Declares Quarterly Cash Dividend of $0.1125
Per Share
Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”)
today reported financial results for the first quarter of 2024.
Financial highlights are shown below.
Financial Highlights:
- Net income decreased to $5.3 million, or $0.30 per diluted
share, for the first quarter of 2024, compared to $5.6 million, or
$0.32 per diluted share, for the fourth quarter of 2023, but
increased from the first quarter of 2023 net income of $5.0
million, or $0.29 per diluted share.
- Operating net income increased to $5.8 million, or $0.33 of
adjusted earnings per diluted share, for the first quarter of 2024,
compared to $5.4 million, or $0.31 of adjusted earnings per diluted
share, for the fourth quarter of 2023, and $5.5 million, or $0.31
of adjusted earnings per diluted share, for the first quarter of
2023. (See Reconciliation of Non-GAAP Measures).
- Strong liquidity with available sources of funding of
approximately $1.3 billion at March 31, 2024. No overnight
borrowings utilized as of March 31, 2024.
- Estimated uninsured deposits of $785.6 million, or 30.82% of
total Bank deposits at March 31, 2024. Adjusted uninsured deposit
estimate (excluding deposits collateralized by public funds or
internal accounts) of $459.9 million, or 18.04% of total Bank
deposits at March 31, 2024.
- Provision for credit losses of $1.0 million was recorded in
first quarter of 2024 compared to $1.5 million in fourth quarter of
2023, and $900,000 in first quarter of 2023.
- Total loans were $1.86 billion at March 31, 2024, a decrease of
$24.5 million, or 1.30%, from the prior quarter.
- Total deposits were $2.52 billion and $2.54 billion at March
31, 2024 and December 31, 2023, respectively, a decrease of $22.0
million.
- Mortgage production was $50.1 million, and mortgage sales
totaled $36.6 million in the first quarter of 2024 compared to
$45.3 million and $40.1 million, respectively, for the fourth
quarter of 2023.
- Small Business Specialty Lending (“SBSL”) closed $35.6 million
in Small Business Administration (“SBA”) loans and sold $24.0
million in SBA loans in the first quarter of 2024 compared to $24.0
million and $18.0 million, respectively, for the fourth quarter of
2023.
The Company also announced that on April 24, 2024, the Board of
Directors declared a quarterly cash dividend of $0.1125 per share,
to be paid on its common stock on May 22, 2024, to shareholders of
record as of the close of business on May 8, 2024. The Company had
17,558,611 shares of its common stock outstanding as of April 23,
2024.
“We are pleased with the announcement of our improved operating
results for the first quarter, including the continued improvement
in our complementary lines of business which have contributed to
our increased noninterest income. Although margin declined slightly
during the first quarter, the decline was less than anticipated as
we begin to see some stability in our increasing funding costs,”
said Heath Fountain, Chief Executive Officer.
“Total loans declined in the first quarter, largely due to the
sale of portfolio mortgages for a gain and credit related payoffs
of a limited number of loans, along with the general slowdown in
loan production we’ve seen over the past few quarters. Looking
ahead, based on our current pipeline projections we do expect to
see modest loan growth for the rest of the year.
“While our total deposits experienced a decline due to wholesale
deposit payoffs in the first quarter, we are pleased to report that
customer deposits increased by $12.5 million and is a result of our
commitment to growing customer relationships. Also during the
quarter, we strategically sold underperforming securities for a
loss which enables us to reinvest those proceeds into higher
performing assets and improve our overall earnings.
"We saw an improvement in nonperforming loans and maintain
confidence in overall credit quality. Following a period of
historically low charge-offs, the few charge-offs observed in
recent quarters have not raised any concerns regarding the quality
of our portfolio.
“We are proud of the effort and progress our team has made
towards achieving our performance objectives and we expect that we
will see continued improvement as we move forward.”
Balance Sheet
- Total assets were $3.02 billion at March 31, 2024, a decrease
of $37.9 million from December 31, 2023.
- Total loans, including loans held for sale, were at $1.89
billion at March 31, 2024, a decrease of $21.3 million from the
quarter ended December 31, 2023.
- Total deposits were $2.52 billion and $2.54 billion at March
31, 2024 and December 31, 2023, respectively, a decrease of $22.0
million. Interest bearing demand deposits increased $43.3 million
which was offset by decreases in savings and money market deposits
of $10.1 million and time deposits of $32.6 million from December
31, 2023 to March 31, 2024.
- Total borrowings at March 31, 2024 totaled $218.0 million, a
decrease of $20.5 million or, 8.6%, compared to December 31, 2023,
related to decreases in Federal Home Loan Bank advances.
Capital
- Colony continues to maintain a strong capital position, with
ratios that exceed regulatory minimums required to be considered as
“well-capitalized.”
- Preliminary tier one leverage ratio, tier one capital ratio,
total risk-based capital ratio and common equity tier one capital
ratio were 9.19%, 13.04%, 15.79%, and 11.90%, respectively, at
March 31, 2024.
