Colony Bankcorp Reports $23.9 Million Net Income for Fiscal Year 2024

Colony Bankcorp, Inc. reported a net income of $23.9 million for the fiscal year ending December 31, 2024, translating to earnings of $1.36 per diluted share, an increase from $21.7 million or $1.24 per diluted share in 2023. The company's total assets grew to approximately $3.1 billion, with total loans at $1.8 billion and total deposits at $2.6 billion. The net interest income for 2024 was $76.1 million, a slight decrease from $78.2 million in the previous year, primarily due to rising interest expenses on deposits and borrowings, which outpaced the growth in interest income.

In terms of operational changes, Colony Bankcorp adopted the Current Expected Credit Loss (CECL) model on January 1, 2023, which resulted in an allowance for credit losses of $19.0 million, or 1.03% of total loans, as of December 31, 2024. This was an increase from $18.4 million, or 0.98% of total loans, at the end of 2023. The provision for credit losses decreased to $3.1 million in 2024 from $3.6 million in 2023, reflecting a more stable credit environment. The company also reported a slight increase in nonperforming assets, which totaled $11.3 million, or 0.36% of total assets, compared to $10.7 million, or 0.35% of total assets, in the prior year.

Colony Bankcorp has continued to expand its geographic footprint, operating 34 locations across Georgia and entering markets in Birmingham, Alabama, and Tallahassee, Florida. The company has focused on enhancing its product offerings, particularly in the Small Business Specialty Lending division, which saw a significant increase in gains from SBA loan sales, rising to $9.2 million in 2024 from $5.1 million in 2023. Additionally, the bank's noninterest income increased by 10.5% year-over-year, driven by higher service charges and other fee income.

The company has also been proactive in managing its capital structure, maintaining a strong capital position with a total risk-based capital ratio of 17.10% as of December 31, 2024, well above the regulatory minimum of 8%. Colony Bankcorp's stock buyback program, which was extended through 2025, has seen the repurchase of 171,481 shares for a total of $2.2 million since its inception in 2022, leaving approximately $9.8 million available for future repurchases. Looking ahead, the company anticipates continued growth in its loan portfolio and noninterest income, while remaining vigilant in managing credit risk and operational efficiency amidst a competitive banking environment.