COLONY BANKCORP : REPORTS FOURTH QUARTER AND YEAR END 2021 RESULTS DECLARES QUARTERLY CASH DIVIDEND OF $0.1075 PER SHARE - Form 8-K
January 20, 2022 at 09:32 pm
Share
COLONY BANKCORP REPORTS FOURTH QUARTER AND YEAR END 2021 RESULTS
DECLARES QUARTERLY CASH DIVIDEND OF $0.1075 PER SHARE
FITZGERALD, GA. (January 20, 2022) - Colony Bankcorp, Inc. (Nasdaq: CBAN) ("Colony" or the "Company") today reported financial results for the fourth quarter of 2021 and for the year ended December 31, 2021. Financial highlights are shown below.
Financial Highlights:
•Net income was $4.2 million, or $0.30 per diluted share, for the fourth quarter of 2021. Net income for the year ended December 31, 2021 was $18.7 million, or $1.66 per diluted share.
•Operating net income of $5.5 million, or $0.40 per diluted share for the fourth quarter of 2021 and $22.2 million, or $1.98 per diluted share for the year ended December 31, 2021. (see Reconciliation of Non-GAAP Measures).
•$50,000 in provision for loan losses was recorded in fourth quarter of 2021 and $700,000 was recorded for the full year of 2021.
•Total loans, excluding loans held for sale and PPP, totaled $1.3 billion at December 31, 2021, an increase of $36.6 million, or 2.8% from the prior quarter.
•Mortgage production was $99.5 million, with $26.2 million in refinances, and $73.3 million in purchases in the fourth quarter of 2021. Total mortgage production in 2021 was $405.0 million.
•Small Business Specialty Lending ("SBSL") closed $41.6 million in Small Business Administration ("SBA") loans and sold $24.3 million in SBA loans in the fourth quarter and closed $100.0 million and sold $58.3 million for the year ended December 31, 2021.
•Non-recurring charges of $600,000 related to efficiency efforts incurred in the fourth quarter of 2021.
•Losses on sales of securities of $200,000 were recognized in the fourth quarter of 2021. Underperforming securities were sold and higher yielding securities were purchased.
The Company also announced that on January 20, 2022, the Board of Directors declared a quarterly cash dividend of $0.1075 per share, to be paid on its common stock on February 18, 2022, to shareholders of record as of the close of business on February 4, 2022. Outstanding shares as of January 20, 2022 were 13,741,848.
Commenting on the announcement, Heath Fountain, President and Chief Executive Officer, said, "First, I would like to thank all of the Colony team members who were involved with the successful integration of the SouthCrest platform in November.These projects are critical to the success of any acquisition and our team dedicated the hours necessary to achieve the best outcome possible.As a result of these efforts, we are currently on track to achieve the efficiencies that were projected for this acquisition.
"Clearly COVID remains a big part of the economic picture, and while we continue to see accelerated loan repayments, our lending team was able to grow net loans over 11% annualized during the quarter which is within our stated goal of 8-12%. Our current expectations are that this level of loan growth should continue into 2022.
"We were also very pleased with the growth in core deposits during the quarter.The majority of the nearly $180 million increase from the third quarter balances occurred in the non-interest bearing and interest bearing deposit categories.While some of this growth was due to seasonally strong public funds deposits, the growth to the overall balance sheet will provide us an excellent base for potential future earnings."
1
"The Company continues to experience very mild credit losses and non-performing asset levels. Non-performing loans decreased primarily due to one large payoff and multiple smaller upgrades due to recent payment performance."
"Finally, we continue to have significant opportunities to grow earnings at Colony through merger activity, market dislocation due to other acquisitions, ancillary business line acquisition and additional production hires.We continue to optimize the existing platform to take advantage of these opportunities, and expect to continue our growth as Georgia's pre-eminent community bank."
Balance Sheet
•Total assets were $2.7 billion at December 31, 2021, an increase of $927.7 million, or 52.6%, compared to the same period in 2020. The increase was primarily related to acquisition of SouthCrest Financial Group, Inc. ("SouthCrest").
•Total loans, including loans held for sale, totaled $1.38 billion at December 31, 2021, an increase of $264.2 million, or 23.8% from the same period in 2020. Legacy loan growth was up $116.6 million or 13.4% compared to the same period in 2020. The increase in total loans was primarily the result of the acquisition of SouthCrest offset by the forgiveness of loans under the Paycheck Protection Program ("PPP").
