Colony Bankcorp Reports Fourth Quarter 2020 Results
Colony Bankcorp, Inc. (Nasdaq: CBAN) reported a net income of $4.9 million ($0.52 per diluted share) for Q4 2020, up from $2.8 million in Q4 2019. Year-to-date net income reached $11.8 million, with operating net income at $12.1 million. Total assets grew to $1.8 billion, an increase of 16% year-over-year. Noninterest income rose, driven by mortgage banking activity. A quarterly dividend of $0.1025 was declared to be paid in February 2021. Despite the challenges posed by the pandemic, the Company demonstrated solid growth in loans and deposits, while maintaining a strong capital position.
- Net income increased by 75.0% year-over-year in Q4 2020.
- Total assets reached $1.8 billion, a 16% increase from 2019.
- Operating net income of $12.1 million was reported for the year, only slightly lower than 2019.
- Noninterest income increased by 6.4% due to strong mortgage production.
- Quarterly cash dividend of $0.1025 was declared.
- Provision for loan losses increased by 17.18% compared to the third quarter of 2020.
- Total borrowings increased significantly by 94.8% year-over-year.
Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”) today reported net income of
For the year-to-date period ended December 31, 2020, the Company reported net income of
Fourth Quarter 2020 Financial Highlights:
-
Net income of
$4.9 million , or$0.52 per diluted share, an increase of$1.8 million , or$0.19 per diluted share, compared to the third quarter of 2020. -
Operating net income of
$4.2 million , or$0.44 per diluted share, an increase of$484,000 , or$0.05 , compared to the third quarter of 2020 (see Non-GAAP reconciliation). -
Growth in total assets of
$4.5 million , or 26 basis points, compared to the third quarter of 2020. -
Increase in noninterest income from mortgage banking activity of
$827,000 compared to the third quarter of 2020. -
$1.3 million provision for loan losses, an increase of$190,000 , or17.18% , compared to the third quarter 2020.
The Company also announced that on January 21, 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 difficult environment due to the ongoing global pandemic, I am pleased to report strong earnings growth for the fourth quarter and full year. Diluted earnings per share increased
“Our efforts in business development and adding talented bankers to our team continues to have positive impacts on our operations. We saw solid growth in our balance sheet metrics for both the fourth quarter and full year, including growth in total loans, total deposits and total assets. Asset quality remained strong throughout the year and we are pleased that most loans for which payments were deferred for borrowers in response to the global pandemic are back to current status. We ended the year with total interest earning assets of
“Net interest margin increased 24 basis points to
In closing, Fountain added, “We are pleased with the Company’s continued growth during 2020 despite operating in one of the most difficult economic environments experienced in our times. These achievements reaffirm the strategic initiatives we have put in place to grow our business across our markets and also reflect the dedication and hard work of everyone at Colony Bankcorp. While the current economic environment and competitive landscape is intense, we are optimistic based on our loan pipeline, core deposit base growth, diversified streams of earnings and mortgage fee income as we continue to deliver market share gains. Moreover, we will also support our customers and communities by participating in the recently announced new round of the Small Business Administration Payroll Protection Program. While some of our competitors have suspended payments, our Board remains confident in our operational structure and strategic vision as evidenced by the continued dividend payment. We look forward to the coming year with renewed enthusiasm as we seek opportunities to continue to reward our shareholders.”
Balance Sheet
-
Total assets totaled
$1.8 billion at December 31, 2020, an increase of$248.7 million , or16% , compared to the same period in 2019. -
Interest-bearing deposits in banks at December 31, 2020, totaled
$166.3 million , an increase of$77.8 million , or87.8% compared to the same period in 2019. The increase is primarily attributable to the funding of approximately 1,700 PPP loans during 2020, which also generated much higher balances in our interest-bearing deposits in banks as of December 31, 2020. -
Total loans, including loans held for sale, totaled
$1.11 billion at December 31, 2020, an increase of$133.0 million , or14% , from the same period in 2019. Growth in core loans was primarily attributable to PPP loan originations, while mortgage demand substantially increased during 2020 as a result of declining interest rates. -
Total deposits totaled
$1.45 billion at December 31, 2020, an increase of$151.3 million , or12% , compared to the same period in 2019. The increase in deposits was primarily in noninterest-bearing deposits as a result of the PPP loan activity during 2020. -
Total borrowings at December 31, 2020, totaled
$167.1 million , an increase of$81.3 million or94.8% compared to the same period in 2019. While the Company prepaid$24.5 million in FHLB advances, funding of PPP loans through the Payroll Protection Program Liquidity Facility (“PPPLF”) increased outstanding borrowings substantially during 2020. At December 31, 2020, the PPPLF totaled$106.8 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
9.55% ,14.29% ,15.37% , and12.21% , respectively.
