Colony Bankcorp, Inc. (CBAN) Friday posted a higher first-quarter profit, despite a decline in interest margin, reflecting mainly a reduction in loan loss provision.
The Fitzgerald, Georgia-based bank holding company's net income available to common shareholders increased to $0.71 million or $0.08 per share from $0.33 million or $0.05 per share year ago.
However, net interest income decreased to $8.82 million from $9.68 million last year. Total non-interest income also dropped to $2.10 million from $2.54 million in the prior year.
Net interest margin was 2.98 percent, compared to 3.16 percent in the year-ago quarter.
Provision for loan losses was $1.5 million, down from $3.25 million in the preceding year.
Al Ross, President and Chief Executive Officer of the company said, "Our pre-tax, pre-provision core earnings continue to provide solid support for the credit-related expenses needed to address our problem assets. The liquidation of other real estate remains a challenge for the banking industry in this "soft" real estate market and earnings continue to be pressured due to the credit-related expenses associated with carrying and liquidating these properties."
The company also said it remains cautiously optimistic that the real estate market and economy in general will stabilize and will provide a boost to the banking industry.
"Our goal during 2011 is to make incremental progress and we think that we were able to accomplish that this quarter," Ross added.
CBAN closed Thursday's regular trading at $4.04 on the Nasdaq.
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