Financial Performance - Net income for Q1 2024 decreased to $5.3 million, or $0.30 per diluted share, compared to $5.6 million, or $0.32 per diluted share in Q4 2023, but increased from $5.0 million, or $0.29 per diluted share in Q1 2023[31] - Operating net income rose to $5.8 million, or $0.33 of adjusted earnings per diluted share, for Q1 2024, compared to $5.4 million, or $0.31 for Q4 2023, and $5.5 million, or $0.31 for Q1 2023[31] - Net income for Q1 2024 was $5,333, slightly up from $5,043 in Q1 2023, an increase of 5.8%[50] - Net income for Q1 2024 was $0.30 per share, down from $0.32 in Q4 2023, reflecting a 6.25% decline[62] Asset and Loan Management - Total assets as of March 31, 2024, were $3,015,509, a decrease from $3,053,422 as of December 31, 2023, representing a decline of approximately 1.2%[9] - Total loans decreased to $1,859,018 as of March 31, 2024, down from $1,883,470 at the end of 2023, reflecting a decline of about 1.3%[11] - Total loans were $1.86 billion at March 31, 2024, a decrease of $24.5 million, or 1.30%, from the prior quarter[31] - Total segment assets amounted to $2,910,102 thousand, a slight decrease from $2,956,121 thousand in the previous quarter[60] Deposits and Equity - The company experienced a decline in total deposits to $2,522,748 in the first quarter of 2024, down from $2,544,790 in the fourth quarter of 2023, a decrease of about 0.9%[12] - Total stockholders' equity rose to $259,914 as of March 31, 2024, up from $254,935 at the end of 2023, an increase of approximately 2.3%[9] - Total equity increased to $259,914 in Q1 2024, up from $254,935 in Q4 2023[62] Credit Quality and Losses - The allowance for credit losses increased slightly to $18,657 as of March 31, 2024, compared to $18,371 at the end of 2023, indicating a focus on maintaining credit quality[9] - The company reported an improvement in nonperforming loans, maintaining confidence in overall credit quality despite a few charge-offs in recent quarters[17] - The provision for credit losses in Q1 2024 was $1,000, compared to $900 in Q1 2023, indicating an increase of 11.1%[50] - Nonperforming assets decreased to $7.0 million at March 31, 2024, down from $10.7 million at December 31, 2023[36] Income and Expenses - Noninterest income increased by $1.8 million, or 23.87%, to $9.5 million for Q1 2024 compared to the same period in 2023[35] - Net interest income before provision for credit losses was $18,654 for Q4 2024, down from $18,874 in Q3 2024[44] - Noninterest expense for Q4 2024 was $20,397, an increase from $19,587 in Q3 2024[44] Dividends - The company declared a quarterly cash dividend of $0.1125 per share, to be paid on May 22, 2024, to shareholders of record as of May 8, 2024[15] - The company declared dividends of $0.1125 per share in Q1 2024, compared to $0.1100 in Q1 2023[50] - Cash dividends declared per share remained steady at $0.1125 in Q4 2024[45] Interest Rates and Margins - Net interest margin for Q1 2024 was 2.69%, down from 3.08% in Q1 2023, due to rising interest rates on liabilities outpacing those on earning assets[35] - The interest rate spread decreased to 2.21% in Q1 2024 from 2.76% in Q1 2023[50] Employee and Operational Metrics - Full-time employees decreased to 377 from 378 in the previous quarter, indicating a stable workforce[60] - Efficiency ratio for Q4 2024 was 72.48%, compared to 69.51% in Q3 2024[45]
Colony Bank(CBAN) - 2024 Q1 - Quarterly Results