Fourth Quarter Results of Operations
-
Net interest income on a tax-equivalent basis for the fourth quarter 2020 totaled
$15.2 million , compared to$13.9 million for the third 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 which was only partially offset by a decrease in the cost of interest-bearing liabilities. -
Net interest margin was up 24 basis points over the sequential quarter primarily driven by increased accretion income on acquired loans and deferred fee income recognized on PPP loans. During the quarter ended December 31, 2020, PPP loans totaling approximately
$32.6 million were forgiven through the SBA. Accretion income increased$384,000 for the quarter ended December 31, 2020, which was primarily driven by higher than expected loan payoffs as well as changes to cash flow projections on remaining loans driven by loan performance during the second half of the year ended 2020. These positive impacts to the margin were primarily offset by increases in lower-yielding, highly-liquid assets, combined with the reduction by the Federal Reserve of interest rates during 2020. -
Noninterest income totaled
$8.0 million for the fourth quarter ended December 31, 2020, an increase of$485,000 , or6.4% , compared to the same period in 2019. 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. Also, during the fourth quarter 2020, the Thomaston banking center was sold resulting in a gain on sale. -
Noninterest expense totaled
$16.0 million for the fourth quarter ended December 31, 2020, compared to$16.3 million for the sequential quarter ended 2019. The decrease in noninterest expense during the fourth quarter 2020 was primarily attributable FHLB prepayment penalties only during the third quarter 2020.
Asset Quality
-
Nonperforming assets totaled
$10.2 million and$10.5 million at December 31, 2020 and 2019, respectively. -
OREO and repossessed assets totaled
$1.0 million at December 31, 2020, a decrease of$297,000 , or22.3% , compared to the same quarter in 2019. -
Net loan charge-offs were
$189,000 , or0.07% of average loans, compared to$317,000 in the fourth quarter of 2019. -
The loan loss reserve was
$12.1 million , or1.14% of total loans, on December 31, 2020, compared$6.9 million , or0.71% of total loans, at December 31, 2019.
While nonperforming assets have increased year-over-year primarily as a result of increased traditional loan production, asset quality remains strong with overall improvement as of the fourth quarter 2020 compared to previous quarter and year-over-year comparisons. The increase in the provision for loan losses was directly impacted by the current economic disruptions resulting from the continued COVID-19 pandemic crisis.
About Colony Bankcorp
Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in 1975 and headquartered in Fitzgerald, Georgia, Colony operates 32 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 sale of the Thomaston branch and the transactions with LBC Bancshares, Inc. and PFB Mortgage 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, 2019, 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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2020 |
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2019 |
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(dollars in thousands, except per share data) |
|
Fourth
|
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Third
|
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Second
|
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First
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Fourth
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||||||||||
Operating net income reconciliation |
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Net income (GAAP) |
|
$ |
4,900 |
|
|
$ |
3,098 |
|
|
$ |
2,214 |
|
|
$ |
1,603 |
|
|
$ |
2,756 |
|
Acquisition-related expenses |
