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Colony Bankcorp Reports Third Quarter 2023 Results

Declares Quarterly Cash Dividend of $0.11 Per Share

Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”) today reported financial results for the third quarter of 2023. Financial highlights are shown below.

Financial Highlights:

  • Net income increased to $5.8 million, or $0.33 per diluted share, for the third quarter of 2023, compared to $5.3 million, or $0.30 per diluted share, for the second quarter of 2023, and $5.3 million, or $0.30 per diluted share, for the third quarter of 2022.
  • Operating net income increased to $6.0 million, or $0.34 of adjusted earnings per diluted share, for the third quarter of 2023, compared to $5.7 million, or $0.33 of adjusted earnings per diluted share, for the second quarter of 2023, and $5.3 million, or $0.30 of adjusted earnings per diluted share, for the third quarter of 2022. (See Reconciliation of Non-GAAP Measures).
  • Strong liquidity with available sources of funding of approximately $1.4 billion at September 30, 2023. No overnight borrowings utilized or Federal Reserve Bank Term Funding program used as of September 30, 2023.
  • Estimated uninsured deposits of $740.0 million, or 28.21% of total Bank deposits at September 30, 2023. Adjusted uninsured deposit estimate (excluding deposits collateralized by public funds or internal accounts) of $451.9 million, or 17.22% of total Bank deposits at September 30, 2023.
  • Provision for credit losses of $1.0 million was recorded in third quarter of 2023 compared to $200,000 in second quarter of 2023, and $1.3 million in third quarter of 2022.
  • Total loans were $1.86 billion at September 30, 2023, an increase of $26.1 million, or 1.42%, from the prior quarter.
  • Total deposits were $2.59 billion and $2.63 billion at September 30, 2023 and June 30, 2023, respectively, a decrease of $35.9 million.
  • Mortgage production was $78.4 million, and mortgage sales totaled $53.3 million in the third quarter of 2023 compared to $106.4 million and $66.4 million, respectively, for the second quarter of 2023.
  • Small Business Specialty Lending (“SBSL”) closed $34.5 million in Small Business Administration (“SBA”) loans and sold $14.6 million in SBA loans in the third quarter of 2023 compared to $26.0 million and $11.1 million, respectively, for the second quarter of 2023.

The Company also announced that on October 25, 2023, the Board of Directors declared a quarterly cash dividend of $0.11 per share, to be paid on its common stock on November 22, 2023, to shareholders of record as of the close of business on November 8, 2023. The Company had 17,567,983 shares of its common stock outstanding as of October 24, 2023.

“We continue to be pleased with our performance in the current environment. Our quarter over quarter earnings improved as we remain focused on enhancing our operational efficiency, even in the face of persistent industry-wide challenges. Noninterest expenses decreased as we diligently maintained our disciplined approach to expense control and saw the results of our previous quarter's efforts come to fruition.

"In light of the evolving economic landscape, we anticipate a more conservative approach to loan growth in the coming quarters. This outlook aligns with our commitment to prudent risk management and achieving appropriate returns with the current increased cost of funds. We prioritize the long-term financial health of our institution and the well-being of our customers as we navigate these market conditions,” said Heath Fountain, Chief Executive Officer and Acting Chief Financial Officer.

“Total deposits declined slightly from the previous quarter resulting from the seasonality of a small portion of our deposit base, however, we have seen total deposits increase on a year-to-date basis. Additionally, net-interest margin increased 1 basis point from the prior quarter, but we maintain our outlook of flat to slightly down over the next quarter as we continue to see mix and rate changes along with competition on deposit pricing.

“Asset quality remains strong as non-performing loans decreased from the previous quarter and non-performing loans in our commercial real estate portfolio continue to remain at low levels. The uptick in loan charge-offs pertains to the non-government guaranteed portion of a limited number of loans within our Small Business Specialty Lending Division.”

Balance Sheet

  • Total assets were $3.09 billion at September 30, 2023, a decrease of $7.2 million from June 30, 2023.
  • Total loans, including loans held for sale, were at $1.89 billion at September 30, 2023, an increase of $25.1 million from the quarter ended June 30, 2023.
  • Total deposits were $2.59 billion and $2.63 billion at September 30, 2023 and June 30, 2023, respectively, a decrease of $35.9 million. Interest bearing demand deposits increased $7.0 million and savings and money market deposits increased $22.1 million, which was partially offset by a decrease in time deposits of $18.0 million from June 30, 2023 to September 30, 2023.
  • Total borrowings at September 30, 2023 totaled $248.4 million, an increase of $30.0 million or, 13.7%, compared to June 30, 2023 related to increases 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 8.93%, 12.46%, 15.11%, and 11.36%, respectively, at September 30, 2023.

