8-K
COLONY BANKCORP INC (CBAN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 20, 2022
COLONY BANKCORP, INC.
(Exact name of registrant as specified in its charter)
| Georgia | 000-12436 | 58-1492391 |
|---|---|---|
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
115 South Grant Street, Fitzgerald, Georgia 31750
(Address of principal executive offices) (Zip Code)
(229) 426-6000
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each Class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common stock, par value $1.00 per share | CBAN | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operation and Financial Condition
On October 20, 2022, Colony Bankcorp, Inc. (the “Company”) issued a press release announcing its consolidated financial results for the third quarter ended September 30, 2022, as well as the announcement of a regular quarterly cash dividend. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure
The Company is furnishing a copy of its most recent investor presentation, which it intends to use in connection with certain community group presentations. A copy of the presentation materials to be used by the Company is furnished as Exhibit 99.2 to this Current Report and is incorporated herein by reference. The Company will also host an investor earnings call at 9:00 a.m. EDT on Friday, October 21, 2022.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 8.01. Other Events
On October 20, 2022, the Board of Directors of the Company authorized a stock buyback program, under which the
Company may repurchase up to $12 million of its outstanding common stock. Repurchases under this program may
be made from time to time through open market purchases, privately negotiated transactions or such other manners
as will comply with applicable laws and regulations. The timing and actual number of shares repurchased will
depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other
corporate liquidity requirements and priorities. The buyback program does not obligate the Company to purchase
any particular number of shares and there is no guarantee as to the exact number of shares that will be repurchased
by the Company. The buyback program is intended to expire at the end of 2023 but may be suspended, modified or
terminated by the Company at any time and for any reason, without prior notice.
Item 9.01 Financial Statements and Exhibits
(d)Exhibits.
| Exhibit Number | Description |
|---|---|
| 99.1 | Colony Bankcorp, Inc., press release datedOctober20, 2022 |
| 99.2 | Investor Presentation datedOctober20, 2022 |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline<br>XBRL document. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| COLONY BANKCORP, INC. | ||
|---|---|---|
| Date: October 20, 2022 | By: | /s/ Andy Borrmann |
| Andy Borrmann | ||
| Executive Vice President and Chief Financial Officer |
Document
For additional information, contact:
Andy Borrmann
EVP & Chief Financial Officer
678.734.3505
COLONY BANKCORP REPORTS THIRD QUARTER 2022 RESULTS
DECLARES QUARTERLY CASH DIVIDEND OF $0.1075 PER SHARE
ANNOUNCES SHARE BUYBACK AUTHORIZATION
FITZGERALD, GA. (October 20, 2022) – Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”) today reported financial results for the third quarter of 2022. Financial highlights are shown below.
Financial Highlights:
•Net income increased to $5.3 million, or $0.30 per diluted share, for the third quarter of 2022, compared to $3.4 million, or $0.19 per diluted share, for the second quarter of 2022, and $5.6 million, or $0.45 per diluted share, for the third quarter of 2021.
•Operating net income of $5.3 million, or $0.30 per diluted share remained stable for the third quarter of 2022 as compared to $5.2 million, or $0.30 per diluted share, for the second quarter of 2022, and $6.9 million, or $0.57 per diluted share, for the third quarter of 2021 (see Reconciliation of Non-GAAP Measures)..
•Provision for loan losses of $1.3 million was recorded in third quarter of 2022, compared to $1.1 million in the second quarter of 2022, and $150,000 recorded in third quarter of 2021.
•Total loans were $1.59 billion at September 30, 2022, an increase of $133.81 million, or 9.21% from the prior quarter.
•Mortgage production was $99.4 million, and mortgage sales totaled $68.5 million in the third quarter of 2022 compared to $113.7 million and $82.3 million, respectively, for the second quarter of 2022. For the nine months ended September 30, 2022, mortgage production was $310.3 million and mortgage sales totaled $242.0 million.
•Small Business Specialty Lending (“SBSL”) closed $19.4 million in Small Business Administration (“SBA”) loans and sold $14.8 million in SBA loans in the third quarter of 2022 compared to $21.0 million and $18.2 million, respectively, for the second quarter of 2022. For the nine months ended September 30, 2022, loans closed were $46.1 million and loans sold were $46.6 million.
•The Board of Directors authorized a $12 million stock buyback program that will be in place through the end of 2023. This equates to approximately 5% of the current shares outstanding at recent market prices.
The Company also announced that on October 20, 2022, the Board of Directors declared a quarterly cash dividend of $0.1075 per share, to be paid on its common stock on November 18, 2022, to shareholders of record as of the close of business on November 4, 2022. The Company had 17,641,123 shares of its common stock outstanding as of October 19, 2022.
Commenting on the announcement, Heath Fountain, Chief Executive Officer, said, “We are pleased to announce improved operating results for the third quarter, including another quarter of well above trend loan growth that drove a significant increase in net interest income. Earnings quality has also improved during the year, with 90% of the net earnings year to date coming from the core bank versus 75% in both 2021 and 2020. This quarter was one of the most dynamic interest rate environments in which we have operated, and the negative impact of increasing rates to the investment portfolio and our cost of funds is something that we will continue to fight if rates stay here or go higher. Our investments in new lines of business, including merchant services, indirect marine and recreational vehicle lending, and our newest lending markets, continued to be a short term drag of 10bps on return on assets during the quarter. Asset quality continues to improve, and we remain comfortable with the overall risk position of the company. The Board of Directors reinforced this belief by adding a $12 million stock buyback authorization to the capital management tools we previously had available.”
“Finally and similar to our comment last quarter, we do expect to show continued strong asset generation for the next three to six months. The current loan pipelines remain very strong, both in volume and quality, even as we continue to increase loan pricing. While asset quality metrics are strong and improving, we recorded higher provision expense than anticipated due to loan growth being meaningfully higher than projected.”
Balance Sheet
•Total assets were $2.81 billion at September 30, 2022, an increase of $77.2 million from June 30, 2022.
•Total loans, including loans held for sale, were at $1.61 billion at September 30, 2022, an increase of $119.2 million from the quarter ended June 30, 2022.
•Total deposits were $2.41 billion and $2.33 billion at September 30, 2022 and June 30, 2022, respectively, an increase of $78.2 million.
•Total borrowings at September 30, 2022 totaled $158.4 million, an increase of $6.3 million or, 4.1%, compared to June 30, 2022 related to additional Federal Home Loan Bank advances which were offset by the reduction in federal funds purchased.
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 9.28%, 13.04%, 15.78%, and 11.81%, respectively, at September 30, 2022.
Third Quarter and September 30, 2022 Year to Date Results of Operations
•Net interest income, on a tax-equivalent basis, for the third quarter of 2022 totaled $21.0 million, compared to $18.0 million for the third quarter of 2021. Net interest income, on a tax-equivalent basis, for the nine months ended September 30, 2022 totaled $59.5 million, compared to $47.4 million for the nine months ended September 30, 2021. The increase during the quarter and nine months ended September 30, 2022 compared to the same period in 2021 is primarily attributable to increases in loan volume and purchases of investment securities, partially offset by increases in deposit rates.
•Net interest margin for the quarter decreased 23 basis points from the third quarter of 2021, but increased ten basis points from the second quarter of 2022. This is primarily due to an increase in deposit rates and volume along with an increase in borrowings. Net interest margin for the nine months ended September 30, 2022 decreased 30 basis points from the nine months ended September 30, 2021, but increased four points from the second quarter 2022. Two borrowings from the acquisition of SouthCrest Financial Group, Inc. (“SouthCrest”) were called and the remaining mark of approximately $750,000 was recognized in interest expense in the second quarter of 2022.
