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Colony Bankcorp Reports First Quarter 2023 Results Declares Quarterly Cash Dividend of $0.11 Per Share

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

Financial Highlights:

  • Net income decreased to $5.0 million, or $0.29 per diluted share, for the first quarter of 2023, compared to $5.6 million, or $0.31 per diluted share, for the fourth quarter of 2022, and $5.3 million, or $0.34 per diluted share, for the first quarter of 2022.
  • Operating net income decreased to $5.5 million, or $0.31 of adjusted earnings per diluted share, for the first quarter of 2023, compared to $5.6 million, or $0.31 of adjusted earnings per diluted share, for the fourth quarter of 2022, and an increase from $5.4 million, or $0.37 of adjusted earnings per diluted share, for the first quarter of 2022. (See Reconciliation of Non-GAAP Measures).
  • Strong liquidity with available sources of funding of approximately $1.3 billion at March 31, 2023. No overnight borrowings utilized or Federal Reserve Bank Term Funding program used as of March 31, 2023.
  • Estimated uninsured deposits of $790.7 million, or 30.96% of total Bank deposits at March 31, 2023. Adjusted uninsured deposit estimate (excluding deposits collateralized by public funds or internal accounts) of $444.6 million, or 17.41% of total Bank deposits at March 31, 2023.
  • Provision for credit losses of $900,000 was recorded in first quarter of 2023 and fourth quarter of 2022, and $50,000 in first quarter of 2022.
  • Total loans were $1.80 billion at March 31, 2023, an increase of $62.7 million, or 3.61% from the prior quarter.
  • Total deposits were $2.52 billion and $2.49 billion at March 31, 2023 and December 31, 2022, respectively, an increase of $25.1 million.
  • Mortgage production was $62.0 million, and mortgage sales totaled $37.6 million in the first quarter of 2023 compared to $92.6 million and $38.1 million, respectively, for the fourth quarter of 2022.
  • Small Business Specialty Lending (“SBSL”) closed $19.6 million in Small Business Administration (“SBA”) loans and sold $11.5 million in SBA loans in the first quarter of 2023 compared to $29.0 million and $18.0 million, respectively, for the fourth quarter of 2022.

The Company also announced that on April 27, 2023, the Board of Directors declared a quarterly cash dividend of $0.11 per share, to be paid on its common stock on May 24, 2023, to shareholders of record as of the close of business on May 10, 2023. The Company had 17,593,879 shares of its common stock outstanding as of April 26, 2023.

“Despite the recent stress in the banking industry, Colony continues to remain resilient and adapt to the changing landscape. We remain committed to delivering value to our shareholders, while also ensuring that we are meeting the needs of our customers and the communities we serve” said Heath Fountain, Chief Executive Officer and Acting Chief Financial Officer.

“Our long customer relationships and diversified core deposit base provide consistent funding for our operations, and our liquidity remains strong. Adjusted uninsured deposits represent a small percentage of our overall deposits, which increases the stability of our deposit base and lowers our overall funding risk.”

“The loan loss reserve methodology for Current Expected Credit Losses (CECL) was implemented on January 1, 2023, with an initial increase of $1.2 million only resulting from the newly required reserve on unfunded commitments. The provision for credit losses for the quarter of $900,000 was primarily related to the loan growth of $62.7 million, or 3.6%, from the prior quarter. Asset quality remains strong and well managed in the first quarter with a small increase in non performing loans, and criticized and classified loans remain stable.”

“Quarter over quarter non-interest expenses declined as growth slowed during the first quarter. By focusing on managing expenses in a lower growth environment, we can improve profitability and eliminate unnecessary costs. This disciplined approach to expense management will allow us to weather any economic challenges and position ourselves for long-term success.”

Balance Sheet

  • Total assets were $3.00 billion at March 31, 2023, an increase of $60.4 million from December 31, 2022.
  • Total loans, including loans held for sale, were at $1.81 billion at March 31, 2023, an increase of $58.6 million from the quarter ended December 31, 2022.
  • Total deposits were $2.52 billion and $2.49 billion at March 31, 2023 and December 31, 2022, respectively, an increase of $25.1 million. Time deposits increased $128.2 million, which was offset by decreases in other interest bearing deposits and noninterest bearing deposits of $103.1 million from December 31, 2022 to March 31, 2023.
  • Total borrowings at March 31, 2023 totaled $228.4 million, an increase of $25.0 million or, 12.3%, compared to December 31, 2022 related to additional Federal Home Loan Bank advances, offset by payback of borrowings from the Federal Reserve Bank.

