CBAN Colony Bankcorp Inc

Declares Quarterly Cash Dividend of $0.1125 Per Share

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

Financial Highlights:

• Net income decreased to $5.3 million, or $0.30 per diluted share, for the first quarter of 2024, compared to $5.6 million, or $0.32 per diluted share, for the fourth quarter of 2023, but increased from the first quarter of 2023 net income of $5.0 million, or $0.29 per diluted share.
• Operating net income increased to $5.8 million, or $0.33 of adjusted earnings per diluted share, for the first quarter of 2024, compared to $5.4 million, or $0.31 of adjusted earnings per diluted share, for the fourth quarter of 2023, and $5.5 million, or $0.31 of adjusted earnings per diluted share, for the first quarter of 2023. (See Reconciliation of Non-GAAP Measures).
• Strong liquidity with available sources of funding of approximately $1.3 billion at March 31, 2024. No overnight borrowings utilized as of March 31, 2024.
• Estimated uninsured deposits of $785.6 million, or 30.82% of total Bank deposits at March 31, 2024. Adjusted uninsured deposit estimate (excluding deposits collateralized by public funds or internal accounts) of $459.9 million, or 18.04% of total Bank deposits at March 31, 2024.
• Provision for credit losses of $1.0 million was recorded in first quarter of 2024 compared to $1.5 million in fourth quarter of 2023, and $900,000 in first quarter of 2023.
• Total loans were $1.86 billion at March 31, 2024, a decrease of $24.5 million, or 1.30%, from the prior quarter.
• Total deposits were $2.52 billion and $2.54 billion at March 31, 2024 and December 31, 2023, respectively, a decrease of $22.0 million.
• Mortgage production was $50.1 million, and mortgage sales totaled $36.6 million in the first quarter of 2024 compared to $45.3 million and $40.1 million, respectively, for the fourth quarter of 2023.
• Small Business Specialty Lending (“SBSL”) closed $35.6 million in Small Business Administration (“SBA”) loans and sold $24.0 million in SBA loans in the first quarter of 2024 compared to $24.0 million and $18.0 million, respectively, for the fourth quarter of 2023.

The Company also announced that on April 24, 2024, the Board of Directors declared a quarterly cash dividend of $0.1125 per share, to be paid on its common stock on May 22, 2024, to shareholders of record as of the close of business on May 8, 2024. The Company had 17,558,611 shares of its common stock outstanding as of April 23, 2024.

“We are pleased with the announcement of our improved operating results for the first quarter, including the continued improvement in our complementary lines of business which have contributed to our increased noninterest income. Although margin declined slightly during the first quarter, the decline was less than anticipated as we begin to see some stability in our increasing funding costs,” said Heath Fountain, Chief Executive Officer.

“Total loans declined in the first quarter, largely due to the sale of portfolio mortgages for a gain and credit related payoffs of a limited number of loans, along with the general slowdown in loan production we’ve seen over the past few quarters. Looking ahead, based on our current pipeline projections we do expect to see modest loan growth for the rest of the year.

“While our total deposits experienced a decline due to wholesale deposit payoffs in the first quarter, we are pleased to report that customer deposits increased by $12.5 million and is a result of our commitment to growing customer relationships. Also during the quarter, we strategically sold underperforming securities for a loss which enables us to reinvest those proceeds into higher performing assets and improve our overall earnings.

"We saw an improvement in nonperforming loans and maintain confidence in overall credit quality. Following a period of historically low charge-offs, the few charge-offs observed in recent quarters have not raised any concerns regarding the quality of our portfolio.

“We are proud of the effort and progress our team has made towards achieving our performance objectives and we expect that we will see continued improvement as we move forward.”

Balance Sheet

• Total assets were $3.02 billion at March 31, 2024, a decrease of $37.9 million from December 31, 2023.
• Total loans, including loans held for sale, were at $1.89 billion at March 31, 2024, a decrease of $21.3 million from the quarter ended December 31, 2023.
• Total deposits were $2.52 billion and $2.54 billion at March 31, 2024 and December 31, 2023, respectively, a decrease of $22.0 million. Interest bearing demand deposits increased $43.3 million which was offset by decreases in savings and money market deposits of $10.1 million and time deposits of $32.6 million from December 31, 2023 to March 31, 2024.
• Total borrowings at March 31, 2024 totaled $218.0 million, a decrease of $20.5 million or, 8.6%, compared to December 31, 2023, 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.”
• Preliminary tier one leverage ratio, tier one capital ratio, total risk-based capital ratio and common equity tier one capital ratio were 9.19%, 13.04%, 15.79%, and 11.90%, respectively, at March 31, 2024.