First Quarter and March 31, 2024 Year to Date Results of
Operations
- Net interest income, on a tax-equivalent basis, totaled $18.8
million for the first quarter ended March 31, 2024 compared to
$20.7 million for the same period in 2023. Increases can be seen in
income on interest earning assets which is more than offset by
increases in expenses on interest bearing liabilities due to the
significant rise in interest rates period over period along with
increases in FHLB advances. Income on interest earning assets
increased $5.0 million, to $33.5 million for the first quarter of
2024 compared to the respective period in 2023. Expense on interest
bearing liabilities increased $6.9 million, to $14.7 million for
the first quarter of 2024 compared to the respective period in
2023.
- Net interest margin for the first quarter of 2024 was 2.69%
compared to 3.08% for the first quarter of 2023. The decrease is
the result of rate increases in interest bearing liabilities
outpacing the rate increases in interest earning assets.
- Noninterest income totaled $9.5 million for the first quarter
ended March 31, 2024, an increase of $1.8 million, or 23.87%,
compared to the same period in 2023. This increase was primarily
related to increases in service charges on deposit accounts,
mortgage fee income, gains on sales of SBA loans and income on
wealth advisory services which is included in other noninterest
income which were partially offset by decreases in interchange fee
income and losses on the sales of investment securities.
- Noninterest expense totaled $20.4 million for the first quarter
ended March 31, 2024, compared to $21.2 million for the same period
in 2023. This decrease was a result of overall decreases in
salaries and employee benefits primarily related to the expense
initiative in 2023 which lowered total number of employees period
over period as well as a decrease in data processing expense as a
result of cost savings upon renewal of the core processing contract
in second quarter of 2023.
Asset Quality
- Nonperforming assets totaled $7.0 million and $10.7 million at
March 31, 2024 and December 31, 2023, respectively, a decrease of
$3.7 million.
- Other real estate owned and repossessed assets totaled $562,000
at March 31, 2024 and $448,000 at December 31, 2023.
- Net loans charged-off were $664,000, or 0.14% of average loans
for the first quarter of 2024, compared to $692,000 or 0.15% for
the fourth quarter of 2023.
- The credit loss reserve was $18.7 million, or 1.00% of total
loans, at March 31, 2024, compared to $18.4 million, or 0.98% of
total loans at December 31, 2023.
Earnings call information
The Company will host an earnings conference call at 9:00 a.m.
ET on Thursday, April 25, 2024, to discuss the recent results and
answer appropriate questions. The conference call can be accessed
by dialing 800-274-8461 and using the Conference ID: COLONY1Q. A
replay of the call will be available until Thursday, May 2, 2024.
To listen to the replay, dial 800-757-4761.
About Colony Bankcorp
Colony Bankcorp, Inc. is the bank holding company for Colony
Bank. Founded in Fitzgerald, Georgia in 1975, Colony operates
locations throughout Georgia and has expanded to serve Birmingham,
Alabama, as well as Tallahassee and the Florida Panhandle. At
Colony Bank, we offer a range of banking solutions for personal and
business customers. In addition to traditional banking services,
Colony provides specialized solutions including mortgage,
government guaranteed lending, consumer insurance, wealth
management, and merchant services. Colony’s common stock is traded
on the NASDAQ Global Market under the symbol “CBAN.” For more
information, please visit www.colony.bank. You can also follow the
Company on social media.
Forward-Looking Statements
Certain statements contained in this press release that are not
statements of historical fact constitute “forward-looking
statements” within the meaning of, and subject to the protections
of, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. In
addition, certain statements may be contained in the Company’s
future filings with the SEC, in press releases, and in oral and
written statements made by or with the approval of the Company that
are not statements of historical fact and constitute
“forward-looking statements” within the meaning of, and subject to
the protections of, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Examples of forward-looking statements include, but are
not limited to: (i) projections and/or expectations of revenues,
income or loss, earnings or loss per share, the payment or
nonpayment of dividends, capital structure and other financial
items; (ii) statement of plans and objectives of Colony Bankcorp,
Inc. or its management or Board of Directors, including those
relating to products or services; (iii) statements of future
economic performance; (iv) statements regarding growth strategy,
capital management, liquidity and funding, and future
profitability; and (v) statements of assumptions underlying such
statements. Words such as “may”, “will”, “anticipate”, “assume”,
“should”, “support”, “indicate”, “would”, “believe”, “contemplate”,
“expect”, “estimate”, “continue”, “further”, “plan”, “point to”,
“project”, “could”, “intend”, “target” and similar expressions are
intended to identify forward-looking statements but are not the
exclusive means of identifying such statements.
Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve known and unknown risks and uncertainties. Factors that
might cause such differences include, but are not limited to: the
impact of current and economic conditions, particularly those
affecting the financial services industry, including the effects of
declines in the real estate market, high unemployment rates,
inflationary pressures, elevated interest rates and slowdowns in
economic growth, as well as the financial stress on borrowers as a
result of the foregoing; the risk of potential reductions in
benchmark interest rates and the resulting impacts on net interest
income; potential impacts of adverse developments in the banking
industry highlighted by high-profile bank failures, including
impacts on customer confidence, deposit outflows, liquidity and the
regulatory response thereto; risks arising from media coverage of
the banking industry; risks arising from perceived instability in
the banking sector; the risks of changes in interest rates and
their effects on the level, cost, and composition of, and
competition for, deposits, loan demand and timing of payments, the
values of loan collateral, securities, and interest sensitive
assets and liabilities; the ability to attract new or retain
existing deposits, to retain or grow loans or additional interest
and fee income, or to control noninterest expense; the effect of
pricing pressures on the Company’s net interest margin; the failure
of assumptions underlying the establishment of reserves for
possible credit losses, fair value for loans and other real estate
owned; changes in real estate values; the Company’s ability to
implement its various strategic and growth initiatives; increased
competition in the financial services industry, particularly from
regional and national institutions, as well as from fintech
companies; economic conditions, either nationally or locally, in
areas in which the Company conducts operations being less favorable
than expected; changes in the prices, values and sales volumes of
residential and commercial real estate; developments in our
mortgage banking business, including loan modifications, general
demand, and the effects of judicial or regulatory requirements or
guidance; legislation or regulatory changes which adversely affect
the ability of the consolidated Company to conduct business
combinations or new operations; adverse results from current or
future litigation, regulatory examinations or other legal and/or
regulatory actions, including as a result of the Company’s
participation in and execution of government programs; significant
turbulence or a disruption in the capital or financial markets and
the effect of a fall in the stock market prices on our investment
securities; the effects of war or other conflicts including the
impacts related to or resulting from Russia’s military action in
Ukraine or the conflict in Israel and surrounding areas; risks
related to the Company’s recently completed acquisitions, including
that the anticipated benefits from the recently completed
acquisitions are not realized in the time frame anticipated or at
all as a result of changes in general economic and market
conditions or other unexpected factors or events; the risks
associated with the Company’s pursuit of future acquisitions; the
impact of generative artificial intelligence; fraud or misconduct
by internal or external actors, and system failures, cybersecurity
threats or security breaches and the cost of defending against
them; a deterioration of the credit rating for U.S. long-term
sovereign debt, actions that the U.S. government may take to avoid
exceeding the debt ceiling, and uncertainties surrounding debt
ceiling and the federal budget; a potential U.S. federal government
shutdown and the resulting impacts; and general competitive,
economic, political and market conditions or other unexpected
factors or events. These and other factors, risks and uncertainties
could cause the actual results, performance or achievements of the
Company to be materially different from the future results,
performance or achievements expressed or implied by such
forward-looking statements. Many of these factors are beyond the
Company’s ability to control or predict.
Forward-looking statements speak only as of the date on which
such statements are made. These forward-looking statements are
based upon information presently known to the Company’s management
and are inherently subjective, uncertain and subject to change due
to any number of risks and uncertainties, including, without
limitation, the risks and other factors set forth in the Company’s
filings with the Securities and Exchange Commission, the Company’s
Annual Report on Form 10-K for the year ended December 31, 2023,
under the captions “Cautionary Note Regarding Forward-Looking
Statements” and “Risk Factors,” and in the Company’s quarterly
reports on Form 10-Q and current reports on Form 8-K. The Company
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which such
statement is made, or to reflect the occurrence of unanticipated
events. Readers are cautioned not to place undue reliance on these
forward-looking statements.
Explanation of Certain Unaudited Non-GAAP Financial
Measures
The measures entitled operating noninterest income, operating
noninterest expense, operating net income, adjusted earnings per
diluted share, operating return on average assets, operating return
on average equity, tangible book value per common share, tangible
equity to tangible assets, operating efficiency ratio, operating
net noninterest expense to average assets and pre-provision net
revenue are not measures recognized under U.S. generally accepted
accounting principles (GAAP) and therefore are considered non-GAAP
financial measures. The most comparable GAAP measures are
noninterest income, noninterest expense, net income, diluted
earnings per share, return on average assets, return on average
equity, book value per common share, total equity to total assets,
efficiency ratio, net noninterest expense to average assets and net
interest income before provision for credit losses, respectively.
Operating noninterest income excludes gain on sale of bank premises
and loss on sales of securities. Operating noninterest expense
excludes acquisition-related expenses and severance costs.
Operating net income, operating return on average assets, operating
return on average equity and operating efficiency ratio all exclude
acquisition-related expenses, severance costs, gain on sale of bank
premises and loss on sales of securities from net income, return on
average assets, return on average equity and efficiency ratio,
respectively. Operating net noninterest expense to average assets
ratio excludes from net noninterest expense, severance costs,
acquisition-related expenses, gain on sale of bank premises and
loss on sales of securities. Acquisition-related expenses includes
fees associated with acquisitions and vendor contract buyouts.