|
148 |
|
|
207 |
|
|
220 |
|
|
287 |
|
|
335 |
|
|||||
Thomaston building write down |
|
— |
|
|
582 |
|
|
— |
|
|
— |
|
|
— |
|
|||||
Gain on sale of Thomaston branch |
|
(1,026 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||
Income tax expense (benefit) |
|
184 |
|
|
(166 |
) |
|
(46 |
) |
|
(60 |
) |
|
(70 |
) | |||||
Operating net income |
|
$ |
4,206 |
|
|
$ |
3,722 |
|
|
$ |
2,388 |
|
|
$ |
1,830 |
|
|
$ |
3,021 |
|
Weighted average diluted shares |
|
|
9,498,783 |
|
|
|
9,498,783 |
|
|
|
9,498,783 |
|
|
|
9,498,783 |
|
|
|
9,494,859 |
|
Adjusted earnings per diluted share |
|
$ |
0.44 |
|
|
$ |
0.39 |
|
|
$ |
0.25 |
|
|
$ |
0.19 |
|
|
$ |
0.32 |
|
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Tangible book value per common share reconciliation |
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Book value per common share (GAAP) |
|
$ |
15.21 |
|
|
$ |
14.78 |
|
|
$ |
14.59 |
|
|
$ |
14.35 |
|
|
$ |
13.74 |
|
Effect of goodwill and other intangibles |
|
(1.95 |
) |
|
(1.96 |
) |
|
(1.96 |
) |
|
(2.06 |
) |
|
(2.06 |
) |
|||||
Tangible book value per common share |
|
$ |
13.26 |
|
|
$ |
12.82 |
|
|
$ |
12.63 |
|
|
$ |
12.29 |
|
|
$ |
11.68 |
|
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Operating efficiency ratio calculation |
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Efficiency ratio (GAAP) |
|
68.93 |
% |
|
76.22 |
% |
|
72.75 |
% |
|
77.32 |
% |
|
77.24 |
% |
|||||
Acquisition-related expenses |
|
(0.64 |
) |
|
(0.97 |
) |
|
(1.20 |
) |
|
(1.68 |
) |
|
(1.92 |
) |
|||||
Gain on sale of Thomaston branch |
|
3.19 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|||||
Thomaston building write down |
|
— |
% |
|
(2.72 |
)% |
|
— |
% |
|
— |
% |
|
— |
% |
|||||
Operating efficiency ratio |
|
71.49 |
% |
|
72.53 |
% |
|
71.55 |
% |
|
75.64 |
% |
|
75.32 |
% |
|||||
Colony Bankcorp, Inc. |
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Selected Financial Information |
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2020 |
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2019 |
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(dollars in thousands, except per share data) |
|
Fourth
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Third
|
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Second
|
|
First
|
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Fourth
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EARNINGS SUMMARY |
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Net interest income |
|
$ |
15,151 |
|
|
$ |
13,848 |
|
|
$ |
13,541 |
|
|
$ |
12,705 |
|
|
$ |
12,992 |
|
Provision for loan losses |
|
1,296 |
|
|
1,106 |
|
|
2,200 |
|
|
1,956 |
|
|
581 |
|
|||||
Non-interest income |
|
8,039 |
|
|
6,930 |
|
|
4,843 |
|
|
4,432 |
|
|
4,412 |
|
|||||
Non-interest expense |
|
15,986 |
|
|
15,690 |
|
|
13,375 |
|
|
13,250 |
|
|
13,496 |
|
|||||
Income taxes |
|
1,008 |
|
|
884 |
|
|
595 |
|
|
328 |
|
|
571 |
|
|||||
Net income |
|
4,900 |
|
|
3,098 |
|
|
2,214 |
|
|
1,603 |
|
|
2,756 |
|
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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 |
|
|
9,494,859 |
|
|||||
Weighted average diluted shares |
|
9,498,783 |
|
|
9,498,783 |
|
|
9,498,783 |
|
|
9,498,783 |
|
|
9,494,859 |
|
|||||
Earnings per basic share |
|
$ |
0.52 |
|
|
$ |
0.33 |
|
|
$ |
0.23 |
|
|
$ |
0.17 |
|
|
$ |
0.29 |
|
Earnings per diluted share |
|
0.52 |
|
|
0.33 |
|
|
0.23 |
|
|
0.17 |
|
|
0.29 |
|
|||||
Adjusted earnings per diluted share |
|
0.44 |
|
|
0.39 |
|
|
0.25 |
|
|
0.39 |
|
|
0.32 |
|
|||||
Cash dividends declared per share |
|
0.10 |
|
|
0.10 |
|
|
0.10 |
|
|
0.10 |
|
|
0.08 |
|
|||||
Common book value per share |
|
15.21 |
|
|
14.78 |
|
|
14.59 |
|
|
14.35 |
|
|
13.74 |
|
|||||
Tangible common book value per share |
|
13.26 |
|
|
12.82 |
|
|
12.63 |
|
