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Declares Quarterly Cash Dividend of $0.1075 Per Share
Colony Bankcorp, Inc. CBAN (“Colony” or the “Company”) today reported financial results for the first quarter of 2022. Financial highlights are shown below.
Financial Highlights:
- Net income increased to $5.3 million, or $0.34 per diluted share, for the first quarter of 2022, compared to net income for the fourth quarter of 2021 of $4.2 million, or $0.30 per diluted share, and $4.9 million, or $0.52 per diluted share, for the first quarter of 2021.
- Operating net income of $5.8 million, or $0.37 per diluted share, for the first quarter of 2022 as compared to $5.5 million, or $0.40 per diluted share, for the fourth quarter of 2021, and $5.0 million, or $0.53 per diluted share, for the first quarter of 2021 (see Reconciliation of Non-GAAP Measures).
- $50,000 in provision for loan losses was recorded in first quarter of 2022.
- Total loans, excluding loans held for sale and loans that originated under the Paycheck Protection Program (the “PPP”), totaled $1.4 billion at March 31, 2022, an increase of $24.2 million, or 1.8% from the prior quarter.
- The Company announced a cost efficiency initiative that is expected to save $3.0 million per year starting in late third quarter 2022.
- Mortgage production was $97.2 million, with $23.9 million in refinances, and $70.0 million in purchases in the first quarter of 2022.
- Small Business Specialty Lending (“SBSL”) closed $5.8 million in Small Business Administration (“SBA”) loans and sold $13.5 million in SBA loans in the first quarter of 2022.
- In February of 2022, the Company issued and sold approximately 3.85 million shares of its common stock in an underwritten public offering, with aggregate proceeds totaling approximately $63.5 million and net proceeds totaling approximately $59.3 million.
The Company also announced that on April 21, 2022, the Board of Directors declared a quarterly cash dividend of $0.1075 per share, to be paid on its common stock on May…
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