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Colony Bankcorp Reports Fourth Quarter and Year End 2021 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 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.

“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.

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 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 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.

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

%

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

 

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

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.

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.

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

 

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

 

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

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

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

CBAN-ER

Contacts

Tracie Youngblood

EVP & Chief Financial Officer (229) 426-6000 (Ext 6003)

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