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Colony Bankcorp Inc. (CBAN+1.36%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a decrease in total loans to $1.84 billion from $1.88 billion the previous year. The decline is attributed to loan payoffs, particularly in the commercial, financial, and agricultural loan segments.
Net income for the year was $23.9 million, up from $21.7 million in 2023. Earnings per diluted share increased to $1.36 from $1.24.
Interest income increased to $137.2 million, driven by higher loan volumes and rates, while interest expense rose to $61.2 million due to increased deposit costs.
The provision for credit losses decreased to $3.1 million from $3.6 million in 2023, reflecting changes in loan balances and credit quality.
Noninterest income increased by 10.5% to $39.4 million, with significant contributions from gains on sales of SBA loans and service charges on deposit accounts.
Noninterest expense slightly decreased to $82.8 million, with reductions in professional fees and other noninterest expenses offsetting increases in salaries and employee benefits.
Total deposits increased to $2.57 billion, with interest-bearing deposits accounting for a larger proportion of the deposit base.
The company reported a tangible book value per share of $12.95 and a return on average equity of 9.00%.
Colony Bankcorp maintains a strong capital position, with a Tier 1 capital ratio of 14.26% and a total risk-based capital ratio of 17.10%, well above regulatory requirements.
The company continues to focus on expanding its presence in Georgia, Alabama, and Florida, offering a range of banking services including commercial and consumer loans, mortgage services, and government-guaranteed lending.
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. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.