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 fourth quarter of 2023. Financial highlights are shown below.

Financial Highlights:

• Net income decreased to $5.6 million, or $0.32 per diluted share, for the fourth quarter of 2023, compared to $5.8 million, or $0.33 per diluted share, for the third quarter of 2023, but saw a slight increase from the fourth quarter of 2022 with net income of $5.6 million, or $0.31 per diluted share.
• Operating net income decreased to $5.4 million, or $0.31 of adjusted earnings per diluted share, for the fourth quarter of 2023, compared to $6.0 million, or $0.34 of adjusted earnings per diluted share, for the third quarter of 2023, and $5.6 million, or $0.31 of adjusted earnings per diluted share, for the fourth quarter of 2022. (See Reconciliation of Non-GAAP Measures).
• Strong liquidity with available sources of funding of approximately $1.3 billion at December 31, 2023. No overnight borrowings utilized or Federal Reserve Bank Term Funding program used as of December 31, 2023.
• Estimated uninsured deposits of $777.8 million, or 30.22% of total Bank deposits at December 31, 2023. Adjusted uninsured deposit estimate (excluding deposits collateralized by public funds or internal accounts) of $453.1 million, or 17.60% of total Bank deposits at December 31, 2023.
• Provision for credit losses of $1.5 million was recorded in fourth quarter of 2023 compared to $1.0 million in third quarter of 2023, and $900,000 in fourth quarter of 2022.
• Total loans were $1.88 billion at December 31, 2023, an increase of $18.5 million, or 0.99%, from the prior quarter.
• Total deposits were $2.54 billion and $2.59 billion at December 31, 2023 and September 30, 2023, respectively, a decrease of $46.5 million.
• Mortgage production was $45.3 million, and mortgage sales totaled $40.1 million in the fourth quarter of 2023 compared to $78.4 million and $53.3 million, respectively, for the third quarter of 2023.
• Small Business Specialty Lending (“SBSL”) closed $24.0 million in Small Business Administration (“SBA”) loans and sold $18.0 million in SBA loans in the fourth quarter of 2023 compared to $34.5 million and $14.6 million, respectively, for the third quarter of 2023.

The Company also announced that on January 24, 2024, the Board of Directors declared a quarterly cash dividend of $0.1125 per share, to be paid on its common stock on February 21, 2024, to shareholders of record as of the close of business on February 7, 2024. The Company had 17,561,341 shares of its common stock outstanding as of January 23, 2024.

"We made significant progress in the fourth quarter and throughout the year in meeting many of our internal objectives, despite the challenging operating environment. While our earnings for this quarter were slightly lower than the previous quarter, we are proud to emphasize the resilience of our business amidst industry challenges and are confident in our ability to navigate dynamic market conditions successfully.”

“Although there was an overall decline in total deposits during the fourth quarter, we successfully increased customer deposits by $8.6 million. The quarter-over-quarter reduction in total deposits is primarily attributed to the payoff of wholesale deposits. Additionally, this quarter we continued to see a slowdown in loan growth and expect a trend of moderate growth for the next few quarters,” said Heath Fountain, Chief Executive Officer.

“We remain confident in the strength of our credit quality in the overall loan portfolio. During the quarter, a few loans faced downgrades and charge-offs, leading to increased provision expense. These represented a small number of loans and circumstances, and we have no concerns of systemic issues across our portfolio.”

“Our team has adapted to the changing economic conditions over the past year, particularly in increasing noninterest income and lowering noninterest expense, and we believe we are in a position to make meaningful progress toward achieving our goals over the next several quarters.”

Balance Sheet

• Total assets were $3.05 billion at December 31, 2023, a decrease of $40.4 million from September 30, 2023.
• Total loans, including loans held for sale, were at $1.91 billion at December 31, 2023, an increase of $19.2 million from the quarter ended September 30, 2023.
• Total deposits were $2.54 billion and $2.59 billion at December 31, 2023 and September 30, 2023, respectively, a decrease of $46.5 million. Interest bearing demand deposits increased $18.6 million which was offset by decreases in savings and money market deposits of $20.9 million and time deposits of $49.0 million from September 30, 2023 to December 31, 2023.
• Total borrowings at December 31, 2023 totaled $238.4 million, a decrease of $10.0 million or, 4.0%, compared to September 30, 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 9.17%, 12.74%, 15.44%, and 11.63%, respectively, at December 31, 2023.

Fourth Quarter and December 31, 2023 Year to Date Results of Operations

• Net interest income, on a tax-equivalent basis, totaled $19.1 million for the fourth quarter ended December 31, 2023 compared to $21.5 million for the same period in 2022. Net interest income, on a tax-equivalent basis, for the twelve months ended December 31, 2023 totaled $79.0 million, compared to $81.1 million for the twelve months ended December 31, 2022. 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 $6.9 million, to $33.4 million for the fourth quarter of 2023 and $33.7 million, to $125.6 million for the twelve month period ended December 31, 2023, each compared to the respective period in 2022. Expense on interest bearing liabilities increased $9.3 million, to $14.3 million for the fourth quarter of 2023 and $35.8 million, to $46.7 million for the twelve month period ended December 31, 2023, each compared to the respective period in 2022.
• Net interest margin for the fourth quarter of 2023 was 2.70% compared to 3.23% for the fourth quarter of 2022. Net interest margin was 2.83% for the twelve months ended December 31, 2023 compared to 3.20% for the twelve months ended December 31, 2022. The decrease for each period is the result of rate increases in interest bearing liabilities outpacing the rate increases in interest earning assets.
• Noninterest income totaled $9.3 million for the fourth quarter ended December 31, 2023, an increase of $1.6 million, or 21.03%, compared to the same period in 2022. This increase was primarily related to increases in service charges on deposit accounts, gains on sales of SBA loans, insurance commissions, and equity investment income and income on wealth advisory services which are included in other noninterest income. Noninterest income totaled $35.6 million for the twelve months ended December 31, 2023, an increase of $610,000, or 1.74%, compared to the same period in 2022. This increase can be attributed to increases in service charges on deposit accounts, insurance commissions and equity investment income and income on wealth advisory services which are included in other noninterest income, which were partially offset by decreases in mortgage fee income and SBSL loan sales.
• Noninterest expense totaled $19.6 million for the fourth quarter ended December 31, 2023, compared to $21.8 million for the same period in 2022. Noninterest expense totaled $83.1 million for the twelve months ended December 31, 2023, compared to $89.5 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 decrease in data processing expense as a result of cost savings upon renewal of the core processing contract.

