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): October 10, 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 October 10, 2003

Item 9. Regulation FD Disclosure

On October 10, 2003, Colony Bankcorp, Inc. issued a press release announcing third quarter 2003 results. 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: October 10, 2003	By:	/s/    TERRY L. HESTER
		Terry L. Hester Executive Vice President and Chief Financial Officer

EX-99.1

EXHIBIT 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

Date: October 10, 2003 9:00 A.M. (ET)

Contact: Terry L. Hester

Chief Financial Officer

(229) 426-6002

Colony Bankcorp, Inc. Announces Third Quarter Results

FITZGERALD, GA., October 10, 2003—Colony Bankcorp, Inc. (Nasdaq: CBAN), today reported record quarterly net income of $1,719,000 for the third quarter of 2003, up 13.09% from third quarter 2002 net income of $1,520,000. On a per share split-adjusted basis, net income was $0.30, up 11.11% from third quarter 2002 net income per share of $0.27. Annualized return on assets for the quarter was 0.83% and return on equity excluding FASB 115 accounting effect was 12.75%, compared to 0.84% and 12.40% in the third quarter of 2002, respectively. A primary focus of our 2003 business plan is net interest margin improvement, which improved to 3.83% for third quarter 2003 compared to 3.81% for the same period a year ago and improved from the company’s low quarterly net interest margin of 3.54% in the fourth quarter of 2002.

Net income for the nine months ended September 30, 2003 was $5,029,000 or $0.88 per share as compared to $4,462,000 or $0.80 per share for the same period a year ago. Earnings per share reflect an increase of 10.00% from a year ago. Annualized return on assets for the nine months ended September 30, 2003 was 0.83% and return on equity excluding FASB 115 accounting effect was 12.75%, compared to 0.86% and 12.91% for the nine months ended September 30, 2002, respectively. Net interest margin was flat at 3.72% for both nine-month periods ended September 30, 2003 and 2002.

Asset growth continued to be good as Colony surpassed $830 million in total assets during the quarter. Total assets increased 11.60% to $830,950,000 on September 30, 2003 from $744,572,000 a year ago. Net loans increased 13.86% to $642,969,000 on September 30, 2003 from $564,726,000 a year ago. Total deposits increased 9.84% to $697,805,000 on September 30, 2003 from $635,318,000 a year ago. Shareholders’ equity on September 30, 2003 was $54,449,000 and equaled 6.55% of total assets.

The ratio of non-performing assets to loans and other real estate on September 30, 2003 was 1.63% as compared to 1.59% on September 30, 2002 and 1.61% on December 31, 2002. The third quarter and year-to-date 2003 provisions for loan losses were $1,455,000and $2,927,000, respectively, compared to $990,000 and $2,139,000, respectively, for the same periods in 2002. Net charge-offs for the quarter were 0.26% of average loans, up from 0.15% for the third quarter of 2002, while net charge-offs for the nine months ended September 30, 2003 were 0.41% of average loans, up from 0.28% for the same period a year ago. Net charge-offs increased significantly during third quarter 2003 primarily due to one commercial line being charged-off that accounted for approximately 48% of the total third quarter charge-offs. The loan loss reserve was 1.19% of total loans, which provided coverage of 96.12% of nonperforming loans and 72.68% of nonperforming assets, compared to 92.10% and 79.81% on September 30, 2002, respectively.

During the quarter the board of directors announced a five-for-four stock split to be effected as a 25% stock dividend effective September 1, 2003. James D. Minix, President and CEO said, “This stock split allows our shareholders to share in our continuing strong financial performance and will tend to enhance the liquidity of our stock by increasing from 4.6 million to 5.7 million the number of our outstanding shares.”

Also, with new tax regulations benefiting shareholders with reduced taxes on dividend income, the company increased its third quarter dividend to $.07 per share from $0.068 in second quarter 2003 and $0.056 in third quarter 2002.

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	09/30/03			09/30/02			09/30/03			09/30/02*
Net Interest Income	$	7,463		$	6,491		$	21,133		$	17,911
Provision for Loan Losses		1,455			990			2,927			2,139
Non-interest Income		1,847	(2)		1,779	(2)		4,743	(2)		4,563	(2)
Non-interest Expense		5,293			4,972			15,377			13,612
Income Taxes		843			788			2,543			2,261
Net Income		1,719			1,520			5,029			4,462
Operating Income		1,475			1,198			4,785			3,805
	QUARTER ENDED						YEAR-TO-DATE
PER SHARE SUMMARY	09/30/03			09/30/02			09/30/03			09/30/02
Common Shares Outstanding**		5,727,968			5,716,853			5,727,968			5,716,853
Weighted Average Diluted Shares**		5,720,374			5,709,117			5,720,481			5,562,055
Net Income Per Weighted
Average Shares**	$	0.30		$	0.27		$	0.88		$	0.80
Operating Income Per Weighted Average Shares **	$	0.26		$	0.21		$	0.84		$	0.68
Dividends Declared Per Share**	$	0.07		$	0.056		$	0.198		$	0.16