Severance costs includes costs associated with termination and
retirement of employees. Adjusted earnings per diluted share
includes the adjustments to operating net income. Tangible book
value per common share and tangible equity to tangible assets
exclude goodwill and other intangibles from book value per common
share and total equity to total assets, respectively. Pre-provision
net revenue is calculated by adding noninterest income to net
interest income before provision for credit losses, and subtracting
noninterest expense.
Management uses these non-GAAP financial measures in its
analysis of the Company's performance and believes these
presentations provide useful supplemental information, and a
clearer understanding of the Company's performance, and if not
provided would be requested by the investor community. The Company
believes the non-GAAP measures enhance investors' understanding of
the Company's business and performance. These measures are also
useful in understanding performance trends and facilitate
comparisons with the performance of other financial institutions.
The limitations associated with operating measures are the risk
that persons might disagree as to the appropriateness of items
comprising these measures and that different companies might
calculate these measures differently.
These disclosures should not be considered an alternative to
GAAP. The computations of operating noninterest income, operating
noninterest expense, operating net income, adjusted earnings per
diluted share, operating return on average assets, operating return
on average equity, tangible book value per common share, tangible
equity to tangible assets, operating efficiency ratio, operating
net noninterest expense to average assets and pre-provision net
revenue and the reconciliation of these measures to noninterest
income, noninterest expense, net income, diluted earnings per
share, return on average assets, return on average equity, book
value per common share, total equity to total assets, efficiency
ratio, net noninterest expense to average assets and net interest
income before provision for credit losses are set forth in the
table below.
Colony Bankcorp, Inc.
Reconciliation of Non-GAAP
Measures
2024
2023
(dollars in
thousands, except per share data)
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Operating noninterest income
reconciliation
Noninterest income (GAAP)
$
9,487
$
9,305
$
9,721
$
8,952
$
7,656
Gain on sale of bank premises
—
(236
)
—
(125
)
—
Loss on sales of securities
555
—
—
—
—
Operating noninterest income
$
10,042
$
9,069
$
9,721
$
8,827
$
7,656
Operating noninterest expense
reconciliation
Noninterest expense (GAAP)
$
20,397
$
19,587
$
20,881
$
21,432
$
21,165
Severance costs
(23
)
—
(220
)
(635
)
(431
)
Acquisition-related expenses
—
—
—
—
(161
)
Operating noninterest expense
$
20,374
$
19,587
$
20,661
$
20,797
$
20,573
Operating net income
reconciliation
Net income (GAAP)
$
5,333
$
5,598
$
5,804
$
5,302
$
5,043
Severance costs
23
—
220
635
431
Acquisition-related expenses
—
—
—
—
161
Gain on sale of bank premises
—
(236
)
—
(125
)
—
Loss on sales of securities
555
—
—
—
—
Income tax benefit
(121
)
52
(48
)
(93
)
(107
)
Operating net income
$
5,790
$
5,414
$
5,976
$
5,719
$
5,528
Weighted average diluted shares
17,560,210
17,567,839
17,569,493
17,580,557
17,595,688
Adjusted earnings per diluted
share
$
0.33
$
0.31
$
0.34
$
0.33
$
0.31
Operating return on average assets
reconciliation
Return on average assets (GAAP)
0.71
%
0.73
%
0.75
%
0.70
%
0.69
%
Severance costs
—
—
0.03
0.08
0.06
Acquisition-related expenses
—
—
—
—
0.02
Gain on sale of bank premises
—
(0.03
)
—
(0.02
)
—
Loss on sales of securities
0.07
—
—
—
—
Tax effect of adjustment items
(0.02
)
0.01
(0.01
)
(0.01
)
(0.01
)
Operating return on average
assets
0.76
%
0.71
%
0.77
%
0.75
%
0.76
%
Operating return on average equity
reconciliation
Return on average equity (GAAP)
8.38
%
9.20
%
9.61
%
8.88
%
8.73
%
Severance costs
0.04
—
0.36
1.06
0.75
Acquisition-related expenses
—
—
—
—
0.28
Gain on sale of bank premises
—
(0.39
)
—
(0.21
)
—
Loss on sales of securities
0.87
—
—
—
—
Tax effect of adjustment items
(0.19
)
0.09
(0.08
)
(0.16
)
(0.19
)
Operating return on average
equity
9.10
%
8.90
%
9.89
%
9.57
%
9.57
%
Tangible book value per common share
reconciliation
Book value per common share (GAAP)
$
14.80
$
14.51
$
13.59
$
13.65
$
13.57
Effect of goodwill and other
intangibles
(3.01
)
(3.02
)
(3.04
)
(3.07
)
(3.08
)
Tangible book value per common share
$
11.79
$
11.49
$
10.55
$
10.58
$
10.49
Tangible equity to tangible assets
reconciliation