Asset Quality

• Nonperforming assets totaled $10.7 million and $10.1 million at December 31, 2023 and September 30, 2023, respectively, an increase of $570,000.
• Other real estate owned and repossessed assets totaled $448,000 at December 31, 2023 and $812,000 at September 30, 2023.
• Net loans charged-off were $692,000, or 0.15% of average loans for the fourth quarter of 2023, compared to $698,000 or 0.15% for the third quarter of 2023.
• The credit loss reserve was $18.4 million, or 0.98% of total loans, at December 31, 2023, compared to $17.4 million, or 0.93% of total loans at September 30, 2023.

Earnings call information

The Company will host an earnings conference call at 9:00 a.m. ET on Thursday, January 25, 2024, 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 13175412. A replay of the call will be available until Thursday, February 1, 2024. To listen to the replay, dial 1-877-674-7070 and enter the access code 175412#.

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, 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)

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

Operating noninterest income reconciliation

 

 

 

 

 

 

 

 

 

 

Noninterest income (GAAP)

 

$

9,305

 

 

$

9,718

 

 

$

8,952

 

 

$

7,659

 

 

$

7,688

 

Gain on sale of bank premises

 

 

(236

)

 

 

—

 

 

 

(125

)

 

 

—

 

 

 

—

 

Operating noninterest income

 

$

9,069

 

 

$

9,718

 

 

$

8,827

 

 

$

7,659

 

 

$

7,688

 

 

 

 

 

 

 

 

 

 

 

 

Operating noninterest expense reconciliation

 

 

 

 

 

 

 

 

 

 

Noninterest expense (GAAP)

 

$

19,589

 

 

$

20,881

 

 

$

21,432

 

 

$

21,165

 

 

$

21,826

 

Severance costs

 

 

—

 

 

 

(220

)

 

 

(635

)

 

 

(431

)

 

 

—

 

Acquisition-related expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(161

)

 

 

—

 

Operating noninterest expense

 

$

19,589

 

 

$

20,661

 

 

$

20,797

 

 

$

20,573

 

 

$

21,826

 

 

 

 

 

 

 

 

 

 

 

 

Operating net income reconciliation

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

5,598

 

 

$

5,804

 

 

$

5,302

 

 

$

5,043

 

 

$

5,551

 

Severance costs

 

 

—

 

 

 

220

 

 

 

635

 

 

 

431

 

 

 

—

 

Acquisition-related expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

161

 

 

 

—

 

Gain on sale of bank premises

 

 

(236

)

 

 

—

 

 

 

(125

)

 

 

—

 

 

 

—

 

Income tax benefit

 

 

52

 

 

 

(48

)

 

 

(93

)

 

 

(107

)

 

 

—

 

Operating net income

 

$

5,414

 

 

$

5,976

 

 

$

5,719

 

 

$

5,528

 

 

$

5,551

 

Weighted average diluted shares

 

 

17,567,839

 

 

 

17,569,493

 

 

 

17,580,557

 

 

 

17,595,688

 

 

 

17,630,971

 

Adjusted earnings per diluted share

 

$

0.31

 

 

$

0.34

 

 

$

0.33

 

 

$

0.31

 

 

$

0.31

 

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per common share reconciliation

 

 

 

 

 

 

 

 

Book value per common share (GAAP)

 

$

14.51

 

 

$

13.59

 

 

$

13.65

 

 

$

13.57

 

 

$

13.08

 

Effect of goodwill and other intangibles

 

 

(3.02

)

 

 

(3.04

)

 

 

(3.07

)

 

 

(3.08

)

 

 

(3.10

)

Tangible book value per common share

 

$

11.49

 

 

$

10.55

 

 

$

10.58

 

 

$

10.49

 

 

$

9.98

 

 

 

 

 

 

 

 

 

 

 

 

Tangible equity to tangible assets reconciliation

 

 

 

 

 

 

 

 

 

 

Equity to assets (GAAP)

 

 

8.35

%

 

 

7.72

%

 

 

7.72

%

 

 

7.97

%

 

 

7.84

%

Effect of goodwill and other intangibles

 

 

(1.62

)

 

 

(1.63

)

 

 

(1.63

)

 

 

(1.70

)

 

 

(1.74

)

Tangible equity to tangible assets

 

 

6.73

%

 

 

6.09

%

 

 

6.09

%

 

 

6.27

%

 

 

6.10

%

 

 

 

 

 

 

 

 

 

 

 

Operating efficiency ratio calculation

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (GAAP)

