Colony Bankcorp Reports Third Quarter 2024 Results

Rhea-AI Summary

Colony Bankcorp (CBAN) reported Q3 2024 financial results with net income of $5.6 million, or $0.32 per diluted share, up from $5.5 million in Q2 2024 but down from $5.8 million in Q3 2023. Total loans reached $1.89 billion, increasing $20.5 million from the previous quarter. Total deposits grew by $64.7 million to $2.52 billion. The company declared a quarterly cash dividend of $0.1125 per share. Mortgage production was $66.6 million with sales of $57.8 million, while SBA loans closed at $30.1 million with sales of $27.2 million in Q3 2024.

Positive

• Net income increased to $5.6M in Q3 2024 from $5.5M in Q2 2024
• Total loans grew by $20.5M (1.10%) from previous quarter
• Total deposits increased by $64.7M to $2.52B
• Operating net income improved to $6.2M from $6.0M in Q2 2024
• Lower provision for credit losses ($750K) compared to Q3 2023 ($1.0M)

Negative

• Net income decreased from $5.8M in Q3 2023 to $5.6M in Q3 2024
• Net interest margin declined to 2.64% from 2.78% in Q3 2023
• Nonperforming assets increased by $5.2M to $12.5M from Q2 2024
• Margin expansion did not materialize as anticipated in Q3 2024

Insights

Financial Analyst

Colony Bankcorp delivered a mixed third quarter with modest improvements in key metrics. Net income increased to $5.6 million ($0.32 per share) from $5.5 million in Q2, though down from $5.8 million year-over-year. The loan portfolio grew by $20.5 million to $1.89 billion, while deposits increased by $64.7 million to $2.52 billion. However, net interest margin compressed to 2.64% from 2.78% year-over-year, reflecting ongoing funding cost pressures. Asset quality shows some deterioration with nonperforming assets increasing to $12.5 million from $7.3 million in Q2, though loan charge-offs remain manageable at 0.03%. The capital position remains strong with a total risk-based capital ratio of 16.48%.

Declares Quarterly Cash Dividend of $0.1125 Per Share

FITZGERALD, Ga.--(BUSINESS WIRE)-- Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”) today reported financial results for the third quarter of 2024. Financial highlights are shown below.

Financial Highlights:

• Net income increased to $5.6 million, or $0.32 per diluted share, for the third quarter of 2024, compared to $5.5 million, or $0.31 per diluted share, for the second quarter of 2024, and decreased as compared to $5.8 million, or $0.33 per diluted share, for the third quarter of 2023.
• Operating net income increased to $6.2 million, or $0.35 of adjusted earnings per diluted share, for the third quarter of 2024, compared to $6.0 million, or $0.34 of adjusted earnings per diluted share, for the second quarter of 2024, and $6.0 million, or $0.34 of adjusted earnings per diluted share, for the third quarter of 2023. (See Reconciliation of Non-GAAP Measures).
• Provision for credit losses of $750,000 was recorded in third quarter of 2024 compared to $650,000 in second quarter of 2024, and $1.0 million in third quarter of 2023.
• Total loans were $1.89 billion at September 30, 2024, an increase of $20.5 million, or 1.10%, from the prior quarter.
• Total deposits were $2.52 billion and $2.46 billion at September 30, 2024 and June 30, 2024, respectively, an increase of $64.7 million.
• Mortgage production was $66.6 million, and mortgage sales totaled $57.8 million in the third quarter of 2024 compared to $65.1 million and $45.2 million, respectively, for the second quarter of 2024.
• Small Business Specialty Lending (“SBSL”) closed $30.1 million in Small Business Administration (“SBA”) loans and sold $27.2 million in SBA loans in the third quarter of 2024 compared to $25.8 million and $27.0 million, respectively, for the second quarter of 2024.

The Company also announced that on October 23, 2024, the Board of Directors declared a quarterly cash dividend of $0.1125 per share, to be paid on its common stock on November 20, 2024, to shareholders of record as of the close of business on November 6, 2024. The Company had 17,554,884 shares of its common stock outstanding as of October 21, 2024.

“We are pleased with the improvement in operating results during the third quarter of 2024 and to see the continued progression in the performance of our complementary business lines alongside ongoing efficiency and expense discipline. We are also excited about our new digital banking platform rollout that occurred during the quarter. This enhanced platform will provide our customers with a state-of-the-art online banking experience which we believe will enable us to deliver solutions for all our customer’s needs in today’s digital environment,” said Heath Fountain, Chief Executive Officer.

"We had anticipated margin expansion in the second half of the year, but it did not materialize in the third quarter of 2024. However, we are pleased to report increased net interest income this quarter, and we believe that the margin has now reached its lowest point. We are optimistic about seeing improvement going forward as changes in the rate environment and easing from the Federal Reserve have allowed us to relieve pressure on our funding costs.”

“Loan growth picked up slightly in the third quarter and overall asset quality remains strong. Our pipelines for both loans and deposits remain strong and our team has done a fantastic job of continuing to grow and build customer relationships.”

