
||||||||||||
Residential
|
180,906
|
10,480
|
12,927
|
204,313
|
||||||||||||
Farmland
|
48,428
|
475
|
1,498
|
50,401
|
||||||||||||
Consumer and Other
|
||||||||||||||||
Consumer
|
22,710
|
226
|
512
|
23,448
|
||||||||||||
Other
|
7,764
|
-
|
204
|
7,968
|
||||||||||||
Total Loans
|
$
|
684,299
|
$
|
26,321
|
$
|
32,661
|
$
|
743,281
|
December 31, 2013
|
||||||||||||||||
Pass
|
Special Mention
|
Substandard
|
Total Loans
|
|||||||||||||
Commercial and Agricultural
|
||||||||||||||||
Commercial
|
$
|
41,759
|
$
|
2,770
|
$
|
3,578
|
$
|
48,107
|
||||||||
Agricultural
|
10,638
|
17
|
11
|
10,666
|
||||||||||||
Real Estate
|
||||||||||||||||
Commercial Construction
|
42,669
|
1,512
|
8,558
|
52,739
|
||||||||||||
Residential Construction
|
6,341
|
208
|
-
|
6,549
|
||||||||||||
Commercial
|
317,567
|
10,760
|
13,456
|
341,783
|
||||||||||||
Residential
|
182,977
|
13,524
|
9,757
|
206,258
|
||||||||||||
Farmland
|
44,777
|
507
|
1,751
|
47,035
|
||||||||||||
Consumer and Other
|
||||||||||||||||
Consumer
|
24,609
|
320
|
747
|
25,676
|
||||||||||||
Other
|
12,355
|
1
|
49
|
12,405
|
||||||||||||
Total Loans
|
$
|
683,692
|
$
|
29,619
|
$
|
37,907
|
$
|
751,218
|
September 30, 2014
|
||||||||||||||||||||||||
Accruing Loans
|
||||||||||||||||||||||||
90 Days
|
||||||||||||||||||||||||
30-89 Days
|
or More
|
Total Accruing
|
Nonaccrual
|
|||||||||||||||||||||
Past Due
|
Past Due
|
Loans Past Due
|
Loans
|
Current Loans
|
Total Loans
|
|||||||||||||||||||
Commercial and Agricultural
|
||||||||||||||||||||||||
Commercial
|
$
|
457
|
$
|
-
|
$
|
457
|
$
|
492
|
$
|
45,532
|
$
|
46,481
|
||||||||||||
Agricultural
|
19
|
-
|
19
|
45
|
22,953
|
23,017
|
||||||||||||||||||
Real Estate
|
||||||||||||||||||||||||
Commercial Construction
|
500
|
-
|
500
|
3,239
|
46,716
|
50,455
|
||||||||||||||||||
Residential Construction
|
-
|
-
|
-
|
-
|
9,700
|
9,700
|
||||||||||||||||||
Commercial
|
3,230
|
-
|
3,230
|
3,473
|
320,795
|
327,498
|
||||||||||||||||||
Residential
|
7,585
|
-
|
7,585
|
4,563
|
192,165
|
204,313
|
||||||||||||||||||
Farmland
|
292
|
-
|
292
|
984
|
49,125
|
50,401
|
||||||||||||||||||
Consumer and Other
|
||||||||||||||||||||||||
Consumer
|
476
|
7
|
483
|
173
|
22,792
|
23,448
|
||||||||||||||||||
Other
|
-
|
-
|
-
|
202
|
7,766
|
7,968
|
||||||||||||||||||
Total Loans
|
$
|
12,559
|
$
|
7
|
$
|
12,566
|
$
|
13,171
|
$
|
717,544
|
$
|
743,281
|
December 31, 2013
|
||||||||||||||||||||||||
Accruing Loans
|
||||||||||||||||||||||||
90 Days
|
||||||||||||||||||||||||
30-89 Days
|
or More
|
Total Accruing
|
Nonaccrual
|
|||||||||||||||||||||
Past Due
|
Past Due
|
Loans Past Due
|
Loans
|
Current Loans
|
Total Loans
|
|||||||||||||||||||
Commercial and Agricultural
|
||||||||||||||||||||||||
Commercial
|
$
|
581
|
$
|
-
|
$
|
581
|
$
|
1,646
|
$
|
45,880
|
$
|
48,107
|
||||||||||||
Agricultural
|
81
|
-
|
81
|
-
|
10,585
|
10,666
|
||||||||||||||||||
Real Estate
|
||||||||||||||||||||||||
Commercial Construction
|
140
|
-
|
140
|
8,222
|
44,377
|
52,739
|
||||||||||||||||||
Residential Construction
|
-
|
-
|
-
|
-
|
6,549
|
6,549
|
||||||||||||||||||
Commercial
|
2,287
|
-
|
2,287
|
7,367
|
332,129
|
341,783
|
||||||||||||||||||
Residential
|
5,274
|
-
|
5,274
|
4,933
|
196,051
|
206,258
|
||||||||||||||||||
Farmland
|
351
|
-
|
351
|
1,630
|
45,054
|
47,035
|
||||||||||||||||||
Consumer and Other
|
||||||||||||||||||||||||
Consumer
|
454
|
4
|
458
|
307
|
24,911
|
25,676
|
||||||||||||||||||
Other
|
198
|
-
|
198
|
9
|
12,198
|
12,405
|
||||||||||||||||||
Total Loans
|
$
|
9,366
|
$
|
4
|
$
|
9,370
|
$
|
24,114
|
$
|
717,734
|
$
|
751,218
|
September 30, 2014
|
||||||||||||||||||||||||
Unpaid
|
||||||||||||||||||||||||
Contractual
|
Average
|
Interest
|
Interest
|
|||||||||||||||||||||
Principal
|
Impaired
|
Related
|
Recorded
|
Income
|
Income
|
|||||||||||||||||||
Balance
|
Balance
|
Allowance
|
Investment
|
Recognized
|
Collected
|
|||||||||||||||||||
With No Related Allowance Recorded
|
||||||||||||||||||||||||
Commercial
|
$
|
394
|
$
|
394
|
$
|
-
|
$
|
803
|
$
|
6
|
$
|
14
|
||||||||||||
Agricultural
|
50
|
45
|
-
|
53
|
(4
|
)
|
6
|
|||||||||||||||||
Commercial Construction
|
9,210
|
3,101
|
-
|
3,347
|
2
|
2
|
||||||||||||||||||
Residential Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Real Estate
|
17,346
|
16,656
|
-
|
19,058
|
427
|
445
|
||||||||||||||||||
Residential Real Estate
|
4,729
|
3,953
|
-
|
5,054
|
150
|
142
|
||||||||||||||||||
Farmland
|
1,330
|
984
|
-
|
782
|
(19
|
)
|
11
|
|||||||||||||||||
Consumer
|
181
|
173
|
-
|
215
|
7
|
10
|
||||||||||||||||||
Other
|
212
|
201
|
-
|
198
|
3
|
8
|
||||||||||||||||||
33,452
|
25,507
|
-
|
29,510
|
572
|
638
|
|||||||||||||||||||
With An Allowance Recorded
|
||||||||||||||||||||||||
Commercial
|
99
|
99
|
99
|
527
|
-
|
-
|
||||||||||||||||||
Agricultural
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Construction
|
210
|
139
|
59
|
1,993
|
-
|
-
|
||||||||||||||||||
Residential Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Real Estate
|
5,931
|
5,931
|
283
|
6,508
|
142
|
143
|
||||||||||||||||||
Residential Real Estate
|
4,106
|
3,349
|
605
|
1,751
|
66
|
70
|
||||||||||||||||||
Farmland
|
398
|
398
|
31
|
574
|
8
|
7
|
||||||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
10,744
|
9,916
|
1,077
|
11,353
|
216
|
220
|
|||||||||||||||||||
Total
|
||||||||||||||||||||||||
Commercial
|
493
|
493
|
99
|
1,330
|
6
|
14
|
||||||||||||||||||
Agricultural
|
50
|
45
|
-
|
53
|
(4
|
)
|
6
|
|||||||||||||||||
Commercial Construction
|
9,420
|
3,240
|
59
|
5,340
|
2
|
2
|
||||||||||||||||||
Residential Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Real Estate
|
23,277
|
22,587
|
283
|
25,566
|
569
|
588
|
||||||||||||||||||
Residential Real Estate
|
8,835
|
7,302
|
605
|
6,805
|
216
|
212
|
||||||||||||||||||
Farmland
|
1,728
|
1,382
|
31
|
1,356
|
(11
|
)
|
18
|
|||||||||||||||||
Consumer
|
181
|
173
|
-
|
215
|
7
|
10
|
||||||||||||||||||
Other
|
212
|
201
|
-
|
198
|
3
|
8
|
||||||||||||||||||
$
|
44,196
|
$
|
35,423
|
$
|
1,077
|
$
|
40,863
|
$
|
788
|
$
|
858
|
December 31, 2013
|
||||||||||||||||||||||||
Unpaid
|
||||||||||||||||||||||||
Contractual
|
Average
|
Interest
|
Interest
|
|||||||||||||||||||||
Principal
|
Impaired
|
Related
|
Recorded
|
Income
|
Income
|
|||||||||||||||||||
Balance
|
Balance
|
Allowance
|
Investment
|
Recognized
|
Collected
|
|||||||||||||||||||
With No Related Allowance Recorded
|
||||||||||||||||||||||||
Commercial
|
$
|
305
|
$
|
305
|
$
|
-
|
$
|
216
|
$
|
24
|
$
|
25
|
||||||||||||
Agricultural
|
-
|
-
|
-
|
10
|
