UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
Form 8-K
_____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported): October 17, 2017
Colony Bankcorp, Inc.
(Exact Name of Registrant as Specified in Charter)
Georgia | 000-12436 | 58-1492391 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
115 South Grant Street, Fitzgerald, Georgia 31750 |
(Address of Principal Executive Offices) (Zip Code) |
(229) 426-6000
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
[ ] | 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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 2.02. Results of Operations and Financial Condition.
On October 17, 2017, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Colony Bankcorp, Inc. | ||
Date: October 17, 2017 | By: | /s/ Terry L. Hester |
Terry L. Hester | ||
Executive Vice-President and Chief Financial Officer | ||
EXHIBIT 99.1
Colony Bankcorp, Inc. Announces Third Quarter Results
FITZGERALD, Ga., Oct. 17, 2017 (GLOBE NEWSWIRE) -- Colony Bankcorp, Inc. (Nasdaq:CBAN), today reported net income available to shareholders of $2,622,000, or $0.30 per diluted share for the third quarter of 2017 compared to $1,880,000, or $0.22 per diluted share for the comparable 2016 period, while net income available to shareholders for the nine month period ended September 30, 2017 was $6,961,000, or $0.81 per diluted share compared to $5,297,000, or $0.62 per share for the comparable 2016 period. This increase of 31.41 percent in net income for the comparable year ago period was primarily driven by an increase in net interest income and noninterest income and a reduction in preferred stock dividends and loan loss provision. “We are delighted to report our highest earnings quarter in a number of years,” said Ed Loomis, President and Chief Executive Officer. “As the economic recovery chugs along, we expect to benefit with increased loan opportunities. While our operating efficiencies have improved the past several quarters, we continue to explore different initiatives for additional improvement and thus further enhance shareholder value. We remain optimistic that tax reform proposals will become reality in the near term and also provide a boost to future earnings.”
Capital
Colony continues to maintain a strong regulatory capital position to be categorized as “well-capitalized” by regulatory benchmarks. At September 30, 2017, the Company’s tier one leverage ratio, tier one ratio, total risk-based capital ratio and common equity tier one capital ratio were 9.91 percent, 14.76 percent,15.75 percent and 11.84 percent, respectively, compared to 9.72 percent, 14.33 percent, 15.32 percent and 11.44 percent, respectively, at June 30, 2017. The Company’s capital ratios were all in excess of regulatory minimums required to be classified as “well-capitalized.”
Net Interest Margin
During the third quarter of 2017, the Company reported net interest income of $9.84 million and a net interest margin of 3.50 percent compared to $9.56 million and 3.56 percent, respectively, for third quarter 2016, while net interest income YTD 2017 was $29.12 million and a net interest margin of 3.45 percent compared to $28.54 million and 3.52 percent, respectively, for the same comparable in 2016. Second quarter 2017 net interest margin was 3.49 percent, thus a slight increase in net interest margin this quarter. As we shift more dollars out of lower yielding investments into higher yielding loans, we should continue to realize net interest margin improvement.
Asset Quality
Asset quality remains solid with marked improvement from a year ago. Substandard assets that include non-performing assets totaled $30.54 million at September 30, 2017 compared to $33.23 million and $41.49 million, respectively, at December 31, 2016 and September 30, 2016. Substandard assets adjusted for SBA guarantees to tier one capital plus loan loss reserve ratio was 23.14 percent, 25.67 percent and 31.34 percent, respectively, at September 30, 2017, December 31, 2016 and September 30, 2016. Non-performing assets increased slightly from the previous quarter end to $13.32 million or 1.72 percent of total loans and other real estate owned as of September 30, 2017. This compares to $18.79 million or 2.47 percent and $23.80 million or 3.03 percent, respectively, as of December 31, 2016 and September 30, 2016.
Other real estate (“OREO”) totaled $4.52 million at September 30, 2017 compared to $6.44 million and $9.81 million, respectively, at December 31, 2016 and September 30, 2016. Though these levels remain at an elevated level, we continue to work diligently to dispose these properties at fair value. There are several pending transactions that we anticipate closing in the near future to further reduce our OREO holdings.