First Quarter and March 31, 2024 Year to Date Results of Operations

• Net interest income, on a tax-equivalent basis, totaled $18.8 million for the first quarter ended March 31, 2024 compared to $20.7 million for the same period in 2023. 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 $5.0 million, to $33.5 million for the first quarter of 2024 compared to the respective period in 2023. Expense on interest bearing liabilities increased $6.9 million, to $14.7 million for the first quarter of 2024 compared to the respective period in 2023.
• Net interest margin for the first quarter of 2024 was 2.69% compared to 3.08% for the first quarter of 2023. The decrease is the result of rate increases in interest bearing liabilities outpacing the rate increases in interest earning assets.
• Noninterest income totaled $9.5 million for the first quarter ended March 31, 2024, an increase of $1.8 million, or 23.87%, compared to the same period in 2023. This increase was primarily related to increases in service charges on deposit accounts, mortgage fee income, gains on sales of SBA loans and income on wealth advisory services which is included in other noninterest income which were partially offset by decreases in interchange fee income and losses on the sales of investment securities.
• Noninterest expense totaled $20.4 million for the first quarter ended March 31, 2024, compared to $21.2 million for the same period in 2023. This decrease was a result of overall decreases in salaries and employee benefits primarily related to the expense initiative in 2023 which lowered total number of employees period over period as well as a decrease in data processing expense as a result of cost savings upon renewal of the core processing contract in second quarter of 2023.

Asset Quality

• Nonperforming assets totaled $7.0 million and $10.7 million at March 31, 2024 and December 31, 2023, respectively, a decrease of $3.7 million.
• Other real estate owned and repossessed assets totaled $562,000 at March 31, 2024 and $448,000 at December 31, 2023.
• Net loans charged-off were $664,000, or 0.14% of average loans for the first quarter of 2024, compared to $692,000 or 0.15% for the fourth quarter of 2023.
• The credit loss reserve was $18.7 million, or 1.00% of total loans, at March 31, 2024, compared to $18.4 million, or 0.98% of total loans at December 31, 2023.

Earnings call information

The Company will host an earnings conference call at 9:00 a.m. ET on Thursday, April 25, 2024, to discuss the recent results and answer appropriate questions. The conference call can be accessed by dialing 800-274-8461 and using the Conference ID: COLONY1Q. A replay of the call will be available until Thursday, May 2, 2024. To listen to the replay, dial 800-757-4761.

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 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; risks related to the Company’s recently completed acquisitions, including that the anticipated benefits from the recently completed acquisitions are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions or other unexpected factors or events; the 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)

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

 

First Quarter

Operating noninterest income reconciliation

Noninterest income (GAAP)

 

$

9,487

 

 

$

9,305

 

 

$

9,721

 

 

$

8,952

 

 

$

7,656

 

Gain on sale of bank premises

 

 

—

 

 

 

(236

)

 

 

—

 

 

 

(125

)

 

 

—

 

Loss on sales of securities

 

 

555

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Operating noninterest income

 

$

10,042

 

 

$

9,069

 

 

$

9,721

 

 

$

8,827

 

 

$

7,656

 

 

 

 

 

 

 

 

 

 

 

 

Operating noninterest expense reconciliation

Noninterest expense (GAAP)

 

$

20,397

 

 

$

19,587

 

 

$

20,881

 

 

$

21,432

 

 

$

21,165

 

Severance costs

 

 

(23

)

 

 

—

 

 

 

(220

)

 

 

(635

)

 

 

(431

)

Acquisition-related expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(161

)

Operating noninterest expense

 

$

20,374

 

 

$

19,587

 

 

$

20,661

 

 

$

20,797

 

 

$

20,573

 

 

 

 

 

 

 

 

 

 

 

 

Operating net income reconciliation

Net income (GAAP)

 

$

5,333

 

 

$

5,598

 

 

$

5,804

 

 

$

5,302

 

 

$

5,043

 

Severance costs

 

 

23

 

 

 

—

 

 

 

220

 

 

 

635

 

 

 

431

 

Acquisition-related expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

161

 

Gain on sale of bank premises

 

 

—

 

 

 

(236

)

 

 

—

 

 

 

(125

)

 

 

—

 

Loss on sales of securities

 

 

555

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Income tax benefit

 

 

(121

)

 

 

52

 

 

 

(48

)

 

 

(93

)

 

 

(107

)

Operating net income

 

$

5,790

 

 

$

5,414

 

 

$

5,976

 

 

$

5,719

 

 

$

5,528

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average diluted shares

 

 

17,560,210

 

 

 

17,567,839

 

 

 

17,569,493

 

 

 

17,580,557

 

 

 

17,595,688

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted earnings per diluted share

 

$

0.33

 

 

$

0.31

 

 

$

0.34

 

 

$

0.33

 

 

$

0.31

 

 

 

 

 

 

 

 

 

 

 

 

Operating return on average assets reconciliation

Return on average assets (GAAP)

 

 

0.71

%

 

 

0.73

%

 

 

0.75

%

 

 

0.70

%

 

 

0.69

%

Severance costs

 

 

—

 

 

 

—

 

 

 

0.03

 

 

 

0.08

 

 

 

0.06

 

Acquisition-related expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.02

 

Gain on sale of bank premises

 

 

—

 

 

 

(0.03

)

 

 

—

 

 

 

(0.02

)

 

 

—

 

Loss on sales of securities

 

 

0.07

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Tax effect of adjustment items

 

 

(0.02

)

 

 

0.01

 

 

 

(0.01

)

 

 

(0.01

)

 

 

(0.01

)

Operating return on average assets

 

 

0.76

%

 

 

0.71

%

 

 

0.77

%

 

 

0.75

%

 

 

0.76

%

 

 

 

 

 

 

 

 

 

 

 

Operating return on average equity reconciliation

Return on average equity (GAAP)

 

 

8.38

%

 

