8-K

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): July 11, 2003

COLONY BANKCORP, INC.

(Exact name of registrant as specified in its charter)

Georgia	000-12436	58-1492391
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer I.D. No.)

115 South Grant Street, Fitzgerald, Georgia 31750

(Address of principal executive offices)

(229) 426-6000

Registrant’s Telephone Number, including area code

N/A

(Former name or former address, if changed since last report)

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(c ) Exhibits.

99.1 Press Release dated July 11, 2003

Item 9. Regulation FD Disclosure

On July 11, 2003, Colony Bankcorp, Inc. issued a press release announcing financial results for the quarter ended June 30, 2003. The press release is attached as Exhibit 99.1 to this Form 8-K. This information is provided under Item 12 of Form 8-K. The information in this Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

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: July 11, 2003	By:	/s/    TERRY L. HESTER
		Terry L. Hester Executive Vice President and Chief Financial Officer

EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE
Date:	July 11, 2003 9:00 A.M. (EST)
Contact:	Terry L. Hester Chief Financial Officer (229) 426-6002

Colony Bankcorp, Inc. Announces Second Quarter Results

FITZGERALD, GA., July 11, 2003—Colony Bankcorp, Inc. (Nasdaq: CBAN), today reported that asset growth continued to be good as Colony surpassed $819 million in total assets during the quarter. Total assets increased 13.33% to $819,323,000 on June 30, 2003 from $722,937,000 a year ago. Net loans increased 15.39% to $623,356,000 on June 30, 2003 from $540,201,000 a year ago. Total deposits increased 11.44% to $688,641,000 on June 30, 2003 from $617,948,000 a year ago. Shareholders’ equity on June 30, 2003 was $54,055,000 and equaled 6.60% of total assets.

Record quarterly net income for the second quarter of 2003 was $1,665,000, up 5.25% from second quarter 2002 net income of $1,582,000. On a per share basis, net income was $0.36, up 2.86% from second quarter 2002 net income per share of $0.35. Annualized return on assets for the quarter was 0.83% and return on equity excluding FASB 115 accounting effect was 12.65%, compared to 0.89% and 13.26% in the second quarter of 2002, respectively. A primary focus of our 2003 business plan is net interest margin improvement, which improved to 3.71% for second quarter 2003 compared to 3.63% for first quarter 2003 and 3.54% for fourth quarter 2002.

Net income for the six months ended June 30, 2003 was $3,310,000 or $0.72 per share as compared to $2,942,000 or $0.67 per share for the same period a year ago. Earnings per share reflect an increase of 7.46% from a year ago. Annualized return on assets for the six months ended June 30, 2003 was 0.84% and return on equity excluding FASB 115 accounting effect was 12.75%, compared to 0.88% and 13.18% for the six months ended June 30, 2002, respectively.

Company management continues to focus on high credit quality and credit administration. The ratio of non-performing assets to loans and other real estate on June 30, 2003 was 1.48% as compared to 1.93% on June 30, 2002 and 1.61% on December 31, 2002. Net charge-offs for the quarter were 0.11% of average loans, up from 0.05% for the second quarter of 2002 and net charge-offs for the six months ended June 30, 2003 were 0.14% of average loans, up from 0.13% for the same period a year ago. The loan loss reserve was 1.26% of total loans, which provided coverage of 103.66% of nonperforming loans and 84.84% of nonperforming assets, compared to 75.85% and 67.16% on June 30, 2002, respectively.

During the quarter the board of directors increased the quarterly dividend payment to $0.085 from $0.075 paid in first quarter 2003. The increase was due to increased earnings and to new tax regulations benefiting shareholders with reduced taxes on dividend income.

In May, the company was recognized as one of Georgia’s top-performing companies when The Atlanta Journal-Constitution announced its annual ranking of public companies based in Georgia. The tenth annual list, based on fiscal 2002 data, ranked Colony Bankcorp, Inc. 39^th on the list and was the fourth consecutive year that Colony has been recognized.

Also, Jon Worrell was elected to the Board of Directors of Colony Bank Southeast in Douglas. Mr. Worrell, who owns the popular Jon’s Sport Park is a former professional golfer who played for the University of Georgia and on the Hooter’s and Nike minor league circuits. He is a very active member of the young business community.

Colony Bankcorp, Inc. is a multi-bank holding company headquartered in Fitzgerald, Georgia that consists of the following subsidiaries: Colony Bank of Fitzgerald, Colony Bank Wilcox, Colony Bank Ashburn, Colony Bank of Dodge County, Colony Bank Worth, Colony Bank Southeast, Colony Bank Quitman, FSB, Georgia First Mortgage Company and Colony Management Services, Inc. The Company conducts a general full service commercial, consumer and mortgage banking business through twenty-two offices located in the South Georgia cities of Fitzgerald, Warner Robins, Ashburn, Leesburg, Cordele, Albany, Sylvester, Tifton, Moultrie, Douglas, Broxton, Eastman, Chester, Soperton, Rochelle, Pitts, Quitman and Valdosta, Georgia.