-
|
-
|
||||||||||||||||||
Commercial Construction
|
7,856
|
4,750
|
-
|
4,106
|
35
|
41
|
||||||||||||||||||
Residential Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Real Estate
|
20,121
|
19,253
|
-
|
13,199
|
494
|
504
|
||||||||||||||||||
Residential Real Estate
|
7,837
|
6,362
|
-
|
4,564
|
224
|
209
|
||||||||||||||||||
Farmland
|
303
|
303
|
-
|
1,859
|
1
|
1
|
||||||||||||||||||
Consumer
|
313
|
307
|
-
|
253
|
18
|
21
|
||||||||||||||||||
Other
|
9
|
9
|
-
|
2
|
1
|
1
|
||||||||||||||||||
36,744
|
31,289
|
-
|
24,209
|
797
|
802
|
|||||||||||||||||||
With An Allowance Recorded
|
||||||||||||||||||||||||
Commercial
|
1,453
|
1,453
|
434
|
1,689
|
15
|
21
|
||||||||||||||||||
Agricultural
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Construction
|
5,923
|
3,472
|
830
|
5,025
|
-
|
-
|
||||||||||||||||||
Residential Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Real Estate
|
5,874
|
5,874
|
424
|
11,072
|
157
|
148
|
||||||||||||||||||
Residential Real Estate
|
1,949
|
1,849
|
526
|
3,662
|
26
|
24
|
||||||||||||||||||
Farmland
|
1,327
|
1,327
|
85
|
664
|
45
|
47
|
||||||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
16,526
|
13,975
|
2,299
|
22,112
|
243
|
240
|
|||||||||||||||||||
Total
|
||||||||||||||||||||||||
Commercial
|
1,758
|
1,758
|
434
|
1,905
|
39
|
46
|
||||||||||||||||||
Agricultural
|
-
|
-
|
-
|
10
|
-
|
-
|
||||||||||||||||||
Commercial Construction
|
13,779
|
8,222
|
830
|
9,131
|
35
|
41
|
||||||||||||||||||
Residential Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Real Estate
|
25,995
|
25,127
|
424
|
24,271
|
651
|
652
|
||||||||||||||||||
Residential Real Estate
|
9,786
|
8,211
|
526
|
8,226
|
250
|
233
|
||||||||||||||||||
Farmland
|
1,630
|
1,630
|
85
|
2,523
|
46
|
48
|
||||||||||||||||||
Consumer
|
313
|
307
|
-
|
253
|
18
|
21
|
||||||||||||||||||
Other
|
9
|
9
|
-
|
2
|
1
|
1
|
||||||||||||||||||
$
|
53,270
|
$
|
45,264
|
$
|
2,299
|
$
|
46,321
|
$
|
1,040
|
$
|
1,042
|
September 30, 2013
|
||||||||||||||||||||||||
Unpaid
|
||||||||||||||||||||||||
Contractual
|
Average
|
Interest
|
Interest
|
|||||||||||||||||||||
Principal
|
Impaired
|
Related
|
Recorded
|
Income
|
Income
|
|||||||||||||||||||
Balance
|
Balance
|
Allowance
|
Investment
|
Recognized
|
Collected
|
|||||||||||||||||||
With No Related Allowance Recorded
|
||||||||||||||||||||||||
Commercial
|
$
|
266
|
$
|
265
|
$
|
-
|
$
|
98
|
$
|
11
|
$
|
14
|
||||||||||||
Agricultural
|
-
|
-
|
-
|
13
|
-
|
-
|
||||||||||||||||||
Commercial Construction
|
8,335
|
5,010
|
-
|
2,220
|
17
|
23
|
||||||||||||||||||
Residential Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Real Estate
|
8,559
|
8,064
|
-
|
8,493
|
95
|
113
|
||||||||||||||||||
Residential Real Estate
|
7,378
|
5,830
|
-
|
2,022
|
157
|
152
|
||||||||||||||||||
Farmland
|
2,277
|
2,277
|
-
|
1,618
|
-
|
-
|
||||||||||||||||||
Consumer
|
295
|
281
|
-
|
141
|
12
|
14
|
||||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
27,110
|
21,727
|
-
|
14,605
|
292
|
316
|
|||||||||||||||||||
With An Allowance Recorded
|
||||||||||||||||||||||||
Commercial
|
1,465
|
1,465
|
108
|
1,280
|
14
|
19
|
||||||||||||||||||
Agricultural
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Construction
|
5,924
|
3,473
|
573
|
4,386
|
-
|
-
|
||||||||||||||||||
Residential Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Real Estate
|
15,061
|
15,061
|
1,559
|
7,785
|
287
|
285
|
||||||||||||||||||
Residential Real Estate
|
2,804
|
2,804
|
774
|
3,331
|
65
|
64
|
||||||||||||||||||
Farmland
|
1,329
|
1,329
|
202
|
-
|
44
|
47
|
||||||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
26,583
|
24,132
|
3,216
|
16,782
|
410
|
415
|
|||||||||||||||||||
Total
|
||||||||||||||||||||||||
Commercial
|
1,731
|
1,730
|
108
|
1,378
|
25
|
33
|
||||||||||||||||||
Agricultural
|
-
|
-
|
-
|
13
|
-
|
-
|
||||||||||||||||||
Commercial Construction
|
14,259
|
8,483
|
573
|
6,606
|
17
|
23
|
||||||||||||||||||
Residential Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Real Estate
|
23,620
|
23,125
|
1,559
|
16,278
|
382
|
398
|
||||||||||||||||||
Residential Real Estate
|
10,182
|
8,634
|
774
|
5,353
|
222
|
216
|
||||||||||||||||||
Farmland
|
3,606
|
3,606
|
202
|
1,618
|
44
|
47
|
||||||||||||||||||
Consumer
|
295
|
281
|
-
|
141
|
12
|
14
|
||||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
$
|
53,693
|
$
|
45,859
|
$
|
3,216
|
$
|
31,387
|
$
|
702
|
$
|
731
|
● | Interest rate reductions – Occur when the stated interest rate is reduced to a nonmarket rate or a rate the borrower would not be able to obtain elsewhere under similar circumstances. |
● | Amortization or maturity date changes – Result when the amortization period of the loan is extended beyond what is considered a normal amortization period for loans of similar type with similar collateral. |
● | Principal reductions – These are often the result of commercial real estate loan workouts where two new notes are created. The primary note is underwritten based upon our normal underwriting standards and is structured so that the projected cash flows are sufficient to repay the contractual principal and interest of the newly restructured note. The terms of the secondary note vary by situation and often involve that note being charged-off, or the principal and interest payments being deferred until after the primary note has been repaid. In situations where a portion of the note is charged-off during modification there is often no specific reserve allocated to those loans. This is due to the fact that the amount of the charge-off usually represents the excess of the original loan balance over the collateral value and the Company has determined there is no additional exposure on those loans. |
Three Months Ended September 30, 2014
|
Nine Months Ended September 30, 2014
|
|||||||||||||||||||||||
Troubled Debt Restructurings
|
||||||||||||||||||||||||
# of Contracts
|
Pre-Modification
|
Post-Modification
|
# of Contracts
|
Pre-Modification
|
Post-Modification
|
|||||||||||||||||||
Commercial Real Estate
|
-
|
$
|
-
|
$
|
-
|
2
|
$
|
1,771
|
$
|
1,775
|
||||||||||||||
Residential Real Estate
|
-
|
-
|
-
|
1
|
49
|
49
|
||||||||||||||||||
Farmland
|
-
|
-
|
-
|
1
|
401
|
401
|
||||||||||||||||||
Total Loans
|
-
|
$
|
-
|
$
|
-
|
4
|
$
|
2,221
|
$
|
2,225
|
Three Months Ended September 30, 2013
|
Nine Months Ended September 30, 2013
|
|||||||||||||||||||||||
Troubled Debt Restructurings
|
||||||||||||||||||||||||
# of Contracts
|
Pre-Modification
|
Post-Modification
|
# of Contracts
|
Pre-Modification
|
Post-Modification