Third Quarter and September 30, 2023 Year to Date Results of Operations

  • Net interest income, on a tax-equivalent basis, totaled $19.8 million for the third quarter ended September 30, 2023 compared to $21.0 million for the same period in 2022. Net interest income, on a tax-equivalent basis, for the nine months ended September 30, 2023 totaled $59.9 million, compared to $59.6 million for the nine months ended September 30, 2022. Quarter over quarter there was a decrease of $1.2 million and only a slight increase in year to date comparisons. Increases can be seen in both income on interest earning assets offset by 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 $8.9 million, to $32.8 million for the third quarter of 2023 and $26.8 million, to $92.3 million for the nine month period ended September 30, 2023, each compared to the respective period in 2022. Expense on interest bearing liabilities increased $10.1 million, to $13.0 million for the third quarter of 2023 and $26.5 million, to $32.3 million for the nine month period ended September 30, 2023, each compared to the respective period in 2022.
  • Net interest margin for the third quarter of 2023 was 2.78% compared to 3.26% for the third quarter of 2022. Net interest margin was 2.87% for the nine months ended September 30, 2023 compared to 3.19% for the nine months ended September 30, 2022. The decrease for each period is the result of rate increases in interest earning liabilities outpacing the rate increases in interest bearing assets.
  • Noninterest income totaled $9.7 million for the third quarter ended September 30, 2023, an increase of $1.6 million, or 19.30%, compared to the same period in 2022. This increase was related to increases in insurance commissions, equity investment income and income on wealth advisory services which are included in other noninterest income. Noninterest income totaled $26.3 million for the nine months ended September 30, 2023, a decrease of $1.0 million, or 3.68%, compared to the same period in 2022. This decrease was primarily attributable to decreases in mortgage fee income and SBSL loan sales offset by increases in insurance commissions, equity investment income and income on wealth advisory services which are included in other noninterest income.
  • Noninterest expense totaled $20.9 million for the third quarter ended September 30, 2023, compared to $21.4 million for the same period in 2022. Noninterest expense totaled $63.5 million for the nine months ended September 30, 2023, compared to $67.6 million for the same period in 2022. These decreases were a result of overall decreases in salaries and employee benefits related to lower commissions and bonus expenses as well as a decreases in data processing expense as a result of cost savings upon renewal of the core processing contract partially offset by an increase in other loan related fees.

Asset Quality

  • Nonperforming assets totaled $10.1 million and $11.9 million at September 30, 2023 and June 30, 2023, respectively, a decrease of $1.8 million due to charge offs and paid off loans during the quarter.
  • Other real estate owned and repossessed assets totaled $812,000 at September 30, 2023 and $792,000 at June 30, 2023.
  • Net loans charged-off were $898,000, or 0.19% of average loans for the third quarter of 2023, compared to net charge-offs of $200,000 or 0.04% for the second quarter of 2023.
  • The credit loss reserve was $17.4 million, or 0.93% of total loans, at September 30, 2023, compared to $17.1 million, or 0.93% of total loans at June 30, 2023.

Earnings call information

The Company will host an earnings conference call at 9:00 a.m. ET on Thursday, October 26, 2023, to discuss the recent results and answer appropriate questions. The conference call can be accessed by dialing 1-888-259-6580 (or 1-416-764-8624 for international participants). The conference call access code is 97884160. A replay of the call will be available until Thursday, November 2, 2023. To listen to the replay, dial 1-877-674-7070 and enter the access code 884160#.

About Colony Bankcorp

Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in 1975 and headquartered in Fitzgerald, Georgia, Colony operates 38 locations throughout Georgia and is now serving Alabama. 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 “believes,” “anticipates,” “expects,” “intends,” “targeted” 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; 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; potential impact of the phase-out of the London Interbank Offered Rate (“LIBOR”) or other changes involving LIBOR; 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; 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, 2022, 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, 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, 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. Operating noninterest expense excludes acquisition-related expenses and severance costs. Operating net income and operating efficiency ratio both exclude acquisition-related expenses, severance costs and FHLB mark from called borrowings from net income and efficiency ratio, respectively. Operating net noninterest expense to average assets ratio excludes from net noninterest expense, severance costs, acquisition-related expenses and gain on sale of bank premises. 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, 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, 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

 

 

 

 

 

 

2023

 

2022

(dollars in thousands, except per share data)

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

Operating noninterest income reconciliation

 

 

 

 

 

 

 

 

 

 

Noninterest income (GAAP)

 

$

9,718

 

 

$

8,952

 

 

$

7,659

 

 

$

7,688

 

 

$

8,145

 

Gain on sale of bank premises

 

 

 

 

 

(125

)

 

 

 

 

 

 

 

 

 

Operating noninterest income

 

$

9,718

 

 

$

8,827

 

 

$

7,659

 

 

$

7,688

 

 

$

8,145

 

 

 

 

 

 

 

 

 

 

 

 

Operating noninterest expense reconciliation

 

 

 

 

 

 

 

 

 

 

Noninterest expense (GAAP)

 

$

20,881

 

 

$

21,432

 

 

$

21,165

 

 

$

21,826

 

 

$

21,367

 

Severance costs

 

 

(220

)

 

 

(635

)

 

 

(431

)

 

 

 

 

 

 

Acquisition-related expenses

 

 

 

 

 

 

 

 

(161

)

 

 

 

 

 

(2

)

Operating noninterest expense

 

$

20,661

 

 

$

20,797

 

 

$

20,573

 

 

$

21,826

 

 

$

21,365

 

 

 

 

 

 

 

 

 

 

 

 

Operating net income reconciliation

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

5,804

 

 

$

5,302

 

 

$

5,043

 

 

$

5,551

 

 

$

5,252

 

Severance costs

 

 

220

 

 

 

635

 

 

 

431

 

 

 

 

 

 

 

Acquisition-related expenses

 

 

 

 

 

 

 

 

161

 

 

 

 

 

 

2

 

Gain on sale of bank premises

 

 

 

 

 

(125

)

 

 

 

 

 

 

 

 

 

Income tax benefit

 

 

(48

)

 

 

(93

)

 

 

(107

)

 

 

 

 

 

 

Operating net income

 

$

5,976

 

 

$

5,719

 

 

$

5,528

 

 

$

5,551

 

 

$

5,254

 

Weighted average diluted shares

 

