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Colony Bankcorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a slight increase in total assets to $3.1 billion, with total loans, net of $1.9 billion, and total deposits of $2.5 billion.
The company reported net income of $5.6 million for the quarter, compared to $5.8 million in the same quarter of the previous year. Earnings per diluted share were $0.32, down from $0.33.
Net interest income on a tax-equivalent basis was $18.7 million, a decrease from $19.8 million in the previous year, attributed to increased interest expenses.
Provision for credit losses for the quarter was $750,000, compared to $1.0 million in the previous year. Net charge-offs for the quarter were $139,000, down from $698,000.
Noninterest income increased to $10.1 million from $9.7 million, driven by gains on sales of SBA loans and increased service charges on deposits.
Noninterest expense slightly decreased to $20.8 million from $20.9 million, with reductions in other noninterest expenses and occupancy costs.
Colony Bankcorp's allowance for credit losses on loans was $19.7 million, representing 1.04% of total loans, compared to 0.93% in the previous year.
Nonperforming assets totaled $12.5 million, or 0.41% of total assets, an increase from $10.7 million, or 0.35% of total assets, at the end of 2023.
Total deposits decreased slightly to $2.5 billion, with noninterest-bearing deposits comprising 17.4% of total deposits.
The company remains well-capitalized, with a common equity tier 1 capital ratio of 12.51% and a total capital ratio of 16.48%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Colony Bankcorp Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.