In the third quarter of 2017 net charge-offs were $66 thousand, or 0.01 percent of average loans as compared to net charge-offs of $541 thousand, or 0.07 percent of average loans in third quarter 2016, while YTD 2017 net charge-offs were $1,281 thousand, or 0.17 percent of average loans compared to $463 thousand, or 0.06 percent of average loans for the comparable 2016 period. The loan loss reserve was $7.98 million or 1.04 percent of total loans on September 30, 2017 compared to $8.92 million or 1.18 percent and $9.20 million or 1.19 percent, respectively, at December 31, 2016 and September 30, 2016. Loan loss reserve methodology resulted in no loan loss provision for three months ended September 30, 2017 compared to $354 thousand for the comparable 2016 period, while YTD 2017 provision for loan losses was $335 thousand compared to $1,062 thousand for the comparable 2016 period.
Noninterest Income
Total noninterest income increased in the comparable periods as noninterest income for nine months ended September 30, 2017 was $7.22 million compared to $7.16 million in the comparable 2016 period, or an increase of 0.80 percent. Secondary mortgage fee income increased $122 thousand or 24.06 percent, service charges on deposits increased $130 thousand or 4.08 percent and debit card interchange fees increased $144 thousand or 7.95 percent to primarily account for the increase. Offset to these increases was gains on the sale of securities in 2016 of $385 thousand compared to no gains in 2017.
Noninterest Expense
Total noninterest expense increased in the comparable periods as noninterest expense for nine months ended September 30, 2017 was $25.41 million compared to $25.24 million for the comparable 2016 period, or an increase of 0.67 percent. Salaries and employee benefit expenses increased 4.64 percent, occupancy expense was relatively flat and other noninterest expense decreased 5.62 percent for the comparable periods. The efficiency ratio improved to 69.69 percent for nine months ended September 30, 2017 compared to 71.22 percent for the comparable 2016 period. The company continues to explore opportunities to improve its’ operating efficiency.
Colony Bankcorp, Inc. is a bank holding company headquartered in Fitzgerald, Georgia that consists of one operating subsidiary, Colony Bank. Colony Bank conducts a general full service commercial, consumer and mortgage banking business through twenty-six offices located in the central, southern and coastal Georgia cities of Albany, Ashburn, Broxton, Centerville, Columbus, Cordele, Douglas, Eastman,
Fitzgerald, Leesburg, Moultrie, Quitman, Rochelle, Savannah, Soperton, Statesboro, Sylvester, Thomaston, Tifton, Valdosta and Warner Robins, Georgia.
Colony Bankcorp, Inc. Common Stock is quoted on the Nasdaq Global Market under the symbol “CBAN”.
Certain statements contained in the preceding release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified. In addition, certain statements may be contained in the Company’s future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statement of plans and objectives of Colony Bankcorp, Inc. or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Forward-looking statements speak only as of the date on which such statements are made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.
Consolidated Balance Sheets Colony Bankcorp, Inc. | |||||||||||
(in thousands) | |||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2016 | |||||||||
(unaudited) | (audited) | (unaudited) | |||||||||
ASSETS | |||||||||||
Cash and Cash Equivalents | |||||||||||