 

17,569,493

 

 

 

17,580,557

 

 

 

17,595,688

 

 

 

17,630,971

 

 

 

17,645,119

 

Adjusted earnings per diluted share

 

$

0.34

 

 

$

0.33

 

 

$

0.31

 

 

$

0.31

 

 

$

0.30

 

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per common share reconciliation

 

 

 

 

 

 

 

 

Book value per common share (GAAP)

 

$

13.59

 

 

$

13.65

 

 

$

13.57

 

 

$

13.08

 

 

$

12.81

 

Effect of goodwill and other intangibles

 

 

(3.04

)

 

 

(3.07

)

 

 

(3.08

)

 

 

(3.10

)

 

 

(3.12

)

Tangible book value per common share

 

$

10.55

 

 

$

10.58

 

 

$

10.49

 

 

$

9.98

 

 

$

9.69

 

 

 

 

 

 

 

 

 

 

 

 

Tangible equity to tangible assets reconciliation

 

 

 

 

 

 

 

 

 

 

Equity to assets (GAAP)

 

 

7.72

%

 

 

7.72

%

 

 

7.97

%

 

 

7.84

%

 

 

8.06

%

Effect of goodwill and other intangibles

 

 

(1.63

)

 

 

(1.63

)

 

 

(1.70

)

 

 

(1.74

)

 

 

(1.84

)

Tangible equity to tangible assets

 

 

6.09

%

 

 

6.09

%

 

 

6.27

%

 

 

6.10

%

 

 

6.22

%

 

 

 

 

 

 

 

 

 

 

 

Operating efficiency ratio calculation

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (GAAP)

 

 

71.17

%

 

 

76.18

%

 

 

74.98

%

 

 

75.03

%

 

 

73.57

%

Severance costs

 

 

(0.75

)

 

 

(2.26

)

 

 

(1.53

)

 

 

 

 

 

 

Acquisition-related expenses

 

 

 

 

 

 

 

 

(0.57

)

 

 

 

 

 

(0.01

)

Gain on sale of bank premises

 

 

 

 

 

0.44

 

 

 

 

 

 

 

 

 

 

Operating efficiency ratio

 

 

70.42

%

 

 

74.36

%

 

 

72.88

%

 

 

75.03

%

 

 

73.56

%

 

 

 

 

 

 

 

 

 

 

 

Operating net noninterest expense(1) to average assets calculation

 

 

 

 

 

 

 

 

Net noninterest expense to average assets

 

 

1.45

%

 

 

1.65

%

 

 

1.86

%

 

 

1.96

%

 

 

1.89

%

Severance Costs

 

 

(0.03

)

 

 

(0.09

)

 

 

(0.06

)

 

 

 

 

 

 

Acquisition-related expenses

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

 

 

 

Gain on Sale of bank premises

 

 

 

 

 

0.02

 

 

 

 

 

 

 

 

 

 

Operating net noninterest expense to average assets

 

 

1.42

%

 

 

1.58

%

 

 

1.78

%

 

 

1.96

%

 

 

1.89

%

 

 

 

 

 

 

 

 

 

 

 

Pre-provision net revenue

 

 

 

 

 

 

 

 

 

 

Net interest income before provision for credit losses

 

$

19,621

 

 

$

19,181

 

 

$

20,568

 

 

$

21,400

 

 

$

20,898

 

Noninterest income

 

 

9,718

 

 

 

8,952

 

 

 

7,659

 

 

 

7,688

 

 

 

8,146

 

Total income

 

 

29,339

 

 

 

28,133

 

 

 

28,227

 

 

 

29,088

 

 

 

29,044

 

Noninterest expense

 

 

20,881

 

 

 

21,432

 

 

 

21,165

 

 

 

21,826

 

 

 

21,367

 

Pre-provision net revenue

 

$

8,458

 

 

$

6,701

 

 

$

7,062

 

 

$

7,262

 

 

$

7,677

 

(1) Net noninterest expense is defined as noninterest expense less noninterest income

 

Colony Bankcorp, Inc.

Selected Financial Information

 

 

2023

 

2022

(dollars in thousands, except per share data)

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

EARNINGS SUMMARY

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

19,621

 

 

$

19,181

 

 

$

20,568

 

 

$

21,400

 

 

$

20,898

 

Provision for credit losses

 

 

1,000

 

 

 

200

 

 

 

900

 

 

 

900

 

 

 

1,320

 

Noninterest income

 

 

9,718

 

 

 

8,952

 

 

 

7,659

 

 

 

7,688

 

 

 

8,146

 

Noninterest expense

 

 

20,881

 

 

 

21,432

 

 

 

21,165

 

 

 

21,826

 

 

 

21,367

 

Income taxes

 

 

1,654

 

 

 

1,199

 

 

 

1,119

 

 

 

811

 

 

 

1,105

 

Net income

 

$

5,804

 

 

$

5,302

 

 

$

5,043

 

 

$

5,551

 

 

$

5,252

 

PERFORMANCE MEASURES

 

 

 

 

 

 

 

 

 

 

Per common share:

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

17,567,983

 

 

 

17,541,661

 

 

 

17,593,879

 

 

 

17,598,123

 

 

 

17,641,123

 

Weighted average basic shares

 

 

17,569,493

 

 

 

17,580,557

 

 

 

17,595,688

 

 

 

17,630,971

 

 

 

17,645,119

 

Weighted average diluted shares

 

 

17,569,493

 

 

 

17,580,557

 

 

 

17,595,688

 

 

 

