Colony Bankcorp Reports Second Quarter 2024 Results
Colony Bankcorp (Nasdaq: CBAN) reported improved financial results for Q2 2024. Net income increased to $5.5 million ($0.31 per diluted share), up from $5.3 million in Q1 2024 and Q2 2023. Operating net income rose to $6.0 million ($0.34 adjusted EPS). Total loans grew by 0.35% to $1.87 billion, while deposits decreased by $62.5 million to $2.46 billion. The company declared a quarterly cash dividend of $0.1125 per share.
Key highlights include solid credit quality, with decreases in classified and criticized loans, and low past due levels. The net interest margin slightly declined but remained resilient. The company's capital position remains strong, with ratios exceeding regulatory minimums for 'well-capitalized' status.
Colony Bankcorp (Nasdaq: CBAN) ha riportato risultati finanziari migliorati per il secondo trimestre del 2024. Il reddito netto è aumentato a 5,5 milioni di dollari (0,31 dollari per azione diluita), rispetto ai 5,3 milioni di dollari del primo trimestre del 2024 e del secondo trimestre del 2023. Il reddito operativo netto è salito a 6,0 milioni di dollari (0,34 dollari di utili per azione rettificati). I prestiti totali sono aumentati dello 0,35% a 1,87 miliardi di dollari, mentre i depositi sono diminuiti di 62,5 milioni di dollari a 2,46 miliardi di dollari. L'azienda ha dichiarato un dividendo in contante trimestrale di 0,1125 dollari per azione.
I principali punti salienti includono una solida qualità del credito, con diminuzioni nei prestiti classificati e criticati, e bassi livelli di scadenze. Il margine di interesse netto è leggermente diminuito ma è rimasto resiliente. La posizione patrimoniale dell'azienda rimane forte, con rapporti che superano i requisiti minimi normativi per lo stato di 'ben capitalizzato'.
Colony Bankcorp (Nasdaq: CBAN) reportó resultados financieros mejorados para el segundo trimestre de 2024. Los ingresos netos aumentaron a 5.5 millones de dólares (0.31 dólares por acción diluida), en comparación con 5.3 millones de dólares en el primer trimestre de 2024 y el segundo trimestre de 2023. Los ingresos operativos netos subieron a 6.0 millones de dólares (0.34 dólares de EPS ajustado). Los préstamos totales crecieron un 0.35% a 1.87 mil millones de dólares, mientras que los depósitos disminuyeron en 62.5 millones de dólares a 2.46 mil millones de dólares. La empresa declaró un dividendo en efectivo trimestral de 0.1125 dólares por acción.
Los aspectos más destacados incluyen una sólida calidad crediticia, con disminuciones en los préstamos clasificados y criticados, y bajos niveles de mora. El margen de interés neto disminuyó ligeramente pero se mantuvo resiliente. La posición de capital de la empresa sigue siendo fuerte, con ratios que superan los mínimos regulatorios para el estado de 'bien capitalizado'.
콜로니 뱅크코프(Nasdaq: CBAN)는 2024년 2분기 개선된 재무 결과를 보고했습니다. 순이익이 550만 달러로 증가했습니다 (희석주당 0.31달러), 2024년 1분기와 2023년 2분기의 530만 달러에서 증가했습니다. 운영 순이익은 600만 달러로 증가했습니다 (조정 EPS 0.34달러). 총 대출은 0.35% 증가하여 18억 7천만 달러에 이르렀고, 예금은 6250만 달러 감소하여 24억 6천만 달러에 도달했습니다. 회사는 주당 0.1125달러의 분기 현금 배당금을 발표했습니다.
주요 사항으로는 분류 및 비판 대출이 감소하고 연체 수준이 낮아지는 등 견고한 신용 품질이 포함됩니다. 순이자 마진은 약간 감소했지만 여전히 회복력이 있었습니다. 회사의 자본 상황은 여전히 강력하며, '자본이 충분한' 상태의 규제 최소 이상을 초과하고 있습니다.
Colony Bankcorp (Nasdaq: CBAN) a annoncé des résultats financiers améliorés pour le deuxième trimestre de 2024. Le bénéfice net a augmenté à 5,5 millions de dollars (0,31 dollar par action diluée), contre 5,3 millions de dollars au premier trimestre de 2024 et au deuxième trimestre de 2023. Le bénéfice net d'exploitation a augmenté à 6,0 millions de dollars (0,34 dollar de BPA ajusté). Le montant total des prêts a augmenté de 0,35 % pour atteindre 1,87 milliard de dollars, tandis que les dépôts ont diminué de 62,5 millions de dollars pour s'établir à 2,46 milliards de dollars. L'entreprise a déclaré un dividende en espèces trimestriel de 0,1125 dollar par action.
Les points clés incluent une qualité de crédit solide, avec des diminutions des prêts classés et critiqués et des niveaux de retard faibles. La marge d'intérêt nette a légèrement diminué mais reste résiliente. La position financière de l'entreprise demeure solide, avec des ratios dépassant les minimums réglementaires pour le statut de 'bien capitalisé'.
Colony Bankcorp (Nasdaq: CBAN) berichtete über verbesserte Finanzergebnisse für das 2. Quartal 2024. Der Nettogewinn stieg auf 5,5 Millionen Dollar (0,31 Dollar pro verwässerter Aktie), gegenüber 5,3 Millionen Dollar im 1. Quartal 2024 und im 2. Quartal 2023. Der operative Nettogewinn erhöhte sich auf 6,0 Millionen Dollar (0,34 Dollar bereinigter EPS). Die Gesamtdarlehen stiegen um 0,35 % auf 1,87 Milliarden Dollar, während die Einlagen um 62,5 Millionen Dollar auf 2,46 Milliarden Dollar zurückgingen. Das Unternehmen erklärte eine vierteljährliche Bardividende von 0,1125 Dollar pro Aktie.
Einige Schlüsselpunkte sind die solide Kreditqualität mit Rückgängen bei klassifizierten und kritisierten Krediten sowie niedrigen fälligen Beträgen. Die Nettogewinnspanne ist leicht gesunken, bleibt aber robust. Die Kapitalposition des Unternehmens bleibt stark, mit Quoten, die die regulatorischen Mindestanforderungen für den Status 'gut kapitalisiert' übersteigen.
- Net income increased to $5.5 million, up from $5.3 million in previous quarter and year-ago period
- Operating net income rose to $6.0 million, with adjusted EPS of $0.34
- Total loans grew by 0.35% to $1.87 billion
- Credit quality improved with decreases in classified and criticized loans
- Capital ratios exceed regulatory minimums for 'well-capitalized' status
- Total deposits decreased by $62.5 million to $2.46 billion
- Net interest margin slightly declined compared to previous year
- Net loans charged-off were $667,000, or 0.14% of average loans for Q2 2024
Insights
Colony Bankcorp's Q2 2024 results show modest improvements in key financial metrics. Net income increased to
The bank's loan portfolio grew by
The provision for credit losses decreased to
The net interest margin contracted slightly to
Overall, Colony Bankcorp demonstrates resilience in a challenging banking environment, with modest growth and improved credit quality. The continuation of its quarterly dividend at
Colony Bankcorp's Q2 results reflect broader trends in the regional banking sector. The modest increase in net income and loan growth, coupled with deposit outflows, aligns with industry patterns as banks navigate the high-interest rate environment.
The
The bank's focus on efficiency is evident in the reduction of noninterest expenses, which decreased from
The slight contraction in net interest margin to
Investors should note the bank's strong capital position, with all regulatory ratios exceeding 'well-capitalized' thresholds. The ongoing share repurchase program, with 20,000 shares bought back at an average price of
Declares Quarterly Cash Dividend of
Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”) today reported financial results for the second quarter of 2024. Financial highlights are shown below.
Financial Highlights:
-
Net income increased to
$5.5 million $0.31 $5.3 million $0.30 $5.3 million $0.30 -
Operating net income increased to
$6.0 million $0.34 $5.8 million $0.33 $5.7 million $0.33 -
Provision for credit losses of
$650,000 $1.0 million $200,000 -
Total loans were
$1.87 billion $6.6 million 0.35% , from the prior quarter. -
Total deposits were
$2.46 billion $2.52 billion $62.5 million -
Mortgage production was
$65.1 million $45.2 million $50.1 million $36.6 million -
Small Business Specialty Lending (“SBSL”) closed
$25.8 million $27.0 million $35.6 million $24.0 million
The Company also announced that on July 24, 2024, the Board of Directors declared a quarterly cash dividend of
“We are excited to announce our improved operating results in the second quarter as we continue to see the impacts of our team’s progress toward our strategic goals. Our ongoing efforts of improving noninterest income by diversifying revenue streams through our complementary lines of business, creating efficiency alongside expense discipline, and enhancing the banking experience to better serve our customers have allowed us to continue down the path of strengthening our financial performance,” said Heath Fountain, Chief Executive Officer.
“Our credit quality remains solid, with both classified and criticized loans decreasing from the prior quarter and total nonperforming loans declining from the end of last year. Furthermore, our past dues at the end of the quarter were at remarkably low levels which we believe demonstrates the strength of our borrowers and quality of our credit underwriting.”