 

 

69.51

%

 

 

71.17

%

 

 

76.18

%

 

 

74.98

%

 

 

75.03

%

Severance costs

 

 

—

 

 

 

(0.75

)

 

 

(2.26

)

 

 

(1.53

)

 

 

—

 

Acquisition-related expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.57

)

 

 

—

 

Gain on sale of bank premises

 

 

0.84

 

 

 

—

 

 

 

0.44

 

 

 

—

 

 

 

—

 

Operating efficiency ratio

 

 

70.35

%

 

 

70.42

%

 

 

74.36

%

 

 

72.88

%

 

 

75.03

%

 

 

 

 

 

 

 

 

 

 

 

Operating net noninterest expense(1) to average assets calculation

Net noninterest expense to average assets

 

 

1.35

%

 

 

1.45

%

 

 

1.65

%

 

 

1.86

%

 

 

1.96

%

Severance Costs

 

 

—

 

 

 

(0.03

)

 

 

(0.09

)

 

 

(0.06

)

 

 

—

 

Acquisition-related expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.02

)

 

 

—

 

Gain on Sale of bank premises

 

 

0.03

 

 

 

—

 

 

 

0.02

 

 

 

—

 

 

 

—

 

Operating net noninterest expense to average assets

 

 

1.38

%

 

 

1.42

%

 

 

1.58

%

 

 

1.78

%

 

 

1.96

%

 

 

 

 

 

 

 

 

 

 

 

Pre-provision net revenue

 

 

 

 

 

 

 

 

 

 

Net interest income before provision for credit losses

 

$

18,876

 

 

$

19,621

 

 

$

19,181

 

 

$

20,568

 

 

$

21,400

 

Noninterest income

 

 

9,305

 

 

 

9,718

 

 

 

8,952

 

 

 

7,659

 

 

 

7,688

 

Total income

 

 

28,181

 

 

 

29,339

 

 

 

28,133

 

 

 

28,227

 

 

 

29,088

 

Noninterest expense

 

 

19,589

 

 

 

20,881

 

 

 

21,432

 

 

 

21,165

 

 

 

21,826

 

Pre-provision net revenue

 

$

8,593

 

 

$

8,458

 

 

$

6,701

 

 

$

7,062

 

 

$

7,262

 

(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)

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

EARNINGS SUMMARY

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

18,876

 

 

$

19,621

 

 

$

19,181

 

 

$

20,568

 

 

$

21,400

 

Provision for credit losses

 

 

1,500

 

 

 

1,000

 

 

 

200

 

 

 

900

 

 

 

900

 

Noninterest income

 

 

9,305

 

 

 

9,718

 

 

 

8,952

 

 

 

7,659

 

 

 

7,688

 

Noninterest expense

 

 

19,589

 

 

 

20,881

 

 

 

21,432

 

 

 

21,165

 

 

 

21,826

 

Income taxes

 

 

1,494

 

 

 

1,654

 

 

 

1,199

 

 

 

1,119

 

 

 

811

 

Net income

 

$

5,598

 

 

$

5,804

 

 

$

5,302

 

 

$

5,043

 

 

$

5,551

 

PERFORMANCE MEASURES

 

 

 

 

 

 

 

 

 

 

Per common share:

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

17,564,182

 

 

 

17,567,983

 

 

 

17,541,661

 

 

 

17,593,879

 

 

 

17,598,123

 

Weighted average basic shares

 

 

17,567,839

 

 

 

17,569,493

 

 

 

17,580,557

 

 

 

17,595,688

 

 

 

17,630,971

 

Weighted average diluted shares

 

 

17,567,839

 

 

 

17,569,493

 

 

 

17,580,557

 

 

 

17,595,688

 

 

 

17,630,971

 

Earnings per basic share

 

$

0.32

 

 

$

0.33

 

 

$

0.30

 

 

$

0.29

 

 

$

0.31

 

Earnings per diluted share

 

 

0.32

 

 

 

0.33

 

 

 

0.30

 

 

 

0.29

 

 

 

0.31

 

Adjusted earnings per diluted share(b)

 

 

0.31

 

 

 

0.34

 

 

 

0.33

 

 

 

0.31

 

 

 

0.31

 

Cash dividends declared per share

 

 

0.11

 

 

 

0.11

 

 

 

0.11

 

 

 

0.11

 

 

 

0.1075

 

Common book value per share

 

 

14.51

 

 

 

13.59

 

 

 

13.65

 

 

 

13.57

 

 

 

13.08

 

Tangible book value per common share(b)

 

 

11.49

 

 

 

10.55

 

 

 

10.58

 

 

 

10.49

 

 

 

9.98

 

Pre-provision net revenue(b)

 

$

8,593

 

 

$

8,458

 

 

$

6,701

 

 

$

7,062

 

 

$

7,262

 

Performance ratios:

 

 

 

 

 

 

 

 

 

 

Net interest margin (a)

 

 

2.70

%

 

 

2.78

%

 

 

2.77

%

 

 

3.08

%

 

 

3.23

%

Return on average assets

 

 

0.73

 

 

 

0.75

 

 

 

0.70

 

 

 

0.69

 

 

 

0.77

 

Return on average total equity

 

 

9.20

 

 

 

9.61

 

 

 

8.88

 

 

 

8.73

 

 

 

9.76

 

Efficiency ratio

 

 

69.51

 

 

 

71.17

 

 

 

76.18

 

 

 

74.98

 

 

 

75.03

 

Operating efficiency ratio (b)

 

 

