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): January 19, 2007

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)

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 (see General Instruction A.2. below):

¨ 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

On January 19, 2007, Colony Bankcorp, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure

On January 19, 2007, Colony Bankcorp, Inc. issued a press release announcing results of its fourth quarter operations. The press release is attached as Exhibit 99.1 to this Form 8-K. This information is provided under Item 2.02 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.

Item 9.01 Financial Statements, Pro Forma Financial Information and Exhibits.

(c) Exhibits.

99.1 Press Release dated January 19, 2007

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: January 19, 2007	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:	January 19, 2007 8:00 A.M. (ET)
Contact:	Terry L. Hester
	Chief Financial Officer
	(229) 426-6002

Colony Bankcorp, Inc. Announces Fourth Quarter Results

FITZGERALD, GA., January 19, 2007 — Colony Bankcorp, Inc. (Nasdaq: CBAN) reached a milestone surpassing $10 million in earnings with net income of $10,152,000 for 2006, up 13.09 percent from 2005 net income of $8,977,000. Diluted earnings per share for 2006 were $1.41 per share compared to $1.25 per share for 2005 or an increase of 12.80 percent. Return on assets for 2006 was 0.87 percent and return on equity was 14.10 percent, compared to 0.87 percent and 13.78 percent for 2005, respectively. Net interest margin had a slight increase to 3.84 percent for 2006 compared to 3.81 percent for 2005.

Net income for the three months ended December 31, 2006 was $2,611,000 or $0.36 per share as compared to $2,305,000, or $0.32 per share for the same year ago period. Earnings per share reflect an increase of 12.50 percent from a year ago. Annualized return on assets for the three months ended December 31, 2006 was 0.87 percent and return on equity was 13.83 percent, compared to 0.84 percent and 13.63 percent for the three months ended December 31, 2005, respectively. Net interest margin decreased to 3.70 percent for the three months ended December 31, 2006 compared to 3.79 percent for the same year ago period.

Total assets increased 9.49 percent to $1,213,504,000 on December 31, 2006 from $1,108,338,000 a year ago. Net loans increased 9.64 percent to $929,783,000 on December 31, 2006 from $848,053,000 a year ago. Total deposits increased 10.39 percent to $1,042,446,000 on December 31, 2006 from $944,365,000 a year ago. Shareholders’ equity on December 31, 2006 was $76,611,000 and equaled 6.31 percent of total assets.

The company’s focus on credit quality resulted in continued improvement during 2006 as the ratio of non-performing assets to loans and other real estate on December 31, 2006 was 0.96 percent as compared to 1.25 percent on December 31, 2005. Total nonperforming assets decreased $1,717,000 to $9,048,000 on December 31, 2006 from $10,765,000 on December 31, 2005, or a decrease of 15.95 percent. Total 2006 provision for loan losses were $3,987,000 compared to $3,444,000 for 2005. Net charge-offs for 2006 were 0.30 percent of average loans, while net charge-offs for 2005 were 0.33 percent. During fourth quarter 2006, net charge-offs were 0.14 percent of average loans as the company recognized losses primarily in commercial real estate and commercial business loans. The loan loss reserve of $11,989,000 on December 31, 2006 was 1.27 percent of total loans, which provided coverage of 148.42 percent of non-performing loans and 132.50 percent of non-performing assets, compared to 125.21 percent and 99.97 percent on December 31, 2005, respectively.

During the quarter the board of directors increased the quarterly cash dividend to $0.085 per share compared to $0.0825 per share in the third quarter of 2006 and to the cash dividend of $0.075 per share in the fourth quarter of 2005. The fourth quarter dividend payment represents an increase of 13.33 percent over the dividend payment in fourth quarter 2005. Total dividends for 2006 were $0.325 per share compared to $0.285 for 2005, or an increase of 14.04 percent.

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-nine offices located in the middle and south Georgia cities of Fitzgerald, Warner Robins, Centerville, Ashburn, Leesburg, Cordele, Albany, Thomaston, Columbus, Sylvester, Tifton, Moultrie, Douglas, Broxton, Savannah, 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”.

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.

COLONY BANKCORP, INC.

FINANCIAL HIGHLIGHTS (UNAUDITED)

DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

	QUARTER ENDED				YEAR-TO-DATE
EARNINGS SUMMARY	12/31/06		12/31/05		12/31/06		12/31/05
Net Interest Income	$	10,481	$	9,791	$	41,888	$	37,154
Provision for Loan Losses		997		742		3,987		3,444
Non-interest Income		1,788		1,518		7,312		6,152
Non-interest Expense		7,478		7,009		29,844		26,076
Income Taxes		1,183		1,253		5,217		4,809
Net Income		2,611		2,305		10,152		8,977
Operating Income		2,611		2,305		10,152		8,977

COLONY BANKCORP, INC.

