Colony Bankcorp Reports First Quarter 2021 Results
Colony Bankcorp reported a net income of $4.9 million for Q1 2021, translating to $0.52 per diluted share, significantly up from $1.6 million or $0.17 per diluted share in Q1 2020. Operating net income rose to $5.1 million, a 205% increase year-over-year. The bank's total assets reached $1.8 billion, marking a 19.1% growth compared to the previous year. Notably, noninterest income surged by 90% due to robust mortgage banking activity, while provision for loan losses decreased by 61.4%. A quarterly cash dividend of $0.1025 per share was declared, payable on May 17, 2021.
- Net income increased to $4.9 million, a 205% rise from Q1 2020.
- Operating net income rose to $5.1 million, up $845,000 from Q4 2020.
- Total assets grew by $289 million, or 19.1%, compared to the same period in 2020.
- Noninterest income boosted by 90%, reaching $8.6 million.
- Provision for loan losses decreased by $796,000, or 61.4%.
- Net interest margin decreased by 13 basis points to 3.50% year-over-year.
- Total nonperforming assets increased to 0.62% of total assets from 0.91% a year earlier.
Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”) today reported net income of
First Quarter 2021 Financial Highlights:
-
Net income remained stable at
$4.9 million , or$0.52 per diluted share, compared to the fourth quarter of 2020. -
Operating net income of
$5.1 million , or$0.53 per diluted share, an increase of$845,000 , or$0.09 , compared to the fourth quarter of 2020 (see Non-GAAP reconciliation). -
Growth in total assets of
$35.1 million , or1.99% , compared to the fourth quarter of 2020. -
Increase in noninterest income from mortgage banking activity of
$550,000 compared to the fourth quarter of 2020. -
$500,000 provision for loan losses, a decrease of$796,000 , or61.4% , compared to the fourth quarter 2020. -
Mortgage production of
$101.7 million , with$40.0 million in refinances,$56.7 million in purchases, and$5.0 million in construction related loans. -
Small Business Specialty Lending (“SBSL”) closed
$64.0 million in SBA loans ($46.9 million in PPP loans and$17.1 million in core SBA loans) and sold$11.8 million in SBA loans.
The Company also announced that on April 22, 2021, the Board of Directors declared a quarterly cash dividend of
Commenting on the announcement, Heath Fountain, President and Chief Executive Officer, said, “While we continue to operate in a highly uncertain and difficult environment due to the ongoing pandemic, we remain optimistic based on our financial achievements and solid credit metrics. I am pleased to report strong earnings growth for the first quarter. Diluted earnings per share increased
“Net interest income increased
“Our continuing efforts to diversify our revenue streams produced multiple gains. Noninterest income saw very strong growth, increasing
“We took a lower provision for loan loss of
“We ended the year with total interest earning assets of
In closing, Fountain added, “We have strived to pursue a vision of community banking that we have advanced since our founding. Our solid quarter and credit metrics allows us to continue to execute our business model while staying true to our community banking heritage. Our Board remains confident in our strategic business model as evidenced by the continued dividend payment. We look forward to the coming year with excitement and optimism as we grow our Bank and reward our shareholders.”
Balance Sheet
-
Total assets totaled
$1.8 billion at March 31, 2021, an increase of$289.0 million , or19.1% , compared to the same period in 2020. -
Interest-bearing deposits in banks and federal funds sold at March 31, 2021, totaled
$165.4 million , an increase of$90.2 million , or120.0% compared to the same period in 2020. The increase is primarily attributable to the funding of approximately 2,400 PPP loans beginning in second quarter 2020, which also generated growth in our interest-bearing deposits in banks as of March 31, 2021. -
Total loans, including loans held for sale, totaled
$1.09 billion at March 31, 2021, an increase of$91.2 million , or9.1% , from the same period in 2020. Growth in core loans was primarily attributable to PPP loan originations, while mortgage demand substantially increased during 2020 into 2021 as a result of historically low interest rates. -
Total deposits totaled
$1.53 billion at March 31, 2021, an increase of$233.6 million , or18.1% , compared to the same period in 2020. The increase in deposits was primarily in noninterest-bearing and interest bearing demand deposits as a result of the PPP loan activity during 2020 and 2021. -
Total borrowings at March 31, 2021, totaled
$120.6 million , an increase of$81.3 million or94.8% compared to the same period in 2020. While the Company prepaid$24.5 million in FHLB advances, funding of PPP loans through the Paycheck Protection Program Liquidity Facility (“PPPLF”) increased outstanding borrowings substantially during 2020. At March 31, 2021, the PPPLF totaled$60.6 million with comparison to prior year not applicable.
Capital
- Colony continues to maintain a strong capital position, with ratios that exceed regulatory minimums required to be classified as “well-capitalized.”
-
Preliminary tier one leverage ratio, tier one capital ratio, total risk-based capital ratio and common equity tier one capital ratio were
8.70% ,12.49% ,13.57% , and10.49% , respectively at March 31, 2021.