Balance Sheet

• Total assets were $3.07 billion at September 30, 2024, an increase of $57.2 million from June 30, 2024.
• Total loans, including loans held for sale, were at $1.91 billion at September 30, 2024, an increase of $8.1 million from the quarter ended June 30, 2024.
• Total deposits were $2.52 billion and $2.46 billion at September 30, 2024 and June 30, 2024, respectively, an increase of $64.7 million. Savings and money market deposits increased $13.5 million and time deposits increased $67.3 million which were partially offset by a decrease in interest bearing demand deposits of $18.3 million from June 30, 2024 to September 30, 2024.
• Total borrowings at September 30, 2024 totaled $248.0 million, a decrease of $20.0 million or, 7.5%, compared to June 30, 2024, related to decreases 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 35,000 shares of Company common stock were repurchased during the third quarter of 2024 at an average price of $15.02 per share and a total value of $525,817 thousand.
• Preliminary tier one leverage ratio, tier one capital ratio, total risk-based capital ratio and common equity tier one capital ratio were 9.51%, 13.66%, 16.48%, and 12.51%, respectively, at September 30, 2024.

Third Quarter and September 30, 2024 Year to Date Results of Operations

• Net interest income, on a tax-equivalent basis, totaled $18.7 million for the third quarter ended September 30, 2024 compared to $19.8 million for the same period in 2023. Net interest income, on a tax-equivalent basis, for the nine months ended September 30, 2024 totaled $56.1 million, compared to $59.9 million for the nine months ended September 30, 2023. For both periods, increases can be seen in income on interest earning assets which is more than offset by increases in expenses on interest bearing liabilities due to the significant rise in interest rates period over period along with increases in FHLB advances. Income on interest earning assets increased $2.0 million, to $34.8 million for the third quarter of 2024 compared to the respective period in 2023. Expense on interest bearing liabilities increased $3.1 million, to $16.1 million for the third quarter of 2024 compared to the respective period in 2023. Income on interest earning assets increased $9.5 million to $101.8 million for the nine month period ended September 30, 2024 compared to the respective period in 2023. Expense on interest bearing liabilities increased $13.3 million, to $45.6 million for the nine month period ended September 30, 2024 compared to the respective period in 2023.
• Net interest margin for the third quarter of 2024 was 2.64% compared to 2.78% for the third quarter of 2023. Net interest margin was 2.67% for the nine months ended September 30, 2024 compared to 2.87% for the nine months ended September 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 $10.1 million for the third quarter ended September 30, 2024, an increase of $364,000, or 3.75%, compared to the same period in 2023. Noninterest income totaled $29.1 million for the nine months ended September 30, 2024, an increase of $2.7 million, or 10.39%, 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 merchant and wealth advisory services which is included in other noninterest income, which were partially offset by decreases in interchange fee income and losses on the sales of investment securities.
• Noninterest expense totaled $20.8 million for the third quarter ended September 30, 2024, compared to $20.9 million for the same period in 2023. Noninterest expense totaled $61.6 million for the nine months ended September 30, 2024, compared to $63.5 million for the same period in 2023. The decrease for the third quarter ended September 30, 2024 was primarily related to decreases in loan related expenses and miscellaneous other losses. The decrease for the nine months ended September 30, 2024 was a result of the decrease in salaries and employee benefits primarily related to the expense initiative in 2023 which lowered total number of employees period over period.

Asset Quality

• Nonperforming assets totaled $12.5 million and $7.3 million at September 30, 2024 and June 30, 2024, respectively, an increase of $5.2 million.
• Other real estate owned and repossessed assets totaled $236,000 at September 30, 2024 and $595,000 at June 30, 2024.
• Net loans charged-off were $139,000, or 0.03% of average loans for the third quarter of 2024, compared to $667,000 or 0.14% for the second quarter of 2024.
• The credit loss reserve was $19.7 million, or 1.04% of total loans, at September 30, 2024, compared to $18.8 million, or 1.01% of total loans at June 30, 2024.

Earnings call information

The Company will host an earnings conference call at 9:00 a.m. ET on Thursday, October 24, 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: COLONY3Q. A replay of the call will be available until Thursday, October 31, 2024. To listen to the replay, dial 800-839-8318.

About Colony Bankcorp

Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in Fitzgerald, Georgia in 1975, Colony operates locations throughout Georgia and has expanded to serve Birmingham, Alabama, as well as Tallahassee and the Florida Panhandle. At Colony Bank, we offer a range of banking solutions for personal and business customers. In addition to traditional banking services, Colony provides specialized solutions including mortgage, government guaranteed lending, consumer insurance, wealth management, and merchant services. 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 social media.

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 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 Ukraine or the conflict in Israel and surrounding areas; general risks related to the Company’s merger and acquisition activity, including risks associated with the Company’s pursuit of future acquisitions; the impact of generative artificial intelligence; fraud or misconduct by internal or external actors, and system failures, cybersecurity threats or security breaches and the cost of defending against them; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding debt ceiling and the federal budget; a potential U.S. federal government shutdown and the resulting impacts; and general competitive, economic, political 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, 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 U.S. generally accepted accounting principles (GAAP) and therefore are considered non-GAAP financial measures. The most comparable GAAP measures are 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, respectively. Operating noninterest income excludes gain on sale of bank premises and loss on sales of securities. Operating noninterest expense excludes acquisition-related expenses and severance costs. Operating net income, operating return on average assets, operating return on average equity and operating efficiency ratio all exclude acquisition-related expenses, severance costs, gain on sale of bank premises and loss on sales of securities from net income, return on average assets, return on average equity and efficiency ratio, respectively. Operating net noninterest expense to average assets ratio excludes from net noninterest expense, severance costs, acquisition-related expenses, gain on sale of bank premises and loss on sales of securities. Acquisition-related expenses includes fees associated with acquisitions and vendor contract buyouts. Severance costs includes costs associated with termination and retirement of employees. Adjusted earnings per diluted share includes the adjustments to operating net income. Tangible book value per common share and tangible equity to tangible assets exclude goodwill and other intangibles from book value per common share and total equity to total assets, respectively. Pre-provision net revenue is calculated by adding noninterest income to net interest income before provision for credit losses, and subtracting noninterest expense.

