Increases Quarterly Cash Dividend to $0.1150
Per Share
Colony Bankcorp, Inc. (NYSE: CBAN) (“Colony” or the “Company”)
today reported financial results for the fourth quarter of 2024.
Financial highlights are shown below.
Financial Highlights:
- Net income increased to $7.4 million, or $0.42 per diluted
share, for the fourth quarter of 2024, compared to $5.6 million, or
$0.32 per diluted share, for the third quarter of 2024, and $5.6
million, or $0.32 per diluted share, for the fourth quarter of
2023.
- Operating net income increased to $7.8 million, or $0.44 of
adjusted earnings per diluted share, for the fourth quarter of
2024, compared to $6.2 million, or $0.35 of adjusted earnings per
diluted share, for the third quarter of 2024, and $5.4 million, or
$0.31 of adjusted earnings per diluted share, for the fourth
quarter of 2023. (See Reconciliation of Non-GAAP Measures).
- Provision for credit losses of $650,000 was recorded in fourth
quarter of 2024 compared to $750,000 in third quarter of 2024, and
$1.5 million in fourth quarter of 2023.
- Total loans, excluding loans held for sale, were $1.84 billion
at December 31, 2024, a decrease of $43.1 million, or 2.28%, from
the prior quarter.
- Total deposits were $2.57 billion and $2.52 billion at December
31, 2024 and September 30, 2024, respectively, an increase of $43.0
million.
- Mortgage production was $76.9 million, and mortgage sales
totaled $51.4 million in the fourth quarter of 2024 compared to
$66.6 million and $57.8 million, respectively, for the third
quarter of 2024.
- Small Business Specialty Lending (“SBSL”) closed $22.2 million
in Small Business Administration (“SBA”) loans and sold $30.0
million in SBA loans in the fourth quarter of 2024 compared to
$30.1 million and $27.2 million, respectively, for the third
quarter of 2024.
The Company also announced that on January 22, 2025, the Board
of Directors declared a quarterly cash dividend of $0.1150 per
share, to be paid on its common stock on February 19, 2025, to
shareholders of record as of the close of business on February 5,
2025. The Company had 17,520,136 shares of its common stock
outstanding as of January 20, 2025.
“We are pleased to report our operating results and improved
performance in the fourth quarter of 2024. Strong deposit growth
during the quarter, particularly in lower cost transactional
deposit accounts, along with easing from the Federal Reserve
contributed to a lower overall cost of funds which resulted in an
increase in margin of 20 basis points compared to the prior
quarter. Additionally, we are pleased with our increase in
noninterest income led by a successful quarter for our Small
Business Specialty Lending Division and continued progress in our
other complementary lines of business,” said Heath Fountain, Chief
Executive Officer.
“The change in our loan balances reflects several anticipated
large payoffs during the quarter, which carried lower rates and had
minimal impact on earning asset yields. While we anticipate loan
growth to resume in 2025, we expect it to be stronger in the latter
half of the year.”
“We were also excited to announce additions to the Executive
Management team which include the promotions of Ed Canup, Daniel
Rentz, and Laurie Senn. These additions enable us to prioritize
profitable growth and scale the organization by emphasizing
business development, innovation, and efficiency.”
Balance Sheet
- Total assets were $3.11 billion at December 31, 2024, an
increase of $44.7 million from September 30, 2024.
- Total loans, including loans held for sale, were at $1.88
billion at December 31, 2024, a decrease of $31.0 million from the
quarter ended September 30, 2024.
- Total deposits were $2.57 billion and $2.52 billion at December
31, 2024 and September 30, 2024, respectively, an increase of $43.0
million. Interest bearing demand deposits increased $44.7 million
and savings and money market deposits increased $3.2 million, which
were partially offset by a decrease in time deposits of $27.3
million, from September 30, 2024 to December 31, 2024.
- Total borrowings at December 31, 2024 totaled $248.0 million,
an increase of $23,000 compared to September 30, 2024, related to a
minimal increase in other borrowed money.
Capital
- Colony continues to maintain a strong capital position, with
ratios that exceed regulatory minimums required to be considered as
“well-capitalized.”
- Under the Company’s approved stock repurchase program, a total
of 35,000 shares of Company common stock were repurchased during
the fourth quarter of 2024 at an average price of $15.40 per share
and a total value of $539,132 thousand.
- Preliminary tier one leverage ratio, tier one capital ratio,
total risk-based capital ratio and common equity tier one capital
ratio were 9.50%, 14.26%, 17.10%, and 13.08%, respectively, at
December 31, 2024.
Fourth Quarter and December 31, 2024 Year to Date Results of
Operations
- Net interest income, on a tax-equivalent basis, totaled $20.6
million for the fourth quarter ended December 31, 2024 compared to
$19.1 million for the same period in 2023. Net interest income, on
a tax-equivalent basis, for the twelve months ended December 31,
2024 totaled $76.8 million, compared to $79.0 million for the
twelve months ended December 31, 2023. For both periods, 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 higher interest rates period over period. Income
on interest earning assets increased $2.8 million, to $36.2 million
for the fourth quarter of 2024 compared to the respective period in
2023. Expense on interest bearing liabilities increased $1.2
million, to $15.5 million for the fourth quarter of 2024 compared
to the respective period in 2023. Income on interest earning assets
increased $12.3 million to $137.9 million for the twelve month
period ended December 31, 2024 compared to the respective period in
2023. Expense on interest bearing liabilities increased $14.5
million, to $61.2 million for the twelve month period ended
December 31, 2024 compared to the respective period in 2023.