Colony Bankcorp, Inc. Common Stock is quoted on the Nasdaq National Market under the symbol “CBAN”.

The preceding release contains statements that constitute “forward-looking statements” within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.

COLONY BANKCORP, INC.

FINANCIAL HIGHLIGHTS (UNAUDITED)

DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

	QUARTER ENDED					YEAR-TO-DATE
EARNINGS SUMMARY	06/30/03		06/30/02			06/30/03		06/30/02*
Net Interest Income	$	7,032	$	6,255		$	13,670	$	11,420
Provision for Loan Losses		823		863			1,472		1,149
Non-interest Income		1,520		1,689	(2)		2,896		2,784	(2)
Non-interest Expense		5,200		4,686			10,084		8,640
Income Taxes		864		813			1,700		1,473
Net Income		1,665		1,582			3,310		2,942
Operating Income		1,665		1,247			3,310		2,607
	QUARTER ENDED					YEAR-TO-DATE
PER SHARE SUMMARY	06/30/03		06/30/02			06/30/03		06/30/02
Common Shares Outstanding		4,583,082		4,573,482			4,583,082		4,573,482
Weighted Average Shares		4,583,082		4,573,482			4,583,382		4,391,962
Net Income Per WeightedAverage Shares	$	0.36	$	0.35		$	0.72	$	0.67	*
Operating Income Per Weighted
Average Shares	$	0.36	$	0.27		$	0.72	$	0.59	*
Dividends Declared Per Share	$	0.085	$	0.07		$	0.16	$	0.13

	QUARTER ENDED				YEAR-TO-DATE
OPERATING RATIOS (1)	06/30/03		06/30/02		06/30/03		06/30/02
Net Interest Margin (a)	3.71	%	3.77	%	3.67	%	3.66	%
Return on Average Assets Based on Net Income	0.83	%	0.89	%	0.84	%	0.88	%
Return on Average Assets Based on Operating Income	0.83	%	0.70	%	0.84	%	0.78	%
Return on Average Equity Based on Net Income	12.65	%	13.26	%	12.75	%	13.18	%
Return on Average Equity Based on Operating Income	12.65	%	10.45	%	12.75	%	11.68	%
Efficiency (b)	60.33	%	62.19	%	60.38	%	62.33	%

	QUARTER ENDED
ENDING BALANCES	06/30/03			06/30/02
Total Assets	$	819,323		$	722,937
Loans Held for Sale		7,618			1,720
Loans, Net of Reserves		623,356			540,201
Allowance for Loan Losses		7,963			7,101
Intangible Assets		769			1,113
Deposits		688,641			617,948
Stockholders’ Equity		54,055			49,490
Book Value Per Share	$	11.79		$	10.82
Tangible Book Value Per Share	$	11.63		$	10.51
Shareholders’ Equity to Total Assets		6.60	%		6.85	%

(1) Annualized.

(2) Includes gain on sale of securities of $507 for second quarter 2002 and YTD 2002.

(a) Computed using fully taxable-equivalent net income.

(b) Computed by dividing non-interest expense by the sum of fully taxable-equivalent net interest income and non-interest income and excluding any security gains/losses.

* June 30, 2002 YTD earnings summary does not include first quarter 2002 results of Colony Bank Quitman, FSB as the acquisition was consummated on March 29, 2002.

COLONY BANKCORP, INC

FINANCIAL HIGHLIGHTS (UNAUDITED)

DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

	QUARTER ENDED				YEAR-TO-DATE
AVERAGE BALANCES	06/30/03		06/30/02		06/30/03		06/30/02
Total Assets	$	806,640	$	710,065	$	793,519	$	667,961
Loans, Net of Reserves		611,329		531,144		594,377		494,669
Deposits		678,013		604,691		671,149		568,792
Stockholders’ Equity		53,462		48,458		52,773		45,337

	QUARTER ENDED						YEAR-TO-DATE
ASSET QUALITY	06/30/03			06/30/02			06/30/03			06/30/02
Nonperforming Loans	$	7,682		$	9,362		$	7,682		$	9,362
Nonperforming Assets		9,386			10,573			9,386			10,573
Net Loan Chg-offs (Recoveries)		680			243			873			658
Reserve for Loan Loss to Gross Loans		1.26	%		1.30	%		1.26	%		1.30	%
Reserve for Loan Loss to Non-performing Loans		103.66	%		75.85	%		103.66	%		75.85	%
Reserve for Loan Loss to Non-performing Assets		84.84	%		67.16	%		84.84	%		67.16	%
Net Loan Chg-offs (Recoveries) to Avg. Gross Loans		0.11	%		0.05	%		0.14	%		0.13	%
Nonperforming Loans to Gross Loans		1.22	%		1.71	%		1.22	%		1.71	%
Nonperforming Assets to Total Assets		1.15	%		1.46	%		1.15	%		1.46	%
Nonperforming Assets to Loans and Other Real Estate		1.48	%		1.93	%		1.48	%		1.93	%