 

9.20

%

 

 

9.61

%

 

 

8.88

%

 

 

8.73

%

Severance costs

 

 

0.04

 

 

 

—

 

 

 

0.36

 

 

 

1.06

 

 

 

0.75

 

Acquisition-related expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.28

 

Gain on sale of bank premises

 

 

—

 

 

 

(0.39

)

 

 

—

 

 

 

(0.21

)

 

 

—

 

Loss on sales of securities

 

 

0.87

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Tax effect of adjustment items

 

 

(0.19

)

 

 

0.09

 

 

 

(0.08

)

 

 

(0.16

)

 

 

(0.19

)

Operating return on average equity

 

 

9.10

%

 

 

8.90

%

 

 

9.89

%

 

 

9.57

%

 

 

9.57

%

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per common share reconciliation

Book value per common share (GAAP)

 

$

14.80

 

 

$

14.51

 

 

$

13.59

 

 

$

13.65

 

 

$

13.57

 

Effect of goodwill and other intangibles

 

 

(3.01

)

 

 

(3.02

)

 

 

(3.04

)

 

 

(3.07

)

 

 

(3.08

)

Tangible book value per common share

 

$

11.79

 

 

$

11.49

 

 

$

10.55

 

 

$

10.58

 

 

$

10.49

 

 

 

 

 

 

 

 

 

 

 

 

Tangible equity to tangible assets reconciliation

 

 

 

 

 

 

 

 

 

 

Equity to assets (GAAP)

 

 

8.62

%

 

 

8.35

%

 

 

7.72

%

 

 

7.72

%

 

 

7.97

%

Effect of goodwill and other intangibles

 

 

(1.63

)

 

 

(1.62

)

 

 

(1.63

)

 

 

(1.63

)

 

 

(1.70

)

Tangible equity to tangible assets

 

 

6.99

%

 

 

6.73

%

 

 

6.09

%

 

 

6.09

%

 

 

6.27

%

 

 

 

 

 

 

 

 

 

 

 

   

Operating efficiency ratio calculation

Efficiency ratio (GAAP)

 

 

72.48

%

 

 

69.51

%

 

 

71.17

%

 

 

76.18

%

 

 

74.98

%

Severance costs

 

 

(0.08

)

 

 

—

 

 

 

(0.75

)

 

 

(2.26

)

 

 

(1.53

)

Acquisition-related expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.57

)

Gain on sale of bank premises

 

 

—

 

 

 

0.84

 

 

 

—

 

 

 

0.44

 

 

 

—

 

Loss on sales of securities

 

 

(1.97

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Operating efficiency ratio

 

 

70.43

%

 

 

70.35

%

 

 

70.42

%

 

 

74.36

%

 

 

72.88

%

 

 

 

 

 

 

 

 

 

 

 

Operating net noninterest expense(1) to average assets calculation

Net noninterest expense to average assets

 

 

1.45

%

 

 

1.35

%

 

 

1.45

%

 

 

1.65

%

 

 

1.86

%

Severance costs

 

 

—

 

 

 

—

 

 

 

(0.03

)

 

 

(0.09

)

 

 

(0.06

)

Acquisition-related expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.02

)

Gain on sale of bank premises

 

 

—

 

 

 

0.03

 

 

 

—

 

 

 

0.02

 

 

 

—

 

Loss on sales of securities

 

 

(0.07

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Operating net noninterest expense to average assets

 

 

1.38

%

 

 

1.38

%

 

 

1.42

%

 

 

1.58

%

 

 

1.78

%

 

 

 

 

 

 

 

 

 

 

 

Pre-provision net revenue

 

 

 

 

 

 

 

 

 

 

Net interest income before provision for credit losses

 

$

18,654

 

 

$

18,874

 

 

$

19,621

 

 

$

19,181

 

 

$

20,568

 

Noninterest income

 

 

9,487

 

 

 

9,305

 

 

 

9,718

 

 

 

8,952

 

 

 

7,659

 

Total income

 

 

28,141

 

 

 

28,179

 

 

 

29,339

 

 

 

28,133

 

 

 

28,227

 

Noninterest expense

 

 

20,397

 

 

 

19,587

 

 

 

20,881

 

 

 

21,432

 

 

 

21,165

 

Pre-provision net revenue

 

$

7,744

 

 

$

8,592

 

 

$

8,458

 

 

$

6,701

 

 

$

7,062

 

(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)

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

 

First Quarter

EARNINGS SUMMARY

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

18,654

 

 

$

18,874

 

 

$

19,621

 

 

$

19,181

 

 

$

20,568

 

Provision for credit losses

 

 

1,000

 

 

 

1,500

 

 

 

1,000

 

 

 

200

 

 

 

900

 

Noninterest income

 

 

9,487

 

 

 

9,305

 

 

 

9,718

 

 

 

8,952

 

 

 

7,659

 

Noninterest expense

 

 

20,397

 

 

 

19,587

 

 

 

20,881

 

 

 

21,432

 

 

 

21,165

 

Income taxes

 

 

1,411

 

 

 

1,494

 

 

 

1,654

 

 

 

1,199

 

 

 

1,119

 

Net income

 

$

5,333

 

 

$

5,598

 

 

$

5,804

 

 

$

5,302

 