First Quarter Results of Operations
-
Net interest income on a tax-equivalent basis for the first quarter 2021 totaled
$14.3 million , compared to$12.7 million for the first quarter 2020. The increase during the quarter is primarily attributable to increases in accretion income on acquired loans and loan fee income recognized on PPP loans forgiven and a decrease in the cost of interest-bearing liabilities. -
Net interest margin was down 13 basis points over the sequential quarter primarily driven by decreased accretion income on acquired loans, a decrease in deferred fee income recognized on PPP loans and reductions in loan rates driven by Federal Reserve interest rate decreases during 2020. During the quarter ended March 31, 2021, PPP loans totaling approximately
$45.4 million were forgiven through the SBA, with an additional$46.9 million of PPP loans closed related to Round 2. -
Noninterest income totaled
$8.6 million for the first quarter ended March 31, 2021, an increase of$4.1 million , or90.3% , compared to the same period in 2020. The increase was primarily attributable to growth in mortgage production income as a result of increased loan demand resulting from a historically low interest rate environment. -
Noninterest expense totaled
$15.8 million for the first quarter ended March 31, 2021, compared to$13.3 million for the same period in 2020. The increase in noninterest expense primarily resulted from a$2.5 million increase in salary expense largely related to the increase in mortgage and SBSL loan production.
Asset Quality
-
Nonperforming assets totaled
$11.2 million and$10.2 million at March 31, 2021 and December 31, 2020, respectively. -
OREO and repossessed assets totaled
$547,000 at March 31, 2021, a decrease of$489,000 , or47.2% , compared to December 31, 2020. -
Net loan recoveries were
$66,000 , or (0.02% ) of average loans for the first quarter of 2021, compared to net charge-offs of$189,000 in the fourth quarter of 2020. -
The loan loss reserve was
$12.7 million , or1.19% of total loans, at March 31, 2021, compared to$12.1 million , or1.14% of total loans, at December 31, 2020.
While nonperforming assets have increased year-over-year primarily as a result of increased traditional loan production, asset quality remains strong with overall improvement in asset quality ratios as of the first quarter 2021 on a year-over-year comparison.
About Colony Bankcorp
Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in 1975 and headquartered in Fitzgerald, Georgia, Colony operates 29 locations throughout Georgia. The Homebuilder Finance Division helps the local construction industry with building and construction loans, and the Small Business Specialty Lending Division assists small businesses with government guaranteed loans. The Bank also helps its customers achieve their goal of home ownership through Colony Bank Mortgage. Colony’s common stock is traded on the NASDAQ Global Market under the symbol “CBAN.” For more information, please visit www.colony.bank. You can also follow the Company on Facebook or on Twitter @colony_bank.
Forward-Looking Statements
Certain statements contained in this press release that are not statements of historical fact constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, certain statements may be contained in the Company’s future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to: (i) projections and/or expectations of revenues, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statement of plans and objectives of Colony Bankcorp, Inc. or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; (iv) statements regarding growth strategy, capital management, liquidity and funding, and future profitability; (v) statements regarding the potential effects of the COVID-19 pandemic on the Company’s business and financial results and conditions; and (vi) statements of assumptions underlying such statements. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: the impact of the COVID-19 pandemic on the Company’s assets, business, cash flows, financial condition, liquidity, prospects and results of operations; potential increases in the provision for loan losses resulting from the COVID-19 pandemic; the Company’s ability to implement its various strategic and growth initiatives; competitive pressures among financial institutions increasing significantly; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; interest rate risk; legislation or regulatory changes which adversely affect the ability of the consolidated Company to conduct business combinations or new operations, including changes to statutes, regulations or regulatory policies or practices as a result of, or in response to COVID-19; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company’s participation in and execution of government programs related to the COVID-19 pandemic; risks that the anticipated benefits from the acquisition and disposition transactions we have engaged in or may engage in the future are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions or other unexpected factors or events. These and other factors, risks and uncertainties could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Many of these factors are beyond the Company’s ability to control or predict.
Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company’s management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company’s filings with the Securities and Exchange Commission, the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors,” and in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.
Explanation of Certain Unaudited Non-GAAP Financial Measures
The measures entitled operating net income; adjusted earnings per diluted share; tangible book value per common share and operating efficiency ratio are not measures recognized under U.S. generally accepted accounting principles (GAAP) and therefore are considered non-GAAP financial measures. The most comparable GAAP measures are net income, diluted earnings per share, book value per common share and efficiency ratio, respectively.
Management uses these non-GAAP financial measures in its analysis of the Company's performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company's performance, and if not provided would be requested by the investor community. The Company believes the non-GAAP measures enhance investors' understanding of the Company's business and performance. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently.
These disclosures should not be considered an alternative to GAAP. The computations of operating net income; adjusted earnings per diluted share; tangible book value per common share and operating efficiency ratio and the reconciliation of these measures to net income, diluted earnings per share, book value per common share and efficiency ratio are set forth in the table below.