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.

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.
Reconciliation of Non-GAAP Measures
		2024												2023
(dollars in thousands, except per share data)		Third Quarter				Second Quarter				First Quarter				Fourth Quarter				Third Quarter
Operating noninterest income reconciliation
Noninterest income (GAAP)		$	10,082			$	9,497			$	9,487			$	9,305			$	9,718
Gain on sale of bank premises			—				—				—				(236	)			—
Writedown of bank premises			—				197				—				—				—
Loss on sales of securities			454				425				555				—				—
Operating noninterest income		$	10,536			$	10,119			$	10,042			$	9,069			$	9,718
Operating noninterest expense reconciliation
Noninterest expense (GAAP)		$	20,835			$	20,330			$	20,397			$	19,587			$	20,881
Severance costs			(265	)			—				(23	)			—				(220	)
Operating noninterest expense		$	20,570			$	20,330			$	20,374			$	19,587			$	20,661
Operating net income reconciliation
Net income (GAAP)		$	5,629			$	5,474			$	5,333			$	5,598			$	5,804
Severance costs			265				—				23				—				220
Gain on sale of bank premises			—				—				—				(236	)			—
Writedown of bank premises			—				197				—				—				—
Loss on sales of securities			454				425				555				—				—
Income tax benefit			(143	)			(129	)			(121	)			52				(48	)
Operating net income		$	6,205			$	5,967			$	5,790			$	5,414			$	5,976
Weighted average diluted shares			17,587,902				17,551,007				17,560,210				17,567,839				17,569,493
Adjusted earnings per diluted share		$	0.35			$	0.34			$	0.33			$	0.31			$	0.34
Operating return on average assets reconciliation
Return on average assets (GAAP)			0.74	%			0.73	%			0.71	%			0.73	%			0.75	%
Severance costs			0.03				—				—				—				0.03
Gain on sale of bank premises			—				—				—				(0.03	)			—
Writedown of bank premises			—				0.03				—				—				—
Loss on sales of securities			0.06				0.06				0.07				—				—
Tax effect of adjustment items			(0.02	)			(0.02	)			(0.02	)			0.01				(0.01	)
Operating return on average assets			0.81	%			0.80	%			0.76	%			0.71	%			0.77	%
Operating return on average equity reconciliation
Return on average equity (GAAP)			8.33	%			8.46	%			8.38	%			9.20	%			9.61	%
Severance costs			0.39				—				0.04				—				0.36
Gain on sale of bank premises			—				—				—				(0.39	)			—
Writedown of bank premises			—				0.30				—				—				—
Loss on sales of securities			0.67				0.66				0.87				—				—
Tax effect of adjustment items			(0.21	)			(0.20	)			(0.19	)			0.09				(0.08	)
Operating return on average equity			9.18	%			9.22	%			9.10	%			8.90	%			9.89	%
Tangible book value per common share reconciliation
Book value per common share (GAAP)		$	15.73			$	15.09			$	14.80			$	14.51			$	13.59
Effect of goodwill and other intangibles			(2.97	)			(2.99	)			(3.01	)			(3.02	)			(3.04	)
Tangible book value per common share		$	12.76			$	12.10			$	11.79			$	11.49			$	10.55
Tangible equity to tangible assets reconciliation
Equity to assets (GAAP)			9.01	%			8.80	%			8.62	%			8.35	%			7.72	%
Effect of goodwill and other intangibles			(1.58	)			(1.62	)			(1.63	)			(1.62	)			(1.63	)
Tangible equity to tangible assets			7.43	%			7.18	%			6.99	%			6.73	%			6.09	%
Operating efficiency ratio calculation
Efficiency ratio (GAAP)			72.79	%			72.85	%			72.48	%			69.51	%			71.17	%
Severance costs			(0.93	)			—				(0.08	)			—				(0.75	)
Gain on sale of bank premises			—				—				—				0.84				—
Writedown of bank premises			—				(0.71	)			—				—				—
Loss on sales of securities			(1.59	)			(1.52	)			(1.97	)			—				—
Operating efficiency ratio			70.27	%			70.62	%			70.43	%			70.35	%			70.42	%
Operating net noninterest expense(1) to average assets calculation
Net noninterest expense to average assets			1.41	%			1.45	%			1.45	%			1.35	%			1.45	%
Severance costs			(0.03	)			—				—				—				(0.03	)
Gain on sale of bank premises			—				—				—				0.03				—
Writedown of bank premises			—				(0.03	)			—				—				—
Loss on sales of securities			(0.06	)			(0.06	)			(0.07	)			—				—
Operating net noninterest expense to average assets			1.32	%			1.36	%			1.38	%			1.38	%			1.42	%
Pre-provision net revenue
Net interest income before provision for credit losses		$	18,541			$	18,409			$	18,654			$	18,874			$	19,621
Noninterest income			10,082				9,497				9,487				9,305				9,718
Total income			28,623				27,906				28,141				28,179				29,339
Noninterest expense			20,835				20,330				20,397				19,587				20,881
Pre-provision net revenue		$	7,788			$	7,576			$	7,744			$	8,592			$	8,458
(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)		Third Quarter				Second Quarter				First Quarter				Fourth Quarter				Third Quarter
EARNINGS SUMMARY
Net interest income		$	18,541			$	18,409			$	18,654			$	18,874			$	19,621
Provision for credit losses			750				650				1,000				1,500				1,000
Noninterest income			10,082				9,497				9,487				9,305				9,718
Noninterest expense			20,835				20,330				20,397				19,587				20,881
Income taxes			1,409				1,452				1,411				1,494				1,654
Net income		$	5,629			$	5,474			$	5,333			$	5,598			$	5,804
