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Colony Bankcorp Reports Third Quarter 2022 Results

Declares Quarterly Cash Dividend of $0.1075 Per Share

Announces Share Buyback Authorization

Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”) today reported financial results for the third quarter of 2022. Financial highlights are shown below.

Financial Highlights:

  • Net income increased to $5.3 million, or $0.30 per diluted share, for the third quarter of 2022, compared to $3.4 million, or $0.19 per diluted share, for the second quarter of 2022, and $5.6 million, or $0.45 per diluted share, for the third quarter of 2021.
  • Operating net income of $5.3 million, or $0.30 per diluted share remained stable for the third quarter of 2022 as compared to $5.2 million, or $0.30 per diluted share, for the second quarter of 2022, and $6.9 million, or $0.57 per diluted share, for the third quarter of 2021 (see Reconciliation of Non-GAAP Measures)..
  • Provision for loan losses of $1.3 million was recorded in third quarter of 2022, compared to $1.1 million in the second quarter of 2022, and $150,000 recorded in third quarter of 2021.
  • Total loans were $1.59 billion at September 30, 2022, an increase of $133.81 million, or 9.21% from the prior quarter.
  • Mortgage production was $99.4 million, and mortgage sales totaled $68.5 million in the third quarter of 2022 compared to $113.7 million and $82.3 million, respectively, for the second quarter of 2022. For the nine months ended September 30, 2022, mortgage production was $310.3 million and mortgage sales totaled $242.0 million.
  • Small Business Specialty Lending (“SBSL”) closed $19.4 million in Small Business Administration (“SBA”) loans and sold $14.8 million in SBA loans in the third quarter of 2022 compared to $21.0 million and $18.2 million, respectively, for the second quarter of 2022. For the nine months ended September 30, 2022, loans closed were $46.1 million and loans sold were $46.6 million.
  • The Board of Directors authorized a $12 million stock buyback program that will be in place through the end of 2023. This equates to approximately 5% of the current shares outstanding at recent market prices.

The Company also announced that on October 20, 2022, the Board of Directors declared a quarterly cash dividend of $0.1075 per share, to be paid on its common stock on November 18, 2022, to shareholders of record as of the close of business on November 4, 2022. The Company had 17,641,123 shares of its common stock outstanding as of October 19, 2022.

Commenting on the announcement, Heath Fountain, Chief Executive Officer, said, “We are pleased to announce improved operating results for the third quarter, including another quarter of well above trend loan growth that drove a significant increase in net interest income. Earnings quality has also improved during the year, with 90% of the net earnings year to date coming from the core bank versus 75% in both 2021 and 2020. This quarter was one of the most dynamic interest rate environments in which we have operated, and the negative impact of increasing rates to the investment portfolio and our cost of funds is something that we will continue to fight if rates stay here or go higher. Our investments in new lines of business, including merchant services, indirect marine and recreational vehicle lending, and our newest lending markets, continued to be a short term drag of 10bps on return on assets during the quarter. Asset quality continues to improve, and we remain comfortable with the overall risk position of the company. The Board of Directors reinforced this belief by adding a $12 million stock buyback authorization to the capital management tools we previously had available.”

“Finally and similar to our comment last quarter, we do expect to show continued strong asset generation for the next three to six months. The current loan pipelines remain very strong, both in volume and quality, even as we continue to increase loan pricing. While asset quality metrics are strong and improving, we recorded higher provision expense than anticipated due to loan growth being meaningfully higher than projected.”

Balance Sheet

  • Total assets were $2.81 billion at September 30, 2022, an increase of $77.2 million from June 30, 2022.
  • Total loans, including loans held for sale, were at $1.61 billion at September 30, 2022, an increase of $119.2 million from the quarter ended June 30, 2022.
  • Total deposits were $2.41 billion and $2.33 billion at September 30, 2022 and June 30, 2022, respectively, an increase of $78.2 million.
  • Total borrowings at September 30, 2022 totaled $158.4 million, an increase of $6.3 million or, 4.1%, compared to June 30, 2022 related to additional Federal Home Loan Bank advances which were offset by the reduction in federal funds purchased.

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 9.28%, 13.04%, 15.78%, and 11.81%, respectively, at September 30, 2022.

Third Quarter and September 30, 2022 Year to Date Results of Operations

  • Net interest income, on a tax-equivalent basis, for the third quarter of 2022 totaled $21.0 million, compared to $18.0 million for the third quarter of 2021. Net interest income, on a tax-equivalent basis, for the nine months ended September 30, 2022 totaled $59.5 million, compared to $47.4 million for the nine months ended September 30, 2021. The increase during the quarter and nine months ended September 30, 2022 compared to the same period in 2021 is primarily attributable to increases in loan volume and purchases of investment securities, partially offset by increases in deposit rates.
  • Net interest margin for the quarter decreased 23 basis points from the third quarter of 2021, but increased ten basis points from the second quarter of 2022. This is primarily due to an increase in deposit rates and volume along with an increase in borrowings. Net interest margin for the nine months ended September 30, 2022 decreased 30 basis points from the nine months ended September 30, 2021, but increased four points from the second quarter 2022. Two borrowings from the acquisition of SouthCrest Financial Group, Inc. (“SouthCrest”) were called and the remaining mark of approximately $750,000 was recognized in interest expense in the second quarter of 2022.
  • Noninterest income totaled $8.2 million for the third quarter ended September 30, 2022, a decrease of $1.3 million, or 13.3%, compared to the same period in 2021. The decrease was primarily attributable to decreases in service charges on deposits, mortgage fee income and SBSL loan sales, partially offset by increases in interchange fee income and service charges on deposit accounts. Noninterest income totaled $27.4 million for the nine months ended September 30, 2022, an increase of $1.9 million, or 7.5%, compared to the same period in 2021. The increase was primarily attributable to growth in interchange fee income, service charges on deposits and increased insurance commissions, offset by a decrease in mortgage fee income.
  • Noninterest expense totaled $21.4 million for the third quarter ended September 30, 2022, compared to $21.2 million for the same period in 2021. Noninterest expense totaled $67.6 million for the nine months ended September 30, 2022, compared to $54.1 million for the same period in 2021. The increase for the nine month period was primarily related to increases in salaries, information technology, and communications related to the acquisition of SouthCrest in August of 2021.