•Total deposits totaled $2.4 billion at December 31, 2021, an increase of $929.6 million, or 64.3%, compared to the same period in 2020. The increase was in all types of deposits and was primarily the result of the acquisition of SouthCrest.
•Total borrowings at December 31, 2021 totaled $88.4 million, a decrease of $78.6 million, or 47.1%, compared to the same period in 2020.
Capital
•Colony continues to maintain a strong capital position, with ratios that exceed regulatory minimums required to be classified 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 7.48%, 11.90%, 12.69%, and 10.46%, respectively, at December 31, 2021.
Fourth Quarter Results of Operations
•Net interest income, on a tax-equivalent basis, for the fourth quarter of 2021 totaled $19.2 million, compared to $15.2 million for the fourth quarter 2020. The increase during the quarter is primarily attributable to a full quarter of loan interest income related to loans acquired in the acquisition of SouthCrest.
•Net interest margin decreased 42 basis points from prior year fourth quarter of 2020 primarily driven by a decrease in deferred fee income recognized on PPP loans and a decrease in interest rates on loans and investments during 2021 offset by a decrease in rates paid on deposits.
•Noninterest income totaled $10.8 million for the fourth quarter ended December 31, 2021, an increase of $2.8 million, or 34.5%, compared to the same period in 2020. The increase was primarily attributable to SBSL loan sales, Southcrest and insurance acquisitions, growth in interchange fee income and service charges on deposits offset by gain on the sale of assets that happened in the fourth quarter ended December 31, 2021.
•Noninterest expense totaled $24.5 million for the fourth quarter ended December 31, 2021, compared to $16.0 million for the same period in 2020. The increase in noninterest expense primarily resulted from a $3.9 million increase in salary expense and $1.4 million increase in acquisition expenses related to the acquisitions of SouthCrest and The Barnes Agency ("Barnes").
Asset Quality
•Nonperforming assets totaled $5.8 million and $13.1 million at December 31, 2021 and September 30, 2021, respectively. Nonaccrual loans decreased $6.7 million due to loan payoffs and loans moved to accruing status that were properly performing.
•OREO and repossessed assets totaled $330,000 at December 31, 2021, a decrease of $480,000, or 59% compared to September 30, 2021, primarily related to sale of two OREO properties in the fourth quarter.
•Net recoveries on loans charged-off were $17,000, or (0.01)% of average loans for the fourth quarter of 2021, compared to net charge-offs of $144,000 or 0.05% for the third quarter of 2021.
•The loan loss reserve was $12.9 million, or 0.96% of total loans, at December 31, 2021, compared to $12.9 million, or 0.98% of total loans, at September 30, 2021.
2
Asset quality remains strong as indicated by the overall improvement in asset quality ratios as of the fourth quarter 2021.
About Colony Bankcorp
Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in 1975 and headquartered in Fitzgerald, Georgia, Colony operates 39 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; (vi) statements relating to the timing, benefits, costs, and synergies of the recently completed acquisitions of SouthCrest (the "Merger") and Barnes; and (vii) 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 the COVID-19 pandemic and related variants on the Company's assets, business, cash flows, financial condition, liquidity, prospects and results of operations; potential increases in the provision for loan losses resulting from the COVID-19 pandemic and related variants; 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; interest rate risk; legislation or regulatory changes which adversely affect the ability of the consolidated Company to conduct business combinations or new operations, including changes to statutes, regulations or regulatory policies or practices as a result of, or in response to, COVID-19 and related variants; 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; the risk that the cost savings and any revenue synergies from the Merger and the acquisition of Barnes may not be realized or take longer than anticipated; the risk of successful integration of SouthCrest's and Barnes' businesses into the Company; reputation risk and the reaction of each of the Company's, SouthCrest's and Barnes' customers, suppliers, employees or other business partners to the Merger and the Barnes acquisition; the risk that the integration of SouthCrest's operations into the operations of the Company will be materially delayed or will be more costly or difficult than expected; the the timing and achievement of expected cost reductions following the Merger; the timing and achievement of the recovery of the reduction of tangible book value resulting from the Merger; 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
3
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, 2020, 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; and operating efficiency ratio; 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, and efficiency ratio, respectively. Operating net income and operating efficiency ratio both exclude acquisition-related expenses. Adjusted earnings per diluted share includes the adjustments to operating net income. Tangible book value per common share excludes 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; and operating efficiency ratio and the reconciliation of these measures to net income, diluted earnings per share, book value per common share, efficiency ratio, are set forth in the table below.