PERFORMANCE MEASURES
Per common share:
Common shares outstanding			17,554,884				17,538,611				17,558,611				17,564,182				17,567,983
Weighted average basic shares			17,587,902				17,551,007				17,560,210				17,567,839				17,569,493
Weighted average diluted shares			17,587,902				17,551,007				17,560,210				17,567,839				17,569,493
Earnings per basic share		$	0.32			$	0.31			$	0.30			$	0.32			$	0.33
Earnings per diluted share			0.32				0.31				0.30				0.32				0.33
Adjusted earnings per diluted share(b)			0.35				0.34				0.33				0.31				0.34
Cash dividends declared per share			0.1125				0.1125				0.1125				0.1100				0.1100
Common book value per share			15.73				15.09				14.80				14.51				13.59
Tangible book value per common share(b)			12.76				12.10				11.79				11.49				10.55
Pre-provision net revenue(b)		$	7,788			$	7,576			$	7,744			$	8,592			$	8,458
Performance ratios:
Net interest margin (a)			2.64	%			2.68	%			2.69	%			2.70	%			2.78	%
Return on average assets			0.74				0.73				0.71				0.73				0.75
Operating return on average assets (b)			0.81				0.80				0.76				0.71				0.77
Return on average total equity			8.33				8.46				8.38				9.20				9.61
Operating return on average total equity (b)			9.18				9.22				9.10				8.90				9.89
Efficiency ratio			72.79				72.85				72.48				69.51				71.17
Operating efficiency ratio (b)			70.27				70.62				70.43				70.35				70.42
Net noninterest expense to average assets			1.41				1.45				1.45				1.35				1.45
Operating net noninterest expense to average assets(b)			1.32				1.36				1.38				1.38				1.42
ASSET QUALITY
Nonperforming portfolio loans		$	6,273			$	3,653			$	3,674			$	7,804			$	5,625
Nonperforming government guaranteed loans			5,942				3,016				2,757				2,035				3,641
Loans 90 days past due and still accruing			44				41				—				370				9
Total nonperforming loans (NPLs)			12,259				6,710				6,431				10,209				9,275
Other real estate owned			227				582				562				448				812
Repossessed assets			9				13				—				—				—
Total nonperforming assets (NPAs)			12,495				7,305				6,993				10,657				10,087
Classified loans			20,918				22,355				25,965				23,754				20,704
Criticized loans			52,062				44,850				55,065				56,879				50,741
Net loan charge-offs (recoveries)			139				667				664				692				698
Allowance for credit losses to total loans			1.04	%			1.01	%			1.00	%			0.98	%			0.93	%
Allowance for credit losses to total NPLs			160.40				280.27				290.11				179.95				187.26
Allowance for credit losses to total NPAs			157.37				257.44				266.80				172.38				172.18
Net charge-offs (recoveries) to average loans, net			0.03				0.14				0.14				0.15				0.15
NPLs to total loans			0.65				0.36				0.35				0.54				0.50
NPAs to total assets			0.41				0.24				0.23				0.35				0.33
NPAs to total loans and foreclosed assets			0.66				0.39				0.38				0.57				0.54
AVERAGE BALANCES
Total assets		$	3,038,947			$	3,010,486			$	3,036,093			$	3,027,812			$	3,058,485
Loans, net			1,862,986				1,850,451				1,853,077				1,860,652				1,854,367
Loans, held for sale			34,533				33,024				24,612				21,251				29,444
Deposits			2,504,101				2,492,479				2,543,259				2,538,500				2,565,026
Total stockholders’ equity			268,769				260,162				255,927				241,392				239,571
(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 September 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	$	1,916,375		$	28,560		5.93	%		$	1,883,811		$	26,075		5.49	%
Investment securities, taxable		719,669			4,852		2.68	%			761,540			5,288		2.75	%
Investment securities, tax-exempt 2		95,464			501		2.09	%			106,136			610		2.28	%
Deposits in banks and short term investments		88,563			855		3.84	%			78,295			787		3.99	%
Total interest-earning assets		2,820,071			34,768		4.90	%			2,829,782			32,760		4.59	%
Noninterest-earning assets		218,876									228,703
Total assets	$	3,038,947								$	3,058,485
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing demand and savings	$	1,460,011		$	7,342		2.00	%		$	1,382,638		$	4,455		1.28	%
Other time		603,391			5,812		3.83	%			672,442			5,883		3.47	%
Total interest-bearing deposits		2,063,402			13,154		2.54	%			2,055,080			10,338		2.00	%
Federal funds purchased		2			—		5.92	%			764			11		5.93	%
Federal Home Loan Bank advances		185,000			1,913		4.11	%			155,652			1,569		4.00	%
Other borrowings		63,001			996		6.29	%			66,342			1,041		6.22	%
Total other interest-bearing liabilities		248,003			2,909		4.67	%			222,758			2,621		4.67	%
Total interest-bearing liabilities		2,311,405			16,063		2.76	%			2,277,838			12,959		2.26	%
Noninterest-bearing liabilities:
Demand deposits		440,699								$	509,946
Other liabilities		18,074									31,130
Stockholders' equity		268,769									239,571
Total noninterest-bearing liabilities and stockholders' equity		727,542									780,647
Total liabilities and stockholders' equity	$	3,038,947								$	3,058,485
Interest rate spread							2.14	%								2.33	%
Net interest income				$	18,705								$	19,801
Net interest margin							2.64	%								2.78	%