Capital

  • Colony continues to maintain a strong capital position, with ratios that exceed regulatory minimums required to be considered as “well-capitalized.”
  • Preliminary tier one leverage ratio, tier one capital ratio, total risk-based capital ratio and common equity tier one capital ratio were 8.90%, 12.14%, 14.80%, and 11.01%, respectively, at March 31, 2023.

First Quarter Results of Operations

  • Net interest income, on a tax-equivalent basis, for the first quarter of 2023 totaled $20.7 million , compared to $19.3 million for the first quarter of 2022. The increase during the first quarter of 2023 compared to the same period in 2022 is primarily attributable to increases in loan volume and purchases of investment securities, offset by increases in deposit rates and increases in borrowings to fund loan growth.
  • Net interest margin for the first quarter of 2023 decreased five basis points from the first quarter of 2022. The decrease is the result of an increase in deposit rates along with an increase in borrowings, offset by higher yielding investment securities, an increase in rates paid on deposits with the Federal Reserve and an increase in loan rates.
  • Noninterest income totaled $7.7 million for the first quarter ended March 31, 2023, a decrease of $1.5 million, or 16.3%, compared to the same period in 2022. The decrease was primarily attributable to decreases in mortgage fee income and SBSL loan sales.
  • Noninterest expense totaled $21.2 million for the first quarter ended March 31, 2023, compared to $21.8 million for the same period in 2022. This was a result of overall decreases in the salaries and employee benefits related to lower commissions and bonus expenses, offset by severance and acquisition related vendor contract buyouts in the first quarter 2023 compared to the same period in 2022.

Asset Quality

  • Nonperforming assets totaled $7.8 million and $6.4 million at March 31, 2023 and December 31, 2022, respectively, an increase of $1.5 million.
  • Other real estate owned and repossessed assets remained stable at $651,000 for March 31, 2023 and December 31, 2022.
  • Net loans charged-off were $237,000, or 0.05% of average loans for the first quarter of 2023, compared to net charge-offs of $154,000 or 0.04% for the fourth quarter of 2022.
  • The credit loss reserve was $16.6 million, or 0.92% of total loans, at March 31, 2023, compared to $16.1 million, or 0.93% of total loans at December 31, 2022.

Earnings call information

The Company will host an earnings conference call at 9:00 a.m. EST on Friday, April 28, 2023, to discuss the recent results and answer appropriate questions. The conference call can be accessed by dialing 1-833-470-1428 (or 1-929-526-1599 for international participants). The conference call access code is 759681. A replay of the call will be available until Friday, May 5, 2023. To listen to the replay, dial 1-866-813-9403 and enter the access code 139617.

About Colony Bankcorp

Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in 1975 and headquartered in Fitzgerald, Georgia, Colony operates 36 locations throughout Georgia and is now serving Alabama. At Colony Bank, we offer a range of banking solutions for personal and business customers. In addition to traditional banking services, Colony provides specialized solutions including mortgage, government guaranteed lending, consumer insurance, wealth management and merchant services. Colony’s common stock is traded on the NASDAQ Global Market under the symbol “CBAN.” For more information, please visit www.colony.bank. You can also follow the Company on social media.

Forward-Looking Statements

Certain statements contained in this press release that are not statements of historical fact constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, certain statements may be contained in the Company’s future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to: (i) projections and/or expectations of revenues, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statement of plans and objectives of Colony Bankcorp, Inc. or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; (iv) statements regarding growth strategy, capital management, liquidity and funding, and future profitability; and (v) statements of assumptions underlying such statements. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: the impact of current and economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; potential impacts of the recent adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; risks arising from media coverage of the banking industry; risks arising from perceived instability in the banking sector; the risks of changes in interest rates and their effects on the level, cost, and composition of, and competition for, deposits, loan demand and timing of payments, the values of loan collateral, securities, and interest sensitive assets and liabilities; the ability to attract new or retain existing deposits, to retain or grow loans or additional interest and fee income, or to control noninterest expense; the effect of pricing pressures on the Company’s net interest margin; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values; the Company’s ability to implement its various strategic and growth initiatives; increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; changes in the prices, values and sales volumes of residential and commercial real estate; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; legislation or regulatory changes which adversely affect the ability of the consolidated Company to conduct business combinations or new operations; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company’s participation in and execution of government programs; potential impact of the phase-out of the London Interbank Offered Rate (“LIBOR”) or other changes involving LIBOR; 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, or uncertainties surrounding the debt ceiling and the federal budget; 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, 2022, under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors,” and in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.

