Georgia
|
000-12436
|
58-1492391
|
||
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
COLONY BANKCORP, INC.
|
||
Date: July 20, 2016
|
By:
|
/s/ Terry L. Hester
|
Terry L. Hester
|
||
Executive Vice-President and
|
||
Chief Financial Officer
|
NEWS RELEASE
|
|
FOR IMMEDIATE RELEASE
|
|
Date:
|
July 20, 2016 - 8:00 A.M. (EST)
|
Contact:
|
Terry L. Hester
|
Chief Financial Officer
|
|
(229) 426-6000 (Ext 6002)
|
June 30, 2016
|
Dec. 31, 2015
|
June 30, 2015
|
||||||||||
(unaudited)
|
(audited)
|
(unaudited)
|
||||||||||
ASSETS
|
||||||||||||
Cash and Cash Equivalents
|
||||||||||||
Cash and Due from Banks
|
$
|
16,188
|
$
|
22,257
|
$
|
19,550
|
||||||
Interest-Bearing Deposits
|
1,464
|
38,615
|
24,323
|
|||||||||
Investment Securities
|
||||||||||||
Available for Sale, at Fair Value
|
307,926
|
296,149
|
273,878
|
|||||||||
Held for Maturity, at Cost (Fair Value of $27 as of June 30, 2015)
|
-
|
-
|
27
|
|||||||||
307,926
|
296,149
|
273,905
|
||||||||||
Federal Home Loan Bank Stock, at Cost
|
2,755
|
2,731
|
2,731
|
|||||||||
Loans
|
764,209
|
758,636
|
760,078
|
|||||||||
Allowance for Loan Losses
|
(9,390
|
)
|
(8,604
|
)
|
(8,480
|
)
|
||||||
Unearned Interest and Fees
|
(382
|
)
|
(357
|
)
|
(388
|
)
|
||||||
754,437
|
749,675
|
751,210
|
||||||||||
Premises and Equipment
|
27,386
|
26,454
|
24,465
|
|||||||||
Other Real Estate
|
10,178
|
8,839
|
12,031
|
|||||||||
Other Intangible Assets
|
98
|
116
|
134
|
|||||||||
Other Assets
|
26,595
|
29,313
|
30,701
|
|||||||||
Total Assets
|
$
|
1,147,027
|
$
|
1,174,149
|
$
|
1,139,050
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||
Deposits
|
||||||||||||
Noninterest-Bearing
|
$
|
134,662
|
$
|
133,886
|
$
|
125,541
|
||||||
Interest-Bearing
|
841,905
|
877,668
|
843,093
|
|||||||||
976,567
|
1,011,554
|
968,634
|
||||||||||
Borrowed Money
|
||||||||||||
Subordinated Debentures
|
24,229
|
24,229
|
24,229
|
|||||||||
Other Borrowed Money
|
40,000
|
40,000
|
40,000
|
|||||||||
64,229
|
64,229
|
64,229
|
||||||||||
Other Liabilities
|
2,766
|
2,909
|
3,528
|
|||||||||
Stockholders’ Equity
|
||||||||||||
Preferred Stock, Stated Value $1,000 a Share; Authorized 10,000,000 Shares, Issued 18,021 Shares as of June 30, 2016 and Dec. 31, 2015 and 28,000 as of June 30, 2015, Respectively
|
18,021
|
18,021
|
28,000
|
|||||||||
Common Stock, Par Value $1 a share; Authorized 20,000,000 Shares, Issued 8,439,258 Shares as of June 30, 2016, Dec. 31, 2015 and June 30, 2015, Respectively
|
8,439
|
8,439
|
8,439
|
|||||||||
Paid in Capital
|
29,145
|
29,145
|
29,145
|
|||||||||
Retained Earnings
|
47,702
|
44,286
|
41,097
|
|||||||||
Accumulated Other Comprehensive Loss, Net of Tax
|
158
|
(4,434
|
)
|
(4,022
|
)
|
|||||||
103,465
|
95,457
|
102,659
|
||||||||||
Total Liabilities and Stockholders’ Equity