- Net interest margin for the fourth quarter of 2024 was 2.84%
compared to 2.70% for the fourth quarter of 2023. This increase was
primarily related to an increase in interest earning assets period
over period as well as rate increases in interest earning assets
outpacing the rate increases in interest bearing liabilities. Net
interest margin was 2.72% for the twelve months ended December 31,
2024 compared to 2.83% for the twelve months ended December 31,
2023. The decrease is the result of rate increases in interest
bearing liabilities outpacing the rate increases in interest
earning assets.
- Noninterest income totaled $10.3 million for the fourth quarter
ended December 31, 2024, an increase of $1.0 million, or 10.79%,
compared to the same period in 2023. Noninterest income totaled
$39.4 million for the twelve months ended December 31, 2024, an
increase of $3.7 million, or 10.50%, compared to the same period in
2023. These increases were primarily related to increases in
mortgage fee income, gains on sales of SBA loans and income on
merchant and wealth advisory services which is included in other
noninterest income, which were partially offset by decreases in
service charges on deposit accounts and losses on the sales of
investment securities.
- Noninterest expense totaled $21.3 million for the fourth
quarter ended December 31, 2024, compared to $19.6 million for the
same period in 2023. Noninterest expense totaled $82.8 million for
the twelve months ended December 31, 2024, compared to $83.1
million for the same period in 2023. The increase for the fourth
quarter ended December 31, 2024 was primarily related to increases
in salaries and employee benefits and information technology
expenses. The slight decrease for the twelve months ended December
31, 2024 was a result of decreases in occupancy and equipment
expenses, professional fees and communications expense partially
offset by increases in salaries and employee benefits and
information technology expenses.
Asset Quality
- Nonperforming assets totaled $11.3 million and $12.5 million at
December 31, 2024 and September 30, 2024, respectively, a decrease
of $1.2 million.
- Other real estate owned and repossessed assets totaled $530,000
at December 31, 2024 and $236,000 at September 30, 2024.
- Net loans charged-off were $1.5 million, or 0.33% of average
loans for the fourth quarter of 2024, compared to $139,000 or 0.03%
for the third quarter of 2024.
- The credit loss reserve was $19.0 million, or 1.03% of total
loans, at December 31, 2024, compared to $19.7 million, or 1.04% of
total loans at September 30, 2024.
Earnings call information
The Company will host an earnings conference call at 9:00 a.m.
ET on Thursday, January 23, 2025, to discuss the recent results and
answer appropriate questions. The conference call can be accessed
by dialing 1-800-549-8228 and using the Conference ID: 71885. A
replay of the call will be available until Thursday, January 30,
2025. To listen to the replay, dial 1-888-660-6264 and entering the
passcode 71885#.
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 New York Stock Exchange (“NYSE”) 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 future economic conditions, particularly
those affecting the financial services industry, including the
effects of declines in the real estate market, high unemployment
rates, inflationary pressures, changes in interest rates (including
the impact of prolonged elevated interest rates on our financial
projections and models) and slowdowns in economic growth, as well
as the financial stress on borrowers as a result of the foregoing;
the risk of reductions in benchmark interest rates and the
resulting impacts on net interest income; potential impacts of
adverse developments in the banking industry highlighted by
high-profile bank failures, including impacts on customer
confidence, deposit outflows, liquidity and the regulatory response
thereto; risks arising from media coverage of the banking industry;
risks arising from perceived instability in the banking sector; the
risks of changes in interest rates and their effects on the level,
cost, and composition of, and competition for, deposits, loan
demand and timing of payments, the values of loan collateral,
securities, and interest sensitive assets and liabilities; the
ability to attract new or retain existing deposits, to retain or
grow loans or additional interest and fee income, or to control
noninterest expense; the effect of pricing pressures on the
Company’s net interest margin; the failure of assumptions
underlying the establishment of reserves for possible credit
losses, fair value for loans and other real estate owned; changes
in real estate values; the Company’s ability to implement its
various strategic and growth initiatives; increased competition in
the financial services industry, particularly from regional and
national institutions, as well as from fintech companies; economic
conditions, either nationally or locally, in areas in which the
Company conducts operations being less favorable than expected;
changes in the prices, values and sales volumes of residential and
commercial real estate; developments in our mortgage banking
business, including loan modifications, general demand, and the
effects of judicial or regulatory requirements or guidance;
legislation or regulatory changes which adversely affect the
ability of the consolidated Company to conduct business
combinations or new operations; adverse results from current or
future litigation, regulatory examinations or other legal and/or
regulatory actions, including as a result of the Company’s
participation in and execution of government programs; significant
turbulence or a disruption in the capital or financial markets and
the effect of a fall in the stock market prices on our investment
securities; the effects of war or other conflicts including the
impacts related to or resulting from Russia’s military action in
Ukraine or the conflict in Israel and surrounding areas; general
risks related to the Company’s merger and acquisition activity,
including risks associated with the Company’s pursuit of future
acquisitions; the impact of generative artificial intelligence;
fraud or misconduct by internal or external actors, and system
failures, cybersecurity threats or security breaches and the cost
of defending against them; a deterioration of the credit rating for
U.S. long-term sovereign debt, actions that the U.S. government may
take to avoid exceeding the debt ceiling, and uncertainties
surrounding debt ceiling and the federal budget; a potential U.S.
federal government shutdown and the resulting impacts; and general
competitive, economic, political and market conditions or other
unexpected factors or events. These and other factors, risks and
uncertainties could cause the actual results, performance or
achievements of the Company to be materially different from the
future results, performance or achievements expressed or implied by
such forward-looking statements. Many of these factors are beyond
the Company’s ability to control or predict.