Explanation of Certain Unaudited Non-GAAP Financial Measures

The measures entitled operating 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, severance costs and FHLB mark from called borrowings from net income and efficiency ratio, respectively. 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 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

2022

(dollars in thousands, except per share data)

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

Operating net income reconciliation

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

5,043

 

 

$

5,551

 

 

$

5,252

 

 

$

3,415

 

 

$

5,324

 

FHLB mark from called borrowings

 

 

 

 

 

 

 

 

 

 

 

751

 

 

 

 

Severance costs

 

 

431

 

 

 

 

 

 

 

 

 

1,346

 

 

 

 

Acquisition-related expenses

 

 

161

 

 

 

 

 

 

2

 

 

 

1

 

 

 

139

 

Income tax benefit

 

 

(107

)

 

 

 

 

 

 

 

 

(272

)

 

 

(26

)

Operating net income

 

$

5,528

 

 

$

5,551

 

 

$

5,254

 

 

$

5,241

 

 

$

5,437

 

Weighted average diluted shares

 

 

17,595,688

 

 

 

17,630,971

 

 

 

17,645,119

 

 

 

17,586,276

 

 

 

15,877,695

 

Adjusted earnings per diluted share

 

$

0.31

 

 

$

0.31

 

 

$

0.30

 

 

$

0.30

 

 

$

0.37

 

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per common share reconciliation

 

 

 

 

 

 

 

 

 

 

Book value per common share (GAAP)

 

$

13.57

 

 

$

13.08

 

 

$

12.81

 

 

$

13.34

 

 

$

14.23

 

Effect of goodwill and other intangibles

 

 

(3.08

)

 

 

(3.10

)

 

 

(3.12

)

 

 

(3.44

)

 

 

(3.40

)

Tangible book value per common share

 

$

10.49

 

 

$

9.98

 

 

$

9.69

 

 

$

9.90

 

 

$

10.83

 

 

 

 

 

 

 

 

 

 

 

 

Tangible equity to tangible assets reconciliation

 

 

 

 

 

 

 

 

 

 

Equity to assets (GAAP)

 

 

7.97

%

 

 

7.84

%

 

 

8.06

%

 

 

8.60

%

 

 

9.32

%

Effect of goodwill and other intangibles

 

 

(1.70

)%

 

 

(1.74

)%

 

 

(1.84

)%

 

 

(2.08

)%

 

 

(2.07

)%

Tangible equity to tangible assets

 

 

6.27

%

 

 

6.10

%

 

 

6.22

%

 

 

6.52

%

 

 

7.25

%

 

 

 

 

 

 

 

 

 

 

 

Operating efficiency ratio calculation

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (GAAP)

 

 

74.98

%

 

 

75.03

%

 

 

73.57

%

 

 

83.75

%

 

 

76.94

%

Severance costs

 

 

(1.53

)

 

 

 

 

 

 

 

 

(4.61

)

 

 

 

Acquisition-related expenses

 

 

(0.57

)

 

 

 

 

 

(0.01

)

 

 

 

 

 

(2.20

)

FHLB mark from called borrowing

 

 

 

 

 

 

 

 

 

 

 

(0.65

)

 

 

 

Operating efficiency ratio

 

 

72.88

%

 

 

75.03

%

 

 

73.56

%

 

 

78.49

%

 

 

74.74

%

 

 

 

 

 

 

 

 

 

 

 

Pre-provision net revenue

 

 

 

 

 

 

 

 

 

 

Net interest income before provision for credit losses

 

$

20,568

 

 

$

21,400

 

 

$

20,865

 

 

$

19,167

 

 

$

19,188

 

Noninterest income

 

 

7,659

 

 

 

7,688

 

 

 

8,179

 

 

 

10,058

 

 

 

9,152

 

Total income

 

 

28,227

 

 

 

29,088

 

 

 

29,044

 

 

 

29,225

 

 

 

28,340

 

Noninterest expense

 

 

21,165

 

 

 

21,826

 

 

 

21,367

 

 

 

24,476

 

 

 

21,805

 

Pre-provision net revenue

 

$

7,063

 

 

$

7,262

 

 

$

7,677

 

 

$

4,749

 

 

$

6,535

 

Colony Bankcorp, Inc.