•Noninterest income totaled $8.2 million for the third quarter ended September 30, 2022, a decrease of $1.3 million, or 13.3%, compared to the same period in 2021. The decrease was primarily attributable to decreases in service charges on deposits, mortgage fee income and SBSL loan sales, partially offset by increases in interchange fee income and service charges on deposit accounts. Noninterest income totaled $27.4 million for the nine months ended September 30, 2022, an increase of $1.9 million, or 7.5%, compared to the same period in 2021. The increase was primarily attributable to growth in interchange fee income, service charges on deposits and increased insurance commissions, offset by a decrease in mortgage fee income.
•Noninterest expense totaled $21.4 million for the third quarter ended September 30, 2022, compared to $21.2 million for the same period in 2021. Noninterest expense totaled $67.6 million for the nine months ended September 30, 2022, compared to $54.1 million for the same period in 2021. The increase for the nine month period was primarily related to increases in salaries, information technology, and communications related to the acquisition of SouthCrest in August of 2021.
Asset Quality
•Nonperforming assets totaled $5.5 million and $5.2 million at September 30, 2022 and June 30, 2022, respectively, an increase of $307,000.
•Other real estate owned and repossessed assets totaled approximately $246,000 at September 30, 2022, and $293,000 at June 30, 2022.
•Net loans charged-off were $198,000, or 0.05% of average loans for the third quarter of 2022, compared to net charge-offs of $58,000 or 0.02% for the second quarter of 2022.
•The loan loss reserve was $15.2 million, or 0.96% of total loans, at September 30, 2022, compared to $14.0 million, or 0.96% of total loans at June 30, 2022, and $12.9 million, or 0.96% of total loans, at December 31, 2021.
As noted above and in the table on page 7, overall asset quality remains strong.
Stock Buyback Authorization
On October 20, 2022, the Board of Directors of the Company authorized a stock buyback program, under which the
Company may repurchase up to $12 million of its outstanding common stock. Repurchases under this program may
be made from time to time through open market purchases, privately negotiated transactions or such other manners
as will comply with applicable laws and regulations. The timing and actual number of shares repurchased will
depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other
corporate liquidity requirements and priorities. The buyback program does not obligate the Company to purchase
any particular number of shares and there is no guarantee as to the exact number of shares that will be repurchased
by the Company. The buyback program is intended to expire at the end of 2023 but may be suspended, modified or
terminated by the Company at any time and for any reason, without prior notice.
Earnings call information
The Company will host an earnings conference call at 9:00 a.m. EDT on Friday, October 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 915766. A replay of the call will be available until Friday, October 28, 2022. To listen to the replay, dial 1-866-813-9403 and enter the access code 356064.
About Colony Bankcorp
Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in 1975 and headquartered in Fitzgerald, Georgia, Colony operates 35 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; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; 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; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in the stock market prices on our investment securities; 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, efficiency ratio, and net interest income before provision for credit losses, 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. Pre-provision net revenue is calculated by adding noninterest income to net interest income before provision for credit losses, and subtracting noninterest expense.
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, operating efficiency ratio, and pre-provision net revenue and the reconciliation of these measures to net income, diluted earnings per share, book value per common share, total equity to total assets, efficiency ratio, and net interest income before provision for credit losses are set forth in the table below.
| Colony Bankcorp, Inc. | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of Non-GAAP Measures | |||||||||||||||
| 2022 | 2021 | ||||||||||||||
| (dollars in thousands, except per share data) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ||||||||||
| Operating net income reconciliation | |||||||||||||||
| Net income (GAAP) | $ | 5,252 | $ | 3,415 | $ | 5,324 | $ | 4,160 | $ | 5,583 | |||||
| FHLB mark from called borrowings | — | 751 | — | — | — | ||||||||||
| Severance costs | — | 1,346 | — | — | — | ||||||||||
| Acquisition-related expenses | 2 | 1 | 139 | 1,261 | 1,794 | ||||||||||
| Writedown of bank premises | — | — | — | 90 | — | ||||||||||
| Income tax benefit | — | (272) | (26) | (284) | (466) | ||||||||||
| Operating net income | $ | 5,254 | $ | 5,241 | $ | 5,437 | $ | 5,227 | $ | 6,911 | |||||
| Weighted average diluted shares | 17,645,119 | 17,586,276 | 15,877,695 | 13,673,998 | 12,344,926 | ||||||||||
| Adjusted earnings per diluted share | $ | 0.30 | $ | 0.30 | $ | 0.37 | $ | 0.40 | $ | 0.57 | |||||
| Tangible book value per common share reconciliation | |||||||||||||||
| Book value per common share (GAAP) | $ | 12.81 | $ | 13.34 | $ | 14.23 | $ | 15.92 | $ | 15.88 | |||||
| Effect of goodwill and other intangibles | (3.12) | (3.44) | (3.40) | (4.51) | (4.46) | ||||||||||
| Tangible book value per common share | $ | 9.69 | $ | 9.90 | $ | 10.83 | $ | 11.41 | $ | 11.42 | |||||
| Tangible equity to tangible assets reconciliation | |||||||||||||||
| Equity to assets (GAAP) | 8.06 | % | 8.60 | % | 9.32 | % | 8.09 | % | 8.64 | % | |||||
| Effect of goodwill and other intangibles | (1.84) | % | (2.08) | % | (2.07) | % | (2.15) | % | (2.27) | % | |||||
| Tangible equity to tangible assets | 6.22 | % | 6.52 | % | 7.25 | % | 5.93 | % | 6.37 | % | |||||
| Operating efficiency ratio calculation | |||||||||||||||
| Efficiency ratio (GAAP) | 73.57 | % | 83.75 | % | 76.94 | % | 82.15 | % | 77.68 | % | |||||
| Severance costs | — | (4.61) | — | — | — | ||||||||||
| Acquisition-related expenses | (0.01) | — | (2.20) | (5.33) | (7.30) | ||||||||||
| Writedown of bank premises | — | — | — | (0.30) | — | ||||||||||
| Operating efficiency ratio | 73.56 | % | 79.14 | % | 74.74 | % | 76.52 | % | 70.38 | % | |||||
| Pre-provision net revenue | |||||||||||||||
| Net interest income before provision for credit losses | $ | 20,865 | $ | 19,167 | $ | 19,188 | $ | 19,022 | $ | 17,868 | |||||
| Noninterest income | 8,179 | 10,058 | 9,152 | 10,815 | 9,438 | ||||||||||
| $ | 29,044 | $ | 29,225 | $ | 28,340 | $ | 29,837 | $ | 27,306 | ||||||
| Noninterest expense | 21,367 | 24,476 | 21,805 | 24,512 | 21,211 | ||||||||||