 

$

5,043

 

PERFORMANCE MEASURES

 

 

 

 

 

 

 

 

 

 

Per common share:

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

17,558,611

 

 

 

17,564,182

 

 

 

17,567,983

 

 

 

17,541,661

 

 

 

17,593,879

 

Weighted average basic shares

 

 

17,560,210

 

 

 

17,567,839

 

 

 

17,569,493

 

 

 

17,580,557

 

 

 

17,595,688

 

Weighted average diluted shares

 

 

17,560,210

 

 

 

17,567,839

 

 

 

17,569,493

 

 

 

17,580,557

 

 

 

17,595,688

 

Earnings per basic share

 

$

0.30

 

 

$

0.32

 

 

$

0.33

 

 

$

0.30

 

 

$

0.29

 

Earnings per diluted share

 

 

0.30

 

 

 

0.32

 

 

 

0.33

 

 

 

0.30

 

 

 

0.29

 

Adjusted earnings per diluted share(b)

 

 

0.33

 

 

 

0.31

 

 

 

0.34

 

 

 

0.33

 

 

 

0.31

 

Cash dividends declared per share

 

 

0.1125

 

 

 

0.1100

 

 

 

0.1100

 

 

 

0.1100

 

 

 

0.1100

 

Common book value per share

 

 

14.80

 

 

 

14.51

 

 

 

13.59

 

 

 

13.65

 

 

 

13.57

 

Tangible book value per common share(b)

 

 

11.79

 

 

 

11.49

 

 

 

10.55

 

 

 

10.58

 

 

 

10.49

 

Pre-provision net revenue(b)

 

$

7,744

 

 

$

8,592

 

 

$

8,458

 

 

$

6,701

 

 

$

7,062

 

Performance ratios:

 

 

 

 

 

 

 

 

 

 

Net interest margin (a)

 

 

2.69

%

 

 

2.70

%

 

 

2.78

%

 

 

2.77

%

 

 

3.08

%

Return on average assets

 

 

0.71

 

 

 

0.73

 

 

 

0.75

 

 

 

0.70

 

 

 

0.69

 

Operating return on average assets (b)

 

 

0.76

 

 

 

0.71

 

 

 

0.77

 

 

 

0.75

 

 

 

0.76

 

Return on average total equity

 

 

8.38

 

 

 

9.20

 

 

 

9.61

 

 

 

8.88

 

 

 

8.73

 

Operating return on average total equity (b)

 

 

9.10

 

 

 

8.90

 

 

 

9.89

 

 

 

9.57

 

 

 

9.57

 

Efficiency ratio

 

 

72.48

 

 

 

69.51

 

 

 

71.17

 

 

 

76.18

 

 

 

74.98

 

Operating efficiency ratio (b)

 

 

70.43

 

 

 

70.35

 

 

 

70.42

 

 

 

74.36

 

 

 

72.88

 

Net noninterest expense to average assets

 

 

1.45

 

 

 

1.35

 

 

 

1.45

 

 

 

1.65

 

 

 

1.86

 

Operating net noninterest expense to average assets(b)

 

 

1.38

 

 

 

1.38

 

 

 

1.42

 

 

 

1.58

 

 

 

1.78

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

Nonperforming portfolio loans

 

$

3,674

 

 

$

7,804

 

 

$

5,625

 

 

$

6,716

 

 

$

5,636

 

Nonperforming government guaranteed loans

 

 

2,757

 

 

 

2,035

 

 

 

3,641

 

 

 

4,369

 

 

 

1,529

 

Loans 90 days past due and still accruing

 

 

—

 

 

 

370

 

 

 

9

 

 

 

—

 

 

 

—

 

Total nonperforming loans (NPLs)

 

 

6,431

 

 

 

10,209

 

 

 

9,275

 

 

 

11,085

 

 

 

7,165

 

Other real estate owned

 

 

562

 

 

 

448

 

 

 

812

 

 

 

792

 

 

 

651

 

Total nonperforming assets (NPAs)

 

 

6,993

 

 

 

10,657

 

 

 

10,087

 

 

 

11,877

 

 

 

7,816

 

Classified loans

 

 

25,965

 

 

 

23,754

 

 

 

20,704

 

 

 

19,267

 

 

 

18,747

 

Criticized loans

 

 

55,065

 

 

 

56,879

 

 

 

50,741

 

 

 

48,074

 

 

 

43,281

 

Net loan charge-offs (recoveries)

 

 

664

 

 

 

692

 

 

 

698

 

 

 

(37

)

 

 

237

 

Allowance for credit losses to total loans

 

 

1.00

%

 

 

0.98

%

 

 

0.93

%

 

 

0.93

%

 

 

0.92

%

Allowance for credit losses to total NPLs

 

 

290.11

 

 

 

179.95

 

 

 

187.26

 

 

 

153.96

 

 

 

231.67

 

Allowance for credit losses to total NPAs

 

 

266.80

 

 

 

172.38

 

 

 

172.18

 

 

 

143.69

 

 

 

212.37

 

Net charge-offs (recoveries) to average loans, net

 

 

0.14

 

 

 

0.15

 

 

 

0.15

 

 

 

(0.01

)

 

 

0.05

 

NPLs to total loans

 

 

0.35

 

 

 

0.54

 