Selected Financial Information

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

2022

(dollars in thousands, except per share data)

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

EARNINGS SUMMARY

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

20,568

 

 

$

21,400

 

 

$

20,865

 

 

$

19,167

 

 

$

19,188

 

Provision for credit losses

 

 

900

 

 

 

900

 

 

 

1,320

 

 

 

1,100

 

 

 

50

 

Noninterest income

 

 

7,659

 

 

 

7,688

 

 

 

8,179

 

 

 

10,058

 

 

 

9,152

 

Noninterest expense

 

 

21,165

 

 

 

21,826

 

 

 

21,367

 

 

 

24,476

 

 

 

21,805

 

Income taxes

 

 

1,119

 

 

 

811

 

 

 

1,105

 

 

 

234

 

 

 

1,161

 

Net income

 

 

5,043

 

 

 

5,551

 

 

 

5,252

 

 

 

3,415

 

 

 

5,324

 

PERFORMANCE MEASURES

 

 

 

 

 

 

 

 

 

 

Per common share:

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

17,593,879

 

 

 

17,598,123

 

 

 

17,641,123

 

 

 

17,581,212

 

 

 

17,586,333

 

Weighted average basic shares

 

 

17,595,688

 

 

 

17,630,971

 

 

 

17,645,119

 

 

 

17,586,276

 

 

 

15,877,695

 

Weighted average diluted shares

 

 

17,595,688

 

 

 

17,630,971

 

 

 

17,645,119

 

 

 

17,586,276

 

 

 

15,877,695

 

Earnings per basic share

 

$

0.29

 

 

$

0.31

 

 

$

0.30

 

 

$

0.19

 

 

$

0.34

 

Earnings per diluted share

 

 

0.29

 

 

 

0.31

 

 

 

0.30

 

 

 

0.19

 

 

 

0.34

 

Adjusted earnings per diluted share(b)

 

 

0.31

 

 

 

0.31

 

 

 

0.30

 

 

 

0.30

 

 

 

0.37

 

Cash dividends declared per share

 

 

0.1100

 

 

 

0.1075

 

 

 

0.1075

 

 

 

0.1075

 

 

 

0.1075

 

Common book value per share

 

 

13.57

 

 

 

13.08

 

 

 

12.81

 

 

 

13.34

 

 

 

14.23

 

Tangible book value per common share(b)

 

 

10.49

 

 

 

9.98

 

 

 

9.69

 

 

 

9.90

 

 

 

10.83

 

Pre-provision net revenue(b)

 

$

7,063

 

 

$

7,262

 

 

$

7,677

 

 

$

4,749

 

 

$

6,535

 

 

 

 

 

 

 

 

 

 

 

 

Performance ratios:

 

 

 

 

 

 

 

 

 

 

Net interest margin (a)

 

 

3.08

%

 

 

3.23

%

 

 

3.25

%

 

 

3.15

%

 

 

3.13

%

Return on average assets

 

 

0.69

 

 

 

0.77

 

 

 

0.75

 

 

 

0.51

 

 

 

0.81

 

Return on average total equity

 

 

8.73

 

 

 

9.76

 

 

 

8.85

 

 

 

5.68

 

 

 

8.88

 

Efficiency ratio

 

 

74.98

 

 

 

75.03

 

 

 

73.57

 

 

 

83.75

 

 

 

76.94

 

Operating efficiency ratio (b)

 

 

72.88

 

 

 

75.03

 

 

 

73.56

 

 

 

78.49

 

 

 

74.74

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

Nonperforming loans (NPLs)

 

$

7,165

 

 

$

5,710

 

 

$

5,302

 

 

$

4,948

 

 

$

6,171

 

Other real estate owned

 

 

651

 

 

 

651

 

 

 

246

 

 

 

246

 

 

 

246

 

Repossessed assets

 

 

 

 

 

 

 

 

 

 

 

47

 

 

 

48

 

Total nonperforming assets (NPAs)

 

 

7,816

 

 

 

6,361

 

 

 

5,548

 

 

 

5,241

 

 

 

6,465

 

Classified loans

 

 

14,538

 

 

 

14,414

 

 

 

17,755

 

 

 

19,247

 

 

 

18,306

 

Criticized loans

 

 

38,111

 

 

 

39,760

 

 

 

43,377

 

 

 

49,204

 

 

 

52,859

 

Net loan (recoveries)/charge-offs

 

 

237

 

 

 

154

 

 

 

198

 

 

 

58

 

 

 

41

 

Allowance for credit losses to total loans

 

 

0.92

%

 

 

0.93

%

 

 

0.96

%

 

 

0.96

%

 

 

0.95

%

Allowance for credit losses to total NPLs

 

 

231.67

 

 

 

282.45

 

 

 

286.34

 

 

 

282.19

 

 

 

209.35

 

Allowance for credit losses to total NPAs

 

 

212.37

 

 

 

253.55

 

 

 

273.65

 

 

 

266.42

 

 

 

199.83

 