1

The 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 $59,000 and $54,000 for the quarters ended September 30, 2024 and 2023, respectively, are calculated using the statutory federal tax rate and are included in income and fees on loans. Accretion income of $25,000 and $36,000 for the quarters ended September 30, 2024 and 2023, respectively, are also included in income and fees on loans.

2

Taxable-equivalent adjustments totaling $105,000 and $128,000 for the quarters ended September 30, 2024 and 2023, respectively, are calculated using the statutory federal tax rate and are included in tax-exempt interest on investment securities.

Colony Bankcorp, Inc.
Average Balance Sheet and Net Interest Analysis
	Nine Months Ended September 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	$	1,904,906		$	83,365		5.85	%		$	1,833,405		$	72,403		5.28	%
Investment securities, taxable		726,462			14,511		2.67	%			779,940			16,167		2.77	%
Investment securities, tax-exempt 4		100,789			1,653		2.19	%			106,599			1,837		2.30	%
Deposits in banks and short term investments		74,255			2,231		4.01	%			67,828			1,853		3.65	%
Total interest-earning assets		2,806,412			101,760		4.84	%			2,787,772			92,260		4.42	%
Noninterest-earning assets		222,134									224,985
Total assets	$	3,028,547								$	3,012,757
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing demand and savings	$	1,454,287		$	20,534		1.89	%		$	1,388,248		$	10,201		0.98	%
Other time		597,623			16,817		3.76	%			611,032			13,692		3.00	%
Total interest-bearing deposits		2,051,910			37,351		2.43	%			1,999,280			23,893		1.60	%
Federal funds purchased		5			—		5.94	%			3,703			146		5.29	%
Federal Home Loan Bank advances		173,540			5,306		4.08	%			161,099			5,140		4.27	%
Other borrowings		63,241			2,989		6.31	%			70,234			3,164		6.02	%
Total other interest-bearing liabilities		236,786			8,295		4.68	%			235,036			8,450		4.81	%
Total interest-bearing liabilities		2,288,696			45,646		2.66	%			2,234,316			32,343		1.94	%
Noninterest-bearing liabilities:
Demand deposits		461,336								$	526,469
Other liabilities		16,869									13,897
Stockholders' equity		261,646									238,075
Total noninterest-bearing liabilities and stockholders' equity		739,851									778,441
Total liabilities and stockholders' equity	$	3,028,547								$	3,012,757
Interest rate spread							2.18	%								2.48	%
Net interest income				$	56,114								$	59,917
Net interest margin							2.67	%								2.87	%

3		The 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 $163,000 and $162,000 for the nine months ended September 30, 2024 and 2023, respectively, are calculated using the statutory federal tax rate and are included in income and fees on loans. Accretion income of $35,000 and $160,000 for the nine months ended September 30, 2024 and 2023, respectively, are also included in income and fees on loans.
4		Taxable-equivalent adjustments totaling $347,000 and $386,000 for the nine months ended September 30, 2024 and 2023, respectively, are included in tax-exempt interest on investment securities.

Colony Bankcorp, Inc.
Segment Reporting
		2024										2023
(dollars in thousands)		Third Quarter			Second Quarter			First Quarter				Fourth Quarter			Third Quarter
Banking Division
Net interest income		$	17,152		$	17,217		$	17,552			$	17,986		$	18,778
Provision for credit losses			698			96			455				979			286
Noninterest income			5,494			5,086			5,680				5,992			6,233
Noninterest expenses			17,075			17,135			17,129				16,619			16,653
Income taxes			1,017			1,060			1,166				1,365			1,777
Segment income		$	3,856		$	4,012		$	4,482			$	5,015		$	6,295
Total segment assets		$	2,955,145		$	2,889,013		$	2,910,102			$	2,956,121		$	2,999,071
Full time employees			375			385			377				378			382
Mortgage Banking Division
Net interest income		$	67		$	50		$	40			$	23		$	52
Provision for credit losses			—			—			—				—			—
Noninterest income			1,812			1,456			1,165				1,206			1,725
Noninterest expenses			1,533			1,326			1,218				1,203			2,040
Income taxes			71			42			1				8			(53	)
Segment income		$	275		$	138		$	(14	)		$	18		$	(210	)
Total segment assets		$	9,300		$	19,004		$	8,011			$	7,890		$	9,991
Variable noninterest expense(1)		$	1,005		$	807		$	603			$	597		$	1,245
Fixed noninterest expense			528			519			615				606			795
Full time employees			44			42			43				42			45
Small Business Specialty Lending Division
Net interest income		$	1,322		$	1,142		$	1,062			$	865		$	791
Provision for credit losses			52			554			545				521			714
Noninterest income			2,776			2,955			2,642				2,107			1,760
Noninterest expenses			2,227			1,869			2,050				1,765			2,188
Income taxes			321			350			244				121			(70	)
Segment income		$	1,498		$	1,324		$	865			$	565		$	(281	)
Total segment assets		$	100,658		$	99,890		$	97,396			$	89,411		$	84,761
Full time employees			33			33			31				33			33
Total Consolidated
Net interest income		$	18,541		$	18,409		$	18,654			$	18,874		$	19,621
Provision for credit losses			750			650			1,000				1,500			1,000
Noninterest income			10,082			9,497			9,487				9,305			9,718
Noninterest expenses			20,835			20,330			20,397				19,587			20,881
Income taxes			1,409			1,452			1,411				1,494			1,654
Segment income		$	5,629		$	5,474		$	5,333			$	5,598		$	5,804
Total segment assets		$	3,065,103		$	3,007,907		$	3,015,509			$	3,053,422		$	3,093,823
Full time employees			452			460			451				453			460
(1) Variable noninterest expense includes commission based salary expenses and volume based loan related fees.