Forward-looking statements speak only as of the date on which
such statements are made. These forward-looking statements are
based upon information presently known to the Company’s management
and are inherently subjective, uncertain and subject to change due
to any number of risks and uncertainties, including, without
limitation, the risks and other factors set forth in the Company’s
filings with the Securities and Exchange Commission, the Company’s
Annual Report on Form 10-K for the year ended December 31, 2023,
under the captions “Cautionary Note Regarding Forward-Looking
Statements” and “Risk Factors,” and in the Company’s quarterly
reports on Form 10-Q and current reports on Form 8-K. The Company
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which such
statement is made, or to reflect the occurrence of unanticipated
events. Readers are cautioned not to place undue reliance on these
forward-looking statements.
Explanation of Certain Unaudited Non-GAAP Financial
Measures
The measures entitled operating noninterest income, operating
noninterest expense, operating net income, adjusted earnings per
diluted share, operating return on average assets, operating return
on average equity, tangible book value per common share, tangible
equity to tangible assets, operating efficiency ratio, operating
net noninterest expense to average assets and pre-provision net
revenue are not measures recognized under U.S. generally accepted
accounting principles (GAAP) and therefore are considered non-GAAP
financial measures. The most comparable GAAP measures are
noninterest income, noninterest expense, net income, diluted
earnings per share, return on average assets, return on average
equity, book value per common share, total equity to total assets,
efficiency ratio, net noninterest expense to average assets and net
interest income before provision for credit losses, respectively.
Operating noninterest income excludes gain on sale of bank premises
and loss on sales of securities. Operating noninterest expense
excludes acquisition-related expenses and severance costs.
Operating net income, operating return on average assets, operating
return on average equity and operating efficiency ratio all exclude
acquisition-related expenses, severance costs, gain on sale of bank
premises and loss on sales of securities from net income, return on
average assets, return on average equity and efficiency ratio,
respectively. Operating net noninterest expense to average assets
ratio excludes from net noninterest expense, severance costs,
acquisition-related expenses, gain on sale of bank premises and
loss on sales of securities. Acquisition-related expenses includes
fees associated with acquisitions and vendor contract buyouts.
Severance costs includes costs associated with termination and
retirement of employees. Adjusted earnings per diluted share
includes the adjustments to operating net income. Tangible book
value per common share and tangible equity to tangible assets
exclude goodwill and other intangibles from book value per common
share and total equity to total assets, respectively. Pre-provision
net revenue is calculated by adding noninterest income to net
interest income before provision for credit losses, and subtracting
noninterest expense.
Management uses these non-GAAP financial measures in its
analysis of the Company's performance and believes these
presentations provide useful supplemental information, and a
clearer understanding of the Company's performance, and if not
provided would be requested by the investor community. The Company
believes the non-GAAP measures enhance investors' understanding of
the Company's business and performance. These measures are also
useful in understanding performance trends and facilitate
comparisons with the performance of other financial institutions.
The limitations associated with operating measures are the risk
that persons might disagree as to the appropriateness of items
comprising these measures and that different companies might
calculate these measures differently.
These disclosures should not be considered an alternative to
GAAP. The computations of operating noninterest income, operating
noninterest expense, operating net income, adjusted earnings per
diluted share, operating return on average assets, operating return
on average equity, tangible book value per common share, tangible
equity to tangible assets, operating efficiency ratio, operating
net noninterest expense to average assets and pre-provision net
revenue and the reconciliation of these measures to noninterest
income, noninterest expense, net income, diluted earnings per
share, return on average assets, return on average equity, book
value per common share, total equity to total assets, efficiency
ratio, net noninterest expense to average assets and net interest
income before provision for credit losses are set forth in the
table below.
Colony Bankcorp, Inc.
Reconciliation of Non-GAAP
Measures
2024
2023
(dollars in thousands, except per share
data)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Operating noninterest income
reconciliation
Noninterest income (GAAP)
$
10,309
$
10,082
$
9,497
$
9,487
$
9,305
Gain on sale of bank premises
—
—
—
—
(236
)
Writedown of bank premises
—
—
197
—
—
Loss on sales of securities
401
454
425
