Colony Bankcorp Q4 net income $5.6M; CFO resigns; director dies

COLONY BANKCORP INC

2022-FY EPS reported $1.14

Net income $5.6M ($0.31 diluted EPS) vs $4.2M ($0.30) in Q4 2021.
Declared $0.11 quarterly dividend payable Feb 23, record Feb 9.
CFO Andy Borrmann resigns effective Jan 24; receives one-year salary severance.
CEO Heath Fountain named interim CFO; Derek Shelnutt acting CFO of bank.
Director Terry Hester passed away Jan 22; $11.5M remains under buyback program.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Terry L. Hester

Director

CBAN · COLONY BANKCORP INC

Effective: 2023-01-22
Filed: January 26, 2023, 6:59 PM ET

Terry L. Hester passed away on January 22, 2023.

Appointed (interim)

T. Heath Fountain

interim Chief Financial Officer

CBAN · COLONY BANKCORP INC

Filed: January 26, 2023, 6:59 PM ET

The Board of Directors of the Company designated T. Heath Fountain as the interim Chief Financial Officer, principal financial officer and principal accounting officer of the Company, to serve in that function until a permanent replacement is named.

Departed

Andrew Borrmann

Executive Vice President and Chief Financial Officer

CBAN · COLONY BANKCORP INC

Effective: 2023-01-24
Successor: T. Heath Fountain
Filed: January 26, 2023, 6:59 PM ET

On January 24, 2023, Mr. Andrew Borrmann resigned from his roles of Executive Vice President and Chief Financial Officer of each of the Company and the Bank, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Terry L. Hester departed as Director at COLONY BANKCORP INC.

Action: passed away
Role: Director

Exact text from the filing

Terry L. Hester passed away on January 22, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

T. Heath Fountain was appointed as interim Chief Financial Officer at COLONY BANKCORP INC.

Action: designated
Role: interim Chief Financial Officer

Exact text from the filing

The Board of Directors of the Company designated T. Heath Fountain as the interim Chief Financial Officer, principal financial officer and principal accounting officer of the Company, to serve in that function until a permanent replacement is named.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Andrew Borrmann resigned as Executive Vice President and Chief Financial Officer at COLONY BANKCORP INC.

Action: resigned
Role: Executive Vice President and Chief Financial Officer

Exact text from the filing

On January 24, 2023, Mr. Andrew Borrmann resigned from his roles of Executive Vice President and Chief Financial Officer of each of the Company and the Bank, effective immediately.

View on SEC.gov

COLONY BANKCORP INC filing history →

Source: SEC EDGAR

accession 0000711669-23-000004

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