Asset Quality

  • Nonperforming assets totaled $5.5 million and $5.2 million at September 30, 2022 and June 30, 2022, respectively, an increase of $307,000.
  • Other real estate owned and repossessed assets totaled approximately $246,000 at September 30, 2022, and $293,000 at June 30, 2022.
  • Net loans charged-off were $198,000, or 0.05% of average loans for the third quarter of 2022, compared to net charge-offs of $58,000 or 0.02% for the second quarter of 2022.
  • The loan loss reserve was $15.2 million, or 0.96% of total loans, at September 30, 2022, compared to $14.0 million, or 0.96% of total loans at June 30, 2022, and $12.9 million, or 0.96% of total loans, at December 31, 2021.

As noted above and in the table on page 7, overall asset quality remains strong.

Stock Buyback Authorization

On October 20, 2022, the Board of Directors of the Company authorized a stock buyback program, under which the Company may repurchase up to $12 million of its outstanding common stock. Repurchases under this program may be made from time to time through open market purchases, privately negotiated transactions or such other manners as will comply with applicable laws and regulations. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The buyback program does not obligate the Company to purchase any particular number of shares and there is no guarantee as to the exact number of shares that will be repurchased by the Company. The buyback program is intended to expire at the end of 2023 but may be suspended, modified or terminated by the Company at any time and for any reason, without prior notice.

Earnings call information

The Company will host an earnings conference call at 9:00 a.m. EDT on Friday, October 21, 2022, to discuss the recent results and answer appropriate questions. The conference call can be accessed by dialing 1-844-200-6205 (or 1-929-526-1599 for international participants). The conference call access code is 915766. A replay of the call will be available until Friday, October 28, 2022. To listen to the replay, dial 1-866-813-9403 and enter the access code 356064.

About Colony Bankcorp

Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in 1975 and headquartered in Fitzgerald, Georgia, Colony operates 35 locations throughout Georgia. At Colony Bank, we offer a wide range of banking services including personal banking, business banking, mortgage solutions, government guaranteed lending solutions, and more. We have expanded our services to also include consumer insurance products, such as automotive, homeowners, and other insurance needs for our community. 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; (v) statements regarding the effects of the COVID-19 pandemic and related variants on the Company’s business and financial results and conditions; and (vi) statements of assumptions underlying such statements. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: the continued impact of the COVID-19 pandemic and related variants on the Company’s assets, business, cash flows, financial condition, liquidity, prospects and results of operations; the Company’s ability to implement its various strategic and growth initiatives; competitive pressures among financial institutions increasing significantly; 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; interest rate risk; 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 related to the COVID-19 pandemic and related variants; higher inflation and its impacts; 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; 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; 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, 2021, 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 net income, adjusted earnings per diluted share, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio 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 net income, diluted earnings per share, book value per common share, total equity to total assets, efficiency ratio, and net interest income before provision for credit losses, respectively. Operating net income and operating efficiency ratio both exclude acquisition-related expenses. Acquisition-related expenses include fees associated with current period acquisitions and ongoing amortization of intangibles related to prior acquisitions. 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. 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 net income, adjusted earnings per diluted share, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio, and pre-provision net revenue and the reconciliation of these measures to net income, diluted earnings per share, book value per common share, total equity to total assets, efficiency ratio, and net interest income before provision for credit losses are set forth in the table below.

Colony Bankcorp, Inc.

 

 

 

 

Reconciliation of Non-GAAP Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

2021

(dollars in thousands, except per share data)

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

Operating net income reconciliation

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

5,252

 

 

$

3,415

 

 

$

5,324

 

 

$

4,160

 

 

$

5,583

 

FHLB mark from called borrowings

 

 

 

 

 

751

 

 

 

 

 

 

 

 

 

 

Severance costs

 

 

 

 

 

1,346

 

 

 

 

 

 

 

 

 

 

Acquisition-related expenses

 

 

2

 

 

 

1

 

 

 

139

 

 

 

1,261

 

 

 

1,794

 

Writedown of bank premises

 

 

 

 

 

 

 

 

 

 

 

90

 

 

 

 

Income tax benefit

 

 

 

 

 

(272

)

 

 

(26

)

 

 

(284

)

 

 

(466

)

Operating net income

 

$

5,254

 

 

$

5,241

 

 

$

5,437

 

 

$

5,227

 

 

$

6,911

 

Weighted average diluted shares

 

 