555
—
Operating noninterest income
$
10,710
$
10,536
$
10,119
$
10,042
$
9,069
Operating noninterest expense
reconciliation
Noninterest expense (GAAP)
$
21,272
$
20,835
$
20,330
$
20,397
$
19,587
Severance costs
—
(265
)
—
(23
)
—
Operating noninterest expense
$
21,272
$
20,570
$
20,330
$
20,374
$
19,587
Operating net income
reconciliation
Net income (GAAP)
$
7,432
$
5,629
$
5,474
$
5,333
$
5,598
Severance costs
—
265
—
23
—
Gain on sale of bank premises
—
—
—
—
(236
)
Writedown of bank premises
—
—
197
—
—
Loss on sales of securities
401
454
425
555
—
Income tax benefit
(77
)
(143
)
(129
)
(121
)
52
Operating net income
$
7,756
$
6,205
$
5,967
$
5,790
$
5,414
Weighted average diluted shares
17,531,808
17,587,902
17,551,007
17,560,210
17,567,839
Adjusted earnings per diluted
share
$
0.44
$
0.35
$
0.34
$
0.33
$
0.31
Operating return on average assets
reconciliation
Return on average assets (GAAP)
0.95
%
0.74
%
0.73
%
0.71
%
0.73
%
Severance costs
—
0.03
—
—
—
Gain on sale of bank premises
—
—
—
—
(0.03
)
Writedown of bank premises
—
—
0.03
—
—
Loss on sales of securities
0.05
0.06
0.06
0.07
—
Tax effect of adjustment items
(0.01
)
(0.02
)
(0.02
)
(0.02
)
0.01
Operating return on average
assets
0.99
%
0.81
%
0.80
%
0.76
%
0.71
%
Operating return on average equity
reconciliation
Return on average equity (GAAP)
10.71
%
8.33
%
8.46
%
8.38
%
9.20
%
Severance costs
—
0.39
—
0.04
—
Gain on sale of bank premises
—
—
—
—
(0.39
)
Writedown of bank premises
—
—
0.30
—
—
Loss on sales of securities
0.58
0.67
0.66
0.87
—
Tax effect of adjustment items
(0.11
)
(0.21
)
(0.20
)
(0.19
)
0.09
Operating return on average
equity
11.18
%
9.18
%
9.22
%
9.10
%
8.90
%
Tangible book value per common share
reconciliation
Book value per common share (GAAP)
$
15.91
$
15.73
$
15.09
$
14.80
$
14.51
Effect of goodwill and other
intangibles
(2.96
)
(2.97
)
(2.99
)
(3.01
)
(3.02
)
Tangible book value per common
share
$
12.95
$
12.76
$
12.10
$
11.79
$
11.49
Tangible equity to tangible assets
reconciliation
Equity to assets (GAAP)
8.96
%
9.01
%
8.80
%
8.62
%
8.35
%
Effect of goodwill and other
intangibles
(1.54
)
(1.58
)
(1.62
)
(1.63
)
(1.62
)
Tangible equity to tangible
assets
7.42
%
7.43
%
7.18
%
6.99
%
6.73
%
Operating efficiency ratio
calculation
Efficiency ratio (GAAP)
69.11
%
72.79
%
72.85
%
72.48
%
69.51
%
Severance costs
—
(0.93
)
—
(0.08
)
—
Gain on sale of bank premises
—
—
—
—
0.84
Writedown of bank premises
—
—
(0.71
)
—
—
Loss on sales of securities
(1.31
)
(1.59
)
(1.52
)
(1.97
)
—
Operating efficiency ratio
67.80
%
70.27
%
70.62
%
70.43
%
70.35
%
Operating net noninterest expense(1) to
average assets calculation
Net noninterest expense to average
assets
1.40
%
1.41
%
1.45
%
1.45
%
1.35
%
Severance costs
—
(0.03
)
—
—
—
Gain on sale of bank premises
—
—
—
—
0.03
Writedown of bank premises
—
—
(0.03
)
—
—
Loss on sales of securities
(0.05
)
(0.06
)
(0.06
)
(0.07
)
—
Operating net noninterest expense to
average assets
1.35
%
1.32
%
1.36
%
1.38
%
1.38
%
Pre-provision net revenue
Net interest income before provision for
credit losses
$
20,472
$
18,541
$
18,409
$
18,654
$
18,874
Noninterest income
10,309
10,082
9,497
9,487
9,305
Total income
30,781
28,623
27,906
28,141
28,179
Noninterest expense
21,272
20,835
20,330
20,397
19,587
Pre-provision net revenue
$
9,509
$
7,788
$
7,576
$
7,744
$
8,592
(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)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
EARNINGS SUMMARY
Net interest income
$
20,472
$
18,541
$
18,409
$
18,654
$
18,874
Provision for credit losses
650
750
650
1,000
1,500
Noninterest income
10,309
10,082
9,497
9,487
9,305
Noninterest expense
21,272
20,835
20,330
20,397
19,587
Income taxes
1,427
1,409
1,452
1,411
1,494
Net income
$
7,432
$
5,629
$
5,474
$
5,333
$
5,598
PERFORMANCE MEASURES
Per common share:
Common shares outstanding
17,519,884
17,554,884
17,538,611
17,558,611
17,564,182
Weighted average basic shares
17,531,808
17,587,902
17,551,007
17,560,210
17,567,839
Weighted average diluted shares
17,531,808
17,587,902
17,551,007
17,560,210
17,567,839
Earnings per basic share
$
0.42
$
0.32
$
0.31
$
0.30
$
0.32
Earnings per diluted share
0.42
0.32
0.31
0.30
0.32
Adjusted earnings per diluted share(b)
0.44
0.35
0.34
0.33
0.31
Cash dividends declared per share
0.1125
0.1125
0.1125
0.1125
0.1100
Common book value per share
15.91
15.73
15.09
14.80
14.51
Tangible book value per common
share(b)
12.95
12.76
12.10
11.79
11.49
Pre-provision net revenue(b)
$
9,509
$
7,788
$
7,576
$
7,744
$
8,592
Performance ratios:
Net interest margin (a)
2.84
%
2.64
%
2.68
%
2.69
%
2.70
%
Return on average assets
0.95
0.74
0.73
0.71
0.73
Operating return on average assets (b)
0.99
0.81
0.80
0.76
0.71
Return on average total equity
10.71
8.33
8.46
8.38
9.20
Operating return on average total equity
(b)
11.18
9.18
9.22
9.10
8.90
Efficiency ratio
69.11
72.79
72.85
72.48
69.51
Operating efficiency ratio (b)
67.80
70.27
70.62
70.43
70.35
Net noninterest expense to average
assets
1.40
1.41
1.45
1.45
1.35
Operating net noninterest expense to
average assets(b)
1.35
1.32
1.36
1.38
1.38
ASSET QUALITY
Nonperforming portfolio loans
$
5,024
$
6,273
$
3,653
$
3,674
$
7,804
Nonperforming government guaranteed
loans
5,636
5,942
3,016
2,757
2,035
Loans 90 days past due and still
accruing
152
44
41
—
370
Total nonperforming loans (NPLs)