4
Colony Bankcorp, Inc.
Reconciliation of Non-GAAP Measures
2021
2020
(dollars in thousands, except per share data)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Operating net income reconciliation
Net income (GAAP)
$
4,159
$
5,583
$
3,997
$
4,919
$
4,900
Acquisition-related expenses
1,592
1,994
865
176
148
Writedown of bank premises
90
-
-
-
-
Gain on sale of Thomaston branch
-
-
-
-
(1,026)
Income tax expense (benefit)
(353)
(518)
(225)
(46)
184
Operating net income
$
5,488
$
7,059
$
4,637
$
5,049
$
4,206
Weighted average diluted shares
13,673,998
12,344,926
9,498,783
9,498,783
9,498,783
Adjusted earnings per diluted share
$
0.40
$
0.57
$
0.49
$
0.53
$
0.44
Tangible book value per common share reconciliation
Book value per common share (GAAP)
$
15.92
$
15.88
$
15.46
$
15.11
$
15.21
Effect of goodwill and other intangibles
(4.51)
(4.46)
(1.89)
(1.97)
(1.95)
Tangible book value per common share
$
11.41
$
11.42
$
13.57
$
13.14
$
13.26
Operating efficiency ratio calculation
Efficiency ratio (GAAP)
82.15
%
77.68
%
76.53
%
69.04
%
68.93
%
Acquisition-related expenses
(5.33)
(7.30)
(3.79)
(0.77)
(0.64)
Writedown of bank premises
(0.30)
-
-
-
-
Gain on sale of Thomaston branch
-
%
-
%
-
%
-
%
3.19
%
Operating efficiency ratio
76.21
%
70.38
%
72.74
%
68.27
%
71.49
%
5
.3
Colony Bankcorp, Inc.
Selected Financial Information
2021
2020
(dollars in thousands, except per share data)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
EARNINGS SUMMARY
Net interest income
$
19,022
$
17,868
$
15,069
$
14,283
$
15,151
Provision for loan losses
50
150
-
500
1,296
Non-interest income
10,815
9,438
7,751
8,576
8,039
Non-interest expense
24,512
21,211
17,465
15,782
15,986
Income taxes
1,116
362
1,358
1,658
1,008
Net income
4,159
5,583
3,997
4,919
4,900
PERFORMANCE MEASURES
Per common share:
Common shares outstanding
13,673,898
13,674,198
9,498,783
9,498,783
9,498,783
Weighted average basic shares
13,673,998
12,344,926
9,498,783
9,498,783
9,498,783
Weighted average diluted shares
13,673,998
12,344,926
9,498,783
9,498,783
9,498,783
Earnings per basic share
$
0.30
$
0.45
$
0.42
$
0.52
$
0.52
Earnings per diluted share
0.30
0.45
0.42
0.52
0.52
Adjusted earnings per diluted share(b)
0.40
0.57
0.49
0.53
0.44
Cash dividends declared per share
0.1025
0.1025
0.1025
0.1025
0.1000
Common book value per share
15.92
15.88
15.46
15.11
15.21
Tangible book value per common share(b)
11.41
11.42
13.50
13.14
13.26
Performance ratios:
Net interest margin (a)
3.16
%
3.48
%
3.68
%
3.50
%
3.58
%
Return on average assets
0.64
1.00
0.91
1.12
1.08
Return on average total equity
7.65
11.49
11.14
13.71
13.73
Efficiency ratio
82.15
77.68
76.53
69.04
68.93
Operating efficiency ratio (b)
76.52
70.38
72.74
68.27
71.49
6
Colony Bankcorp, Inc.
