We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| 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 Oct 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 third quarter of 2024. Financial highlights are shown below.
Financial Highlights:
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
Capital
Third Quarter and September 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, 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
1 Year Colony Bankcorp Chart |
1 Month Colony Bankcorp Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