10,812
12,259
6,710
6,431
10,209
Other real estate owned
202
227
582
562
448
Repossessed assets
328
9
13
—
—
Total nonperforming assets (NPAs)
11,342
12,495
7,305
6,993
10,657
Classified loans
20,103
20,918
22,355
25,965
23,754
Criticized loans
49,387
52,062
44,850
55,065
56,879
Net loan charge-offs (recoveries)
1,534
139
667
664
692
Allowance for credit losses to total
loans
1.03
%
1.04
%
1.01
%
1.00
%
0.98
%
Allowance for credit losses to total
NPLs
175.55
160.40
280.27
290.11
179.95
Allowance for credit losses to total
NPAs
167.34
157.37
257.44
266.80
172.38
Net charge-offs (recoveries) to average
loans, net
0.33
0.03
0.14
0.14
0.15
NPLs to total loans
0.59
0.65
0.36
0.35
0.54
NPAs to total assets
0.36
0.41
0.24
0.23
0.35
NPAs to total loans and foreclosed
assets
0.62
0.66
0.39
0.38
0.57
AVERAGE BALANCES
Total assets
$
3,108,762
$
3,038,947
$
3,010,486
$
3,036,093
$
3,027,812
Loans, net
1,832,564
1,862,986
1,850,451
1,853,077
1,860,652
Loans, held for sale
35,299
34,533
33,024
24,612
21,251
Deposits
2,568,824
2,504,101
2,492,479
2,543,259
2,538,500
Total stockholders’ equity
276,082
268,769
260,162
255,927
241,392
(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,
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
$
1,886,927
$
28,539
6.02
%
$
1,899,413
$
27,069
5.65
%
Investment securities, taxable
704,677
4,759
2.69
%
743,308
5,221
2.79
%
Investment securities, tax-exempt 2
95,062
505
2.11
%
103,418
607
2.33
%
Deposits in banks and short term
investments
202,059
2,361
4.65
%
51,874
489
3.74
%
Total interest-earning assets
2,888,725
36,164
4.98
%
2,798,013
33,386
4.73
%
Noninterest-earning assets
220,037
229,800
Total assets
$
3,108,762
$
3,027,813
Liabilities and stockholders'
equity
Interest-bearing liabilities:
Interest-bearing demand and savings
$
1,494,178
$
6,759
1.80
%
$
1,396,932
$
5,632
1.60
%
Other time
619,334
5,897
3.79
%
643,841
5,939
3.66
%
Total interest-bearing deposits
2,113,512
12,656
2.38
%
2,040,773
11,571
2.25
%
Federal funds purchased
—
—
—
%
53
1
6.28
%
Federal Home Loan Bank advances
185,000
1,905
4.10
%
158,913
1,624
4.06
%
Other borrowings
63,025
958
6.05
%
72,508
1,134
6.20
%
Total other interest-bearing
liabilities
248,025
2,863
4.59
%
231,474
2,759
4.73
%
Total interest-bearing liabilities
2,361,537
15,519
2.61
%
2,272,247
14,330
2.50
%
Noninterest-bearing liabilities:
Demand deposits
455,312
$
497,727
Other liabilities
15,831
16,447
Stockholders' equity
276,082
241,392
Total noninterest-bearing liabilities and
stockholders' equity
747,225
755,566
Total liabilities and stockholders'
equity
$
3,108,762
$
3,027,813
Interest rate spread
2.37
%
2.23
%
Net interest income
$
20,645
$
19,056
Net interest margin
2.84
%
2.70
%
______________________
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 $66,000 and $54,000 for the quarters ended
December 31, 2024 and 2023, respectively, are calculated using
the statutory federal tax rate and are included in income and fees
on loans. Accretion income of $12,000 and $5,000 for the
quarters ended December 31, 2024 and 2023, respectively, are
also included in income and fees on loans.
2 Taxable-equivalent adjustments totaling $106,000 and $127,000 for
the quarters ended December 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.
Average Balance Sheet and Net Interest
Analysis
Twelve Months Ended December
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 3
$
1,900,386
$
111,904
5.89
%
$
1,850,043
$
99,472
5.38
%
Investment securities, taxable
720,986
19,270
2.67
%
770,707
21,388
2.78
%
Investment securities, tax-exempt 4
99,350
2,158
2.17
%
105,797
2,444
2.31
%
Deposits in banks and short term
investments
106,381
4,592
4.32
%
63,806
2,341
3.67
%
Total interest-earning assets
2,827,103
137,924
4.88
%
2,790,353
125,645
4.50
%
Noninterest-earning assets
221,607
226,198
Total assets
$
3,048,710
$
3,016,551
Liabilities and stockholders'
equity
Interest-bearing liabilities:
Interest-bearing demand and savings
$
1,464,315
$
27,293
1.86
%
$
1,390,247
$
15,833
1.14
%
Other time
603,080
22,714
3.77
%
619,083
19,632
3.17
%
Total interest-bearing deposits
2,067,395
50,007
2.42
%
2,009,330
35,465
1.76
%
Federal funds purchased
4
—
5.94
%
2,783
147
5.29
%
Federal Home Loan Bank advances
176,421
7,211
4.09
%
160,548
6,763
4.21
%
Other borrowings
63,186
3,947
6.25
%
70,807
4,298
6.07
%
Total other interest-bearing
liabilities
239,611
11,158
4.66
%
234,138
11,208
4.79
%
Total interest-bearing liabilities
2,307,006
61,165
2.65
%
2,243,468
46,673
2.08
%
Noninterest-bearing liabilities:
Demand deposits
459,822
$
519,225
Other liabilities
16,607
14,947
Stockholders' equity
265,275
238,911
Total noninterest-bearing liabilities and
stockholders' equity
741,704
773,083
Total liabilities and stockholders'
equity
$
3,048,710
$
3,016,551
Interest rate spread
2.23
%
2.42
%
Net interest income
$
76,759
$
78,972
Net interest margin
2.72
%
2.83
%
______________________
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 $229,000 and $216,000 for
the twelve months ended December 31, 2024 and 2023,
respectively, are calculated using the statutory federal tax rate
and are included in income and fees on loans. Accretion
income of $47,000 and $165,000 for the twelve months ended
December 31, 2024 and 2023, respectively, are also included in
income and fees on loans.