17,630,971

 

 

 

17,645,119

 

Earnings per basic share

 

$

0.33

 

 

$

0.30

 

 

$

0.29

 

 

$

0.31

 

 

$

0.30

 

Earnings per diluted share

 

 

0.33

 

 

 

0.30

 

 

 

0.29

 

 

 

0.31

 

 

 

0.30

 

Adjusted earnings per diluted share(b)

 

 

0.34

 

 

 

0.33

 

 

 

0.31

 

 

 

0.31

 

 

 

0.30

 

Cash dividends declared per share

 

 

0.11

 

 

 

0.11

 

 

 

0.11

 

 

 

0.1075

 

 

 

0.1075

 

Common book value per share

 

 

13.59

 

 

 

13.65

 

 

 

13.57

 

 

 

13.08

 

 

 

12.81

 

Tangible book value per common share(b)

 

 

10.55

 

 

 

10.58

 

 

 

10.49

 

 

 

9.98

 

 

 

9.69

 

Pre-provision net revenue(b)

 

$

8,458

 

 

$

6,701

 

 

$

7,062

 

 

$

7,262

 

 

$

7,677

 

Performance ratios:

 

 

 

 

 

 

 

 

 

 

Net interest margin (a)

 

 

2.78

%

 

 

2.77

%

 

 

3.08

%

 

 

3.23

%

 

 

3.25

%

Return on average assets

 

 

0.75

 

 

 

0.70

 

 

 

0.69

 

 

 

0.77

 

 

 

0.75

 

Return on average total equity

 

 

9.61

 

 

 

8.88

 

 

 

8.73

 

 

 

9.76

 

 

 

8.85

 

Efficiency ratio

 

 

71.17

 

 

 

76.18

 

 

 

74.98

 

 

 

75.03

 

 

 

73.57

 

Operating efficiency ratio (b)

 

 

70.42

 

 

 

74.36

 

 

 

72.88

 

 

 

75.03

 

 

 

73.56

 

Net noninterest expense to average assets

 

 

1.45

 

 

 

1.65

 

 

 

1.86

 

 

 

1.96

 

 

 

1.89

 

Operating net noninterest expense to average assets(b)

 

 

1.42

 

 

 

1.58

 

 

 

1.78

 

 

 

1.96

 

 

 

1.89

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

Nonperforming portfolio loans

 

$

5,625

 

 

$

6,716

 

 

$

5,636

 

 

$

5,693

 

 

$

5,292

 

Nonperforming government guaranteed loans

 

 

3,641

 

 

 

4,369

 

 

 

1,529

 

 

 

17

 

 

 

10

 

Total nonperforming loans (NPLs)

 

 

9,266

 

 

 

11,085

 

 

 

7,165

 

 

 

5,710

 

 

 

5,302

 

Other real estate owned

 

 

812

 

 

 

792

 

 

 

651

 

 

 

651

 

 

 

246

 

Total nonperforming assets (NPAs)

 

 

10,078

 

 

 

11,877

 

 

 

7,816

 

 

 

6,361

 

 

 

5,548

 

Classified loans

 

 

20,704

 

 

 

19,267

 

 

 

18,747

 

 

 

15,105

 

 

 

18,310

 

Criticized loans

 

 

50,741

 

 

 

48,074

 

 

 

43,281

 

 

 

41,293

 

 

 

43,933

 

Net loan charge-offs

 

 

898

 

 

 

200

 

 

 

237

 

 

 

154

 

 

 

198

 

Allowance for credit losses to total loans

 

 

0.93

%

 

 

0.93

%

 

 

0.92

%

 

 

0.93

%

 

 

0.96

%

Allowance for credit losses to total NPLs

 

 

187.44

 

 

 

153.96

 

 

 

231.67

 

 

 

282.45

 

 

 

286.34

 

Allowance for credit losses to total NPAs

 

 

172.34

 

 

 

143.69

 

 

 

212.37

 

 

 

253.55

 

 

 

273.65

 

Net charge-offs to average loans

 

 

0.19

 

 

 

0.04

 

 

 

0.05

 

 

 

0.04

 

 

 

0.05

 

NPLs to total loans

 

 

0.50

 

 

 

0.60

 

 

 

0.40

 

 

 

0.33

 

 

 

0.33

 

NPAs to total assets

 

 

0.33

 

 

 

0.38

 

 

 

0.26

 

 

 

0.22

 

 

 

0.20

 

NPAs to total loans and foreclosed assets

 

 

0.54

 

 

 

0.65

 

 

 

0.43

 

 

 

0.37

 

 

 

0.35

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

3,058,485

 

 

$

3,030,044

 

 

$

2,949,986

 

 

$

2,863,046

 

 

$

2,777,390

 

Loans, net

 

 

1,854,367

 

 

 

1,814,172

 

 

 

1,765,845

 

 

 

1,637,034

 

 

 

1,509,202

 

Loans, held for sale

 

 

29,444

 

 

 

21,237

 

 

 

14,007

 

 

 

22,644

 

 

 

30,238

 

Deposits

 

 

2,565,026

 

 

 

2,524,949

 

 

 

2,473,464

 

 

 

2,460,664

 

 

 

2,366,710

 

Total stockholders’ equity

 

 

239,571

 

 

 

239,579

 

 

 

234,147

 

 

 

225,639

 

 

 

235,557

 

(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,

 

2023

 

2022

(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

$

1,883,811

 

$

26,075

 

5.49

%

 

$

1,553,882

 

$

18,216

 

4.65

%

Investment securities, taxable

 

