Colony Bankcorp Reports Second Quarter 2022 Results

Declares Quarterly Cash Dividend of $0.1075 Per Share

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

Financial Highlights:

  • Net income decreased to $3.4 million, or $0.19 per diluted share, for the second quarter of 2022, compared to $5.3 million, or $0.34 per diluted share, for the first quarter of 2022, and $4.0 million, $0.42 per diluted share, for the second quarter of 2021.
  • Operating net income of $5.2 million, or $0.30 per diluted share, for the second quarter of 2022 as compared to $5.4 million, or $0.37 per diluted share, for the first quarter of 2022, and $4.5 million, or $0.49 per diluted share, for the second quarter of 2021 (see Reconciliation of Non-GAAP Measures).
  • The Company made significant progress in its hiring initiatives, including hiring several new commercial bankers and promoting a new Chief Financial Officer.
  • $1.1 million in provision for loan losses was recorded in second quarter of 2022, compared to $50,000 recorded in first quarter of 2022, and no provision recorded in second quarter of 2021.
  • Non-recurring charges of $1.35 million related to previously announced efficiency efforts were incurred during the second quarter of 2022.
  • Due to the unusual interest rate environment, the company experienced accelerated amortization on purchased callable FHLB advances totaling $751,000 and a valuation decline of its SBSL servicing asset of $316,000.
  • Total loans, excluding loans held for sale and loans that originated under the Paycheck Protection Program (the “PPP”), totaled $1.5 billion at June 30, 2022, an increase of $99.0 million, or 7.3% from the prior quarter.
  • Mortgage production was $113.7 million, and mortgage sales totaled $82.3 million in the second quarter of 2022.
  • Small Business Specialty Lending (“SBSL”) closed $21.0 million in Small Business Administration (“SBA”) loans and sold $18.4 million in SBA loans in the second quarter of 2022.

The Company also announced that on July 21, 2022, the Board of Directors declared a quarterly cash dividend of $0.1075 per share, to be paid on its common stock on August 20, 2022, to shareholders of record as of the close of business on August 6, 2022. The Company had 17,581,212 shares of its common stock outstanding as of July 20, 2022.

Commenting on the announcement, Heath Fountain, President and Chief Executive Officer, said, “While there were several moving parts during the quarter, we continue to position Colony for strong financial performance. In the quarter, we completed a $40 million subordinated debt offering, hired commercial bankers in the Atlanta, Birmingham and Huntsville markets, and grew loans, excluding loans held for sale, by almost $100 million, or nearly 30% annualized. Atypical expenses during the quarter totaled approximately $2.3 million, primarily for the previously announced charge for the efficiency project, and $751,000 of accelerated amortization of purchased FHLB borrowings called during the quarter. While asset quality metrics are strong and improving, we recorded higher provision expense than anticipated due to loan growth being meaningfully higher than projected.”

“Finally, we do expect to show continued strong asset generation for the next few quarters. The current loan pipelines remain very strong, and we continue to recruit seasoned banking professionals throughout our footprint.”

Balance Sheet

  • Total assets were $2.7 billion at June 30, 2022, a slight increase of $41.6 million from March 31, 2022.
  • Total loans, including loans held for sale, were at $1.49 billion at June 30, 2022, an increase of $113.1 million from the quarter ended March 31, 2022.
  • Total deposits were $2.3 billion and $2.4 billion at June 30, 2022 and March 31, 2022, respectively, with a slight decrease of $19.3 million.
  • Total borrowings at June 30, 2022 totaled $152.1 million, an increase of $92.1 million or, 153.3%, compared to March 31, 2022 related to the subordinated debt issued in May 2022 and federal funds purchased outstanding at June 30, 2022.

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 10.74%, 15.80%, 16.55%, and 12.39%, respectively, at June 30, 2022.

Second Quarter and June 30, 2022 Year to Date Results of Operations

  • Net interest income, on a tax-equivalent basis, for the second quarter of 2022 totaled $19.3 million, compared to $15.2 million for the second quarter of 2021. Net interest income, on a tax-equivalent basis, for the six months ended June 30, 2022 totaled $38.6 million, compared to $29.6 million for the six months ended June 30, 2021. The increase during the quarter and six months ended June 30, 2022 compared to the same period in 2021 is primarily attributable to interest income related to loans acquired in the acquisition of SouthCrest Financial Group, Inc. (“SouthCrest”) in August of 2021.
  • Net interest margin decreased 53 basis points from the second quarter of 2021, but increased two basis point from the first quarter of 2022. Net interest margin for the six months ended June 30, 2022 decreased 42 basis points from the six months ended June 30, 2021, but increased one point from the first quarter 2022. Two borrowings from the acquisition of SouthCrest were called and the remaining mark of approximately $750,000 was recognized in interest expense this quarter.
  • Noninterest income totaled $10.1 million for the second quarter ended June 30, 2022, an increase of $2.3 million, or 29.8%, compared to the same period in 2021. The increase was primarily attributable to SBSL loan sales, SouthCrest and insurance company acquisitions, growth in interchange fee income and service charges on deposits offset by a decrease in mortgage fee income. Noninterest income totaled $19.2 million for the six months ended June 30, 2022, an increase of $2.9 million, or 17.45%, compared to the same period in 2021. The increase was primarily attributable to SBSL loan sales, SouthCrest and insurance company acquisitions, growth in interchange fee income and service charges on deposits offset by a decrease in mortgage fee income.
  • Noninterest expense totaled $24.5 million for the second quarter ended June 30, 2022, compared to $17.5 million for the same period in 2021. Noninterest expense totaled $46.3 million for the six months ended June 30, 2022, compared to $33.2 million for the same period in 2021. The increases were primarily related to increase in salaries, information technology, and communications related to the acquisition of SouthCrest in August of 2021.