Colony Bankcorp, Inc. |
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Reconciliation of Non-GAAP Measures |
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2021 |
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2020 |
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(dollars in thousands, except per share data) |
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First Quarter |
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Fourth Quarter |
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Third Quarter |
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Second Quarter |
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First Quarter |
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Operating net income reconciliation |
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Net income (GAAP) |
|
$ |
4,919 |
|
|
$ |
4,900 |
|
|
$ |
3,098 |
|
|
$ |
2,214 |
|
|
$ |
1,603 |
|
Acquisition-related expenses |
|
|
105 |
|
|
|
148 |
|
|
|
207 |
|
|
|
220 |
|
|
|
287 |
|
Thomaston building write down |
|
|
— |
|
|
|
— |
|
|
|
582 |
|
|
|
— |
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|
|
— |
|
Gain on sale of Thomaston branch |
|
|
— |
|
|
|
(1,026 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income tax expense (benefit) |
|
|
27 |
|
|
|
184 |
|
|
|
(166 |
) |
|
|
(46 |
) |
|
|
(60 |
) |
Operating net income |
|
$ |
5,051 |
|
|
$ |
4,206 |
|
|
$ |
3,721 |
|
|
$ |
2,388 |
|
|
$ |
1,830 |
|
Weighted average diluted shares |
|
|
9,498,783 |
|
|
|
9,498,783 |
|
|
|
9,498,783 |
|
|
|
9,498,783 |
|
|
|
9,498,783 |
|
Adjusted earnings per diluted share |
|
$ |
0.53 |
|
|
$ |
0.44 |
|
|
$ |
0.39 |
|
|
$ |
0.25 |
|
|
$ |
0.19 |
|
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Tangible book value per common share reconciliation |
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Book value per common share (GAAP) |
|
$ |
15.11 |
|
|
$ |
15.21 |
|
|
$ |
14.78 |
|
|
$ |
14.59 |
|
|
$ |
14.35 |
|
Effect of goodwill and other intangibles |
|
|
(1.97 |
) |
|
|
(1.95 |
) |
|
|
(1.96 |
) |
|
|
(1.96 |
) |
|
|
(2.06 |
) |
Tangible book value per common share |
|
$ |
13.14 |
|
|
$ |
13.26 |
|
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$ |
12.82 |
|
|
$ |
12.63 |
|
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$ |
12.29 |
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Operating efficiency ratio calculation |
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Efficiency ratio (GAAP) |
|
|
69.04 |
% |
|
|
68.93 |
% |
|
|
76.22 |
% |
|
|
72.75 |
% |
|
|
77.32 |
% |
Acquisition-related expenses |
|
|
(0.46 |
) |
|
|
(0.64 |
) |
|
|
(0.97 |
) |
|
|
(1.20 |
) |
|
|
(1.68 |
) |
Gain on sale of Thomaston branch |
|
|
— |
% |
|
|
3.19 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Thomaston building write down |
|
|
— |
% |
|
|
— |
% |
|
|
(2.72 |
)% |
|
|
— |
% |
|
|
— |
% |
Operating efficiency ratio |
|
|
68.58 |
% |
|
|
71.49 |
% |
|
|
72.53 |
% |
|
|
71.55 |
% |
|
|
75.64 |
% |
| Colony Bankcorp, Inc. | ||||||||||||||||||||
Selected Financial Information |
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2021 |
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2020 |
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(dollars in thousands, except per share data) |
|
First Quarter |
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Fourth Quarter |
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Third Quarter |
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Second Quarter |
|
First Quarter |
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EARNINGS SUMMARY |
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Net interest income |
|
$ |
14,283 |
|
|
$ |
15,151 |
|
|
$ |
13,848 |
|
|
$ |
13,541 |
|
|
$ |
12,704 |
|
Provision for loan losses |
|
500 |
|
|
1,296 |
|
|
1,106 |
|
|
2,200 |
|
|
1,956 |
|
|||||
Non-interest income |
|
8,576 |
|
|
8,039 |
|
|
6,930 |
|
|
4,843 |
|
|
4,526 |
|
|||||
Non-interest expense |
|
15,782 |
|
|
15,986 |
|
|