Cash and Due from Banks | $ | 18,848 | $ | 28,822 | $ | 17,803 | |||||
Interest-Bearing Deposits | 12,752 | 46,345 | 13,872 | ||||||||
Investment Securities | |||||||||||
Available for Sale, at Fair Value | 338,249 | 323,658 | 286,089 | ||||||||
Federal Home Loan Bank Stock, at Cost | 3,255 | 3,010 | 3,010 | ||||||||
Loans | 770,046 | 754,283 | 776,117 | ||||||||
Allowance for Loan Losses | (7,977 | ) | (8,923 | ) | (9,203 | ) | |||||
Unearned Interest and Fees | (430 | ) | (361 | ) | (382 | ) | |||||
761,639 | 744,999 | 766,532 | |||||||||
Premises and Equipment | 27,616 | 27,969 | 27,745 | ||||||||
Other Real Estate | 4,520 | 6,439 | 9,812 | ||||||||
Other Intangible Assets | 54 | 81 | 89 | ||||||||
Other Assets | 28,460 | 29,119 | 27,865 | ||||||||
Total Assets | $ | 1,195,393 | $ | 1,210,442 | $ | 1,152,817 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Deposits | |||||||||||
Noninterest-Bearing | $ | 162,706 | $ | 159,059 | $ | 138,941 | |||||
Interest-Bearing | 857,557 | 885,298 | 839,649 | ||||||||
1,020,263 | 1,044,357 | 978,590 | |||||||||
Borrowed Money | |||||||||||
Subordinated Debentures | 24,229 | 24,229 | 24,229 | ||||||||
Other Borrowed Money | 56,000 | 46,000 | 46,000 | ||||||||
80,229 | 70,229 | 70,229 | |||||||||
Other Liabilities | 3,299 | 2,468 | 3,263 | ||||||||
Stockholders' Equity | |||||||||||
Preferred Stock, Stated Value $1,000 a Share; | |||||||||||
Authorized 10,000,000 Shares, Issued 0 Shares | |||||||||||
as of Sept. 30, 2017, 9,360 as of Dec. 31, 2016 and | |||||||||||
14,360 as of Sept. 30, 2016, Respectively | - | 9,360 | 14,360 | ||||||||
Common Stock, Par Value $1 a share; Authorized | |||||||||||
20,000,000 Shares, Issued 8,439,258 Shares as of | |||||||||||
Sept. 30, 2017, Dec. 31, 2016 and Sept. 30, 2016 | |||||||||||
Respectively | 8,439 | 8,439 | 8,439 | ||||||||
Paid in Capital | 29,145 | 29,145 | 29,145 | ||||||||
Retained Earnings | 57,794 | 51,466 | 49,582 | ||||||||
Accumulated Other Comprehensive Loss, Net of Tax | (3,776 | ) | (5,022 | ) | (791 | ) | |||||
91,602 | 93,388 | 100,735 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 1,195,393 | $ | 1,210,442 | $ | 1,152,817 | |||||
Consolidated Statements of Income Colony Bankcorp, Inc. | |||||||||||
(in thousands except per share data) | |||||||||||
Quarter | Year-to-Date | ||||||||||
Three Months Ended | Nine Months Ended | ||||||||||
9/30/2017 | 9/30/2016 | 9/30/2017 | 9/30/2016 | ||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||
Interest Income | |||||||||||
Loans, Including Fees | $ | 9,754 | $ | 9,810 | $ | 28,884 | $ | 29,135 | |||
Deposits with Other Banks | 52 | 18 | 166 | 79 | |||||||
Investment Securities | |||||||||||
U. S. Government Agencies | 1,684 | 1,266 | 4,932 | 3,978 | |||||||
State, County and Municipal | 27 | 30 | 87 | 97 | |||||||
Corporate Debt | 23 | - | 59 | - | |||||||
Dividends on Other Investments | 38 | 32 | 109 | 97 | |||||||
11,578 | 11,156 | 34,237 | 33,386 | ||||||||
Interest Expense | |||||||||||
Deposits | 1,191 | 1,187 | 3,559 | 3,580 | |||||||
Federal Funds Purchased | - | - | 3 | - | |||||||
Borrowed Money | 544 | 413 | 1,554 | 1,269 | |||||||
1,735 | 1,600 | 5,116 | 4,849 | ||||||||
Net Interest Income | 9,843 | 9,556 | 29,121 | 28,537 | |||||||
Provision for Loan Losses | - | 354 | 335 | 1,062 | |||||||
Net Interest Income After Provision for Loan Losses | 9,843 | 9,202 | 28,786 | 27,475 | |||||||
Noninterest Income | |||||||||||
Service Charges on Deposits | 1,169 | 1,128 | 3,315 | 3,185 | |||||||