Colony Bankcorp, Inc.
Consolidated Balance Sheets
		September 30, 2024				December 31, 2023
(dollars in thousands)		(unaudited)				(audited)
ASSETS
Cash and due from banks		$	23,248			$	25,339
Interest-bearing deposits in banks and federal funds sold			121,605				57,983
Cash and cash equivalents			144,853				83,322
Investment securities available for sale, at fair value			370,008				407,382
Investment securities held to maturity, at amortized cost			440,706				449,031
Other investments			17,712				16,868
Loans held for sale			27,760				27,958
Loans, net of unearned income			1,886,037				1,883,470
Allowance for credit losses			(19,663	)			(18,371	)
Loans, net			1,866,374				1,865,099
Premises and equipment			37,983				39,870
Other real estate			227				448
Goodwill			48,923				48,923
Other intangible assets			3,249				4,192
Bank owned life insurance			57,556				56,925
Deferred income taxes, net			21,166				25,405
Other assets			28,586				27,999
Total assets		$	3,065,103			$	3,053,422
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing		$	439,892			$	498,992
Interest-bearing			2,085,078				2,045,798
Total deposits			2,524,970				2,544,790
Federal Home Loan Bank advances			185,000				175,000
Other borrowed money			63,016				63,445
Accrued expenses and other liabilities			16,065				15,252
Total liabilities		$	2,789,051			$	2,798,487
Stockholders’ equity
Common stock, $1 par value; 50,000,000 shares authorized, 17,554,884 and 17,564,182 issued and outstanding, respectively		$	17,555			$	17,564
Paid in capital			168,599				168,614
Retained earnings			134,910				124,400
Accumulated other comprehensive loss, net of tax			(45,012	)			(55,643	)
Total stockholders’ equity			276,052				254,935
Total liabilities and stockholders’ equity		$	3,065,103			$	3,053,422

Colony Bankcorp, Inc.
Consolidated Statements of Income (unaudited)
		Three months ended September 30,							Nine months ended September 30,
			2024				2023			2024				2023
(dollars in thousands, except per share data)
Interest income:
Loans, including fees		$	28,501			$	26,022		$	83,202			$	72,242
Investment securities			5,248				5,770			15,816				17,619
Deposits in banks and short term investments			855				787			2,232				1,852
Total interest income			34,604				32,579			101,250				91,713
Interest expense:
Deposits			13,154				10,338			37,351				23,893
Federal funds purchased			—				11			—				146
Federal Home Loan Bank advances			1,913				1,568			5,306				5,140
Other borrowings			996				1,041			2,989				3,164
Total interest expense			16,063				12,958			45,646				32,343
Net interest income			18,541				19,621			55,604				59,370
Provision for credit losses			750				1,000			2,400				2,100
Net interest income after provision for credit losses			17,791				18,621			53,204				57,270
Noninterest income:
Service charges on deposits			2,401				2,200			7,062				6,140
Mortgage fee income			1,812				1,730			4,503				4,928
Gain on sales of SBA loans			2,227				1,268			6,620				3,429
Loss on sales of securities			(454	)			—			(1,434	)			—
Interchange fees			2,163				2,202			6,269				6,401
BOLI income			383				335			1,314				1,024
Insurance commissions			433				509			1,318				1,421
Other			1,117				1,474			3,414				2,986
Total noninterest income			10,082				9,718			29,066				26,329
Noninterest expense:
Salaries and employee benefits			12,594				11,973			36,889				37,929
Occupancy and equipment			1,523				1,620			4,505				4,740
Information technology expenses			2,150				2,064			6,487				6,406
Professional fees			748				752			2,286				2,348
Advertising and public relations			965				766			2,892				2,432
Communications			210				224			652				710
Other			2,645				3,482			7,851				8,913
Total noninterest expense			20,835				20,881			61,562				63,478
Income before income taxes			7,038				7,458			20,708				20,121
Income taxes			1,409				1,654			4,272				3,972
Net income		$	5,629			$	5,804		$	16,436			$	16,149
Earnings per common share:
Basic		$	0.32			$	0.33		$	0.94			$	0.92
Diluted			0.32				0.33			0.94				0.92
Dividends declared per share			0.1125				0.1100			0.3375				0.3300
Weighted average common shares outstanding:
Basic			17,587,902				17,569,493			17,566,452				17,581,817
Diluted			17,587,902				17,569,493			17,566,452				17,581,817