| Pre-provision net revenue | $ | 7,677 | $ | 4,749 | $ | 6,535 | $ | 5,325 | $ | 6,095 | |||||
| Colony Bankcorp, Inc. | |||||||||||||||
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| Selected Financial Information | |||||||||||||||
| 2022 | 2021 | ||||||||||||||
| (dollars in thousands, except per share data) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ||||||||||
| EARNINGS SUMMARY | |||||||||||||||
| Net interest income | $ | 20,865 | $ | 19,167 | $ | 19,188 | $ | 19,022 | $ | 17,868 | |||||
| Provision for loan losses | 1,320 | 1,100 | 50 | 50 | 150 | ||||||||||
| Non-interest income | 8,179 | 10,058 | 9,152 | 10,815 | 9,438 | ||||||||||
| Non-interest expense | 21,367 | 24,476 | 21,805 | 24,512 | 21,211 | ||||||||||
| Income taxes | 1,105 | 234 | 1,161 | 1,116 | 362 | ||||||||||
| Net income | 5,252 | 3,415 | 5,324 | 4,159 | 5,583 | ||||||||||
| PERFORMANCE MEASURES | |||||||||||||||
| Per common share: | |||||||||||||||
| Common shares outstanding | 17,641,123 | 17,581,212 | 17,586,333 | 13,673,898 | 13,674,198 | ||||||||||
| Weighted average basic shares | 17,645,119 | 17,586,276 | 15,877,695 | 13,673,998 | 12,344,926 | ||||||||||
| Weighted average diluted shares | 17,645,119 | 17,586,276 | 15,877,695 | 13,673,998 | 12,344,926 | ||||||||||
| Earnings per basic share | $ | 0.30 | $ | 0.19 | $ | 0.34 | $ | 0.30 | $ | 0.45 | |||||
| Earnings per diluted share | 0.30 | 0.19 | 0.34 | 0.30 | 0.45 | ||||||||||
| Adjusted earnings per diluted share(b) | 0.30 | 0.30 | 0.37 | 0.40 | 0.57 | ||||||||||
| Cash dividends declared per share | 0.1075 | 0.1075 | 0.1075 | 0.1025 | 0.1025 | ||||||||||
| Common book value per share | 12.81 | 13.34 | 14.23 | 15.92 | 15.88 | ||||||||||
| Tangible book value per common share(b) | 9.69 | 9.90 | 10.83 | 11.41 | 11.42 | ||||||||||
| Pre-provision net revenue(b) | $ | 7,677 | $ | 4,749 | $ | 6,535 | $ | 5,325 | $ | 6,095 | |||||
| Performance ratios: | |||||||||||||||
| Net interest margin (a) | 3.25 | % | 3.15 | % | 3.13 | % | 3.16 | % | 3.48 | % | |||||
| Return on average assets | 0.75 | 0.51 | 0.81 | 0.64 | 1.00 | ||||||||||
| Return on average total equity | 8.85 | 5.68 | 8.88 | 7.65 | 11.49 | ||||||||||
| Efficiency ratio | 73.57 | 83.75 | 76.94 | 82.15 | 77.68 | ||||||||||
| Operating efficiency ratio (b) | 73.56 | 79.14 | 74.74 | 76.52 | 70.38 | ||||||||||
| Colony Bankcorp, Inc. | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Selected Financial Information | |||||||||||||||
| 2022 | 2021 | ||||||||||||||
| (dollars in thousands, except per share data) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ||||||||||
| ASSET QUALITY | |||||||||||||||
| Nonperforming loans (NPLs) | $ | 5,302 | $ | 4,948 | $ | 6,171 | $ | 5,449 | $ | 12,246 | |||||
| Other real estate owned | 246 | 246 | 246 | 281 | 807 | ||||||||||
| Repossessed assets | — | 47 | 48 | 49 | 3 | ||||||||||
| Total nonperforming assets (NPAs) | 5,548 | 5,241 | 6,465 | 5,779 | 13,056 | ||||||||||
| Classified loans | 17,755 | 19,247 | 18,306 | 19,016 | 30,300 | ||||||||||
| Criticized loans | 43,377 | 49,204 | 52,859 | 58,938 | 61,857 | ||||||||||
| Net loan (recoveries)/charge-offs | 198 | 58 | 41 | (17) | 144 | ||||||||||
| Allowance for loan losses to total loans | 0.96 | % | 0.96 | % | 0.95 | % | 0.96 | % | 0.98 | % | |||||
| Allowance for loan losses to total NPLs | 286.34 | 282.19 | 209.35 | 236.92 | 105.15 | ||||||||||
| Allowance for loan losses to total NPAs | 273.65 | 266.42 | 199.83 | 223.40 | 98.63 | ||||||||||
| Net (recoveries)/charge-offs to average loans | 0.05 | 0.02 | 0.01 | (0.01) | 0.05 | ||||||||||
| NPLs to total loans | 0.33 | 0.34 | 0.46 | 0.41 | 0.93 | ||||||||||
| NPAs to total assets | 0.20 | 0.19 | 0.24 | 0.21 | 0.52 | ||||||||||
| NPAs to total loans and foreclosed assets | 0.35 | 0.36 | 0.48 | 0.43 | 1.00 | ||||||||||
| AVERAGE BALANCES | |||||||||||||||
| Total assets | 2,777,390 | 2,676,612 | 2,679,242 | 2,589,908 | 2,272,904 | ||||||||||
| Loans, net | 1,509,202 | 1,384,795 | 1,333,784 | 1,306,796 | 1,218,102 | ||||||||||
| Loans, held for sale | 30,238 | 29,843 | 28,650 | 38,543 | 24,964 | ||||||||||
| Deposits | 2,366,710 | 2,325,756 | 2,341,357 | 2,274,910 | 1,975,418 | ||||||||||
| Total stockholders’ equity | 235,557 | 241,281 | 243,120 | 215,783 | 197,109 | ||||||||||
| (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 September 30, | |||||||||||||||
| 2022 | 2021 | ||||||||||||||
| (dollars in thousands) | Average<br>Balances | Income/<br>Expense | Yields/<br>Rates | Average<br>Balances | Income/<br>Expense | Yields/<br>Rates | |||||||||
| Assets | |||||||||||||||
| Interest-earning assets: | |||||||||||||||
| Loans, net of unearned income 1 | $ | 1,553,882 | $ | 18,183 | 4.64 | % | $ | 1,243,066 | $ | 16,085 | 5.25 | % | |||
| Investment securities, taxable | 809,692 | 4,711 | 2.31 | % | 614,404 | 2,668 | 1.76 | % | |||||||
| Investment securities, tax-exempt 2 | 124,038 | 638 | 2.04 | % | 77,255 | 362 | 1.90 | % | |||||||
| Deposits in banks and short term investments | 70,455 | 278 | 1.56 | % | 166,064 | 57 | 0.14 | % | |||||||
| Total interest-earning assets | 2,558,067 | 23,810 | 3.69 | % | 2,100,789 | 19,172 | 3.70 | % | |||||||
| Noninterest-earning assets | 219,323 | 172,115 | |||||||||||||
| Total assets | $ | 2,777,390 | $ | 2,272,904 | |||||||||||
| Liabilities and stockholders' equity | |||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||
| Interest-earning demand and savings | $ | 1,424,171 | $ | 772 | 0.21 | % | $ | 1,169,693 | $ | 319 | 0.11 | % | |||
| Other time | 370,282 | 677 | 0.72 | % | 320,484 | 380 | 0.48 | % | |||||||
| Total interest-bearing deposits | 1,794,453 | 1,449 | 0.32 | % | 1,490,177 | 699 | 0.19 | % | |||||||
| Federal funds purchased | 541 | 3 | 2.20 | % | — | — | — | % | |||||||
| Federal Home Loan Bank advances | 96,848 | 555 | 2.27 | % | 42,391 | 171 | 1.64 | % | |||||||
| Other borrowings | 65,741 | 822 | 4.96 | % | 37,289 | 289 | 3.14 | % | |||||||
| Total other interest-bearing liabilities | 163,130 | 1,380 | 3.36 | % | 79,680 | 460 | 2.34 | % | |||||||
| Total interest-bearing liabilities | 1,957,583 | 2,829 | 0.57 | % | 1,569,857 | 1,159 | 0.30 | % | |||||||
| Noninterest-bearing liabilities: | |||||||||||||||
| Demand deposits | 572,257 | $ | 485,241 | ||||||||||||
| Other liabilities | 11,993 | 20,697 | |||||||||||||
| Stockholders' equity | 235,557 | 197,109 | |||||||||||||
| Total noninterest-bearing liabilities and stockholders' equity | 819,807 | 703,047 | |||||||||||||
| Total liabilities and stockholders' equity | $ | 2,777,390 | $ | 2,272,904 | |||||||||||
| Interest rate spread | 3.12 | % | 3.40 | % | |||||||||||
| Net interest income | $ | 20,981 | $ | 18,013 | |||||||||||
| Net interest margin | 3.25 | % | 3.48 | % |
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 $33,000 and $73,000 for the quarters ended September 30, 2022 and 2021, respectively, are included in income and fees on loans. Accretion income of $122,000 and $104,000 for the quarter ended September 30, 2022 and 2021 are also included in income and fees on loans.