Other Service Charges, Commissions and Fees | 741 | 686 | 2,300 | 2,104 | |||||||
Mortgage Fee Income | 241 | 254 | 629 | 507 | |||||||
Securities Gains (Losses) | - | 256 | - | 385 | |||||||
Other | 273 | 313 | 974 | 980 | |||||||
2,424 | 2,637 | 7,218 | 7,161 | ||||||||
Noninterest Expense | |||||||||||
Salaries and Employee Benefits | 4,802 | 4,726 | 14,467 | 13,825 | |||||||
Occupancy and Equipment | 1,014 | 1,025 | 2,965 | 2,967 | |||||||
Other | 2,564 | 2,903 | 7,976 | 8,451 | |||||||
8,380 | 8,654 | 25,408 | 25,243 | ||||||||
Income Before Income Taxes | 3,887 | 3,185 | 10,596 | 9,393 | |||||||
Income Taxes | 1,265 | 927 | 3,424 | 2,907 | |||||||
Net Income | 2,622 | 2,258 | 7,172 | 6,486 | |||||||
Preferred Stock Dividends | - | 378 | 211 | 1,189 | |||||||
Net Income Available to Common Shareholders | $ | 2,622 | $ | 1,880 | $ | 6,961 | $ | 5,297 | |||
Net Income Per Share of Common Stock | |||||||||||
Basic | $ | 0.31 | $ | 0.22 | $ | 0.82 | $ | 0.63 | |||
Diluted | $ | 0.30 | $ | 0.22 | $ | 0.81 | $ | 0.62 | |||
Cash Dividends Declared Per Share | $ | 0.025 | - | $ | 0.075 | - | |||||
Weighted Average Basic Shares Outstanding | 8,439,258 | 8,439,258 | 8,439,258 | 8,439,258 | |||||||
Weighted Average Diluted Shares Outstanding | 8,629,523 | 8,506,268 | 8,631,566 | 8,495,752 | |||||||
COLONY BANKCORP, INC | ||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS (UNAUDITED) | ||||||||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | ||||||||||||||||||||||||
QUARTER ENDED | YEAR-TO-DATE | |||||||||||||||||||||||
EARNINGS SUMMARY | 9/30/2017 | 9/30/2016 | 9/30/2017 | 9/30/2016 | ||||||||||||||||||||
Net Interest Income | $ | 9,843 | $ | 9,556 | $ | 29,121 | $ | 28,537 | ||||||||||||||||
Provision for Loan Losses | - | 354 | 335 | 1,062 | ||||||||||||||||||||
Non-interest Income | 2,424 | 2,637 | 7,218 | 7,161 | ||||||||||||||||||||
Non-interest Expense | 8,380 | 8,654 | 25,408 | 25,243 | ||||||||||||||||||||
Income Taxes | 1,265 | 927 | 3,424 | 2,907 | ||||||||||||||||||||
Net Income | 2,622 | 2,258 | 7,172 | 6,486 | ||||||||||||||||||||
Preferred Stock Dividend | - | 378 | 211 | 1,189 | ||||||||||||||||||||
Net Income Available to | ||||||||||||||||||||||||
Common Shareholders | 2,622 | 1,880 | 6,961 | 5,297 | ||||||||||||||||||||
QUARTER ENDED | YEAR-TO-DATE | |||||||||||||||||||||||
PER COMMON SHARE SUMMARY | 9/30/2017 | 9/30/2016 | 9/30/2017 | 9/30/2016 | ||||||||||||||||||||
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 | 8,629,523 | 8,506,268 | 8,631,566 | 8,495,752 | ||||||||||||||||||||
Earnings Per Basic Share (b) | $0.31 | $0.22 | $0.82 | $0.63 | ||||||||||||||||||||
Earnings Per Diluted Share (b) | $0.30 | $0.22 | $0.81 | $0.62 | ||||||||||||||||||||
Cash Dividends Declared Per Share | $0.025 | - | $0.075 | - | ||||||||||||||||||||
Common Book Value Per Share | $10.85 | $10.23 | $10.85 | $10.23 | ||||||||||||||||||||
Tangible Common Book Value Per Share | $10.85 | $10.22 | $10.85 | $10.22 | ||||||||||||||||||||
QUARTER ENDED | YEAR-TO-DATE | |||||||||||||||||||||||
OPERATING RATIOS (1) | 9/30/2017 | 9/30/2016 | 9/30/2017 | 9/30/2016 | ||||||||||||||||||||
Net Interest Margin (a) | 3.50% | 3.56% | 3.45% | 3.52% | ||||||||||||||||||||
Return on Average Assets (b) | 0.88% | 0.65% | 0.78% | 0.61% | ||||||||||||||||||||
Return on Average Total Equity (b) | 11.57% | 7.35% | 10.23% | 7.03% | ||||||||||||||||||||
Efficiency (c) | 68.06% | 72.22% | 69.69% | 71.22% | ||||||||||||||||||||
(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 | 9/30/2017 | 9/30/2016 | ||||||
Total Assets | $ | 1,195,393 | $ | 1,152,817 | ||||
