Colony Bankcorp, Inc. (CBAN) has reported 3.90 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $2.19 million, or $0.22 a share in the quarter, compared with $2.10 million, or $0.19 a share for the same period last year.
Revenue during the quarter went up marginally by 0.70 percent to $11.96 million from $11.88 million in the previous year period. Net interest income for the quarter dropped 1.97 percent over the prior year period to $9.57 million. Non-interest income for the quarter rose 6.69 percent over the last year period to $2.39 million.
Net interest margin contracted 15 basis points to 3.48 percent in the quarter from 3.63 percent in the last year period. Efficiency ratio for the quarter deteriorated to 73.57 percent from 72.81 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"We are pleased to report our 2016 results that reflect continued earnings and asset quality improvement. As we look to 2017, we believe we are positioned for continued improvement, which in turn will enhance shareholder value." said Ed Loomis, president and chief executive officer.
Liabilities outpace assets growth
Total assets stood at $1,210.44 million as on Dec. 31, 2016, up 3.09 percent compared with $1,174.15 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,117.05 million as on Dec. 31, 2016, up 3.56 percent from $1,078.69 million on Dec. 31, 2015.
Deposits outpace loan growth
Net loans stood at $745 million as on Dec. 31, 2016, down 0.62 percent compared with $749.67 million on Dec. 31, 2015. Deposits stood at $1,044.36 million as on Dec. 31, 2016, up 3.24 percent compared with $1,011.55 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $159.06 million or 15.23 percent of total deposits on Dec. 31, 2016, compared with $133.89 million or 13.24 percent of total deposits on Dec. 31, 2015.
Investments stood at $323.66 million as on Dec. 31, 2016, up 9.29 percent or $27.51 million from year-ago. Shareholders equity stood at $93.39 million as on Dec. 31, 2016, down 2.17 percent or $2.07 million from year-ago.
Return on average assets moved up 9 basis points to 0.64 percent in the quarter from 0.55 percent in the last year period. At the same time, return on average equity increased 134 basis points to 7.60 percent in the quarter from 6.26 percent in the last year period.
Nonperforming assets moved down 19.20 percent or $4.47 million to $18.79 million on Dec. 31, 2016 from $23.26 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.55 percent in the quarter, down from 1.98 percent in the last year period.
Equity to assets ratio was 6.94 percent for the quarter, up from 6.60 percent for the previous year quarter. Book value per share was $9.96 for the quarter, up 8.50 percent or $0.78 compared to $9.18 for the same period last year.
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