Asset Quality

  • Nonperforming assets totaled $5.2 million and $6.5 million at June 30, 2022 and March 31, 2022, respectively, a decrease of $1.2 million.
  • Other real estate owned and repossessed assets totaled approximately $293,000 at June 30, 2022, and March 31, 2022.
  • Net loans charged-off were $58,000, or 0.02% of average loans for the second quarter of 2022, compared to net charge-offs of $41,000 or 0.01% for the first quarter of 2022.
  • The loan loss reserve was $14.0 million, or 0.96% of total loans, at June 30, 2022, compared to $12.9 million, or 0.95% of total loans, at March 31, 2022.

As noted above and in the Selected Financial Information table, overall asset quality remains strong.

Earnings call information

The Company will host an earnings conference call at 5:00 p.m. EDT on Thursday, July 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 981866. A replay of the call will be available until Friday, July 29, 2022. To listen to the replay, dial 1-866-813-9403 and enter the access code 213634.

About Colony Bankcorp

Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in 1975 and headquartered in Fitzgerald, Georgia, Colony operates 41 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; 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; 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, and efficiency ratio, 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.

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, and operating efficiency ratio and the reconciliation of these measures to net income, diluted earnings per share, book value per common share, total equity to total assets, and efficiency ratio, are set forth in the table below.

Colony Bankcorp, Inc.

 

 

 

 

Reconciliation of Non-GAAP Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

2021

(dollars in thousands, except per share data)

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

Operating net income reconciliation

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

3,416

 

 

$

5,324

 

 

$

4,160

 

 

$

5,583

 

 

$

3,997

 

FHLB mark from called borrowings

 

 

751

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance costs

 

 

1,346

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition-related expenses

 

 

1

 

 

 

139

 

 

 

1,261

 

 

 

1,794

 

 

 

698

 

Writedown of bank premises

 

 

 

 

 

 

 

 

90

 

 

 

 

 

 

 

Income tax benefit

 

 

(272

)

 

 

(26

)

 

 

(284

)

 

 

(466

)

 

 

(181

)

Operating net income

 

$

5,242

 

 

$

5,437

 

 

$

5,227

 

 

$

6,911

 

 

$

4,514

 

Weighted average diluted shares

 

 

17,586,298

 

 

 

15,877,695

 

 

 

13,673,998

 

 

 

12,344,926

 

 

 

9,498,783

 

Adjusted earnings per diluted share

 

$

0.30

 

 

$

0.37

 

 

$

0.40

 

 

$

0.57

 

 

$

0.49

 

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per common share reconciliation

 

 

 

 

 

 

 

 

 

 

Book value per common share (GAAP)

 

$

13.34

 

 

$

14.23

 

 

$

15.92

 

 

$

15.88

 

 

$

15.46

 

Effect of goodwill and other intangibles

 

 

(3.44

)

 

 

(3.40

)

 

 

(4.51

)

 

 

(4.46

)

 

 

(1.89

)

Tangible book value per common share

 

$

9.90

 

 

$

10.83

 

 

$

11.41

 

 

$

11.42

 

 

$

13.57

 

 

 

 

 

 

 

 

 

 

 

 

Tangible equity to tangible assets reconciliation

 

 

 

 

 

 

 

 

 

 

Equity to assets (GAAP)

 

 

9.32

%

 

 

9.32

%

 

 

8.09

%

 

 

8.64

%

 

 

8.37

%

Effect of goodwill and other intangibles

 

 

(2.79

) %

 

 

(2.07

) %

 

 

(2.15

) %

 

 

(2.27

) %

 

 

(0.99

) %

Tangible equity to tangible assets

 

 

6.52

%

 

 

7.25

%

 

 

5.93

%

 

 

6.37

%

 

 

7.38

%

 

 

 

 

 

 

 

 

 

 

 

Operating efficiency ratio calculation

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (GAAP)

 

 

83.75

%

 

 

76.94

%

 

 

82.15

%

 

 

77.68

%

 

 

76.53

%

Severance costs

 

 

(4.61

)

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition-related expenses

 

 

 

 

 

(2.20

)

 