|
12.29 |
|
|
11.68 |
|
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Performance ratios: |
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Net interest margin (a) |
|
3.58 |
% |
|
3.34 |
% |
|
3.41 |
% |
|
3.63 |
% |
|
3.70 |
% |
|||||
Return on average assets |
|
1.08 |
|
|
0.70 |
|
|
0.52 |
|
|
0.42 |
|
|
0.73 |
|
|||||
Return on average total equity |
|
13.73 |
|
|
8.80 |
|
|
6.47 |
|
|
4.79 |
|
|
8.47 |
|
|||||
Efficiency ratio |
|
68.93 |
|
|
76.22 |
|
|
72.75 |
|
|
77.32 |
|
|
77.24 |
|
|||||
Operating efficiency ratio (b) |
|
71.49 |
|
|
72.53 |
|
|
71.55 |
|
|
75.64 |
|
|
75.32 |
|
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ASSET QUALITY |
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Nonperforming loans (NPLs) |
|
$ |
9,128 |
|
|
$ |
9,926 |
|
|
$ |
11,459 |
|
|
$ |
10,130 |
|
|
$ |
9,179 |
|
Other real estate owned |
|
1,006 |
|
|
1,875 |
|
|
1,769 |
|
|
847 |
|
|
1,320 |
|
|||||
Repossessed assets |
|
30 |
|
|
11 |
|
|
17 |
|
|
19 |
|
|
13 |
|
|||||
Total nonperforming assets (NPAs) |
|
10,164 |
|
|
11,812 |
|
|
13,245 |
|
|
10,996 |
|
|
10,512 |
|
|||||
Classified loans |
|
30,404 |
|
|
21,388 |
|
|
20,619 |
|
|
23,093 |
|
|
21,084 |
|
|||||
Criticized loans |
|
75,633 |
|
|
72,076 |
|
|
52,200 |
|
|
46,600 |
|
|
51,182 |
|
|||||
Net loan charge-offs |
|
189 |
|
|
375 |
|
|
295 |
|
|
435 |
|
|
317 |
|
|||||
Allowance for loan losses to total loans |
|
1.14 |
% |
|
1.00 |
% |
|
0.92 |
% |
|
0.85 |
% |
|
0.71 |
% |
|||||
Allowance for loan losses to total NPLs |
|
132.85 |
|
|
111.02 |
|
|
89.79 |
|
|
64.81 |
|
|
74.77 |
|
|||||
Allowance for loan losses to total NPAs |
|
119.31 |
|
|
93.29 |
|
|
77.68 |
|
|
60.83 |
|
|
65.29 |
|
|||||
Net charge-offs to average loans |
|
0.07 |
|
|
0.13 |
|
|
0.12 |
|
|
0.18 |
|
|
0.13 |
|
|||||
NPLs to total loans |
|
0.86 |
|
|
0.90 |
|
|
1.03 |
|
|
1.13 |
|
|
0.95 |
|
|||||
NPAs to total assets |
|
0.58 |
|
|
0.67 |
|
|
0.75 |
|
|
0.91 |
|
|
0.69 |
|
|||||
NPAs to total loans and other real estate owned |
|
0.96 |
|
|
1.07 |
|
|
1.19 |
|
|
1.39 |
|
|
1.08 |
|
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|
||||||||||
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets |
|
$ |
1,797,749 |
|
|
$ |
1,766,717 |
|
|
$ |
1,702,902 |
|
|
$ |
1,516,191 |
|
|
$ |
1,503,521 |
|
Loans, net |
|
1,151,872 |
|
|
1,130,231 |
|
|
1,094,299 |
|
|
974,614 |
|
|
961,756 |
|
|||||
Deposits |
|
1,456,287 |
|
|
1,140,487 |
|
|
1,384,739 |
|
|
1,293,784 |
|
|
1,278,987 |
|
|||||
Total stockholders’ equity |
|
141,570 |
|
|
139,721 |
|
|
137,213 |
|
|
134,304 |
|
|
130,217 |
|
|||||
(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 December 31, |
||||||||||||||||||||
|
2020 |
|
2019 |
||||||||||||||||||
|
Average
|
|
Income/
|
|
Yields/
|
|
Average
|
|
Income/
|
|
Yields/
|
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans, net of unearned income 1 |
$ |
1,151,872 |
|
|
$ |
14,878 |
|
|
5.12 |
% |
|
$ |
977,760 |
|
|
$ |
13,898 |
|
|
5.64 |
% |
Investment securities, taxable |
335,228 |
|
|
1,485 |
|
|
1.76 |
% |
|
355,484 |
|
|
2,064 |
|
|
2.30 |
% |
||||
Investment securities, tax-exempt 2 |
31,218 |
|
|
147 |
|
|
1.87 |
% |
|
1,138 |
|
|
9 |
|
|
3.14 |
% |
||||
Deposits in banks and short term investments |
168,876 |
|
|
54 |
|
|
0.13 |
% |
|
66,690 |
|
|
246 |
|
|
1.46 |
% |
||||
Total interest-earning assets |
1,687,194 |
|
|
16,564 |
|
|
3.89 |
% |
|
1,401,072 |
|
|
16,217 |
|
|
4.59 |
% |
||||
Noninterest-earning assets |
110,555 |
|
|
|
|
|
|
99,145 |
|
|
|
|
|
||||||||
Total assets |
$ |
1,797,749 |
|
|
|
|
|
|
$ |
1,500,217 |
|
|
|
|
|
||||||
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning demand and savings |
$ |
843,497 |
|
|
$ |
203 |
|
|
0.10 |
% |
|
$ |
697,893 |
|
|
$ |
1,040 |
|
|
0.59 |
% |
Other time |
280,175 |
|
|
630 |
|
|
0.89 |
% |
|
357,364 |
|
|
1,440 |
|
|
1.60 |
% |