 

 

0.50

 

 

 

0.60

 

 

 

0.40

 

NPAs to total assets

 

 

0.23

 

 

 

0.35

 

 

 

0.33

 

 

 

0.38

 

 

 

0.26

 

NPAs to total loans and foreclosed assets

 

 

0.38

 

 

 

0.57

 

 

 

0.54

 

 

 

0.65

 

 

 

0.43

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

3,036,093

 

 

$

3,027,812

 

 

$

3,058,485

 

 

$

3,030,044

 

 

$

2,949,986

 

Loans, net

 

 

1,853,077

 

 

 

1,860,652

 

 

 

1,854,367

 

 

 

1,814,172

 

 

 

1,765,845

 

Loans, held for sale

 

 

24,612

 

 

 

21,251

 

 

 

29,444

 

 

 

21,237

 

 

 

14,007

 

Deposits

 

 

2,543,259

 

 

 

2,538,500

 

 

 

2,565,026

 

 

 

2,524,949

 

 

 

2,473,464

 

Total stockholders’ equity

 

 

255,927

 

 

 

241,392

 

 

 

239,571

 

 

 

239,579

 

 

 

234,147

 

(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 March 31,

 

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

$

1,896,014

 

$

27,145

 

5.76

%

 

$

1,779,852

 

$

22,199

 

5.06

%

Investment securities, taxable

 

737,257

 

 

5,042

 

2.75

%

 

 

786,900

 

 

5,374

 

2.77

%

Investment securities, tax-exempt 2

 

106,819

 

 

605

 

2.28

%

 

 

114,346

 

 

594

 

2.11

%

Deposits in banks and short term investments

 

71,431

 

 

693

 

3.90

%

 

 

50,898

 

 

357

 

2.85

%

Total interest-earning assets

 

2,811,521

 

 

33,485

 

4.79

%

 

 

2,731,996

 

 

28,524

 

4.23

%

Noninterest-earning assets

 

224,572

 

 

 

 

 

 

217,990

 

 

 

 

Total assets

$

3,036,093

 

 

 

 

 

$

2,949,986

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand and savings

$

1,451,490

 

$

6,408

 

1.78

%

 

$

1,409,834

 

$

2,324

 

0.67

%

Other time

 

612,241

 

 

5,683

 

3.73

%

 

 

507,415

 

 

2,675

 

2.14

%

Total interest-bearing deposits

 

2,063,731

 

 

12,091

 

2.36

%

 

 

1,917,249

 

 

4,999

 

1.06

%

Federal funds purchased

 

13

 

 

—

 

5.72

%

 

 

7,012

 

 

88

 

5.09

%

Federal Home Loan Bank advances

 

156,978

 

 

1,572

 

4.03

%

 

 

149,444

 

 

1,626

 

4.41

%

Other borrowings

 

63,086

 

 

993

 

6.33

%

 

 

76,083

 

 

1,089

 

5.80

%

Total other interest-bearing liabilities

 

220,077

 

 

2,565

 

4.69

%

 

 

232,539

 

 

2,803

 

4.89

%

Total interest-bearing liabilities

 

2,283,808

 

 

14,656

 

2.58

%

 

 

2,149,788

 

 

7,802

 

1.47

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

479,528

 

 

 

 

 

$

556,216

 

 

 

 

Other liabilities

 

16,830

 

 

 

 

 

 

9,835

 

 

 

 

Stockholders' equity

 

255,927

 

 

 

 

 

 

234,147

 

 

 

 

Total noninterest-bearing liabilities and stockholders' equity

 

752,285

 

 

 

 

 

 

800,198

 

 

 

 

Total liabilities and stockholders' equity

$

3,036,093

 

 

 

 

 

$

2,949,986

 

 

 

 

Interest rate spread

 

 

 

 

2.21

%

 

 

 

 

 

2.76

%

Net interest income

 

 

$

18,829

 

 

 

 

 

$

20,722

 

 

Net interest margin

 

 

 

 

2.69

%

 

 

 

 

 

3.08

%

____________________________________

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 $48,000 and $45,000 for the quarters ended March 31, 2024 and 2023, respectively, are calculated using the statutory federal tax rate and are included in income and fees on loans. Accretion expense of $5,000 and income of $71,000 for the quarters ended March 31, 2024 and 2023 are also included in income and fees on loans.

2Taxable-equivalent adjustments totaling $127,000 and $108,000 for the quarters ended March 31, 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.

 

 

Segment Reporting

 

 

 

 

2024

 

2023

(dollars in thousands)

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

 

First Quarter

Banking Division

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

17,552

 

 

$

17,986

 

$

18,778

 

 

$

18,562

 

$

20,138

 

Provision for credit losses

 

 

455

 

 

 

979

 

 

286

 

 

 

60

 

 

900

 

Noninterest income

 

 

5,680

 

 

 

5,992

 

 

6,233

 

 

 

5,433

 

 

4,918

 

Noninterest expenses

 

 

17,129

 

 

 

16,619

 

 

16,653

 

 

 

17,650

 

 

17,812

 

Income taxes

 

 

1,166

 

 

 

1,365

 

 

1,777

 

 

 

1,157

 

 

1,155

 

Segment income

 

$

4,482

 

 

$

5,015

 

$

6,295

 