|
|||||||||||||||||||
Commercial Construction
|
-
|
$
|
-
|
$
|
-
|
2
|
229
|
226
|
||||||||||||||||
Commercial Real Estate
|
-
|
-
|
-
|
1
|
226
|
226
|
||||||||||||||||||
Residential Real Estate
|
-
|
-
|
-
|
2
|
1,025
|
1,001
|
||||||||||||||||||
Total Loans
|
-
|
$
|
-
|
$
|
-
|
5
|
$
|
1,480
|
$
|
1,453
|
September 30, 2014
|
||||||||||||||||||||
Beginning
|
Ending
|
|||||||||||||||||||
Balance
|
Charge-Offs
|
Recoveries
|
Provision
|
Balance
|
||||||||||||||||
Commercial and Agricultural
|
||||||||||||||||||||
Commercial
|
$
|
1,017
|
$
|
(453
|
)
|
$
|
69
|
$
|
29
|
$
|
662
|
|||||||||
Agricultural
|
294
|
-
|
2
|
8
|
304
|
|||||||||||||||
Real Estate
|
||||||||||||||||||||
Commercial Construction
|
1,782
|
(1,541
|
)
|
302
|
499
|
1,042
|
||||||||||||||
Residential Construction
|
138
|
-
|
-
|
-
|
138
|
|||||||||||||||
Commercial
|
4,379
|
(761
|
)
|
109
|
522
|
4,249
|
||||||||||||||
Residential
|
3,278
|
(670
|
)
|
27
|
150
|
2,785
|
||||||||||||||
Farmland
|
312
|
(234
|
)
|
20
|
6
|
104
|
||||||||||||||
Consumer and Other
|
||||||||||||||||||||
Consumer
|
243
|
(274
|
)
|
64
|
93
|
126
|
||||||||||||||
Other
|
363
|
-
|
14
|
1
|
378
|
|||||||||||||||
$
|
11,806
|
$
|
(3,933
|
)
|
$
|
607
|
$
|
1,308
|
$
|
9,788
|
September 30, 2013
|
||||||||||||||||||||
Beginning
|
Ending
|
|||||||||||||||||||
Balance
|
Charge-Offs
|
Recoveries
|
Provision
|
Balance
|
||||||||||||||||
Commercial and Agricultural
|
||||||||||||||||||||
Commercial
|
$
|
981
|
$
|
(105
|
)
|
$
|
51
|
$
|
95
|
$
|
1,022
|
|||||||||
Agricultural
|
296
|
(27
|
)
|
4
|
24
|
297
|
||||||||||||||
Real Estate
|
||||||||||||||||||||
Commercial Construction
|
1,890
|
(1,779
|
)
|
193
|
1,601
|
1,905
|
||||||||||||||
Residential Construction
|
138
|
-
|
-
|
-
|
138
|
|||||||||||||||
Commercial
|
5,163
|
(1,865
|
)
|
293
|
1,677
|
5,268
|
||||||||||||||
Residential
|
3,406
|
(535
|
)
|
28
|
481
|
3,380
|
||||||||||||||
Farmland
|
291
|
(21
|
)
|
22
|
19
|
311
|
||||||||||||||
Consumer and Other
|
||||||||||||||||||||
Consumer
|
228
|
(333
|
)
|
82
|
300
|
277
|
||||||||||||||
Other
|
344
|
(4
|
)
|
10
|
3
|
353
|
||||||||||||||
$
|
12,737
|
$
|
(4,669
|
)
|
$
|
683
|
$
|
4,200
|
$
|
12,951
|
September 30, 2014
|
||||||||||||||||||||||||
Ending Allowance Balance
|
Ending Loan Balance
|
|||||||||||||||||||||||
Individually
|
Collectively
|
Individually
|
Collectively
|
|||||||||||||||||||||
Evaluated for
|
Evaluated for
|
Evaluated for
|
Evaluated for
|
|||||||||||||||||||||
Impairment
|
Impairment
|
Total
|
Impairment
|
Impairment
|
Total
|
|||||||||||||||||||
Commercial and Agricultural
|
||||||||||||||||||||||||
Commercial
|
$
|
99
|
$
|
563
|
$
|
662
|
$
|
100
|
$
|
46,381
|
$
|
46,481
|
||||||||||||
Agricultural
|
-
|
304
|
304
|
-
|
23,017
|
23,017
|
||||||||||||||||||
Real Estate
|
||||||||||||||||||||||||
Commercial Construction
|
59
|
983
|
1,042
|
3,039
|
47,416
|
50,455
|
||||||||||||||||||
Residential Construction
|
-
|
138
|
138
|
-
|
9,700
|
9,700
|
||||||||||||||||||
Commercial
|
283
|
3,966
|
4,249
|
21,348
|
306,150
|
327,498
|
||||||||||||||||||
Residential
|
605
|
2,180
|
2,785
|
5,522
|
198,791
|
204,313
|
||||||||||||||||||
Farmland
|
31
|
73
|
104
|
1,009
|
49,392
|
50,401
|
||||||||||||||||||
Consumer and Other
|
||||||||||||||||||||||||
Consumer
|
-
|
126
|
126
|
-
|
23,448
|
23,448
|
||||||||||||||||||
Other
|
-
|
378
|
378
|
-
|
7,968
|
7,968
|
||||||||||||||||||
Total End of Period Balance
|
$
|
1,077
|
$
|
8,711
|
$
|
9,788
|
$
|
31,018
|
$
|
712,263
|
$
|
743,281
|
September 30, 2013
|
||||||||||||||||||||||||
Ending Allowance Balance
|
Ending Loan Balance
|
|||||||||||||||||||||||
Individually
|
Collectively
|
Individually
|
Collectively
|
|||||||||||||||||||||
Evaluated for
|
Evaluated for
|
Evaluated for
|
Evaluated for
|
|||||||||||||||||||||
Impairment
|
Impairment
|
Total
|
Impairment
|
Impairment
|
Total
|
|||||||||||||||||||
Commercial and Agricultural
|
||||||||||||||||||||||||
Commercial
|
$
|
108
|
$
|
914
|
$
|
1,022
|
$
|
1,555
|
$
|
47,607
|
$
|
49,162
|
||||||||||||
Agricultural
|
-
|
297
|
297
|
-
|
17,613
|
17,613
|
||||||||||||||||||
Real Estate
|
||||||||||||||||||||||||
Commercial Construction
|
573
|
1,332
|
1,905
|
7,702
|
37,248
|
44,950
|
||||||||||||||||||
Residential Construction
|
-
|
138
|
138
|
-
|
4,680
|
4,680
|
||||||||||||||||||
Commercial
|
1,559
|
3,709
|
5,268
|
22,729
|
312,715
|
335,444
|
||||||||||||||||||
Residential
|
774
|
2,606
|
3,380
|
6,949
|
200,809
|
207,758
|
||||||||||||||||||
Farmland
|
202
|
109
|
311
|
3,583
|
45,705
|
49,288
|
||||||||||||||||||
Consumer and Other
|
||||||||||||||||||||||||
Consumer
|
-
|
277
|
277
|
-
|
26,235
|
26,235
|
||||||||||||||||||
Other
|
-
|
353
|
353
|
-
|
12,914
|
12,914
|
||||||||||||||||||
Total End of Period Balance
|
$
|
3,216
|
$
|
9,735
|
$
|
12,951
|
$
|
42,518
|
$
|
705,526
|
$
|
748,044
|
Nine Months Ended
|
Twelve Months Ended
|
|||||||
September 30, 2014
|
December 31, 2013
|
|||||||
Balance, Beginning
|
$
|
15,502
|
$
|
15,941
|
||||
Additions
|
2,652
|
10,251
|
||||||
Sales of OREO
|
(6,205
|
)
|
(7,804
|
)
|
||||
Losses on Sale
|
(511
|
)
|
(1,564
|
)
|
||||
Provision for Losses
|
(605
|
)
|
(1,322
|
)
|
||||
Balance, Ending
|
$
|
10,833
|
$
|
15,502
|
September 30, 2014
|
December 31, 2013
|
|||||||
Interest-Bearing Demand
|
$
|
327,862
|
$
|
357,291
|
||||
Savings
|
58,626
|
54,095
|
||||||
Time, $100,000 and Over
|
215,332
|
220,673
|
||||||
Other Time
|
223,249
|
240,210
|
||||||
$
|
825,069
|
$
|
872,269
|
Maturity
|
September 30, 2014
|
December 31, 2013
|
||||||
One Year and Under
|
$
|
309,865
|
$
|
322,971
|
||||
One to Three Years
|
100,619
|
106,946
|
||||||
Three Years and Over
|
28,097
|
30,966
|
||||||
$
|
438,581
|
$
|
460,883
|
September 30, 2014
|
December 31, 2013
|
|||||||
Federal Home Loan Bank Advances
|
$
|
40,000
|
$
|
40,000
|
Year
|
Amount
|
|||
2017
|
$
|
9,000
|
||
2018
|
20,500
|
|||
2019
|
8,000
|
|||
2020
|
2,500
|
|||
$
|
40,000
|
3 Month
|
Added
|
Total
|
5 Year
|
||||||||||||||||
Description
|
Date
|
Amount
|
Libor Rate
|
Points
|
Rate
|
Maturity
|
Call Option
|
||||||||||||
Colony Bankcorp Statutory Trust III
|
6/17/2004
|
$
|
4,500
|
0.23460
|
2.68
|
2.91460
|
6/14/2034
|
6/17/2009
|
|||||||||||
Colony Bankcorp Capital Trust I
|
4/13/2006
|
5,000
|
0.23310
|
1.50
|
1.73310
|
4/13/2036
|
4/13/2011
|
||||||||||||
Colony Bankcorp Capital Trust II
|
3/12/2007
|
9,000
|
0.23310
|
1.65
|
1.88310
|
3/12/2037
|
3/12/2012
|
||||||||||||
Colony Bankcorp Capital Trust III
|
9/14/2007
|
5,000
|
0.23610
|
1.40
|
1.63610
|
9/14/2037
