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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Colony Bankcorp Inc | NASDAQ:CBAN | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 16.98 | 16.65 | 17.31 | 0 | 00:00:00 |
From Jan 2024 to Jan 2025
Declares Quarterly Cash Dividend of $0.1125 Per Share
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:
The Company also announced that on July 24, 2024, the Board of Directors declared a quarterly cash dividend of $0.1125 per share, to be paid on its common stock on August 21, 2024, to shareholders of record as of the close of business on August 7, 2024. The Company had 17,538,611 shares of its common stock outstanding as of July 23, 2024.
“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
Capital
Second Quarter and June 30, 2024 Year to Date Results of Operations
Asset Quality
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 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 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 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.
Colony Bankcorp, Inc.
Reconciliation of Non-GAAP Measures
2024
2023
(dollars in thousands, except per share data)
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
Operating noninterest income reconciliation
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
$
9,718
$
8,827
Operating noninterest expense reconciliation
Noninterest expense (GAAP)
$
20,330
$
20,397
$
19,587
$
20,881
$
21,432
Severance costs
—
(23
)
—
(220
)
(635
)
Operating noninterest expense
$
20,330
$
20,374
$
19,587
$
20,661
$
20,797
Operating net income reconciliation
Net income (GAAP)
$
5,474
$
5,333
$
5,598
$
5,804
$
5,302
Severance costs
—
23
—
220
635
Gain on sale of bank premises
—
—
(236
)
—
(125
)
Writedown of bank premises
197
—
—
—
—
Loss on sales of securities
425
555
—
—
—
Income tax benefit
(129
)
(121
)
52
(48
)
(93
)
Operating net income
$
5,967
$
5,790
$
5,414
$
5,976
$
5,719
Weighted average diluted shares
17,551,007
17,560,210
17,567,839
17,569,493
17,580,557
Adjusted earnings per diluted share
$
0.34
$
0.33
$
0.31
$
0.34
$
0.33
Operating return on average assets reconciliation
Return on average assets (GAAP)
0.73
%
0.71
%
0.73
%
0.75
%
0.70
%
Severance costs
—
—
—
0.03
0.08
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
—
—
—
Tax effect of adjustment items
(0.02
)
(0.02
)
0.01
(0.01
)
(0.01
)
Operating return on average assets
0.80
%
0.76
%
0.71
%
0.77
%
0.75
%
Operating return on average equity reconciliation
Return on average equity (GAAP)
8.46
%
8.38
%
9.20
%
9.61
%
8.88
%
Severance costs
—
0.04
—
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 $56,000 and $45,000 for the quarters ended June 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 $15,000 and $53,000 for the quarters ended June 30, 2024 and 2023, respectively, are also included in income and fees on loans.
2Taxable-equivalent adjustments totaling $115,000 and $108,000 for the quarters ended June 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
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 $103,000 and $91,000 for the six months ended June 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 $10,000 and $124,000 for the six months ended June 30, 2024 and 2023, respectively, are also included in income and fees on loans.
4Taxable-equivalent adjustments totaling $242,000 and $217,000 for the six months ended June 30, 2024 and 2023, respectively, are included in tax-exempt interest on investment securities.
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, $1 par value; 50,000,000 shares authorized, 17,538,611 and 17,564,182 issued and outstanding, respectively
$
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, $250,000 and over
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 Georgia
$
144,021
$
138,103
$
137,398
$
133,888
$
133,536
Middle Georgia
275,758
286,697
265,788
262,352
265,615
Atlanta and North Georgia
336,338
333,856
334,003
345,179
341,664
South Georgia
1,110,049
1,132,701
1,134,662
1,132,545
1,197,545
West Georgia
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
Alabama
$
44,575
$
44,806
$
45,594
$
45,135
$
44,301
Florida
2,753
1,579
40
—
—
Augusta
64,465
71,483
65,284
55,508
55,124
Coastal Georgia
228,844
232,557
243,492
239,281
242,249
Middle Georgia
124,268
121,131
118,806
116,776
119,041
Atlanta and North Georgia
427,568
425,753
426,724
431,632
420,231
South Georgia
413,098
409,681
436,728
446,221
463,558
West Georgia
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
1 Year Colony Bankcorp Chart |
1 Month Colony Bankcorp Chart |
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