 

(5.33

)

 

 

(7.30

)

 

 

(3.79

)

Writedown of bank premises

 

 

 

 

 

 

 

 

(0.30

)

 

 

 

 

 

 

Operating efficiency ratio

 

 

79.14

%

 

 

74.74

%

 

 

76.52

%

 

 

70.38

%

 

 

72.74

%

 

 

 

 

 

 

 

 

 

 

 

Pre-provision net revenue

 

 

 

 

 

 

 

 

 

 

Net interest income before provision (credit) for credit losses

 

$

19,167

 

 

$

19,188

 

 

$

19,022

 

 

$

17,868

 

 

$

15,069

 

Noninterest income

 

 

10,057

 

 

 

9,152

 

 

 

10,815

 

 

 

9,438

 

 

 

7,751

 

 

 

$

29,224

 

 

$

28,340

 

 

$

29,837

 

 

$

27,306

 

 

$

22,820

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

24,475

 

 

 

21,805

 

 

 

24,512

 

 

 

21,211

 

 

 

17,465

 

Pre-provision net revenue

 

$

4,749

 

 

$

6,535

 

 

$

5,325

 

 

$

6,095

 

 

$

5,355

 

Colony Bankcorp, Inc.

Selected Financial Information

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

2021

(dollars in thousands, except per share data)

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

EARNINGS SUMMARY

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

19,167

 

 

$

19,188

 

 

$

19,022

 

 

$

17,868

 

 

$

15,069

 

Provision for loan losses

 

 

1,100

 

 

 

50

 

 

 

50

 

 

 

150

 

 

 

 

Non-interest income

 

 

10,057

 

 

 

9,152

 

 

 

10,815

 

 

 

9,438

 

 

 

7,751

 

Non-interest expense

 

 

24,475

 

 

 

21,805

 

 

 

24,512

 

 

 

21,211

 

 

 

17,465

 

Income taxes

 

 

233

 

 

 

1,161

 

 

 

1,116

 

 

 

362

 

 

 

1,358

 

Net income

 

 

3,416

 

 

 

5,324

 

 

 

4,159

 

 

 

5,583

 

 

 

3,997

 

PERFORMANCE MEASURES

 

 

 

 

 

 

 

 

 

 

Per common share:

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

17,581,212

 

 

 

17,586,333

 

 

 

13,673,898

 

 

 

13,674,198

 

 

 

9,498,783

 

Weighted average basic shares

 

 

17,586,298

 

 

 

15,877,695

 

 

 

13,673,998

 

 

 

12,344,926

 

 

 

9,498,783

 

Weighted average diluted shares

 

 

17,586,298

 

 

 

15,877,695

 

 

 

13,673,998

 

 

 

12,344,926

 

 

 

9,498,783

 

Earnings per basic share

 

$

0.19

 

 

$

0.34

 

 

$

0.30

 

 

$

0.45

 

 

$

0.42

 

Earnings per diluted share

 

 

0.19

 

 

 

0.34

 

 

 

0.30

 

 

 

0.45

 

 

 

0.42

 

Adjusted earnings per diluted share(b)

 

 

0.30

 

 

 

0.37

 

 

 

0.40

 

 

 

0.57

 

 

 

0.49

 

Cash dividends declared per share

 

 

0.1075

 

 

 

0.1075

 

 

 

0.1025

 

 

 

0.1025

 

 

 

0.1025

 

Common book value per share

 

 

13.34

 

 

 

14.23

 

 

 

15.92

 

 

 

15.88

 

 

 

15.46

 

Tangible book value per common share(b)

 

 

9.90

 

 

 

10.83

 

 

 

11.41

 

 

 

11.42

 

 

 

13.50

 

Pre-provision net revenue

 

$

4,749

 

 

$

6,535

 

 

$

5,325

 

 

$

6,095

 

 

$

5,355

 

 

 

 

 

 

 

 

 

 

 

 

Performance ratios:

 

 

 

 

 

 

 

 

 

 

Net interest margin (a)

 

 

3.15

%

 

 

3.13

%

 

 

3.16

%

 

 

3.48

%

 

 

3.68

%

Return on average assets

 

 

0.51

 

 

 

0.81

 

 

 

0.64

 

 

 

1.00

 

 

 

0.91

 

Return on average total equity

 

 

5.68

 

 

 

8.88

 

 

 

7.65

 

 

 

11.49

 

 

 

11.14

 

Efficiency ratio

 

 

83.75

 

 

 

76.94

 

 

 

82.15

 

 

 

77.68

 

 

 

76.53

 

Operating efficiency ratio (b)

 

 

79.14

 

 

 

74.74

 

 

 

76.52

 

 

 

70.38

 

 

 

72.74

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

Nonperforming loans (NPLs)

 

$

4,948

 

 

$

6,171

 

 

$

5,449

 

 

$

12,246

 

 

$

9,205

 

Other real estate owned

 

 

246

 

 

 

246

 

 

 

281

 