15,690 |
|
|
13,375 |
|
|
13,343 |
|
|||||
Income taxes |
|
1,658 |
|
|
1,008 |
|
|
884 |
|
|
595 |
|
|
328 |
|
|||||
Net income |
|
4,919 |
|
|
4,900 |
|
|
3,098 |
|
|
2,214 |
|
|
1,603 |
|
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PERFORMANCE MEASURES |
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Per common share: |
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Common shares outstanding |
|
9,498,783 |
|
|
9,498,783 |
|
|
9,498,783 |
|
|
9,498,783 |
|
|
9,498,783 |
|
|||||
Weighted average basic shares |
|
9,498,783 |
|
|
9,498,783 |
|
|
9,498,783 |
|
|
9,498,783 |
|
|
9,498,783 |
|
|||||
Weighted average diluted shares |
|
9,498,783 |
|
|
9,498,783 |
|
|
9,498,783 |
|
|
9,498,783 |
|
|
9,498,783 |
|
|||||
Earnings per basic share |
|
$ |
0.52 |
|
|
$ |
0.52 |
|
|
$ |
0.33 |
|
|
$ |
0.23 |
|
|
$ |
0.17 |
|
Earnings per diluted share |
|
0.52 |
|
|
0.52 |
|
|
0.33 |
|
|
0.23 |
|
|
0.17 |
|
|||||
Adjusted earnings per diluted share |
|
0.53 |
|
|
0.44 |
|
|
0.39 |
|
|
0.25 |
|
|
0.34 |
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Cash dividends declared per share |
|
0.10 |
|
|
0.10 |
|
|
0.10 |
|
|
0.10 |
|
|
0.10 |
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Common book value per share |
|
15.11 |
|
|
15.21 |
|
|
14.78 |
|
|
14.59 |
|
|
14.35 |
|
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Tangible common book value per share |
|
13.14 |
|
|
13.26 |
|
|
12.82 |
|
|
12.63 |
|
|
12.29 |
|
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Performance ratios: |
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Net interest margin (a) |
|
3.50 |
% |
|
3.58 |
% |
|
3.34 |
% |
|
3.41 |
% |
|
3.63 |
% |
|||||
Return on average assets |
|
1.12 |
|
|
1.08 |
|
|
0.70 |
|
|
0.52 |
|
|
0.42 |
|
|||||
Return on average total equity |
|
13.71 |
|
|
13.73 |
|
|
8.80 |
|
|
6.47 |
|
|
4.79 |
|
|||||
Efficiency ratio |
|
69.04 |
|
|
68.93 |
|
|
76.22 |
|
|
72.75 |
|
|
77.32 |
|
|||||
Operating efficiency ratio (b) |
|
68.58 |
|
|
71.49 |
|
|
72.53 |
|
|
71.55 |
|
|
75.64 |
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ASSET QUALITY |
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Nonperforming loans (NPLs) |
|
$ |
10,676 |
|
|
$ |
9,128 |
|
|
$ |
9,926 |
|
|
$ |
11,459 |
|
|
$ |
10,130 |
|
Other real estate owned |
|
518 |
|
|
1,006 |
|
|
1,875 |
|
|
1,769 |
|
|
847 |
|
|||||
Repossessed assets |
|
29 |
|
|
30 |
|
|
11 |
|
|
17 |
|
|
19 |
|
|||||
Total nonperforming assets (NPAs) |
|
11,223 |
|
|
10,164 |
|
|
11,812 |
|
|
13,245 |
|
|
10,996 |
|
|||||
Classified loans |
|
35,182 |
|
|
30,404 |
|
|
21,388 |
|
|
20,619 |
|
|
23,093 |
|
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Criticized loans |
|
80,288 |
|
|
75,633 |
|
|
72,076 |
|
|
52,200 |
|
|
46,600 |
|
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Net loan (recoveries)/charge-offs |
|
(66 |
) |
|
189 |
|
|
375 |
|
|
295 |
|
|
435 |
|
|||||
Allowance for loan losses to total loans |
|
1.19 |
% |
|
1.14 |
% |
|
1.00 |
% |
|
0.92 |
% |
|
0.85 |
% |
|||||
Allowance for loan losses to total NPLs |
|
118.89 |
|
|
132.85 |
|
|
111.02 |
|
|
89.79 |
|
|
64.81 |
|
|||||
Allowance for loan losses to total NPAs |
|
113.10 |
|
|
119.31 |
|
|
93.29 |
|
|
77.68 |
|
|
60.83 |
|
|||||
Net (recoveries)/charge-offs to average loans |
|
(0.02 |
) |
|
0.07 |
|
|
0.13 |
|
|
0.12 |
|
|
0.18 |
|
|||||
NPLs to total loans |
|
1.00 |
|
|
0.86 |
|
|
0.90 |
|
|
1.03 |
|
|
1.13 |
|
|||||
NPAs to total assets |
|
0.62 |
|
|
0.58 |
|
|
0.67 |
|
|
0.75 |
|
|
0.91 |
|
|||||
NPAs to total loans and other real estate owned |
|
1.06 |
|
|
0.96 |
|
|
1.07 |
|
|
1.19 |
|
|
1.39 |
|
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AVERAGE BALANCES |
|
|
|
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|
|
|
|
|
|
||||||||||
Total assets |
|
$ |
1,774,123 |
|
|
$ |
1,797,749 |
|
|
$ |
1,766,717 |
|
|
$ |
1,702,902 |
|
|
$ |
1,516,191 |
|
Loans, net |
|
1,079,007 |
|
|
1,151,872 |
|
|
1,130,231 |
|
|
1,094,299 |
|
|
974,614 |
|
|||||
Deposits |