70.35

 

 

 

70.42

 

 

 

74.36

 

 

 

72.88

 

 

 

75.03

 

Net noninterest expense to average assets

 

 

1.35

 

 

 

1.45

 

 

 

1.65

 

 

 

1.86

 

 

 

1.96

 

Operating net noninterest expense to average assets(b)

 

 

1.38

 

 

 

1.42

 

 

 

1.58

 

 

 

1.78

 

 

 

1.96

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

Nonperforming portfolio loans

 

$

7,804

 

 

$

5,625

 

 

$

6,716

 

 

$

5,636

 

 

$

5,693

 

Nonperforming government guaranteed loans

 

 

2,035

 

 

 

3,641

 

 

 

4,369

 

 

 

1,529

 

 

 

17

 

Loans 90 days past due and still accruing

 

 

370

 

 

 

9

 

 

 

—

 

 

 

—

 

 

 

—

 

Total nonperforming loans (NPLs)

 

 

10,209

 

 

 

9,275

 

 

 

11,085

 

 

 

7,165

 

 

 

5,710

 

Other real estate owned

 

 

448

 

 

 

812

 

 

 

792

 

 

 

651

 

 

 

651

 

Total nonperforming assets (NPAs)

 

 

10,657

 

 

 

10,087

 

 

 

11,877

 

 

 

7,816

 

 

 

6,361

 

Classified loans

 

 

23,754

 

 

 

20,704

 

 

 

19,267

 

 

 

18,747

 

 

 

15,105

 

Criticized loans

 

 

56,879

 

 

 

50,741

 

 

 

48,074

 

 

 

43,281

 

 

 

41,293

 

Net loan charge-offs (recoveries)

 

 

692

 

 

 

698

 

 

 

(37

)

 

 

237

 

 

 

(46

)

Allowance for credit losses to total loans

 

 

0.98

%

 

 

0.93

%

 

 

0.93

%

 

 

0.92

%

 

 

0.93

%

Allowance for credit losses to total NPLs

 

 

179.95

 

 

 

187.26

 

 

 

153.96

 

 

 

231.67

 

 

 

282.45

 

Allowance for credit losses to total NPAs

 

 

172.38

 

 

 

172.18

 

 

 

143.69

 

 

 

212.37

 

 

 

253.55

 

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

 

 

0.15

 

 

 

0.15

 

 

 

(0.01

)

 

 

0.05

 

 

 

(0.01

)

NPLs to total loans

 

 

0.54

 

 

 

0.50

 

 

 

0.60

 

 

 

0.40

 

 

 

0.33

 

NPAs to total assets

 

 

0.35

 

 

 

0.33

 

 

 

0.38

 

 

 

0.26

 

 

 

0.22

 

NPAs to total loans and foreclosed assets

 

 

0.57

 

 

 

0.54

 

 

 

0.65

 

 

 

0.43

 

 

 

0.37

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

3,027,812

 

 

$

3,058,485

 

 

$

3,030,044

 

 

$

2,949,986

 

 

$

2,863,046

 

Loans, net

 

 

1,860,652

 

 

 

1,854,367

 

 

 

1,814,172

 

 

 

1,765,845

 

 

 

1,637,034

 

Loans, held for sale

 

 

21,251

 

 

 

29,444

 

 

 

21,237

 

 

 

14,007

 

 

 

22,644

 

Deposits

 

 

2,538,500

 

 

 

2,565,026

 

 

 

2,524,949

 

 

 

2,473,464

 

 

 

2,460,664

 

Total stockholders’ equity

 

 

241,392

 

 

 

239,571

 

 

 

239,579

 

 

 

234,147

 

 

 

225,639

 

(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 December 31,

 

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

$

1,899,413

 

$

27,069

 

5.65

%

 

$

1,675,324

 

$

20,320

 

4.81

%

Investment securities, taxable

 

743,308

 

 

5,221

 

2.79

%

 

 

797,403

 

 

5,160

 

2.57

%

Investment securities, tax-exempt 2

 

103,418

 

 

607

 

2.33

%

 

 

104,853

 

 

567

 

2.15

%

Deposits in banks and short term investments

 

51,874

 

 

489

 

3.74

%

 

 

63,320

 

 

450

 

2.82

%

Total interest-earning assets

 

2,798,013

 

 

33,386

 

4.73

%

 

 

2,640,900

 

 

26,497

 

3.98

%

Noninterest-earning assets

 

229,800

 

 

 

 

 

 

222,146

 

 

 

 

Total assets

$

3,027,812

 

 

 

 

 

$

2,863,046

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand and savings

$

1,396,932

 

$

5,632

 

1.60

%

 

$

1,458,051

 

$

1,706

 

0.46

%

Other time

 

643,841

 

 

5,939

 

3.66

%

 

 

438,599

 

 

1,496

 

1.35

%

Total interest-bearing deposits

 

2,040,773

 

 

11,571

 

2.25

%

 

 

1,896,650

 

 

3,202

 

0.67

%

Federal funds purchased

 

53

 

 

1

 

6.28

%

 

 

2,878

 

 

32

 

4.34

%

Federal Home Loan Bank advances

 

158,913

 

 

1,624

 

4.06

%

 

 

90,978

 

 

818

 

3.57

%

Other borrowings

 

72,508

 

 

1,134

 

6.20

%

 

 

68,295

 

 

930

 

5.40

%

Total other interest-bearing liabilities

 

231,474

 

 

2,759

 

4.73

%

 

 

162,151

 

 

1,780

 