 

 

807

 

 

 

270

 

Repossessed assets

 

 

47

 

 

 

48

 

 

 

49

 

 

 

3

 

 

 

29

 

Total nonperforming assets (NPAs)

 

 

5,241

 

 

 

6,465

 

 

 

5,779

 

 

 

13,056

 

 

 

9,504

 

Classified loans

 

 

19,247

 

 

 

18,306

 

 

 

19,016

 

 

 

30,300

 

 

 

30,852

 

Criticized loans

 

 

49,204

 

 

 

52,859

 

 

 

58,938

 

 

 

61,857

 

 

 

64,818

 

Net loan (recoveries)/charge-offs

 

 

58

 

 

 

41

 

 

 

(17

)

 

 

144

 

 

 

(178

)

Allowance for loan losses to total loans

 

 

0.96

%

 

 

0.95

%

 

 

0.96

%

 

 

0.98

%

 

 

1.26

%

Allowance for loan losses to total NPLs

 

 

282.19

 

 

 

209.35

 

 

 

236.92

 

 

 

105.15

 

 

 

140.15

 

Allowance for loan losses to total NPAs

 

 

266.42

 

 

 

199.83

 

 

 

223.40

 

 

 

98.63

 

 

 

135.73

 

Net (recoveries)/charge-offs to average loans

 

 

0.02

 

 

 

0.01

 

 

 

(0.01

)

 

 

0.05

 

 

 

(0.09

)

NPLs to total loans

 

 

0.34

 

 

 

0.46

 

 

 

0.41

 

 

 

0.93

 

 

 

0.90

 

NPAs to total assets

 

 

0.19

 

 

 

0.24

 

 

 

0.21

 

 

 

0.52

 

 

 

0.54

 

NPAs to total loans and foreclosed assets

 

 

0.36

 

 

 

0.48

 

 

 

0.43

 

 

 

1.00

 

 

 

0.93

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

2,676,612

 

 

 

2,679,242

 

 

 

2,589,908

 

 

 

2,272,904

 

 

 

1,777,559

 

Loans, net

 

 

1,384,795

 

 

 

1,333,784

 

 

 

1,306,796

 

 

 

1,218,102

 

 

 

1,052,645

 

Loans, held for sale

 

 

29,843

 

 

 

28,650

 

 

 

38,543

 

 

 

24,964

 

 

 

24,139

 

Deposits

 

 

2,325,756

 

 

 

2,341,357

 

 

 

2,274,910

 

 

 

1,975,418

 

 

 

1,547,139

 

Total stockholders’ equity

 

 

241,281

 

 

 

243,120

 

 

 

215,783

 

 

 

197,109

 

 

 

144,761

 

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 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

$

1,395,179

 

$

32,339

 

4.68

%

 

$

1,077,859

 

$

27,805

 

5.20

%

Investment securities, taxable

 

842,491

 

 

8,084

 

1.94

%

 

 

394,431

 

 

3,401

 

1.74

%

Investment securities, tax-exempt 2

 

112,843

 

 

1,022

 

1.83

%

 

 

32,887

 

 

314

 

1.93

%

Deposits in banks and short term investments

 

117,177

 

 

159

 

1.84

%

 

 

164,882

 

 

97

 

0.12

%

Total interest-earning assets

 

2,467,689

 

 

41,605

 

3.40

%

 

 

1,670,059

 

 

31,617

 

3.82

%

Noninterest-earning assets

 

210,625

 

 

 

 

 

 

105,746

 

 

 

 

Total assets

$

2,678,314

 

 

 

 

 

$

1,775,805

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest-earning demand and savings

$

1,437,325

 

$

568

 

0.08

%

 

$

880,838

 

$

311

 

0.07

%

Other time

 

335,744

 

 

657

 

0.39

%

 

 

257,173

 

 

912

 

0.72

%

Total interest-bearing deposits

 

1,773,069

 

 

1,225

 

0.14

%

 

 

1,138,011

 

 

1,223

 

0.22

%

Federal funds purchased

 

3,978

 

 

27

 

1.35

%

 

 

 

 

 

%

Federal Home Loan Bank advances3

 

49,100

 

 

1,195

 

4.91

%

 

 

22,500

 

 

230

 

2.06

%

Paycheck Protection Program Liquidity Facility

 

 

 

 

%

 

 

51,516

 

 

93

 

0.36

%

Other borrowings

 

38,492

 

 

608

 

3.18

%

 

 

37,715

 

 

514

 

2.75

%

Total other interest-bearing liabilities

 

91,570

 

 

1,830

 

4.03

%

 

 

111,731

 

 

837

 

1.51

%

Total interest-bearing liabilities

 

1,864,639

 

 

3,055

 

0.33

%

 

 

1,249,742

 

 

2,060

 

0.33

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

560,444

 

 

 

 

 

$

373,728

 

 

 

 

Other liabilities

 

15,013

 

 

 

 

 

 

6,791

 

 

 

 