761,540

 

 

5,288

 

2.75

%

 

 

818,362

 

 

4,711

 

2.28

%

Investment securities, tax-exempt 2

 

106,136

 

 

610

 

2.28

%

 

 

115,368

 

 

638

 

2.19

%

Deposits in banks and short term investments

 

78,295

 

 

787

 

3.99

%

 

 

70,455

 

 

278

 

1.56

%

Total interest-earning assets

 

2,829,782

 

 

32,760

 

4.59

%

 

 

2,558,067

 

 

23,843

 

3.70

%

Noninterest-earning assets

 

228,702

 

 

 

 

 

 

219,323

 

 

 

 

Total assets

$

3,058,485

 

 

 

 

 

$

2,777,390

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest-earning demand and savings

$

1,382,638

 

$

4,455

 

1.28

%

 

$

1,424,171

 

$

772

 

0.21

%

Other time

 

672,442

 

 

5,883

 

3.47

%

 

 

370,282

 

 

677

 

0.72

%

Total interest-bearing deposits

 

2,055,080

 

 

10,338

 

2.00

%

 

 

1,794,453

 

 

1,449

 

0.32

%

Federal funds purchased

 

764

 

 

11

 

5.93

%

 

 

541

 

 

3

 

2.20

%

Federal Home Loan Bank advances

 

155,652

 

 

1,569

 

4.00

%

 

 

96,848

 

 

555

 

2.27

%

Other borrowings

 

66,342

 

 

1,041

 

6.22

%

 

 

65,741

 

 

822

 

4.96

%

Total other interest-bearing liabilities

 

222,758

 

 

2,621

 

4.67

%

 

 

163,130

 

 

1,380

 

3.36

%

Total interest-bearing liabilities

 

2,277,838

 

 

12,959

 

2.26

%

 

 

1,957,583

 

 

2,829

 

0.57

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

509,946

 

 

 

 

 

$

572,257

 

 

 

 

Other liabilities

 

31,130

 

 

 

 

 

 

11,993

 

 

 

 

Stockholders' equity

 

239,571

 

 

 

 

 

 

235,557

 

 

 

 

Total noninterest-bearing liabilities and stockholders' equity

 

780,647

 

 

 

 

 

 

819,807

 

 

 

 

Total liabilities and stockholders' equity

$

3,058,485

 

 

 

 

 

$

2,777,390

 

 

 

 

Interest rate spread

 

 

 

 

2.34

%

 

 

 

 

 

3.13

%

Net interest income

 

 

$

19,801

 

 

 

 

 

$

21,014

 

 

Net interest margin

 

 

 

 

2.78

%

 

 

 

 

 

3.26

%

________________________________________

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 $54,000 and $33,000 for the quarters ended September 30, 2023 and 2022, respectively, are calculated using the statutory federal tax rate and are included in income and fees on loans. Accretion income of $36,000 and $122,000 for the quarters ended September 30, 2023 and 2022 are also included in income and fees on loans.

2Taxable-equivalent adjustments totaling $128,000 and $83,000 for the quarters ended September 30, 2023 and 2022, 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,

 

2023

 

2022

(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

$

1,833,405

 

$

72,403

 

5.28

%

 

$

1,448,661

 

$

50,573

 

4.67

%

Investment securities, taxable

 

779,940

 

 

16,167

 

2.77

%

 

 

837,492

 

 

12,795

 

2.04

%

Investment securities, tax-exempt 4

 

106,599

 

 

1,837

 

2.30

%

 

 

110,561

 

 

1,661

 

2.01

%

Deposits in banks and short term investments

 

67,828

 

 

1,853

 

3.65

%

 

 

101,432

 

 

437

 

0.58

%

Total interest-earning assets

 

2,787,772

 

 

92,260

 

4.42

%

 

 

2,498,146

 

 

65,466

 

3.50

%

Noninterest-earning assets

 

224,985

 

 

 

 

 

 

213,556

 

 

 

 

Total assets

$

3,012,757

 

 

 

 

 

$

2,711,702

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest-earning demand and savings

$

1,388,248

 

$

10,201

 

0.98

%

 

$

1,432,892

 

$

1,340

 

0.13

%

Other time

 

611,032

 

 

13,692

 

3.00

%

 

 

347,383

 

 

1,334

 

0.51

%

Total interest-bearing deposits

 

1,999,280

 

 

23,893

 

1.60

%

 

 

1,780,275

 

 

2,674

 

0.20

%

Federal funds purchased

 

3,703

 

 

146

 

5.29

%

 

 

2,820

 

 

22

 

1.04

%

Federal Home Loan Bank advances5

 

161,099

 

 

5,140

 

4.27

%

 

 

65,191

 

 

1,746

 

3.58

%

Other borrowings

 

70,234

 

 

3,164

 

6.02

%

 

 

47,675

 

 

1,441

 

4.04

%

Total other interest-bearing liabilities

 

235,036

 

 

8,450

 

4.81

%

 

 

115,686

 

 

3,209

 

3.71

%

Total interest-bearing liabilities

 

2,234,316

 

 

32,343

 

1.94

%

 

 

1,895,961

 

 

5,883

 

0.41

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

526,469

 

 

 

 

 

$

564,425

 

 

 

 

Other liabilities

 

13,897

 

 

 

 

 

 

11,357

 

 

 

 

Stockholders' equity

 

238,075

 

 

 

 

 

 

239,959

 

 

 

 

Total noninterest-bearing liabilities and stockholders' equity

 

778,441

 

 

 

 

 

 

815,741

 

 

 

 

Total liabilities and stockholders' equity

$

3,012,757

 

 

 

 

 

$

2,711,702

 

 

 

 

Interest rate spread

 

 

 

 

2.49

%

 

 

 

 

 

3.09

%

Net interest income

 

 

$

59,917

 

 

 

 

 

$

59,583

 

 

Net interest margin

 

 

 

 

2.87

%

 

 

 

 

 

3.19

%

________________________________________

3The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on the cash basis. Taxable-equivalent adjustments totaling $162,000 and $95,000 for the nine months ended September 30, 2023 and 2022, respectively, are calculated using the statutory federal tax rate and are included in income and fees on loans. Accretion income of $160,000 and $550,000 for the nine months ended September 30, 2023 and 2022 are also included in income and fees on loans.