17,645,119

 

 

 

17,586,276

 

 

 

15,877,695

 

 

 

13,673,998

 

 

 

12,344,926

 

Adjusted earnings per diluted share

 

$

0.30

 

 

$

0.30

 

 

$

0.37

 

 

$

0.40

 

 

$

0.57

 

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per common share reconciliation

 

 

 

 

 

 

 

 

 

 

Book value per common share (GAAP)

 

$

12.81

 

 

$

13.34

 

 

$

14.23

 

 

$

15.92

 

 

$

15.88

 

Effect of goodwill and other intangibles

 

 

(3.12

)

 

 

(3.44

)

 

 

(3.40

)

 

 

(4.51

)

 

 

(4.46

)

Tangible book value per common share

 

$

9.69

 

 

$

9.90

 

 

$

10.83

 

 

$

11.41

 

 

$

11.42

 

 

 

 

 

 

 

 

 

 

 

 

Tangible equity to tangible assets reconciliation

 

 

 

 

 

 

 

 

 

 

Equity to assets (GAAP)

 

 

8.06

%

 

 

8.60

%

 

 

9.32

%

 

 

8.09

%

 

 

8.64

%

Effect of goodwill and other intangibles

 

 

(1.84

) %

 

 

(2.08

) %

 

 

(2.07

) %

 

 

(2.15

) %

 

 

(2.27

) %

Tangible equity to tangible assets

 

 

6.22

%

 

 

6.52

%

 

 

7.25

%

 

 

5.93

%

 

 

6.37

%

 

 

 

 

 

 

 

 

 

 

 

Operating efficiency ratio calculation

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (GAAP)

 

 

73.57

%

 

 

83.75

%

 

 

76.94

%

 

 

82.15

%

 

 

77.68

%

Severance costs

 

 

 

 

 

(4.61

)

 

 

 

 

 

 

 

 

 

Acquisition-related expenses

 

 

(0.01

)

 

 

 

 

 

(2.20

)

 

 

(5.33

)

 

 

(7.30

)

Writedown of bank premises

 

 

 

 

 

 

 

 

 

 

 

(0.30

)

 

 

 

Operating efficiency ratio

 

 

73.56

%

 

 

79.14

%

 

 

74.74

%

 

 

76.52

%

 

 

70.38

%

 

 

 

 

 

 

 

 

 

 

 

Pre-provision net revenue

 

 

 

 

 

 

 

 

 

 

Net interest income before provision for credit losses

 

$

20,865

 

 

$

19,167

 

 

$

19,188

 

 

$

19,022

 

 

$

17,868

 

Noninterest income

 

 

8,179

 

 

 

10,058

 

 

 

9,152

 

 

 

10,815

 

 

 

9,438

 

 

 

$

29,044

 

 

$

29,225

 

 

$

28,340

 

 

$

29,837

 

 

$

27,306

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

21,367

 

 

 

24,476

 

 

 

21,805

 

 

 

24,512

 

 

 

21,211

 

Pre-provision net revenue

 

$

7,677

 

 

$

4,749

 

 

$

6,535

 

 

$

5,325

 

 

$

6,095

 

Colony Bankcorp, Inc.

Selected Financial Information

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

2021

(dollars in thousands, except per share data)

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

EARNINGS SUMMARY

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

20,865

 

 

$

19,167

 

 

$

19,188

 

 

$

19,022

 

 

$

17,868

 

Provision for loan losses

 

 

1,320

 

 

 

1,100

 

 

 

50

 

 

 

50

 

 

 

150

 

Non-interest income

 

 

8,179

 

 

 

10,058

 

 

 

9,152

 

 

 

10,815

 

 

 

9,438

 

Non-interest expense

 

 

21,367

 

 

 

24,476

 

 

 

21,805

 

 

 

24,512

 

 

 

21,211

 

Income taxes

 

 

1,105

 

 

 

234

 

 

 

1,161

 

 

 

1,116

 

 

 

362

 

Net income

 

 

5,252

 

 

 

3,415

 

 

 

5,324

 

 

 

4,159

 

 

 

5,583

 

PERFORMANCE MEASURES

 

 

 

 

 

 

 

 

 

 

Per common share:

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

17,641,123

 

 

 

17,581,212

 

 

 

17,586,333

 

 

 

13,673,898

 

 

 

13,674,198

 

Weighted average basic shares

 

 

17,645,119

 

 

 

17,586,276

 

 

 

15,877,695

 

 

 

13,673,998

 

 

 

12,344,926

 

Weighted average diluted shares

 

 

17,645,119

 

 

 

17,586,276

 

 

 

15,877,695

 

 

 

13,673,998

 

 

 

12,344,926

 

Earnings per basic share

 

$

0.30

 

 

$

0.19

 

 

$

0.34

 

 

$

0.30

 

 

$

0.45

 

Earnings per diluted share

 

 

0.30

 

 

 

0.19

 

 

 

0.34

 

 

 

0.30

 

 

 

0.45

 

Adjusted earnings per diluted share(b)

 

 

0.30

 

 

 

0.30

 

 

 

0.37

 

 

 

0.40

 

 

 

0.57

 

Cash dividends declared per share

 

 

0.1075

 

 

 

0.1075

 

 

 

0.1075

 

 

 

0.1025

 

 

 

0.1025

 

Common book value per share

 

 

12.81

 

 

 