|
9/14/2012
|
Contract Amount
|
||||||||
September 30, 2014
|
December 31, 2013
|
|||||||
Loan Commitments
|
$
|
73,061
|
$
|
65,688
|
||||
Letters of Credit
|
1,312
|
1,411
|
||||||
Fair Value Measurements at
|
||||||||||||||||||||
September 30, 2014
|
||||||||||||||||||||
Carrying
|
Estimated
|
Level
|
Level
|
Level
|
||||||||||||||||
Value
|
Fair Value
|
1
|
2
|
3
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Cash and Short-Term Investments
|
$
|
34,514
|
$
|
34,514
|
$
|
34,514
|
$
|
-
|
$
|
-
|
||||||||||
Investment Securities Available for Sale
|
273,547
|
273,547
|
-
|
272,586
|
961
|
|||||||||||||||
Investment Securities Held to Maturity
|
33
|
33
|
-
|
33
|
-
|
|||||||||||||||
Federal Home Loan Bank Stock
|
2,831
|
2,831
|
2,831
|
-
|
-
|
|||||||||||||||
Loans, Net
|
733,139
|
733,963
|
-
|
725,124
|
8,839
|
|||||||||||||||
Bank-Owned Life Insurance
|
14,371
|
14,371
|
14,371
|
-
|
-
|
|||||||||||||||
Liabilities
|
||||||||||||||||||||
Deposits
|
941,200
|
942,872
|
502,619
|
440,253
|
-
|
|||||||||||||||
Subordinated Debentures
|
24,229
|
24,229
|
24,229
|
-
|
-
|
|||||||||||||||
Other Borrowed Money
|
40,000
|
42,038
|
-
|
42,038
|
-
|
Fair Value Measurements at
|
||||||||||||||||||||
December 31, 2013
|
||||||||||||||||||||
Carrying
|
Estimated
|
Level
|
Level
|
Level
|
||||||||||||||||
Value
|
Fair Value
|
1
|
2
|
3
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Cash and Short-Term Investments
|
$
|
68,147
|
$
|
68,147
|
$
|
68,147
|
$
|
-
|
$
|
-
|
||||||||||
Investment Securities Available for Sale
|
263,258
|
263,258
|
-
|
262,317
|
941
|
|||||||||||||||
Investment Securities Held to Maturity
|
37
|
37
|
-
|
37
|
-
|
|||||||||||||||
Federal Home Loan Bank Stock
|
3,164
|
3,164
|
3,164
|
-
|
-
|
|||||||||||||||
Loans, Net
|
739,052
|
741,112
|
-
|
729,436
|
11,676
|
|||||||||||||||
Bank-Owned Life Insurance
|
10,165
|
10,165
|
10,165
|
-
|
-
|
|||||||||||||||
Liabilities
|
||||||||||||||||||||
Deposits
|
987,530
|
989,101
|
526,646
|
462,455
|
-
|
|||||||||||||||
Subordinated Debentures
|
24,229
|
24,229
|
24,229
|
-
|
-
|
|||||||||||||||
Other Borrowed Money
|
40,000
|
42,074
|
-
|
42,074
|
-
|
· | Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
· | Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
· | Level 3 inputs to the valuation methodology are unobservable and represent the Company’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. |
Fair Value Measurements at Reporting Date Using
|
||||||||||||||||
Quoted Prices in
|
Significant
|
|||||||||||||||
Active Markets for
|
Significant Other
|
Unobservable
|
||||||||||||||
Total Fair
|
Identical Assets
|
Observable
|
Inputs
|
|||||||||||||
September 30, 2014
|
Value
|
(Level 1)
|
Inputs (Level 2)
|
(Level 3)
|
||||||||||||
Recurring
|
||||||||||||||||
Securities Available for Sale
|
||||||||||||||||
U.S. Government Agencies
|
||||||||||||||||
Mortgage-Backed
|
$
|
270,010
|
$
|
-
|
$
|
270,010
|
$
|
-
|
||||||||
State, County and Municipal
|
3,537
|
-
|
2,576
|
961
|
||||||||||||
$
|
273,547
|
$
|
-
|
$
|
272,586
|
$
|
961
|
|||||||||
Nonrecurring
|
||||||||||||||||
Impaired Loans
|
$
|
8,839
|
$
|
-
|
$
|
-
|
$
|
8,839
|
||||||||
Other Real Estate
|
$
|
5,347
|
$
|
-
|
$
|
-
|
$
|
5,347
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||||
Quoted Prices in
|
Significant
|
|||||||||||||||
Active Markets for
|
Significant Other
|
Unobservable
|
||||||||||||||
Total Fair
|
Identical Assets
|
Observable
|
Inputs
|
|||||||||||||
December 31, 2013
|
Value
|
(Level 1)
|
Inputs (Level 2)
|
(Level 3)
|
||||||||||||
Recurring
|
||||||||||||||||
Securities Available for Sale
|
||||||||||||||||
U.S. Government Agencies
|
||||||||||||||||
Mortgage-Backed
|
$
|
259,348
|
$
|
-
|
$
|
259,348
|
$
|
-
|
||||||||
State, County and Municipal
|
3,910
|
-
|
2,969
|
941
|
||||||||||||
$
|
263,258
|
$
|
-
|
$
|
262,317
|
$
|
941
|
|||||||||
Nonrecurring
|
||||||||||||||||
Impaired Loans
|
$
|
11,676
|
$
|
-
|
$
|
-
|
$
|
11,676
|
||||||||
Other Real Estate
|
$
|
7,020
|
$
|
-
|
$
|
-
|
$
|
7,020
|
Valuation
|
Unobservable
|
Range
|
||||||||||
September 30, 2014
|
Techniques
|
Inputs
|
Weighted Avg
|
|||||||||
Impaired Loans
|
||||||||||||
Real Estate
|
||||||||||||
Commercial Construction
|
$
|
80
|
Sales Comparison
|
Adjustment for Differences
|
(56.60%) - 20.10%
|
|||||||
Between the Comparable Sales
|
(18.25%)
|
|||||||||||
Management Adjustments for
|
0.00% - 10.00%
|
|
||||||||||
Age of Appraisals and/or Current
|
5.00%
|
|
||||||||||
Market Conditions
|
||||||||||||
Residential Real Estate
|
2,744
|
Sales Comparison
|
Adjustment for Differences
|
(31.50%) - 171.70%
|
|
|||||||
Between the Comparable Sales
|
70.10%
|
|
||||||||||
Management Adjustments for
|
0.00% - 10.00%
|
|
||||||||||
Age of Appraisals and/or Current
|
5.00%
|
|
||||||||||
Market Conditions
|
||||||||||||
Income Approach
|
Capitalization Rate
|
12.50%
|
|
|||||||||
Commercial Real Estate
|
5,648
|
Sales Comparison
|
Management Adjustment for
|
0.00% - 10.00%
|
|
|||||||
Age of Appraisals and/or Current
|
5.00%
|
|
||||||||||
Market Conditions
|
||||||||||||
Income Approach
|
Capitalization Rate
|
11.00%
|
|
|||||||||
Farmland
|
367
|
Sales Comparison
|
Adjustment for Differences
|
(8.30%) - 252.50%
|
|
|||||||
Between the Comparable Sales
|
122.10%
|
|
||||||||||
Management Adjustment for
|
10.00% - 50.00%
|
|
||||||||||
Age of Appraisals and/or Current
|
30.00%
|
|
||||||||||
Market Conditions
|
||||||||||||
Other Real Estate Owned
|
5,347
|
Sales Comparison
|
Adjustment for Differences
|
(50.00%) - 955.90%
|
|
|||||||
Between the Comparable Sales
|
452.95%
|
|||||||||||
Management Adjustment for
|
0.33% - 78.01%
|
|||||||||||
Age of Appraisals and/or Current
|
35.48%
|
|
||||||||||
Market Conditions
|
||||||||||||
Income Approach
|
Discount Rate
|
3.00%
|
|
Valuation
|
Unobservable
|
Range
|
||||||||||
December 31, 2013
|
Techniques
|
Inputs
|
Weighted Avg
|
|||||||||
Impaired Loans
|
||||||||||||
Commercial
|
$
|
1,019
|
Sales Comparison
|
Adjustment for Differences
|
0.00% - 15.00%
|
|
||||||
Between the Comparable Sales
|
7.50%
|
|
||||||||||
Management Adjustments for
|
10.00% - 50.00%
|
|
||||||||||
Age of Appraisals and/or Current
|
30.00%
|
|
||||||||||
Market Conditions
|
||||||||||||
Real Estate
|
||||||||||||
Commercial Construction
|
2,641
|
Sales Comparison
|
Adjustment for Differences
|
(16.00%) - 28.00%
|
|
|||||||
Between the Comparable Sales
|
6.00%
|
|
||||||||||
Management Adjustments for
|
0.00% - 10.00%
|
|
||||||||||
Age of Appraisals and/or Current
|
5.00%
|
|
||||||||||
