Colony Bankcorp, Inc. (CBAN) has reported a 2.64 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $2.26 million, or $0.22 a share in the quarter, compared with $2.20 million, or $0.19 a share for the same period last year.
Revenue during the quarter grew 3.13 percent to $11.84 million from $11.48 million in the previous year period. Net interest income for the quarter rose 0.62 percent over the prior year period to $9.56 million. Non-interest income for the quarter rose 18.09 percent over the last year period to $2.64 million.
Colony Bankcorp, Inc. has made provision of $0.35 million for loan losses during the quarter, up 41.60 percent from $0.25 million in the same period last year.
Net interest margin contracted 2 basis points to 3.56 percent in the quarter from 3.58 percent in the last year period. Efficiency ratio for the quarter deteriorated to 72.22 percent from 70.85 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"In addition to solid earnings, we also redeemed $3,661,000 of preferred stock that on an annual basis reduces our dividend payment by $329,490. Also of significance during the quarter was total loan growth of $11.91 million and a reduction in substandard assets of $1.07 million," said Ed Loomis, President and Chief Executive Officer. "We have positioned the company to seek regulatory approval to redeem $5,000,000 of preferred stock during the fourth quarter. This will reduce the preferred stock to $9,360,000 and result in dividend savings of $450,000 on an annual basis. As we look to 2017, we believe we are positioned to continue to improve on earnings and asset quality, which in turn will enhance shareholder value."
Liabilities outpace assets growth
Total assets stood at $1,152.82 million as on Sep. 30, 2016, up 2.26 percent compared with $1,127.32 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,052.08 million as on Sep. 30, 2016, up 2.52 percent from $1,026.25 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $766.53 million as on Sep. 30, 2016, up 1.47 percent compared with $755.45 million on Sep. 30, 2015. Deposits stood at $978.59 million as on Sep. 30, 2016, up 2.15 percent compared with $958.03 million on Sep. 30, 2015.
Noninterest-bearing deposit liabilities were $138.94 million or 14.20 percent of total deposits on Sep. 30, 2016, compared with $125.79 million or 13.13 percent of total deposits on Sep. 30, 2015.
Investments stood at $286.09 million as on Sep. 30, 2016, up 5.32 percent or $14.45 million from year-ago. Shareholders equity stood at $100.74 million as on Sep. 30, 2016, down 0.34 percent or $0.34 million from year-ago.
Return on average assets moved up 8 basis points to 0.65 percent in the quarter from 0.57 percent in the last year period. At the same time, return on average equity increased 107 basis points to 7.35 percent in the quarter from 6.28 percent in the last year period.
Nonperforming assets moved down 3.12 percent or $0.77 million to $23.80 million on Sep. 30, 2016 from $24.56 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 2.06 percent in the quarter, down from 2.18 percent in the last year period.
Book value per share was $10.23 for the quarter, up 10.83 percent or $1 compared to $9.23 for the same period last year.
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