2Taxable-equivalent adjustments totaling $83,000 and $72,000 for the quarters ended September 30, 2022 and 2021, respectively, are included in tax-exempt interest on investment securities.
| Colony Bankcorp, Inc. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average Balance Sheet and Net Interest Analysis | ||||||||||||
| Nine months ended September 30, | ||||||||||||
| 2022 | 2021 | |||||||||||
| (dollars in thousands) | Average<br>Balances | Income/<br>Expense | Yields/<br>Rates | Average<br>Balances | Income/<br>Expense | Yields/<br>Rates | ||||||
| Assets | ||||||||||||
| Interest-earning assets: | ||||||||||||
| Loans, net of unearned income 3 | $ | 1,448,661 | $ | 50,526 | 4.66 | % | $ | 1,133,533 | $ | 43,890 | 5.18 | % |
| Investment securities, taxable | 831,438 | 12,795 | 2.06 | % | 468,561 | 6,011 | 1.72 | % | ||||
| Investment securities, tax-exempt 4 | 116,615 | 1,661 | 1.90 | % | 47,839 | 677 | 1.89 | % | ||||
| Deposits in banks and short term investments | 101,432 | 437 | 0.58 | % | 165,280 | 155 | 0.13 | % | ||||
| Total interest-earning assets | 2,498,146 | 65,419 | 3.50 | % | 1,815,213 | 50,733 | 3.74 | % | ||||
| Noninterest-earning assets | 213,556 | 121,417 | ||||||||||
| Total assets | $ | 2,711,702 | $ | 1,936,630 | ||||||||
| Liabilities and stockholders' equity | ||||||||||||
| Interest-bearing liabilities: | ||||||||||||
| Interest-earning demand and savings | $ | 1,432,892 | $ | 1,340 | 0.13 | % | $ | 978,181 | $ | 630 | 0.09 | % |
| Other time | 347,383 | 1,334 | 0.51 | % | 278,508 | 1,291 | 0.62 | % | ||||
| Total interest-bearing deposits | 1,780,275 | 2,674 | 0.20 | % | 1,256,689 | 1,921 | 0.20 | % | ||||
| Federal funds purchased | 2,820 | 22 | 1.05 | % | — | — | — | % | ||||
| Federal Home Loan Bank advances5 | 65,191 | 1,746 | 3.58 | % | 29,197 | 401 | 1.84 | % | ||||
| Paycheck Protection Program Liquidity Facility | — | — | — | % | 34,155 | 93 | 0.36 | % | ||||
| Other borrowings | 47,675 | 1,441 | 4.04 | % | 37,536 | 896 | 3.19 | % | ||||
| Total other interest-bearing liabilities | 115,686 | 3,209 | 3.71 | % | 100,888 | 1,390 | 1.84 | % | ||||
| Total interest-bearing liabilities | 1,895,961 | 5,883 | 0.41 | % | 1,357,577 | 3,311 | 0.33 | % | ||||
| Noninterest-bearing liabilities: | ||||||||||||
| Demand deposits | $ | 564,425 | $ | 411,307 | ||||||||
| Other liabilities | 11,357 | 5,096 | ||||||||||
| Stockholders' equity | 239,959 | 162,650 | ||||||||||
| Total noninterest-bearing liabilities and stockholders' equity | 815,741 | 579,053 | ||||||||||
| Total liabilities and stockholders' equity | $ | 2,711,702 | $ | 1,936,630 | ||||||||
| Interest rate spread | 3.09 | % | 3.41 | % | ||||||||
| Net interest income | $ | 59,536 | $ | 47,422 | ||||||||
| Net interest margin | 3.19 | % | 3.49 | % |
3 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 $95,000 and $206,000 for the nine months ended September 30, 2022 and 2021, respectively, are included in income and fees on loans. Accretion income of $550,000 and $375,000 for the nine months ended September 30, 2022 and 2021 are also included in income and fees on loans.
4 Taxable-equivalent adjustments totaling $216,000 and $135,000 for the nine months ended September 30, 2022 and 2021, respectively, are included in tax-exempt interest on investment securities.