Net (recoveries)/charge-offs to average loans

 

 

0.05

 

 

 

0.04

 

 

 

0.05

 

 

 

0.02

 

 

 

0.01

 

NPLs to total loans

 

 

0.40

 

 

 

0.33

 

 

 

0.33

 

 

 

0.34

 

 

 

0.46

 

NPAs to total assets

 

 

0.26

 

 

 

0.22

 

 

 

0.20

 

 

 

0.19

 

 

 

0.24

 

NPAs to total loans and foreclosed assets

 

 

0.43

 

 

 

0.37

 

 

 

0.35

 

 

 

0.36

 

 

 

0.48

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

2,949,986

 

 

 

2,863,046

 

 

 

2,777,390

 

 

 

2,676,612

 

 

 

2,679,242

 

Loans, net

 

 

1,765,845

 

 

 

1,637,034

 

 

 

1,509,202

 

 

 

1,384,795

 

 

 

1,333,784

 

Loans, held for sale

 

 

14,007

 

 

 

22,644

 

 

 

30,238

 

 

 

29,843

 

 

 

28,650

 

Deposits

 

 

2,473,464

 

 

 

2,460,664

 

 

 

2,366,710

 

 

 

2,325,756

 

 

 

2,341,357

 

Total stockholders’ equity

 

 

234,147

 

 

 

225,639

 

 

 

235,557

 

 

 

241,281

 

 

 

243,120

 

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

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

Colony Bankcorp, Inc.

Average Balance Sheet and Net Interest Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

2023

 

2022

(dollars in thousands)

Average

Balances

 

Income/

Expense

 

Yields/

Rates

 

Average

Balances

 

Income/

Expense

 

Yields/

Rates

Assets

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned income 1

$

1,779,852

 

$

22,199

 

5.06

%

 

$

1,362,434

 

$

16,060

 

4.78

%

Investment securities, taxable

 

786,900

 

 

5,374

 

2.77

%

 

 

866,445

 

 

3,753

 

1.76

%

Investment securities, tax-exempt 2

 

114,346

 

 

594

 

2.11

%

 

 

111,007

 

 

516

 

1.89

%

Deposits in banks and short term investments

 

50,898

 

 

357

 

2.85

%

 

 

161,653

 

 

56

 

0.14

%

Total interest-earning assets

 

2,731,996

 

 

28,524

 

4.23

%

 

 

2,501,539

 

 

20,385

 

3.30

%

Noninterest-earning assets

 

217,990

 

 

 

 

 

 

177,703

 

 

 

 

Total assets

$

2,949,986

 

 

 

 

 

$

2,679,242

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest-earning demand and savings

$

1,409,834

 

$

2,324

 

0.67

%

 

$

1,445,408

 

$

261

 

0.07

%

Other time

 

507,415

 

 

2,675

 

2.14

%

 

 

343,215

 

 

338

 

0.40

%

Total interest-bearing deposits

 

1,917,249

 

 

4,999

 

1.06

%

 

 

1,788,623

 

 

599

 

0.14

%

Federal funds purchased

 

7,012

 

 

88

 

5.09

%

 

 

 

 

 

%

Federal Home Loan Bank advances

 

149,444

 

 

1,626

 

4.41

%

 

 

51,678

 

 

249

 

1.95

%

Other borrowings

 

76,083

 

 

1,089

 

5.80

%

 

 

32,181

 

 

201

 

2.53

%

Total other interest-bearing liabilities

 

232,539

 

 

2,803

 

4.89

%

 

 

83,859

 

 

450

 

2.18

%

Total interest-bearing liabilities

 

2,149,788

 

 

7,802

 

1.47

%

 

 

1,872,482

 

 

1,049

 

0.23

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

556,216

 

 

 

 

 

$

552,734

 

 

 

 

Other liabilities

 

9,835

 

 

 

 

 

 

10,906

 

 

 

 

Stockholders' equity

 

234,147

 

 

 

 

 

 

243,120

 

 

 

 

Total noninterest-bearing liabilities and stockholders' equity

 

800,198

 

 

 

 

 

 

806,760

 

 

 

 

Total liabilities and stockholders' equity

$

2,949,986

 

 

 

 

 

$

2,679,242

 

 

 

 

Interest rate spread

 

 

 

 

2.76

%

 

 

 

 

 

3.08

%

Net interest income

 

 

$

20,722

 

 

 

 

 

$

19,336

 

 

Net interest margin

 

 

 

 

3.08

%

 

 

 

 

 

3.13

%

_____________________  

1The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on the cash basis. Taxable-equivalent adjustments totaling $45,000 and $50,000 for the quarters ended March 31, 2023 and 2022, respectively, are included in income and fees on loans. Accretion income of $71,000 and $269,000 for the quarters ended March 31, 2023 and 2022 are also included in income and fees on loans.