FINANCIAL HIGHLIGHTS (UNAUDITED)

DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

	QUARTER ENDED				YEAR-TO-DATE
PER SHARE SUMMARY (2)	12/31/06		12/31/05		12/31/06		12/31/05
Common Shares Outstanding		7,189,937		7,181,320		7,189,937		7,181,320
Weighted Average Diluted Shares		7,179,017		7,169,269		7,177,737		7,171,100
Net Income Per Weighted Average Diluted Shares	$	0.36	$	0.32	$	1.41	$	1.25
Operating Income Per Weighted Average Diluted Shares	$	0.36	$	0.32	$	1.41	$	1.25
Dividends Declared Per Share	$	0.085	$	0.075	$	0.325	$	0.285

	QUARTER ENDED				YEAR-TO-DATE
OPERATING RATIOS (1)	12/31/06		12/31/05		12/31/06		12/31/05
Net Interest Margin (a)	3.70	%	3.79	%	3.84	%	3.81	%
Return on Average Assets Based on Net Income	0.87	%	0.84	%	0.87	%	0.87	%
Return on Average Assets Based on Operating Income	0.87	%	0.84	%	0.87	%	0.87	%
Return on Average Equity Based on Net Income	13.83	%	13.63	%	14.10	%	13.78	%
Return on Average Equity Based on Operating Income	13.83	%	13.63	%	14.10	%	13.78	%
Efficiency (b)	60.53	%	61.67	%	60.33	%	59.90	%

	QUARTER ENDED
ENDING BALANCES (2)	12/31/06			12/31/05
Total Assets	$	1,213,504		$	1,108,338
Loans, Net of Reserves		929,783			848,053
Allowance for Loan Losses		11,989			10,762
Goodwill		2,412			2,412
Intangible Assets		439			520
Deposits		1,042,446			944,365
Stockholders’ Equity		76,611			68,128
Book Value Per Share	$	10.66		$	9.49
Tangible Book Value Per Share	$	10.26		$	9.08
Shareholders’ Equity to Total Assets		6.31	%		6.15	%

(1) Annualized.

(2) All Per Share Data has been adjusted to reflect 5-for-4 stock split effective May 16, 2005.

(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.

COLONY BANKCORP, INC

FINANCIAL HIGHLIGHTS (UNAUDITED)

DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

	QUARTER ENDED				YEAR-TO-DATE
AVERAGE BALANCES	12/31/06		12/31/05		12/31/06		12/31/05
Total Assets	$	1,205,025	$	1,097,134	$	1,160,718	$	1,034,777
Loans, Net of Reserves		930,665		841,488		900,711		809,166
Deposits		1,033,741		934,709		990,968		878,109
Stockholders’ Equity		75,524		67,590		71,993		65,146

	QUARTER ENDED						YEAR-TO-DATE
ASSET QUALITY	12/31/06			12/31/05			12/31/06			12/31/05
Nonperforming Loans	$	8,078		$	8,595		$	8,078		$	8,595
Nonperforming Assets		9,048			10,765			9,048			10,765
Net Loan Chg-offs (Recoveries)		1,316			643			2,760			2,694
Reserve for Loan Loss to Gross Loans		1.27	%		1.25	%		1.27	%		1.25	%
Reserve for Loan Loss to Non-performing Loans		148.42	%		125.21	%		148.42	%		125.21	%
Reserve for Loan Loss to Non-performing Assets		132.50	%		99.97	%		132.50	%		99.97	%
Net Loan Chg-offs (Recoveries) to Avg. Gross Loans		0.14	%		0.08	%		0.30	%		0.33	%
Nonperforming Loans to Gross Loans		0.86	%		1.00	%		0.86	%		1.00	%
Nonperforming Assets to Total Assets		0.75	%		0.97	%		0.75	%		0.97	%
Nonperforming Assets to Loans and Other Real Estate		0.96	%		1.25	%		0.96	%		1.25	%

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

	4Q2006		3Q2006		2Q2006		1Q2006		4Q2005
Assets	$	1,213,504	$	1,186,382	$	1,169,161	$	1,145,186	$	1,108,338
Loans		929,783		926,332		900,781		881,897		848,053
Deposits		1,042,446		1,016,327		1,005,086		974,672		944,365
Equity		76,611		74,352		71,051		69,625		68,128
Net Income		2,611		2,622		2,610		2,309		2,305
Net Income Per Share (1)		0.36		0.36		0.36		0.32		0.32
Dividends Declared Per Share (1)		0.085		0.0825		0.08		0.0775		0.075

Key Performance Ratios	4Q2006		3Q2006		2Q2006		1Q2006		4Q2005
Return on Assets	0.87	%	0.90	%	0.90	%	0.83	%	0.84	%
Return on Equity	13.83	%	14.45	%	14.80	%	13.39	%	13.64	%
Equity/Assets	6.31	%	6.27	%	6.08	%	6.08	%	6.15	%
Net Interest Margin	3.70	%	3.93	%	3.95	%	3.80	%	3.79	%

(1) All per share data has been adjusted to reflect 5-for-4 stock split effective May 16, 2005.