“Historically, we’ve seen some seasonality in deposits during the second quarter as our customers manage their cash flow needs and we saw some of that seasonality this quarter. However, we remain confident in the underlying strength of our deposit base and anticipate a return to growth in the coming quarters. While we did experience a decline in our net interest margin, the decrease was less pronounced than expected. The resilience in our margin performance highlights the effectiveness of our strategic initiatives aimed at optimizing our balance sheet and managing interest rate risks.”
"We are proud of what we have achieved this quarter and look forward to ongoing improvement as we strive for even greater success."
Balance Sheet
-
Total assets were
$3.01 billion $7.6 million -
Total loans, including loans held for sale, were at
$1.91 billion $15.6 million -
Total deposits were
$2.46 billion $2.52 billion $62.5 million $20.7 million $15.2 million $29.2 million -
Total borrowings at June 30, 2024 totaled
$268.0 million $50.0 million 22.9% , compared to March 31, 2024, related to increases in Federal Home Loan Bank advances.
Capital
- Colony continues to maintain a strong capital position, with ratios that exceed regulatory minimums required to be considered as “well-capitalized.”
-
Under the Company’s approved stock repurchase program, a total of 20,000 shares were repurchased during the quarter at an average price of
$11.90 $237,909 thousand -
Preliminary tier one leverage ratio, tier one capital ratio, total risk-based capital ratio and common equity tier one capital ratio were
9.44% ,13.39% ,16.17% , and12.25% , respectively, at June 30, 2024.
Second Quarter and June 30, 2024 Year to Date Results of Operations
-
Net interest income, on a tax-equivalent basis, totaled
$18.6 million $19.3 million $37.4 million $40.1 million $2.6 million $33.5 million $3.3 million $14.9 million $7.6 million $67.0 million $10.2 million $29.6 million -
Net interest margin for the second quarter of 2024 was
2.68% compared to2.77% for the second quarter of 2023. Net interest margin was2.69% for the six months ended June 30, 2024 compared to2.92% for the six months ended June 30, 2023. The decrease for both periods is the result of rate increases in interest bearing liabilities outpacing the rate increases in interest earning assets. -
Noninterest income totaled
$9.5 million $545,000 6.09% , compared to the same period in 2023. Noninterest income totaled$19.0 million $2.4 million 14.28% , compared to the same period in 2023. These increases were primarily related to increases in service charges on deposit accounts, gains on sales of SBA loans and income on wealth advisory services which is included in other noninterest income which were partially offset by decreases in mortgage fee income, interchange fee income and losses on the sales of investment securities. -
Noninterest expense totaled
$20.3 million $21.4 million $40.7 million $42.6 million
Asset Quality
-
Nonperforming assets totaled
$7.3 million $7.0 million $312,000 -
Other real estate owned and repossessed assets totaled
$595,000 $562,000 -
Net loans charged-off were
$667,000 0.14% of average loans for the second quarter of 2024, compared to$664,000 0.14% for the first quarter of 2024. -
The credit loss reserve was
$18.8 million 1.01% of total loans, at June 30, 2024, compared to$18.7 million 1.00% of total loans at March 31, 2024.
Earnings call information
The Company will host an earnings conference call at 9:00 a.m. ET on Thursday, July 25, 2024, to discuss the recent results and answer appropriate questions. The conference call can be accessed by dialing 800-267-6316 and using the Conference ID: COLONY2Q. A replay of the call will be available until Thursday, August 1, 2024. To listen to the replay, dial 800-938-2796.
About Colony Bankcorp
Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in
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; and (v) statements of assumptions underlying such statements. Words such as “may”, “will”, “anticipate”, “assume”, “should”, “support”, “indicate”, “would”, “believe”, “contemplate”, “expect”, “estimate”, “continue”, “further”, “plan”, “point to”, “project”, “could”, “intend”, “target” 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 current and economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates (including the impact of prolonged elevated interest rates on our financial projections and models) and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; the risk of potential reductions in benchmark interest rates and the resulting impacts on net interest income; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; risks arising from media coverage of the banking industry; risks arising from perceived instability in the banking sector; the risks of changes in interest rates and their effects on the level, cost, and composition of, and competition for, deposits, loan demand and timing of payments, the values of loan collateral, securities, and interest sensitive assets and liabilities; the ability to attract new or retain existing deposits, to retain or grow loans or additional interest and fee income, or to control noninterest expense; the effect of pricing pressures on the Company’s net interest margin; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values; the Company’s ability to implement its various strategic and growth initiatives; increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; changes in the prices, values and sales volumes of residential and commercial real estate; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; legislation or regulatory changes which adversely affect the ability of the consolidated Company to conduct business combinations or new operations; 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; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in the stock market prices on our investment securities; the effects of war or other conflicts including the impacts related to or resulting from Russia’s military action in
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, 2023, 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 noninterest income, operating noninterest expense, operating net income, adjusted earnings per diluted share, operating return on average assets, operating return on average equity, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio, operating net noninterest expense to average assets and pre-provision net revenue are not measures recognized under
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 noninterest income, operating noninterest expense, operating net income, adjusted earnings per diluted share, operating return on average assets, operating return on average equity, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio, operating net noninterest expense to average assets and pre-provision net revenue and the reconciliation of these measures to noninterest income, noninterest expense, net income, diluted earnings per share, return on average assets, return on average equity, book value per common share, total equity to total assets, efficiency ratio, net noninterest expense to average assets and net interest income before provision for credit losses are set forth in the table below.
Colony Bankcorp, Inc. |
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Reconciliation of Non-GAAP Measures |