4.35

%

Total interest-bearing liabilities

 

2,272,247

 

 

14,330

 

2.50

%

 

 

2,058,801

 

 

4,982

 

0.96

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

497,727

 

 

 

 

 

$

564,014

 

 

 

 

Other liabilities

 

16,446

 

 

 

 

 

 

14,592

 

 

 

 

Stockholders' equity

 

241,392

 

 

 

 

 

 

225,639

 

 

 

 

Total noninterest-bearing liabilities and stockholders' equity

 

755,565

 

 

 

 

 

 

804,245

 

 

 

 

Total liabilities and stockholders' equity

$

3,027,812

 

 

 

 

 

$

2,863,046

 

 

 

 

Interest rate spread

 

 

 

 

2.23

%

 

 

 

 

 

3.02

%

Net interest income

 

 

$

19,056

 

 

 

 

 

$

21,515

 

 

Net interest margin

 

 

 

 

2.70

%

 

 

 

 

 

3.23

%

_______________________________ 

1 The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on the cash basis. Taxable-equivalent adjustments totaling $54,000 and $35,000 for the quarters ended December 31, 2023 and 2022, respectively, are calculated using the statutory federal tax rate and are included in income and fees on loans. Accretion income of $5,000 and $40,000 for the quarters ended December 31, 2023 and 2022 are also included in income and fees on loans.

2 Taxable-equivalent adjustments totaling $127,000 and $79,000 for the quarters ended December 31, 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

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31,

 

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

$

1,850,043

 

$

99,472

 

5.38

%

 

$

1,505,792

 

$

70,903

 

4.71

%

Investment securities, taxable

 

770,707

 

 

21,388

 

2.78

%

 

 

827,388

 

 

17,954

 

2.17

%

Investment securities, tax-exempt 4

 

105,797

 

 

2,444

 

2.31

%

 

 

109,122

 

 

2,247

 

2.06

%

Deposits in banks and short term investments

 

63,806

 

 

2,341

 

3.67

%

 

 

91,825

 

 

887

 

0.97

%

Total interest-earning assets

 

2,790,353

 

 

125,645

 

4.50

%

 

 

2,534,127

 

 

91,991

 

3.63

%

Noninterest-earning assets

 

226,198

 

 

 

 

 

 

215,723

 

 

 

 

Total assets

$

3,016,551

 

 

 

 

 

$

2,749,850

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand and savings

$

1,390,247

 

$

15,833

 

1.14

%

 

$

1,439,234

 

$

3,047

 

0.21

%

Other time

 

619,083

 

 

19,632

 

3.17

%

 

 

370,375

 

 

2,829

 

0.76

%

Total interest-bearing deposits

 

2,009,330

 

 

35,465

 

1.76

%

 

 

1,809,609

 

 

5,876

 

0.32

%

Federal funds purchased

 

2,783

 

 

147

 

5.29

%

 

 

2,835

 

 

54

 

1.89

%

Federal Home Loan Bank advances 5

 

160,548

 

 

6,763

 

4.21

%

 

 

71,690

 

 

2,564

 

3.58

%

Other borrowings

 

70,807

 

 

4,298

 

6.07

%

 

 

52,872

 

 

2,371

 

4.48

%

Total other interest-bearing liabilities

 

234,138

 

 

11,208

 

4.79

%

 

 

127,397

 

 

4,989

 

3.92

%

Total interest-bearing liabilities

 

2,243,468

 

 

46,673

 

2.08

%

 

 

1,937,006

 

 

10,865

 

0.56

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

519,225

 

 

 

 

 

$

564,322

 

 

 

 

Other liabilities

 

14,947

 

 

 

 

 

 

12,173

 

 

 

 

Stockholders' equity

 

238,911

 

 

 

 

 

 

236,349

 

 

 

 

Total noninterest-bearing liabilities and stockholders' equity

 

773,083

 

 

 

 

 

 

812,844

 

 

 

 

Total liabilities and stockholders' equity

$

3,016,551

 

 

 

 

 

$

2,749,850

 

 

 

 

Interest rate spread

 

 

 

 

2.42

%

 

 

 

 

 

3.07

%

Net interest income

 

 

$

78,972

 

 

 

 

 

$

81,126

 

 

Net interest margin

 

 

 

 

2.83

%

 

 

 

 

 

3.20

%

_______________________________ 

3 The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on the cash basis. Taxable-equivalent adjustments totaling $216,000 and $139,000 for the twelve months ended December 31, 2023 and 2022, respectively, are calculated using the statutory federal tax rate and are included in income and fees on loans. Accretion income of $165,000 and $590,000 for the twelve months ended December 31, 2023 and 2022 are also included in income and fees on loans.

4 Taxable-equivalent adjustments totaling $513,000 and $315,000 for the twelve months ended December 31, 2023 and 2022, respectively, are calculated using the statutory federal tax rate and are included in tax-exempt interest on investment securities.