Equity to assets (GAAP)
8.62
%
8.35
%
7.72
%
7.72
%
7.97
%
Effect of goodwill and other
intangibles
(1.63
)
(1.62
)
(1.63
)
(1.63
)
(1.70
)
Tangible equity to tangible assets
6.99
%
6.73
%
6.09
%
6.09
%
6.27
%
Operating efficiency ratio
calculation
Efficiency ratio (GAAP)
72.48
%
69.51
%
71.17
%
76.18
%
74.98
%
Severance costs
(0.08
)
—
(0.75
)
(2.26
)
(1.53
)
Acquisition-related expenses
—
—
—
—
(0.57
)
Gain on sale of bank premises
—
0.84
—
0.44
—
Loss on sales of securities
(1.97
)
—
—
—
—
Operating efficiency ratio
70.43
%
70.35
%
70.42
%
74.36
%
72.88
%
Operating net noninterest expense(1) to
average assets calculation
Net noninterest expense to average
assets
1.45
%
1.35
%
1.45
%
1.65
%
1.86
%
Severance costs
—
—
(0.03
)
(0.09
)
(0.06
)
Acquisition-related expenses
—
—
—
—
(0.02
)
Gain on sale of bank premises
—
0.03
—
0.02
—
Loss on sales of securities
(0.07
)
—
—
—
—
Operating net noninterest expense to
average assets
1.38
%
1.38
%
1.42
%
1.58
%
1.78
%
Pre-provision net revenue
Net interest income before provision for
credit losses
$
18,654
$
18,874
$
19,621
$
19,181
$
20,568
Noninterest income
9,487
9,305
9,718
8,952
7,659
Total income
28,141
28,179
29,339
28,133
28,227
Noninterest expense
20,397
19,587
20,881
21,432
21,165
Pre-provision net revenue
$
7,744
$
8,592
$
8,458
$
6,701
$
7,062
(1) Net noninterest expense is defined as
noninterest expense less noninterest income.
Colony Bankcorp, Inc.
Selected Financial Information
2024
2023
(dollars in
thousands, except per share data)
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
EARNINGS SUMMARY
Net interest income
$
18,654
$
18,874
$
19,621
$
19,181
$
20,568
Provision for credit losses
1,000
1,500
1,000
200
900
Noninterest income
9,487
9,305
9,718
8,952
7,659
Noninterest expense
20,397
19,587
20,881
21,432
21,165
Income taxes
1,411
1,494
1,654
1,199
1,119
Net income
$
5,333
$
5,598
$
5,804
$
5,302
$
5,043
PERFORMANCE MEASURES
Per common share:
Common shares outstanding
17,558,611
17,564,182
17,567,983
17,541,661
17,593,879
Weighted average basic shares
17,560,210
17,567,839
17,569,493
17,580,557
17,595,688
Weighted average diluted shares
17,560,210
17,567,839
17,569,493
17,580,557
17,595,688
Earnings per basic share
$
0.30
$
0.32
$
0.33
$
0.30
$
0.29
Earnings per diluted share
0.30
0.32
0.33
0.30
0.29
Adjusted earnings per diluted share(b)
0.33
0.31
0.34
0.33
0.31
Cash dividends declared per share
0.1125
0.1100
0.1100
0.1100
0.1100
Common book value per share
14.80
14.51
13.59
13.65
13.57
Tangible book value per common
share(b)
11.79
11.49
10.55
10.58
10.49
Pre-provision net revenue(b)
$
7,744
$
8,592
$
8,458
$
6,701
$
7,062
Performance ratios:
Net interest margin (a)
2.69
%
2.70
%
2.78
%
2.77
%
3.08
%
Return on average assets
0.71
0.73
0.75
0.70
0.69
Operating return on average assets (b)
0.76
0.71
0.77
0.75
0.76
Return on average total equity
8.38
9.20
9.61
8.88
8.73
Operating return on average total equity
(b)
9.10
8.90
9.89
9.57
9.57
Efficiency ratio
72.48
69.51
71.17
76.18
74.98
Operating efficiency ratio (b)
70.43
70.35
70.42
74.36
72.88
Net noninterest expense to average
assets
1.45
1.35
1.45
1.65
1.86
Operating net noninterest expense to
average assets(b)
1.38
1.38
1.42
1.58
1.78
ASSET QUALITY
Nonperforming portfolio loans
$
3,674
$
7,804
$
5,625
$
6,716
$
5,636
Nonperforming government guaranteed
loans
2,757
2,035
3,641
4,369
1,529
Loans 90 days past due and still
accruing
—
370
9
—
—
Total nonperforming loans (NPLs)
6,431
10,209
9,275
11,085
7,165
Other real estate owned
562
448
812
792
651
Total nonperforming assets (NPAs)
6,993
10,657
10,087
11,877
7,816
Classified loans
25,965
23,754
20,704
19,267
18,747
Criticized loans
55,065
56,879
50,741
48,074
43,281
Net loan charge-offs (recoveries)
664
692
698
(37
)
237
Allowance for credit losses to total
loans
1.00
%
0.98
%
0.93
%
0.93
%
0.92
%
Allowance for credit losses to total
NPLs
290.11
179.95
187.26
153.96
231.67
Allowance for credit losses to total
NPAs
266.80
172.38
172.18
143.69
212.37
Net charge-offs (recoveries) to average
loans, net
0.14
0.15
0.15
(0.01
)
0.05
NPLs to total loans
0.35
0.54
0.50
0.60
0.40
NPAs to total assets
0.23
0.35
0.33
0.38
0.26
NPAs to total loans and foreclosed
assets
0.38
0.57
0.54
0.65
0.43
AVERAGE BALANCES
Total assets
$
3,036,093
$
3,027,812
$
3,058,485
$
3,030,044
$
2,949,986
Loans, net
1,853,077
1,860,652
1,854,367
1,814,172
1,765,845
Loans, held for sale
24,612
21,251
29,444
21,237
14,007
Deposits
2,543,259
2,538,500
2,565,026
2,524,949
2,473,464
Total stockholders’ equity
255,927
241,392
239,571
239,579
234,147
(a) Computed using fully
taxable-equivalent net income.