||||
Total interest-bearing deposits |
1,123,672 |
|
|
833 |
|
|
0.29 |
% |
|
1,055,257 |
|
|
2,480 |
|
|
0.93 |
% |
||||
Federal Home Loan Bank advances |
22,500 |
|
|
116 |
|
|
2.06 |
% |
|
49,283 |
|
|
271 |
|
|
2.18 |
% |
||||
Paycheck Protection Program Liquidity Facility |
128,554 |
|
|
118 |
|
|
0.36 |
% |
|
— |
|
|
— |
|
|
— |
% |
||||
Other borrowings |
38,339 |
|
|
254 |
|
|
2.62 |
% |
|
39,036 |
|
|
415 |
|
|
4.22 |
% |
||||
Total other interest-bearing liabilities |
189,393 |
|
|
488 |
|
|
— |
% |
|
88,319 |
|
|
686 |
|
|
3.08 |
% |
||||
Total interest-bearing liabilities |
1,313,065 |
|
|
1,321 |
|
|
0.40 |
% |
|
1,143,576 |
|
|
3,166 |
|
|
1.10 |
% |
||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand deposits |
$ |
332,615 |
|
|
|
|
|
|
$ |
220,356 |
|
|
|
|
|
||||||
Other liabilities |
10,499 |
|
|
|
|
|
|
6,068 |
|
|
|
|
|
||||||||
Stockholders' equity |
141,570 |
|
|
|
|
|
|
130,217 |
|
|
|
|
|
||||||||
Total noninterest-bearing liabilities and stockholders' equity |
484,684 |
|
|
|
|
|
|
356,641 |
|
|
|
|
|
||||||||
Total liabilities and stockholders' equity |
$ |
1,797,749 |
|
|
|
|
|
|
$ |
1,500,217 |
|
|
|
|
|
||||||
Interest rate spread |
|
|
|
|
3.49 |
% |
|
|
|
|
|
3.49 |
% |
||||||||
Net interest income |
|
|
$ |
15,243 |
|
|
|
|
|
|
$ |
13,051 |
|
|
|
||||||
Net interest margin |
|
|
|
|
3.58 |
% |
|
|
|
|
|
3.70 |
% |
||||||||
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 |
|
Twelve Months ended December 31, |
||||||||||||||||||||
|
2020 |
|
2019 |
||||||||||||||||||
|
Average
|
|
Income/
|
|
Yields/
|
|
Average
|
|
Income/
|
|
Yields/
|
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans, net of unearned income 1 |
$ |
1,092,009 |
|
|
$ |
55,802 |
|
|
5.11 |
% |
|
$ |
896,098 |
|
|
$ |
50,464 |
|
|
5.63 |
% |
Investment securities, taxable |
336,140 |
|
|
6,875 |
|
|
2.05 |
% |
|
374,719 |
|
|
9,103 |
|
|
2.43 |
% |
||||
Investment securities, tax-exempt 2 |
17,070 |
|
|
331 |
|
|
1.94 |
% |
|
1,737 |
|
|
56 |
|
|
3.22 |
% |
||||
Deposits in banks and short term investments |
141,641 |
|
|
438 |
|
|
0.31 |
% |
|
56,891 |
|
|
1,056 |
|
|
1.86 |
% |
||||
Total interest-earning assets |
1,586,860 |
|
|
63,446 |
|
|
4.00 |
% |
|
1,329,445 |
|
|
60,679 |
|
|
4.56 |
% |
||||
Noninterest-earning assets |
104,375 |
|
|
|
|
|
|
81,886 |
|
|
|
|
|
||||||||
Total assets |
$ |
1,691,235 |
|
|
|
|
|
|
$ |
1,411,331 |
|
|
|
|
|
||||||
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning demand and savings |
$ |
787,030 |
|
|
$ |
1,870 |
|
|
0.24 |
% |
|
$ |
640,180 |
|
|
$ |
4,274 |
|
|
0.67 |
% |
Other time |
305,374 |
|
|
3,729 |
|
|
1.22 |
% |
|
361,319 |
|
|
5,775 |
|
|
1.60 |
% |
||||
Total interest-bearing deposits |
1,092,404 |
|
|
5,599 |
|
|
0.51 |
% |
|
1,001,499 |
|
|
10,049 |
|
|
1.00 |
% |
||||
Federal Home Loan Bank advances |
33,249 |
|
|
743 |
|
|
2.23 |
% |
|
45,233 |
|
|
1,046 |
|
|
2.31 |
% |
||||
Paycheck Protection Program Liquidity Facility |
90,768 |
|
|
205 |
|
|
0.23 |
% |
|
— |
|
|
— |
|
|
— |
% |
||||
Other borrowings |
38,527 |
|
|
1,333 |
|
|
3.46 |
% |
|
34,159 |
|
|
1,542 |
|
|
4.51 |
% |
||||
Total other interest-bearing liabilities |
162,544 |
|
|
2,281 |
|
|
1.40 |
% |
|
79,392 |
|
|
2,588 |
|
|
3.26 |
% |
||||
Total interest-bearing liabilities |
1,254,948 |
|
|
7,880 |
|
|
0.63 |
% |
|
1,080,891 |
|
|
12,637 |
|
|
1.17 |
% |
||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand deposits |
294,008 |
|
|
|
|
|
|
$ |
208,320 |
|
|
|
|
|
|||||||
Other liabilities |
4,325 |
|
|
|
|
|
|
5,002 |
|
|
|
|
|
||||||||
Stockholders' equity |
137,954 |
|
|
|
|
|
|
117,118 |
|
|
|
|
|
||||||||
Total noninterest-bearing liabilities and stockholders' equity |
436,287 |
|
|
|
|
|
|
330,440 |
|
|
|
|
|
||||||||
Total liabilities and stockholders' equity |
$ |
1,691,235 |
|
|
|
|
|
|
$ |
1,411,331 |
|
|
|
|
|
||||||