Selected Financial Information
2021
2020
(dollars in thousands, except per share data)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
ASSET QUALITY
Nonperforming loans (NPLs)
$
5,449
$
12,246
$
9,205
$
10,676
$
9,128
Other real estate owned
281
807
270
518
1,006
Repossessed assets
49
3
29
29
30
Total nonperforming assets (NPAs)
5,779
13,056
9,504
11,223
10,164
Classified loans
19,016
30,300
30,852
35,182
30,404
Criticized loans
58,938
61,857
64,818
80,288
75,633
Net loan (recoveries)/charge-offs
(17)
144
(178)
(66)
189
Allowance for loan losses to total loans
0.96
%
0.98
%
1.26
%
1.19
%
1.14
%
Allowance for loan losses to total NPLs
236.92
105.15
140.15
118.89
132.85
Allowance for loan losses to total NPAs
223.40
98.63
135.73
113.10
119.31
Net (recoveries)/charge-offs to average loans
(0.01)
0.05
(0.09)
(0.02)
0.07
NPLs to total loans
0.41
0.93
0.90
1.00
0.86
NPAs to total assets
0.21
0.52
0.54
0.62
0.58
NPAs to total loans and other real estate owned
0.43
1.00
0.93
1.06
0.96
AVERAGE BALANCES
Total assets
$
2,589,908
$
2,272,904
$
1,777,559
$
1,774,123
$
1,797,749
Loans, net
1,306,796
1,218,102
1,052,645
1,051,179
1,100,729
Loans, held for sale
38,543
24,964
24,139
27,828
51,143
Deposits
2,274,910
1,975,418
1,547,139
1,475,944
1,456,287
Total stockholders' equity
215,783
197,109
144,761
145,515
141,570
(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
7
Colony Bankcorp, Inc.
Average Balance Sheet and Net Interest Analysis
Three Months Ended December 31,
2021
2020
(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
$
1,345,339
$
16,489
4.86
%
$
1,151,872
$
14,878
5.12
%
Investment securities, taxable
782,906
3,332
1.69
%
335,228
1,485
1.76
%
Investment securities, tax-exempt 2
101,941
485
1.89
%
31,218
147
1.87
%
Deposits in banks and short term investments
180,784
59
0.13
%
168,876
54
0.13
%
Total interest-earning assets
2,410,970
20,365
3.35
%
1,687,194
16,564
3.89
%
Noninterest-earning assets
178,938
110,555
Total assets
$
2,589,908
$
1,797,749
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-earning demand and savings
$
1,357,634
$
299
0.09
%
$
843,497
$
203
0.10
%
Other time
354,663
381
0.43
%
280,175
630
0.89
%
Total interest-bearing deposits
1,712,297
680
0.16
%
1,123,672
833
0.29
%
Federal Home Loan Bank advances
51,621
252
1.94
%
22,500
116
2.06
%
Paycheck Protection Program Liquidity Facility
-
-
-
%
128,554
118
0.36
%
Other borrowings
37,038
247
2.64
%
38,339
254
2.62
%
Total other interest-bearing liabilities
88,659
499
2.23
%
189,393
488
1.02
%
Total interest-bearing liabilities
1,800,956
1,179
0.26
%
1,313,065
1,321
0.40
%
Noninterest-bearing liabilities:
Demand deposits
$
562,613
$
332,615
Other liabilities
10,556
10,499
Stockholders' equity
215,783
141,570
Total noninterest-bearing liabilities and stockholders' equity
788,952
484,684
Total liabilities and stockholders' equity
$
2,589,908
$
1,797,749
Interest rate spread
3.09
%
3.49
%
Net interest income
$
19,186
$
15,243
Net interest margin
3.16
%
3.58
%
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 $61,000 and $61,000 for the quarters ended December 31, 2021 and 2020, respectively, are included in income and fees on loans. Accretion income of $95,000 and $385,000 for the quarter ended December 31, 2021 and 2020 are also included in income and fees on loans.
2Taxable-equivalent adjustments totaling $102,000 and $31,000 for the quarters ended December 31, 2021 and 2020, respectively, are included in tax-exempt interest on investment securities.
8
Colony Bankcorp, Inc.