Consolidated Balance Sheets Colony Bankcorp, Inc.

(in thousands)

	Dec. 31, 2006			Dec. 31, 2005
	(unaudited)			(audited)
ASSETS
Cash and Cash Equivalents
Cash and Due from Banks	$	27,231		$	21,606
Federal Funds Sold		45,149			57,456
		72,380			79,062
Interest-Bearing Deposits		3,076			1,635
Investment Securities
Available for Sale, at Fair Value		149,236			124,246
Held for Maturity, at Cost (Fair Value of $71 and $80 as of Dec. 31, 2006 and Dec. 31, 2005, Respectively)		71			80
		149,307			124,326
Federal Home Loan Bank Stock, at Cost		5,087			5,034
Loans		942,273			859,117
Allowance for Loan Losses		(11,989	)		(10,762	)
Unearned Interest and Fees		(501	)		(302	)
		929,783			848,053
Premises and Equipment		27,453			25,676
Other Real Estate		970			2,170
Goodwill		2,412			2,412
Other Intangible Assets		439			520
Other Assets		22,597			19,450
Total Assets	$	1,213,504		$	1,108,338
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Noninterest-Bearing	$	77,336		$	78,778
Interest-Bearing		965,110			865,587
		1,042,446			944,365
Borrowed Money
Federal Funds Purchased		1,070			—
Subordinated Debentures		24,229			19,074
Other Borrowed Money		61,500			70,226
		86,799			89,300
Other Liabilities		7,648			6,545
Stockholders’ Equity
Common Stock, Par Value $1, Authorized 20,000,000 Shares, Issued 7,189,937 and 7,181,320 Shares as of Dec. 31, 2006 and Dec. 31, 2005, Respectively		7,190			7,181
Paid in Capital		24,257			24,000
Retained Earnings		46,417			38,602
Restricted Stock- Unearned Compensation		(278	)		(302	)
Accumulated Other Comprehensive Loss, Net of Tax		(975	)		(1,353	)
		76,611			68,128
Total Liabilities and Stockholders’ Equity	$	1,213,504		$	1,108,338

Consolidated Statements of Income Colony Bankcorp, Inc.

(in thousands except per share data)

	Quarter Three Months Ended				Year-to-Date Twelve Months Ended
	12/31/06		12/31/05		12/31/06		12/31/05
	(unaudited)		(unaudited)		(unaudited)		(audited)
Interest Income
Loans, Including Fees	$	20,017	$	16,130	$	75,087	$	58,309
Federal Funds Sold		577		597		2,035		1,266
Deposits with Other Banks		41		29		133		86
Investment Securities
U. S. Government Agencies		1,483		993		5,199		3,413
State, County and Municipal		107		63		381		241
Corporate Obligations		46		37		162		139
Dividends on Other Investments		80		44		283		180
		22,351		17,893		83,280		63,634
Interest Expense
Deposits		10,672		7,059		36,610		22,590
Federal Funds Purchased		1		1		29		16
Borrowed Money		1,197		1,042		4,753		3,874
		11,870		8,102		41,392		26,480
Net Interest Income		10,481		9,791		41,888		37,154
Provision for Loan Losses		997		742		3,987		3,444
Net Interest Income After Provision for Loan Losses		9,484		9,049		37,901		33,710
Noninterest Income
Service Charges on Deposits		1,200		1,071		4,580		4,128
Other Service Charges, Commissions and Fees		206		169		831		708
Mortgage Fee Income		252		115		768		494
Other		130		163		1,133		822
		1,788		1,518		7,312		6,152
Noninterest Expense
Salaries and Employee Benefits		4,194		3,674		16,870		14,128
Occupancy and Equipment		1,000		959		4,035		3,778
Other		2,284		2,376		8,939		8,170
		7,478		7,009		29,844		26,076
Income Before Income Taxes		3,794		3,558		15,369		13,786
Income Taxes		1,183		1,253		5,217		4,809
Net Income	$	2,611	$	2,305	$	10,152	$	8,977
Net Income Per Share of Common Stock
Basic	$	0.36	$	0.32	$	1.41	$	1.25
Diluted	$	0.36	$	0.32	$	1.41	$	1.25
Weighted Average Basic Shares Outstanding		7,179,017		7,143,741		7,176,894		7,168,406
Weighted Average Diluted Shares Outstanding		7,179,017		7,169,269		7,177,737		7,171,100

Per Share Data has been adjusted to reflect 5-for-4 stock split effective May 16, 2005.