 

$

5,128

 

$

5,189

 

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

2,910,102

 

 

$

2,956,121

 

$

2,999,071

 

 

$

3,013,689

 

$

2,930,421

 

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

377

 

 

 

378

 

 

382

 

 

 

383

 

 

407

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Banking Division

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

40

 

 

$

23

 

$

52

 

 

$

31

 

$

3

 

Provision for credit losses

 

 

—

 

 

 

—

 

 

—

 

 

 

—

 

 

—

 

Noninterest income

 

 

1,165

 

 

 

1,206

 

 

1,725

 

 

 

2,015

 

 

1,277

 

Noninterest expenses

 

 

1,218

 

 

 

1,203

 

 

2,040

 

 

 

1,971

 

 

1,712

 

Income taxes

 

 

1

 

 

 

8

 

 

(53

)

 

 

14

 

 

(86

)

Segment income

 

$

(14

)

 

$

18

 

$

(210

)

 

$

61

 

$

(346

)

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

8,011

 

 

$

7,890

 

$

9,991

 

 

$

15,984

 

$

7,895

 

 

 

 

 

 

 

 

 

 

 

 

Variable noninterest expense(1)

 

$

603

 

 

$

597

 

$

1,245

 

 

$

1,149

 

$

890

 

Fixed noninterest expense

 

 

615

 

 

 

606

 

 

795

 

 

 

822

 

 

822

 

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

43

 

 

 

42

 

 

45

 

 

 

51

 

 

59

 

 

 

 

 

 

 

 

 

 

 

 

Small Business Specialty Lending Division

 

 

 

 

 

 

Net interest income

 

$

1,062

 

 

$

865

 

$

791

 

 

$

588

 

$

427

 

Provision for credit losses

 

 

545

 

 

 

521

 

 

714

 

 

 

140

 

 

—

 

Noninterest income

 

 

2,642

 

 

 

2,107

 

 

1,760

 

 

 

1,504

 

 

1,464

 

Noninterest expenses

 

 

2,050

 

 

 

1,765

 

 

2,188

 

 

 

1,811

 

 

1,641

 

Income taxes

 

 

244

 

 

 

121

 

 

(70

)

 

 

28

 

 

50

 

Segment income

 

$

865

 

 

$

565

 

$

(281

)

 

$

113

 

$

200

 

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

97,396

 

 

$

89,411

 

$

84,761

 

 

$

71,398

 

$

58,625

 

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

31

 

 

 

33

 

 

33

 

 

 

32

 

 

30

 

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

18,654

 

 

$

18,874

 

$

19,621

 

 

$

19,181

 

$

20,568

 

Provision for credit losses

 

 

1,000

 

 

 

1,500

 

 

1,000

 

 

 

200

 

 

900

 

Noninterest income

 

 

9,487

 

 

 

9,305

 

 

9,718

 

 

 

8,952

 

 

7,659

 

Noninterest expenses

 

 

20,397

 

 

 

19,587

 

 

20,881

 

 

 

21,432

 

 

21,165

 

Income taxes

 

 

1,411

 

 

 

1,494

 

 

1,654

 

 

 

1,199

 

 

1,119

 

Segment income

 

$

5,333

 

 

$

5,598

 

$

5,804

 

 

$

5,302

 

$

5,043

 

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

3,015,509

 

 

$

3,053,422

 

$

3,093,823

 

 

$

3,101,071

 

$

2,996,941

 

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

451

 

 

 

453

 

 

460

 

 

 

466

 

 

496

 

 

 

 

 

 

 

 

 

 

 

 

(1) Variable noninterest expense includes commission based salary expenses and volume based loan related fees.

 

Colony Bankcorp, Inc.

Consolidated Balance Sheets

 

 

March 31, 2024

 

December 31, 2023

(dollars in thousands)

 

(unaudited)

 

(audited)

ASSETS

 

 

 

 

Cash and due from banks

 

$

22,914

 

 

$

25,339

 

Interest-bearing deposits in banks and federal funds sold

 

 

71,755

 

 

 

57,983

 

Cash and cash equivalents

 

 

94,669

 

 

 

83,322

 

Investment securities available for sale, at fair value

 

 

382,953

 

 

 

407,382

 

Investment securities held to maturity, at amortized cost

 

 

447,157

 

 

 

449,031

 

Other investments

 

 

16,034

 

 

 

16,868

 

Loans held for sale

 

 

31,102

 

 

 

27,958

 

Loans, net of unearned income

 

 

1,859,018

 

 

 

1,883,470

 

Allowance for credit losses

 

 

(18,657

)

 

 

(18,371

)

Loans, net

 

 

1,840,361

 

 

 

1,865,099

 

Premises and equipment

 

 

39,381

 

 

 

39,870

 

Other real estate

 

 

562

 

 

 

448

 

Goodwill

 

 

48,923

 

 

 

48,923

 

Other intangible assets

 

 

3,855

 

 

 

4,192

 

Bank owned life insurance

 

 

56,765

 

 

 

56,925

 

Deferred income taxes, net

 

 

24,587

 

 

 

25,405

 

Other assets

 

 

29,160

 

 

 

27,999

 

Total assets

 

$

3,015,509

 

 

$

3,053,422

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Deposits:

 

 

 

 