Average Balance Sheet and Net Interest Analysis
Year Ended December 31,
2021
2020
(dollars in thousands)
Average
Balances
Income/
Expense
Yields/
Rates
Average
Balances
Income/
Expense
Yields/
Rates
Assets
Interest-earning assets:
Loans, net of unearned income3
$
1,186,919
$
60,380
5.09
%
$
1,092,009
$
55,802
5.11
%
Investment securities, taxable
547,793
9,343
1.71
%
336,140
6,875
2.05
%
Investment securities, tax-exempt4
61,476
1,161
1.89
%
17,070
331
1.94
%
Deposits in banks and short term investments
169,188
214
0.13
%
141,641
438
0.31
%
Total interest-earning assets
1,965,376
71,098
3.62
%
1,586,860
63,446
4.00
%
Noninterest-earning assets
135,916
104,375
Total assets
$
2,101,292
$
1,691,235
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-earning demand and savings
$
1,073,824
$
929
0.09
%
$
787,030
$
1,870
0.24
%
Other time
297,704
1,672
0.56
%
305,374
3,729
1.22
%
Total interest-bearing deposits
1,371,528
2,601
0.19
%
1,092,404
5,599
0.51
%
Federal Home Loan Bank advances
34,849
691
1.98
%
33,249
743
2.23
%
Paycheck Protection Program Liquidity Facility
25,546
93
0.36
%
90,768
205
-
%
Other borrowings
32,686
1,012
3.10
%
38,527
1,333
3.46
%
Total other interest-bearing liabilities
93,081
1,796
1.93
%
162,544
2,281
1.40
%
Total interest-bearing liabilities
1,464,609
4,397
0.30
%
1,254,948
7,880
0.63
%
Noninterest-bearing liabilities:
Demand deposits
$
449,445
$
294,008
Other liabilities
11,197
4,325
Stockholders' equity
176,043
137,954
Total noninterest-bearing liabilities and stockholders' equity
636,685
436,287
Total liabilities and stockholders' equity
$
2,101,294
$
1,691,235
Interest rate spread
3.32
%
3.37
%
Net interest income
$
66,701
$
55,566
Net interest margin
3.39
%
3.50
%
3The 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 $268,000 and $252,000 for the twelve months ended December 31, 2021 and 2020, respectively, are included in income and fees on loans. Accretion income of $470,000 and $763,000 for the twelve months ended December 31, 2021 and 2020 are also included in income and fees on loans.
4Taxable-equivalent adjustments totaling $244,000 and $69,000 for the twelve months ended December 31, 2021 and 2020, respectively, are included in tax-exempt interest on investment securities.
9
Colony Bankcorp, Inc.
Segment Reporting
2021
2020
(dollars in thousands)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Banking Division
Net interest income
$
18,316
$
17,181
$
14,864
$
13,985
$
14,752
Provision for loan losses
50
150
-
500
1,296
Noninterest income
4,480
4,340
3,354
3,005
3,952
Noninterest expenses
19,280
16,941
13,366
11,960
11,656
Income taxes
475
434
1,241
1,160
973
Segment income
$
2,991
$
3,996
$
3,611
$
3,370
$
4,779
Total segment assets
$
2,620,501
$
2,499,223
$
1,710,345
$
1,755,667
$
1,709,696
Full time employees
400
417
294
291
305
Mortgage Banking Division
Net interest income
$
114
$
138
$
123
$
168
$
299
Provision for loan losses
-
-
-
-
-
Noninterest income
3,102
3,104
2,997
3,986
3,420
Noninterest expenses
2,869
2,765
2,887
2,793
2,835
Income taxes
334
(290)
60
354
188
Segment income
$
13
$
767
$
173
$
1,007
$
696
Total segment assets
$
25,149
$
21,184
$
25,149
$
27,478
$
50,266
Full time employees
55
53
53
51
43
Small Business Specialty Lending Division
Net interest income
$
592
$
549
$
82
$
130
$
100
Provision for loan losses
-
-
-
-
-
Noninterest income
3,233
1,994
1,400
1,585
667
Noninterest expenses
2,363
1,505
1,212
1,029
1,495
Income taxes
307
218
57
144
(153)
Segment income
$
1,155
$
820
$
213
$
542
$
(575)
Total segment assets
$
46,065
$
23,291
$
20,024
$
15,901
$
4,012
Full time employees
26
24
24
23
21
Total Consolidated
Net interest income
$
19,022
$
17,868
$
15,069
$
14,283
$
15,151
Provision for loan losses
50
150
-
500
1,296
Noninterest income
10,815
9,438
7,751
8,576
8,039
Noninterest expenses
24,512
21,211
17,465
15,782
15,986
Income taxes
1,116
362
1,358
1,658
1,008
Segment income
$
4,159
$
5,583
$
3,997
4,919
$
4,900
Total segment assets
$
2,691,715
$
2,543,698
$
1,755,518
$
1,799,046
$
1,763,974
Full time employees
481
494
371
365
369
10
Colony Bankcorp, Inc.