5Federal Home Loan Bank advances interest expense includes $751,000 for the nine months ended September 30, 2022 and 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) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ||||||||||
| Banking Division | |||||||||||||||
| Net interest income | $ | 20,508 | $ | 18,819 | $ | 18,824 | $ | 18,316 | $ | 17,181 | |||||
| Provision for loan losses | 1,320 | 1,100 | 50 | 50 | 150 | ||||||||||
| Noninterest income | 4,288 | 5,187 | 4,300 | 4,480 | 4,340 | ||||||||||
| Noninterest expenses | 17,537 | 19,504 | 17,701 | 19,280 | 16,941 | ||||||||||
| Income taxes | 1,047 | 227 | 900 | 475 | 434 | ||||||||||
| Segment income | $ | 4,892 | $ | 3,175 | $ | 4,473 | $ | 2,991 | $ | 3,996 | |||||
| Total segment assets | $ | 2,738,082 | $ | 2,664,966 | $ | 2,627,450 | $ | 2,620,501 | $ | 2,499,223 | |||||
| Full time employees | 396 | 396 | 404 | 400 | 417 | ||||||||||
| Mortgage Banking Division | |||||||||||||||
| Net interest income | $ | 17 | $ | 57 | $ | 71 | $ | 114 | $ | 138 | |||||
| Provision for loan losses | — | — | — | — | — | ||||||||||
| Noninterest income | 2,345 | 2,736 | 2,912 | 3,102 | 3,104 | ||||||||||
| Noninterest expenses | 2,289 | 2,799 | 2,711 | 2,869 | 2,765 | ||||||||||
| Income taxes | 10 | (7) | 101 | 334 | (290) | ||||||||||
| Segment income | $ | 63 | $ | 1 | $ | 171 | $ | 13 | $ | 767 | |||||
| Total segment assets | $ | 16,905 | $ | 20,183 | $ | 19,417 | $ | 25,149 | $ | 21,184 | |||||
| Full time employees | 61 | 59 | 62 | 55 | 53 | ||||||||||
| Small Business Specialty Lending Division | |||||||||||||||
| Net interest income | $ | 340 | $ | 291 | $ | 293 | $ | 592 | $ | 549 | |||||
| Provision for loan losses | — | — | — | — | — | ||||||||||
| Noninterest income | 1,546 | 2,135 | 1,940 | 3,233 | 1,994 | ||||||||||
| Noninterest expenses | 1,541 | 2,173 | 1,393 | 2,363 | 1,505 | ||||||||||
| Income taxes | 48 | 14 | 160 | 307 | 218 | ||||||||||
| Segment income | $ | 297 | $ | 239 | $ | 680 | $ | 1,155 | $ | 820 | |||||
| Total segment assets | $ | 50,925 | $ | 43,553 | $ | 39,921 | $ | 46,065 | $ | 23,291 | |||||
| Full time employees | 29 | 28 | 28 | 26 | 24 | ||||||||||
| Total Consolidated | |||||||||||||||
| Net interest income | $ | 20,865 | $ | 19,167 | $ | 19,188 | $ | 19,022 | $ | 17,868 | |||||
| Provision for loan losses | 1,320 | 1,100 | 50 | 50 | 150 | ||||||||||
| Noninterest income | 8,179 | 10,058 | 9,152 | 10,815 | 9,438 | ||||||||||
| Noninterest expenses | 21,367 | 24,476 | 21,805 | 24,512 | 21,211 | ||||||||||
| Income taxes | 1,105 | 234 | 1,161 | 1,116 | 362 | ||||||||||
| Segment income | $ | 5,252 | $ | 3,415 | $ | 5,324 | $ | 4,159 | $ | 5,583 | |||||
| Total segment assets | $ | 2,805,912 | $ | 2,728,702 | $ | 2,686,788 | $ | 2,691,715 | $ | 2,543,698 | |||||
| Full time employees | 486 | 483 | 494 | 481 | 494 | ||||||||||
| Colony Bankcorp, Inc. | |||||||||||||||
| --- | --- | --- | --- | --- | |||||||||||
| Consolidated Balance Sheets | |||||||||||||||
| September 30, 2022 | December 31, 2021 | ||||||||||||||
| (dollars in thousands) | (unaudited) | (audited) | |||||||||||||
| ASSETS | |||||||||||||||
| Cash and due from banks | $ | 18,533 | $ | 18,975 | |||||||||||
| Interest-bearing deposits in banks and federal funds sold | 66,507 | 178,257 | |||||||||||||
| Cash and cash equivalents | 85,040 | 197,232 | |||||||||||||
| Investment securities available for sale, at fair value | 439,716 | 938,164 | |||||||||||||
| Investment securities held to maturity, at amortized cost | 468,306 | — | |||||||||||||
| Other investments, at cost | 12,850 | 14,012 | |||||||||||||
| Loans held for sale | 23,945 | 38,150 | |||||||||||||
| Loans, net of unearned income | 1,586,613 | 1,337,977 | |||||||||||||
| Allowance for loan losses | (15,182) | (12,910) | |||||||||||||
| Loans, net | 1,571,431 | 1,325,067 | |||||||||||||
| Premises and equipment | 41,249 | 43,033 | |||||||||||||
| Other real estate | 246 | 281 | |||||||||||||
| Goodwill | 48,923 | 52,906 | |||||||||||||
| Other intangible assets | 6,065 | 7,389 | |||||||||||||
| Bank owned life insurance | 55,157 | 55,159 | |||||||||||||
| Deferred income taxes, net | 30,614 | 3,644 | |||||||||||||
| Other assets | 22,370 | 16,678 | |||||||||||||
| Total assets | $ | 2,805,912 | $ | 2,691,715 | |||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||
| Liabilities: | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest-bearing | $ | 558,347 | $ | 552,576 | |||||||||||
| Interest-bearing | 1,851,315 | 1,822,032 | |||||||||||||
| Total deposits | 2,409,662 | 2,374,608 | |||||||||||||
| Federal Home Loan Bank advances | 95,000 | 51,656 | |||||||||||||
| Other borrowed money | 63,364 | 36,792 | |||||||||||||
| Accrued expenses and other liabilities | 11,819 | 10,952 | |||||||||||||
| Total liabilities | $ | 2,579,845 | $ | 2,474,008 | |||||||||||
| Stockholders’ equity | |||||||||||||||
| Common stock, $1 par value; 20,000,000 shares authorized, 17,641,123 and 13,673,898 issued and outstanding, respectively | $ | 17,641 | $ | 13,674 | |||||||||||
| Paid in capital | 167,608 | 111,021 | |||||||||||||
| Retained earnings | 107,918 | 99,189 | |||||||||||||
| Accumulated other comprehensive loss, net of tax | (67,100) | (6,177) | |||||||||||||
| Total stockholders’ equity | 226,067 | 217,707 | |||||||||||||
| Total liabilities and stockholders’ equity | $ | 2,805,912 | $ | 2,691,715 | |||||||||||
| Colony Bankcorp, Inc. | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||
| Consolidated Statements of Income (unaudited) | |||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||
| Interest income: | |||||||||||||||
| Loans, including fees | $ | 18,150 | 16,013 | $ | 50,431 | 43,684 | |||||||||
| Investment securities | 5,266 | 2,954 | 14,240 | 6,546 | |||||||||||
| Deposits in banks and short term investments | 278 | 58 | 437 | 154 | |||||||||||
| Total interest income | 23,694 | 19,025 | 65,108 | 50,384 | |||||||||||
| Interest expense: | |||||||||||||||
| Deposits | 1,449 | 698 | 2,674 | 1,921 | |||||||||||
| Federal funds purchased | 3 | — | 22 | — | |||||||||||
| Federal Home Loan Bank advances | 555 | 170 | 1,746 | 401 | |||||||||||
| Paycheck Protection Program Liquidity Facility | — | — | — | 93 | |||||||||||
| Other borrowings | 822 | 289 | 1,441 | 802 | |||||||||||
| Total interest expense | 2,829 | 1,157 | 5,883 | 3,217 | |||||||||||
| Net interest income | 20,865 | 17,868 | 59,225 | 47,167 | |||||||||||
| Provision for loan losses | 1,320 | 150 | 2,470 | 650 | |||||||||||
| Net interest income after provision for loan losses | 19,545 | 17,718 | 56,755 | 46,517 | |||||||||||
| Noninterest income: | |||||||||||||||
| Service charges on deposits | 2,104 | 1,792 | 5,823 | 4,278 | |||||||||||
| Mortgage fee income | 1,708 | 3,107 | 7,356 | 10,107 | |||||||||||
| Gain on sale of SBA loans | 1,215 | 1,813 | 4,805 | 4,548 | |||||||||||
| (Loss)/Gain on sale of securities | (96) | — | (72) | 137 | |||||||||||
| Interchange fees | 2,179 | 1,745 | 6,338 | 4,941 | |||||||||||
| BOLI income | 312 | 280 | 977 | 710 | |||||||||||
| Other | 757 | 701 | 2,157 | 754 | |||||||||||
| Total noninterest income | 8,179 | 9,438 | 27,384 | 25,475 | |||||||||||
| Noninterest expense: | |||||||||||||||
| Salaries and employee benefits | 12,154 | 11,826 | 40,498 | 31,907 | |||||||||||
| Occupancy and equipment | 1,645 | 1,599 | 4,872 | 4,169 | |||||||||||
| Acquisition related | 2 | 1,994 | 142 | 3,031 | |||||||||||
| Information technology expenses | 2,491 | 2,045 | 7,394 | 5,493 | |||||||||||
| Professional fees | 881 | 804 | 2,773 | 1,975 | |||||||||||
| Advertising and public relations | 876 | 674 | 2,406 | 1,817 | |||||||||||
| Communications | 471 | 310 | 1,325 | 837 | |||||||||||
| Other | 2,847 | 1,959 | 8,238 | 4,884 | |||||||||||
| Total noninterest expense | 21,367 | 21,211 | 67,648 | 54,113 | |||||||||||
| Income before income taxes | 6,357 | 5,945 | 16,491 | 17,879 | |||||||||||
| Income taxes | 1,105 | 362 | 2,500 | 3,379 | |||||||||||