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2024 |
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2023 |
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(dollars in thousands, except per share data) |
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Second Quarter |
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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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Operating noninterest income reconciliation |
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Noninterest income (GAAP) |
|
$ |
9,497 |
|
|
$ |
9,487 |
|
|
$ |
9,305 |
|
|
$ |
9,718 |
|
|
$ |
8,952 |
|
Gain on sale of bank premises |
|
|
— |
|
|
|
— |
|
|
|
(236 |
) |
|
|
— |
|
|
|
(125 |
) |
Writedown of bank premises |
|
|
197 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss on sales of securities |
|
|
425 |
|
|
|
555 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating noninterest income |
|
$ |
10,119 |
|
|
$ |
10,042 |
|
|
$ |
9,069 |
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|
$ |
9,718 |
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$ |
8,827 |
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Operating noninterest expense reconciliation |
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Noninterest expense (GAAP) |
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$ |
20,330 |
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|
$ |
20,397 |
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$ |
19,587 |
|
|
$ |
20,881 |
|
|
$ |
21,432 |
|
Severance costs |
|
|
— |
|
|
|
(23 |
) |
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— |
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|
|
(220 |
) |
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|
(635 |
) |
Operating noninterest expense |
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$ |
20,330 |
|
|
$ |
20,374 |
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$ |
19,587 |
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$ |
20,661 |
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$ |
20,797 |
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Operating net income reconciliation |
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Net income (GAAP) |
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$ |
5,474 |
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|
$ |
5,333 |
|
|
$ |
5,598 |
|
|
$ |
5,804 |
|
|
$ |
5,302 |
|
Severance costs |
|
|
— |
|
|
|
23 |
|
|
|
— |
|
|
|
220 |
|
|
|
635 |
|
Gain on sale of bank premises |
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|
— |
|
|
|
— |
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|
|
(236 |
) |
|
|
— |
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(125 |
) |
Writedown of bank premises |
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|
197 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
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Loss on sales of securities |
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|
425 |
|
|
|
555 |
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|
|
— |
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— |
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— |
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Income tax benefit |
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(129 |
) |
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|
(121 |
) |
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52 |
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(48 |
) |
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(93 |
) |
Operating net income |
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$ |
5,967 |
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$ |
5,790 |
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$ |
5,414 |
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$ |
5,976 |
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$ |
5,719 |
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Weighted average diluted shares |
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17,551,007 |
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17,560,210 |
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17,567,839 |
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17,569,493 |
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17,580,557 |
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Adjusted earnings per diluted share |
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$ |
0.34 |
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$ |
0.33 |
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$ |
0.31 |
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$ |
0.34 |
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$ |
0.33 |
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Operating return on average assets reconciliation |
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Return on average assets (GAAP) |
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0.73 |
% |
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|
0.71 |
% |
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|
0.73 |
% |
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|
0.75 |
% |
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|
0.70 |
% |
Severance costs |
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|
— |
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— |
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— |
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|
|
0.03 |
|
|
|
0.08 |
|
Gain on sale of bank premises |
|
|
— |
|
|
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
|
|
(0.02 |
) |
Writedown of bank premises |
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|
0.03 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
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Loss on sales of securities |
|
|
0.06 |
|
|
|
0.07 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
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Tax effect of adjustment items |
|
|
(0.02 |
) |
|
|
(0.02 |
) |
|
|
0.01 |
|
|
|
(0.01 |
) |
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|
(0.01 |
) |
Operating return on average assets |
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|
0.80 |
% |
|
|
0.76 |
% |
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|
0.71 |
% |
|
|
0.77 |
% |
|
|
0.75 |
% |
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Operating return on average equity reconciliation |
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Return on average equity (GAAP) |
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8.46 |
% |
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|
8.38 |
% |
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|
9.20 |
% |
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|
9.61 |
% |
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|
8.88 |
% |
Severance costs |
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— |
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|
0.04 |
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— |
|
|
|
0.36 |
|
|
|
1.06 |
|
Gain on sale of bank premises |
|
|
— |
|
|
|
— |
|
|
|
(0.39 |
) |
|
|
— |
|
|
|
(0.21 |
) |
Writedown of bank premises |
|
|
0.30 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss on sales of securities |
|
|
0.66 |
|
|
|