2Taxable-equivalent adjustments totaling $108,000 and $98,000 for the quarters ended March 31, 2023 and 2022, respectively, are included in tax-exempt interest on investment securities.

Colony Bankcorp, Inc.

Segment Reporting

 

 

2023

 

2022

(dollars in thousands)

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

Banking Division

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

20,138

 

 

$

21,037

 

 

$

20,508

 

$

18,819

 

 

$

18,824

Provision for credit losses

 

 

900

 

 

 

900

 

 

 

1,320

 

 

1,100

 

 

 

50

Noninterest income

 

 

4,918

 

 

 

4,312

 

 

 

4,288

 

 

5,187

 

 

 

4,300

Noninterest expenses

 

 

17,812

 

 

 

18,038

 

 

 

17,537

 

 

19,504

 

 

 

17,701

Income taxes

 

 

1,155

 

 

 

837

 

 

 

1,047

 

 

227

 

 

 

900

Segment income

 

$

5,189

 

 

$

5,574

 

 

$

4,892

 

$

3,175

 

 

$

4,473

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

2,930,421

 

 

$

2,857,893

 

 

$

2,738,082

 

$

2,664,966

 

 

$

2,627,450

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

407

 

 

 

427

 

 

 

396

 

 

396

 

 

 

404

 

 

 

 

 

 

 

 

 

 

 

Mortgage Banking Division

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

3

 

 

$

(43

)

 

$

17

 

$

57

 

 

$

71

Provision for credit losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

1,277

 

 

 

1,637

 

 

 

2,345

 

 

2,736

 

 

 

2,912

Noninterest expenses

 

 

1,712

 

 

 

1,936

 

 

 

2,289

 

 

2,799

 

 

 

2,711

Income taxes

 

 

(86

)

 

 

(6

)

 

 

10

 

 

(7

)

 

 

101

Segment income

 

$

(346

)

 

$

(336

)

 

$

63

 

$

1

 

 

$

171

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

7,895

 

 

$

18,221

 

 

$

16,905

 

$

20,183

 

 

$

19,417

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

59

 

 

 

65

 

 

 

61

 

 

59

 

 

 

62

 

 

 

 

 

 

 

 

 

 

 

Small Business Specialty Lending Division

 

 

 

 

 

 

Net interest income

 

$

427

 

 

$

406

 

 

$

340

 

$

291

 

 

$

293

Provision for credit losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

1,464

 

 

 

1,739

 

 

 

1,546

 

 

2,135

 

 

 

1,940

Noninterest expenses

 

 

1,641

 

 

 

1,852

 

 

 

1,541

 

 

2,173

 

 

 

1,393

Income taxes

 

 

50

 

 

 

(20

)

 

 

48

 

 

14

 

 

 

160

Segment income

 

$

200

 

 

$

313

 

 

$

297

 

$

239

 

 

$

680

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

58,625

 

 

$

60,456

 

 

$

50,925

 

$

43,553

 

 

$

39,921

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

30

 

 

 

30

 

 

 

29

 

 

28

 

 

 

28

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

20,568

 

 

$

21,400

 

 

$

20,865

 

$

19,167

 

 

$

19,188

Provision for credit losses

 

 

900

 

 

 

900

 

 

 

1,320

 

 

1,100

 

 

 

50

Noninterest income

 

 

7,659

 

 

 

7,688

 

 

 

8,179

 

 

10,058

 

 

 

9,152

Noninterest expenses

 

 

21,165

 

 

 

21,826

 

 

 

21,367

 

 

24,476

 

 

 

21,805

Income taxes

 

 

1,119

 

 

 

811

 

 

 

1,105

 

 

234

 

 

 

1,161

Segment income

 

$

5,043

 

 

$

5,551

 

 

$

5,252

 

$

3,415

 

 

$

5,324

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

2,996,941

 

 

$

2,936,570

 

 

$

2,805,912

 

$

2,728,702

 

 

$

2,686,788

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

496

 

 

 

522

 

 

 

486

 

 

483

 

 

 

494

Colony Bankcorp, Inc.