13.34

 

 

 

14.23

 

 

 

15.92

 

 

 

15.88

 

Tangible book value per common share(b)

 

 

9.69

 

 

 

9.90

 

 

 

10.83

 

 

 

11.41

 

 

 

11.42

 

Pre-provision net revenue(b)

 

$

7,677

 

 

$

4,749

 

 

$

6,535

 

 

$

5,325

 

 

$

6,095

 

 

 

 

 

 

 

 

 

 

 

 

Performance ratios:

 

 

 

 

 

 

 

 

 

 

Net interest margin (a)

 

 

3.25

%

 

 

3.15

%

 

 

3.13

%

 

 

3.16

%

 

 

3.48

%

Return on average assets

 

 

0.75

 

 

 

0.51

 

 

 

0.81

 

 

 

0.64

 

 

 

1.00

 

Return on average total equity

 

 

8.85

 

 

 

5.68

 

 

 

8.88

 

 

 

7.65

 

 

 

11.49

 

Efficiency ratio

 

 

73.57

 

 

 

83.75

 

 

 

76.94

 

 

 

82.15

 

 

 

77.68

 

Operating efficiency ratio (b)

 

 

73.56

 

 

 

79.14

 

 

 

74.74

 

 

 

76.52

 

 

 

70.38

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

Nonperforming loans (NPLs)

 

$

5,302

 

 

$

4,948

 

 

$

6,171

 

 

$

5,449

 

 

$

12,246

 

Other real estate owned

 

 

246

 

 

 

246

 

 

 

246

 

 

 

281

 

 

 

807

 

Repossessed assets

 

 

 

 

 

47

 

 

 

48

 

 

 

49

 

 

 

3

 

Total nonperforming assets (NPAs)

 

 

5,548

 

 

 

5,241

 

 

 

6,465

 

 

 

5,779

 

 

 

13,056

 

Classified loans

 

 

17,755

 

 

 

19,247

 

 

 

18,306

 

 

 

19,016

 

 

 

30,300

 

Criticized loans

 

 

43,377

 

 

 

49,204

 

 

 

52,859

 

 

 

58,938

 

 

 

61,857

 

Net loan (recoveries)/charge-offs

 

 

198

 

 

 

58

 

 

 

41

 

 

 

(17

)

 

 

144

 

Allowance for loan losses to total loans

 

 

0.96

%

 

 

0.96

%

 

 

0.95

%

 

 

0.96

%

 

 

0.98

%

Allowance for loan losses to total NPLs

 

 

286.34

 

 

 

282.19

 

 

 

209.35

 

 

 

236.92

 

 

 

105.15

 

Allowance for loan losses to total NPAs

 

 

273.65

 

 

 

266.42

 

 

 

199.83

 

 

 

223.40

 

 

 

98.63

 

Net (recoveries)/charge-offs to average loans

 

 

0.05

 

 

 

0.02

 

 

 

0.01

 

 

 

(0.01

)

 

 

0.05

 

NPLs to total loans

 

 

0.33

 

 

 

0.34

 

 

 

0.46

 

 

 

0.41

 

 

 

0.93

 

NPAs to total assets

 

 

0.20

 

 

 

0.19

 

 

 

0.24

 

 

 

0.21

 

 

 

0.52

 

NPAs to total loans and foreclosed assets

 

 

0.35

 

 

 

0.36

 

 

 

0.48

 

 

 

0.43

 

 

 

1.00

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

2,777,390

 

 

 

2,676,612

 

 

 

2,679,242

 

 

 

2,589,908

 

 

 

2,272,904

 

Loans, net

 

 

1,509,202

 

 

 

1,384,795

 

 

 

1,333,784

 

 

 

1,306,796

 

 

 

1,218,102

 

Loans, held for sale

 

 

30,238

 

 

 

29,843

 

 

 

28,650

 

 

 

38,543

 

 

 

24,964

 

Deposits

 

 

2,366,710

 

 

 

2,325,756

 

 

 

2,341,357

 

 

 

2,274,910

 

 

 

1,975,418

 

Total stockholders’ equity

 

 

235,557

 

 

 

241,281

 

 

 

243,120

 

 

 

215,783

 

 

 

197,109

 

(a) Computed using fully taxable-equivalent net income.

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

Colony Bankcorp, Inc.

Average Balance Sheet and Net Interest Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

2022

 

2021

(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

$

1,553,882

 

$

18,183

 

4.64

%

 

$

1,243,066

 

$

16,085

 

5.25

%

Investment securities, taxable

 

809,692

 

 

4,711

 

2.31

%

 

 

614,404

 

 

2,668

 

1.76

%

Investment securities, tax-exempt 2

 

124,038

 

 

638

 

2.04

%

 

 

77,255

 

 

362

 

1.90

%

Deposits in banks and short term investments

 

70,455

 

 

278

 

1.56

%

 

 

166,064

 

 

57

 

0.14

%

Total interest-earning assets

 

2,558,067

 

 

23,810

 

3.69

%

 

 

2,100,789

 

 

19,172

 

3.70

%

Noninterest-earning assets

 

219,323

 

 

 

 

 

 

172,115

 

 

 

 

Total assets

$

2,777,390

 

 

 

 

 

$

2,272,904

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest-earning demand and savings

$

1,424,171

 

$

772

 

0.21

%

 

$

1,169,693

 

$

319

 