|
$
|
1,147,027
|
$
|
1,174,149
|
$
|
1,139,050
|
Quarter
Three Months Ended |
Year-to-Date
Six Months Ended |
|||||||||||||||
6/30/2016
|
6/30/2015
|
6/30/2016
|
6/30/2015
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Interest Income
|
||||||||||||||||
Loans, Including Fees
|
$
|
9,693
|
$
|
9,873
|
$
|
19,325
|
$
|
19,582
|
||||||||
Fedral Funds Sold
|
-
|
-
|
-
|
15
|
||||||||||||
Deposits with Other Banks
|
23
|
24
|
61
|
41
|
||||||||||||
Investment Securities
|
||||||||||||||||
U. S. Government Agencies
|
1,359
|
979
|
2,712
|
2,048
|
||||||||||||
State, County and Municipal
|
33
|
25
|
67
|
50
|
||||||||||||
Dividends on Other Investments
|
33
|
30
|
65
|
60
|
||||||||||||
11,141
|
10,931
|
22,230
|
21,796
|
|||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
1,189
|
1,220
|
2,393
|
2,438
|
||||||||||||
Borrowed Money
|
427
|
464
|
856
|
909
|
||||||||||||
1,616
|
1,684
|
3,249
|
3,347
|
|||||||||||||
Net Interest Income
|
9,525
|
9,247
|
18,981
|
18,449
|
||||||||||||
Provision for Loan Losses
|
354
|
129
|
708
|
491
|
||||||||||||
Net Interest Income After Provision for Loan Losses
|
9,171
|
9,118
|
18,273
|
17,958
|
||||||||||||
Noninterest Income
|
||||||||||||||||
Service Charges on Deposits
|
1,055
|
1,040
|
2,057
|
2,051
|
||||||||||||
Other Service Charges, Commissions and Fees
|
565
|
664
|
1,269
|
1,302
|
||||||||||||
Mortgage Fee Income
|
153
|
134
|
253
|
247
|
||||||||||||
Securities Gains (Losses)
|
127
|
-
|
129
|
3
|
||||||||||||
Other
|
452
|
520
|
816
|
967
|
||||||||||||
2,352
|
2,358
|
4,524
|
4,570
|
|||||||||||||
Noninterest Expense
|
||||||||||||||||
Salaries and Employee Benefits
|
4,625
|
4,407
|
9,099
|
8,875
|
||||||||||||
Occupancy and Equipment
|
978
|
1,017
|
1,942
|
2,010
|
||||||||||||
Other
|
2,751
|
2,896
|
5,548
|
5,721
|
||||||||||||
8,354
|
8,320
|
16,589
|
16,606
|
|||||||||||||
Income Before Income Taxes
|
3,169
|
3,156
|
6,208
|
5,922
|
||||||||||||
Income Taxes
|
1,002
|
971
|
1,980
|
1,854
|
||||||||||||
Net Income
|
2,167
|
2,185
|
4,228
|
4,068
|
||||||||||||
Preferred Stock Dividends
|
406
|
630
|
811
|
1,260
|
||||||||||||
Net Income Available to Common Shareholders
|
$
|
1,761
|
$
|
1,555
|
$
|
3,417
|
$
|
2,808
|
||||||||
Net Income Per Share of Common Stock
|
||||||||||||||||
Basic
|
$
|
0.21
|
$
|
0.18
|
$
|
0.40
|
$
|
0.33
|
||||||||
Diluted
|
$
|
0.21
|
$
|
0.18
|
$
|
0.40
|
$
|
0.33
|
||||||||
Weighted Average Basic Shares Outstanding
|
8,439,258
|
8,439,258
|
8,439,258
|
8,439,258
|
||||||||||||
Weighted Average Diluted Shares Outstanding
|
8,497,618
|
8,441,628
|
8,490,540
|
8,440,443
|
QUARTER ENDED
|
YEAR-TO-DATE
|
|||||||||||||||
EARNINGS SUMMARY
|
6/30/2016
|
6/30/2015
|
6/30/2016
|
6/30/2015
|
||||||||||||
Net Interest Income
|
$
|
9,525
|
$
|
9,247
|
$
|
18,981
|
$