Consolidated Balance Sheets

 

 

March 31,

2023

 

December 31,

2022

(dollars in thousands)

 

(unaudited)

 

(audited)

ASSETS

 

 

 

 

Cash and due from banks

 

$

25,283

 

 

$

20,584

 

Interest-bearing deposits in banks and federal funds sold

 

 

56,683

 

 

 

60,094

 

Cash and cash equivalents

 

 

81,966

 

 

 

80,678

 

Investment securities available for sale, at fair value

 

 

434,705

 

 

 

432,553

 

Investment securities held to maturity, at amortized cost

 

 

463,946

 

 

 

465,858

 

Other investments, at cost

 

 

14,999

 

 

 

13,793

 

Loans held for sale

 

 

13,623

 

 

 

17,743

 

Loans, net of unearned income

 

 

1,799,853

 

 

 

1,737,106

 

Allowance for credit losses

 

 

(16,599

)

 

 

(16,128

)

Loans, net

 

 

1,783,254

 

 

 

1,720,978

 

Premises and equipment

 

 

41,867

 

 

 

41,606

 

Other real estate

 

 

651

 

 

 

651

 

Goodwill

 

 

48,923

 

 

 

48,923

 

Other intangible assets

 

 

5,262

 

 

 

5,664

 

Bank owned life insurance

 

 

55,848

 

 

 

55,504

 

Deferred income taxes, net

 

 

26,254

 

 

 

28,199

 

Other assets

 

 

25,643

 

 

 

24,420

 

Total assets

 

$

2,996,941

 

 

$

2,936,570

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Deposits:

 

 

 

 

Noninterest-bearing

 

$

537,928

 

 

$

569,170

 

Interest-bearing

 

 

1,978,201

 

 

 

1,921,827

 

Total deposits

 

 

2,516,129

 

 

 

2,490,997

 

Federal Home Loan Bank advances

 

 

165,000

 

 

 

125,000

 

Other borrowed money

 

 

63,375

 

 

 

78,352

 

Accrued expenses and other liabilities

 

 

13,660

 

 

 

11,953

 

Total liabilities

 

$

2,758,164

 

 

$

2,706,302

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

Common stock, $1 par value; 50,000,000 shares authorized, 17,593,879 and 17,598,123 issued and outstanding, respectively

 

$

17,594

 

 

$

17,598

 

Paid in capital

 

 

167,922

 

 

 

167,537

 

Retained earnings

 

 

113,485

 

 

 

111,573

 

Accumulated other comprehensive loss, net of tax

 

 

(60,224

)

 

 

(66,440

)

Total stockholders’ equity

 

 

238,777

 

 

 

230,268

 

Total liabilities and stockholders’ equity

 

$

2,996,941

 

 

$

2,936,570

 

Colony Bankcorp, Inc.

Consolidated Statements of Income (unaudited)

 

 

Three months ended March 31,

 

 

2023

 

2022

(dollars in thousands, except per share data)

 

 

Interest income:

 

 

 

 

Loans, including fees

 

$

22,153

 

 

16,010

Investment securities

 

 

5,860

 

 

4,171

Deposits in banks and short term investments

 

 

357

 

 

56

Total interest income

 

 

28,370

 

 

20,237

 

 

 

 

 

Interest expense:

 

 

 

 

Deposits

 

 

4,999

 

 

599

Federal funds purchased

 

 

88

 

 

Federal Home Loan Bank advances

 

 

1,626

 

 

249

Other borrowings

 

 

1,089

 

 

201

Total interest expense

 

 

7,802

 

 

1,049

Net interest income

 

 

20,568

 

 

19,188

Provision for credit losses

 

 

900

 

 

50

Net interest income after provision for credit losses

 

 

19,668

 

 

19,138

 

 

 

 

 

Noninterest income:

 

 

 

 

Service charges on deposits

 

 

1,914

 

 

1,825

Mortgage fee income

 

 

1,183

 

 

2,912

Gain on sales of SBA loans

 

 

1,057

 

 

1,726

(Loss)/Gain on sales of securities

 

 

 

 

24

Interchange fees

 

 

2,068

 

 

2,000

BOLI income

 

 

331

 

 

312

Other

 

 

1,106

 

 

353

Total noninterest income

 

 

7,659

 

 

9,152

 

 

 

 

 

Noninterest expense:

 

 

 

 

Salaries and employee benefits

 

 

12,609

 

 

13,272

Occupancy and equipment

 

 

1,622

 

 

1,619

Acquisition related

 

 

 

 

139

Information technology expenses

 

 

2,341

 

 

2,354

Professional fees

 

 

715

 

 

869

Advertising and public relations

 

 

993

 

 

766

Communications

 

 

294

 

 

437

Other

 

 

2,591

 

 

2,349

Total noninterest expense

 

 

21,165

 

 

21,805

Income before income taxes

 

 

6,162

 

 

6,485

Income taxes

 

 

1,119

 

 

1,161

Net income

 

$

5,043

 

$

5,324

Earnings per common share:

 

 

 

 

Basic

 

$

0.29

 

$

0.34

Diluted

 

 

0.29

 

 

0.34

Dividends declared per share

 

 

0.11

 

 

0.1075

Weighted average common shares outstanding:

 

 

 

 

Basic

 

 

17,595,688

 

 

15,877,695

Diluted

 

 

17,595,688

 

 

15,877,695

Colony Bankcorp, Inc.

