Colony Bankcorp Inc (CBAN) Reports Q3 2023 Earnings, Declares Dividend
Colony Bankcorp Inc (NASDAQ:CBAN) reported a net income of $5.8 million for Q3 2023, up from $5.3 million in Q2 2023 and Q3 2022.
Operating net income also increased to $6.0 million in Q3 2023, compared to $5.7 million in Q2 2023 and $5.3 million in Q3 2022.
Total deposits decreased by $35.9 million from Q2 2023 to Q3 2023, standing at $2.59 billion.
Total assets decreased by $7.2 million from Q2 2023 to Q3 2023, standing at $3.09 billion.
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Colony Bankcorp Inc (NASDAQ:CBAN) released its Q3 2023 earnings report on October 25, 2023. The company reported an increase in net income and operating net income, while total deposits and assets saw a slight decrease. The company also declared a quarterly cash dividend of $0.11 per share.
Financial Highlights
The company's net income increased to $5.8 million, or $0.33 per diluted share, for Q3 2023, compared to $5.3 million, or $0.30 per diluted share, for Q2 2023, and Q3 2022. Operating net income also increased to $6.0 million, or $0.34 of adjusted earnings per diluted share, for Q3 2023, compared to $5.7 million, or $0.33 of adjusted earnings per diluted share, for Q2 2023, and $5.3 million, or $0.30 of adjusted earnings per diluted share, for Q3 2022.
Colony Bankcorp Inc (NASDAQ:CBAN) reported strong liquidity with available sources of funding of approximately $1.4 billion at the end of September 2023. The company also reported total loans of $1.86 billion at the end of September 2023, an increase of $26.1 million, or 1.42%, from the prior quarter.
Dividend Declaration
The company announced that its Board of Directors declared a quarterly cash dividend of $0.11 per share, to be paid on its common stock on November 22, 2023, to shareholders of record as of the close of business on November 8, 2023.
CEO Commentary
We continue to be pleased with our performance in the current environment. Our quarter over quarter earnings improved as we remain focused on enhancing our operational efficiency, even in the face of persistent industry-wide challenges. Noninterest expenses decreased as we diligently maintained our disciplined approach to expense control and saw the results of our previous quarter's efforts come to fruition. said Heath Fountain, Chief Executive Officer and Acting Chief Financial Officer.
Balance Sheet and Capital
Colony Bankcorp Inc (NASDAQ:CBAN) reported total assets of $3.09 billion at the end of September 2023, a decrease of $7.2 million from June 2023. Total loans, including loans held for sale, were at $1.89 billion at the end of September 2023, an increase of $25.1 million from the quarter ended June 2023. The company continues to maintain a strong capital position, with ratios that exceed regulatory minimums required to be considered as well-capitalized.
Performance Analysis
Despite the slight decrease in total deposits and assets, Colony Bankcorp Inc (NASDAQ:CBAN) has shown a steady increase in net income and operating net income. The company's strong liquidity and capital position also indicate its financial stability. However, the company has indicated a more conservative approach to loan growth in the coming quarters due to the evolving economic landscape.
Explore the complete 8-K earnings release (here) from Colony Bankcorp Inc for further details.
This article first appeared on GuruFocus.