5 Federal Home Loan Bank advances interest expense includes $751,000 for the twelve months ended December 31, 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)

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

Banking Division

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

17,988

 

$

18,778

 

 

$

18,562

 

$

20,141

 

 

$

21,037

 

Provision for credit losses

 

 

979

 

 

286

 

 

 

60

 

 

900

 

 

 

900

 

Noninterest income

 

 

5,992

 

 

6,233

 

 

 

5,433

 

 

4,915

 

 

 

4,312

 

Noninterest expenses

 

 

16,621

 

 

16,653

 

 

 

17,650

 

 

17,812

 

 

 

18,038

 

Income taxes

 

 

1,365

 

 

1,777

 

 

 

1,157

 

 

1,155

 

 

 

837

 

Segment income

 

$

5,015

 

$

6,295

 

 

$

5,128

 

$

5,189

 

 

$

5,574

 

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

2,956,121

 

$

2,999,071

 

 

$

3,013,689

 

$

2,930,421

 

 

$

2,857,893

 

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

378

 

 

382

 

 

 

383

 

 

407

 

 

 

427

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Banking Division

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

23

 

$

52

 

 

$

31

 

$

3

 

 

$

(43

)

Provision for credit losses

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

 

—

 

Noninterest income

 

 

1,206

 

 

1,725

 

 

 

2,015

 

 

1,277

 

 

 

1,637

 

Noninterest expenses

 

 

1,203

 

 

2,040

 

 

 

1,971

 

 

1,712

 

 

 

1,936

 

Income taxes

 

 

8

 

 

(53

)

 

 

14

 

 

(86

)

 

 

(6

)

Segment income

 

$

18

 

$

(210

)

 

$

61

 

$

(346

)

 

$

(336

)

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

7,890

 

$

9,991

 

 

$

15,984

 

$

7,895

 

 

$

18,221

 

 

 

 

 

 

 

 

 

 

 

 

Variable noninterest expense(1)

 

$

597

 

$

1,245

 

 

$

1,149

 

$

890

 

 

$

1,193

 

Fixed noninterest expense

 

 

606

 

 

795

 

 

 

822

 

 

822

 

 

 

743

 

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

42

 

 

45

 

 

 

51

 

 

59

 

 

 

65

 

 

 

 

 

 

 

 

 

 

 

 

Small Business Specialty Lending Division

 

 

 

 

 

 

Net interest income

 

$

865

 

$

791

 

 

$

588

 

$

427

 

 

$

406

 

Provision for credit losses

 

 

521

 

 

714

 

 

 

140

 

 

—

 

 

 

—

 

Noninterest income

 

 

2,107

 

 

1,760

 

 

 

1,504

 

 

1,464

 

 

 

1,739

 

Noninterest expenses

 

 

1,765

 

 

2,188

 

 

 

1,811

 

 

1,641

 

 

 

1,852

 

Income taxes

 

 

121

 

 

(70

)

 

 

28

 

 

50

 

 

 

(20

)

Segment income

 

$

565

 

$

(281

)

 

$

113

 

$

200

 

 

$

313

 

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

89,411

 

$

84,761

 

 

$

71,398

 

$

58,625

 

 

$

60,456

 

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

33

 

 

33

 

 

 

32

 

 

30

 

 

 

30

 

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

18,876

 

$

19,621

 

 

$

19,181

 

$

20,571

 

 

$

21,400

 

Provision for credit losses

 

 

1,500

 

 

1,000

 

 

 

200

 

 

900

 

 

 

900

 

Noninterest income

 

 

9,305

 

 

9,718

 

 

 

8,952

 

 

7,656

 

 

 

7,688

 

Noninterest expenses

 

 

19,589

 

 

20,881

 

 

 

21,432

 

 

21,165

 

 

 

21,826

 

Income taxes

 

 

1,494

 

 

1,654

 

 

 

1,199

 

 

1,119

 

 

 

811

 

Segment income

 

$

5,598

 

$

5,804

 

 

$

5,302

 

$

5,043

 

 

$

5,551

 

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

3,053,422

 

$

3,093,823

 

 

$

3,101,071

 

$

2,996,941

 

 

$

2,936,570

 

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

453

 

 

460

 

 

 

466

 

 

496

 

 

 

522

 

 

 

 

 

 

 

 

 

 

 

 

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

       

Colony Bankcorp, Inc.

Consolidated Balance Sheets

 

 

December 31, 2023

 

December 31, 2022

(dollars in thousands)

 

(unaudited)

 

(audited)

ASSETS

 

 

 

 

Cash and due from banks

 

$

25,339

 

 

$

20,584

 

Interest-bearing deposits in banks and federal funds sold

 

 

57,983

 

 

 

60,094

 

Cash and cash equivalents

 

 

83,322

 

 

 

80,678

 

Investment securities available for sale, at fair value

 

 

407,382

 

 

 

432,553

 

Investment securities held to maturity, at amortized cost

 

 

449,031

 

 

 

465,858

 

Other investments, at cost

 

 

16,868

 

 

 

13,793

 

Loans held for sale

 

 

27,958

 

 

 

17,743

 

Loans, net of unearned income

 

 

1,883,470

 

 

 

1,737,106

 

Allowance for credit losses

 

 

(18,371

)

 

 

(16,128

)

Loans, net

 

 

1,865,099

 

 

 

1,720,978

 

Premises and equipment

 

 

39,870

 

 

 

41,606

 

Other real estate

 

 

448

 

 

 

651

 

Goodwill

 

 

48,923

 

 

 

48,923

 

Other intangible assets

 

 

4,192

 

 

 

5,664

 

Bank owned life insurance

 

 

56,925

 

 

 

55,504

 

Deferred income taxes, net

 

 

25,405

 

 

 

28,199

 

Other assets

 

 

27,999

 

 

 

24,420

 

Total assets

 

$

3,053,422

 

 

$

2,936,570

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Deposits:

 

 

 

 

Noninterest-bearing

 

$

498,992

 

 

$

569,170

 

Interest-bearing

 

 

2,045,798

 

 

 

1,921,827

 

Total deposits

 

 

2,544,790

 

 