Stockholders' equity

 

242,196

 

 

 

 

 

 

145,544

 

 

 

 

Total noninterest-bearing liabilities and stockholders' equity

 

817,653

 

 

 

 

 

 

526,063

 

 

 

 

Total liabilities and stockholders' equity

$

2,682,292

 

 

 

 

 

$

1,775,805

 

 

 

 

Interest rate spread

 

 

 

 

3.07

%

 

 

 

 

 

3.49

%

Net interest income

 

 

$

38,550

 

 

 

 

 

$

29,557

 

 

Net interest margin

 

 

 

 

3.15

%

 

 

 

 

 

3.57

%

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 $62,000 and $124,000 for the six months ended June 30, 2022 and 2021, respectively, are included in income and fees on loans. Accretion income of $429,000 and $313,000 for the six months ended June 30, 2022 and 2021 are also included in income and fees on loans.

2

Taxable-equivalent adjustments totaling $133,000 and $84,000 for the six months ended June 30, 2022 and 2021, respectively, are included in tax-exempt interest on investment securities.

3

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

Colony Bankcorp, Inc.

Average Balance Sheet and Net Interest Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 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 4

$

1,427,563

 

$

16,317

 

4.58

%

 

$

1,076,784

 

$

14,165

 

5.34

%

Investment securities, taxable

 

842,481

 

 

4,332

 

2.06

%

 

 

417,343

 

 

1,794

 

1.74

%

Investment securities, tax-exempt 5

 

114,658

 

 

542

 

1.89

%

 

 

33,156

 

 

160

 

1.96

%

Deposits in banks and short term investments

 

73,190

 

 

103

 

0.68

%

 

 

146,591

 

 

45

 

0.12

%

Total interest-earning assets

 

2,457,891

 

 

21,294

 

3.47

%

 

 

1,673,874

 

 

16,164

 

3.92

%

Noninterest-earning assets

 

218,721

 

 

 

 

 

 

103,685

 

 

 

 

Total assets

$

2,676,612

 

 

 

 

 

$

1,777,559

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest-earning demand and savings

$

1,429,331

 

$

307

 

0.09

%

 

$

901,978

 

$

146

 

0.07

%

Other time

 

328,355

 

 

319

 

0.39

%

 

 

253,944

 

 

423

 

0.68

%

Total interest-bearing deposits

 

1,757,686

 

 

626

 

0.14

%

 

 

1,155,922

 

 

569

 

0.20

%

Federal funds purchased

 

7,916

 

 

27

 

1.35

%

 

 

 

 

 

%

Federal Home Loan Bank advances6

 

46,550

 

 

943

 

8.12

%

 

 

22,500

 

 

115

 

2.09

%

Paycheck Protection Program Liquidity Facility

 

 

 

 

%

 

 

19,031

 

 

25

 

0.53

%

Other borrowings

 

44,729

 

 

409

 

2.28

%

 

 

37,536

 

 

258

 

2.78

%

Total other interest-bearing liabilities

 

99,195

 

 

1,379

 

5.58

%

 

 

79,067

 

 

398

 

2.04

%

Total interest-bearing liabilities

 

1,856,881

 

 

2,005

 

0.43

%

 

 

1,234,989

 

 

967

 

0.32

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

568,070

 

 

 

 

 

$

391,217

 

 

 

 

Other liabilities

 

10,380

 

 

 

 

 

 

6,592

 

 

 

 

Stockholders' equity

 

241,281

 

 

 

 

 

 

144,761

 

 

 

 

Total noninterest-bearing liabilities and stockholders' equity

 

819,731

 

 

 

 

 

 

542,570

 

 

 

 

Total liabilities and stockholders' equity

$

2,676,612

 

 

 

 

 

$

1,777,559

 

 

 

 

Interest rate spread

 

 

 

 

3.04

%

 

 

 

 

 

3.60

%

Net interest income

 

 

$

19,289

 

 

 

 

 

$

15,197

 

 

Net interest margin

 

 

 

 

3.15

%

 

 

 

 

 

3.68

%

4

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 $31,000 and $67,000 for the quarters ended June 30, 2022 and 2021, respectively, are included in income and fees on loans. Accretion income of $269,000 and $104,000 for the quarter ended June 30, 2022 and 2021 are also included in income and fees on loans.

5

Taxable-equivalent adjustments totaling $70,000 and $43,000 for the quarters ended June 30, 2022 and 2021, respectively, are included in tax-exempt interest on investment securities.