0.87 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Tax effect of adjustment items |
|
|
(0.20 |
) |
|
|
(0.19 |
) |
|
|
0.09 |
|
|
|
(0.08 |
) |
|
|
(0.16 |
) |
Operating return on average equity |
|
|
9.22 |
% |
|
|
9.10 |
% |
|
|
8.90 |
% |
|
|
9.89 |
% |
|
|
9.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible book value per common share reconciliation |
|
|
|
|
|
|
|
|
||||||||||||
Book value per common share (GAAP) |
|
$ |
15.09 |
|
|
$ |
14.80 |
|
|
$ |
14.51 |
|
|
$ |
13.59 |
|
|
$ |
13.65 |
|
Effect of goodwill and other intangibles |
|
|
(2.99 |
) |
|
|
(3.01 |
) |
|
|
(3.02 |
) |
|
|
(3.04 |
) |
|
|
(3.07 |
) |
Tangible book value per common share |
|
$ |
12.10 |
|
|
$ |
11.79 |
|
|
$ |
11.49 |
|
|
$ |
10.55 |
|
|
$ |
10.58 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible equity to tangible assets reconciliation |
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity to assets (GAAP) |
|
|
8.80 |
% |
|
|
8.62 |
% |
|
|
8.35 |
% |
|
|
7.72 |
% |
|
|
7.72 |
% |
Effect of goodwill and other intangibles |
|
|
(1.62 |
) |
|
|
(1.63 |
) |
|
|
(1.62 |
) |
|
|
(1.63 |
) |
|
|
(1.63 |
) |
Tangible equity to tangible assets |
|
|
7.18 |
% |
|
|
6.99 |
% |
|
|
6.73 |
% |
|
|
6.09 |
% |
|
|
6.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating efficiency ratio calculation |
|
|
|
|
|
|
|
|
|
|
||||||||||
Efficiency ratio (GAAP) |
|
|
72.85 |
% |
|
|
72.48 |
% |
|
|
69.51 |
% |
|
|
71.17 |
% |
|
|
76.18 |
% |
Severance costs |
|
|
— |
|
|
|
(0.08 |
) |
|
|
— |
|
|
|
(0.75 |
) |
|
|
(2.26 |
) |
Gain on sale of bank premises |
|
|
— |
|
|
|
— |
|
|
|
0.84 |
|
|
|
— |
|
|
|
0.44 |
|
Writedown of bank premises |
|
|
(0.71 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss on sales of securities |
|
|
(1.52 |
) |
|
|
(1.97 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating efficiency ratio |
|
|
70.62 |
% |
|
|
70.43 |
% |
|
|
70.35 |
% |
|
|
70.42 |
% |
|
|
74.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating net noninterest expense(1) to average assets calculation |
|
|
|
|
|
|
|
|
||||||||||||
Net noninterest expense to average assets |
|
|
1.45 |
% |
|
|
1.45 |
% |
|
|
1.35 |
% |
|
|
1.45 |
% |
|
|
1.65 |
% |
Severance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.03 |
) |
|
|
(0.09 |
) |
Acquisition-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gain on sale of bank premises |
|
|
— |
|
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
|
|
0.02 |
|
Writedown of bank premises |
|
|
(0.03 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss on sales of securities |
|
|
(0.06 |
) |
|
|
(0.07 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating net noninterest expense to average assets |
|
|
1.36 |
% |
|
|
1.38 |
% |
|
|
1.38 |
% |
|
|
1.42 |
% |
|
|
1.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-provision net revenue |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income before provision for credit losses |
|
$ |
18,409 |
|
|
$ |
18,654 |
|
|
$ |
18,874 |
|
|
$ |
19,621 |
|
|
$ |
19,181 |
|
Noninterest income |
|
|
9,497 |
|
|
|
9,487 |
|
|
|
9,305 |
|
|
|
9,718 |
|
|
|
8,952 |
|
Total income |
|
|
27,906 |
|
|
|
28,141 |
|
|
|
28,179 |
|
|
|
29,339 |
|
|
|
28,133 |
|
Noninterest expense |
|
|
20,330 |
|
|
|
20,397 |
|
|
|
19,587 |
|
|
|
20,881 |
|
|
|
21,432 |
|
Pre-provision net revenue |
|
$ |
7,576 |
|
|
$ |
7,744 |
|
|
$ |
8,592 |
|
|
$ |
8,458 |
|
|
$ |
6,701 |
|
(1) Net noninterest expense is defined as noninterest expense less noninterest income. |
||||||||||||||||||||
Colony Bankcorp, Inc. |
||||||||||||||||||||
Selected Financial Information |
||||||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||||
(dollars in thousands, except per share data) |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
||||||||||
EARNINGS SUMMARY |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
$ |
18,409 |
|
|
$ |
18,654 |
|
|
$ |
18,874 |
|
|
$ |
19,621 |
|
|
$ |
19,181 |
|
Provision for credit losses |
|
|
650 |
|
|
|
1,000 |
|
|
|
1,500 |
|
|
|
1,000 |
|
|
|
200 |
|
Noninterest income |
|
|
9,497 |
|
|
|
9,487 |
|
|
|
9,305 |
|
|
|
9,718 |
|
|
|
8,952 |
|
Noninterest expense |
|
|
20,330 |
|
|
|
20,397 |
|
|
|
19,587 |
|
|
|
20,881 |
|
|
|
21,432 |
|
Income taxes |
|
|
1,452 |
|
|
|
1,411 |
|
|
|
1,494 |
|
|
|
1,654 |
|
|
|
1,199 |
|
Net income |
|
$ |
5,474 |
|
|
$ |
5,333 |
|
|
$ |
5,598 |
|
|
$ |
5,804 |
|
|
$ |
5,302 |
|
PERFORMANCE MEASURES |
|
|
|
|
|
|
|
|
|
|
||||||||||
Per common share: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares outstanding |
|
|
17,538,611 |
|
|
|
17,558,611 |
|
|
|
17,564,182 |
|
|
|
17,567,983 |
|
|
|
17,541,661 |
|
Weighted average basic shares |
|
|
17,551,007 |
|
|
|
17,560,210 |
|
|
|
17,567,839 |
|
|
|
17,569,493 |
|
|
|
17,580,557 |
|
Weighted average diluted shares |
|
|
17,551,007 |
|
|
|
17,560,210 |
|
|
|
17,567,839 |
|
|
|
17,569,493 |
|
|
|
17,580,557 |
|
Earnings per basic share |
|
$ |
0.31 |
|
|
$ |
0.30 |
|
|
$ |
0.32 |
|
|
$ |
0.33 |
|
|
$ |
0.30 |
|
Earnings per diluted share |
|
|
0.31 |
|
|
|
0.30 |
|
|
|
0.32 |
|
|
|
0.33 |
|
|
|
0.30 |
|
Adjusted earnings per diluted share(b) |
|
|
0.34 |
|
|
|
0.33 |
|
|
|
0.31 |
|
|
|
0.34 |
|
|
|
0.33 |
|
Cash dividends declared per share |
|
|
0.1125 |
|
|
|
0.1125 |
|
|
|
0.1100 |
|
|
|
0.1100 |
|
|
|
0.1100 |
|
Common book value per share |
|
|
15.09 |
|
|
|
14.80 |
|
|
|
14.51 |
|
|
|
13.59 |
|
|
|
13.65 |
|
Tangible book value per common share(b) |
|
|
12.10 |
|
|
|
11.79 |
|
|
|
11.49 |
|
|
|
10.55 |
|
|
|
10.58 |
|
Pre-provision net revenue(b) |
|
$ |
7,576 |
|
|
$ |
7,744 |
|
|
$ |
8,592 |
|
|
$ |
8,458 |
|
|
$ |
6,701 |
|
Performance ratios: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin (a) |
|
|
2.68 |
% |
|
|
2.69 |
% |
|
|
2.70 |
% |
|
|
2.78 |
% |
|
|
2.77 |
% |
Return on average assets |
|
|
0.73 |
|
|
|
0.71 |
|
|
|
0.73 |
|
|
|
0.75 |
|
|
|
0.70 |
|
Operating return on average assets (b) |
|
|
0.80 |
|
|
|
0.76 |
|
|
|
0.71 |
|
|
|
0.77 |
|
|
|
0.75 |
|
Return on average total equity |
|
|
8.46 |
|
|
|
8.38 |
|
|
|
9.20 |
|
|
|
9.61 |
|
|
|
8.88 |
|
Operating return on average total equity (b) |
|
|
9.22 |
|
|
|
9.10 |
|
|
|
8.90 |
|
|
|
9.89 |
|
|
|
9.57 |
|
Efficiency ratio |
|
|
72.85 |
|
|
|
72.48 |
|
|
|
69.51 |
|
|
|
71.17 |
|
|
|
76.18 |
|
Operating efficiency ratio (b) |
|
|
70.62 |
|
|
|
70.43 |
|
|
|
70.35 |
|
|
|
70.42 |
|
|
|
74.36 |
|
Net noninterest expense to average assets |
|
|
1.45 |
|
|
|
1.45 |
|
|
|
1.35 |
|
|
|
1.45 |
|
|
|
1.65 |
|
Operating net noninterest expense to average assets(b) |
|
|
1.36 |
|
|
|
1.38 |
|
|
|
1.38 |
|
|
|
1.42 |
|
|
|
1.58 |
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming portfolio loans |
|
$ |
3,653 |
|
|
$ |
3,674 |
|
|
$ |
7,804 |
|
|
$ |
5,625 |
|
|
$ |
6,716 |
|
Nonperforming government guaranteed loans |
|
|
3,016 |
|
|
|
2,757 |
|
|
|
2,035 |
|
|
|
3,641 |
|
|
|
4,369 |
|
Loans 90 days past due and still accruing |
|
|
41 |
|
|
|
— |
|
|
|
370 |
|
|
|
9 |
|
|
|
— |
|
Total nonperforming loans (NPLs) |
|
|
6,710 |
|
|
|
6,431 |
|
|
|
10,209 |
|
|
|
9,275 |
|
|
|
11,085 |
|
Other real estate owned |
|
|
582 |
|
|
|
562 |
|
|
|
448 |
|
|
|
812 |
|
|
|
792 |
|
Repossessed assets |
|
|
13 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonperforming assets (NPAs) |
|
|
7,305 |
|
|
|
6,993 |
|
|
|
10,657 |
|
|
|
10,087 |
|
|
|
11,877 |
|
Classified loans |
|
|
22,355 |
|
|
|
25,965 |
|
|
|
23,754 |
|
|
|
20,704 |