|
18,449
|
||||||||
Provision for Loan Losses
|
354
|
129
|
708
|
491
|
||||||||||||
Non-interest Income
|
2,352
|
2,358
|
4,524
|
4,570
|
||||||||||||
Non-interest Expense
|
8,354
|
8,320
|
16,589
|
16,606
|
||||||||||||
Income Taxes
|
1,002
|
971
|
1,980
|
1,854
|
||||||||||||
Net Income
|
2,167
|
2,185
|
4,228
|
4,068
|
||||||||||||
Preferred Stock Dividend
|
406
|
630
|
811
|
1,260
|
||||||||||||
Net Income Available to Common Shareholders
|
1,761
|
1,555
|
3,417
|
2,808
|
QUARTER ENDED
|
YEAR-TO-DATE
|
|||||||||||||||
PER COMMON SHARE SUMMARY
|
6/30/2016
|
6/30/2015
|
6/30/2016
|
6/30/2015
|
||||||||||||
Common Shares Outstanding
|
8,439,258
|
8,439,258
|
8,439,258
|
8,439,258
|
||||||||||||
Weighted Average Basic Shares
|
8,439,258
|
8,439,258
|
8,439,258
|
8,439,258
|
||||||||||||
Weighted Average Diluted Shares
|
8,497,618
|
8,441,628
|
8,490,540
|
8,440,443
|
||||||||||||
Earnings Per Basic Share (b)
|
$
|
0.21
|
$
|
0.18
|
$
|
0.40
|
$
|
0.33
|
||||||||
Earnings Per Diluted Share (b)
|
$
|
0.21
|
$
|
0.18
|
$
|
0.40
|
$
|
0.33
|
||||||||
Common Book Value Per Share
|
$
|
10.12
|
$
|
8.85
|
$
|
10.12
|
$
|
8.85
|
||||||||
Tangible Common Book Value Per Share
|
$
|
10.11
|
$
|
8.83
|
$
|
10.11
|
$
|
8.83
|
QUARTER ENDED
|
YEAR-TO-DATE
|
|||||||||||||||
OPERATING RATIOS (1)
|
6/30/2016
|
6/30/2015
|
6/30/2016
|
6/30/2015
|
||||||||||||
Net Interest Margin (a)
|
3.53
|
%
|
3.44
|
%
|
3.50
|
%
|
3.44
|
%
|
||||||||
Return on Average Assets (b)
|
0.61
|
%
|
0.54
|
%
|
0.59
|
%
|
0.49
|
%
|
||||||||
Return on Average Total Equity (b)
|
6.99
|
%
|
6.05
|
%
|
6.87
|
%
|
5.52
|
%
|
||||||||
Efficiency (c)
|
71.10
|
%
|
71.54
|
%
|
70.97
|
%
|
71.99
|
%
|
(1)
|
Annualized
|
(a) | Computed using fully taxable-equivalent net income |
(b) | Computed using net income available to shareholders |
(c ) | Computed by dividing non-interest expense by the sum of fully taxable- equivalent net interest income and non-interest income and excluding security gains/losses. |
QUARTER ENDED
|
||||||||
ENDING BALANCES
|
6/30/2016
|
6/30/2015
|
||||||
Total Assets
|
$
|
1,147,027
|
$
|
1,139,050
|
||||
Loans, Net of Reserves
|
754,437
|
751,210
|
||||||
Allowance for Loan Losses
|
9,390
|
8,480
|
||||||
Intangible Assets
|
98
|
134
|
||||||
Deposits
|
976,567
|
968,634
|
||||||
Common Shareholders’ Equity
|
85,444
|
74,659
|
||||||
Common Equity to Total Assets
|
7.45
|
%
|
6.55
|
%
|
||||
Total Equity
|
103,465
|
102,659
|
||||||
Total Equity to Total Assets
|
9.02
|
%
|
9.01
|
%
|
QUARTER ENDED
|
YEAR-TO-DATE
|
|||||||||||||||
AVERAGE BALANCES
|
6/30/2016
|
6/30/2015
|
6/30/2016
|
6/30/2015
|
||||||||||||
Total Assets
|
$
|
1,156,944
|
$
|
1,150,811
|
$
|
1,161,051
|
$
|
1,150,725
|
||||||||
Loans, Net of Reserves
|
746,780
|
748,648
|
745,008
|
741,680
|
||||||||||||