Market Conditions
|
||||||||||||
Income Approach
|
Capitalization Rate
|
8.50%
|
|
|||||||||
Residential Real Estate
|
1,323
|
Sales Comparison
|
Adjustment for Differences
|
0.00% - 46.00%
|
|
|||||||
Between the Comparable Sales
|
23.00%
|
|
||||||||||
Management Adjustments for
|
0.00% - 25.00%
|
|
||||||||||
Age of Appraisals and/or Current
|
12.50%
|
|
||||||||||
Market Conditions
|
||||||||||||
Commercial Real Estate
|
5,451
|
Sales Comparison
|
Adjustment for differences
|
(27.20%) - 216.80%
|
|
|||||||
Between the comparable Sales
|
94.80%
|
|
||||||||||
Management Adjustments for
|
25.00% - 90.00%
|
|
||||||||||
Age of Appraisals and/or Current
|
57.50%
|
|
||||||||||
Market Conditions
|
||||||||||||
Income Approach
|
Capitalization Rate
|
11.00%
|
|
|||||||||
Farmland
|
1,242
|
Sales Comparison
|
Adjustment for Differences
|
(55.00%) -388.00%
|
|
|||||||
Between the Comparable Sales
|
166.50%
|
|||||||||||
Management Adjustments for
|
10.00% - 35.00%
|
|
||||||||||
Age of Appraisals and/or Current
|
22.50%
|
|
||||||||||
Market Conditions
|
||||||||||||
Other Real Estate Owned
|
7,020
|
Sales Comparison
|
Adjustment for Differences
|
(10.00%) - 319.10%
|
|
|||||||
Between the Comparable Sales
|
154.55%
|
|
||||||||||
Management Adjustment for
|
0.36% - 87.81%
|
|||||||||||
Age of Appraisals and/or Current
|
29.99%
|
|||||||||||
Market Conditions
|
||||||||||||
Income Approach
|
Discount Rate
|
10.00%
|
Available for Sale Securities
|
||||||||
September 30, 2014
|
December 31, 2013
|
|||||||
Balance, Beginning
|
$
|
941
|
$
|
1,138
|
||||
Transfers out of Level 3
|
-
|
(42
|
)
|
|||||
Loss on OTTI Impairment Included in Noninterest Income
|
-
|
(367
|
)
|
|||||
Unrealized Gains included in Other Comprehensive Income (Loss)
|
20
|
212
|
||||||
Balance, Ending
|
$
|
961
|
$
|
941
|
Valuation
|
Unobservable
|
Range
|
||||||||||
Fair Value
|
Techniques
|
Inputs
|
Weighted Avg
|
|||||||||
State, County and Municipal
|
$
|
961
|
Discounted Cash Flow
|
Discount Rate
|
N/A
|
*
|
To Be Well Capitalized
|
||||||||||||||||||||||||
For Capital
|
Under Prompt Corrective
|
|||||||||||||||||||||||
Actual
|
Adequacy Purposes
|
Action Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
As of September 30, 2014
|
||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
132,973
|
17.76
|
%
|
$
|
59,902
|
8.00
|
%
|
NA
|
NA
|
||||||||||||||
Colony Bank
|
137,000
|
18.34
|
59,762
|
8.00
|
$
|
74,703
|
10.00
|
%
|
||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets
|
||||||||||||||||||||||||
Consolidated
|
123,608
|
16.51
|
29,951
|
4.00
|
NA
|
NA
|
||||||||||||||||||
Colony Bank
|
127,657
|
17.09
|
29,881
|
4.00
|
44,822
|
6.00
|
||||||||||||||||||
Tier 1 Capital to Average Assets
|
||||||||||||||||||||||||
Consolidated
|
123,608
|
11.01
|
44,895
|
4.00
|
NA
|
NA
|
||||||||||||||||||
Colony Bank
|
127,657
|
11.40
|
44,799
|
4.00
|
55,999
|
5.00
|
To Be Well Capitalized
|
||||||||||||||||||||||||
For Capital
|
Under Prompt Corrective
|
|||||||||||||||||||||||
Actual
|
Adequacy Purposes
|
Action Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
As of December 31, 2013
|
||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets
|
||||||||||||||||||||||||
Consolidated
|
$
|
129,569
|
17.06
|
%
|
$
|
60,791
|
8.00
|
%
|
NA
|
NA
|
||||||||||||||
Colony Bank
|
131,024
|
17.29
|
60,638
|
8.00
|
$
|
75,797
|
10.00
|
%
|
||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets
|
||||||||||||||||||||||||
Consolidated
|
120,048
|
15.81
|
30,396
|
4.00
|
NA
|
NA
|
||||||||||||||||||
Colony Bank
|
121,521
|
16.03
|
30,319
|
4.00
|
45,478
|
6.00
|
||||||||||||||||||
Tier 1 Capital to Average Assets
|
||||||||||||||||||||||||
Consolidated
|
120,048
|
10.57
|
45,419
|
4.00
|
NA
|
NA
|
||||||||||||||||||
Colony Bank
|
121,521
|
10.72
|
45,333
|
4.00
|
56,666
|
5.00
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30
|
September 30
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Numerator
|
||||||||||||||||
Net Income Available to Common Stockholders
|
$
|
1,384
|
$
|
701
|
$
|
3,533
|
$
|
1,879
|
||||||||
Denominator
|
||||||||||||||||
Weighted Average Number of Common Shares Outstanding for Basic Earnings Per Common Share
|
8,439
|
8,439
|
8,439
|
8,439
|
||||||||||||
Dilutive Effect of Potential Common Stock
|
||||||||||||||||
Restricted Stock
|
-
|
-
|
-
|
-
|
||||||||||||
Stock Warrants
|
-
|
-
|
-
|
-
|
||||||||||||
Weighted-Average Number of Shares Outstanding for Diluted Earnings Per Common Share
|
8,439
|
8,439
|
8,439
|
8,439
|
||||||||||||
Earnings Per Share - Basic
|
$
|
0.16
|
$
|
0.08
|
$
|
0.42
|
$
|
0.22
|
||||||||
Earnings Per Share - Diluted
|
$
|
0.16
|
$
|
0.08
|
$
|
0.42
|
$
|
0.22
|
· | Local and regional economic conditions and the impact they may have on the Company and its customers and the Company’s assessment of that impact. |
· | Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements. |
· | The effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board. |
· | Inflation, interest rate, market and monetary fluctuations. |
· | Political instability. |
· | Acts of war or terrorism. |
· | The timely development and acceptance of new products and services and perceived overall value of these products and services by users. |
· | Changes in consumer spending, borrowings and savings habits. |
· | Technological changes. |
· | Acquisitions and integration of acquired businesses. |
· | The ability to increase market share and control expenses. |
· | The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiary must comply. |
· | The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters. |
· | Changes in the Company’s organization, compensation and benefit plans. |
· | The costs and effects of litigation and of unexpected or adverse outcomes in such litigation. |
· | Greater than expected costs or difficulties related to the integration of new lines of business. |
· | The Company’s success at managing the risks involved in the foregoing items. |
· | Restrictions or conditions imposed by our regulators on our operations. |
Three Months Ended September 30
|
Nine Months Ended September 30
|
|||||||||||||||||||||||||||||||
$
|
%
|
$
|
%
|
|||||||||||||||||||||||||||||
2014
|
2013
|
Variance
|
Variance
|
2014
|
2013
|
Variance
|
Variance
|
|||||||||||||||||||||||||
Taxable-equivalent net interest income
|
$
|
9,768
|
$
|
9,536
|
$
|
232
|
2.43
|
%
|
$
|
28,547
|
$
|
28,117
|
$
|
430
|
1.53
|
%
|
||||||||||||||||
Taxable-equivalent adjustment
|
30
|
42
|
(12
|
)
|
(28.57
|
)
|
87
|
122
|
(35
|
)
|
(28.69
|
)
|
||||||||||||||||||||