| Net income | $ | 5,252 | $ | 5,583 | $ | 13,991 | $ | 14,500 | |||||||
| Earnings per common share: | |||||||||||||||
| Basic | $ | 0.30 | $ | 0.45 | $ | 0.82 | $ | 1.39 | |||||||
| Diluted | 0.30 | 0.45 | 0.82 | 1.39 | |||||||||||
| Dividends declared per share | 0.1075 | 0.1025 | 0.3225 | 0.3075 | |||||||||||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 17,645,119 | 12,344,926 | 17,042,838 | 10,447,496 | |||||||||||
| Diluted | 17,645,119 | 12,344,926 | 17,042,838 | 10,447,496 | |||||||||||
| Colony Bankcorp, Inc. | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Quarterly Comparison | |||||||||||||||
| 2022 | 2021 | ||||||||||||||
| (dollars in thousands, except per share data) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ||||||||||
| Assets | $ | 2,805,912 | $ | 2,728,702 | $ | 2,686,788 | $ | 2,691,715 | $ | 2,512,581 | |||||
| Loans, net | 1,571,431 | 1,438,842 | 1,341,113 | 1,325,067 | 1,296,983 | ||||||||||
| Deposits | 2,409,662 | 2,331,511 | 2,350,786 | 2,374,608 | 2,195,122 | ||||||||||
| Total equity | 226,067 | 234,595 | 250,277 | 217,707 | 217,130 | ||||||||||
| Net income | 5,252 | 3,415 | 5,324 | 4,160 | 5,583 | ||||||||||
| Earnings per basic share | $ | 0.30 | $ | 0.19 | $ | 0.34 | $ | 0.30 | $ | 0.45 | |||||
| Key Performance Ratios: | |||||||||||||||
| Return on average assets | 0.75 | % | 0.51 | % | 0.81 | % | 0.64 | % | 1.00 | % | |||||
| Return on average total equity | 8.85 | % | 5.68 | % | 8.88 | % | 7.65 | % | 11.49 | % | |||||
| Total equity to total assets | 8.06 | % | 8.60 | % | 9.32 | % | 8.09 | % | 8.64 | % | |||||
| Tangible equity to tangible assets (a) | 6.22 | % | 6.52 | % | 7.25 | % | 5.93 | % | 6.37 | % | |||||
| Net interest margin | 3.25 | % | 3.15 | % | 3.13 | % | 3.16 | % | 3.48 | % | |||||
| (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) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ||||||||||
| Core | $ | 1,372,159 | $ | 1,217,498 | $ | 1,093,126 | $ | 990,063 | $ | 931,793 | |||||
| Paycheck Protection Program (“PPP”) | 98 | 128 | 387 | 8,486 | 16,999 | ||||||||||
| Purchased | 214,356 | 235,179 | 260,519 | 339,428 | 361,068 | ||||||||||
| Total | $ | 1,586,613 | $ | 1,452,805 | $ | 1,354,032 | $ | 1,337,977 | $ | 1,309,860 | |||||
| Colony Bankcorp, Inc. | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| Quarterly Loans by Location Comparison | |||||||||||||||
| 2022 | 2021 | ||||||||||||||
| (dollars in thousands) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ||||||||||
| Atlanta | $ | 342,944 | $ | 287,460 | $ | 246,629 | $ | 281,040 | $ | 278,473 | |||||
| Augusta | 47,532 | 36,545 | 38,462 | 36,268 | 28,064 | ||||||||||
| Birmingham | 7,291 | 2,255 | — | — | — | ||||||||||
| Middle Georgia | 168,725 | 146,159 | 117,336 | 117,788 | 100,804 | ||||||||||
| Northwest Georgia | 45,482 | 38,520 | 38,430 | 27,167 | 24,334 | ||||||||||
| Coastal Georgia | 266,626 | 259,248 | 237,621 | 235,799 | 233,648 | ||||||||||
| South Central Georgia | 354,746 | 348,273 | 345,421 | 336,849 | 352,057 | ||||||||||
| Southwest Georgia | 125,309 | 127,783 | 118,263 | 105,937 | 99,385 | ||||||||||
| West Georgia | 191,371 | 181,791 | 168,071 | 161,678 | 160,663 | ||||||||||
| Small Business Specialty Lending | 35,169 | 23,411 | 39,934 | 23,101 | 8,850 | ||||||||||
| Paycheck Protection Program | 98 | 128 | 387 | 8,486 | 16,999 | ||||||||||
| Purchase Accounting | (492) | (614) | (697) | (948) | (1,025) | ||||||||||
| Other | 1,812 | 1,846 | 4,175 | 4,812 | 7,608 | ||||||||||
| Total | $ | 1,586,613 | $ | 1,452,805 | $ | 1,354,032 | $ | 1,337,977 | $ | 1,309,860 | |||||
| Colony Bankcorp, Inc. | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| Quarterly PPP Fees Comparison | |||||||||||||||
| 2022 | 2021 | ||||||||||||||
| (dollars in thousands) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ||||||||||
| PPP loan fee income | $ | — | $ | 6 | $ | 505 | $ | 502 | $ | 1,556 | |||||
| Unearned income on PPP loans | 6 | 6 | 12 | 517 | 1,019 |
14
cban3q2022presentation
1 INVESTOR PRESENTATION THIRD QUARTER - 2022
2 This presentation contains "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 Colony Bankcorp, Inc's (the "Company") future filings with the Securities and Exchange Commission (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 impact of the continued 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; developments in our mortgage banking business, including loan modifications, general demand, and the effects or judicial or regulatory requirements or guidance; 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; significant turbulence or a disruption in the capital or financial markets and the effect or a fall in stock market prices on our investment securities; 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. CAUTIONARY STATEMENTS
3 Statements included in this presentation include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measure to GAAP financial measures. The non-GAAP financial measures used in this presentation include the following: 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. The most comparable GAAP measures are net income, earnings per diluted share, book value per common share, total equity to total assets, efficiency ratio and income before income taxes, 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 and tangible equity to tangible assets excludes goodwill and other intangibles. Pre-provision net revenue excludes provision for credit losses. 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. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider Colony Bankcorp, Inc. performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of Colony Bankcorp, Inc. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP. NON-GAAP FINANCIAL MEASURES
4 Colony Banking Branches Colony LPOs Acquired with SouthCrest Financial Group, Inc. merger closed 8/1/2021 Franchise Footprint COMPANY PROFILE Statesboro Savannah Augusta Fayetteville Rochelle Chickamauga DouglasSylvester Rockmart Athens Moultrie Valdosta Quitman Atlanta Cedartown MaconLaGrange CentervilleThomaston Columbus WarnerRobins Manchester ◦ Founded in 1975 ◦ Headquartered in Fitzgerald, Georgia ◦ Completed acquisition of SouthCrest Financial Group, Inc. on August 1, 2021, creating Georgia’s largest community bank, headquartered outside of Atlanta ◦ Completed the Barnes Agency acquisition on August 2021; created Colony Insurance subsidiary ◦ $2.8 billion in assets as of September 30, 2022 ◦ 35 locations in Georgia and 2 LPOs in Alabama ◦ Strategic plan for profitable growth ◦ Track record of solid organic growth ◦ Successful execution of acquisitions Eastman Cordele Leesburg Ashburn Albany Tifton Fitzgerald Broxton (1) Community bank defined as having less than $10.0 billion in total assets and providing a full suite of consumer and commercial products, as of June 30, 2022 Source: S&P Global Market Intelligence
5 Name Position Years In Banking Years With Colony T. Heath Fountain Chief Executive Officer 21 3 R. Dallis "D" Copeland, Jr. President 30 1 Brian D. Schmitt Executive Vice Chairman 39 1 Edward "Lee" Bagwell EVP, Chief Risk Officer and General Counsel 18 18 Leonard H. "Lenny" Bateman EVP, Chief Credit Officer 25 2 Andy Borrmann EVP, Chief Financial Officer 18 1 Kimberly Dockery EVP, Chief of Staff 15 3 Max "Eddie" Hoyle EVP, Chief Banking Officer 42 10 LEADERSHIP TEAM
6 DRIVING HIGH PERFORMANCE •Achieve strong organic growth each year • Proactive business development system • Increased accountability for loan and deposit production • Created incentive plans to motivate bankers • Retail marketing plan to grow deposits • Streamlined our consumer and commercial deposits products • Larger national and regional banks with large market share in our footprint are more focused on large MSAs • Organic and acquisition-related growth of demand deposits and savings and money market accounts of 71% in 2021 • 3Q 2022 loan growth of 9.2%, unannualized, quarter over quarter.