|
1,475,944 |
|
|
1,456,287 |
|
|
1,140,487 |
|
|
1,384,739 |
|
|
1,293,784 |
|
|||||
Total stockholders’ equity |
|
145,515 |
|
|
141,570 |
|
|
139,721 |
|
|
137,213 |
|
|
134,304 |
|
|||||
(a) Computed using fully taxable-equivalent net income. |
||||||||||||||||||||
(b) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP |
||||||||||||||||||||
Colony Bankcorp, Inc. |
|||||||||||||||||||||
Average Balance Sheet and Net Interest Analysis |
|||||||||||||||||||||
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended March 31, |
||||||||||||||||||||
|
2021 |
|
2020 |
||||||||||||||||||
|
Average Balances |
|
Income/ Expense |
|
Yields/ Rates |
|
Average Balances |
|
Income/ Expense |
|
Yields/ Rates |
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans, net of unearned income 1 |
$ |
1,079,007 |
|
|
$ |
13,638 |
|
|
5.13 |
% |
|
$ |
980,185 |
|
|
$ |
13,352 |
|
|
5.52 |
% |
Investment securities, taxable |
371,265 |
|
|
1,628 |
|
|
1.78 |
% |
|
339,565 |
|
|
1,988 |
|
|
2.37 |
% |
||||
Investment securities, tax-exempt 2 |
32,616 |
|
|
155 |
|
|
1.93 |
% |
|
923 |
|
|
7 |
|
|
3.08 |
% |
||||
Deposits in banks and short term investments |
183,376 |
|
|
53 |
|
|
0.12 |
% |
|
85,869 |
|
|
284 |
|
|
1.34 |
% |
||||
Total interest-earning assets |
1,666,264 |
|
|
15,474 |
|
|
3.77 |
% |
|
1,406,542 |
|
|
15,631 |
|
|
4.51 |
% |
||||
Noninterest-earning assets |
107,859 |
|
|
|
|
|
|
103,381 |
|
|
|
|
|
||||||||
Total assets |
$ |
1,774,123 |
|
|
|
|
|
|
$ |
1,509,923 |
|
|
|
|
|
||||||
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning demand and savings |
$ |
859,462 |
|
|
$ |
165 |
|
|
0.08 |
% |
|
$ |
734,102 |
|
|
$ |
936 |
|
|
0.52 |
% |
Other time |
260,438 |
|
|
488 |
|
|
0.76 |
% |
|
334,811 |
|
|
1,282 |
|
|
1.55 |
% |
||||
Total interest-bearing deposits |
1,119,900 |
|
|
653 |
|
|
0.24 |
% |
|
1,068,913 |
|
|
2,218 |
|
|
0.84 |
% |
||||
Federal Home Loan Bank advances |
22,500 |
|
|
113 |
|
|
2.05 |
% |
|
45,577 |
|
|
257 |
|
|
2.29 |
% |
||||
Paycheck Protection Program Liquidity Facility |
60,602 |
|
|
68 |
|
|
0.46 |
% |
|
— |
|
|
— |
|
|
— |
% |
||||
Other borrowings |
61,654 |
|
|
257 |
|
|
1.68 |
% |
|
38,792 |
|
|
389 |
|
|
4.07 |
% |
||||
Total other interest-bearing liabilities |
144,756 |
|
|
438 |
|
|
1.23 |
% |
|
84,369 |
|
|
646 |
|
|
3.11 |
% |
||||
Total interest-bearing liabilities |
1,264,656 |
|
|
1,091 |
|
|
0.35 |
% |
|
1,153,282 |
|
|
2,864 |
|
|
1.01 |
% |
||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand deposits |
$ |
356,044 |
|
|
|
|
|
|
$ |
220,356 |
|
|
|
|
|
||||||
Other liabilities |
7,908 |
|
|
|
|
|
|
6,068 |
|
|
|
|
|
||||||||
Stockholders' equity |
145,515 |
|
|
|
|
|
|
130,217 |
|
|
|
|
|
||||||||
Total noninterest-bearing liabilities and stockholders' equity |
509,467 |
|
|
|
|
|
|
356,641 |
|
|
|
|
|
||||||||
Total liabilities and stockholders' equity |
$ |
1,774,123 |
|
|
|
|
|
|
$ |
1,509,923 |
|
|
|
|
|
||||||
Interest rate spread |
|
|
|
|
3.42 |
% |
|
|
|
|
|
3.50 |
% |
||||||||
Net interest income |
|
|
$ |
14,383 |
|
|
|
|
|
|
$ |
12,767 |
|
|
|
||||||
Net interest margin |
|
|
|
|
3.50 |
% |
|
|
|
|
|
3.68 |
% |
||||||||
| _________________________________________ |
1The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on the cash basis. Taxable-equivalent adjustments totaling |
2Taxable-equivalent adjustments totaling |
Colony Bankcorp, Inc. |
|
|
||||||||||||||||||
Segment Reporting |
|
|
||||||||||||||||||
|
|
2021 |
|
2020 |
||||||||||||||||
(dollars in thousands) |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
||||||||||
Banking Division |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
$ |
13,985 |
|
|
$ |
14,752 |
|
|
$ |
13,631 |
|
|
$ |
13,440 |
|
|
$ |
12,656 |
|
Provision for loan losses |
|
500 |
|
|
1,296 |
|
|
1,106 |
|
|
2,200 |
|
|
1,956 |
|
|||||
Noninterest income |
|
3,005 |
|
|
3,952 |
|
|
4,139 |
|
|
2,901 |
|
|
3,049 |
|
|||||
Noninterest expenses |
|
11,960 |
|
|
11,656 |
|
|
12,415 |
|
|
10,158 |
|
|
11,667 |
|
|||||
