Colony Bankcorp Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported interest income of $11,466,000 compared to $11,377,000 a year ago. Net interest income was $9,694,000 compared to $9,076,000 a year ago. Income before income taxes was $2,429,000 compared to $816,000 a year ago. Net income available to common shareholders was $1,241,000 or $0.15 per basic and diluted share compared to $203,000 or $0.02 per basic and diluted share a year ago. Return on average assets was 0.44% compared to 0.07% a year ago. Return on average equity was 5.43% compared to 0.85% a year ago.

For the year, the company reported interest income of $45,186,000 compared to $47,289,000 a year ago. Net interest income was $37,689,000 compared to $36,273,000 a year ago. Income before income taxes was $6,964,000 compared to $3,842,000 a year ago. Net income available to common shareholders was $3,120,000 or $0.37 per basic and diluted share compared to $1,206,000 or $0.14 per basic and diluted share a year ago.
Increase of 158.71% in net income for the comparable twelve month period was primarily driven by an increase in net interest income and noninterest income (excluding securities gains), along with a reduction in provision for loan losses. Common book value per share was $7.34 compared to $8.05 for the same period a year ago. Tangible common book value per share was $7.32 compared to $8.02 for the same period a year ago. Return on average assets was 0.28% compared to 0.11% a year ago. Return on average equity was 3.34% compared to 1.25% a year ago.

In the fourth quarter of 2013 net charge-offs were $1.43 million, or 0.19% of average loans as compared to net charge-offs of $2.81 million, or 0.38% of average loans in fourth quarter 2012.