4 Taxable-equivalent adjustments
totaling $453,000 and $513,000 for the twelve months ended
December 31, 2024 and 2023, respectively, are included in
tax-exempt interest on investment securities.
Colony Bankcorp, Inc.
Segment Reporting
2024
2023
(dollars in thousands)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Banking Division
Net interest income
$
19,191
$
17,152
$
17,217
$
17,552
$
17,986
Provision for credit losses
309
698
96
455
979
Noninterest income
5,452
5,494
5,086
5,680
5,992
Noninterest expenses
17,616
17,075
17,135
17,129
16,619
Income taxes
927
1,017
1,060
1,166
1,365
Segment income
$
5,791
$
3,856
$
4,012
$
4,482
$
5,015
Total segment assets
$
2,985,856
$
2,955,145
$
2,889,013
$
2,910,102
$
2,956,121
Full time employees
376
375
385
377
378
Mortgage Banking Division
Net interest income
$
53
$
67
$
50
$
40
$
23
Provision for credit losses
—
—
—
—
—
Noninterest income
1,545
1,812
1,456
1,165
1,206
Noninterest expenses
1,699
1,533
1,326
1,218
1,203
Income taxes
(12
)
71
42
1
8
Segment income
$
(89
)
$
275
$
138
$
(14
)
$
18
Total segment assets
$
17,970
$
9,300
$
19,004
$
8,011
$
7,890
Variable noninterest expense(1)
$
764
$
1,005
$
807
$
603
$
597
Fixed noninterest expense
935
528
519
615
606
Full time employees
45
44
42
43
42
Small Business Specialty Lending
Division
Net interest income
$
1,228
$
1,322
$
1,142
$
1,062
$
865
Provision for credit losses
341
52
554
545
521
Noninterest income
3,312
2,776
2,955
2,642
2,107
Noninterest expenses
1,957
2,227
1,869
2,050
1,765
Income taxes
512
321
350
244
121
Segment income
$
1,730
$
1,498
$
1,324
$
865
$
565
Total segment assets
$
105,956
$
100,658
$
99,890
$
97,396
$
89,411
Full time employees
34
33
33
31
33
Total Consolidated
Net interest income
$
20,472
$
18,541
$
18,409
$
18,654
$
18,874
Provision for credit losses
650
750
650
1,000
1,500
Noninterest income
10,309
10,082
9,497
9,487
9,305
Noninterest expenses
21,272
20,835
20,330
20,397
19,587
Income taxes
1,427
1,409
1,452
1,411
1,494
Segment income
$
7,432
$
5,629
$
5,474
$
5,333
$
5,598
Total segment assets
$
3,109,782
$
3,065,103
$
3,007,907
$
3,015,509
$
3,053,422
Full time employees
455
452
460
451
453
(1) Variable noninterest expense includes
commission based salary expenses and volume based loan related
fees.
Colony Bankcorp, Inc.
Consolidated Balance Sheets
December 31, 2024
December 31, 2023
(dollars in thousands)
(unaudited)
(audited)
ASSETS
Cash and due from banks
$
26,045
$
25,339
Interest-bearing deposits in banks and
federal funds sold
204,989
57,983
Cash and cash equivalents
231,034
83,322
Investment securities available for sale,
at fair value
366,049
407,382
Investment securities held to maturity, at
amortized cost
430,077
449,031
Other investments
17,694
16,868
Loans held for sale
39,786
27,958
Loans, net of unearned income
1,842,980
1,883,470
Allowance for credit losses
(18,980
)
(18,371
)
Loans, net
1,824,000
1,865,099
Premises and equipment
37,831
39,870
Other real estate
202
448
Goodwill
48,923
48,923
Other intangible assets
2,975
4,192
Bank owned life insurance
57,970
56,925
Deferred income taxes, net
21,891
25,405
Other assets
31,350
27,999
Total assets
$
3,109,782
$
3,053,422
LIABILITIES AND STOCKHOLDERS’
EQUITY
Liabilities:
Deposits:
Noninterest-bearing
$
462,283
$
498,992
Interest-bearing
2,105,660
2,045,798
Total deposits
2,567,943
2,544,790
Federal Home Loan Bank advances
185,000
175,000
Other borrowed money
63,039
63,445
Accrued expenses and other liabilities
15,125
15,252
Total liabilities
$
2,831,107
$
2,798,487
Stockholders’ equity
Common stock, $1 par value; 50,000,000
shares authorized, 17,519,884 and 17,564,182 issued and
outstanding, respectively
$
17,520
$
17,564
Paid in capital
168,353
168,614
Retained earnings
140,369
124,400
Accumulated other comprehensive loss, net
of tax
(47,567
)
(55,643
)
Total stockholders’ equity
278,675
254,935
Total liabilities and stockholders’
equity
$
3,109,782
$
3,053,422
Colony Bankcorp, Inc.