Interest rate spread |
|
|
|
|
3.34 |
% |
|
|
|
|
|
3.40 |
% |
||||||||
Net interest income |
|
|
$ |
55,566 |
|
|
|
|
|
|
$ |
48,042 |
|
|
|
||||||
Net interest margin |
|
|
|
|
3.50 |
% |
|
|
|
|
|
3.61 |
% |
||||||||
3The 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 |
4Taxable-equivalent adjustments totaling |
Colony Bankcorp, Inc. |
||||||||||||||||
Segment Reporting |
||||||||||||||||
|
|
Three months ended December 31, |
|
Twelve months ended December 31, |
||||||||||||
(dollars in thousands) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Banking Division |
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
$ |
13,240 |
|
|
$ |
12,931 |
|
|
$ |
51,546 |
|
|
$ |
47,684 |
|
Provision for loan losses |
|
1,296 |
|
|
581 |
|
|
6,558 |
|
|
1,104 |
|
||||
Noninterest income |
|
3,952 |
|
|
2,743 |
|
|
13,288 |
|
|
10,865 |
|
||||
Noninterest expenses |
|
11,656 |
|
|
11,315 |
|
|
47,805 |
|
|
43,669 |
|
||||
Income taxes |
|
643 |
|
|
687 |
|
|
1,947 |
|
|
2,642 |
|
||||
Segment income |
|
$ |
3,597 |
|
|
$ |
3,091 |
|
|
$ |
8,524 |
|
|
$ |
11,134 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total segment assets |
|
$ |
1,606,086 |
|
|
$ |
1,503,284 |
|
|
$ |
1,606,085 |
|
|
$ |
1,503,284 |
|
|
|
|
|
|
|
|
|
|
||||||||
Mortgage Banking Division |
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
$ |
299 |
|
|
$ |
64 |
|
|
$ |
603 |
|
|
$ |
164 |
|
Provision for loan losses |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
Noninterest income |
|
3,420 |
|
|
1,251 |
|
|
9,106 |
|
|
3,139 |
|
||||
Noninterest expenses |
|
2,835 |
|
|
1,220 |
|
|
8,137 |
|
|
3,258 |
|
||||
Income taxes |
|
188 |
|
|
20 |
|
|
325 |
|
|
10 |
|
||||
Segment income |
|
$ |
696 |
|
|
$ |
75 |
|
|
$ |
1,247 |
|
|
$ |
35 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total segment assets |
|
$ |
50,265 |
|
|
$ |
11,624 |
|
|
$ |
50,265 |
|
|
$ |
11,624 |
|
|
|
|
|
|
|
|
|
|
||||||||
Small Business Specialty Lending Division |
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
$ |
1,612 |
|
|
$ |
— |
|
|
$ |
1,483 |
|
|
$ |
— |
|
Provision for loan losses |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
Noninterest income |
|
667 |
|
|
— |
|
|
1,183 |
|
|
— |
|
||||
Noninterest expenses |
|
1,495 |
|
|
652 |
|
|
924 |
|
|
1,213 |
|
||||
Income taxes |
|
177 |
|
|
(136 |
) |
|
198 |
|
|
(254 |
) | ||||
Segment income |
|
$ |
607 |
|
|
$ |
(516 |
) |
|
$ |
1,544 |
|
|
$ |
(959 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Total segment assets |
|
$ |
107,623 |
|
|
$ |
405 |
|
|
$ |
107,623 |
|
|
$ |
405 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total Consolidated |
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
$ |
15,151 |
|
|
$ |
12,995 |
|
|
$ |
53,632 |
|
|
$ |
47,848 |
|
Provision for loan losses |
|
1,296 |
|
|
581 |
|
|
6,558 |
|
|
1,104 |
|
||||
Noninterest income |
|
8,039 |
|
|
3,994 |
|
|
23,577 |
|
|
14,004 |
|
||||
Noninterest expenses |
|
15,986 |
|
|
13,187 |
|
|
56,866 |
|
|
48,140 |
|
||||
Income taxes |
|
1,008 |
|
|
571 |
|
|
2,470 |
|
|
2,398 |
|
||||
Segment income |
|
$ |
4,900 |
|
|
$ |
2,650 |
|
|
$ |
11,315 |
|
|
$ |
10,210 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total segment assets |
|
$ |
1,763,974 |
|
|
$ |
1,515,313 |
|
|
$ |
1,763,973 |
|
|
$ |
1,515,313 |
|
Colony Bankcorp, Inc. |
||||||||
Consolidated Balance Sheets |
||||||||
|
|
December 31, 2020 |
|
December 31, 2019 |
||||
(dollars in thousands) |
|
(unaudited) |
|
(audited) |
||||
ASSETS |
|
|
|
|
||||
Cash and due from banks |
|
$ |
17,218 |
|
|
$ |
15,570 |
|
Interest-bearing deposits in banks and federal funds sold |
|
166,288 |
|
|
88,522 |
|
||
Cash and cash equivalents |
|
|
183,506 |
|
|
|
104,092 |
|
Investment securities available for sale, at fair value |
|
380,814 |
|
|
347,332 |
|
||
Other investments, at cost |
|
3,296 |
|
|
4,288 |