|
|
|
19,267 |
|
Criticized loans |
|
|
44,850 |
|
|
|
55,065 |
|
|
|
56,879 |
|
|
|
50,741 |
|
|
|
48,074 |
|
Net loan charge-offs (recoveries) |
|
|
667 |
|
|
|
664 |
|
|
|
692 |
|
|
|
698 |
|
|
|
(37 |
) |
Allowance for credit losses to total loans |
|
|
1.01 |
% |
|
|
1.00 |
% |
|
|
0.98 |
% |
|
|
0.93 |
% |
|
|
0.93 |
% |
Allowance for credit losses to total NPLs |
|
|
280.27 |
|
|
|
290.11 |
|
|
|
179.95 |
|
|
|
187.26 |
|
|
|
153.96 |
|
Allowance for credit losses to total NPAs |
|
|
257.44 |
|
|
|
266.80 |
|
|
|
172.38 |
|
|
|
172.18 |
|
|
|
143.69 |
|
Net charge-offs (recoveries) to average loans, net |
|
|
0.14 |
|
|
|
0.14 |
|
|
|
0.15 |
|
|
|
0.15 |
|
|
|
(0.01 |
) |
NPLs to total loans |
|
|
0.36 |
|
|
|
0.35 |
|
|
|
0.54 |
|
|
|
0.50 |
|
|
|
0.60 |
|
NPAs to total assets |
|
|
0.24 |
|
|
|
0.23 |
|
|
|
0.35 |
|
|
|
0.33 |
|
|
|
0.38 |
|
NPAs to total loans and foreclosed assets |
|
|
0.39 |
|
|
|
0.38 |
|
|
|
0.57 |
|
|
|
0.54 |
|
|
|
0.65 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets |
|
$ |
3,010,486 |
|
|
$ |
3,036,093 |
|
|
$ |
3,027,812 |
|
|
$ |
3,058,485 |
|
|
$ |
3,030,044 |
|
Loans, net |
|
|
1,850,451 |
|
|
|
1,853,077 |
|
|
|
1,860,652 |
|
|
|
1,854,367 |
|
|
|
1,814,172 |
|
Loans, held for sale |
|
|
33,024 |
|
|
|
24,612 |
|
|
|
21,251 |
|
|
|
29,444 |
|
|
|
21,237 |
|
Deposits |
|
|
2,492,479 |
|
|
|
2,543,259 |
|
|
|
2,538,500 |
|
|
|
2,565,026 |
|
|
|
2,524,949 |
|
Total stockholders’ equity |
|
|
260,162 |
|
|
|
255,927 |
|
|
|
241,392 |
|
|
|
239,571 |
|
|
|
239,579 |
|
(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 |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended June 30, |
||||||||||||||||
|
2024 |
|
2023 |
||||||||||||||
(dollars in thousands) |
Average Balances |
|
Income/ Expense |
|
Yields/ Rates |
|
Average Balances |
|
Income/ Expense |
|
Yields/ Rates |
||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans, net of unearned income 1 |
$ |
1,902,202 |
|
$ |
27,661 |
|
5.85 |
% |
|
$ |
1,835,409 |
|
$ |
24,113 |
|
5.27 |
% |
Investment securities, taxable |
|
722,535 |
|
|
4,616 |
|
2.57 |
% |
|
|
777,133 |
|
|
5,498 |
|
2.84 |
% |
Investment securities, tax-exempt 2 |
|
100,143 |
|
|
547 |
|
2.20 |
% |
|
|
113,931 |
|
|
592 |
|
2.08 |
% |
Deposits in banks and short term investments |
|
62,614 |
|
|
684 |
|
4.39 |
% |
|
|
73,988 |
|
|
708 |
|
3.84 |
% |
Total interest-earning assets |
|
2,787,494 |
|
|
33,508 |
|
4.83 |
% |
|
|
2,800,461 |
|
|
30,911 |
|
4.43 |
% |
Noninterest-earning assets |
|
222,992 |
|
|
|
|
|
|
229,583 |
|
|
|
|
||||
Total assets |
$ |
3,010,486 |
|
|
|
|
|
$ |
3,030,044 |
|
|
|
|
||||
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing demand and savings |
$ |
1,451,300 |
|
$ |
6,784 |
|
1.88 |
% |
|
$ |
1,372,569 |
|
$ |
3,422 |
|
1.00 |
% |
Other time |
|
577,173 |
|
|
5,322 |
|
3.71 |
% |
|
|
651,426 |
|
|
5,134 |
|
3.16 |
% |
Total interest-bearing deposits |
|
2,028,473 |
|
|
12,106 |
|
2.40 |
% |
|
|
2,023,995 |
|
|
8,556 |
|
1.70 |
% |
Federal funds purchased |
|
— |
|
|
— |
|
5.94 |
% |
|
|
3,402 |
|
|
47 |
|
5.49 |
% |
Federal Home Loan Bank advances |
|
178,516 |
|
|
1,821 |
|
4.10 |
% |
|
|
178,132 |
|
|
1,947 |
|
4.38 |
% |
Other borrowings |
|
63,638 |
|
|
1,000 |
|
6.32 |
% |
|
|
68,385 |
|
|
1,033 |
|
6.06 |
% |
Total other interest-bearing liabilities |
|
242,154 |
|
|
2,821 |
|
4.69 |
% |
|
|
249,919 |
|
|
3,027 |
|
4.86 |
% |
Total interest-bearing liabilities |
|
2,270,627 |
|
|
14,927 |
|
2.64 |
% |
|
|
2,273,914 |
|
|
11,583 |
|
2.04 |
% |
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Demand deposits |
|
464,007 |
|
|
|
|
|
$ |
500,954 |
|
|
|
|
||||
Other liabilities |
|
15,690 |
|
|
|
|
|
|
15,597 |
|
|
|
|
||||
Stockholders' equity |
|
260,162 |
|
|
|
|
|
|
239,579 |
|
|
|
|
||||
Total noninterest-bearing liabilities and stockholders' equity |
|
739,859 |
|
|
|
|
|
|
756,130 |
|
|
|
|
||||
Total liabilities and stockholders' equity |
$ |
3,010,486 |
|
|
|
|
|
$ |
3,030,044 |
|
|
|
|
||||
Interest rate spread |
|
|
|
|
2.19 |
% |
|
|
|
|
|
2.39 |
% |
||||
Net interest income |
|
|
$ |
18,581 |
|
|
|
|
|
$ |
19,328 |
|
|
||||
Net interest margin |
|
|
|
|
2.68 |
% |
|
|
|
|
|
2.77 |
% |
||||
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. |
|||||||||||||||||
Average Balance Sheet and Net Interest Analysis |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Six Months Ended June 30, |
||||||||||||||||
|
2024 |
|
2023 |
||||||||||||||
(dollars in thousands) |
Average Balances |
|
Income/ Expense |
|
Yields/ Rates |
|
Average Balances |
|
Income/ Expense |
|
Yields/ Rates |
||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans, net of unearned income 3 |
$ |
1,899,108 |
|
$ |
54,804 |
|
5.80 |
% |
|
$ |
1,807,784 |
|
$ |
46,313 |
|
5.17 |
% |
Investment securities, taxable |
|
729,896 |
|
|
9,658 |
|
2.66 |
% |
|
|
781,989 |
|
|
10,872 |
|
2.80 |
% |
Investment securities, tax-exempt 4 |
|
103,481 |
|
|
1,152 |
|
2.24 |
% |
|
|
114,137 |
|
|
1,187 |
|
2.10 |
% |
Deposits in banks and short term investments |
|
67,023 |
|
|
1,376 |
|
4.13 |
% |
|
|
62,507 |
|
|
1,066 |
|
3.44 |
% |
Total interest-earning assets |
|
2,799,508 |
|
|
66,990 |
|
4.81 |
% |
|
|
2,766,417 |
|
|
59,438 |
|
4.33 |
% |
Noninterest-earning assets |
|
223,781 |
|
|
|
|
|
|
223,818 |
|
|
|
|
||||
Total assets |
$ |
3,023,289 |
|
|
|
|
|
$ |
2,990,235 |
|
|
|
|
||||
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing demand and savings |
$ |
1,451,395 |
|
$ |
13,193 |
|
1.83 |
% |
|
$ |
1,391,099 |
|
$ |
5,746 |
|
0.83 |
% |
Other time |
|
594,707 |
|
|
11,005 |
|
3.72 |
% |
|
|
579,818 |
|
|
7,809 |
|
2.72 |
% |
Total interest-bearing deposits |
|
2,046,102 |
|
|
24,198 |
|
2.38 |
% |
|
|
1,970,917 |
|
|
13,555 |
|
1.39 |
% |
Federal funds purchased |
|
6 |
|
|
— |
|
5.95 |
% |
|
|
5,197 |
|
|
135 |
|
5.24 |
% |
Federal Home Loan Bank advances |
|
167,747 |
|
|
3,392 |
|
4.07 |
% |
|
|
163,867 |
|
|
3,572 |
|
4.40 |
% |
Other borrowings |
|
63,362 |
|
|
1,993 |
|
6.33 |
% |
|
|
72,213 |
|
|
2,123 |
|
5.93 |
% |
Total other interest-bearing liabilities |
|
231,115 |
|
|
5,385 |
|
4.69 |
% |
|
|
241,277 |
|
|
5,830 |
|
4.87 |
% |
Total interest-bearing liabilities |
|
2,277,217 |
|
|
29,583 |
|
2.61 |
% |
|
|
2,212,194 |
|
|
19,385 |
|
1.77 |
% |
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Demand deposits |
|
471,768 |
|
|
|
|
|
$ |
528,432 |
|
|
|
|
||||
Other liabilities |
|
16,259 |
|
|
|
|
|
|
12,731 |
|
|
|
|
||||
Stockholders' equity |
|
258,045 |
|
|
|
|
|
|
236,878 |
|
|
|
|
||||
Total noninterest-bearing liabilities and stockholders' equity |
|
746,072 |
|
|
|
|
|
|
778,041 |
|
|
|
|
||||
Total liabilities and stockholders' equity |
$ |
3,023,289 |
|
|
|
|
|
$ |
2,990,235 |
|
|
|
|
||||
Interest rate spread |
|
|
|
|
2.20 |
% |
|
|
|
|
|
2.56 |
% |
||||
Net interest income |
|
|
$ |
37,407 |
|
|
|
|
|
$ |
40,053 |
|
|
||||
Net interest margin |
|
|
|
|
2.69 |
% |
|
|
|
|
|
2.92 |
% |
||||
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 |
|
|
|||||||||||||||
|
|
2024 |
|
2023 |
|||||||||||||
(dollars in thousands) |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|||||||
Banking Division |
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income |
|
$ |
17,217 |
|
$ |
17,552 |
|
|
$ |
17,986 |
|
$ |
18,778 |
|
|
$ |
18,562 |
Provision for credit losses |
|
|
96 |
|
|
455 |
|
|
|
979 |
|
|
286 |
|
|
|
60 |
Noninterest income |
|
|
5,086 |
