SouthCrest Financial Group (SCSG:PK) reported preliminary earnings of $1.63 million or $0.22/share for Q2 2021. Core earnings stood at $1.39 million or $0.19/share after excluding non-core items. Notably, the company experienced a 6% annualized growth in deposit balances from Q1 2021. However, total loan balances decreased by $8 million due to loan payoffs, ending at $305.9 million. The merger with Colony Bankcorp was approved with 74% shareholder support. Total assets grew to $717.8 million, and tangible book value rose to $8.13/share.
SouthCrest Financial Group (SCSG:PK) reported preliminary earnings of $1.91 million or $0.25/share for Q1 2021. Excluding non-core items, core earnings were $1.34 million or $0.17/share. The company declared a quarterly dividend of $0.06/share, payable on May 20, 2021. Despite a decrease in total assets to $707.1 million, total deposits grew by nearly $12 million, exceeding $600 million. Loan balances declined by $12 million, attributed to a planned funding decrease.
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.