|
||
Loans held for sale |
|
52,386 |
|
|
10,076 |
|
||
Loans, net of unearned income |
|
1,059,503 |
|
|
968,814 |
|
||
Allowance for loan losses |
|
(12,127 |
) |
|
(6,863 |
) | ||
Loans, net |
|
1,047,376 |
|
|
961,951 |
|
||
Premises and equipment |
|
32,057 |
|
|
32,482 |
|
||
Other real estate |
|
1,006 |
|
|
1,320 |
|
||
Goodwill and other intangible assets |
|
18,558 |
|
|
19,533 |
|
||
Bank owned life insurance |
|
31,547 |
|
|
21,629 |
|
||
Other assets |
|
13,428 |
|
|
12,610 |
|
||
Total assets |
|
$ |
1,763,974 |
|
|
$ |
1,515,313 |
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
Liabilities: |
|
|
|
|
||||
Deposits: |
|
|
|
|
||||
Noninterest-bearing |
|
$ |
326,999 |
|
|
$ |
232,635 |
|
Interest-bearing |
|
1,118,028 |
|
|
1,061,107 |
|
||
Total deposits |
|
1,445,027 |
|
|
1,293,742 |
|
||
Federal Home Loan Bank advances |
|
22,500 |
|
|
47,000 |
|
||
Paycheck Protection Program Liquidity Facility |
|
106,789 |
|
|
— |
|
||
Other borrowed money |
|
37,792 |
|
|
38,792 |
|
||
Accrued expenses and other liabilities |
|
7,378 |
|
|
5,273 |
|
||
Total liabilities |
|
1,619,486 |
|
|
1,384,807 |
|
||
|
|
|
|
|
||||
Stockholders’ equity |
|
|
|
|
||||
Common stock, |
|
9,499 |
|
|
9,499 |
|
||
Paid in capital |
|
43,215 |
|
|
43,667 |
|
||
Retained earnings |
|
84,993 |
|
|
76,978 |
|
||
Accumulated other comprehensive income, net of tax |
|
6,781 |
|
|
362 |
|
||
Total stockholders’ equity |
|
144,488 |
|
|
130,506 |
|
||
Total liabilities and stockholders’ equity |
|
$ |
1,763,974 |
|
|
$ |
1,515,313 |
|
Colony Bankcorp, Inc. |
|
|
|
|
|
|
|
|
||||||||
Consolidated Statements of Income (unaudited) |
|
|
|
|
|
|
|
|
||||||||
|
|
Three months ended December 31, |
|
Twelve months ended December 31, |
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
(dollars in thousands, except per share data) |
|
|
|
|
||||||||||||
Interest income: |
|
|
|
|
|
|
|
|
||||||||
Loans, including fees |
|
$ |
14,818 |
|
|
13,844 |
|
|
$ |
55,550 |
|
|
50,281 |
|
||
Investment securities, including tax exempt of |
|
1,601 |
|
|
2,071 |
|
|
7,137 |
|
|
9,149 |
|
||||
Deposits in banks and short term investments |
|
53 |
|
|
246 |
|
|
438 |
|
|
1,056 |
|
||||
Total interest income |
|
16,472 |
|
|
16,161 |
|
|
63,125 |
|
|
60,486 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest expense: |
|
|
|
|
|
|
|
|
||||||||
Deposits |
|
833 |
|
|
2,480 |
|
|
5,599 |
|
|
10,049 |
|
||||
Federal Home Loan Bank advances |
|
116 |
|
|
271 |
|
|
743 |
|
|
1,046 |
|
||||
Paycheck Protection Program Liquidity Facility |
|
118 |
|
|
— |
|
|
205 |
|
|
— |
|
||||
Other borrowings |
|
254 |
|
|
415 |
|
|
1,333 |
|
|
1,542 |
|
||||
Total interest expense |
|
1,321 |
|
|
3,166 |
|
|
7,880 |
|
|
12,637 |
|
||||
Net interest income |
|
15,151 |
|
|
12,995 |
|
|
55,245 |
|
|
47,849 |
|
||||
Provision for loan losses |
|
1,296 |
|
|
581 |
|
|
6,558 |
|
|
1,104 |
|
||||
Net interest income after provision for loan losses |
|
13,855 |
|
|
12,414 |
|
|
48,687 |
|
|
46,745 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Noninterest income: |
|
|
|
|
|
|
|
|
||||||||
Service charges on deposits |
|
1,387 |
|
|
1,596 |
|
|
5,293 |
|
|
5,593 |
|
||||
Mortgage fee income |
|
3,443 |
|
|
1,257 |
|
|
9,149 |
|
|
3,199 |
|
||||
Gain on sale of SBA loans |
|
596 |
|
|
— |
|
|
1,600 |
|
|
— |
|
||||
(Loss)/Gain on sale of securities |
|
(83 |
) |
|
(2 |
) |
|
926 |
|
|
97 |
|
||||
Gain on sale of assets |
|
1,026 |
|
|
— |
|
|
1,082 |
|
|
— |
|
||||
Interchange fees |
|
1,363 |
|
|
1,012 |
|
|
4,988 |
|
|
3,768 |
|
||||
BOLI Income |
|
195 |
|
|
131 |
|
|
743 |
|
|
536 |
|
||||
Other |
|
112 |
|
|
— |
|
|
463 |
|
|
811 |
|
||||
Total noninterest income |
|
8,039 |
|
|
3,994 |
|
|
24,244 |
|
|
14,004 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Noninterest expense: |
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits |
