Colony Bankcorp, Inc. reported net income of $5.6 million, or $0.32 per diluted share, for the third quarter of 2024. The company's Board of Directors declared a quarterly cash dividend of $0.1125 per share, payable on November 20, 2024, to shareholders of record as of November 6, 2024.
CEO Heath Fountain noted improvements in operating results and continued progression in complementary business lines, alongside ongoing efficiency and expense discipline. The company also rolled out a new digital banking platform during the quarter, designed to provide an enhanced online banking experience for customers.
Management indicated that while margin expansion anticipated in the second half of the year did not materialize in Q3 2024, they believe the margin has reached its lowest point. Loan growth picked up slightly during the quarter, and overall asset quality remained strong, with robust pipelines for both loans and deposits.
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