|
|
5,680 |
|
|
|
5,992 |
|
|
6,233 |
|
|
|
5,433 |
Noninterest expenses |
|
|
17,135 |
|
|
17,129 |
|
|
|
16,619 |
|
|
16,653 |
|
|
|
17,650 |
Income taxes |
|
|
1,060 |
|
|
1,166 |
|
|
|
1,365 |
|
|
1,777 |
|
|
|
1,157 |
Segment income |
|
$ |
4,012 |
|
$ |
4,482 |
|
|
$ |
5,015 |
|
$ |
6,295 |
|
|
$ |
5,128 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total segment assets |
|
$ |
2,889,013 |
|
$ |
2,910,102 |
|
|
$ |
2,956,121 |
|
$ |
2,999,071 |
|
|
$ |
3,013,689 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Full time employees |
|
|
385 |
|
|
377 |
|
|
|
378 |
|
|
382 |
|
|
|
383 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Mortgage Banking Division |
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income |
|
$ |
50 |
|
$ |
40 |
|
|
$ |
23 |
|
$ |
52 |
|
|
$ |
31 |
Provision for credit losses |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
Noninterest income |
|
|
1,456 |
|
|
1,165 |
|
|
|
1,206 |
|
|
1,725 |
|
|
|
2,015 |
Noninterest expenses |
|
|
1,326 |
|
|
1,218 |
|
|
|
1,203 |
|
|
2,040 |
|
|
|
1,971 |
Income taxes |
|
|
42 |
|
|
1 |
|
|
|
8 |
|
|
(53 |
) |
|
|
14 |
Segment income |
|
$ |
138 |
|
$ |
(14 |
) |
|
$ |
18 |
|
$ |
(210 |
) |
|
$ |
61 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total segment assets |
|
$ |
19,004 |
|
$ |
8,011 |
|
|
$ |
7,890 |
|
$ |
9,991 |
|
|
$ |
15,984 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Variable noninterest expense(1) |
|
$ |
807 |
|
$ |
603 |
|
|
$ |
597 |
|
$ |
1,245 |
|
|
$ |
1,149 |
Fixed noninterest expense |
|
|
519 |
|
|
615 |
|
|
|
606 |
|
|
795 |
|
|
|
822 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Full time employees |
|
|
42 |
|
|
43 |
|
|
|
42 |
|
|
45 |
|
|
|
51 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Small Business Specialty Lending Division |
|
|
|
|
|
|
|||||||||||
Net interest income |
|
$ |
1,142 |
|
$ |
1,062 |
|
|
$ |
865 |
|
$ |
791 |
|
|
$ |
588 |
Provision for credit losses |
|
|
554 |
|
|
545 |
|
|
|
521 |
|
|
714 |
|
|
|
140 |
Noninterest income |
|
|
2,955 |
|
|
2,642 |
|
|
|
2,107 |
|
|
1,760 |
|
|
|
1,504 |
Noninterest expenses |
|
|
1,869 |
|
|
2,050 |
|
|
|
1,765 |
|
|
2,188 |
|
|
|
1,811 |
Income taxes |
|
|
350 |
|
|
244 |
|
|
|
121 |
|
|
(70 |
) |
|
|
28 |
Segment income |
|
$ |
1,324 |
|
$ |
865 |
|
|
$ |
565 |
|
$ |
(281 |
) |
|
$ |
113 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total segment assets |
|
$ |
99,890 |
|
$ |
97,396 |
|
|
$ |
89,411 |
|
$ |
84,761 |
|
|
$ |
71,398 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Full time employees |
|
|
33 |
|
|
31 |
|
|
|
33 |
|
|
33 |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Consolidated |
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income |
|
$ |
18,409 |
|
$ |
18,654 |
|
|
$ |
18,874 |
|
$ |
19,621 |
|
|
$ |
19,181 |
Provision for credit losses |
|
|
650 |
|
|
1,000 |
|
|
|
1,500 |
|
|
1,000 |
|
|
|
200 |
Noninterest income |
|
|
9,497 |
|
|
9,487 |
|
|
|
9,305 |
|
|
9,718 |
|
|
|
8,952 |
Noninterest expenses |
|
|
20,330 |
|
|
20,397 |
|
|
|
19,587 |
|
|
20,881 |
|
|
|
21,432 |
Income taxes |
|
|
1,452 |
|
|
1,411 |
|
|
|
1,494 |
|
|
1,654 |
|
|
|
1,199 |
Segment income |
|
$ |
5,474 |
|
$ |
5,333 |
|
|
$ |
5,598 |
|
$ |
5,804 |
|
|
$ |
5,302 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total segment assets |
|
$ |
3,007,907 |
|
$ |
3,015,509 |
|
|
$ |
3,053,422 |
|
$ |
3,093,823 |
|
|
$ |
3,101,071 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Full time employees |
|
|
460 |
|
|
451 |
|
|
|
453 |
|
|
460 |
|
|
|
466 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
(1) Variable noninterest expense includes commission based salary expenses and volume based loan related fees. |
|||||||||||||||||
Colony Bankcorp, Inc. |
||||||||
Consolidated Balance Sheets |
||||||||
|
|
June 30, 2024 |
|
December 31, 2023 |
||||
(dollars in thousands) |
|
(unaudited) |
|
(audited) |
||||
ASSETS |
|
|
|
|
||||
Cash and due from banks |
|
$ |
22,404 |
|
|
$ |
25,339 |
|
Interest-bearing deposits in banks and federal funds sold |
|
|
59,598 |
|
|
|
57,983 |
|
Cash and cash equivalents |
|
|
82,002 |
|
|
|
83,322 |
|
Investment securities available for sale, at fair value |
|
|
376,580 |
|
|
|
407,382 |
|
Investment securities held to maturity, at amortized cost |
|
|
442,945 |
|
|
|
449,031 |
|
Other investments |
|
|
18,491 |
|
|
|
16,868 |
|
Loans held for sale |
|
|
40,132 |
|
|
|
27,958 |
|
Loans, net of unearned income |
|
|
1,865,574 |
|
|
|
1,883,470 |
|
Allowance for credit losses |
|
|
(18,806 |
) |
|
|
(18,371 |
) |
Loans, net |
|
|
1,846,768 |
|
|
|
1,865,099 |
|
Premises and equipment |
|
|
38,343 |
|
|
|
39,870 |
|
Other real estate |
|
|
582 |
|
|
|
448 |
|
Goodwill |
|
|
48,923 |
|
|
|
48,923 |
|
Other intangible assets |
|
|
3,535 |
|
|
|
4,192 |
|
Bank owned life insurance |
|
|
57,173 |
|
|
|
56,925 |
|
Deferred income taxes, net |
|
|
24,164 |
|
|
|
25,405 |
|
Other assets |
|
|
28,269 |
|
|
|
27,999 |
|
Total assets |
|
$ |
3,007,907 |
|
|
$ |
3,053,422 |
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
Liabilities: |
|
|
|
|
||||
Deposits: |
|
|
|
|
||||
Noninterest-bearing |
|
$ |
437,623 |
|
|
$ |
498,992 |
|
Interest-bearing |
|
|
2,022,602 |
|
|
|
2,045,798 |
|
Total deposits |
|
|
2,460,225 |
|
|
|
2,544,790 |
|
Federal Home Loan Bank advances |
|
|
205,000 |
|
|
|
175,000 |
|
Other borrowed money |
|
|
62,992 |
|
|
|
63,445 |
|
Accrued expenses and other liabilities |
|
|
14,947 |
|
|
|
15,252 |
|
Total liabilities |
|
$ |
2,743,164 |
|
|
$ |
2,798,487 |
|
|
|
|
|
|
||||
Stockholders’ equity |
|
|
|
|
||||
Common stock, |
|
$ |
17,539 |
|
|
$ |
17,564 |
|
Paid in capital |
|
|
169,132 |
|
|
|
168,614 |
|
Retained earnings |
|
|
131,256 |
|
|
|
124,400 |
|
Accumulated other comprehensive loss, net of tax |
|
|
(53,184 |
) |
|
|
(55,643 |
) |
Total stockholders’ equity |
|
|
264,743 |
|
|
|
254,935 |
|
Total liabilities and stockholders’ equity |
|
$ |
3,007,907 |
|
|
$ |
3,053,422 |
|
Colony Bankcorp, Inc. |
|
|
|
|
|
|
|
|
||||||
Consolidated Statements of Income (unaudited) |
|
|
|
|
|
|
|
|
||||||
|
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
(dollars in thousands, except per share data) |
|
|
|
|
|
|
||||||||
Interest income: |
|
|
|
|
|
|
|
|
||||||
Loans, including fees |
|
$ |
27,604 |
|
|
$ |
24,067 |
|
$ |
54,701 |
|
|
$ |
46,220 |
Investment securities |
|
|
5,048 |
|
|
|
5,989 |
|
|
10,569 |
|
|
|
11,849 |
Deposits in banks and short term investments |
|
|
684 |
|
|
|
708 |
|
|
1,376 |
|
|
|
1,065 |
Total interest income |
|
|
33,336 |
|
|
|
30,764 |
|
|
66,646 |
|
|
|
59,134 |
|
|
|
|
|
|
|
|
|
||||||
Interest expense: |
|
|
|
|
|
|
|
|
||||||
Deposits |
|
|
12,106 |
|
|
|
8,556 |
|
|
24,198 |
|
|
|
13,555 |
Federal funds purchased |
|
|
— |
|
|
|
47 |
|
|
— |
|
|
|
135 |
Federal Home Loan Bank advances |
|
|
1,821 |
|
|
|
1,947 |
|
|
3,392 |
|
|
|
3,573 |
Other borrowings |
|
|
1,000 |
|
|
|
1,033 |
|
|
1,993 |
|
|
|
2,122 |
Total interest expense |
|
|
14,927 |
|
|
|
11,583 |
|
|
29,583 |
|
|
|
19,385 |
Net interest income |
|
|
18,409 |
|
|
|
19,181 |
|
|
37,063 |
|
|
|
39,749 |
Provision for credit losses |
|
|
650 |
|
|
|
200 |
|
|
1,650 |
|
|
|
1,100 |
Net interest income after provision for credit losses |
|
|
17,759 |
|
|
|
18,981 |
|
|
35,413 |
|
|
|
38,649 |
|
|
|
|
|
|
|
|
|
||||||
Noninterest income: |
|
|
|
|
|
|
|
|
||||||
Service charges on deposits |
|
|
2,288 |
|
|
|