(b) Non-GAAP measure - see “Explanation of
Certain Unaudited Non-GAAP Financial Measures” for more information
and reconciliation to GAAP.
Colony Bankcorp, Inc.
Average Balance Sheet and Net Interest
Analysis
Three Months Ended March
31,
2024
2023
(dollars in
thousands)
Average
Balances
Income/ Expense
Yields/ Rates
Average
Balances
Income/ Expense
Yields/ Rates
Assets
Interest-earning assets:
Loans, net of unearned income 1
$
1,896,014
$
27,145
5.76
%
$
1,779,852
$
22,199
5.06
%
Investment securities, taxable
737,257
5,042
2.75
%
786,900
5,374
2.77
%
Investment securities, tax-exempt 2
106,819
605
2.28
%
114,346
594
2.11
%
Deposits in banks and short term
investments
71,431
693
3.90
%
50,898
357
2.85
%
Total interest-earning assets
2,811,521
33,485
4.79
%
2,731,996
28,524
4.23
%
Noninterest-earning assets
224,572
217,990
Total assets
$
3,036,093
$
2,949,986
Liabilities and stockholders'
equity
Interest-bearing liabilities:
Interest-bearing demand and savings
$
1,451,490
$
6,408
1.78
%
$
1,409,834
$
2,324
0.67
%
Other time
612,241
5,683
3.73
%
507,415
2,675
2.14
%
Total interest-bearing deposits
2,063,731
12,091
2.36
%
1,917,249
4,999
1.06
%
Federal funds purchased
13
—
5.72
%
7,012
88
5.09
%
Federal Home Loan Bank advances
156,978
1,572
4.03
%
149,444
1,626
4.41
%
Other borrowings
63,086
993
6.33
%
76,083
1,089
5.80
%
Total other interest-bearing
liabilities
220,077
2,565
4.69
%
232,539
2,803
4.89
%
Total interest-bearing liabilities
2,283,808
14,656
2.58
%
2,149,788
7,802
1.47
%
Noninterest-bearing liabilities:
Demand deposits
479,528
$
556,216
Other liabilities
16,830
9,835
Stockholders' equity
255,927
234,147
Total noninterest-bearing liabilities and
stockholders' equity
752,285
800,198
Total liabilities and stockholders'
equity
$
3,036,093
$
2,949,986
Interest rate spread
2.21
%
2.76
%
Net interest income
$
18,829
$
20,722
Net interest margin
2.69
%
3.08
%
____________________________________
1The average balance of loans includes the
average balance of nonaccrual loans. Income on such loans is
recognized and recorded on the cash basis. Taxable-equivalent
adjustments totaling $48,000 and $45,000 for the quarters ended
March 31, 2024 and 2023, respectively, are calculated using the
statutory federal tax rate and are included in income and fees on
loans. Accretion expense of $5,000 and income of $71,000 for the
quarters ended March 31, 2024 and 2023 are also included in income
and fees on loans.
2Taxable-equivalent adjustments totaling
$127,000 and $108,000 for the quarters ended March 31, 2024 and
2023, respectively, are calculated using the statutory federal tax
rate and are included in tax-exempt interest on investment
securities.
Colony Bankcorp, Inc.