Quarterly Comparison

 

 

2023

 

2022

(dollars in thousands, except per share data)

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

Assets

 

$

2,996,941

 

 

$

2,936,570

 

 

$

2,805,912

 

 

$

2,728,702

 

 

$

2,686,788

 

Loans, net

 

 

1,783,254

 

 

 

1,720,978

 

 

 

1,571,431

 

 

 

1,438,842

 

 

 

1,341,113

 

Deposits

 

 

2,516,129

 

 

 

2,490,997

 

 

 

2,409,662

 

 

 

2,331,511

 

 

 

2,350,786

 

Total equity

 

 

238,777

 

 

 

230,268

 

 

 

226,067

 

 

 

234,595

 

 

 

250,277

 

Net income

 

 

5,043

 

 

 

5,551

 

 

 

5,252

 

 

 

3,415

 

 

 

5,324

 

Earnings per basic share

 

$

0.29

 

 

$

0.31

 

 

$

0.30

 

 

$

0.19

 

 

$

0.34

 

 

 

 

 

 

 

 

 

 

 

 

Key Performance Ratios:

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.69

%

 

 

0.77

%

 

 

0.75

%

 

 

0.51

%

 

 

0.81

%

Return on average total equity

 

 

8.73

%

 

 

9.76

%

 

 

8.85

%

 

 

5.68

%

 

 

8.88

%

Total equity to total assets

 

 

7.97

%

 

 

7.84

%

 

 

8.06

%

 

 

8.60

%

 

 

9.32

%

Tangible equity to tangible assets (a)

 

 

6.27

%

 

 

6.10

%

 

 

6.22

%

 

 

6.52

%

 

 

7.25

%

Net interest margin

 

 

3.08

%

 

 

3.23

%

 

 

3.25

%

 

 

3.15

%

 

 

3.13

%

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

Colony Bankcorp, Inc.

Quarterly Loan Comparison

 

 

2023

 

2022

(dollars in thousands)

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

Core

 

$

1,614,216

 

$

1,540,561

 

$

1,372,257

 

$

1,217,626

 

$

1,093,513

Purchased

 

 

185,637

 

 

196,545

 

 

214,356

 

 

235,179

 

 

260,519

Total

 

$

1,799,853

 

$

1,737,106

 

$

1,586,613

 

$

1,452,805

 

$

1,354,032

Colony Bankcorp, Inc.

Quarterly Loans by Location Comparison

 

 

2023

 

2022

(dollars in thousands)

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

Alabama

 

$

41,118

 

$

21,122

 

$

7,291

 

$

2,255

 

$

Augusta

 

 

53,415

 

 

52,226

 

 

42,079

 

 

31,576

 

 

32,270

Coastal Georgia

 

 

248,253

 

 

259,730

 

 

252,083

 

 

246,187

 

 

229,976

Middle Georgia

 

 

119,720

 

 

115,504

 

 

114,630

 

 

99,827

 

 

81,607

Atlanta and North Georgia

 

 

419,480

 

 

375,106

 

 

356,421

 

 

299,901

 

 

264,355

South Georgia

 

 

448,558

 

 

457,283

 

 

449,684

 

 

445,309

 

 

430,687

West Georgia

 

 

204,664

 

 

210,676

 

 

177,431

 

 

170,847

 

 

157,050

Small Business Specialty Lending

 

 

50,513

 

 

45,944

 

 

35,267

 

 

23,539

 

 

40,321

Consumer Portfolio Mortgages

 

 

211,225

 

 

197,672

 

 

149,945

 

 

131,550

 

 

113,681

Marine/RV Lending

 

 

2,060

 

 

 

 

 

 

 

 

Other

 

 

847

 

 

1,843

 

 

1,782

 

 

1,814

 

 

4,085

Total

 

$

1,799,853

 

$

1,737,106

 

$

1,586,613

 

$

1,452,805

 

$

1,354,032

 

Contacts

T. Heath Fountain

Chief Executive Officer and Acting Chief Financial Officer

229-426-6000, extension 6012

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