Welcome to our dedicated page for Colony Bankcorp news (Ticker: CBAN), a resource for investors and traders seeking the latest updates and insights on Colony Bankcorp stock.
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 Bankcorp, Inc. (Nasdaq: CBAN) announced participation in the 2021 Gulf South Bank Conference on May 3-4, 2021. T. Heath Fountain, the President and CEO, and Tracie Youngblood, the CFO, will engage in virtual one-on-one meetings. Presentations will be made available through the Shareholder Information section on Colony's website. Founded in 1975 and based in Fitzgerald, Georgia, Colony operates 29 locations and offers various financial services, including homebuilding finance and small business lending.
Colony Bankcorp reported a net income of $4.9 million for Q1 2021, translating to $0.52 per diluted share, significantly up from $1.6 million or $0.17 per diluted share in Q1 2020. Operating net income rose to $5.1 million, a 205% increase year-over-year. The bank's total assets reached $1.8 billion, marking a 19.1% growth compared to the previous year. Notably, noninterest income surged by 90% due to robust mortgage banking activity, while provision for loan losses decreased by 61.4%. A quarterly cash dividend of $0.1025 per share was declared, payable on May 17, 2021.
Colony Bankcorp (CBAN) announced its acquisition of SouthCrest Financial Group (SCSG) for approximately $84 million in a cash-and-stock deal. Upon completion, Colony's assets will total around $2.4 billion, with $1.4 billion in loans and $2.0 billion in deposits. The merger, which has received board approval, is expected to close by Q4 2021, subject to regulatory and shareholder approvals. This acquisition aims to enhance Colony's market presence in Northern Georgia and suburban Atlanta, creating a larger community bank and improving service offerings for customers.
Colony Bankcorp, Inc. (Nasdaq: CBAN) reported a net income of $4.9 million ($0.52 per diluted share) for Q4 2020, up from $2.8 million in Q4 2019. Year-to-date net income reached $11.8 million, with operating net income at $12.1 million. Total assets grew to $1.8 billion, an increase of 16% year-over-year. Noninterest income rose, driven by mortgage banking activity. A quarterly dividend of $0.1025 was declared to be paid in February 2021. Despite the challenges posed by the pandemic, the Company demonstrated solid growth in loans and deposits, while maintaining a strong capital position.
Colony Bankcorp, Inc. (Nasdaq: CBAN) announced a strategic realignment of its branch network, resulting in the closure of five branches, which is 18% of its network. The closures will take effect on March 19, 2021, impacting branches in Columbus, Douglas, Fitzgerald, Savannah, and Valdosta. The decision, aimed at enhancing efficiency, is expected to save approximately $1 million annually in operating expenses. Colony Bank will continue to serve these markets with remaining branches, with a commitment to uphold service quality. This move aligns with the bank's investment in digital banking channels.
Colony Bankcorp, Inc. (NASDAQ: CBAN) announces its expansion into Northwest Georgia with the hiring of Charles Bennett as Senior Vice President, Commercial Banker in Canton. Bennett brings over 30 years of experience, previously serving at Wells Fargo and other banks. His local community ties and banking expertise are expected to strengthen Colony's competitive position against larger banks. CEO Heath Fountain noted this expansion aligns with Colony's strategy of entering markets where they can effectively compete.
Colony Bankcorp, Inc. (Nasdaq: CBAN) reported Q3 2020 financial results showing net income of $3.1 million, or $0.33 per diluted share. Adjusted earnings per diluted share reached $0.39. Total assets grew to $1.8 billion, with loans totaling $1.2 billion. A $1.1 million provision for loan losses was noted, while noninterest income surged by 88%. The company declared a $0.10 quarterly dividend, payable November 13, 2020. Despite an increase in nonperforming assets, Colony maintains a strong capital position, with robust loan growth fueled by PPP loans amidst the ongoing pandemic.
Colony Bankcorp, Inc. (Nasdaq: CBAN) has appointed Leonard H. Bateman, Jr. as Executive Vice President and Chief Credit Officer, effective June 1, 2020. He succeeds J. Stan Cook, who will transition to a reduced role due to medical reasons while continuing to oversee the bank's commercial real estate credit portfolio. Bateman brings nearly 25 years of banking experience, having previously served as President and CEO of Calumet Bank. CEO Heath Fountain expressed confidence in Bateman's leadership and credit background, emphasizing his fit within the executive team.