Colony Bankcorp, Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
January 26, 2016 at 08:02 am EST
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Colony Bankcorp Inc. reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported interest income of $11,363,000 compared with $11,158,000 for the same period last year. Net interest income was $9,761,000 compared with $9,503,000 for the same period last year. Income before income taxes was $3,094,000 compared with $2,621,000 for the same period last year. Net income available to common shareholders was $1,584,000 or $0.19 diluted per share compared with $1,310,000 or $0.16 diluted per share for the same period last year. Common book value per share was $9.18 compared with $8.42 per share for the same period last year. Tangible common book value per share was $9.16 compared with $8.40 per share for the same period last year. Return on average assets was 0.55% compared with 0.46% for the same period last year. Return on average total equity was 6.26% compared with 5.37% for the same period last year.
For the full year, the company reported interest income of $44,276,000 compared with $44,762,000 for the same period last year. Net interest income was $37,707,000 compared with $37,963,000 for the same period last year. Income before income taxes was $12,161,000 compared with $10,800,000 for the same period last year. Net income available to common shareholders was $5,998,000 or $0.71 diluted per share compared with $5,998,000 or $0.57 diluted per share for the same period last year. Common book value per share was $9.18 compared with $8.42 per share for the same period last year. Tangible common book value per share was $9.16 compared with $8.40 per share for the same period last year. Return on average assets was 0.52% compared with 0.43% for the same period last year. Return on average total equity was 5.90% compared with 5.11% for the same period last year. This increase of 23.85% in net income for the comparable twelve month period was primarily driven by a reduction in provision for loan losses, noninterest expense and preferred stock dividend payments.
Colony Bankcorp, Inc. is a financial service and a bank holding company. The Companyâs business is conducted through its bank subsidiary, Colony Bank (the Bank), a Georgia state-chartered commercial bank. The Bank provides a range of banking services to its retail and commercial customers. The Company operates through three segments: Banking Division, Retail Mortgage Division and Small Business Specialty Lending Division. The Banking Division delivers full service financial services, including commercial loans, consumer loans and deposit accounts. The Retail Mortgage Division offers services for one-to-four family residential mortgage loans. The Small Business Specialty Lending Division offers small business administration and United States Department of Agriculture (USDA) government guaranteed loans. Its product line includes loans to small and medium-sized businesses, residential and commercial construction and land development loans, commercial real estate loans and others.
COLONY BANKCORP, INC. 