|
9,810 |
|
|
7,370 |
|
|
34,141 |
|
|
26,218 |
|
||||
Occupancy and equipment |
|
1,339 |
|
|
1,391 |
|
|
5,311 |
|
|
4,850 |
|
||||
Acquisition related |
|
148 |
|
|
335 |
|
|
862 |
|
|
3,333 |
|
||||
Information technology expenses |
|
1,611 |
|
|
1,195 |
|
|
5,746 |
|
|
4,353 |
|
||||
Professional fees |
|
908 |
|
|
821 |
|
|
2,250 |
|
|
2,190 |
|
||||
Advertising and public relations |
|
635 |
|
|
622 |
|
|
2,111 |
|
|
1,992 |
|
||||
Communications |
|
203 |
|
|
201 |
|
|
835 |
|
|
739 |
|
||||
Writedown of building |
|
— |
|
|
— |
|
|
582 |
|
|
— |
|
||||
FHLB prepayment penalty |
|
— |
|
|
— |
|
|
925 |
|
|
— |
|
||||
Other |
|
1,332 |
|
|
1,252 |
|
|
5,538 |
|
|
4,465 |
|
||||
Total noninterest expense |
|
15,986 |
|
|
13,187 |
|
|
58,301 |
|
|
48,140 |
|
||||
Income before income taxes |
|
5,908 |
|
|
3,221 |
|
|
14,630 |
|
|
12,609 |
|
||||
Income taxes |
|
1,008 |
|
|
571 |
|
|
2,815 |
|
|
2,398 |
|
||||
Net income |
|
$ |
4,900 |
|
|
$ |
2,650 |
|
|
$ |
11,815 |
|
|
$ |
10,211 |
|
Earnings per common share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.52 |
|
|
$ |
0.29 |
|
|
$ |
1.24 |
|
|
$ |
1.12 |
|
Diluted |
|
0.52 |
|
|
0.29 |
|
|
1.24 |
|
|
1.12 |
|
||||
Dividends declared per share |
|
0.10 |
|
|
0.08 |
|
|
0.40 |
|
|
0.30 |
|
||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
9,498,783 |
|
|
9,494,859 |
|
|
9,498,783 |
|
|
9,129,705 |
|
||||
Diluted |
|
9,498,783 |
|
|
9,494,859 |
|
|
9,498,783 |
|
|
9,129,705 |
|
||||
Colony Bankcorp, Inc. |
||||||||||||||||||||
Quarterly Comparison |
||||||||||||||||||||
|
|
2020 |
|
2019 |
||||||||||||||||
(dollars in thousands) |
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
||||||||||
Assets |
|
$ |
1,763,974 |
|
|
$ |
1,759,446 |
|
|
$ |
1,777,568 |
|
|
$ |
1,510,048 |
|
|
$ |
1,515,313 |
|
Loans, net |
|
1,047,376 |
|
|
1,090,586 |
|
|
1,103,688 |
|
|
980,642 |
|
|
961,951 |
|
|||||
Deposits |
|
1,445,027 |
|
|
1,416,401 |
|
|
1,421,758 |
|
|
1,293,076 |
|
|
1,293,742 |
|
|||||
Total equity |
|
144,488 |
|
|
140,346 |
|
|
138,594 |
|
|
136,072 |
|
|
130,506 |
|
|||||
Net income |
|
4,900 |
|
|
3,099 |
|
|
2,214 |
|
|
1,603 |
|
|
2,757 |
|
|||||
Earnings per basic share |
|
$ |
0.52 |
|
|
$ |
0.33 |
|
|
$ |
0.23 |
|
|
$ |
0.17 |
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Key Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets |
|
1.08 |
% |
|
0.70 |
% |
|
0.52 |
% |
|
0.42 |
% |
|
|
0.73 |
% |
||||
Return on average total equity |
|
13.73 |
% |
|
8.80 |
% |
|
6.47 |
% |
|
4.79 |
% |
|
|
8.47 |
% |
||||
Total equity to total assets |
|
8.19 |
% |
|
7.98 |
% |
|
7.80 |
% |
|
9.01 |
% |
|
|
8.61 |
% |
||||
Tangible equity to tangible assets |
|
7.21 |
% |
|
7.00 |
% |
|
6.82 |
% |
|
7.83 |
% |
|
|
7.42 |
% |
||||
Net interest margin |
|
3.58 |
% |
|
3.34 |
% |
|
3.41 |
% |
|
3.63 |
% |
|
3.70 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Colony Bankcorp, Inc. |
||||||||||||||||||||
Quarterly Loan Comparison |
||||||||||||||||||||
|
|
2020 |
|
2019 |
||||||||||||||||
(dollars in thousands) |
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
||||||||||
Core |
|
$ |
872,495 |
|
|
$ |
868,833 |
|
|
$ |
840,652 |
|
|
$ |
848,088 |
|
|
$ |
826,309 |
|
PPP |
|
101,147 |
|
|
133,756 |
|
|
133,158 |
|
|
— |
|
|
— |
|
|||||
Purchased |
|
85,861 |
|
|
118,732 |
|
|
148,374 |
|
|
120,726 |
|
|
132,414 |
|
|||||
Total |
|
$ |
1,059,503 |
|
|
$ |
1,121,321 |
|
|
$ |
989,026 |
|
|
$ |
968,814 |
|
|
$ |
958,723 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210122005068/en/
FAQ
What was Colony Bankcorp's net income for Q4 2020?
How much did the total assets grow in 2020 for CBAN?
What is the quarterly dividend declared by Colony Bankcorp?
What increase in total loans was reported by Colony Bankcorp in 2020?
How did the COVID-19 pandemic affect Colony Bankcorp's financials?