Deposits
|
988,743
|
979,628
|
994,018
|
979,477
|
||||||||||||
Common Shareholders’ Equity
|
82,704
|
74,760
|
81,439
|
73,700
|
||||||||||||
Total Equity
|
100,725
|
102,760
|
99,460
|
101,700
|
QUARTER ENDED
|
YEAR-TO-DATE
|
|||||||||||||||
ASSET QUALITY
|
6/30/2016
|
6/30/2015
|
6/30/2016
|
6/30/2015
|
||||||||||||
Nonperforming Loans
|
$
|
13,149
|
$
|
14,128
|
$
|
13,149
|
$
|
14,128
|
||||||||
Nonperforming Assets
|
23,327
|
26,159
|
23,327
|
26,159
|
||||||||||||
Substandard Assets
|
42,557
|
39,650
|
42,557
|
39,650
|
||||||||||||
Net Loan Chg-offs (Recoveries)
|
513
|
25
|
(78
|
)
|
813
|
|||||||||||
Reserve for Loan Loss to Total Loans
|
1.23
|
%
|
1.12
|
%
|
1.23
|
%
|
1.12
|
%
|
||||||||
Reserve for Loan Loss to Non-performing Loans
|
71.41
|
%
|
60.02
|
%
|
71.41
|
%
|
60.02
|
%
|
||||||||
Reserve for Loan Loss to Non-performing Assets
|
40.25
|
%
|
32.42
|
%
|
40.25
|
%
|
32.42
|
%
|
||||||||
Net Loan Chg-offs (Recoveries) to Avg. Total Loans
|
0.07
|
%
|
0.00
|
%
|
(0.01
|
)%
|
0.11
|
%
|
||||||||
Nonperforming Loans to Total Loans
|
1.72
|
%
|
1.86
|
%
|
1.72
|
%
|
1.86
|
%
|
||||||||
Nonperforming Assets to Total Assets
|
2.03
|
%
|
2.30
|
%
|
2.03
|
%
|
2.30
|
%
|
||||||||
Nonperforming Assets to Total Loans And Other Real Estate
|
3.01
|
%
|
3.39
|
%
|
3.01
|
%
|
3.39
|
%
|
||||||||
Substandard Assets to Tier One Capital and Allowance for Loan Losses
|
31.12
|
%
|
28.74
|
%
|
31.12
|
%
|
28.74
|
%
|
2Q2016
|
1Q2016
|
4Q2015
|
3Q2015
|
2Q2015
|
||||||||||||||||
Assets
|
$
|
1,147,027
|
$
|
1,168,389
|
$
|
1,174,149
|
$
|
1,127,320
|
$
|
1,139,050
|
||||||||||
Loans
|
754,437
|
744,356
|
749,675
|
755,447
|
751,210
|
|||||||||||||||
Deposits
|
976,567
|
1,000,043
|
1,011,554
|
958,034
|
968,634
|
|||||||||||||||
Common Shareholders’ Equity
|
85,444
|
82,522
|
77,436
|
77,907
|
74,659
|
|||||||||||||||
Total Equity
|
103,465
|
100,543
|
95,457
|
101,074
|
102,659
|
|||||||||||||||
Net Income
|
2,167
|
2,061
|
2,105
|
2,200
|
2,185
|
|||||||||||||||
Net Income Available to Common Shareholders
|
1,761
|
1,656
|
1,584
|
1,606
|
1,555
|
|||||||||||||||
Net Income Per Share
|
0.21
|
0.20
|
0.19
|
0.19
|
0.18
|
|||||||||||||||
Key Performance Ratios
|
2Q2016
|
1Q2016
|
4Q2015
|
3Q2015
|
2Q2015
|
|||||||||||||||
Return on Average Assets (1)
|
0.61
|
%
|
0.57
|
%
|
0.55
|
%
|
0.57
|
%
|
0.54
|
%
|
||||||||||
Return on Average Total Equity (1)
|
6.99
|
%
|
6.75
|
%
|
6.26
|
%
|
6.28
|
%
|
6.05
|
%
|
||||||||||
Common Equity to Total Assets
|
7.45
|
%
|
7.06
|
%
|
6.60
|
%
|
6.91
|
%
|
6.55
|
%
|
||||||||||
Total Equity to Total Assets
|
9.02
|
%
|
8.61
|
%
|
8.13
|
%
|
8.97
|
%
|
9.01
|
%
|
||||||||||
Net Interest Margin
|
3.53
|
%
|
3.47
|
%
|
3.63
|
%
|
3.58
|
%
|
3.44
|
%
|
(1)
|
Computed using net income available to shareholders
|