Noninterest-bearing

 

$

476,413

 

 

$

498,992

 

Interest-bearing

 

 

2,046,335

 

 

 

2,045,798

 

Total deposits

 

 

2,522,748

 

 

 

2,544,790

 

Federal Home Loan Bank advances

 

 

155,000

 

 

 

175,000

 

Other borrowed money

 

 

62,969

 

 

 

63,445

 

Accrued expenses and other liabilities

 

 

14,878

 

 

 

15,252

 

Total liabilities

 

$

2,755,595

 

 

$

2,798,487

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

Common stock, $1 par value; 50,000,000 shares authorized, 17,558,611 and 17,564,182 issued and outstanding, respectively

 

$

17,559

 

 

$

17,564

 

Paid in capital

 

 

168,951

 

 

 

168,614

 

Retained earnings

 

 

127,758

 

 

 

124,400

 

Accumulated other comprehensive loss, net of tax

 

 

(54,354

)

 

 

(55,643

)

Total stockholders’ equity

 

 

259,914

 

 

 

254,935

 

Total liabilities and stockholders’ equity

 

$

3,015,509

 

 

$

3,053,422

 

   

Colony Bankcorp, Inc.

 

 

 

 

Consolidated Statements of Income (unaudited)

 

 

Three months ended March 31,

 

 

2024

 

2023

(dollars in thousands, except per share data)

 

 

Interest income:

 

 

 

 

Loans, including fees

 

$

27,097

 

 

$

22,153

Investment securities

 

 

5,520

 

 

 

5,860

Deposits in banks and short term investments

 

 

693

 

 

 

357

Total interest income

 

 

33,310

 

 

 

28,370

 

 

 

 

 

Interest expense:

 

 

 

 

Deposits

 

 

12,091

 

 

 

4,999

Federal funds purchased

 

 

—

 

 

 

88

Federal Home Loan Bank advances

 

 

1,572

 

 

 

1,626

Other borrowings

 

 

993

 

 

 

1,089

Total interest expense

 

 

14,656

 

 

 

7,802

Net interest income

 

 

18,654

 

 

 

20,568

Provision for credit losses

 

 

1,000

 

 

 

900

Net interest income after provision for credit losses

 

 

17,654

 

 

 

19,668

 

 

 

 

 

Noninterest income:

 

 

 

 

Service charges on deposits

 

 

2,373

 

 

 

1,914

Mortgage fee income

 

 

1,249

 

 

 

1,183

Gain on sales of SBA loans

 

 

2,046

 

 

 

1,057

Loss on sales of securities

 

 

(555

)

 

 

—

Interchange fees

 

 

2,028

 

 

 

2,068

BOLI income

 

 

533

 

 

 

331

Insurance commissions

 

 

465

 

 

 

460

Other

 

 

1,348

 

 

 

646

Total noninterest income

 

 

9,487

 

 

 

7,659

 

 

 

 

 

Noninterest expense:

 

 

 

 

Salaries and employee benefits

 

 

12,018

 

 

 

12,609

Occupancy and equipment

 

 

1,507

 

 

 

1,622

Information technology expenses

 

 

2,110

 

 

 

2,341

Professional fees

 

 

834

 

 

 

715

Advertising and public relations

 

 

960

 

 

 

993

Communications

 

 

226

 

 

 

294

Other

 

 

2,742

 

 

 

2,591

Total noninterest expense

 

 

20,397

 

 

 

21,165

Income before income taxes

 

 

6,744

 

 

 

6,162

Income taxes

 

 

1,411

 

 

 

1,119

Net income

 

$

5,333

 

 

$

5,043

Earnings per common share:

 

 

 

 

Basic

 

$

0.30

 

 

$

0.29

Diluted

 

 

0.30

 

 

 

0.29

Dividends declared per share

 

 

0.1125

 

 

 

0.1100

Weighted average common shares outstanding:

 

 

 

 

Basic

 

 

17,560,210

 

 

 

17,595,688

Diluted

 

 

17,560,210

 

 

 

17,595,688

 

Colony Bankcorp, Inc.

Quarterly Comparison

 

 

2024

 

2023

(dollars in thousands, except per share data)

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

 

First Quarter

Assets

 

$

3,015,509

 

 

$

3,053,422

 

 

$

3,093,823

 

 

$

3,101,071

 

 

$

2,996,941

 

Loans, net

 

 

1,840,361

 

 

 

1,865,099

 

 

 

1,847,603

 

 

 

1,821,776

 

 

 

1,783,254

 

Deposits

 

 

2,522,748

 

 

 

2,544,790

 

 

 

2,591,332

 

 

 

2,627,211

 

 

 

2,516,129

 

Total equity

 

 

259,914

 

 

 

254,935

 

 

 

238,692

 

 

 

239,455

 

 

 

238,777

 

Net income

 

 

5,333

 

 

 

5,598

 

 

 

5,804

 

 

 

5,302

 

 

 

5,043

 

Earnings per basic share

 

$

0.30

 

 

$

0.32

 

 

$

0.33

 

 

$

0.30

 

 

$

0.29

 

 

 

 

 

 

 

 

 

 

 

 

Key Performance Ratios:

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.71

%

 

 

0.73

%

 

 

0.75

%

 

 

0.70

%

 

 