0.11

%

Other time

 

370,282

 

 

677

 

0.72

%

 

 

320,484

 

 

380

 

0.48

%

Total interest-bearing deposits

 

1,794,453

 

 

1,449

 

0.32

%

 

 

1,490,177

 

 

699

 

0.19

%

Federal funds purchased

 

541

 

 

3

 

2.20

%

 

 

 

 

 

%

Federal Home Loan Bank advances

 

96,848

 

 

555

 

2.27

%

 

 

42,391

 

 

171

 

1.64

%

Other borrowings

 

65,741

 

 

822

 

4.96

%

 

 

37,289

 

 

289

 

3.14

%

Total other interest-bearing liabilities

 

163,130

 

 

1,380

 

3.36

%

 

 

79,680

 

 

460

 

2.34

%

Total interest-bearing liabilities

 

1,957,583

 

 

2,829

 

0.57

%

 

 

1,569,857

 

 

1,159

 

0.30

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

572,257

 

 

 

 

 

$

485,241

 

 

 

 

Other liabilities

 

11,993

 

 

 

 

 

 

20,697

 

 

 

 

Stockholders' equity

 

235,557

 

 

 

 

 

 

197,109

 

 

 

 

Total noninterest-bearing liabilities and stockholders' equity

 

819,807

 

 

 

 

 

 

703,047

 

 

 

 

Total liabilities and stockholders' equity

$

2,777,390

 

 

 

 

 

$

2,272,904

 

 

 

 

Interest rate spread

 

 

 

 

3.12

%

 

 

 

 

 

3.40

%

Net interest income

 

 

$

20,981

 

 

 

 

 

$

18,013

 

 

Net interest margin

 

 

 

 

3.25

%

 

 

 

 

 

3.48

%

 

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 $33,000 and $73,000 for the quarters ended September 30, 2022 and 2021, respectively, are included in income and fees on loans. Accretion income of $122,000 and $104,000 for the quarter ended September 30, 2022 and 2021 are also included in income and fees on loans.

2 Taxable-equivalent adjustments totaling $83,000 and $72,000 for the quarters ended September 30, 2022 and 2021, respectively, are included in tax-exempt interest on investment securities.

Colony Bankcorp, Inc.

Average Balance Sheet and Net Interest Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30,

 

2022

 

2021

(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

$

1,448,661

 

$

50,526

 

4.66

%

 

$

1,133,533

 

$

43,890

 

5.18

%

Investment securities, taxable

 

831,438

 

 

12,795

 

2.06

%

 

 

468,561

 

 

6,011

 

1.72

%

Investment securities, tax-exempt 4

 

116,615

 

 

1,661

 

1.90

%

 

 

47,839

 

 

677

 

1.89

%

Deposits in banks and short term investments

 

101,432

 

 

437

 

0.58

%

 

 

165,280

 

 

155

 

0.13

%

Total interest-earning assets

 

2,498,146

 

65,419

 

3.50

%

 

 

1,815,213

 

 

50,733

 

3.74

%

Noninterest-earning assets

 

213,556

 

 

 

 

 

 

121,417

 

 

 

 

Total assets

$

2,711,702

 

 

 

 

 

$

1,936,630

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest-earning demand and savings

$

1,432,892

 

$

1,340

 

0.13

%

 

$

978,181

 

$

630

 

0.09

%

Other time

 

347,383

 

 

1,334

 

0.51

%

 

 

278,508

 

 

1,291

 

0.62

%

Total interest-bearing deposits

 

1,780,275

 

 

2,674

 

0.20

%

 

 

1,256,689

 

 

1,921

 

0.20

%

Federal funds purchased

 

2,820

 

 

22

 

1.05

%

 

 

 

 

 

%

Federal Home Loan Bank advances5

 

65,191

 

 

1,746

 

3.58

%

 

 

29,197

 

 

401

 

1.84

%

Paycheck Protection Program Liquidity Facility

 

 

 

 

%

 

 

34,155

 

 

93

 

0.36

%

Other borrowings

 

47,675

 

 

1,441

 

4.04

%

 

 

37,536

 

 

896

 

3.19

%

Total other interest-bearing liabilities

 

115,686

 

 

3,209

 

3.71

%

 

 

100,888

 

 

1,390

 

1.84

%

Total interest-bearing liabilities

 

1,895,961

 

 

5,883

 

0.41

%

 

 

1,357,577

 

 

3,311

 

0.33

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

564,425

 

 

 

 

 

$

411,307

 

 

 

 

Other liabilities

 

11,357

 

 

 

 

 

 

5,096

 

 

 

 

Stockholders' equity

 

239,959

 

 

 

 

 

 

162,650

 

 

 

 

Total noninterest-bearing liabilities and stockholders' equity

 

815,741

 

 

 

 

 

 

579,053

 

 

 

 

Total liabilities and stockholders' equity

$

2,711,702

 

 

 

 

 

$

1,936,630

 

 

 

 

Interest rate spread

 

 

 

 

3.09

%

 

 

 

 

 

3.41

%

Net interest income

 

 

$

59,536

 

 

 

 

 

$

47,422

 

 

Net interest margin

 

 

 

 

3.19

%

 

 

 

 

 

3.49

%

 

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 $95,000 and $206,000 for the nine months ended September 30, 2022 and 2021, respectively, are included in income and fees on loans. Accretion income of $550,000 and $375,000 for the nine months ended September 30, 2022 and 2021 are also included in income and fees on loans.