Segment Reporting
2024
2023
(dollars in
thousands)
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Banking Division
Net interest income
$
17,552
$
17,986
$
18,778
$
18,562
$
20,138
Provision for credit losses
455
979
286
60
900
Noninterest income
5,680
5,992
6,233
5,433
4,918
Noninterest expenses
17,129
16,619
16,653
17,650
17,812
Income taxes
1,166
1,365
1,777
1,157
1,155
Segment income
$
4,482
$
5,015
$
6,295
$
5,128
$
5,189
Total segment assets
$
2,910,102
$
2,956,121
$
2,999,071
$
3,013,689
$
2,930,421
Full time employees
377
378
382
383
407
Mortgage Banking Division
Net interest income
$
40
$
23
$
52
$
31
$
3
Provision for credit losses
—
—
—
—
—
Noninterest income
1,165
1,206
1,725
2,015
1,277
Noninterest expenses
1,218
1,203
2,040
1,971
1,712
Income taxes
1
8
(53
)
14
(86
)
Segment income
$
(14
)
$
18
$
(210
)
$
61
$
(346
)
Total segment assets
$
8,011
$
7,890
$
9,991
$
15,984
$
7,895
Variable noninterest expense(1)
$
603
$
597
$
1,245
$
1,149
$
890
Fixed noninterest expense
615
606
795
822
822
Full time employees
43
42
45
51
59
Small Business Specialty Lending
Division
Net interest income
$
1,062
$
865
$
791
$
588
$
427
Provision for credit losses
545
521
714
140
—
Noninterest income
2,642
2,107
1,760
1,504
1,464
Noninterest expenses
2,050
1,765
2,188
1,811
1,641
Income taxes
244
121
(70
)
28
50
Segment income
$
865
$
565
$
(281
)
$
113
$
200
Total segment assets
$
97,396
$
89,411
$
84,761
$
71,398
$
58,625
Full time employees
31
33
33
32
30
Total Consolidated
Net interest income
$
18,654
$
18,874
$
19,621
$
19,181
$
20,568
Provision for credit losses
1,000
1,500
1,000
200
900
Noninterest income
9,487
9,305
9,718
8,952
7,659
Noninterest expenses
20,397
19,587
20,881
21,432
21,165
Income taxes
1,411
1,494
1,654
1,199
1,119
Segment income
$
5,333
$
5,598
$
5,804
$
5,302
$
5,043
Total segment assets
$
3,015,509
$
3,053,422
$
3,093,823
$
3,101,071
$
2,996,941
Full time employees
451
453
460
466
496
(1) Variable noninterest expense includes
commission based salary expenses and volume based loan related
fees.
Colony Bankcorp, Inc.
Consolidated Balance Sheets
March 31, 2024
December 31, 2023
(dollars in
thousands)
(unaudited)
(audited)
ASSETS
Cash and due from banks
$
22,914
$
25,339
Interest-bearing deposits in banks and
federal funds sold
71,755
57,983
Cash and cash equivalents
94,669
83,322
Investment securities available for sale,
at fair value
382,953
407,382
Investment securities held to maturity, at
amortized cost
447,157
449,031
Other investments
16,034
16,868
Loans held for sale
31,102
27,958
Loans, net of unearned income
1,859,018
1,883,470
Allowance for credit losses
(18,657
)
(18,371
)
Loans, net
1,840,361
1,865,099
Premises and equipment
39,381
39,870
Other real estate
562
448
Goodwill
48,923
48,923
Other intangible assets
3,855
4,192
Bank owned life insurance
56,765
56,925
Deferred income taxes, net
24,587
25,405
Other assets
29,160
27,999
Total assets
$
3,015,509
$
3,053,422
LIABILITIES AND STOCKHOLDERS’
EQUITY
Liabilities:
Deposits:
Noninterest-bearing
$
476,413
$
498,992
Interest-bearing
2,046,335
2,045,798
Total deposits
2,522,748
2,544,790
Federal Home Loan Bank advances
155,000
175,000
Other borrowed money
62,969
63,445
Accrued expenses and other liabilities
14,878
15,252
Total liabilities
$
2,755,595
$
2,798,487
Stockholders’ equity
Common stock, $1 par value; 50,000,000
shares authorized, 17,558,611 and 17,564,182 issued and
outstanding, respectively
$
17,559
$
17,564
Paid in capital
168,951
168,614
Retained earnings
127,758
124,400
Accumulated other comprehensive loss, net
of tax
(54,354
)
(55,643
)
Total stockholders’ equity
259,914
254,935
Total liabilities and stockholders’
equity
$
3,015,509
$
3,053,422
Colony Bankcorp, Inc.
Consolidated Statements of Income
(unaudited)
Three months ended March
31,
2024
2023
(dollars in
thousands, except per share data)
Interest income:
Loans, including fees
$
27,097
$
22,153
Investment securities
5,520
5,860
Deposits in banks and short term
investments
693
357
Total interest income
33,310
28,370
Interest expense:
Deposits
12,091
4,999
Federal funds purchased
—
88
Federal Home Loan Bank advances
1,572
1,626
Other borrowings
993
1,089
Total interest expense
14,656
7,802
Net interest income
18,654
20,568
Provision for credit losses
1,000
900
Net interest income after provision for
credit losses
17,654
19,668
Noninterest income:
Service charges on deposits
2,373
1,914
Mortgage fee income
1,249
1,183
Gain on sales of SBA loans
2,046
1,057
Loss on sales of securities
(555
)
—
Interchange fees
2,028
2,068
BOLI income
533
331
Insurance commissions
465
460
Other
1,348
646
Total noninterest income
9,487
7,659
Noninterest expense:
Salaries and employee benefits
12,018
12,609
Occupancy and equipment
1,507
1,622
Information technology expenses
2,110
2,341
Professional fees
834
715
Advertising and public relations
960
993
Communications
226
294
Other
2,742
2,591
Total noninterest expense
20,397
21,165
Income before income taxes
6,744
6,162
Income taxes
1,411
1,119
Net income
$
5,333
$
5,043
Earnings per common share:
Basic
$
0.30
$
0.29
Diluted
0.30
0.29
Dividends declared per share
0.1125
0.1100
Weighted average common shares
outstanding:
Basic
17,560,210
17,595,688
Diluted
17,560,210
17,595,688
Colony Bankcorp, Inc.