	QUARTER ENDED				YEAR-TO-DATE
OPERATING RATIOS (1)	09/30/03		09/30/02		09/30/03		09/30/02
Net Interest Margin (a)	3.83	%	3.81	%	3.72	%	3.72	%
Return on Average Assets
Based on Net Income	0.83	%	0.84	%	0.83	%	0.86	%
Return on Average Assets
Based on Operating Income	0.71	%	0.66	%	0.79	%	0.74	%
Return on Average Equity
Based on Net Income	12.75	%	12.40	%	12.75	%	12.91	%
Return on Average Equity
Based on Operating Income	10.94	%	9.78	%	12.13	%	11.01	%
Efficiency (b)	58.77	%	63.27	%	60.45	%	62.73	%

	QUARTER ENDED
ENDING BALANCES	09/30/03			09/30/02
Total Assets	$	830,950		$	744,572
Loans Held for Sale		3,315			5,280
Loans, Net of Reserves		642,969			564,726
Allowance for Loan Losses		7,748			7,276
Intangible Assets		730			880
Deposits		697,805			635,318
Stockholders’ Equity		54,449			50,397
Book Value Per Share**	$	9.51		$	8.82
Tangible Book Value Per Share**	$	9.38		$	8.66
Shareholders’ Equity to Total Assets		6.55	%		6.77	%

(1) Annualized.

(2) Includes gain on sale of securities of $369 for third quarter 2003 and $488 for third quarter 2002 and $369 for YTD 2003 and $995 for 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.

* September 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.

** All per share data has been adjusted to reflect 5-for-4 stock split effected as a 25% stock dividend as of September 1, 2003.

COLONY BANKCORP, INC

FINANCIAL HIGHLIGHTS (UNAUDITED)

DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

	QUARTER ENDED				YEAR-TO-DATE
AVERAGE BALANCES	09/30/03		09/30/02		09/30/03		09/30/02
Total Assets	$	826,760	$	727,928	$	804,701	$	687,950
Loans, Net of Reserves		635,063		547,842		608,070		511,748
Deposits		693,453		621,294		678,733		586,292
Stockholders’ Equity		54,388		50,182		53,316		46,952

	QUARTER ENDED						YEAR-TO-DATE
ASSET QUALITY	09/30/03			09/30/02			09/30/03			09/30/02
Nonperforming Loans	$	8,061		$	7,900		$	8,061		$	7,900
Nonperforming Assets		10,661			9,117			10,661			9,117
Net Loan Chg-offs (Recoveries)		1,669			815			2,542			1,473
Reserve for Loan Loss to Gross Loans		1.19	%		1.27	%		1.19	%		1.27	%
Reserve for Loan Loss to Non-performing Loans		96.12	%		92.10	%		96.12	%		92.10	%
Reserve for Loan Loss to Non-performing Assets		72.68	%		79.81	%		72.68	%		79.81	%
Net Loan Chg-offs (Recoveries) to Avg. Gross Loans		0.26	%		0.15	%		0.41	%		0.28	%
Nonperforming Loans to Gross Loans		1.24	%		1.38	%		1.24	%		1.38	%
Nonperforming Assets to Total Assets		1.28	%		1.22	%		1.28	%		1.22	%
Nonperforming Assets to Loans and Other Real Estate		1.63	%		1.59	%		1.63	%		1.59	%

Quarterly Comparative Data (in thousands, except per share data)

	3Q2003		2Q2003		1Q2003		4Q2002		3Q2002
Assets	$	830,950	$	819,323	$	801,409	$	780,589	$	744,572
Loans		642,969		623,356		594,230		564,257		564,726
Deposits		697,805		688,641		675,671		664,470		635,318
Equity		54,449		54,055		52,484		51,428		50,397
Net Income		1,719		1,665		1,645		1,290		1,520
Net Income Per Share*		0.30		0.29		0.29		0.22		0.27
Dividends Declared Per Share*		0.07		0.068		0.06		0.06		0.056

*All per share data has been adjusted to reflect 5-for-4 stock split effected as a 25% stock dividend on September 1, 2003.