Consolidated Statements of Income
(unaudited)
Three months ended December
31,
Twelve months ended December
31,
2024
2023
2024
2023
(dollars in thousands, except per share
data)
Interest income:
Loans, including fees
$
28,473
$
27,014
$
111,675
$
99,256
Investment securities
5,158
5,700
20,974
23,319
Deposits in banks and short term
investments
2,360
489
4,592
2,341
Total interest income
35,991
33,203
137,241
124,916
Interest expense:
Deposits
12,656
11,571
50,007
35,464
Federal funds purchased
—
1
—
147
Federal Home Loan Bank advances
1,905
1,623
7,211
6,763
Other borrowings
958
1,134
3,947
4,298
Total interest expense
15,519
14,329
61,165
46,672
Net interest income
20,472
18,874
76,076
78,244
Provision for credit losses
650
1,500
3,050
3,600
Net interest income after provision for
credit losses
19,822
17,374
73,026
74,644
Noninterest income:
Service charges on deposits
2,302
2,595
9,365
8,735
Mortgage fee income
1,545
1,203
6,048
6,131
Gain on sales of SBA loans
2,622
1,634
9,242
5,063
Loss on sales of securities
(401
)
—
(1,835
)
—
Interchange fees
2,030
2,059
8,299
8,460
BOLI income
412
372
1,725
1,396
Insurance commissions
471
452
1,789
1,873
Other
1,328
990
4,742
3,976
Total noninterest income
10,309
9,305
39,375
35,634
Noninterest expense:
Salaries and employee benefits
12,877
11,304
49,767
49,233
Occupancy and equipment
1,645
1,543
6,149
6,283
Information technology expenses
2,491
2,147
8,978
8,553
Professional fees
539
749
2,825
3,097
Advertising and public relations
1,118
1,054
4,009
3,486
Communications
213
237
865
947
Other
2,389
2,553
10,241
11,466
Total noninterest expense
21,272
19,587
82,834
83,065
Income before income taxes
8,859
7,092
29,567
27,213
Income taxes
1,427
1,494
5,699
5,466
Net income
$
7,432
$
5,598
$
23,868
$
21,747
Earnings per common share:
Basic
$
0.42
$
0.32
$
1.36
$
1.24
Diluted
0.42
0.32
1.36
1.24
Dividends declared per share
0.1125
0.1100
0.4500
0.4400
Weighted average common shares
outstanding:
Basic
17,531,808
17,567,839
17,557,743
17,578,294
Diluted
17,531,808
17,567,839
17,557,743
17,578,294
Colony Bankcorp, Inc.
Quarterly Consolidated Statements of
Income
2024
2023
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
(dollars in thousands, except per share
data)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(audited)
Interest income:
Loans, including fees
$
28,473
$
28,501
$
27,604
$
27,097
$
27,014
Investment securities
5,158
5,248
5,048
5,520
5,700
Deposits in banks and short term
investments
2,360
855
684
693
489
Total interest income
35,991
34,604
33,336
33,310
33,203
Interest expense:
Deposits
12,656
13,154
12,106
12,091
11,571
Federal funds purchased
—
—
—
—
1
Federal Home Loan Bank advances
1,905
1,913
1,821
1,572
1,623
Other borrowings
958
996
1,000
993
1,134
Total interest expense
15,519
16,063
14,927
14,656
14,329
Net interest income
20,472
18,541
18,409
18,654
18,874
Provision for credit losses
650
750
650
1,000
1,500
Net interest income after provision for
credit losses
19,822
17,791
17,759
17,654
17,374
Noninterest income:
Service charges on deposits
2,302
2,401
2,288
2,373
2,595
Mortgage fee income
1,545
1,812
1,442
1,249
1,203
Gain on sales of SBA loans
2,622
2,227
2,347
2,046
1,634
Loss on sales of securities
(401
)
(454
)
(425
)
(555
)
—
Interchange fees
2,030
2,163
2,078
2,028
2,059
BOLI income
412
383
398
533
372
Insurance commissions
471
433
420
465
452
Other
1,328
1,117
949
1,348
990
Total noninterest income
10,309
10,082
9,497
9,487
9,305
Noninterest expense:
Salaries and employee benefits
12,877
12,594
12,277
12,018
11,304
Occupancy and equipment
1,645
1,523
1,475
1,507
1,543
Information technology expenses
2,491
2,150
2,227
2,110
2,147
Professional fees
539
748
704
834
749
Advertising and public relations
1,118
965
967
960
1,054
Communications
213
210
216
226
237
Other
2,389
2,645
2,464
2,742
2,553
Total noninterest expense
21,272
20,835
20,330
20,397
19,587
Income before income taxes
8,859
7,038
6,926
6,744
7,092
Income taxes
1,427
1,409
1,452
1,411
1,494
Net income
$
7,432
$
5,629
$
5,474
$
5,333
$
5,598
Earnings per common share:
Basic
$
0.42
$
0.32
$
0.31
$
0.30
$
0.32
Diluted
0.42
0.32
0.31
0.30
0.32
Dividends declared per share
0.1125
0.1125
0.1125
0.1125
0.1100
Weighted average common shares
outstanding:
Basic
17,531,808
17,587,902
17,551,007
17,560,210
17,567,839
Diluted
17,531,808
17,587,902
17,551,007
17,560,210
17,567,839
Colony Bankcorp, Inc.
Quarterly Comparison
2024
2023
(dollars in thousands, except per share
data)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Assets
$
3,109,782
$
3,065,103
$
3,007,907
$
3,015,509
$
3,053,422
Loans, net
1,824,000
1,866,374
1,846,768
1,840,361
1,865,099
Deposits
2,567,943
2,524,970
2,460,225
2,522,748
2,544,790
Total equity
278,675
276,052
264,743
259,914
254,935
Net income
7,432
5,629
5,474
5,333
5,598
Earnings per basic share
$
0.42
$
0.32
$
0.31
$
0.30
$
0.32
Key Performance Ratios:
Return on average assets
0.95
%
0.74
%
0.73
%
0.71
%
0.73
%
Operating return on average assets (a)
0.99
%
0.81
%
0.80
%
0.76
%
0.71
%
Return on average total equity
10.71
%
8.33
%
8.46
%
8.38
%
9.20
%
Operating return on average total equity
(a)
11.18
%
9.18
%
9.22
%
9.10
%
8.90
%
Total equity to total assets
8.96
%
9.01
%
8.80
%
8.62
%
8.35
%
Tangible equity to tangible assets (a)
7.42
%
7.43
%
7.18
%
6.99
%
6.73
%
Net interest margin
2.84
%
2.64
%
2.68
%
2.69
%
2.70
%
(a) Non-GAAP measure - see “Explanation of
Certain Unaudited Non-GAAP Financial Measures” for more information
and reconciliation to GAAP.