6

Federal Home Loan Bank advances interest expense includes $751,000 for the quarters ended June 30, 2022 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)

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

Banking Division

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

18,819

 

 

$

18,824

 

$

18,316

 

$

17,181

 

 

$

14,864

Provision for loan losses

 

 

1,100

 

 

 

50

 

 

50

 

 

150

 

 

 

Noninterest income

 

 

5,186

 

 

 

4,300

 

 

4,480

 

 

4,340

 

 

 

3,354

Noninterest expenses

 

 

19,503

 

 

 

17,701

 

 

19,280

 

 

16,941

 

 

 

13,366

Income taxes

 

 

226

 

 

 

900

 

 

475

 

 

434

 

 

 

1,241

Segment income

 

$

3,176

 

 

$

4,473

 

$

2,991

 

$

3,996

 

 

$

3,611

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

2,664,657

 

 

$

2,627,450

 

$

2,620,501

 

$

2,499,223

 

 

$

1,710,345

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

396

 

 

 

404

 

 

400

 

 

417

 

 

 

294

 

 

 

 

 

 

 

 

 

 

 

Mortgage Banking Division

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

57

 

 

$

71

 

$

114

 

$

138

 

 

$

123

Provision for loan losses

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

2,736

 

 

 

2,912

 

 

3,102

 

 

3,104

 

 

 

2,997

Noninterest expenses

 

 

2,799

 

 

 

2,711

 

 

2,869

 

 

2,765

 

 

 

2,887

Income taxes

 

 

(7

)

 

 

101

 

 

334

 

 

(290

)

 

 

60

Segment income

 

$

1

 

 

$

171

 

$

13

 

$

767

 

 

$

173

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

20,183

 

 

$

19,417

 

$

25,149

 

$

21,184

 

 

$

25,149

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

59

 

 

 

62

 

 

55

 

 

53

 

 

 

53

 

 

 

 

 

 

 

 

 

 

 

Small Business Specialty Lending Division

 

 

 

 

 

 

Net interest income

 

$

291

 

 

$

293

 

$

592

 

$

549

 

 

$

82

Provision for loan losses

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

2,135

 

 

 

1,940

 

 

3,233

 

 

1,994

 

 

 

1,400

Noninterest expenses

 

 

2,173

 

 

 

1,393

 

 

2,363

 

 

1,505

 

 

 

1,212

Income taxes

 

 

14

 

 

 

160

 

 

307

 

 

218

 

 

 

57

Segment income

 

$

239

 

 

$

680

 

$

1,155

 

$

820

 

 

$

213

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

43,553

 

 

$

39,921

 

$

46,065

 

$

23,291

 

 

$

20,024

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

28

 

 

 

28

 

 

26

 

 

24

 

 

 

24

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

19,167

 

 

$

19,188

 

$

19,022

 

$

17,868

 

 

$

15,069

Provision for loan losses

 

 

1,100

 

 

 

50

 

 

50

 

 

150

 

 

 

Noninterest income

 

 

10,057

 

 

 

9,152

 

 

10,815

 

 

9,438

 

 

 

7,751

Noninterest expenses

 

 

24,475

 

 

 

21,805

 

 

24,512

 

 

21,211

 

 

 

17,465

Income taxes

 

 

233

 

 

 

1,161

 

 

1,116

 

 

362

 

 

 

1,358

Segment income

 

$

3,416

 

 

$

5,324

 

$

4,159

 

$

5,583

 

 

$

3,997

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

2,728,393

 

 

$

2,686,788

 

$

2,691,715

 

$

2,543,698

 

 

$

1,755,518

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

483

 

 

 

494

 

 

481

 

 

494

 

 

 

371

Colony Bankcorp, Inc.

Consolidated Balance Sheets

 

 

June 30, 2022

 

December 31, 2021

(dollars in thousands)

 

(unaudited)

 

(audited)

ASSETS

 

 

 

 

Cash and due from banks

 

$

23,133

 

 

$

18,975

 

Interest-bearing deposits in banks and federal funds sold

 

 

53,349

 

 

 

178,257

 

Cash and cash equivalents

 

 

76,482

 

 

 

197,232

 

Investment securities available for sale, at fair value

 

 

657,546

 

 

 

938,164

 

Investment securities held to maturity, at amortized cost

 

 

304,014

 

 

 

 

Other investments, at cost

 

 

12,968

 

 

 

14,012

 

Loans held for sale

 

 

38,526

 

 

 

38,150

 

Loans, net of unearned income

 

 

1,452,805

 

 

 

1,337,977

 

Allowance for loan losses

 

 

(13,963

)

 

 

(12,910

)

Loans, net

 

 

1,438,842

 

 

 

1,325,067

 

Premises and equipment

 

 

41,322

 

 

 

43,033

 

Other real estate

 

 

246

 

 

 

281

 

Goodwill

 

 

54,078

 

 

 

52,906

 

Other intangible assets

 

 

6,478

 

 

 

7,389

 

Bank owned life insurance

 

 

54,845

 

 

 

55,159

 

Deferred income taxes, net

 

 

21,178

 

 

 

3,644

 

Other assets

 

 

21,868

 

 

 

16,678

 

Total assets

 

$

2,728,393

 

 

$

2,691,715

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Deposits:

 

 

 

 

Noninterest-bearing

 

$

572,978

 

 

$

552,576

 

Interest-bearing

 

 

1,758,533

 

 

 

1,822,032

 