2,027 |
|
|
4,662 |
|
|
|
3,941 |
Mortgage fee income |
|
|
1,442 |
|
|
|
2,014 |
|
|
2,691 |
|
|
|
3,197 |
Gain on sales of SBA loans |
|
|
2,347 |
|
|
|
1,105 |
|
|
4,393 |
|
|
|
2,162 |
Loss on sales of securities |
|
|
(425 |
) |
|
|
— |
|
|
(980 |
) |
|
|
— |
Interchange fees |
|
|
2,078 |
|
|
|
2,131 |
|
|
4,105 |
|
|
|
4,199 |
BOLI income |
|
|
398 |
|
|
|
358 |
|
|
931 |
|
|
|
689 |
Insurance commissions |
|
|
420 |
|
|
|
449 |
|
|
886 |
|
|
|
909 |
Other |
|
|
949 |
|
|
|
868 |
|
|
2,296 |
|
|
|
1,514 |
Total noninterest income |
|
|
9,497 |
|
|
|
8,952 |
|
|
18,984 |
|
|
|
16,611 |
|
|
|
|
|
|
|
|
|
||||||
Noninterest expense: |
|
|
|
|
|
|
|
|
||||||
Salaries and employee benefits |
|
|
12,277 |
|
|
|
13,348 |
|
|
24,296 |
|
|
|
25,957 |
Occupancy and equipment |
|
|
1,475 |
|
|
|
1,499 |
|
|
2,982 |
|
|
|
3,121 |
Information technology expenses |
|
|
2,227 |
|
|
|
2,001 |
|
|
4,338 |
|
|
|
4,342 |
Professional fees |
|
|
704 |
|
|
|
881 |
|
|
1,537 |
|
|
|
1,596 |
Advertising and public relations |
|
|
967 |
|
|
|
673 |
|
|
1,927 |
|
|
|
1,666 |
Communications |
|
|
216 |
|
|
|
192 |
|
|
442 |
|
|
|
486 |
Other |
|
|
2,464 |
|
|
|
2,838 |
|
|
5,205 |
|
|
|
5,429 |
Total noninterest expense |
|
|
20,330 |
|
|
|
21,432 |
|
|
40,727 |
|
|
|
42,597 |
Income before income taxes |
|
|
6,926 |
|
|
|
6,501 |
|
|
13,670 |
|
|
|
12,663 |
Income taxes |
|
|
1,452 |
|
|
|
1,199 |
|
|
2,863 |
|
|
|
2,318 |
Net income |
|
$ |
5,474 |
|
|
$ |
5,302 |
|
$ |
10,807 |
|
|
$ |
10,345 |
Earnings per common share: |
|
|
|
|
|
|
|
|
||||||
Basic |
|
$ |
0.31 |
|
|
$ |
0.30 |
|
$ |
0.62 |
|
|
$ |
0.59 |
Diluted |
|
|
0.31 |
|
|
|
0.30 |
|
|
0.62 |
|
|
|
0.59 |
Dividends declared per share |
|
|
0.1125 |
|
|
|
0.1100 |
|
|
0.2250 |
|
|
|
0.2200 |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
||||||
Basic |
|
|
17,551,007 |
|
|
|
17,580,557 |
|
|
17,555,609 |
|
|
|
17,588,081 |
Diluted |
|
|
17,551,007 |
|
|
|
17,580,557 |
|
|
17,555,609 |
|
|
|
17,588,081 |
Colony Bankcorp, Inc. |
|
|
|
|
|
|
|
|
|
|
|||||||
Quarterly Consolidated Statements of Income |
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
2024 |
|
2023 |
|||||||||||||
|
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|||||||
(dollars in thousands, except per share data) |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
(unaudited) |
|
(unaudited) |
|||||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|||||||
Loans, including fees |
|
$ |
27,604 |
|
|
$ |
27,097 |
|
|
$ |
27,014 |
|
$ |
26,022 |
|
$ |
24,067 |
Investment securities |
|
|
5,048 |
|
|
|
5,520 |
|
|
|
5,700 |
|
|
5,770 |
|
|
5,989 |
Deposits in banks and short term investments |
|
|
684 |
|
|
|
693 |
|
|
|
489 |
|
|
787 |
|
|
708 |
Total interest income |
|
|
33,336 |
|
|
|
33,310 |
|
|
|
33,203 |
|
|
32,579 |
|
|
30,764 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|||||||
Deposits |
|
|
12,106 |
|
|
|
12,091 |
|
|
|
11,571 |
|
|
10,338 |
|
|
8,556 |
Federal funds purchased |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
11 |
|
|
47 |
Federal Home Loan Bank advances |
|
|
1,821 |
|
|
|
1,572 |
|
|
|
1,623 |
|
|
1,568 |
|
|
1,947 |
Other borrowings |
|
|
1,000 |
|
|
|
993 |
|
|
|
1,134 |
|
|
1,041 |
|
|
1,033 |
Total interest expense |
|
|
14,927 |
|
|
|
14,656 |
|
|
|
14,329 |
|
|
12,958 |
|
|
11,583 |
Net interest income |
|
|
18,409 |
|
|
|
18,654 |
|
|
|
18,874 |
|
|
19,621 |
|
|
19,181 |
Provision for credit losses |
|
|
650 |
|
|
|
1,000 |
|
|
|
1,500 |
|
|
1,000 |
|
|
200 |
Net interest income after provision for credit losses |
|
|
17,759 |
|
|
|
17,654 |
|
|
|
17,374 |
|
|
18,621 |
|
|
18,981 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|||||||
Service charges on deposits |
|
|
2,288 |
|
|
|
2,373 |
|
|
|
2,595 |
|
|
2,200 |
|
|
2,027 |
Mortgage fee income |
|
|
1,442 |
|
|
|
1,249 |
|
|
|
1,203 |
|
|
1,730 |
|
|
2,014 |
Gain on sales of SBA loans |
|
|
2,347 |
|
|
|
2,046 |
|
|
|
1,634 |
|
|
1,268 |
|
|
1,105 |
Loss on sales of securities |
|
|
(425 |
) |
|
|
(555 |
) |
|
|
— |
|
|
— |
|
|
— |
Interchange fees |
|
|
2,078 |
|
|
|
2,028 |
|
|
|
2,059 |
|
|
2,202 |
|
|
2,131 |
BOLI income |
|
|
398 |
|
|
|
533 |
|
|
|
372 |
|
|
335 |
|
|
358 |
Insurance commissions |
|
|
420 |
|
|
|
465 |
|
|
|
452 |
|
|
509 |
|
|
449 |
Other |
|
|
949 |
|
|
|
1,348 |
|
|
|
990 |
|
|
1,474 |
|
|
868 |
Total noninterest income |
|
|
9,497 |
|
|
|
9,487 |
|
|
|
9,305 |
|
|
9,718 |
|
|
8,952 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|||||||
Salaries and employee benefits |
|
|
12,277 |
|
|
|
12,018 |
|
|
|
11,304 |
|
|
11,973 |
|
|
13,348 |
Occupancy and equipment |
|
|
1,475 |
|
|
|
1,507 |
|
|
|
1,543 |
|
|
1,620 |
|
|
1,499 |
Information technology expenses |
|
|
2,227 |
|
|
|
2,110 |
|
|
|
2,147 |
|
|
2,064 |
|
|
2,001 |
Professional fees |
|
|
704 |
|
|
|
834 |
|
|
|
749 |
|
|
752 |
|
|
881 |
Advertising and public relations |
|
|
967 |
|
|
|
960 |
|
|
|
1,054 |
|
|
766 |
|
|
673 |
Communications |
|
|
216 |
|
|
|
226 |
|
|
|
237 |
|
|
224 |
|
|
192 |
Other |
|
|
2,464 |
|
|
|
2,742 |
|
|
|
2,553 |
|
|
3,482 |
|
|
2,838 |
Total noninterest expense |
|
|
20,330 |
|
|
|
20,397 |
|
|
|
19,587 |
|
|
20,881 |
|
|
21,432 |
Income before income taxes |
|
|
6,926 |
|
|
|
6,744 |
|
|
|
7,092 |
|
|
7,458 |
|
|
6,501 |
Income taxes |
|
|
1,452 |
|
|
|
1,411 |
|
|
|
1,494 |
|
|
1,654 |
|
|
1,199 |
Net income |
|
$ |
5,474 |
|
|
$ |
5,333 |
|
|
$ |
5,598 |
|
$ |
5,804 |
|
$ |
5,302 |
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|||||||
Basic |
|
$ |
0.31 |
|
|
$ |
0.30 |
|
|
$ |
0.32 |
|
$ |
0.33 |
|
$ |
0.30 |
Diluted |
|
|
0.31 |
|
|
|
0.30 |
|
|
|
0.32 |
|
|
0.33 |
|
|
0.30 |
Dividends declared per share |
|
|
0.1125 |
|
|
|
0.1125 |
|
|
|
0.1100 |
|
|
0.1100 |
|
|
0.1100 |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|||||||
Basic |
|
|
17,551,007 |
|
|
|
17,560,210 |
|
|
|
17,567,839 |
|
|
17,569,493 |
|
|
17,580,557 |
Diluted |
|
|
17,551,007 |
|
|
|
17,560,210 |
|
|
|
17,567,839 |
|
|
17,569,493 |
|
|
17,580,557 |
Colony Bankcorp, Inc. |
||||||||||||||||||||
Quarterly Comparison |
||||||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||||
(dollars in thousands, except per share data) |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
||||||||||
Assets |
|
$ |
3,007,907 |
|
|
$ |
3,015,509 |
|
|
$ |
3,053,422 |
|
|
$ |
3,093,823 |
|
|
$ |
3,101,071 |
|
Loans, net |
|
|
1,846,768 |
|
|
|
1,840,361 |
|
|
|
1,865,099 |
|
|
|
1,847,603 |
|
|
|
1,821,776 |
|
Deposits |
|
|
2,460,225 |
|
|
|
2,522,748 |
|
|
|
2,544,790 |
|
|
|
2,591,332 |
|
|
|
2,627,211 |
|
Total equity |
|
|
264,743 |
|
|
|
259,914 |
|
|
|
254,935 |
|
|
|
238,692 |
|
|
|
239,455 |
|
Net income |
|
|
5,474 |
|
|
|
5,333 |
|
|
|
5,598 |
|
|
|
5,804 |
|
|
|
5,302 |
|
Earnings per basic share |
|
$ |
0.31 |
|
|
$ |
0.30 |
|
|
$ |
0.32 |
|
|
$ |
0.33 |
|
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Key Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets |
|
|
0.73 |
% |
|
|
0.71 |
% |
|
|
0.73 |
% |
|
|
0.75 |
% |
|
|
0.70 |
% |
Operating return on average assets (a) |
|
|
0.80 |
% |
|
|
0.76 |
% |
|
|
0.71 |
% |
|
|
0.77 |
% |
|
|
0.75 |
% |
Return on average total equity |
|
|
8.46 |
% |
|
|
8.38 |
% |
|
|
9.20 |
% |
|
|
9.61 |
% |
|
|
8.88 |
% |
Operating return on average total equity (a) |
|
|
9.22 |
% |
|
|
9.10 |
% |
|
|
8.90 |
% |
|
|
9.89 |
% |
|
|
9.57 |
% |
Total equity to total assets |
|
|
8.80 |
% |
|
|
8.62 |
% |
|
|