4 Taxable-equivalent adjustments totaling $216,000 and $135,000 for the nine months ended September 30, 2022 and 2021, respectively, are included in tax-exempt interest on investment securities.

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

Colony Bankcorp, Inc.

 

 

Segment Reporting

 

 

 

 

2022

 

2021

(dollars in thousands)

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

Banking Division

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

20,508

 

$

18,819

 

 

$

18,824

 

$

18,316

 

$

17,181

 

Provision for loan losses

 

 

1,320

 

 

1,100

 

 

 

50

 

 

50

 

 

150

 

Noninterest income

 

 

4,288

 

 

5,187

 

 

 

4,300

 

 

4,480

 

 

4,340

 

Noninterest expenses

 

 

17,537

 

 

19,504

 

 

 

17,701

 

 

19,280

 

 

16,941

 

Income taxes

 

 

1,047

 

 

227

 

 

 

900

 

 

475

 

 

434

 

Segment income

 

$

4,892

 

$

3,175

 

 

$

4,473

 

$

2,991

 

$

3,996

 

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

2,738,082

 

$

2,664,966

 

 

$

2,627,450

 

$

2,620,501

 

$

2,499,223

 

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

396

 

 

396

 

 

 

404

 

 

400

 

 

417

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Banking Division

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

17

 

$

57

 

 

$

71

 

$

114

 

$

138

 

Provision for loan losses

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

2,345

 

 

2,736

 

 

 

2,912

 

 

3,102

 

 

3,104

 

Noninterest expenses

 

 

2,289

 

 

2,799

 

 

 

2,711

 

 

2,869

 

 

2,765

 

Income taxes

 

 

10

 

 

(7

)

 

 

101

 

 

334

 

 

(290

)

Segment income

 

$

63

 

$

1

 

 

$

171

 

$

13

 

$

767

 

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

16,905

 

$

20,183

 

 

$

19,417

 

$

25,149

 

$

21,184

 

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

61

 

 

59

 

 

 

62

 

 

55

 

 

53

 

 

 

 

 

 

 

 

 

 

 

 

Small Business Specialty Lending Division

 

 

 

 

 

 

Net interest income

 

$

340

 

$

291

 

 

$

293

 

$

592

 

$

549

 

Provision for loan losses

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

1,546

 

 

2,135

 

 

 

1,940

 

 

3,233

 

 

1,994

 

Noninterest expenses

 

 

1,541

 

 

2,173

 

 

 

1,393

 

 

2,363

 

 

1,505

 

Income taxes

 

 

48

 

 

14

 

 

 

160

 

 

307

 

 

218

 

Segment income

 

$

297

 

$

239

 

 

$

680

 

$

1,155

 

$

820

 

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

50,925

 

$

43,553

 

 

$

39,921

 

$

46,065

 

$

23,291

 

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

29

 

 

28

 

 

 

28

 

 

26

 

 

24

 

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

20,865

 

$

19,167

 

 

$

19,188

 

$

19,022

 

$

17,868

 

Provision for loan losses

 

 

1,320

 

 

1,100

 

 

 

50

 

 

50

 

 

150

 

Noninterest income

 

 

8,179

 

 

10,058

 

 

 

9,152

 

 

10,815

 

 

9,438

 

Noninterest expenses

 

 

21,367

 

 

24,476

 

 

 

21,805

 

 

24,512

 

 

21,211

 

Income taxes

 

 

1,105

 

 

234

 

 

 

1,161

 

 

1,116

 

 

362

 

Segment income

 

$

5,252

 

$

3,415

 

 

$

5,324

 

$

4,159

 

$

5,583

 

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

2,805,912

 

$

2,728,702

 

 

$

2,686,788

 

$

2,691,715

 

$

2,543,698

 

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

486

 

 

483

 

 

 

494

 

 

481

 

 

494

 

Colony Bankcorp, Inc.

Consolidated Balance Sheets

 

 

September 30, 2022

 

December 31, 2021

(dollars in thousands)

 

(unaudited)

 

(audited)

ASSETS

 

 

 

 

Cash and due from banks

 

$

18,533

 

 

$

18,975

 

Interest-bearing deposits in banks and federal funds sold

 

 

66,507

 

 

 

178,257

 

Cash and cash equivalents

 

 

85,040

 

 

 

197,232

 

Investment securities available for sale, at fair value

 

 

439,716

 

 

 

938,164

 

Investment securities held to maturity, at amortized cost

 

 

468,306

 

 

 

 

Other investments, at cost

 

 

12,850

 

 

 

14,012

 

Loans held for sale

 

 

23,945

 

 

 

38,150

 

Loans, net of unearned income

 

 

1,586,613

 

 

 

1,337,977

 

Allowance for loan losses

 

 

(15,182

)

 

 

(12,910

)

Loans, net

 

 

1,571,431

 

 

 

1,325,067

 

Premises and equipment

 

 

41,249

 

 

 

43,033

 

Other real estate

 

 

246

 

 

 

281

 

Goodwill

 

 

48,923

 

 

 

52,906

 

Other intangible assets

 

 

6,065

 

 

 

7,389

 

Bank owned life insurance

 

 

55,157

 

 

 

55,159

 

Deferred income taxes, net

 

 

30,614

 

 

 