7 DRIVING HIGH PERFORMANCE •Achieve strong organic growth each year • Seize on expansion opportunities • Completed the acquisition of SouthCrest Financial Group, Inc. ("SouthCrest") and the Barnes Agency in August 2021 • One of the best positioned banks to take advantage of highly fractured market share in GA and some adjacent states • Consistent conversations with banks that see the future potential of a partnership, low interest in "auctions" • Technology and regulatory headwinds are causing industry consolidation • Industry consolidation creates an opportunity to acquire customers and talent
8 2020 2021 August 2021 Acquired SouthCrest Financial Group, Inc. ($729.71M in assets) February 2020 Acquired East Georgia Homebuilder loan portfolio ($47M in loans) May 2019 Acquired LBC Bancshares ($207M in assets) Acquired PFB Mortgage (>$100M in loan production in 2019) October 2018 Acquired 1 Branch from Planters First ($20M in loans, $10M in deposits) 2017 – 2021 Total Assets (Dollars in thousands) 201920182017 PROVEN TRACK RECORD OF FRANCHISE ENHANCEMENT $1,232,755 $1,251,878 $1,515,313 $1,763,974 2,691,715 5-Year CAGR : 16.1%
9 DRIVING HIGH PERFORMANCE •Achieve strong organic growth each year • Seize on expansion opportunities • Increase operating efficiency • Cost efficiency initiative with anticipated savings of $3.0 million per year starting in late third quarter 2022 • Closed two branches (Soperton and Luthersville) • Reduce our banking division workforce by 25 team members, or 6% • Optimize our balance sheet through organic loan growth • Utilize technology to lower operating costs • Target a bank level efficiency ratio of 60% over the next three years
10 DRIVING HIGH PERFORMANCE • Increase operating efficiency - Technology • Recently hired Christian Ruppe as Chief Innovation Officer ◦ Will research and develop all potential technology-based opportunities • Increase customer wallet share through data gathering and analytics ◦ Full implementation of Salesforce to influence a more complete customer relationship through targeted marketing ◦ Finalizing nCino processes to upgrade the loan customer experience and reduce operational friction, increasing current production capacity • Become core agnostic to enable more nimble, API based technology enhancements • Improve the impact of performance-based compensation with thorough and specific measurement throughout the organization
11 DRIVING HIGH PERFORMANCE • Increase non-interest income • Acquisition of The Barnes Agency completed on August 1, 2021 - formed Colony Insurance to offer consumer insurance solutions • Growing our deposit account customer base increases service charge and interchange revenue • Started a Small Business Specialty Lending division to offer SBA, USDA and other government guaranteed loan products • Look to add wealth management and other lines of business •Achieve strong organic growth each year • Seize on expansion opportunities • Increase operating efficiency
12 PATH TO HIGH PERFORMANCE 3 YEAR ROA GOAL OF 1.20% DECEMBER 31, 2024 • 3Q2022 ROA = 0.75% • Adverse impacts to 3Q2022 ROA ◦ Provision driven by above budget loan growth ▪ Assuming 10% annualized loan growth and similar NCOs, additional provision is approximately $960,000 ◦ 3Q2022 Pre-tax investment in recently added business lines and new lending markets is approximately $800,000 ◦ For 2020 and 2021, Mortgage and SBSL contributed an average of 19bps of ROA, vs. 7bps in 2022 YTD and 5bps in 3Q2022 • Currently each 5 percentage point increase in the loan/deposit ratio equals approximately 9bps of ROA
13 SMALL BUSINESS SPECIALTY LENDING GROUP Production and Sales Volume $26,060 $41,645 $5,756 $20,977 $19,358 $12,860 $24,236 $13,526 $18,219 $14,844 Production Sales 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 $— $10,000 $20,000 $30,000 $40,000 $50,000 (Dollars in thousands)
14 • Increased volume capacity in Mortgage division production: • $405.0 million in production in 2021 • $97.2 million production in first quarter 2022 • $113.7 million production in second quarter 2022 • $99.4 million production in third quarter 2022 • Added purchase-focused, experienced origination teams in Athens, Augusta, LaGrange, and Savannah • Focused on continued expansion of the mortgage line of business • Recruiting efforts implemented are offsetting rate increases • Housing market remains strong in the Company's footprint MORTGAGE DIVISION
15 DRIVING HIGH PERFORMANCE • Increase non-interest income •Create a culture of high performance • Instill behaviors and habits that lead to great results • Coaching team members to improve performance • Increase incentive and performance based compensation • Pursue open communication and honest feedback •Achieve strong organic growth each year • Seize on expansion opportunities • Improve operating efficiency
16 • Since our founding in 1975, our mission is to provide an alternative to traditional banking that our customers deserve • Focus on relationships that are beneficial to the customer and the Bank – one-sided relationships and transactions do not create value • Strive to be trusted advisors and give consultative advice • Nimble and responsive to customer needs • Team members are passionate about delivering solutions VALUE PROPOSITION TO OUR CUSTOMERS
17 2017 2018 2019 2020 2021 Diluted earnings per share $ 0.87 $ 1.40 $ 1.12 $ 1.24 $ 1.66 Dividends per share $ 0.10 $ 0.20 $ 0.30 $ 0.40 $ 0.41 Return on average assets 0.63 % 0.99 % 0.72 % 0.7 % 0.89 % Return on average total equity 8.28 % 13.32 % 8.72 % 8.56 % 10.6 % Net interest margin 3.46 % 3.56 % 3.61 % 3.5 % 3.39 % Efficiency ratio 69.19 % 70.05 % 77.93 % 73.34 % 72.21 % ANNUAL FINANCIAL HIGHLIGHTS