4Taxable-equivalent adjustments totaling $386,000 and $216,000 for the nine months ended September 30, 2023 and 2022, respectively, are calculated using the statutory federal tax rate and are included in tax-exempt interest on investment securities.

5Federal Home Loan Bank advances interest expense includes $751,000 for the nine months ended September 30, 2022 and is the recognized mark on two advances that were acquired in the SouthCrest acquisition that were called early.
 

Colony Bankcorp, Inc.

 

 

Segment Reporting

 

 

 

 

2023

 

2022

(dollars in thousands)

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

Banking Division

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

18,778

 

 

$

18,562

 

$

20,141

 

 

$

21,037

 

 

$

20,508

Provision for credit losses

 

 

286

 

 

 

60

 

 

900

 

 

 

900

 

 

 

1,320

Noninterest income

 

 

6,233

 

 

 

5,433

 

 

4,915

 

 

 

4,312

 

 

 

4,288

Noninterest expenses

 

 

16,653

 

 

 

17,650

 

 

17,812

 

 

 

18,038

 

 

 

17,537

Income taxes

 

 

1,777

 

 

 

1,157

 

 

1,155

 

 

 

837

 

 

 

1,047

Segment income

 

$

6,295

 

 

$

5,128

 

$

5,189

 

 

$

5,574

 

 

$

4,892

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

2,999,071

 

 

$

3,013,689

 

$

2,930,421

 

 

$

2,857,893

 

 

$

2,738,082

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

382

 

 

 

383

 

 

407

 

 

 

427

 

 

 

396

 

 

 

 

 

 

 

 

 

 

 

Mortgage Banking Division

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

52

 

 

$

31

 

$

3

 

 

$

(43

)

 

$

17

Provision for credit losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

1,725

 

 

 

2,015

 

 

1,277

 

 

 

1,637

 

 

 

2,345

Noninterest expenses

 

 

2,040

 

 

 

1,971

 

 

1,712

 

 

 

1,936

 

 

 

2,289

Income taxes

 

 

(53

)

 

 

14

 

 

(86

)

 

 

(6

)

 

 

10

Segment income

 

$

(210

)

 

$

61

 

$

(346

)

 

$

(336

)

 

$

63

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

9,991

 

 

$

15,984

 

$

7,895

 

 

$

18,221

 

 

$

16,905

 

 

 

 

 

 

 

 

 

 

 

Variable noninterest expense(1)

 

$

1,245

 

 

$

1,149

 

$

890

 

 

$

1,193

 

 

$

1,388

Fixed noninterest expense

 

 

795

 

 

 

822

 

 

822

 

 

 

743

 

 

 

901

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

45

 

 

 

51

 

 

59

 

 

 

65

 

 

 

61

 

 

 

 

 

 

 

 

 

 

 

Small Business Specialty Lending Division

 

 

 

 

 

 

Net interest income

 

$

791

 

 

$

588

 

$

427

 

 

$

406

 

 

$

340

Provision for credit losses

 

 

714

 

 

 

140

 

 

 

 

 

 

 

 

Noninterest income

 

 

1,760

 

 

 

1,504

 

 

1,464

 

 

 

1,739

 

 

 

1,546

Noninterest expenses

 

 

2,188

 

 

 

1,811

 

 

1,641

 

 

 

1,852

 

 

 

1,541

Income taxes

 

 

(70

)

 

 

28

 

 

50

 

 

 

(20

)

 

 

48

Segment income

 

$

(281

)

 

$

113

 

$

200

 

 

$

313

 

 

$

297

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

84,761

 

 

$

71,398

 

$

58,625

 

 

$

60,456

 

 

$

50,925

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

33

 

 

 

32

 

 

30

 

 

 

30

 

 

 

29

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

19,621

 

 

$

19,181

 

$

20,571

 

 

$

21,400

 

 

$

20,865

Provision for credit losses

 

 

1,000

 

 

 

200

 

 

900

 

 

 

900

 

 

 

1,320

Noninterest income

 

 

9,718

 

 

 

8,952

 

 

7,656

 

 

 

7,688

 

 

 

8,179

Noninterest expenses

 

 

20,881

 

 

 

21,432

 

 

21,165

 

 

 

21,826

 

 

 

21,367

Income taxes

 

 

1,654

 

 

 

1,199

 

 

1,119

 

 

 

811

 

 

 

1,105

Segment income

 

$

5,804

 

 

$

5,302

 

$

5,043

 

 

$

5,551

 

 

$

5,252

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

3,093,823

 

 

$

3,101,071

 

$

2,996,941

 

 

$

2,936,570

 

 

$

2,805,912

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

460

 

 

 

466

 

 

496

 

 

 

522

 

 

 

486

 

 

 

 

 

 

 

 

 

 

 

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

 

Colony Bankcorp, Inc.