Total deposits

 

 

2,331,511

 

 

 

2,374,608

 

Federal funds purchased

 

 

23,766

 

 

 

 

Federal Home Loan Bank advances

 

 

65,000

 

 

 

51,656

 

Other borrowed money

 

 

63,342

 

 

 

36,792

 

Accrued expenses and other liabilities

 

 

10,179

 

 

 

10,952

 

Total liabilities

 

$

2,493,798

 

 

$

2,474,008

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

Common stock, $1 par value; 20,000,000 shares authorized, 17,581,212 and 13,673,898 issued and outstanding, respectively

 

$

17,581

 

 

$

13,674

 

Paid in capital

 

 

167,376

 

 

 

111,021

 

Retained earnings

 

 

104,561

 

 

 

99,189

 

Accumulated other comprehensive loss, net of tax

 

 

(54,923

)

 

 

(6,177

)

Total stockholders’ equity

 

 

234,595

 

 

 

217,707

 

Total liabilities and stockholders’ equity

 

$

2,728,393

 

 

$

2,691,715

 

Colony Bankcorp, Inc.

 

 

 

 

 

 

 

 

Consolidated Statements of Income (unaudited)

 

 

 

 

 

 

 

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2022

 

2021

 

2022

 

2021

(dollars in thousands, except per share data)

 

 

 

 

Interest income:

 

 

 

 

 

 

 

 

Loans, including fees

 

$

16,266

 

 

14,099

 

$

32,281

 

 

27,672

Investment securities

 

 

4,803

 

 

1,893

 

 

8,974

 

 

3,591

Deposits in banks and short term investments

 

 

103

 

 

44

 

 

159

 

 

98

Total interest income

 

 

21,172

 

 

16,036

 

 

41,414

 

 

31,361

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

Deposits

 

 

626

 

 

569

 

 

1,225

 

 

1,223

Federal funds purchased

 

 

27

 

 

 

 

27

 

 

Federal Home Loan Bank advances

 

 

1,098

 

 

115

 

 

1,464

 

 

230

Paycheck Protection Program Liquidity Facility

 

 

 

 

25

 

 

 

 

93

Other borrowings

 

 

254

 

 

258

 

 

339

 

 

515

Total interest expense

 

 

2,005

 

 

967

 

 

3,055

 

 

2,061

Net interest income

 

 

19,167

 

 

15,069

 

 

38,359

 

 

29,300

Provision for loan losses

 

 

1,100

 

 

 

 

1,150

 

 

500

Net interest income after provision for loan losses

 

 

18,067

 

 

15,069

 

 

37,209

 

 

28,800

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

Service charges on deposits

 

 

1,895

 

 

1,264

 

 

3,720

 

 

2,486

Mortgage fee income

 

 

2,736

 

 

3,005

 

 

5,648

 

 

7,000

Gain on sale of SBA loans

 

 

1,863

 

 

1,263

 

 

3,589

 

 

2,735

(Loss)/Gain on sale of securities

 

 

 

 

141

 

 

24

 

 

137

Interchange fees

 

 

2,159

 

 

1,667

 

 

4,159

 

 

3,197

BOLI income

 

 

353

 

 

222

 

 

665

 

 

430

Other

 

 

1,052

 

 

189

 

 

1,400

 

 

367

Total noninterest income

 

 

10,057

 

 

7,751

 

 

19,205

 

 

16,352

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

15,072

 

 

10,126

 

 

28,344

 

 

20,081

Occupancy and equipment

 

 

1,608

 

 

1,245

 

 

3,227

 

 

2,571

Acquisition related

 

 

1

 

 

699

 

 

125

 

 

698

Information technology expenses

 

 

2,549

 

 

1,856

 

 

4,904

 

 

3,448

Professional fees

 

 

695

 

 

690

 

 

1,517

 

 

1,177

Advertising and public relations

 

 

417

 

 

566

 

 

854

 

 

1,146

Communications

 

 

1,073

 

 

308

 

 

1,892

 

 

527

Other

 

 

3,061

 

 

1,975

 

 

5,419

 

 

3,571

Total noninterest expense

 

 

24,475

 

 

17,465

 

 

46,282

 

 

33,219

Income before income taxes

 

 

3,649

 

 

5,355

 

 

10,132

 

 

11,933

Income taxes

 

 

233

 

 

1,358

 

 

1,395

 

 

3,016

Net income

 

$

3,416

 

$

3,997

 

$

8,737

 

$

8,917

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.19

 

$

0.42

 

$

0.52

 

$

0.94

Diluted

 

 

0.19

 

 

0.42

 

 

0.52

 

 

0.94

Dividends declared per share

 

 

0.1075

 

 

0.1025

 

 

0.2150

 

 

0.2050

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

17,586,298

 

 

9,498,783

 

 

16,731,997

 

 

9,498,783

Diluted

 

 

17,586,298

 

 

9,498,783

 

 

16,731,997

 

 

9,498,783

Colony Bankcorp, Inc.