Loans, Net of Reserves | 761,639 | 766,532 | ||||||
Allowance for Loan Losses | 7,977 | 9,203 | ||||||
Intangible Assets | 54 | 89 | ||||||
Deposits | 1,020,263 | 978,590 | ||||||
Common Shareholders' Equity | 91,602 | 86,375 | ||||||
Common Equity to Total Assets | 7.66% | 7.49% | ||||||
Total Equity | 91,602 | 100,735 | ||||||
Total Equity to Total Assets | 7.66% | 8.74% | ||||||
QUARTER ENDED | YEAR-TO-DATE | |||||||||||||||
AVERAGE BALANCES | 9/30/2017 | 9/30/2016 | 9/30/2017 | 9/30/2016 | ||||||||||||
Total Assets | $ | 1,196,078 | $ | 1,151,458 | $ | 1,196,997 | $ | 1,157,816 | ||||||||
Loans, Net of Reserves | 759,017 | 756,776 | 751,849 | 748,960 | ||||||||||||
Deposits | 1,021,645 | 977,544 | 1,027,210 | 988,483 | ||||||||||||
Common Shareholders' Equity | 90,650 | 85,603 | 87,745 | 82,838 | ||||||||||||
Total Equity | 90,650 | 102,351 | 90,762 | 100,431 | ||||||||||||
QUARTER ENDED | YEAR-TO-DATE | |||||||||||||||
ASSET QUALITY | 9/30/2017 | 9/30/2016 | 9/30/2017 | 9/30/2016 | ||||||||||||
Nonperforming Loans | $ | 8,807 | $ | 13,987 | $ | 8,807 | $ | 13,987 | ||||||||
Nonperforming Assets | 13,327 | 23,799 | 13,327 | 23,799 | ||||||||||||
Substandard Assets | 30,539 | 41,485 | 30,539 | 41,485 | ||||||||||||
Net Loan Chg-offs (Recoveries) | 66 | 541 | 1,281 | 463 | ||||||||||||
Reserve for Loan Loss to Total Loans | 1.04% | 1.19% | 1.04% | 1.19% | ||||||||||||
Reserve for Loan Loss to Non- performing Loans | 90.58% | 65.80% | 90.58% | 65.80% | ||||||||||||
Reserve for Loan Loss to Non-performing Assets | 59.86% | 38.67% | 59.86% | 38.67% | ||||||||||||
Net Loan Chg-offs (Recoveries) | ||||||||||||||||
to Avg. Total Loans | 0.01% | 0.07% | 0.17% | 0.06% | ||||||||||||
Nonperforming Loans to Total Loans | 1.14% | 1.80% | 1.14% | 1.80% | ||||||||||||
Nonperforming Assets to Total Assets | 1.11% | 2.06% | 1.11% | 2.06% | ||||||||||||
Nonperforming Assets to Total Loans | ||||||||||||||||
And Other Real Estate | 1.72% | 3.03% | 1.72% | 3.03% | ||||||||||||
Substandard Assets to Tier One Capital | ||||||||||||||||
and Allowance for Loan Losses | 23.14% | 31.34% | 23.14% | 31.34% | ||||||||||||
Quarterly Comparative Data (in thousands, except per share data) | |||||||||||||||
3Q2017 | 2Q2017 | 1Q2017 | 4Q2016 | 3Q2016 | |||||||||||
Assets | $ | 1,195,393 | $ | 1,198,449 | $ | 1,208,765 | $ | 1,210,442 | $ | 1,152,817 | |||||
Loans | 761,639 | 767,069 | 751,056 | 744,999 | 766,532 | ||||||||||
Deposits | 1,020,263 | 1,026,538 | 1,044,231 | 1,044,357 | 978,500 | ||||||||||
Common Shareholders’ Equity | 91,602 | 88,992 | 85,861 | 84,028 | 86,375 | ||||||||||
Total Equity | 91,602 | 88,992 | 85,861 | 93,388 | 100,735 | ||||||||||
Net Income | 2,622 | 2,433 | 2,117 | 2,187 | 2,258 | ||||||||||
Net Income Available to | |||||||||||||||
Common Shareholders | 2,622 | 2,433 | 1,906 | 1,883 | 1,880 | ||||||||||
Net Income Per Basic Share | 0.31 | 0.29 | 0.23 | 0.22 | 0.22 | ||||||||||
Key Performance Ratios | 3Q2017 | 2Q2017 | 1Q2017 | 4Q2016 | 3Q2016 | ||||||||||
Return on Average Assets (1) | 0.88% | 0.81% | 0.63% | 0.64% | 0.65% | ||||||||||
Return on Average Total Equity (1) | 11.57% | 11.10% | 8.11% | 7.60% | 7.35% | ||||||||||
Common Equity to Total Assets | 7.66% | 7.43% | 7.10% | 6.94% | 7.49% | ||||||||||
Total Equity to Total Assets | 7.66% | 7.43% | 7.10% | 7.71% | 8.74% | ||||||||||
Net Interest Margin | 3.50% | 3.49% | 3.35% | 3.48% | 3.56% | ||||||||||
(1) Computed using net income available to shareholders | |||||||||||||||
Contact:
Terry L. Hester
Chief Financial Officer
(229) 426-6000 (Ext 6002)