 

2,490,997

 

Federal Home Loan Bank advances

 

 

175,000

 

 

 

125,000

 

Other borrowed money

 

 

63,445

 

 

 

78,352

 

Accrued expenses and other liabilities

 

 

15,252

 

 

 

11,953

 

Total liabilities

 

$

2,798,487

 

 

$

2,706,302

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

Common stock, $1 par value; 50,000,000 shares authorized, 17,564,182 and 17,598,123 issued and outstanding, respectively

 

$

17,564

 

 

$

17,598

 

Paid in capital

 

 

168,614

 

 

 

167,537

 

Retained earnings

 

 

124,400

 

 

 

111,573

 

Accumulated other comprehensive loss, net of tax

 

 

(55,643

)

 

 

(66,440

)

Total stockholders’ equity

 

 

254,935

 

 

 

230,268

 

Total liabilities and stockholders’ equity

 

$

3,053,422

 

 

$

2,936,570

 

       

Colony Bankcorp, Inc.

Consolidated Statements of Income (unaudited)

 

 

Three months ended December 31,

 

Twelve months ended December 31,

 

 

2023

 

2022

 

2023

 

2022

(dollars in thousands, except per share data)

 

 

 

 

 

 

Interest income:

 

 

 

 

 

 

 

 

Loans, including fees

 

$

27,016

 

$

20,285

 

 

$

99,256

 

$

70,764

 

Investment securities

 

 

5,700

 

 

5,647

 

 

 

23,319

 

 

19,887

 

Deposits in banks and short term investments

 

 

489

 

 

450

 

 

 

2,341

 

 

886

 

Total interest income

 

 

33,205

 

 

26,382

 

 

 

124,916

 

 

91,537

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

Deposits

 

 

11,571

 

 

3,202

 

 

 

35,464

 

 

5,876

 

Federal funds purchased

 

 

1

 

 

32

 

 

 

147

 

 

54

 

Federal Home Loan Bank advances

 

 

1,623

 

 

818

 

 

 

6,763

 

 

2,564

 

Other borrowings

 

 

1,134

 

 

930

 

 

 

4,298

 

 

2,371

 

Total interest expense

 

 

14,329

 

 

4,982

 

 

 

46,672

 

 

10,865

 

Net interest income

 

 

18,876

 

 

21,400

 

 

 

78,244

 

 

80,672

 

Provision for credit losses

 

 

1,500

 

 

900

 

 

 

3,600

 

 

3,370

 

Net interest income after provision for credit losses

 

 

17,376

 

 

20,500

 

 

 

74,644

 

 

77,302

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

Service charges on deposits

 

 

2,595

 

 

2,052

 

 

 

8,735

 

 

7,875

 

Mortgage fee income

 

 

1,203

 

 

1,194

 

 

 

6,131

 

 

8,550

 

Gain on sales of SBA loans

 

 

1,634

 

 

1,411

 

 

 

5,063

 

 

6,216

 

Loss on sales of securities

 

 

—

 

 

(10

)

 

 

—

 

 

(82

)

Interchange fees

 

 

2,059

 

 

2,043

 

 

 

8,460

 

 

8,381

 

BOLI income

 

 

372

 

 

336

 

 

 

1,396

 

 

1,313

 

Insurance commissions

 

 

452

 

 

393

 

 

 

1,873

 

 

1,777

 

Other

 

 

990

 

 

269

 

 

 

3,976

 

 

995

 

Total noninterest income

 

 

9,305

 

 

7,688

 

 

 

35,634

 

 

35,025

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

11,304

 

 

12,311

 

 

 

49,233

 

 

52,809

 

Occupancy and equipment

 

 

1,543

 

 

1,663

 

 

 

6,283

 

 

6,534

 

Information technology expenses

 

 

2,147

 

 

2,552

 

 

 

8,553

 

 

9,947

 

Professional fees

 

 

749

 

 

659

 

 

 

3,097

 

 

3,432

 

Advertising and public relations

 

 

1,054

 

 

1,259

 

 

 

3,486

 

 

3,664

 

Communications

 

 

237

 

 

277

 

 

 

947

 

 

1,602

 

Other

 

 

2,555

 

 

3,105

 

 

 

11,466

 

 

11,487

 

Total noninterest expense

 

 

19,589

 

 

21,826

 

 

 

83,065

 

 

89,475

 

Income before income taxes

 

 

7,092

 

 

6,362

 

 

 

27,213

 

 

22,852

 

Income taxes

 

 

1,494

 

 

811

 

 

 

5,466

 

 

3,310

 

Net income

 

$

5,598

 

$

5,551

 

 

$

21,747

 

$

19,542

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.32

 

$

0.31

 

 

$

1.24

 

$

1.14

 

Diluted

 

 

0.32

 

 

0.31

 

 

 

1.24

 

 

1.14

 

Dividends declared per share

 

 

0.11

 

 

0.1075

 

 

 

0.44

 

 

0.43

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

17,567,839

 

 

17,630,971

 

 

 

17,578,294

 

 

17,191,079

 

Diluted

 

 

17,567,839

 

 

17,630,971

 

 

 

17,578,294

 

 

17,191,079

 

       

Colony Bankcorp, Inc.