Income taxes |
|
1,160 |
|
|
973 |
|
|
2,967 |
|
|
842 |
|
|
368 |
|
|||||
Segment income |
|
$ |
3,370 |
|
|
$ |
4,779 |
|
|
$ |
1,282 |
|
|
$ |
3,141 |
|
|
$ |
1,714 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total segment assets |
|
$ |
1,755,667 |
|
|
$ |
1,709,696 |
|
|
$ |
1,666,742 |
|
|
$ |
1,726,219 |
|
|
$ |
1,497,788 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Full time employees |
|
291 |
|
|
305 |
|
|
312 |
|
|
321 |
|
|
319 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage Banking Division |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
$ |
168 |
|
|
$ |
299 |
|
|
$ |
188 |
|
|
$ |
82 |
|
|
$ |
34 |
|
Provision for loan losses |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||
Noninterest income |
|
3,986 |
|
|
3,420 |
|
|
2,612 |
|
|
1,821 |
|
|
1,253 |
|
|||||
Noninterest expenses |
|
2,793 |
|
|
2,835 |
|
|
2,410 |
|
|
1,697 |
|
|
1,195 |
|
|||||
Income taxes |
|
354 |
|
|
188 |
|
|
820 |
|
|
43 |
|
|
11 |
|
|||||
Segment income |
|
$ |
1,007 |
|
|
$ |
696 |
|
|
$ |
(430) |
|
|
$ |
163 |
|
|
$ |
81 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total segment assets |
|
$ |
27,478 |
|
|
$ |
50,266 |
|
|
$ |
50,265 |
|
|
$ |
17,578 |
|
|
$ |
11,082 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Full time employees |
|
51 |
|
|
43 |
|
|
41 |
|
|
40 |
|
|
34 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Small Business Specialty Lending Division |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
$ |
130 |
|
|
$ |
100 |
|
|
$ |
1,483 |
|
|
$ |
19 |
|
|
$ |
14 |
|
Provision for loan losses |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||
Noninterest income |
|
1,585 |
|
|
667 |
|
|
1,183 |
|
|
121 |
|
|
259 |
|
|||||
Noninterest expenses |
|
1,029 |
|
|
1,495 |
|
|
924 |
|
|
1,520 |
|
|
516 |
|
|||||
Income taxes |
|
144 |
|
|
(153) |
|
|
198 |
|
|
(290) |
|
|
(51) |
|
|||||
Segment income |
|
$ |
542 |
|
|
$ |
(575) |
|
|
$ |
1,544 |
|
|
$ |
(1,090) |
|
|
$ |
(192) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total segment assets |
|
$ |
107,623 |
|
|
$ |
405 |
|
|
$ |
107,623 |
|
|
$ |
405 |
|
|
$ |
1,178 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Full time employees |
|
23 |
|
|
21 |
|
|
15 |
|
|
13 |
|
|
12 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Consolidated |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
$ |
14,283 |
|
|
$ |
15,151 |
|
|
$ |
15,302 |
|
|
$ |
13,541 |
|
|
$ |
12,704 |
|
Provision for loan losses |
|
500 |
|
|
1,296 |
|
|
1,106 |
|
|
2,200 |
|
|
1,956 |
|
|||||
Noninterest income |
|
8,576 |
|
|
8,039 |
|
|
7,934 |
|
|
4,843 |
|
|
4,561 |
|
|||||
Noninterest expenses |
|
15,782 |
|
|
15,986 |
|
|
15,749 |
|
|
13,375 |
|
|
13,378 |
|
|||||
Income taxes |
|
1,658 |
|
|
1,008 |
|
|
3,985 |
|
|
595 |
|
|
328 |
|
|||||
Segment income |
|
$ |
4,919 |
|
|
$ |
4,900 |
|
|
$ |
2,396 |
|
|
$ |
2,214 |
|
|
$ |
1,603 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total segment assets |
|
$ |
1,890,768 |
|
|
$ |
1,763,974 |
|
|
$ |
1,824,630 |
|
|
$ |
1,744,202 |
|
|
$ |
1,510,048 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Full time employees |
|
365 |
|
|
369 |
|
|
368 |
|
|
374 |
|
|
365 |
|
|||||
Colony Bankcorp, Inc. |
||||||||
Consolidated Balance Sheets |
||||||||
|
|
March 31, 2021 |
|
December 31, 2020 |
||||
(dollars in thousands) |
|
(unaudited) |
|
(audited) |
||||
ASSETS |
|
|
|
|
||||
Cash and due from banks |
|
$ |
16,150 |
|
|
$ |
17,218 |
|
Interest-bearing deposits in banks and federal funds sold |
|
|
165,438 |
|
|
|
166,288 |
|
Cash and cash equivalents |
|
|
181,588 |
|
|
|
183,506 |
|
Investment securities available for sale, at fair value |
|
|
433,729 |
|
|
|
380,814 |
|
Other investments, at cost |
|
|
2,703 |
|
|
|
3,296 |
|
Loans held for sale |
|
|
28,429 |
|
|
|
52,386 |
|
Loans, net of unearned income |
|
|
1,062,775 |
|
|
|
1,059,503 |
|
Allowance for loan losses |
|
|
(12,693 |
) |
|
|
(12,127 |
) |
Loans, net |
|
|
1,050,082 |
|
|
|
1,047,376 |
|
Premises and equipment |