Consolidated Balance Sheets

 

 

September 30, 2023

 

December 31, 2022

(dollars in thousands)

 

(unaudited)

 

(audited)

ASSETS

 

 

 

 

Cash and due from banks

 

$

23,010

 

 

$

20,584

 

Interest-bearing deposits in banks and federal funds sold

 

 

118,330

 

 

 

60,094

 

Cash and cash equivalents

 

 

141,340

 

 

 

80,678

 

Investment securities available for sale, at fair value

 

 

399,547

 

 

 

432,553

 

Investment securities held to maturity, at amortized cost

 

 

451,056

 

 

 

465,858

 

Other investments, at cost

 

 

17,323

 

 

 

13,793

 

Loans held for sale

 

 

27,246

 

 

 

17,743

 

Loans, net of unearned income

 

 

1,864,971

 

 

 

1,737,106

 

Allowance for credit losses

 

 

(17,368

)

 

 

(16,128

)

Loans, net

 

 

1,847,603

 

 

 

1,720,978

 

Premises and equipment

 

 

42,544

 

 

 

41,606

 

Other real estate

 

 

812

 

 

 

651

 

Goodwill

 

 

48,923

 

 

 

48,923

 

Other intangible assets

 

 

4,530

 

 

 

5,664

 

Bank owned life insurance

 

 

56,541

 

 

 

55,504

 

Deferred income taxes, net

 

 

28,934

 

 

 

28,199

 

Other assets

 

 

27,424

 

 

 

24,420

 

Total assets

 

$

3,093,823

 

 

$

2,936,570

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Deposits:

 

 

 

 

Noninterest-bearing

 

$

494,221

 

 

$

569,170

 

Interest-bearing

 

 

2,097,111

 

 

 

1,921,827

 

Total deposits

 

 

2,591,332

 

 

 

2,490,997

 

Federal Home Loan Bank advances

 

 

185,000

 

 

 

125,000

 

Other borrowed money

 

 

63,422

 

 

 

78,352

 

Accrued expenses and other liabilities

 

 

15,377

 

 

 

11,953

 

Total liabilities

 

$

2,855,131

 

 

$

2,706,302

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

Common stock, $1 par value; 50,000,000 shares authorized, 17,567,983 and 17,598,123 issued and outstanding, respectively

 

$

17,568

 

 

$

17,598

 

Paid in capital

 

 

168,211

 

 

 

167,537

 

Retained earnings

 

 

120,732

 

 

 

111,573

 

Accumulated other comprehensive loss, net of tax

 

 

(67,819

)

 

 

(66,440

)

Total stockholders’ equity

 

 

238,692

 

 

 

230,268

 

Total liabilities and stockholders’ equity

 

$

3,093,823

 

 

$

2,936,570

 

 
 

Colony Bankcorp, Inc.

 

 

 

 

 

 

 

 

Consolidated Statements of Income (unaudited)

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

2023

 

2022

 

2023

 

2022

(dollars in thousands, except per share data)

 

 

 

 

 

 

Interest income:

 

 

 

 

 

 

 

 

Loans, including fees

 

$

26,022

 

$

18,183

 

 

$

72,241

 

$

50,478

 

Investment securities

 

 

5,770

 

 

5,266

 

 

 

17,619

 

 

14,240

 

Deposits in banks and short term investments

 

 

787

 

 

278

 

 

 

1,853

 

 

437

 

Total interest income

 

 

32,579

 

 

23,727

 

 

 

91,713

 

 

65,155

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

Deposits

 

 

10,338

 

 

1,449

 

 

 

23,893

 

 

2,674

 

Federal funds purchased

 

 

11

 

 

3

 

 

 

146

 

 

22

 

Federal Home Loan Bank advances

 

 

1,568

 

 

555

 

 

 

5,140

 

 

1,746

 

Other borrowings

 

 

1,041

 

 

822

 

 

 

3,164

 

 

1,441

 

Total interest expense

 

 

12,958

 

 

2,829

 

 

 

32,343

 

 

5,883

 

Net interest income

 

 

19,621

 

 

20,898

 

 

 

59,370

 

 

59,272

 

Provision for credit losses

 

 

1,000

 

 

1,320

 

 

 

2,100

 

 

2,470

 

Net interest income after provision for credit losses

 

 

18,621

 

 

19,578

 

 

 

57,270

 

 

56,802

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

Service charges on deposits

 

 

2,200

 

 

2,104

 

 

 

6,141

 

 

5,823

 

Mortgage fee income

 

 

1,730

 

 

1,708

 

 

 

4,928

 

 

7,356

 

Gain on sales of SBA loans

 

 

1,268

 

 

1,215

 

 

 

3,429

 

 

4,805

 

Gain on sales of securities

 

 

 

 

(96

)

 

 

 

 

(72

)

Interchange fees

 

 

2,202

 

 

2,179

 

 

 

6,400

 

 

6,338

 

BOLI income

 

 

335

 

 

312

 

 

 

1,024

 

 

977

 

Other

 

 

1,983

 

 

724

 

 

 

4,407

 

 

2,110

 

Total noninterest income

 

 

9,718

 

 

8,146

 

 

 

26,329

 

 

27,337

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

11,973

 

 

12,154

 

 

 

37,929

 

 

40,498

 

Occupancy and equipment

 

 

1,620

 

 

1,645

 

 

 

4,741

 

 

4,872

 

Information technology expenses

 

 

