Colony Bankcorp, Inc. reports news on its role as the bank holding company for Colony Bank, a Georgia-based community bank with operations in Georgia, Birmingham, Alabama, and North Florida. Coverage centers on quarterly financial results, net interest margin, capital levels, cash dividends, credit ratings, and the integration of completed acquisitions.
Recurring updates also cover Colony Bank’s personal and business banking services, mortgage lending, government-guaranteed and SBA lending, consumer insurance, wealth management, credit cards, and merchant services. Management and business-development announcements reflect the company’s broader financial-services model alongside its core banking operations.
Colony Bank has launched a new wealth management program in partnership with Ameriprise Financial, providing customized financial planning and investment services to its clients. The program, branded as Colony Financial Advisors, will leverage Ameriprise’s technology and resources to enhance customer experiences. With 37 locations in Georgia, the initiative aims to attract additional financial advisors and expand its client base, starting with the recruitment of Needham 'Bo' Hatcher, who manages nearly $100 million in assets.
Colony Bankcorp (CBAN) announced its second quarter 2022 results, reporting a net income decrease to $3.4 million ($0.19 per share), down from $5.3 million the previous quarter. Operating net income was $5.2 million ($0.30 per share). A provision for loan losses surged to $1.1 million due to increased loan growth. Loans reached $1.5 billion, up 7.3% from the prior quarter. The Board declared a cash dividend of $0.1075 per share, payable on August 20, 2022. Asset quality remained strong, with nonperforming assets reducing to $5.2 million.
Colony Bankcorp (NASDAQ: CBAN) has successfully completed a $40 million placement of fixed-to-floating rate subordinated notes due 2032. The notes carry a fixed rate of 5.25% for the first five years, resetting to a floating rate thereafter. Intended to qualify as Tier 2 capital, the proceeds will support the company's general corporate purposes and growth initiatives. CEO Heath Fountain expressed satisfaction with the market's response, indicating this capital would provide necessary flexibility for future opportunities.
KBRA has assigned Colony Bankcorp, Inc. (NASDAQ: CBAN) a senior unsecured debt rating of BBB and a subordinated debt rating of BBB-. Colony Bank's ratings include a BBB+ for deposits, supported by its strong deposit franchise in Georgia markets. KBRA views the bank's diversified revenue stream as a positive, but notes the impact of M&A on operating efficiency. A cost reduction plan is in place to address this. The company's capital position is deemed adequate, with a CET1 ratio of 13.3%. The outlook for all long-term ratings is Stable.
Colony Bankcorp, Inc. (Nasdaq: CBAN) reported a net income of $5.3 million or $0.34 per diluted share for Q1 2022, up from $4.2 million in Q4 2021. The company announced a quarterly cash dividend of $0.1075 per share, payable on May 20, 2022. Total loans reached $1.4 billion, a 1.8% increase from the previous quarter. The firm recorded a $50,000 provision for loan losses and plans to save $3 million annually through workforce reductions and branch closures. Total assets decreased slightly to $2.7 billion, while net interest income rose significantly to $19.3 million compared to $14.4 million in Q1 2021.
Colony Bankcorp, Inc. (NASDAQ: CBAN) has announced the pricing of an upsized public offering of 3,346,509 shares of common stock at $16.50 per share, generating gross proceeds of approximately $55.2 million. After deducting costs, net proceeds are expected to be about $52.2 million, intended for general corporate purposes including growth investments in Colony Bank and other strategic opportunities. The offering is set to close around February 10, 2022, with Hovde Group, LLC as the lead underwriter.
Colony Bankcorp, Inc. (NASDAQ: CBAN) will have its leadership team, including President and CEO T. Heath Fountain, CFO Tracie Youngblood, and CSO Andy Borrmann, participate in the Janney West Coast CEO Forum on February 2-3, 2022, in Scottsdale, Arizona. The company's presentation materials will be available on their Investor Relations page at www.colony.bank. Founded in 1975, Colony Bankcorp operates 39 locations in Georgia, offering various banking services and consumer insurance products.
Colony Bankcorp, Inc. (Nasdaq: CBAN) has declared a quarterly cash dividend of $0.1075 per share, effective February 18, 2022, for shareholders of record as of February 4, 2022. For Q4 2021, net income reached $4.2 million, or $0.30 per diluted share, bringing the annual net income to $18.7 million, or $1.66 per diluted share. Total assets increased to $2.7 billion, while total loans rose to $1.38 billion. The company's strong capital position and low non-performing asset levels indicate robust financial health.
Colony Bankcorp, Inc. (NASDAQ: CBAN) has launched a new Merchant Services division aimed at providing businesses with seamless payment processing solutions. This initiative is led by industry veterans Steve Raines and Tami Tetro. According to CEO Heath Fountain, the division is part of the company's strategy to diversify revenue streams and enhance non-interest income, catering to a wider range of client needs while maintaining personalized service. The addition of these experienced professionals is expected to significantly benefit Colony Bank's service offerings.
Colony Bankcorp, Inc. (NASDAQ: CBAN) announced participation in the Hovde Financial Services Conference scheduled for November 3-5, 2021, in Phoenix, Arizona. Key executives, including CEO T. Heath Fountain and CFO Tracie Youngblood, will represent the company. Presentation materials will be accessible on Colony's Investor Relations page at www.colony.bank. Established in 1975 and headquartered in Fitzgerald, Georgia, Colony Bank offers extensive banking services across 39 locations in Georgia, including personal, business, and consumer insurance solutions.