Colony Bankcorp, Inc.
Quarterly Consolidated Statements of Income
		2024												2023
		Third Quarter				Second Quarter				First Quarter				Fourth Quarter			Third Quarter
(dollars in thousands, except per share data)		(unaudited)				(unaudited)				(unaudited)				(audited)			(unaudited)
Interest income:
Loans, including fees		$	28,501			$	27,604			$	27,097			$	27,014		$	26,022
Investment securities			5,248				5,048				5,520				5,700			5,770
Deposits in banks and short term investments			855				684				693				489			787
Total interest income			34,604				33,336				33,310				33,203			32,579
Interest expense:
Deposits			13,154				12,106				12,091				11,571			10,338
Federal funds purchased			—				—				—				1			11
Federal Home Loan Bank advances			1,913				1,821				1,572				1,623			1,568
Other borrowings			996				1,000				993				1,134			1,041
Total interest expense			16,063				14,927				14,656				14,329			12,958
Net interest income			18,541				18,409				18,654				18,874			19,621
Provision for credit losses			750				650				1,000				1,500			1,000
Net interest income after provision for credit losses			17,791				17,759				17,654				17,374			18,621
Noninterest income:
Service charges on deposits			2,401				2,288				2,373				2,595			2,200
Mortgage fee income			1,812				1,442				1,249				1,203			1,730
Gain on sales of SBA loans			2,227				2,347				2,046				1,634			1,268
Loss on sales of securities			(454	)			(425	)			(555	)			—			—
Interchange fees			2,163				2,078				2,028				2,059			2,202
BOLI income			383				398				533				372			335
Insurance commissions			433				420				465				452			509
Other			1,117				949				1,348				990			1,474
Total noninterest income			10,082				9,497				9,487				9,305			9,718
Noninterest expense:
Salaries and employee benefits			12,594				12,277				12,018				11,304			11,973
Occupancy and equipment			1,523				1,475				1,507				1,543			1,620
Information technology expenses			2,150				2,227				2,110				2,147			2,064
Professional fees			748				704				834				749			752
Advertising and public relations			965				967				960				1,054			766
Communications			210				216				226				237			224
Other			2,645				2,464				2,742				2,553			3,482
Total noninterest expense			20,835				20,330				20,397				19,587			20,881
Income before income taxes			7,038				6,926				6,744				7,092			7,458
Income taxes			1,409				1,452				1,411				1,494			1,654
Net income		$	5,629			$	5,474			$	5,333			$	5,598		$	5,804
Earnings per common share:
Basic		$	0.32			$	0.31			$	0.30			$	0.32		$	0.33
Diluted			0.32				0.31				0.30				0.32			0.33
Dividends declared per share			0.1125				0.1125				0.1125				0.1100			0.1100
Weighted average common shares outstanding:
Basic			17,587,902				17,551,007				17,560,210				17,567,839			17,569,493
Diluted			17,587,902				17,551,007				17,560,210				17,567,839			17,569,493

Colony Bankcorp, Inc.
Quarterly Comparison
		2024												2023
(dollars in thousands, except per share data)		Third Quarter				Second Quarter				First Quarter				Fourth Quarter				Third Quarter
Assets		$	3,065,103			$	3,007,907			$	3,015,509			$	3,053,422			$	3,093,823
Loans, net			1,866,374				1,846,768				1,840,361				1,865,099				1,847,603
Deposits			2,524,970				2,460,225				2,522,748				2,544,790				2,591,332
Total equity			276,052				264,743				259,914				254,935				238,692
Net income			5,629				5,474				5,333				5,598				5,804
Earnings per basic share		$	0.32			$	0.31			$	0.30			$	0.32			$	0.33
Key Performance Ratios:
Return on average assets			0.74	%			0.73	%			0.71	%			0.73	%			0.75	%
Operating return on average assets (a)			0.81	%			0.80	%			0.76	%			0.71	%			0.77	%
Return on average total equity			8.33	%			8.46	%			8.38	%			9.20	%			9.61	%
Operating return on average total equity (a)			9.18	%			9.22	%			9.10	%			8.90	%			9.89	%
Total equity to total assets			9.01	%			8.80	%			8.62	%			8.35	%			7.72	%
Tangible equity to tangible assets (a)			7.43	%			7.18	%			6.99	%			6.73	%			6.09	%
Net interest margin			2.64	%			2.68	%			2.69	%			2.70	%			2.78	%
(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)		Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Noninterest-bearing demand		$	439,892		$	437,623		$	476,413		$	498,992		$	494,221
Interest-bearing demand			769,123			788,674			802,596			759,299			740,672
Savings			684,371			670,848			650,188			660,311			681,229
Time, $250,000 and over			198,942			168,856			173,386			167,680			187,218
Other time			432,642			394,224			420,165			458,508			487,992
Total		$	2,524,970		$	2,460,225		$	2,522,748		$	2,544,790		$	2,591,332