Net interest income
|
9,738
|
9,494
|
244
|
2.57
|
28,460
|
27,995
|
465
|
1.66
|
||||||||||||||||||||||||
Provision for loan losses
|
500
|
1,500
|
(1,000
|
)
|
(66.67
|
)
|
1,308
|
4,200
|
(2,892
|
)
|
(68.86
|
)
|
||||||||||||||||||||
Noninterest income
|
2,410
|
2,109
|
301
|
14.27
|
6,718
|
6,359
|
359
|
5.65
|
||||||||||||||||||||||||
Noninterest expense
|
8,534
|
8,488
|
46
|
0.54
|
25,691
|
25,619
|
72
|
0.28
|
||||||||||||||||||||||||
Income before income taxes
|
$
|
3,114
|
$
|
1,615
|
$
|
1,499
|
92.82
|
$
|
8,179
|
$
|
4,535
|
$
|
3,644
|
80.35
|
||||||||||||||||||
Income Taxes
|
1,033
|
535
|
498
|
93.08
|
2,625
|
1,532
|
1,093
|
71.34
|
||||||||||||||||||||||||
Net income
|
$
|
2,081
|
$
|
1,080
|
$
|
1,001
|
92.69
|
$
|
5,554
|
$
|
3,003
|
$
|
2,551
|
84.95
|
||||||||||||||||||
Preferred stock dividends
|
697
|
379
|
318
|
83.91
|
2,021
|
1,124
|
897
|
79.80
|
||||||||||||||||||||||||
Net income available to common shareholders
|
$
|
1,384
|
$
|
701
|
$
|
683
|
97.43
|
%
|
$
|
3,533
|
$
|
1,879
|
$
|
1,654
|
88.03
|
%
|
||||||||||||||||
Net income available to common shareholders:
|
||||||||||||||||||||||||||||||||
Basic
|
$
|
0.16
|
$
|
0.08
|
$
|
0.08
|
100.00
|
%
|
$
|
0.42
|
$
|
0.22
|
$
|
0.20
|
90.91
|
%
|
||||||||||||||||
Diluted
|
$
|
0.16
|
$
|
0.08
|
$
|
0.08
|
100.00
|
%
|
$
|
0.42
|
$
|
0.22
|
$
|
0.20
|
90.91
|
%
|
||||||||||||||||
Return on average assets
|
0.49
|
%
|
0.25
|
%
|
0.24
|
%
|
96.00
|
%
|
0.42
|
%
|
0.22
|
%
|
0.20
|
%
|
90.91
|
%
|
||||||||||||||||
Return on average common equity
|
5.78
|
%
|
3.09
|
%
|
2.69
|
%
|
87.06
|
%
|
5.02
|
%
|
2.67
|
%
|
2.35
|
%
|
88.01
|
%
|
Changes from September 30, 2013 to September 30, 2014
|
||||||||||||
($ in thousands)
|
Volume
|
Rate
|
Total
|
|||||||||
Interest Income
|
||||||||||||
Loans, Net-taxable
|
$
|
(68
|
)
|
$
|
(1,170
|
)
|
$
|
(1,238
|
)
|
|||
Investment Securities
|
||||||||||||
Taxable
|
87
|
981
|
1,068
|
|||||||||
Tax-exempt
|
(12
|
)
|
(2
|
)
|
(14
|
)
|
||||||
Total Investment Securities
|
75
|
979
|
1,054
|
|||||||||
Interest-Bearing Deposits in other Banks
|
15
|
(4
|
)
|
11
|
||||||||
Federal Funds Sold
|
(3
|
)
|
(1
|
)
|
(4
|
)
|
||||||
Other Interest - Earning Assets
|
(7
|
)
|
33
|
26
|
||||||||
Total Interest Income
|
12
|
(163
|
)
|
(151
|
)
|
|||||||
Interest Expense
|
||||||||||||
Interest-Bearing Demand and
|
||||||||||||
Savings Deposits
|
77
|
(25
|
)
|
52
|
||||||||
Time Deposits
|
(174
|
)
|
(461
|
)
|
(635
|
)
|
||||||
Subordinated Debentures
|
-
|
(1
|
)
|
(1
|
)
|
|||||||
Other Borrowed Money
|
(9
|
)
|
12
|
3
|
||||||||
Total Interest Expense
|
(106
|
)
|
(475
|
)
|
(581
|
)
|
||||||
Net Interest Income
|
$
|
118
|
$
|
312
|
$
|
430
|
(1)
|
Changes in net interest income for the periods, based on either changes in average balances or changes in average rates for interest-earning assets and interest-bearing liabilities, are shown on this table. During each year, there are numerous and simultaneous balance and rate changes; therefore, it is not possible to precisely allocate the changes between balances and rates. For the purpose of this table, changes that are not exclusively due to balance changes or rate changes have been attributed to rates.
|
Three Months Ended
|
$
|
%
|
Nine Months Ended
|
$
|
%
|
|||||||||||||||||||||||||||
September 30
|
Variance
|
Variance
|
September 30
|
Variance
|
Variance
|
|||||||||||||||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||||||||||||||||||
Service Charges on Deposit Accounts
|
$
|
1,231
|
$
|
1,236
|
$
|
(5
|
)
|
(0.40
|
%)
|
$
|
3,369
|
$
|
3,484
|
$
|
(115
|
)
|
(3.30
|
%)
|
||||||||||||||
Other Charges, Commissions and Fees
|
622
|
442
|
180
|
40.72
|
1,842
|
1,289
|
553
|
42.90
|
||||||||||||||||||||||||
Mortgage Fee Income
|
130
|
117
|
13
|
11.11
|
311
|
377
|
(66
|
)
|
(17.51
|
)
|
||||||||||||||||||||||
Securities Gains (Losses)
|
-
|
-
|
-
|
-
|
1
|
(2
|
)
|
3
|
150.00
|
|||||||||||||||||||||||
Other
|
427
|
314
|
113
|
35.99
|
1,195
|
1,211
|
(16
|
)
|
(1.32
|
)
|
||||||||||||||||||||||
Total
|
$
|
2,410
|
$
|
2,109
|
$
|
301
|
14.27
|
%
|
$
|
6,718
|
$
|
6,359
|
$
|
359
|
5.65
|
%
|
Three Months Ended
|
$
|
%
|
Nine Months Ended
|
$
|
%
|
|||||||||||||||||||||||||||
September 30
|
Variance
|
Variance
|
September 30
|
Variance
|
Variance
|
|||||||||||||||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||||||||||||||||||
Salaries and Employee Benefits
|
$
|
4,432
|
$
|
4,178
|
$
|
254
|
6.08
|
%
|
$
|
13,149
|
$
|
12,496
|
$
|
653
|
5.23
|
%
|
||||||||||||||||
Occupancy and Equipment
|
1,049
|
974
|
75
|
7.70
|
3,069
|
2,842
|
227
|
7.99
|
||||||||||||||||||||||||
Other
|
3,053
|
3,336
|
(283
|
)
|
(8.48
|
)
|
9,473
|
10,281
|
(808
|
)
|
(7.86
|
)
|
||||||||||||||||||||
Total
|
$
|
8,534
|
$
|
8,488
|
$
|
46
|
0.54
|
%
|
$
|
25,691
|
$
|
25,619
|
$
|
72
|
0.28
|
%
|
September 30, 2014
|
December 31, 2013
|
$ Variance
|
% Variance
|
|||||||||||||
Commercial and Agricultural
|
||||||||||||||||
Commercial
|
$
|
46,481
|
$
|
48,107
|
$
|
(1,626
|
)
|
(3.38
|
)%
|
|||||||
Agricultural
|
23,017
|
10,666
|
12,351
|
115.80
|
||||||||||||
Real Estate
|
||||||||||||||||
Commercial Construction
|
50,455
|
52,739
|
(2,284
|
)
|
(4.33
|
)
|
||||||||||
Residential Construction
|
9,700
|
6,549
|
3,151
|
48.11
|
||||||||||||
Commercial
|
327,498
|
341,783
|
(14,285
|
)
|
(4.18
|
)
|
||||||||||
Residential
|
204,313
|
206,258
|
(1,945
|
)
|
(0.94
|
)
|
||||||||||
Farmland
|
50,401
|
47,035
|
3,366
|
7.16
|
||||||||||||
Consumer and Other
|
||||||||||||||||
Consumer
|
23,448
|
25,676
|
(2,228
|
)
|
(8.68
|
)
|
||||||||||
Other
|
7,968
|
12,405
|
(4,437
|
)
|
(35.77
|
)
|
||||||||||
Gross Loans
|
743,281
|
751,218
|
(7,937
|
)
|
(1.06
|
)
|
||||||||||
Unearned Interest and Fees
|
(354
|
)
|
(360
|
)
|
6
|
1.67
|
||||||||||
Allowance for Loan Losses
|
(9,788
|
)
|
(11,806
|
)
|
2,018
|
17.09
|
||||||||||
Net Loans
|
$
|
733,139
|
$
|
739,052
|
$
|
(5,913
|
)
|
(0.80
|
)%
|
September 30, 2014
|
December 31, 2013
|
September 30, 2013
|
||||||||||
Loans Accounted for on Nonaccrual
|
$
|
13,171
|
$
|
24,114
|
$
|
24,163
|
||||||
Loans Accruing Past Due 90 Days or More
|
7
|
4
|
2
|
|||||||||
Other Real Estate Foreclosed
|
10,833
|
15,502
|
16,106
|
|||||||||
Securities Accounted for on Nonaccrual
|
--
|
--
|
367
|
|||||||||
Total Nonperforming Assets
|
$
|
24,011
|
$
|
39,620
|
$
|
40,638
|
||||||
Nonperforming Assets by Segment
|
||||||||||||
Construction and Land Development
|
10,442
|
17,323
|
19,452
|
|||||||||
1-4 Family Residential
|
4,761
|
5,926
|
5,847
|
|||||||||
Multifamily Residential
