Financial Performance - Net income for Q1 2025 was $6.6 million, or $0.38 per diluted share, compared to $7.4 million, or $0.42 per diluted share in Q4 2024, and $5.3 million, or $0.30 per diluted share in Q1 2024[7]. - Net income for Q1 2025 was $6,613,000, down 11.03% from $7,432,000 in Q4 2024[24]. - Net income for Q1 2025 was $6,613,000, compared to $5,333,000 in Q1 2024, reflecting an increase of 24.0%[29]. - Earnings per share for Q1 2025 were $0.38, up from $0.30 in Q1 2024, representing a growth of 26.7%[29]. - Earnings per share for Q1 2025 were $0.38, down from $0.42 in Q4 2024, reflecting a decrease of 9.5%[30]. - Operating net income for Q1 2025 was $6,613,000, up from $7,756,000 in Q4 2024[22]. Loan and Deposit Growth - Total loans reached $1.92 billion at March 31, 2025, an increase of $78.3 million, or 4.25%, from the previous quarter[7]. - Total deposits increased to $2.62 billion at March 31, 2025, up by $54.6 million from $2.57 billion at December 31, 2024[11]. - Total deposits increased to $2,622,531,000 in Q1 2025 from $2,567,943,000 at the end of 2024, a rise of 2.1%[28]. - Core loans for Q1 2025 reached $1,808,879,000, an increase of 5.1% from $1,720,444,000 in Q4 2024[33]. Income and Expense Analysis - Net interest income for Q1 2025 was $21.1 million, compared to $18.8 million for the same period in 2024, reflecting an increase in interest earning assets[11]. - Noninterest income totaled $9.0 million for Q1 2025, a decrease of $443,000, or 4.67%, compared to Q1 2024[11]. - Operating noninterest income for Q1 2025 was $9,044,000, a decrease from $10,710,000 in Q4 2024[22]. - Operating noninterest expense for Q1 2025 was $20,221,000, compared to $21,272,000 in Q4 2024[22]. - Total noninterest expenses for Q1 2025 were $20,221,000, slightly down from $20,397,000 in Q1 2024, a decrease of 0.9%[29]. Credit Quality and Loss Provisions - The provision for credit losses was $1.5 million in Q1 2025, compared to $650,000 in Q4 2024 and $1.0 million in Q1 2024[7]. - Nonperforming assets increased to $13.0 million at March 31, 2025, from $11.3 million at December 31, 2024[11]. - The credit loss reserve was $20.0 million, or 1.04% of total loans, at March 31, 2025, compared to $19.0 million, or 1.03% of total loans at December 31, 2024[11]. - Total nonperforming loans (NPLs) rose to $12,478,000 in Q1 2025, up 15.39% from $10,812,000 in Q4 2024[25]. - The provision for credit losses in Q1 2025 was $1,500,000, significantly higher than $650,000 in Q4 2024, indicating increased risk management measures[30]. Operational Efficiency - Efficiency ratio for Q1 2025 was 67.41%, an improvement from 67.80% in Q4 2024[23]. - Operating return on average assets for Q1 2025 was 0.85%, slightly down from 0.99% in Q4 2024[22]. - Operating net noninterest expense to average assets ratio for Q1 2025 was 1.44%, compared to 1.35% in Q4 2024[23]. - The efficiency ratio improved to 67.41% in Q1 2025 from 69.11% in Q4 2024, indicating better cost management[24]. Asset Growth - Total assets increased to $3,171,825,000 in Q1 2025 from $3,109,782,000 in Q4 2024, reflecting a growth of 1.93%[25]. - Total assets as of March 31, 2025, reached $3,171,825,000, up from $3,109,782,000 at the end of 2024, indicating a growth of 2.0%[28]. - Tangible book value per common share increased to $13.46 in Q1 2025 from $12.95 in Q4 2024[22]. Dividend Declaration - The company declared a quarterly cash dividend of $0.1150 per share, to be paid on May 21, 2025[4]. - Cash dividends declared per share increased to $0.1150 in Q1 2025 from $0.1125 in Q4 2024, reflecting a 2.22% increase[24]. Acquisition - Colony completed the acquisition of the Ellerbee Agency in April 2025, which is expected to enhance its insurance operations[6].
Colony Bank(CBAN) - 2025 Q1 - Quarterly Results