Fitzgerald,Ga.-based Colony Bankcorp Inc.is asking permission from regulators to redeem roughly $3.7 million of preferredstock during the third quarter.
The redemptionwill cut down the company's preferred stock to approximately $14.4 million and resultin $329,000 dividend savings per year.
In its July20 earnings release, the company also reported that it has invested in a new loanplatform system designed to provide a more consistent and efficient loan approvalprocess and that it is also in the process of overhauling its vendor managementprocess so it can monitor and control its vendor contracts better.
Colony Bankcorpreported second-quarter net income available to common shareholders of $1.8 million,or 21 cents per diluted share, compared to $1.6 million, or 18 cents per dilutedshare, for the year-ago period.
The companyalso disclosed that other real estate totaled $10.2 million at June 30, comparedto $8.8 million at Dec. 31, 2015, and $12.0 million at June 30, 2015. While thecompany admits that OREO levels remain elevated, it is continuing to dispose ofthese properties at fair value and plans to liquidate improved properties in a spanof 12 months.