2,064

 

 

2,491

 

 

 

6,406

 

 

7,394

 

Professional fees

 

 

752

 

 

881

 

 

 

2,348

 

 

2,773

 

Advertising and public relations

 

 

766

 

 

876

 

 

 

2,432

 

 

2,406

 

Communications

 

 

224

 

 

471

 

 

 

710

 

 

1,325

 

Other

 

 

3,482

 

 

2,849

 

 

 

8,912

 

 

8,380

 

Total noninterest expense

 

 

20,881

 

 

21,367

 

 

 

63,478

 

 

67,648

 

Income before income taxes

 

 

7,458

 

 

6,357

 

 

 

20,121

 

 

16,491

 

Income taxes

 

 

1,654

 

 

1,105

 

 

 

3,972

 

 

2,500

 

Net income

 

$

5,804

 

$

5,252

 

 

$

16,149

 

$

13,991

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.33

 

$

0.30

 

 

$

0.92

 

$

0.82

 

Diluted

 

 

0.33

 

 

0.30

 

 

 

0.92

 

 

0.82

 

Dividends declared per share

 

 

0.11

 

 

0.1075

 

 

 

0.33

 

 

0.3225

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

17,569,493

 

 

17,645,119

 

 

 

17,581,817

 

 

17,042,838

 

Diluted

 

 

17,569,493

 

 

17,645,119

 

 

 

17,581,817

 

 

17,042,838

 

 

Colony Bankcorp, Inc.

Quarterly Comparison

 

 

2023

 

2022

(dollars in thousands, except per share data)

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

Assets

 

$

3,093,823

 

 

$

3,101,071

 

 

$

2,996,941

 

 

$

2,936,570

 

 

$

2,805,912

 

Loans, net

 

 

1,847,603

 

 

 

1,821,776

 

 

 

1,783,254

 

 

 

1,720,978

 

 

 

1,571,431

 

Deposits

 

 

2,591,332

 

 

 

2,627,211

 

 

 

2,516,129

 

 

 

2,490,997

 

 

 

2,409,662

 

Total equity

 

 

238,692

 

 

 

239,455

 

 

 

238,777

 

 

 

230,268

 

 

 

226,067

 

Net income

 

 

5,804

 

 

 

5,302

 

 

 

5,043

 

 

 

5,551

 

 

 

5,252

 

Earnings per basic share

 

$

0.33

 

 

$

0.30

 

 

$

0.29

 

 

$

0.31

 

 

$

0.30

 

 

 

 

 

 

 

 

 

 

 

 

Key Performance Ratios:

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.75

%

 

 

0.70

%

 

 

0.69

%

 

 

0.77

%

 

 

0.75

%

Return on average total equity

 

 

9.61

%

 

 

8.88

%

 

 

8.73

%

 

 

9.76

%

 

 

8.85

%

Total equity to total assets

 

 

7.72

%

 

 

7.72

%

 

 

7.97

%

 

 

7.84

%

 

 

8.06

%

Tangible equity to tangible assets (a)

 

 

6.09

%

 

 

6.09

%

 

 

6.27

%

 

 

6.10

%

 

 

6.22

%

Net interest margin

 

 

2.78

%

 

 

2.77

%

 

 

3.08

%

 

 

3.23

%

 

 

3.26

%

(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

 

 

2023

 

2022

(dollars in thousands)

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

Core

 

$

1,698,219

 

$

1,664,855

 

$

1,614,216

 

$

1,540,561

 

$

1,372,257

Purchased

 

 

166,752

 

 

173,987

 

 

185,637

 

 

196,545

 

 

214,356

Total

 

$

1,864,971

 

$

1,838,842

 

$

1,799,853

 

$

1,737,106

 

$

1,586,613

 
 

Colony Bankcorp, Inc.

 

 

 

 

 

 

 

 

 

 

Quarterly Loans by Location Comparison

 

 

 

 

 

 

 

 

 

 

2023

 

2022

(dollars in thousands)

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

Alabama

 

$

45,135

 

$

44,301

 

$

41,118

 

$

21,122

 

$

7,291

Augusta

 

 

55,508

 

 

55,124

 

 

53,415

 

 

52,226

 

 

42,079

Coastal Georgia

 

 

239,281

 

 

242,249

 

 

248,253

 

 

259,730

 

 

252,083

Middle Georgia

 

 

116,776

 

 

119,041

 

 

119,720

 

 

115,504

 

 

114,630

Atlanta and North Georgia

 

 

431,632

 

 

420,231

 

 

419,480

 

 

375,106

 

 

356,421

South Georgia

 

 

446,221

 

 

463,558

 

 

448,558

 

 

457,283

 

 

449,684

West Georgia

 

 

188,208

 

 

192,348

 

 

204,664

 

 

210,676

 

 

177,431

Small Business Specialty Lending

 

 

65,187

 

 

56,908

 

 

50,513

 

 

45,944

 

 

35,267

Consumer Portfolio Mortgages

 

 

245,057

 

 

226,755

 

 

211,225

 

 

197,672

 

 

149,945

Marine/RV Lending

 

 

31,009

 

 

17,137

 

 

2,060

 

 

 

 

Other

 

 

957

 

 

1,190

 

 

847

 

 

1,843

 

 

1,782

Total

 

$

1,864,971

 

$

1,838,842

 

$

1,799,853

 

$

1,737,106

 

$

1,586,613

 

Contacts

T. Heath Fountain

Chief Executive Officer and Acting Chief Financial Officer

229-426-6000, extension 6012

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