Colony Bankcorp enters purchase agreement with Mountainseed Real Estate Services
CBAN•Colony Bankcorp entered a purchase agreement with Mountainseed Real Estate Services on Oct. 27 and sold and leased back three branch properties for $19.90 million. It reported third-quarter net income of $10.5 million, or $0.50 per diluted share, and said near-term loan growth is likely to be softer.
1. Filing details
Colony Bankcorp entered the purchase agreement on Oct. 27, according to an SEC filing. The company also sold and leased back three branch properties for $19.90 million. Third-quarter net income was $10.5 million, or $0.50 per diluted share; net interest income on a tax-equivalent basis was $30.5 million, and the provision for credit losses was $1.7 million. The company said its long-term loan growth target is unchanged but it is likely to see softer growth in the near term.
