Colony Bankcorp Inc. - CBAN STOCK NEWS

Colony Bankcorp (Nasdaq: CBAN) reported a significant increase in net income for Q2 2021, achieving $4.0 million or $0.42 per diluted share, compared to $2.2 million or $0.23 per diluted share in Q2 2020. The operating net income also rose to $4.6 million, a 92% increase year-over-year. For H1 2021, net income was $8.9 million, nearly double the $3.5 million in H1 2020. Mortgage production surged to $151.4 million as demand rose amid low interest rates. The firm declared a quarterly cash dividend of $0.1025 per share, payable on August 17, 2021.

Colony Bankcorp, Inc. (NASDAQ: CBAN) has appointed R. Dallis "D" Copeland, Jr. as Special Advisor, effective immediately. Copeland brings over 27 years of experience from Synovus Financial Corporation, where he held various leadership positions, including Executive Vice President. His role at Colony involves aiding in corporate planning, strategic decision-making, customer relationship management, and talent acquisition. CEO Heath Fountain emphasized that Copeland's expertise will be critical for driving growth, increasing operational efficiency, and enhancing customer acquisition.

Colony Bankcorp (NASDAQ: CBAN) has announced its acquisition of The Barnes Agency, an Allstate-licensed insurance agency in Macon, GA, expected to close on August 1, 2021. This acquisition leads to the creation of Colony Insurance, a new subsidiary aimed at diversifying revenue through consumer insurance solutions. Jason Barnes, the former owner of The Barnes Agency, will serve as President. This strategic move is expected to enhance profitability and broaden services for existing banking customers, aligning with Colony's goal of increasing non-interest income.

Colony Bankcorp, Inc. (Nasdaq: CBAN) announced participation in the 2021 Gulf South Bank Conference on May 3-4, 2021. T. Heath Fountain, the President and CEO, and Tracie Youngblood, the CFO, will engage in virtual one-on-one meetings. Presentations will be made available through the Shareholder Information section on Colony's website. Founded in 1975 and based in Fitzgerald, Georgia, Colony operates 29 locations and offers various financial services, including homebuilding finance and small business lending.

Colony Bankcorp reported a net income of $4.9 million for Q1 2021, translating to $0.52 per diluted share, significantly up from $1.6 million or $0.17 per diluted share in Q1 2020. Operating net income rose to $5.1 million, a 205% increase year-over-year. The bank's total assets reached $1.8 billion, marking a 19.1% growth compared to the previous year. Notably, noninterest income surged by 90% due to robust mortgage banking activity, while provision for loan losses decreased by 61.4%. A quarterly cash dividend of $0.1025 per share was declared, payable on May 17, 2021.

Colony Bankcorp (CBAN) announced its acquisition of SouthCrest Financial Group (SCSG) for approximately $84 million in a cash-and-stock deal. Upon completion, Colony's assets will total around $2.4 billion, with $1.4 billion in loans and $2.0 billion in deposits. The merger, which has received board approval, is expected to close by Q4 2021, subject to regulatory and shareholder approvals. This acquisition aims to enhance Colony's market presence in Northern Georgia and suburban Atlanta, creating a larger community bank and improving service offerings for customers.

Colony Bankcorp, Inc. (Nasdaq: CBAN) reported a net income of $4.9 million ($0.52 per diluted share) for Q4 2020, up from $2.8 million in Q4 2019. Year-to-date net income reached $11.8 million, with operating net income at $12.1 million. Total assets grew to $1.8 billion, an increase of 16% year-over-year. Noninterest income rose, driven by mortgage banking activity. A quarterly dividend of $0.1025 was declared to be paid in February 2021. Despite the challenges posed by the pandemic, the Company demonstrated solid growth in loans and deposits, while maintaining a strong capital position.

Colony Bankcorp, Inc. (Nasdaq: CBAN) announced a strategic realignment of its branch network, resulting in the closure of five branches, which is 18% of its network. The closures will take effect on March 19, 2021, impacting branches in Columbus, Douglas, Fitzgerald, Savannah, and Valdosta. The decision, aimed at enhancing efficiency, is expected to save approximately $1 million annually in operating expenses. Colony Bank will continue to serve these markets with remaining branches, with a commitment to uphold service quality. This move aligns with the bank's investment in digital banking channels.

Colony Bankcorp, Inc. (NASDAQ: CBAN) announces its expansion into Northwest Georgia with the hiring of Charles Bennett as Senior Vice President, Commercial Banker in Canton. Bennett brings over 30 years of experience, previously serving at Wells Fargo and other banks. His local community ties and banking expertise are expected to strengthen Colony's competitive position against larger banks. CEO Heath Fountain noted this expansion aligns with Colony's strategy of entering markets where they can effectively compete.