Financial Performance - The company achieved net income of $5.6 million, or $0.32 per diluted share, for the three months ended September 30, 2024, compared to $5.8 million, or $0.33 per diluted share, for the same period in 2023[191]. - The increase in net income for the nine months ended September 30, 2024, was primarily due to increased net interest income and noninterest income from various service charges and gains[191]. - Net income for the third quarter of 2024 was $5.6 million, compared to $5.8 million for the same period in 2023[203]. Assets and Liabilities - As of September 30, 2024, the company reported total consolidated assets of $3.1 billion, total loans of $1.9 billion, total deposits of $2.5 billion, and stockholders' equity of $276.1 million[191]. - Total assets as of September 30, 2024, were $3,038,947, slightly down from $3,058,485 in the same period last year[211]. - The Company's total deposits experienced a minimal decline of 0.78% to $2.52 billion at September 30, 2024, compared to December 31, 2023[202]. Income and Expenses - Noninterest income for Q3 2024 was $10.1 million, an increase of $364,000, or 3.75%, from Q3 2023[195]. - For the three months ended September 30, 2024, noninterest expense was $20.8 million, a decrease of $46,000, or 0.22%, from the same period in 2023[196]. - Total noninterest expense for Q3 2024 was $20.8 million, a slight decrease of 0.2% from $20.9 million in Q3 2023, and for the nine months, it decreased by 3.0% to $61.6 million from $63.5 million[228]. Credit Losses and Nonperforming Assets - Provision for credit losses for the three months ended September 30, 2024, was $750,000, compared to $1.0 million for the same period in 2023[193]. - The allowance for credit losses on loans was $19.7 million, or 1.04% of total loans, at September 30, 2024, up from $18.4 million, or 0.98% of total loans, at December 31, 2023[194]. - Nonperforming assets were $12.5 million, or 0.41% of total assets, at September 30, 2024, compared to $10.7 million, or 0.35% of total assets, at December 31, 2023[194]. Interest Income and Margin - Net interest income on a tax equivalent basis decreased to $18.7 million for Q3 2024 from $19.8 million in Q3 2023, a decline of $1.1 million[192]. - The net interest margin for the third quarter of 2024 was 2.64%, down from 2.78% in the same period in 2023[207]. - For the nine months ended September 30, 2024, net interest income was $56,114, with a net interest margin of 2.67%[213]. Deposits and Liquidity - The Company's uninsured deposits represented 31.64% of total Bank deposits at September 30, 2024, compared to 30.22% at December 31, 2023[202]. - The estimated uninsured deposits increased to $809.2 million, or 31.64% of total deposits, compared to $777.8 million, or 30.22%, at December 31, 2023[258]. - Cash and cash equivalents increased to $144.9 million at September 30, 2024, from $83.3 million at December 31, 2023, a growth of 73.8%[265]. Capital Ratios - The Company maintained a CET1 risk-based capital ratio of 12.51% as of September 30, 2024, up from 11.66% at December 31, 2023[272]. - The leverage ratio improved to 9.51% as of September 30, 2024, compared to 9.17% at December 31, 2023[272].
Colony Bank(CBAN) - 2024 Q3 - Quarterly Report