3,644

 

Other assets

 

 

22,370

 

 

 

16,678

 

Total assets

 

$

2,805,912

 

 

$

2,691,715

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Deposits:

 

 

 

 

Noninterest-bearing

 

$

558,347

 

 

$

552,576

 

Interest-bearing

 

 

1,851,315

 

 

 

1,822,032

 

Total deposits

 

 

2,409,662

 

 

 

2,374,608

 

Federal Home Loan Bank advances

 

 

95,000

 

 

 

51,656

 

Other borrowed money

 

 

63,364

 

 

 

36,792

 

Accrued expenses and other liabilities

 

 

11,819

 

 

 

10,952

 

Total liabilities

 

$

2,579,845

 

 

$

2,474,008

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

Common stock, $1 par value; 20,000,000 shares authorized, 17,641,123 and 13,673,898 issued and outstanding, respectively

 

$

17,641

 

 

$

13,674

 

Paid in capital

 

 

167,608

 

 

 

111,021

 

Retained earnings

 

 

107,918

 

 

 

99,189

 

Accumulated other comprehensive loss, net of tax

 

 

(67,100

)

 

 

(6,177

)

Total stockholders’ equity

 

 

226,067

 

 

 

217,707

 

Total liabilities and stockholders’ equity

 

$

2,805,912

 

 

$

2,691,715

 

Colony Bankcorp, Inc.

 

 

 

 

 

 

 

 

Consolidated Statements of Income (unaudited)

 

 

 

 

 

 

 

 

 

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

 

2022

 

2021

 

2022

 

2021

(dollars in thousands, except per share data)

 

 

 

 

Interest income:

 

 

 

 

 

 

 

 

Loans, including fees

 

$

18,150

 

 

 

16,013

 

$

50,431

 

 

 

43,684

Investment securities

 

 

5,266

 

 

 

2,954

 

 

14,240

 

 

 

6,546

Deposits in banks and short term investments

 

 

278

 

 

 

58

 

 

437

 

 

 

154

Total interest income

 

 

23,694

 

 

 

19,025

 

 

65,108

 

 

 

50,384

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

Deposits

 

 

1,449

 

 

 

698

 

 

2,674

 

 

 

1,921

Federal funds purchased

 

 

3

 

 

 

 

 

22

 

 

 

Federal Home Loan Bank advances

 

 

555

 

 

 

170

 

 

1,746

 

 

 

401

Paycheck Protection Program Liquidity Facility

 

 

 

 

 

 

 

 

 

 

93

Other borrowings

 

 

822

 

 

 

289

 

 

1,441

 

 

 

802

Total interest expense

 

 

2,829

 

 

 

1,157

 

 

5,883

 

 

 

3,217

Net interest income

 

 

20,865

 

 

 

17,868

 

 

59,225

 

 

 

47,167

Provision for loan losses

 

 

1,320

 

 

 

150

 

 

2,470

 

 

 

650

Net interest income after provision for loan losses

 

 

19,545

 

 

 

17,718

 

 

56,755

 

 

 

46,517

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

Service charges on deposits

 

 

2,104

 

 

 

1,792

 

 

5,823

 

 

 

4,278

Mortgage fee income

 

 

1,708

 

 

 

3,107

 

 

7,356

 

 

 

10,107

Gain on sale of SBA loans

 

 

1,215

 

 

 

1,813

 

 

4,805

 

 

 

4,548

(Loss)/Gain on sale of securities

 

 

(96

)

 

 

 

 

(72

)

 

 

137

Interchange fees

 

 

2,179

 

 

 

1,745

 

 

6,338

 

 

 

4,941

BOLI income

 

 

312

 

 

 

280

 

 

977

 

 

 

710

Other

 

 

757

 

 

 

701

 

 

2,157

 

 

 

754

Total noninterest income

 

 

8,179

 

 

 

9,438

 

 

27,384

 

 

 

25,475

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

12,154

 

 

 

11,826

 

 

40,498

 

 

 

31,907

Occupancy and equipment

 

 

1,645

 

 

 

1,599

 

 

4,872

 

 

 

4,169

Acquisition related

 

 

2

 

 

 

1,994

 

 

142

 

 

 

3,031

Information technology expenses

 

 

2,491

 

 

 

2,045

 

 

7,394

 

 

 

5,493

Professional fees

 

 

881

 

 

 

804

 

 

2,773

 

 

 

1,975

Advertising and public relations

 

 

876

 

 

 

674

 

 

2,406

 

 

 

1,817

Communications

 

 

471

 

 

 

310

 

 

1,325

 

 

 

837

Other

 

 

2,847

 

 

 

1,959

 

 

8,238

 

 

 

4,884

Total noninterest expense

 

 

21,367

 

 

 

21,211

 

 

67,648

 

 

 

54,113

Income before income taxes

 

 

6,357

 

 

 

5,945

 

 

16,491

 

 

 

17,879

Income taxes

 

 

1,105

 

 

 

362

 

 

2,500

 

 

 

3,379

Net income

 

$

5,252

 

 

$

5,583

 

$

13,991

 

 

$

14,500

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.30

 

 

$

0.45

 

$

0.82

 

 

$

1.39

Diluted

 

 

0.30

 

 

 

0.45

 

 

0.82

 

 

 

1.39

Dividends declared per share

 

 

0.1075

 

 

 

0.1025

 

 

0.3225

 

 

 

0.3075

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

17,645,119

 

 

 

12,344,926

 

 

17,042,838

 

 

 

10,447,496

Diluted

 

 

17,645,119

 

 

 

12,344,926

 

 

17,042,838

 

 

 

10,447,496

Colony Bankcorp, Inc.

