Colony Bankcorp, Inc. reported net income of $7.4 million, or $0.42 per diluted share, for the fourth quarter of 2024. The company's Board of Directors increased the quarterly cash dividend to $0.1150 per share, payable on February 19, 2025, to shareholders of record as of February 5, 2025.
CEO Heath Fountain highlighted strong deposit growth during the quarter, particularly in lower-cost transactional accounts, which contributed to a 20 basis point increase in net interest margin compared to the prior quarter. Noninterest income also saw an increase, driven by a successful quarter for the Small Business Specialty Lending Division.
While loan balances reflected several anticipated large payoffs during the quarter, management expects loan growth to resume in 2025, with stronger performance anticipated in the latter half of the year. The executive management team was also strengthened with promotions aimed at prioritizing profitable growth and scaling the organization.
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