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Colony Bankcorp, Inc.
Colony Bankcorp, Inc. Announces Fourth Quarter Results
FITZGERALD, Ga., Jan. 23, 2009 (GLOBE NEWSWIRE) -- Colony Bankcorp, Inc. (Nasdaq:CBAN), today reported a quarterly net loss of $(670,000) for the fourth quarter of 2008, down 189.10 percent from fourth quarter 2007 net income of $752,000, while net income for twelve months ended December 31, 2008 was $2,029,000, down 76.26 percent from twelve months ended December 31, 2007 of $8,547,000. 2008 has proven to be very challenging for Colony and the entire banking industry, though much progress has been made by Colony in addressing problem credits. The continued downturn of the housing and real estate market that began in 2007 and the economy in general has contributed to financial results well below our historic standards. Real estate loans originally extended for land development, construction, and resale required additional loan loss provisions during fourth quarter 2008. "We are disappointed with the fourth quarter loss, however we strongly believe that the company's ability to manage through this difficult economic cycle and to support our long-term success, have been strengthened by the actions taken during the quarter. This past year will likely be regarded as one of the most challenging periods in the history of the banking industry. Credit quality issues and a slowing economy have created an unprecedented operating environment for financial companies. Our solid core earnings have provided strong support for loss provisions needed to cover our problem loan losses and we remain committed to aggressively taking action in addressing problem assets as we work through this economic cycle," said Al D. Ross, President and Chief Executive Officer.