Quarterly Comparison

 

 

2022

 

2021

(dollars in thousands, except per share data)

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

Assets

 

$

2,805,912

 

 

$

2,728,702

 

 

$

2,686,788

 

 

$

2,691,715

 

 

$

2,512,581

 

Loans, net

 

 

1,571,431

 

 

 

1,438,842

 

 

 

1,341,113

 

 

 

1,325,067

 

 

 

1,296,983

 

Deposits

 

 

2,409,662

 

 

 

2,331,511

 

 

 

2,350,786

 

 

 

2,374,608

 

 

 

2,195,122

 

Total equity

 

 

226,067

 

 

 

234,595

 

 

 

250,277

 

 

 

217,707

 

 

 

217,130

 

Net income

 

 

5,252

 

 

 

3,415

 

 

 

5,324

 

 

 

4,160

 

 

 

5,583

 

Earnings per basic share

 

$

0.30

 

 

$

0.19

 

 

$

0.34

 

 

$

0.30

 

 

$

0.45

 

 

 

 

 

 

 

 

 

 

 

 

Key Performance Ratios:

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.75

%

 

 

0.51

%

 

 

0.81

%

 

 

0.64

%

 

 

1.00

%

Return on average total equity

 

 

8.85

%

 

 

5.68

%

 

 

8.88

%

 

 

7.65

%

 

 

11.49

%

Total equity to total assets

 

 

8.06

%

 

 

8.60

%

 

 

9.32

%

 

 

8.09

%

 

 

8.64

%

Tangible equity to tangible assets (a)

 

 

6.22

%

 

 

6.52

%

 

 

7.25

%

 

 

5.93

%

 

 

6.37

%

Net interest margin

 

 

3.25

%

 

 

3.15

%

 

 

3.13

%

 

 

3.16

%

 

 

3.48

%

(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

 

 

2022

 

2021

(dollars in thousands)

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

Core

 

$

1,372,159

 

$

1,217,498

 

$

1,093,126

 

$

990,063

 

$

931,793

Paycheck Protection Program (“PPP”)

 

 

98

 

 

128

 

 

387

 

 

8,486

 

 

16,999

Purchased

 

 

214,356

 

 

235,179

 

 

260,519

 

 

339,428

 

 

361,068

Total

 

$

1,586,613

 

$

1,452,805

 

$

1,354,032

 

$

1,337,977

 

$

1,309,860

Colony Bankcorp, Inc.

 

 

 

 

 

 

 

 

 

 

Quarterly Loans by Location Comparison

 

 

 

 

 

 

 

 

 

 

2022

 

2021

(dollars in thousands)

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

Atlanta

 

$

342,944

 

 

$

287,460

 

 

$

246,629

 

 

$

281,040

 

 

$

278,473

 

Augusta

 

 

47,532

 

 

 

36,545

 

 

 

38,462

 

 

 

36,268

 

 

 

28,064

 

Birmingham

 

 

7,291

 

 

 

2,255

 

 

 

 

 

 

 

 

 

 

Middle Georgia

 

 

168,725

 

 

 

146,159

 

 

 

117,336

 

 

 

117,788

 

 

 

100,804

 

Northwest Georgia

 

 

45,482

 

 

 

38,520

 

 

 

38,430

 

 

 

27,167

 

 

 

24,334

 

Coastal Georgia

 

 

266,626

 

 

 

259,248

 

 

 

237,621

 

 

 

235,799

 

 

 

233,648

 

South Central Georgia

 

 

354,746

 

 

 

348,273

 

 

 

345,421

 

 

 

336,849

 

 

 

352,057

 

Southwest Georgia

 

 

125,309

 

 

 

127,783

 

 

 

118,263

 

 

 

105,937

 

 

 

99,385

 

West Georgia

 

 

191,371

 

 

 

181,791

 

 

 

168,071

 

 

 

161,678

 

 

 

160,663

 

Small Business Specialty Lending

 

 

35,169

 

 

 

23,411

 

 

 

39,934

 

 

 

23,101

 

 

 

8,850

 

Paycheck Protection Program

 

 

98

 

 

 

128

 

 

 

387

 

 

 

8,486

 

 

 

16,999

 

Purchase Accounting

 

 

(492

)

 

 

(614

)

 

 

(697

)

 

 

(948

)

 

 

(1,025

)

Other

 

 

1,812

 

 

 

1,846

 

 

 

4,175

 

 

 

4,812

 

 

 

7,608

 

Total

 

$

1,586,613

 

 

$

1,452,805

 

 

$

1,354,032

 

 

$

1,337,977

 

 

$

1,309,860

 

Colony Bankcorp, Inc.

Quarterly PPP Fees Comparison

 

 

2022

 

2021

(dollars in thousands)

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

PPP loan fee income

 

$

 

$

6

 

$

505

 

$

502

 

$

1,556

Unearned income on PPP loans

 

 

6

 

 

6

 

 

12

 

 

517

 

 

1,019

 

Contacts

Andy Borrmann

EVP & Chief Financial Officer

678.734.3505

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