Colony Bankcorp, Inc.
Quarterly Deposits Composition
Comparison
2024
2023
(dollars in thousands)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Noninterest-bearing demand
$
462,283
$
439,892
$
437,623
$
476,413
$
498,992
Interest-bearing demand
813,783
769,123
788,674
802,596
759,299
Savings
687,603
684,371
670,848
650,188
660,311
Time, $250,000 and over
185,176
198,942
168,856
173,386
167,680
Other time
419,098
432,642
394,224
420,165
458,508
Total
$
2,567,943
$
2,524,970
$
2,460,225
$
2,522,748
$
2,544,790
Colony Bankcorp, Inc.
Quarterly Deposits by Location
Comparison
2024
2023
(dollars in thousands)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Coastal Georgia
$
145,828
$
142,580
$
144,021
$
138,103
$
137,398
Middle Georgia
279,360
269,144
275,758
286,697
265,788
Atlanta and North Georgia
318,927
321,808
336,338
333,856
334,003
South Georgia
1,217,433
1,165,529
1,110,049
1,132,701
1,134,662
West Georgia
337,818
357,450
365,380
378,764
384,750
Brokered deposits
59,499
70,999
39,240
59,019
93,561
Reciprocal deposits
209,078
197,460
189,439
193,608
194,628
Total
$
2,567,943
$
2,524,970
$
2,460,225
$
2,522,748
$
2,544,790
Colony Bankcorp, Inc.
Quarterly Loan Comparison
2024
2023
(dollars in thousands)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Core
$
1,720,444
$
1,759,600
$
1,732,843
$
1,718,284
$
1,729,866
Purchased
122,536
126,437
132,731
140,734
153,604
Total
$
1,842,980
$
1,886,037
$
1,865,574
$
1,859,018
$
1,883,470
Colony Bankcorp, Inc.
Quarterly Loans by Composition
Comparison
2024
2023
(dollars in thousands)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Construction, land & land
development
$
205,046
$
196,390
$
199,916
$
234,000
$
247,146
Other commercial real estate
990,648
1,012,466
985,102
971,205
974,649
Total commercial real estate
1,195,694
1,208,856
1,185,018
1,205,205
1,221,795
Residential real estate
344,167
349,777
360,847
347,277
355,973
Commercial, financial &
agricultural
213,910
242,389
242,205
239,837
242,743
Consumer and other
89,209
85,015
77,504
66,699
62,959
Total
$
1,842,980
$
1,886,037
$
1,865,574
$
1,859,018
$
1,883,470
Colony Bankcorp, Inc.
Quarterly Loans by Location
Comparison
2024
2023
(dollars in thousands)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Alabama
$
45,365
$
46,630
$
44,575
$
44,806
$
45,594
Florida
13,135
12,280
2,753
1,579
40
Augusta
76,492
59,557
64,465
71,483
65,284
Coastal Georgia
224,609
220,452
228,844
232,557
243,492
Middle Georgia
121,059
120,843
124,268
121,131
118,806
Atlanta and North Georgia
427,046
432,377
427,568
425,753
426,724
South Georgia
384,907
427,887
413,098
409,681
436,728
West Georgia
169,699
184,634
184,365
183,679
187,751
Small Business Specialty Lending
81,636
79,967
75,182
71,196
68,637
Consumer Portfolio Mortgages
250,555
253,481
257,772
261,204
255,771
Marine/RV Lending
46,941
45,785
41,922
35,017
33,191
Other
1,536
2,144
762
932
1,452
Total
$
1,842,980
$
1,886,037
$
1,865,574
$
1,859,018
$
1,883,470
Colony Bankcorp, Inc.
Classified Loans
2024
2023
(dollars in thousands)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
$
#
$
#
$
#
$
#
$
#
Construction, land & land
development
$
—
—
$
—
—
$
54
3
$
572
11
$
1,063
14
Other commercial real estate
13,367
38
13,338
36
13,990
34
13,918
46
10,219
39
Residential real estate
1,265
83
1,554
85
2,168
104
5,896
183
7,103
187
Commercial, financial &
agricultural
5,407
70
6,005
61
6,075
54
5,487
70
5,284
58
Consumer and other
64
22
21
23
68
24
92
67
85
76
TOTAL
$
20,103
213
$
20,918
205
$
22,355
219
$
25,965
377
$
23,754
374
Classified loans to total loans
1.09
%
1.11
%
1.20
%
1.40
%
1.26
%
Colony Bankcorp, Inc.
Criticized Loans
2024
2023
(dollars in thousands)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
$
#
$
#
$
#
$
#
$
#
Construction, land & land
development
$
2,865
9
$
4,418
9
$
626
6
$
1,543
18
$
2,192
21
Other commercial real estate
32,077
65
32,790
64
31,544
59
31,498
46
27,445
77
Residential real estate
5,504
89
5,389
90
5,431
107
13,050
249
14,275
253
Commercial, financial &
agricultural
8,877
76
9,444
68
7,181
59
8,609
114
12,686
106
Consumer and other
64
22
21
23
68
24
365
85
281
92
TOTAL
$
49,387
261
$
52,062
254
$
44,850
255
$
55,065
512
$
56,879
549
Criticized loans to total loans
2.68
%
2.76
%
2.40
%
2.96
%
3.02
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250122978159/en/
Derek Shelnutt EVP & Chief Financial Officer 229-426-6000,
extension 6119
Colony Bankcorp (NYSE:CBAN)
過去 株価チャート
から 12 2024 まで 1 2025
Colony Bankcorp (NYSE:CBAN)
過去 株価チャート
から 1 2024 まで 1 2025