Key Performance Ratios	3Q2003		2Q2003		1Q2003		4Q2002		3Q2002
Return on Assets	0.83	%	0.83	%	0.84	%	0.67	%	0.84	%
Return on Equity*	12.75	%	12.65	%	12.85	%	10.32	%	12.40	%
Equity/Assets	6.55	%	6.60	%	6.55	%	6.59	%	6.77	%
Net Interest Margin	3.83	%	3.71	%	3.63	%	3.54	%	3.81	%

*Excludes FASB 115 Accounting Effect

Consolidated Balance Sheets Colony Bankcorp, Inc.

(in thousands)

	September 30, 2003			September 30, 2002
	(unaudited)			(unaudited)
ASSETS
Cash and Balances Due from Depository Institutions	$	33,328		$	25,177
Federal Funds Sold		21,408			32,392
Investment Securities
Available for Sale, at Fair Value		92,175			83,367
Held for Maturity, at Cost (Fair Value of $88 and $121, Respectively)		88			115
		92,263			83,482
Federal Home Loan Bank Stock, at Cost		2,975			2,837
Loans Held for Sale		3,315			5,280
Loans		650,755			572,065
Allowance for Loan Losses		(7,748	)		(7,276	)
Unearned Interest and Fees		(38	)		(63	)
		642,969			564,726
Premises and Equipment		17,600			17,023
Other Real Estate		2,600			1,217
Goodwill		448			448
Intangible Assets		282			432
Other Assets		13,762			11,558
Total Assets	$	830,950		$	744,572
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Noninterest-Bearing	$	52,695		$	45,990
Interest-Bearing		645,110			589,328
		697,805			635,318
Borrowed Money
Federal Funds Purchased		0			0
Borrowed Money		60,413			45,671
		60,413			45,671
Guaranteed Mandatorily Redeemable Trust
Preferred Securities of Subsidiary Trusts		14,000			9,000
Other Liabilities		4,283			4,186
Stockholders’ Equity
Common Stock, Par Value $1, Authorized 20,000,000 Shares, Issued 5,727,968 and 4,573,482 Shares as of September 30, 2003 and September 30, 2002, Respectively		5,728			4,574
Paid in Capital		23,499			23,361
Retained Earnings		25,486			21,795
Restricted Stock-Unearned Compensation		(154	)		(97	)
Accumulated Other Comprehensive Income, Net of Taxes		(110	)		764
		54,449			50,397
Total Liabilities and Stockholders’ Equity	$	830,950		$	744,572

Consolidated Statements of Income Colony Bankcorp, Inc.

(in thousands except per share data)

	Three Months Ended				Nine Months Ended
	09/30/03		09/30/02		09/30/03		09/30/02
	(unaudited)				(unaudited)
Interest Income
Loans, including fees	$	11,037	$	10,669	$	32,665	$	30,358
Federal Funds Sold		53		102		274		311
Deposits with Other Banks		40		37		120		117
Investment Securities
U.S. Treasury & Federal Agencies		536		792		1,543		2,470
State, County and Municipal		77		104		240		263
Other Investments		104		187		340		796
Dividends on Other Investments		31		35		98		107
Other Interest Income		7		10		25		25
		11,885		11,936		35,305		34,447
Interest Expense
Deposits		3,673		4,867		11,995		14,760
Federal Funds Purchased		0		1		1		3
Borrowed Money		589		446		1,677		1,505
Trust Preferred Securities		160		131		499		268
		4,422		5,445		14,172		16,536
Net Interest Income		7,463		6,491		21,133		17,911
Provision for Loan Losses		1,455		990		2,927		2,139
Net Interest Income After Provisions for Loan Losses		6,008		5,501		18,206		15,772
Noninterest Income
Service Charges on Deposits		1,011		890		2,778		2,497
Other Service Charges, Commissions & Fees		294		218		800		591
Security Gains, net		369		488		369		995
Other Income		173		183		796		480
		1,847		1,779		4,743		4,563
Noninterest Expense
Salaries and Employee Benefits		2,839		2,697		8,414		7,442
Occupancy and Equipment		848		690		2,401		2,172
Other Operating Expenses		1,606		1,585		4,562		3,998
		5,293		4,972		15,377		13,612
Income Before Income Taxes		2,562		2,308		7,572		6,723
Income Taxes		843		788		2,543		2,261
Net Income	$	1,719	$	1,520	$	5,029	$	4,462
Net Income Per Share of Common Stock
Basic	$	0.30	$	0.27	$	0.88	$	0.80
Diluted	$	0.30	$	0.27	$	0.88	$	0.80
Weighted Average Basic Shares Outstanding		5,694,978		5,694,978		5,694,978		5,548,031
Weighted Average Diluted Shares Outstanding		5,720,374		5,709,117		5,720,481		5,562,055

All per share data has been adjusted to reflect a 5-for-4 stock split effected as a 25% stock dividend on September 1, 2003.