|
|
32,790 |
|
|
|
32,057 |
|
Other real estate |
|
|
518 |
|
|
|
1,006 |
|
Goodwill and other intangible assets |
|
|
18,673 |
|
|
|
18,558 |
|
Bank owned life insurance |
|
|
31,581 |
|
|
|
31,547 |
|
Other assets |
|
|
18,953 |
|
|
|
13,428 |
|
Total assets |
|
$ |
1,799,046 |
|
|
$ |
1,763,974 |
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
Liabilities: |
|
|
|
|
||||
Deposits: |
|
|
|
|
||||
Noninterest-bearing |
|
$ |
384,830 |
|
|
$ |
326,999 |
|
Interest-bearing |
|
|
1,141,054 |
|
|
|
1,118,028 |
|
Total deposits |
|
|
1,525,884 |
|
|
|
1,445,027 |
|
Federal Home Loan Bank advances |
|
|
22,500 |
|
|
|
22,500 |
|
Paycheck Protection Program Liquidity Facility |
|
|
60,602 |
|
|
|
106,789 |
|
Other borrowed money |
|
|
37,542 |
|
|
|
37,792 |
|
Accrued expenses and other liabilities |
|
|
9,031 |
|
|
|
7,378 |
|
Total liabilities |
|
|
1,655,559 |
|
|
|
1,619,486 |
|
|
|
|
|
|
||||
Stockholders’ equity |
|
|
|
|
||||
Common stock, |
|
|
9,499 |
|
|
|
9,499 |
|
Paid in capital |
|
|
43,224 |
|
|
|
43,215 |
|
Retained earnings |
|
|
88,939 |
|
|
|
84,993 |
|
Accumulated other comprehensive income, net of tax |
|
|
1,825 |
|
|
|
6,781 |
|
Total stockholders’ equity |
|
|
143,487 |
|
|
|
144,488 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,799,046 |
|
|
$ |
1,763,974 |
|
Colony Bankcorp, Inc. |
|
|
|
|
||||
Consolidated Statements of Income (unaudited) |
|
|
|
|
||||
|
|
Three months ended March 31, |
||||||
|
|
2021 |
|
2020 |
||||
(dollars in thousands, except per share data) |
|
|
||||||
Interest income: |
|
|
|
|
||||
Loans, including fees |
|
$ |
13,572 |
|
|
13,290 |
|
|
Investment securities, including tax exempt of |
|
1,750 |
|
|
1,994 |
|
||
Deposits in banks and short term investments |
|
53 |
|
|
284 |
|
||
Total interest income |
|
15,375 |
|
|
15,568 |
|
||
|
|
|
|
|
||||
Interest expense: |
|
|
|
|
||||
Deposits |
|
654 |
|
|
2,218 |
|
||
Federal Home Loan Bank advances |
|
113 |
|
|
257 |
|
||
Paycheck Protection Program Liquidity Facility |
|
68 |
|
|
— |
|
||
Other borrowings |
|
257 |
|
|
389 |
|
||
Total interest expense |
|
1,092 |
|
|
2,864 |
|
||
Net interest income |
|
14,283 |
|
|
12,704 |
|
||
Provision for loan losses |
|
500 |
|
|
1,956 |
|
||
Net interest income after provision for loan losses |
|
13,783 |
|
|
10,748 |
|
||
|
|
|
|
|
||||
Noninterest income: |
|
|
|
|
||||
Service charges on deposits |
|
1,222 |
|
|
1,499 |
|
||
Mortgage fee income |
|
3,995 |
|
|
1,262 |
|
||
Gain on sale of SBA loans |
|
1,471 |
|
|
210 |
|
||
(Loss)/Gain on sale of securities |
|
(4) |
|
|
293 |
|
||
Gain on sale of assets |
|
— |
|
|
— |
|
||
Interchange fees |
|
1,530 |
|
|
1,033 |
|
||
BOLI Income |
|
208 |
|
|
151 |
|
||
Other |
|
154 |
|
|
78 |
|
||
Total noninterest income |
|
8,576 |
|
|
4,526 |
|
||
|
|
|
|
|
||||
Noninterest expense: |
|
|
|
|
||||
Salaries and employee benefits |
|
9,955 |
|
|
7,498 |
|
||
Occupancy and equipment |
|
1,326 |
|
|
1,318 |
|
||
Acquisition related |
|
176 |
|
|
287 |
|
||
Information technology expenses |
|
1,592 |
|
|
1,316 |
|
||
Professional fees |
|
486 |
|
|
347 |
|
||
Advertising and public relations |
|
580 |
|
|
634 |
|
||
Communications |
|
218 |
|
|
191 |
|
||
FHLB prepayment penalty |
|
— |
|
|
276 |
|
||
Other |
|
1,449 |
|
|
1,476 |
|
||
Total noninterest expense |
|
15,782 |
|
|
13,343 |
|
||
Income before income taxes |
|
6,577 |
|
|
1,931 |
|
||
Income taxes |
|
1,658 |
|
|
328 |
|
||
Net income |
|
$ |
4,919 |
|
|
$ |
1,603 |
|
Earnings per common share: |
|
|
|
|
||||
Basic |
|
$ |
0.52 |
|
|
$ |
0.17 |
|
Diluted |
|
0.52 |
|
|
0.17 |
|
||
Dividends declared per share |
|
0.10 |
|
|
0.10 |
|
||
Weighted average common shares outstanding: |
|
|
|
|
||||
Basic |
|
9,498,783 |
|
|
9,498,783 |
|
||
Diluted |
|
9,498,783 |
|
|
9,498,783 |
|
||
Colony Bankcorp, Inc. |
||||||||||||||||||||
Quarterly Comparison |
||||||||||||||||||||
|
|
2021 |
|
2020 |
||||||||||||||||
(dollars in thousands) |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