18 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 Diluted earnings per share $ 0.45 $ 0.30 $ 0.34 $ 0.19 $ 0.30 Adjusted earnings per diluted share (1) 0.57 0.40 0.37 0.30 0.30 Dividends per share 0.1025 0.1025 0.1075 0.1075 0.1075 Return on average assets 1.00% 0.64% 0.81 % 0.51 % 0.75 % Return on average total equity 11.49 % 7.65 % 8.88 % 5.68 % 8.85 % Net interest margin 3.48 % 3.16 % 3.13 % 3.15 % 3.25 % Efficiency ratio 77.68 % 82.15 % 76.94 % 83.75 % 73.57 % Pre-provision net revenue (1) $ 6,095 $ 5,325 $ 6,535 $ 4,749 $ 7,677 FINANCIAL HIGHLIGHTS (1) Non-GAAP measure. See non-GAAP reconciliation table on slide 27; dollars in thousands, except per share data
19 2017 2018 2019 2020 2021 Total assets $1,232.8 $1,251.9 $1,515.3 $1,763.9 $2,691.7 Loans 765.3 782.4 971.2 1,062.8 1,339.4 Unearned income (0.5) (0.5) (0.6) (2.4) (0.4) Unamortized discount on acquired loans — (0.3) (1.7) (0.9) (1.0) Allowance for loan losses (7.5) (7.3) (6.9) (12.1) (12.9) Total loans, net 757.3 774.3 962.0 1,047.4 1,325.1 Total deposits 1,068.0 1,085.1 1,294.2 1,445.1 2,374.6 NPA/Total assets 0.95% 0.90% 0.73% 0.58% 0.21% ANNUAL BALANCE SHEET FINANCIAL HIGHLIGHTS (Dollars in millions)
20 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 Total assets $2,512.6 $2,691.7 $2,686.8 $2,728.4 $2,805.9 Loans 1,311.9 1,339.4 1,354.2 1,452.8 1,586.6 (Unearned income)/ Deferred Costs (0.9) (0.4) 0.6 0.6 0.4 Unamortized discount on acquired loans (1.1) (1.0) (0.8) (0.6) (0.5) Allowance for loan losses (12.9) (12.9) (12.9) (14.0) (15.2) Total loans, net 1,297.0 1,325.1 1,341.1 1,438.8 1,571.4 Total deposits 2,195.1 2,374.6 2,350.8 2,331.5 2,409.7 NPA/Total assets 0.52% 0.21 % 0.24% 0.19% 0.20% BALANCE SHEET FINANCIAL HIGHLIGHTS (Dollars in millions) Trailing 5 quarters
21 The current indicated annual rate is $0.43 per share, equating to a yield of 3.0%.(2) SHAREHOLDER FOCUSED DIVIDEND POLICY (1) The Board of Directors declared a dividend to be paid on its common stock on November 18, 2022, to shareholders of record as of the close of business on November 4, 2022. (2) Yield is based on closing stock price on October 18, 2022 of $14.10 Quarterly Dividend Payment $0.05 $0.075 $0.10 $0.1025 $0.1075 Quarterly Dividend 2018 2019 2020 2021 2022(¹) $— $0.03 $0.05 $0.08 $0.10 $0.13
22 CAPITAL RATIOS 9.0% 9.6% 7.5% 8.5% 9.3% 12.5% 14.3% 11.9% 12.1% 13.0%13.2% 15.4% 12.7% 12.9% 15.8% 10.3% 10.3% 10.5% 10.6% 11.8% Tier One Leverage Ratio Tier One Ratio Total Risk-based Capital Ratio Common Equity Tier One Capital Ratio 2019 2020 2021 09/30/21 9/30/2022
23 SOLID CORE DEPOSIT FRANCHISE As of September 30, 2022 Total Deposits: $2.4 billion MRQ Cost of Deposits: 0.20% Interest Bearing Demand, 34% Noninterest bearing demand, 23% Time deposits, 17% Savings and Money- markets, 26%
24 LOAN PORTFOLIO BREAKDOWN As of September 30, 2022 $1,586.6 million Real Estate 84% Consumer and Other 1.1% Commercial 13% Agriculture 1.8% $1,362.7 million Multifamily real estate 4% Residential real estate 18% Construction 17% Farmland 4% Nonowner occupied real estate 34% Owner occupied real estate 22%
25 LOAN PORTFOLIO (Dollars in millions) Organic Loan Growth $1,310 $1,338 $1,354 $1,453 $1,587 Organic PPP Loans Purchased Loans 09/30/21 12/31/2021 03/31/2022 06/30/2022 09/30/2022 $0 $500 $1,000 $1,500 $2,000
26 • Premier Georgia community bank franchise •Well positioned for organic growth • Improving earnings outlook • Significant M&A opportunities and market dislocation • Seasoned leadership with a proven track record INVESTMENT CONSIDERATIONS
27 RECONCILIATION OF NON-GAAP MEASURES (Dollars in thousands, except per share data) 2022 2021 Third Quarter Second Quarter First Quarter Fourth Quarter Third Quarter Operating net income reconciliation Net income (GAAP) 5,252 3,415 5,324 4,160 5,583 FHLB mark from called borrowings — — — — — Severance Costs — 1,346 — — — Acquisition-related expenses 2 1 139 1,261 1,794 Writedown on bank premises — — — 90 — Tax effect of adjustment items — (272) (26) (284) (466) Operating net income 5,254 5,241 5,437 5,227 6,911 Weighted average diluted shares 17,645,119 17,586,276 15,877,695 13,673,998 12,344,926 Adjusted earnings per diluted share 0.30 0.30 0.37 0.40 0.57 Tangible book value per common share reconciliation Book value per common share (GAAP) 12.81 13.34 14.23 15.92 15.88 Effect of goodwill and other intangibles (3.12) (3.44) (3.40) (4.51) (4.46) Tangible book value per common share 9.69 9.90 10.83 11.41 11.42 Tangible equity to tangible assets reconciliation Equity to assets (GAAP) 8.06 % 8.60 % 9.32 % 8.09 % 8.64 % Effect of goodwill and other intangibles (1.84) (2.08) (2.07) (2.15) (2.27) Tangible equity to tangible assets 6.22 % 6.52 % 7.25 % 5.93 % 6.37 % Operating efficiency ratio calculation Efficiency ratio (GAAP) 73.57 % 83.75 % 76.94 % 82.15 % 77.68 % Severance costs — (4.61) — — — Acquisition-related expenses (0.01) — (2.20) (5.33) (7.30) Writedown of bank premises — — — (0.30) — Operating efficiency ratio 73.56 % 79.14 % 74.74 % 76.52 % 70.38 % Pre-provision net revenue Net interest income before provision for credit losses $ 20,865 $ 19,167 $ 19,188 $ 19,022 $ 17,868 Noninterest income 8,179 10,058 9,152 10,815 9,438 $ 29,044 $ 29,225 $ 28,340 $ 29,837 $ 27,306 Noninterest expense 21,367 24,476 21,805 24,512 21,211 Pre-provision net revenue $ 7,677 $ 4,749 $ 6,535 $ 5,325 $ 6,095
28 NASDAQ: CBAN