Quarterly Comparison
2024
2023
(dollars in
thousands, except per share data)
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Assets
$
3,015,509
$
3,053,422
$
3,093,823
$
3,101,071
$
2,996,941
Loans, net
1,840,361
1,865,099
1,847,603
1,821,776
1,783,254
Deposits
2,522,748
2,544,790
2,591,332
2,627,211
2,516,129
Total equity
259,914
254,935
238,692
239,455
238,777
Net income
5,333
5,598
5,804
5,302
5,043
Earnings per basic share
$
0.30
$
0.32
$
0.33
$
0.30
$
0.29
Key Performance Ratios:
Return on average assets
0.71
%
0.73
%
0.75
%
0.70
%
0.69
%
Operating return on average assets (a)
0.76
%
0.71
%
0.77
%
0.75
%
0.76
%
Return on average total equity
8.38
%
9.20
%
9.61
%
8.88
%
8.73
%
Operating return on average total equity
(a)
9.10
%
8.90
%
9.89
%
9.57
%
9.57
%
Total equity to total assets
8.62
%
8.35
%
7.72
%
7.72
%
7.97
%
Tangible equity to tangible assets (a)
6.99
%
6.73
%
6.09
%
6.09
%
6.27
%
Net interest margin
2.69
%
2.70
%
2.78
%
2.77
%
3.08
%
(a) Non-GAAP measure - see “Explanation of
Certain Unaudited Non-GAAP Financial Measures” for more information
and reconciliation to GAAP.
Colony Bankcorp, Inc.
Quarterly Loan Comparison
2024
2023
(dollars in
thousands)
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Core
$
1,718,284
$
1,729,866
$
1,698,219
$
1,664,855
$
1,614,216
Purchased
140,734
153,604
166,752
173,987
185,637
Total
$
1,859,018
$
1,883,470
$
1,864,971
$
1,838,842
$
1,799,853
Colony Bankcorp, Inc.
Quarterly Loans by Composition
Comparison
2024
2023
(dollars in
thousands)
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Construction, land & land
development
$
234,000
$
247,146
$
245,268
$
249,423
$
249,720
Other commercial real estate
971,205
974,649
969,168
979,509
985,627
Total commercial real estate
1,205,205
1,221,795
1,214,436
1,228,932
1,235,347
Residential real estate
347,277
355,973
339,501
325,407
316,415
Commercial, financial &
agricultural
239,837
242,743
252,725
243,458
225,269
Consumer and other
66,699
62,959
58,309
41,045
22,822
Total
$
1,859,018
$
1,883,470
$
1,864,971
$
1,838,842
$
1,799,853
Colony Bankcorp, Inc.
Quarterly Loans by Location
Comparison
2024
2023
(dollars in
thousands)
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Alabama
$
44,806
$
45,594
$
45,135
$
44,301
$
41,118
Florida
1,579
40
—
—
—
Augusta
71,483
65,284
55,508
55,124
53,415
Coastal Georgia
232,557
243,492
239,281
242,249
248,253
Middle Georgia
121,131
118,806
116,776
119,041
119,720
Atlanta and North Georgia
425,753
426,724
431,632
420,231
419,480
South Georgia
409,681
436,728
446,221
463,558
448,558
West Georgia
183,679
187,751
188,208
192,348
204,664
Small Business Specialty Lending
71,196
68,637
65,187
56,908
50,513
Consumer Portfolio Mortgages
261,204
255,771
245,057
226,755
211,225
Marine/RV Lending
35,017
33,191
31,009
17,137
2,060
Other
932
1,452
957
1,190
847
Total
$
1,859,018
$
1,883,470
$
1,864,971
$
1,838,842
$
1,799,853
Colony Bankcorp, Inc.
Quarterly Deposits Comparison
2024
2023
(dollars in thousands)
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Noninterest-bearing demand
$
476,413
$
498,992
$
494,221
$
541,119
$
537,928
Interest-bearing demand
802,596
759,299
740,672
733,708
764,070
Savings
650,188
660,311
681,229
659,137
612,397
Time, $250,000 and over
173,386
167,680
187,218
184,459
152,914
Other time
420,165
458,508
487,992
508,788
448,820
Total
$
2,522,748
$
2,544,790
$
2,591,332
$
2,627,211
$
2,516,129
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240424708104/en/
Derek Shelnutt EVP & Chief Financial Officer 229-426-6000,
extension 6119
Colony Bankcorp (NASDAQ:CBAN)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Colony Bankcorp (NASDAQ:CBAN)
Gráfica de Acción Histórica
De May 2023 a May 2024
