Colony Bankcorp Inc. in Fitzgerald, Ga., eked out a third-quarter profit, though it also announced Wednesday that its president and chief executive had resigned.
Colony said in a regulatory filing that Al D. Ross, 47, had resigned Wednesday, advising the $1.15 billion-asset company that his departure "was not due to any disagreement."
The board tapped James Minix to take over in an interim role. Minix, 70, was the company's CEO from June 1994 to January 2006, when he retired. He remained on the board following his retirement. The company said it will explore its options to fill the position permanently and that it had not entered into an employment contract with Minix.
Colony also reported Wednesday that it earned $208,000 in the third quarter, compared to a $1.4 million loss a year earlier. A key reason for the turnaround was a reversal of tax benefits; Colony posted a $268,000 gain in the third quarter after posting a $555,000 loss a year earlier.
The loan-loss provision also fell 45% from a year earlier, to $2.3 million. Noninterest expenses fell 11% from a year earlier, to $8.1 million. Net interest income fell from a year earlier as the company shrank both sides of its balance sheet.