||||||||||
Assets |
|
$ |
1,799,047 |
|
|
$ |
1,763,974 |
|
|
$ |
1,759,446 |
|
|
$ |
1,777,568 |
|
|
$ |
1,510,048 |
|
Loans, net |
|
1,050,082 |
|
|
1,047,376 |
|
|
1,090,586 |
|
|
1,103,688 |
|
|
980,642 |
|
|||||
Deposits |
|
1,525,884 |
|
|
1,445,027 |
|
|
1,416,401 |
|
|
1,421,758 |
|
|
1,293,076 |
|
|||||
Total equity |
|
143,487 |
|
|
144,488 |
|
|
140,346 |
|
|
138,594 |
|
|
136,072 |
|
|||||
Net income |
|
4,919 |
|
|
4,900 |
|
|
3,099 |
|
|
2,214 |
|
|
1,603 |
|
|||||
Earnings per basic share |
|
$ |
0.52 |
|
|
$ |
0.52 |
|
|
$ |
0.33 |
|
|
$ |
0.23 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Key Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets |
|
1.12 |
% |
|
1.08 |
% |
|
0.70 |
% |
|
0.52 |
% |
|
0.42 |
% |
|||||
Return on average total equity |
|
13.71 |
% |
|
13.73 |
% |
|
8.80 |
% |
|
6.47 |
% |
|
4.79 |
% |
|||||
Total equity to total assets |
|
7.98 |
% |
|
8.19 |
% |
|
7.98 |
% |
|
7.80 |
% |
|
9.01 |
% |
|||||
Tangible equity to tangible assets |
|
7.01 |
% |
|
7.21 |
% |
|
7.00 |
% |
|
6.82 |
% |
|
7.83 |
% |
|||||
Net interest margin |
|
3.50 |
% |
|
3.58 |
% |
|
3.34 |
% |
|
3.41 |
% |
|
3.63 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Colony Bankcorp, Inc. |
||||||||||||||||||||
Quarterly Loan Comparison |
||||||||||||||||||||
|
|
2021 |
|
2020 |
||||||||||||||||
(dollars in thousands) |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
||||||||||
Core |
|
$ |
888,800 |
|
|
$ |
873,426 |
|
|
$ |
871,416 |
|
|
$ |
855,556 |
|
|
$ |
847,100 |
|
PPP |
|
102,633 |
|
|
101,147 |
|
|
133,756 |
|
|
133,158 |
|
|
— |
|
|||||
Purchased |
|
71,342 |
|
|
84,930 |
|
|
96,434 |
|
|
125,263 |
|
|
121,714 |
|
|||||
Total |
|
$ |
1,062,775 |
|
|
$ |
1,059,503 |
|
|
$ |
1,101,606 |
|
|
$ |
1,113,977 |
|
|
$ |
968,814 |
|
Colony Bankcorp, Inc. |
|
|
|
|
|
|
|
|
|
|
||||||||||
Quarterly Loans by Location Comparison |
|
|
|
|
|
|
|
|
||||||||||||
|
|
2021 |
|
2020 |
||||||||||||||||
(dollars in thousands) |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
||||||||||
Atlanta |
|
$ |
492 |
|
|
$ |
562 |
|
|
$ |
7,025 |
|
|
$ |
7,425 |
|
|
$ |
7,527 |
|
Augusta |
|
23,982 |
|
|
20,432 |
|
|
22,931 |
|
|
25,140 |
|
|
29,504 |
|
|||||
Middle Georgia |
|
73,543 |
|
|
68,838 |
|
|
60,275 |
|
|
56,209 |
|
|
52,858 |
|
|||||
Northwest Georgia |
|
1,698 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||
Coastal Georgia |
|
235,094 |
|
|
230,184 |
|
|
224,604 |
|
|
223,746 |
|
|
226,747 |
|
|||||
South Central Georgia |
|
371,227 |
|
|
372,947 |
|
|
391,702 |
|
|
398,107 |
|
|
394,167 |
|
|||||
Southwest Georgia |
|
97,575 |
|
|
104,132 |
|
|
101,247 |
|
|
108,070 |
|
|
110,605 |
|
|||||
West Georgia |
|
148,457 |
|
|
154,819 |
|
|
152,159 |
|
|
154,979 |
|
|
162,225 |
|
|||||
Small Business Specialty Lending |
|
7,906 |
|
|
4,537 |
|
|
9,281 |
|
|
1,903 |
|
|
676 |
|
|||||
Paycheck Protection Program |
|
102,633 |
|
|
101,147 |
|
|
133,756 |
|
|
133,158 |
|
|
— |
|
|||||
Purchase Accounting |
|
(668) |
|
|
(877) |
|
|
(1,262) |
|
|
(1,196) |
|
|
(1,278) |
|
|||||
Other |
|
836 |
|
|
2,781 |
|
|
5,948 |
|
|
6,436 |
|
|
5,995 |
|
|||||
Total |
|
$ |
1,062,775 |
|
|
$ |
1,059,502 |
|
|
$ |
1,107,666 |
|
|
$ |
1,113,977 |
|
|
$ |
989,026 |
|
Colony Bankcorp, Inc. |
||||||||||||||||||||
Quarterly PPP Fees Comparison |
||||||||||||||||||||
|
|
2021 |
|
2020 |
||||||||||||||||
(dollars in thousands) |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
||||||||||
PPP loan fee income |
|
$ |
1,212 |
|
|
$ |
1,324 |
|
|
$ |
508 |
|
|
$ |
576 |
|
|
$ |
— |
|
Unearned income on PPP loans |
|
3,077 |
|
|
2,072 |
|
|
3,396 |
|
|
3,904 |
|
|
— |
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210422006044/en/
FAQ
What were Colony Bankcorp's earnings for Q1 2021?
How much did noninterest income increase in Q1 2021 for CBAN?
What was the provision for loan losses for Colony Bankcorp in Q1 2021?
How did total assets change for Colony Bankcorp in Q1 2021?
What is the dividend declaration date for Colony Bankcorp?
