Colony Bankcorp, Inc. (CBAN) has reported a 2.72 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $2.12 million, or $0.22 a share in the quarter, compared with $2.06 million, or $0.20 a share for the same period last year.

Revenue during the quarter went up marginally by 2.24 percent to $11.53 million from $11.27 million in the previous year period. Net interest income for the quarter was almost flat at $9.46 million, when compared with the prior year period. Non-interest income for the quarter rose 10.50 percent over the last year period to $2.40 million.

Colony Bankcorp, Inc. has made provision of $0.34 million for loan losses during the quarter, down 5.37 percent from $0.35 million in the same period last year.

Net interest margin contracted 12 basis points to 3.35 percent in the quarter from 3.47 percent in the last year period. Efficiency ratio for the quarter deteriorated to 70.67 percent from 70.65 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

"We are pleased to report that we redeemed the remaining outstanding preferred stock of $9,360,000. This will be immediately accretive to earnings per share as we will eliminate the current quarterly dividend payment of $210,600. Also of significance during the quarter was total loan growth of $6.0 million and a reduction in substandard assets of $1.22 million," said Ed Loomis, President and Chief Executive Officer. "In addition to this progress, our financial performance allowed the Company to reinstate a modest dividend payment of $0.025 per share payable to shareholders of record on March 1, 2017."

Deposits stood at $1,044.23 million as on Mar. 31, 2017, up 4.42 percent compared with $1,000.04 million on Mar. 31, 2016.

Noninterest-bearing deposit liabilities were $158.59 million or 15.19 percent of total deposits on Mar. 31, 2017, compared with $135.35 million or 13.53 percent of total deposits on Mar. 31, 2016.

Investments stood at $341.93 million as on Mar. 31, 2017, up 10.71 percent or $33.09 million from year-ago. Shareholders equity was at $85.86 million as on Mar. 31, 2017.

Return on average assets moved up 6 basis points to 0.63 percent in the quarter from 0.57 percent in the last year period. At the same time, return on average equity increased 136 basis points to 8.11 percent in the quarter from 6.75 percent in the last year period.

Nonperforming assets moved down 21.07 percent or $4.58 million to $17.15 million on Mar. 31, 2017 from $21.73 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 1.42 percent in the quarter, down from 1.86 percent in the last year period.

Equity to assets ratio was 7.10 percent for the quarter, down from 8.61 percent for the previous year quarter. Book value per share was $10.17 for the quarter, up 3.99 percent or $0.39 compared to $9.78 for the same period last year.