8.35 |
% |
|
|
7.72 |
% |
|
|
7.72 |
% |
Tangible equity to tangible assets (a) |
|
|
7.18 |
% |
|
|
6.99 |
% |
|
|
6.73 |
% |
|
|
6.09 |
% |
|
|
6.09 |
% |
Net interest margin |
|
|
2.68 |
% |
|
|
2.69 |
% |
|
|
2.70 |
% |
|
|
2.78 |
% |
|
|
2.77 |
% |
(a) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP. |
||||||||||||||||||||
Colony Bankcorp, Inc. |
|||||||||||||||
Quarterly Deposits Composition Comparison |
|||||||||||||||
|
|
2024 |
|
2023 |
|||||||||||
(dollars in thousands) |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|||||
Noninterest-bearing demand |
|
$ |
437,623 |
|
$ |
476,413 |
|
$ |
498,992 |
|
$ |
494,221 |
|
$ |
541,119 |
Interest-bearing demand |
|
|
788,674 |
|
|
802,596 |
|
|
759,299 |
|
|
740,672 |
|
|
733,708 |
Savings |
|
|
670,848 |
|
|
650,188 |
|
|
660,311 |
|
|
681,229 |
|
|
659,137 |
Time, |
|
|
168,856 |
|
|
173,386 |
|
|
167,680 |
|
|
187,218 |
|
|
184,459 |
Other time |
|
|
394,224 |
|
|
420,165 |
|
|
458,508 |
|
|
487,992 |
|
|
508,788 |
Total |
|
$ |
2,460,225 |
|
$ |
2,522,748 |
|
$ |
2,544,790 |
|
$ |
2,591,332 |
|
$ |
2,627,211 |
Colony Bankcorp, Inc. |
|||||||||||||||
Quarterly Deposits by Location Comparison |
|||||||||||||||
|
|
2024 |
|
2023 |
|||||||||||
(dollars in thousands) |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|||||
Coastal |
|
$ |
144,021 |
|
$ |
138,103 |
|
$ |
137,398 |
|
$ |
133,888 |
|
$ |
133,536 |
|
|
|
275,758 |
|
|
286,697 |
|
|
265,788 |
|
|
262,352 |
|
|
265,615 |
|
|
|
336,338 |
|
|
333,856 |
|
|
334,003 |
|
|
345,179 |
|
|
341,664 |
|
|
|
1,110,049 |
|
|
1,132,701 |
|
|
1,134,662 |
|
|
1,132,545 |
|
|
1,197,545 |
|
|
|
365,380 |
|
|
378,764 |
|
|
384,750 |
|
|
389,269 |
|
|
402,665 |
Brokered deposits |
|
|
39,240 |
|
|
59,019 |
|
|
93,561 |
|
|
148,707 |
|
|
112,372 |
Reciprocal deposits |
|
|
189,439 |
|
|
193,608 |
|
|
194,628 |
|
|
179,392 |
|
|
173,814 |
Total |
|
$ |
2,460,225 |
|
$ |
2,522,748 |
|
$ |
2,544,790 |
|
$ |
2,591,332 |
|
$ |
2,627,211 |
Colony Bankcorp, Inc. |
|||||||||||||||
Quarterly Loan Comparison |
|||||||||||||||
|
|
2024 |
|
2023 |
|||||||||||
(dollars in thousands) |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|||||
Core |
|
$ |
1,732,843 |
|
$ |
1,718,284 |
|
$ |
1,729,866 |
|
$ |
1,698,219 |
|
$ |
1,664,855 |
Purchased |
|
|
132,731 |
|
|
140,734 |
|
|
153,604 |
|
|
166,752 |
|
|
173,987 |
Total |
|
$ |
1,865,574 |
|
$ |
1,859,018 |
|
$ |
1,883,470 |
|
$ |
1,864,971 |
|
$ |
1,838,842 |
Colony Bankcorp, Inc. |
|||||||||||||||
Quarterly Loans by Composition Comparison |
|||||||||||||||
|
|
2024 |
|
2023 |
|||||||||||
(dollars in thousands) |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|||||
Construction, land & land development |
|
$ |
199,916 |
|
$ |
234,000 |
|
$ |
247,146 |
|
$ |
245,268 |
|
$ |
249,423 |
Other commercial real estate |
|
|
985,102 |
|
|
971,205 |
|
|
974,649 |
|
|
969,168 |
|
|
979,509 |
Total commercial real estate |
|
|
1,185,018 |
|
|
1,205,205 |
|
|
1,221,795 |
|
|
1,214,436 |
|
|
1,228,932 |
Residential real estate |
|
|
360,847 |
|
|
347,277 |
|
|
355,973 |
|
|
339,501 |
|
|
325,407 |
Commercial, financial & agricultural |
|
|
242,205 |
|
|
239,837 |
|
|
242,743 |
|
|
252,725 |
|
|
243,458 |
Consumer and other |
|
|
77,504 |
|
|
66,699 |
|
|
62,959 |
|
|
58,309 |
|
|
41,045 |
Total |
|
$ |
1,865,574 |
|
$ |
1,859,018 |
|
$ |
1,883,470 |
|
$ |
1,864,971 |
|
$ |
1,838,842 |
Colony Bankcorp, Inc. |
|
|
|
|
|
|
|
|
|
|
|||||
Quarterly Loans by Location Comparison |
|
|
|
|
|
|
|
|
|||||||
|
|
2024 |
|
2023 |
|||||||||||
(dollars in thousands) |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|||||
|
|
$ |
44,575 |
|
$ |
44,806 |
|
$ |
45,594 |
|
$ |
45,135 |
|
$ |
44,301 |
|
|
|
2,753 |
|
|
1,579 |
|
|
40 |
|
|
— |
|
|
— |
Augusta |
|
|
64,465 |
|
|
71,483 |
|
|
65,284 |
|
|
55,508 |
|
|
55,124 |
Coastal |
|
|
228,844 |
|
|
232,557 |
|
|
243,492 |
|
|
239,281 |
|
|
242,249 |
|
|
|
124,268 |
|
|
121,131 |
|
|
118,806 |
|
|
116,776 |
|
|
119,041 |
|
|
|
427,568 |
|
|
425,753 |
|
|
426,724 |
|
|
431,632 |
|
|
420,231 |
|
|
|
413,098 |
|
|
409,681 |
|
|
436,728 |
|
|
446,221 |
|
|
463,558 |
|
|
|
184,365 |
|
|
183,679 |
|
|
187,751 |
|
|
188,208 |
|
|
192,348 |
Small Business Specialty Lending |
|
|
75,182 |
|
|
71,196 |
|
|
68,637 |
|
|
65,187 |
|
|
56,908 |
Consumer Portfolio Mortgages |
|
|
257,772 |
|
|
261,204 |
|
|
255,771 |
|
|
245,057 |
|
|
226,755 |
Marine/RV Lending |
|
|
41,922 |
|
|
35,017 |
|
|
33,191 |
|
|
31,009 |
|
|
17,137 |
Other |
|
|
762 |
|
|
932 |
|
|
1,452 |
|
|
957 |
|
|
1,190 |
Total |
|
$ |
1,865,574 |
|
$ |
1,859,018 |
|
$ |
1,883,470 |
|
$ |
1,864,971 |
|
$ |
1,838,842 |
Colony Bankcorp, Inc. |
||||||||||||||||||||||
Classified Loans |
||||||||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||||||
(dollars in thousands) |
|
Second Quarter |
First Quarter |
|
Fourth Quarter |
Third Quarter |
Second Quarter |
|||||||||||||||
|
|
$ |
# |
$ |
# |
|
$ |
# |
$ |
# |
$ |
# |
||||||||||
Construction, land & land development |
|
$ |
54 |
|
3 |
$ |
572 |
|
11 |
|
$ |
1,063 |
|
14 |
$ |
1,180 |
|
13 |
$ |
570 |
|
12 |
Other commercial real estate |
|
|
13,990 |
|
34 |
|
13,918 |
|
46 |
|
|
10,219 |
|
39 |
|
7,726 |
|
41 |
|
5,954 |
|
36 |
Residential real estate |
|
|
2,168 |
|
104 |
|
5,896 |
|
183 |
|
|
7,103 |
|
187 |
|
6,633 |
|
184 |
|
7,186 |
|
193 |
Commercial, financial & agricultural |
|
|
6,075 |
|
54 |
|
5,487 |
|
70 |
|
|
5,284 |
|
58 |
|
5,102 |
|
56 |
|
5,465 |
|
54 |
Consumer and other |
|
|
68 |
|
24 |
|
92 |
|
67 |
|
|
85 |
|
76 |
|
63 |
|
73 |
|
92 |
|
69 |
TOTAL |
|
$ |
22,355 |
|
219 |
$ |
25,965 |
|
377 |
|
$ |
23,754 |
|
374 |
$ |
20,704 |
|
367 |
$ |
19,267 |
|
364 |
Classified loans to total loans |
|
|
1.20 |
% |
|
|
1.40 |
% |
|
|
|
1.26 |
% |
|
|
1.11 |
% |
|
|
1.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Colony Bankcorp, Inc. |
||||||||||||||||||||||
Criticized Loans |
||||||||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||||||
(dollars in thousands) |
|
Second Quarter |
First Quarter |
|
Fourth Quarter |
Third Quarter |
Second Quarter |
|||||||||||||||
|
|
$ |
# |
$ |
# |
|
$ |
# |
$ |
# |
$ |
# |
||||||||||
Construction, land & land development |
|
$ |
626 |
|
6 |
$ |
1,543 |
|
18 |
|
$ |
2,192 |
|
21 |
$ |
1,238 |
|
17 |
$ |
817 |
|
19 |
Other commercial real estate |
|
|
31,544 |
|
59 |
|
31,498 |
|
46 |
|
|
27,445 |
|
77 |
|
20,356 |
|
70 |
|
25,577 |
|
76 |
Residential real estate |
|
|
5,431 |
|
107 |
|
13,050 |
|
249 |
|
|
14,275 |
|
253 |
|
13,212 |
|
245 |
|
14,211 |
|
269 |
Commercial, financial & agricultural |
|
|
7,181 |
|
59 |
|
8,609 |
|
114 |
|
|
12,686 |
|
106 |
|
15,701 |
|
89 |
|
7,285 |
|
80 |
Consumer and other |
|
|
68 |
|
24 |
|
365 |
|
85 |
|
|
281 |
|
92 |
|
234 |
|
92 |
|
184 |
|
86 |
TOTAL |
|
$ |
44,850 |
|
255 |
$ |
55,065 |
|
512 |
|
$ |
56,879 |
|
549 |
$ |
50,741 |
|
513 |
$ |
48,074 |
|
530 |
Criticized loans to total loans |
|
|
2.40 |
% |
|
|
2.96 |
% |
|
|
|
3.02 |
% |
|
|
2.72 |
% |
|
|
2.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240724223432/en/
Derek Shelnutt
EVP & Chief Financial Officer
229-426-6000, extension 6119
Source: Colony Bankcorp, Inc.
FAQ
What was Colony Bankcorp's (CBAN) net income for Q2 2024?
How much did Colony Bankcorp's (CBAN) total loans grow in Q2 2024?
What was the quarterly cash dividend declared by Colony Bankcorp (CBAN) for Q2 2024?
How did Colony Bankcorp's (CBAN) deposits change in Q2 2024?