Consolidated Balance Sheets
December 31, 2021
December 31, 2020
(dollars in thousands)
(unaudited)
(audited)
ASSETS
Cash and due from banks
$
18,975
$
17,218
Interest-bearing deposits in banks and federal funds sold
178,257
166,288
Cash and cash equivalents
197,232
183,506
Investment securities available for sale, at fair value
947,992
380,814
Other investments, at cost
4,184
3,296
Loans held for sale
38,150
52,386
Loans, net of unearned income
1,337,977
1,059,503
Allowance for loan losses
(12,910)
(12,127)
Loans, net
1,325,067
1,047,376
Premises and equipment
43,033
32,057
Other real estate
281
1,006
Goodwill
52,906
15,992
Other intangible assets
8,724
2,566
Bank owned life insurance
55,159
31,547
Other assets
18,987
13,428
Total assets
$
2,691,715
$
1,763,974
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Noninterest-bearing
$
552,576
$
326,999
Interest-bearing
1,822,032
1,118,028
Total deposits
2,374,608
1,445,027
Federal Home Loan Bank advances
51,656
22,500
Paycheck Protection Program Liquidity Facility
-
106,789
Other borrowed money
36,792
37,792
Accrued expenses and other liabilities
10,952
7,378
Total liabilities
$
2,474,008
$
1,619,486
Stockholders' equity
Common stock, $1 par value; 20,000,000 shares authorized, 13,673,898 and 9,498,783 issued and outstanding, respectively
$
13,674
$
9,499
Paid in capital
111,021
43,215
Retained earnings
99,189
84,993
Accumulated other comprehensive (loss) income, net of tax
(6,177)
6,781
Total stockholders' equity
217,707
144,488
Total liabilities and stockholders' equity
$
2,691,715
$
1,763,974
11
Colony Bankcorp, Inc.
Consolidated Statements of Income (unaudited)
Three months ended December 31,
Twelve months ended December 31,
2021
2020
2021
2020
(dollars in thousands, except per share data)
Interest income:
Loans, including fees
$
16,428
14,818
$
60,112
55,550
Investment securities
3,715
1,601
10,260
7,137
Deposits in banks and short term investments
58
53
214
438
Total interest income
20,201
16,472
70,586
63,125
Interest expense:
Deposits
679
833
2,601
5,599
Federal Home Loan Bank advances
253
116
691
743
Paycheck Protection Program Liquidity Facility
-
118
93
205
Other borrowings
247
254
1,012
1,333
Total interest expense
1,179
1,321
4,397
7,880
Net interest income
19,022
15,151
66,189
55,245
Provision for loan losses
50
1,296
700
6,558
Net interest income after provision for loan losses
18,972
13,855
65,489
48,687
Noninterest income:
Service charges on deposits
1,935
1,387
6,213
5,293
Mortgage fee income
3,106
3,443
13,213
9,149
Gain on sale of SBA loans
2,999
596
7,547
1,600
(Loss)/Gain on sale of securities
(224)
(83)
(87)
926
Gain on sale of assets
-
1,026
-
1,082
Interchange fees
1,988
1,363
6,929
4,988
BOLI Income
331
195
1,041
743
Other
680
112
1,434
463
Total noninterest income
10,815
8,039
36,290
24,244
Noninterest expense:
Salaries and employee benefits
13,689
9,810
45,596
34,141
Occupancy and equipment
1,979
1,339
6,149
5,311
Acquisition related
1,592
148
4,617
862
Information technology expenses
2,180
1,611
7,673
5,746
Professional fees
976
908
2,951
2,250
Advertising and public relations
840
635
2,657
2,111
Communications
536
203
1,373
835
Writedown of bank premises
90
-
-
582
FHLB prepayment penalty
-
-
-
925
Other
2,630
1,332
7,609
5,538
Total noninterest expense
24,512
15,986
78,625
58,301
Income before income taxes
5,275
5,908
23,154
14,630
Income taxes
1,116
1,008
4,495
2,815
Net income
$
4,159
$
4,900
$
18,659
$
11,815
Earnings per common share:
Basic
$
0.30
$
0.52
$
1.66
$
1.24
Diluted
0.30
0.52
1.66
1.24
Dividends declared per share
0.1025
0.1000
0.4100
0.4000
Weighted average common shares outstanding:
Basic
13,673,898
9,498,783
11,254,130
9,498,783
Diluted
13,673,898
9,498,783
11,254,130
9,498,783
12
Colony Bankcorp, Inc.