|
392
|
335
|
463
|
|||||||||
Nonfarm Residential
|
6,513
|
12,441
|
9,004
|
|||||||||
Farmland
|
984
|
1,629
|
3,606
|
|||||||||
Commercial and Consumer
|
919
|
1,966
|
2,266
|
|||||||||
Total Nonperforming Assets
|
$
|
24,011
|
$
|
39,620
|
$
|
40,638
|
||||||
Nonperforming Assets as a Percentage of:
|
||||||||||||
Total Loans and Foreclosed Assets
|
3.18
|
%
|
5.17
|
%
|
5.32
|
%
|
||||||
Total Assets
|
2.15
|
%
|
3.45
|
%
|
3.65
|
%
|
||||||
Nonperforming Loans as a Percentage of:
|
||||||||||||
Total Loans
|
1.77
|
%
|
3.21
|
%
|
3.23
|
%
|
||||||
Supplemental Data:
|
||||||||||||
Trouble Debt Restructured Loans
|
||||||||||||
In Compliance with Modified Terms
|
20,076
|
20,715
|
21,202
|
|||||||||
Trouble Debt Restructured Loans
|
||||||||||||
Past Due 30-89 Days
|
2,176
|
435
|
495
|
|||||||||
Accruing Past Due Loans:
|
||||||||||||
30-89 Days Past Due
|
$
|
12,559
|
$
|
9,366
|
$
|
12,682
|
||||||
90 or More Days Past Due
|
7
|
4
|
2
|
|||||||||
Total Accruing Past Due Loans
|
$
|
12,566
|
$
|
9,370
|
$
|
12,684
|
||||||
Allowance for Loan Losses
|
$
|
9,788
|
$
|
11,806
|
$
|
12,951
|
||||||
ALLL as a Percentage of:
|
||||||||||||
Total Loans
|
1.32
|
%
|
1.57
|
%
|
1.73
|
%
|
||||||
Nonperforming Loans
|
74.28
|
%
|
48.95
|
%
|
53.59
|
%
|
September 30, 2014
|
September 30, 2013
|
|||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||
($ in thousands)
|
Amount
|
Rate (1)
|
Amount
|
Rate (1)
|
||||||||||||
Noninterest-Bearing Demand Deposits
|
$
|
116,804
|
$
|
111,527
|
||||||||||||
Interest-Bearing Demand and Savings Deposits
|
391,551
|
0.35
|
%
|
363,033
|
0.36
|
%
|
||||||||||
Time Deposits
|
450,373
|
0.84
|
%
|
474,322
|
0.97
|
%
|
||||||||||
Total Deposits
|
$
|
958,728
|
0.54
|
%
|
$
|
948,882
|
0.63
|
%
|
(1)
|
Average rate is an annualized rate.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30
|
September 30
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Return on Average Assets (1)
|
0.49
|
%
|
0.25
|
%
|
0.42
|
%
|
0.22
|
%
|
||||||||
Return on Average Total Equity (1)
|
5.78
|
%
|
3.09
|
%
|
5.02
|
%
|
2.67
|
%
|
||||||||
Average Total Equity to Average Assets
|
8.56
|
%
|
8.21
|
%
|
8.32
|
%
|
8.44
|
%
|
(1)
|
Computed using annualized net income available to common shareholders.
|
AVERAGE BALANCE SHEETS
|
Nine Months Ended
|
Nine Months Ended
|
||||||||||||||||||||||
September 30, 2014
|
September 30, 2013
|
|||||||||||||||||||||||
Average
|
Income/
|
Yields/
|
Average
|
Income/
|
Yields/
|
|||||||||||||||||||
($ in thousands)
|
Balances
|
Expense
|
Rates
|
Balances
|
Expense
|
Rates
|
||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest-Earning Assets
|
||||||||||||||||||||||||
Loans, Net of Unearned Interest and fees
|
||||||||||||||||||||||||
Taxable (1)
|
$
|
739,864
|
$
|
29,872
|
5.38
|
%
|
$
|
741,483
|
$
|
31,110
|
5.59
|
%
|
||||||||||||
Investment Securities
|
||||||||||||||||||||||||
Taxable
|
282,947
|
3,590
|
1.69
|
%
|
273,532
|
2,522
|
1.23
|
%
|
||||||||||||||||
Tax-Exempt (2)
|
2,519
|
89
|
4.71
|
%
|
2,847
|
103
|
4.82
|
%
|
||||||||||||||||
Total Investment Securities
|
285,466
|
3,679
|
1.72
|
%
|
276,379
|
2,625
|
1.27
|
%
|
||||||||||||||||
Interest-Bearing Deposits
|
16,605
|
32
|
0.26
|
%
|
9,774
|
21
|
0.29
|
%
|
||||||||||||||||
Federal Funds Sold
|
11,880
|
23
|
0.26
|
%
|
13,599
|
27
|
0.26
|
%
|
||||||||||||||||
Interest-Bearing Other Assets
|
2,931
|
85
|
3.87
|
%
|
3,312
|
59
|
2.38
|
%
|
||||||||||||||||
Total Interest-Earning Assets
|
1,056,746
|
$
|
33,691
|
4.25
|
%
|
1,044,547
|
$
|
33,842
|
4.32
|
%
|
||||||||||||||
Non-interest-Earning Assets
|
||||||||||||||||||||||||
Cash and Cash Equivalents
|
19,107
|
9,577
|
||||||||||||||||||||||
Allowance for Loan Losses
|
(11,295
|
)
|
(13,323
|
)
|
||||||||||||||||||||
Other Assets
|
62,067
|
72,831
|
||||||||||||||||||||||
Total Noninterest-Earning Assets
|
69,879
|
69,085
|
||||||||||||||||||||||
Total Assets
|
$
|
1,126,625
|
$
|
1,113,632
|
||||||||||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||||||
Interest-Bearing Liabilities
|
||||||||||||||||||||||||
Interest-Bearing Deposits
|
||||||||||||||||||||||||
Interest-Bearing Demand and Savings
|
$
|
391,551
|
$
|
1,040
|
0.35
|
%
|
$
|
363,033
|
$
|
988
|
0.36
|
%
|
||||||||||||
Other Time
|
450,373
|
2,829
|
0.84
|
%
|
474,322
|
3,464
|
0.97
|
%
|
||||||||||||||||
Total Interest-Bearing Deposits
|
841,924
|
3,869
|
0.61
|
%
|
837,355
|
4,452
|
0.71
|
%
|
||||||||||||||||
Other Interest-Bearing Liabilities
|
||||||||||||||||||||||||
Other Borrowed Money
|
40,000
|
888
|
2.96
|
%
|
40,399
|
885
|
2.92
|
%
|
||||||||||||||||
Subordinated Debentures
|
24,229
|
387
|
2.13
|
%
|
24,229
|
388
|
2.14
|
%
|
||||||||||||||||
Federal Funds Purchased and Repurchase Agreements
|
-
|
-
|
0.00
|
%
|
46
|
-
|
-
|
|||||||||||||||||
Total Other Interest-Bearing Liabilities
|
64,229
|
1,275
|
2.65
|
%
|
64,674
|
1,273
|
2.62
|
%
|
||||||||||||||||
Total Interest-Bearing Liabilities
|
906,153
|
$
|
5,144
|
0.76
|
%
|
902,029
|
$
|
5,725
|
0.85
|
%
|
||||||||||||||
Noninterest-Bearing Liabilities and
|
||||||||||||||||||||||||
Stockholders' Equity
|
||||||||||||||||||||||||
Demand Deposits
|
116,804
|
111,527
|
||||||||||||||||||||||
Other Liabilities
|
9,895
|
6,093
|
||||||||||||||||||||||
Stockholders' Equity
|
93,773
|
93,983
|
||||||||||||||||||||||
Total Noninterest-Bearing Liabilities and Stockholders' Equity
|
220,472
|
211,603
|
||||||||||||||||||||||
Total Liabilities and Stockholders' Equity
|
$
|
1,126,625
|
$
|
1,113,632
|
||||||||||||||||||||
Interest Rate Spread
|
3.49
|
%
|
3.47
|
%
|
||||||||||||||||||||
Net Interest Income
|
$
|
28,547
|
$
|
28,117
|
||||||||||||||||||||
Net Interest Margin
|
3.60
|
%
|
3.59
|
%
|
(1) | The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on the cash basis. Taxable equivalent adjustments totaling $57 and $87 for nine month periods ended September 30, 2014 and 2013, respectively, are included in tax-exempt interest on loans. |
(2) | Taxable-equivalent adjustments totaling $30 and $35 for nine month periods ended September 30, 2014 and 2013, respectively, are included in tax-exempt interest on investment securities. The adjustments are based on a federal tax rate of 34 percent with appropriate reductions for the effect of disallowed interest expense incurred in carrying tax-exempt obligations. |
3.1 Articles of Incorporation
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|
-filed as Exhibit 3(a) to the Registrant’s Registration Statement on Form 10 (File No. 0-18486), filed with the Commission on April 25, 1990 and incorporated herein by reference.