Quarterly Comparison

 

 

2022

 

2021

(dollars in thousands, except per share data)

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

Assets

 

$

2,728,393

 

 

$

2,686,788

 

 

$

2,691,715

 

 

$

2,512,581

 

 

$

1,755,518

 

Loans, net

 

 

1,438,842

 

 

 

1,341,113

 

 

 

1,325,067

 

 

 

1,296,983

 

 

 

1,009,747

 

Deposits

 

 

2,331,511

 

 

 

2,350,786

 

 

 

2,374,608

 

 

 

2,195,122

 

 

 

1,542,214

 

Total equity

 

 

234,595

 

 

 

250,277

 

 

 

217,707

 

 

 

217,130

 

 

 

146,894

 

Net income

 

 

3,416

 

 

 

5,324

 

 

 

4,160

 

 

 

5,583

 

 

 

3,997

 

Earnings per basic share

 

$

0.19

 

 

$

0.34

 

 

$

0.30

 

 

$

0.45

 

 

$

0.42

 

 

 

 

 

 

 

 

 

 

 

 

Key Performance Ratios:

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.51

%

 

 

0.81

%

 

 

0.64

%

 

 

1.00

%

 

 

0.91

%

Return on average total equity

 

 

5.68

%

 

 

8.88

%

 

 

7.65

%

 

 

11.49

%

 

 

11.14

%

Total equity to total assets

 

 

9.32

%

 

 

9.32

%

 

 

8.09

%

 

 

8.64

%

 

 

8.37

%

Tangible equity to tangible assets (a)

 

 

6.52

%

 

 

7.25

%

 

 

5.93

%

 

 

6.37

%

 

 

7.38

%

Net interest margin

 

 

3.15

%

 

 

3.13

%

 

 

3.16

%

 

 

3.48

%

 

 

3.68

%

(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)

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

Core

 

$

1,217,498

 

$

1,093,126

 

$

990,063

 

$

931,793

 

$

905,850

PPP

 

 

128

 

 

387

 

 

8,486

 

 

16,999

 

 

58,769

Purchased

 

 

235,179

 

 

260,519

 

 

339,428

 

 

361,068

 

 

57,999

Total

 

$

1,452,805

 

$

1,354,032

 

$

1,337,977

 

$

1,309,860

 

$

1,022,618

Colony Bankcorp, Inc.

 

 

 

 

 

 

 

 

 

 

Quarterly Loans by Location Comparison

 

 

 

 

 

 

 

 

 

 

2022

 

2021

(dollars in thousands)

 

Second

Quarter

 

First

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

Atlanta

 

$

287,460

 

 

$

246,629

 

 

$

281,040

 

 

$

278,473

 

 

$

436

 

Augusta

 

 

36,545

 

 

 

38,462

 

 

 

36,268

 

 

 

28,064

 

 

 

30,521

 

Birmingham

 

 

2,255

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle Georgia

 

 

146,159

 

 

 

117,336

 

 

 

117,788

 

 

 

100,804

 

 

 

73,458

 

Northwest Georgia

 

 

38,520

 

 

 

38,430

 

 

 

27,167

 

 

 

24,334

 

 

 

2,703

 

Coastal Georgia

 

 

259,248

 

 

 

237,621

 

 

 

235,799

 

 

 

233,648

 

 

 

236,985

 

South Central Georgia

 

 

348,273

 

 

 

345,421

 

 

 

336,849

 

 

 

352,057

 

 

 

361,821

 

Southwest Georgia

 

 

127,783

 

 

 

118,263

 

 

 

105,937

 

 

 

99,385

 

 

 

95,870

 

West Georgia

 

 

181,791

 

 

 

168,071

 

 

 

161,678

 

 

 

160,663

 

 

 

148,271

 

Small Business Specialty Lending

 

 

23,411

 

 

 

39,934

 

 

 

23,101

 

 

 

8,850

 

 

 

14,923

 

Paycheck Protection Program

 

 

128

 

 

 

387

 

 

 

8,486

 

 

 

16,999

 

 

 

55,425

 

Purchase Accounting

 

 

(614

)

 

 

(697

)

 

 

(948

)

 

 

(1,025

)

 

 

(565

)

Other

 

 

1,846

 

 

 

4,175

 

 

 

4,812

 

 

 

7,608

 

 

 

2,770

 

Total

 

$

1,452,805

 

 

$

1,354,032

 

 

$

1,337,977

 

 

$

1,309,860

 

 

$

1,022,618

 

Colony Bankcorp, Inc.

Quarterly PPP Fees Comparison

 

 

2022

 

2021

(dollars in thousands)

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

PPP loan fee income

 

$

6

 

$

505

 

$

502

 

$

1,556

 

$

1,581

Unearned income on PPP loans

 

 

6

 

 

12

 

 

517

 

 

1,019

 

 

2,573

 

Contacts

Andy Borrmann

EVP & Chief Financial Officer

678.734.3505

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