Quarterly Comparison

 

 

2023

 

2022

(dollars in thousands, except per share data)

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

Assets

 

$

3,053,422

 

 

$

3,093,823

 

 

$

3,101,071

 

 

$

2,996,941

 

 

$

2,936,570

 

Loans, net

 

 

1,865,099

 

 

 

1,847,603

 

 

 

1,821,776

 

 

 

1,783,254

 

 

 

1,720,978

 

Deposits

 

 

2,544,790

 

 

 

2,591,332

 

 

 

2,627,211

 

 

 

2,516,129

 

 

 

2,490,997

 

Total equity

 

 

254,935

 

 

 

238,692

 

 

 

239,455

 

 

 

238,777

 

 

 

230,268

 

Net income

 

 

5,598

 

 

 

5,804

 

 

 

5,302

 

 

 

5,043

 

 

 

5,551

 

Earnings per basic share

 

$

0.32

 

 

$

0.33

 

 

$

0.30

 

 

$

0.29

 

 

$

0.31

 

 

 

 

 

 

 

 

 

 

 

 

Key Performance Ratios:

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.73

%

 

 

0.75

%

 

 

0.70

%

 

 

0.69

%

 

 

0.77

%

Return on average total equity

 

 

9.20

%

 

 

9.61

%

 

 

8.88

%

 

 

8.73

%

 

 

9.76

%

Total equity to total assets

 

 

8.35

%

 

 

7.72

%

 

 

7.72

%

 

 

7.97

%

 

 

7.84

%

Tangible equity to tangible assets (a)

 

 

6.73

%

 

 

6.09

%

 

 

6.09

%

 

 

6.27

%

 

 

6.10

%

Net interest margin

 

 

2.70

%

 

 

2.78

%

 

 

2.77

%

 

 

3.08

%

 

 

3.23

%

(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)

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

Core

 

$

1,729,866

 

$

1,698,219

 

$

1,664,855

 

$

1,614,216

 

$

1,540,561

Purchased

 

 

153,604

 

 

166,752

 

 

173,987

 

 

185,637

 

 

196,545

Total

 

$

1,883,470

 

$

1,864,971

 

$

1,838,842

 

$

1,799,853

 

$

1,737,106

       

Colony Bankcorp, Inc.

Quarterly Loans by Composition Comparison

 

 

2023

 

2022

(dollars in thousands)

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

Construction, land & land development

 

$

247,146

 

$

245,268

 

$

249,423

 

$

249,720

 

$

229,435

Other commercial real estate

 

 

974,649

 

 

969,168

 

 

979,509

 

 

985,627

 

 

975,447

Total commercial real estate

 

 

1,221,795

 

 

1,214,436

 

 

1,228,932

 

 

1,235,347

 

 

1,204,882

Residential real estate

 

 

355,973

 

 

339,501

 

 

325,407

 

 

316,415

 

 

290,054

Commercial, financial & agricultural

 

 

242,743

 

 

252,725

 

 

243,458

 

 

225,269

 

 

223,923

Consumer and other

 

 

62,959

 

 

58,309

 

 

41,045

 

 

22,822

 

 

18,247

Total

 

$

1,883,470

 

$

1,864,971

 

$

1,838,842

 

$

1,799,853

 

$

1,737,106

       

Colony Bankcorp, Inc.

Quarterly Loans by Location Comparison

 

 

2023

 

2022

(dollars in thousands)

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

Alabama

 

$

45,594

 

$

45,135

 

$

44,301

 

$

41,118

 

$

21,122

Florida

 

 

40

 

 

—

 

 

—

 

 

—

 

 

—

Augusta

 

 

65,284

 

 

55,508

 

 

55,124

 

 

53,415

 

 

52,226

Coastal Georgia

 

 

243,492

 

 

239,281

 

 

242,249

 

 

248,253

 

 

259,730

Middle Georgia

 

 

118,806

 

 

116,776

 

 

119,041

 

 

119,720

 

 

115,504

Atlanta and North Georgia

 

 

426,724

 

 

431,632

 

 

420,231

 

 

419,480

 

 

375,106

South Georgia

 

 

436,728

 

 

446,221

 

 

463,558

 

 

448,558

 

 

457,283

West Georgia

 

 

187,751

 

 

188,208

 

 

192,348

 

 

204,664

 

 

210,676

Small Business Specialty Lending

 

 

68,637

 

 

65,187

 

 

56,908

 

 

50,513

 

 

45,944

Consumer Portfolio Mortgages

 

 

255,771

 

 

245,057

 

 

226,755

 

 

211,225

 

 

197,672

Marine/RV Lending

 

 

33,191

 

 

31,009

 

 

17,137

 

 

2,060

 

 

—

Other

 

 

1,452

 

 

957

 

 

1,190

 

 

847

 

 

1,843

Total

 

$

1,883,470

 

$

1,864,971

 

$

1,838,842

 

$

1,799,853

 

$

1,737,106

       

Colony Bankcorp, Inc.

Quarterly Deposits Comparison

 

 

2023

 

2022

(dollars in thousands)

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

Noninterest-bearing demand

 

$

498,992

 

$

494,221

 

$

541,119

 

$

537,928

 

$

569,170

Interest-bearing demand

 

 

759,299

 

 

740,672

 

 

733,708

 

 

764,070

 

 

831,152

Savings

 

 

660,311

 

 

681,229

 

 

659,137

 

 

612,397

 

 

617,135

Time, $250,000 and over

 

 

167,680

 

 

187,218

 

 

184,459

 

 

152,914

 

 

114,780

Other time

 

 

458,508

 

 

487,992

 

 

508,788

 

 

448,820

 

 

358,760

Total

 

$

2,544,790

 

$

2,591,332

 

$

2,627,211

 

$

2,516,129

 

$

2,490,997

   

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240124386222/en/

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