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3.2 Bylaws, as Amended
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|
-filed as Exhibit 3(b) to the Registrant’s Registration Statement on Form 10 (File No. 0-18486), filed with the Commission on April 25, 1990 and incorporated herein by reference.
|
|
3.3 Article of Amendment to the Company’s Articles of Incorporation Authorizing Additional Capital Stock in the Form of Ten Million Shares of Preferred Stock
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|
-filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 000-12436) filed with the Commission on January 13, 2009 and incorporated herein by reference.
|
|
3.4 Articles of Amendment to the Company’s Articles of Incorporation Establishing the Terms of the Series A Preferred Stock
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|
-filed as Exhibit 3.2 to the Registrant’s Current Report on Form 8-K (File No. 000-12436) filed with the Commission on January 13, 2009 and incorporated herein by reference.
|
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4.1 Instruments Defining the Rights of Security Holders
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-incorporated herein by reference to page 1 of the Company’s Definitive Proxy Statement for Annual Meeting of Stockholders to be held on April 27, 2004, filed with the Securities and Exchange Commission on March 3, 2004 (File No. 000-12436).
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4.2 Warrant to Purchase up to 500,000 shares of Common Stock
|
|
-filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K (File No. 000-12436), filed with the Commission on January 13, 2009 and incorporated herein by reference.
|
|
4.3 Form of Series A Preferred Stock Certificate
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|
-filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K (File No. 000-12436), filed with the Commission on January 13, 2009 and incorporated herein by reference.
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10.1 Deferred Compensation Plan and Sample Director Agreement
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|
-filed as Exhibit 10(a) to the Registrant’s Registration Statement on Form 10 (File No. 0-18486), filed with the Commission on April 25, 1990 and incorporated herein by reference.
|
|
10.2 Profit-Sharing Plan Dated January 1, 1979
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|
-filed as Exhibit 10(b) to the Registrant’s Registration Statement on Form 10 (File No. 0-18486), filed with the Commission on April 25, 1990 and incorporated herein by reference.
|
|
10.3 1999 Restricted Stock Grant Plan and Restricted Stock Grant Agreement
|
|
-filed as Exhibit 10(c) the Registrant’s Annual Report on Form 10-K (File No. 000-12436), filed with the Commission on March 30, 2001 and incorporated herein by reference.
|
10.4 2004 Restricted Stock Grant Plan and Restricted Stock Grant Agreement
|
|
- filed as Exhibit C to the Registrant’s Definitive Proxy Statement for Annual Meeting of Shareholders held on April 27, 2004, filed with the Securities and Exchange Commission on March 3, 2004 (File No. 000-12436) and incorporated herein by reference.
|
|
10.5 Lease Agreement – Mobile Home Tracts, LLC c/o Stafford Properties, Inc. and Colony Bank Worth
|
|
- filed as Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10Q (File No. 000-12436), filed with Securities and Exchange Commission on November 5, 2004 and incorporated herein by reference.
|
|
10.6 Letter Agreement, Dated January 9, 2009, Including Securities Purchase Agreement – Standard Terms Incorporated by Reference Therein, Between the Company and the United States Department of the Treasury
|
|
- filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 000-12436), filed with the Commission on January 13, 2009 and incorporated herein by reference.
|
|
10.7 Form of Waiver, Executed by Each of Messrs Al D. Ross, Terry L. Hester, Henry F. Brown, Jr., Walter P. Patten and Larry E. Stevenson
|
|
- filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 000-12436), filed with the Commission on January 13, 2009 and incorporated herein by reference.
|
|
10.8 Employment Agreement, Dated April 27, 2012 Between Edward P. Loomis, Jr. and Colony Bankcorp, Inc.
|
|
-filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 000-12436), filed with the Commission on May 2, 2012 and incorporated herein by reference.
|
|
31.1 Certificate of Chief Executive Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002
|
|
31.2 Certificate of Chief Financial Officer Pursuant to Section 302 of Sarbanes–Oxley Act of 2002
|
|
32.1 Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
99.1 Articles of Incorporation, as Amended
|
|
-filed as Exhibit 9.01 to the Registrant’s Current Report on Form 8-K (File No. 000-12436), filed with the Commission on May 30, 2014 and incorporated herein by reference.
|
101.INS XBRL Instance Document
|
101.SCH XBRL Schema Document
|
|
101.CAL XBRL Calculation Linkbase Document
|
|
101.DEF XBRL Definition Linkbase Document
|
|
101.LAB XBRL Label Linkbase Document
|
|
101.PRE XBRL Presentation Linkbase Document
|
|
Colony Bankcorp, Inc.
|
|
/s/ Edward P. Loomis, Jr. | ||
Date: November 3, 2014
|
Edward P. Loomis, Jr.,
|
|
President and Chief Executive Officer
|
||
/s/ Terry L. Hester | ||
Date: November 3, 2014
|
Terry L. Hester,
|
|
Executive Vice President and Chief Financial Officer
|
1. | I have reviewed this Form 10-Q of Colony Bankcorp, Inc: |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) |
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d) |
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) |
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b) |
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
November 3, 2014
|
|
|
|
/s/ Edward P. Loomis, Jr. |
|
Edward P. Loomis, Jr., President and
|
|
Chief Executive Officer
|
1. | I have reviewed this Form 10-Q of Colony Bankcorp, Inc: |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
November 3, 2014
|
|
|
|
/s/ Terry L. Hester |
|
Terry L. Hester, Executive Vice President and
|
|
Chief Financial Officer
|
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
November 3, 2014
|
|
|
|
/s/ Edward P. Loomis, Jr. |
|
Edward P. Loomis, Jr., President and
|
|
Chief Executive Officer
|
November 3, 2014
|
|
|
|
/s/ Terry L. Hester |
|
Terry L. Hester, Executive Vice President and
|
|
Chief Financial Officer
|
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