Colony Bankcorp reported third-quarter net income of $10.5 million, or $0.50 per diluted share, compared to $10.9 million in the prior quarter and $5.8 million a year ago. The board declared a quarterly cash dividend of $0.12 per share, payable November 25 to record holders on November 11. Concurrently, the company completed an initial sale-leaseback of two branch properties for $16.2 million and entered into agreements to sell a third property in Tifton for $3.7 million, bringing the total transaction value to approximately $19.9 million. The bank will lease back the facilities under a 15-year triple-net lease with an initial annual base rent of $1.34 million, rising to $1.65 million upon closing the third sale. Colony Bankcorp operates community banking and financial services in Georgia and North Florida.