Quarterly Comparison
2021
2020
(dollars in thousands, except per share data)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Assets
$
2,691,715
$
2,512,581
$
1,755,518
$
1,799,047
$
1,763,974
Loans, net
1,325,067
1,296,983
1,009,747
1,050,082
1,047,376
Deposits
2,374,608
2,195,122
1,542,214
1,525,884
1,445,027
Total equity
217,707
217,130
146,894
143,487
144,488
Net income
4,159
5,583
3,997
4,919
4,900
Earnings per basic share
$
0.30
$
0.45
$
0.42
$
0.52
$
0.52
Key Performance Ratios:
Return on average assets
0.64
%
1.00
%
0.91
%
1.12
%
1.08
%
Return on average total equity
7.65
%
11.49
%
11.14
%
13.71
%
13.73
%
Total equity to total assets
8.09
%
8.64
%
8.37
%
7.98
%
8.19
%
Tangible equity to tangible assets
5.93
%
6.37
%
7.38
%
7.01
%
7.21
%
Net interest margin
3.16
%
3.48
%
3.68
%
3.50
%
3.58
%
Colony Bankcorp, Inc.
Quarterly Loan Comparison
2021
2020
(dollars in thousands)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Core
$
990,063
$
931,793
$
905,850
$
888,800
$
873,426
PPP
8,486
16,999
58,769
102,633
101,147
Purchased
339,428
361,068
57,999
71,342
84,930
Total
$
1,337,977
$
1,309,860
$
1,022,618
$
1,062,775
$
1,059,503
13
Colony Bankcorp, Inc.
Quarterly Loans by Location Comparison
2021
2020
(dollars in thousands)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Atlanta
$
281,040
$
278,473
$
436
$
492
$
562
Augusta
36,268
28,064
30,521
23,982
20,432
Middle Georgia
117,788
100,804
73,458
73,543
68,838
Northwest Georgia
27,167
24,334
2,703
1,698
-
Coastal Georgia
235,799
233,648
236,985
235,094
230,184
South Central Georgia
336,849
352,057
361,821
371,227
372,947
Southwest Georgia
105,937
99,385
95,870
97,575
104,132
West Georgia
161,678
160,663
148,271
148,457
154,819
Small Business Specialty Lending
23,101
8,850
14,923
7,906
4,537
Paycheck Protection Program
8,486
16,999
55,425
102,633
101,147
Purchase Accounting
(948)
(1,025)
(565)
(668)
(876)
Other
4,812
7,608
2,770
836
2,781
Total
$
1,337,977
$
1,309,860
$
1,022,618
$
1,062,775
$
1,059,503
Colony Bankcorp, Inc.
Quarterly PPP Fees Comparison
2021
2020
(dollars in thousands)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
PPP loan fee income
$
502
$
1,556
$
1,581
$
1,212
$
1,324
Unearned income on PPP loans
517
1,019
2,573
3,077
2,072
14
Attachments
Original Link
Original Document
Permalink
Disclaimer
Colony Bankcorp Inc. published this content on 20 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2022 21:31:08 UTC.
Colony Bankcorp, Inc. is a financial service and a bank holding company. The Companyâs business is conducted through its bank subsidiary, Colony Bank (the Bank), a Georgia state-chartered commercial bank. The Bank provides a range of banking services to its retail and commercial customers. The Company operates through three segments: Banking Division, Retail Mortgage Division and Small Business Specialty Lending Division. The Banking Division delivers full service financial services, including commercial loans, consumer loans and deposit accounts. The Retail Mortgage Division offers services for one-to-four family residential mortgage loans. The Small Business Specialty Lending Division offers small business administration and United States Department of Agriculture (USDA) government guaranteed loans. Its product line includes loans to small and medium-sized businesses, residential and commercial construction and land development loans, commercial real estate loans and others.