0.69

%

Operating return on average assets (a)

 

 

0.76

%

 

 

0.71

%

 

 

0.77

%

 

 

0.75

%

 

 

0.76

%

Return on average total equity

 

 

8.38

%

 

 

9.20

%

 

 

9.61

%

 

 

8.88

%

 

 

8.73

%

Operating return on average total equity (a)

 

 

9.10

%

 

 

8.90

%

 

 

9.89

%

 

 

9.57

%

 

 

9.57

%

Total equity to total assets

 

 

8.62

%

 

 

8.35

%

 

 

7.72

%

 

 

7.72

%

 

 

7.97

%

Tangible equity to tangible assets (a)

 

 

6.99

%

 

 

6.73

%

 

 

6.09

%

 

 

6.09

%

 

 

6.27

%

Net interest margin

 

 

2.69

%

 

 

2.70

%

 

 

2.78

%

 

 

2.77

%

 

 

3.08

%

(a) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP.

 

Colony Bankcorp, Inc.

Quarterly Loan Comparison

 

 

2024

 

2023

(dollars in thousands)

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

 

First Quarter

Core

 

$

1,718,284

 

$

1,729,866

 

$

1,698,219

 

$

1,664,855

 

$

1,614,216

Purchased

 

 

140,734

 

 

153,604

 

 

166,752

 

 

173,987

 

 

185,637

Total

 

$

1,859,018

 

$

1,883,470

 

$

1,864,971

 

$

1,838,842

 

$

1,799,853

 

Colony Bankcorp, Inc.

Quarterly Loans by Composition Comparison

 

 

2024

 

2023

(dollars in thousands)

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

 

First Quarter

Construction, land & land development

 

$

234,000

 

$

247,146

 

$

245,268

 

$

249,423

 

$

249,720

Other commercial real estate

 

 

971,205

 

 

974,649

 

 

969,168

 

 

979,509

 

 

985,627

Total commercial real estate

 

 

1,205,205

 

 

1,221,795

 

 

1,214,436

 

 

1,228,932

 

 

1,235,347

Residential real estate

 

 

347,277

 

 

355,973

 

 

339,501

 

 

325,407

 

 

316,415

Commercial, financial & agricultural

 

 

239,837

 

 

242,743

 

 

252,725

 

 

243,458

 

 

225,269

Consumer and other

 

 

66,699

 

 

62,959

 

 

58,309

 

 

41,045

 

 

22,822

Total

 

$

1,859,018

 

$

1,883,470

 

$

1,864,971

 

$

1,838,842

 

$

1,799,853

 

Colony Bankcorp, Inc.

Quarterly Loans by Location Comparison

 

 

2024

 

2023

(dollars in thousands)

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

 

First Quarter

Alabama

 

$

44,806

 

$

45,594

 

$

45,135

 

$

44,301

 

$

41,118

Florida

 

 

1,579

 

 

40

 

 

—

 

 

—

 

 

—

Augusta

 

 

71,483

 

 

65,284

 

 

55,508

 

 

55,124

 

 

53,415

Coastal Georgia

 

 

232,557

 

 

243,492

 

 

239,281

 

 

242,249

 

 

248,253

Middle Georgia

 

 

121,131

 

 

118,806

 

 

116,776

 

 

119,041

 

 

119,720

Atlanta and North Georgia

 

 

425,753

 

 

426,724

 

 

431,632

 

 

420,231

 

 

419,480

South Georgia

 

 

409,681

 

 

436,728

 

 

446,221

 

 

463,558

 

 

448,558

West Georgia

 

 

183,679

 

 

187,751

 

 

188,208

 

 

192,348

 

 

204,664

Small Business Specialty Lending

 

 

71,196

 

 

68,637

 

 

65,187

 

 

56,908

 

 

50,513

Consumer Portfolio Mortgages

 

 

261,204

 

 

255,771

 

 

245,057

 

 

226,755

 

 

211,225

Marine/RV Lending

 

 

35,017

 

 

33,191

 

 

31,009

 

 

17,137

 

 

2,060

Other

 

 

932

 

 

1,452

 

 

957

 

 

1,190

 

 

847

Total

 

$

1,859,018

 

$

1,883,470

 

$

1,864,971

 

$

1,838,842

 

$

1,799,853

 

Colony Bankcorp, Inc.

Quarterly Deposits Comparison

 

 

2024

 

2023

(dollars in thousands)

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

 

First Quarter

Noninterest-bearing demand

 

$

476,413

 

$

498,992

 

$

494,221

 

$

541,119

 

$

537,928

Interest-bearing demand

 

 

802,596

 

 

759,299

 

 

740,672

 

 

733,708

 

 

764,070

Savings

 

 

650,188

 

 

660,311

 

 

681,229

 

 

659,137

 

 

612,397

Time, $250,000 and over

 

 

173,386

 

 

167,680

 

 

187,218

 

 

184,459

 

 

152,914

Other time

 

 

420,165

 

 

458,508

 

 

487,992

 

 

508,788

 

 

448,820

Total

 

$

2,522,748

 

$

2,544,790

 

$

2,591,332

 

$

2,627,211

 

$

2,516,129

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240424708104/en/

Derek Shelnutt EVP & Chief Financial Officer 229-426-6000, extension 6119