Colony Bankcorp, Inc.
Quarterly Deposits by Location Comparison
		2024									2023
(dollars in thousands)		Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Coastal Georgia		$	142,580		$	144,021		$	138,103		$	137,398		$	133,888
Middle Georgia			269,144			275,758			286,697			265,788			262,352
Atlanta and North Georgia			321,808			336,338			333,856			334,003			345,179
South Georgia			1,165,529			1,110,049			1,132,701			1,134,662			1,132,545
West Georgia			357,450			365,380			378,764			384,750			389,269
Brokered deposits			70,999			39,240			59,019			93,561			148,707
Reciprocal deposits			197,460			189,439			193,608			194,628			179,392
Total		$	2,524,970		$	2,460,225		$	2,522,748		$	2,544,790		$	2,591,332

Colony Bankcorp, Inc.
Quarterly Loan Comparison
		2024									2023
(dollars in thousands)		Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Core		$	1,759,600		$	1,732,843		$	1,718,284		$	1,729,866		$	1,698,219
Purchased			126,437			132,731			140,734			153,604			166,752
Total		$	1,886,037		$	1,865,574		$	1,859,018		$	1,883,470		$	1,864,971

Colony Bankcorp, Inc.
Quarterly Loans by Composition Comparison
		2024									2023
(dollars in thousands)		Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Construction, land & land development		$	196,390		$	199,916		$	234,000		$	247,146		$	245,268
Other commercial real estate			1,012,466			985,102			971,205			974,649			969,168
Total commercial real estate			1,208,856			1,185,018			1,205,205			1,221,795			1,214,436
Residential real estate			349,777			360,847			347,277			355,973			339,501
Commercial, financial & agricultural			242,389			242,205			239,837			242,743			252,725
Consumer and other			85,015			77,504			66,699			62,959			58,309
Total		$	1,886,037		$	1,865,574		$	1,859,018		$	1,883,470		$	1,864,971

Colony Bankcorp, Inc.
Quarterly Loans by Location Comparison
		2024									2023
(dollars in thousands)		Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Alabama		$	46,630		$	44,575		$	44,806		$	45,594		$	45,135
Florida			12,280			2,753			1,579			40			—
Augusta			59,557			64,465			71,483			65,284			55,508
Coastal Georgia			220,452			228,844			232,557			243,492			239,281
Middle Georgia			120,843			124,268			121,131			118,806			116,776
Atlanta and North Georgia			432,377			427,568			425,753			426,724			431,632
South Georgia			427,887			413,098			409,681			436,728			446,221
West Georgia			184,634			184,365			183,679			187,751			188,208
Small Business Specialty Lending			79,967			75,182			71,196			68,637			65,187
Consumer Portfolio Mortgages			253,481			257,772			261,204			255,771			245,057
Marine/RV Lending			45,785			41,922			35,017			33,191			31,009
Other			2,144			762			932			1,452			957
Total		$	1,886,037		$	1,865,574		$	1,859,018		$	1,883,470		$	1,864,971

Colony Bankcorp, Inc.
Classified Loans
		2024													2023
(dollars in thousands)		Third Quarter				Second Quarter				First Quarter					Fourth Quarter				Third Quarter
		$			#	$			#	$			#		$			#	$			#
Construction, land & land development		$	—		—	$	54		3	$	572		11		$	1,063		14	$	1,180		13
Other commercial real estate			13,338		36		13,990		34		13,918		46			10,219		39		7,726		41
Residential real estate			1,554		85		2,168		104		5,896		183			7,103		187		6,633		184
Commercial, financial & agricultural			6,005		61		6,075		54		5,487		70			5,284		58		5,102		56
Consumer and other			21		23		68		24		92		67			85		76		63		73
TOTAL		$	20,918		205	$	22,355		219	$	25,965		377		$	23,754		374	$	20,704		367
Classified loans to total loans			1.11	%			1.20	%			1.40	%				1.26	%			1.11	%
Colony Bankcorp, Inc.
Criticized Loans
													2024									2023
(dollars in thousands)		Third Quarter				Second Quarter				First Quarter					Fourth Quarter				Third Quarter
		$			#	$			#	$			#		$			#	$			#
Construction, land & land development		$	4,418		9	$	626		6	$	1,543		18		$	2,192		21	$	1,238		17
Other commercial real estate			32,790		64		31,544		59		31,498		46			27,445		77		20,356		70
Residential real estate			5,389		90		5,431		107		13,050		249			14,275		253		13,212		245
Commercial, financial & agricultural			9,444		68		7,181		59		8,609		114			12,686		106		15,701		89
Consumer and other			21		23		68		24		365		85			281		92		234		92
TOTAL		$	52,062		254	$	44,850		255	$	55,065		512		$	56,879		549	$	50,741		513
Criticized loans to total loans			2.76	%			2.40	%			2.96	%				3.02	%			2.72	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241023571483/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 Q3 2024?

Colony Bankcorp reported net income of $5.6 million, or $0.32 per diluted share, for Q3 2024.

How much did Colony Bankcorp's (CBAN) total deposits grow in Q3 2024?

Total deposits increased by $64.7 million to $2.52 billion in Q3 2024 compared to Q2 2024.

What dividend did Colony Bankcorp (CBAN) declare for Q3 2024?

Colony Bankcorp declared a quarterly cash dividend of $0.1125 per share, to be paid on November 20, 2024.

What was Colony Bankcorp's (CBAN) loan growth in Q3 2024?

Total loans increased by $20.5 million, or 1.10%, to $1.89 billion in Q3 2024 compared to the previous quarter.