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Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Colony Bankcorp Reports Fourth Quarter and Year Ended 2022 Results


Colony Bankcorp, Inc. (Nasdaq: CBAN) ("Colony" or the "Company") today reported financial results for the fourth quarter of 2022 and for the year ended December 31, 2022. Financial highlights are shown below.

Financial Highlights:

The Company also announced that on January 26, 2023, the Board of Directors declared a quarterly cash dividend of $0.11 per share, to be paid on its common stock on February 23, 2023, to shareholders of record as of the close of business on February 9, 2023. The Company had 17,598,123 shares of its common stock outstanding as of January 25, 2023.

In addition, the Company announced today that Terry L. Hester passed away on January 22, 2023. Terry began his career with Colony in 1978 and served as Executive Vice President and Chief Financial Officer at the time of his retirement in 2019. He was currently serving on the Board of Directors of the Company.

Today the Company also announced that Chief Financial Officer Andy Borrmann is leaving the Company to pursue other career opportunities. The Company has appointed Chief Executive Officer T. Heath Fountain to the additional role of Acting Chief Financial Officer of the Company, and current Chief Accounting Officer, Derek Shelnutt to the additional role of Acting Chief Financial Officer of Colony Bank. Shelnutt joined the Company in September of 2020, and has served in many roles in the treasury and finance areas, including Controller and Treasurer, before being named Chief Accounting Officer in May of 2022. He is a Certified Public Accountant and has experience in both banking and public accounting. The Company has initiated a search process for a new Chief Financial Officer.

Fountain continued, "I would like to thank Andy Borrmann for his contributions to the Company since joining us in 2021 through the SouthCrest merger. Andy has contributed significantly to our success, and we wish him well in his future endeavors."

Commenting on today's announcement, Heath Fountain, Chief Executive Officer, said, "We were also saddened to learn the recent news of the passing of our director Terry Hester. Our deepest sympathies go out to his family. Terry's hard work ethic and dedication will leave a long lasting impact on the Colony team. He will be sorely missed by his colleagues in the Company and throughout the banking industry."

Fountain added, "We are pleased to announce improved results for the 4th quarter of 2022. We continued to experience strong loan growth during the quarter. Our mortgage team also continued to deliver strong production, despite the higher interest environment we experienced in the late third and early fourth quarters. However, as mortgage rates rose, adjustable rate portfolio loan products became more attractive, and our production efforts shifted more toward this portfolio, meaningfully decreasing our secondary market production and thus our gain on sales revenue included within mortgage fee income for the quarter."

"Earnings quality has also improved during the year, with 93% of our year to date earnings coming from the core bank as compared to 75% in 2021 and 2020. Investments in new lines of business continued to be a short term drag on earnings, reducing our return on assets by approximately 6 basis points in the fourth quarter and 4 basis points year to date."

"Net interest margin decreased slightly during the quarter as we funded some of our loan growth with higher cost borrowings. We are pleased that we were able to grow core deposits during the quarter 2.5% in a very challenging rate environment. We have placed our bankers' focus on growing deposits, and we believe our strong retail banking center footprint, combined with our enhanced calling efforts, can continue to profitably fund our loan growth."

"We expect loan growth to slow considerably in the coming quarters, and should be more in line with our long term goal of 8 - 12% by the second half of the year. We are seeing our loan pipelines decrease as we continue to increase loan pricing, maintain strong credit standards and shift our focus away from commercial real estate lending. We continued to see strong asset quality, as nonperforming loans to total loans remained stable and levels of criticized and classified loans decreased."

Balance Sheet

Capital

Fourth Quarter and December 31, 2022 Year to Date Results of Operations

Asset Quality

As noted above and in the table on page 8, overall asset quality remains strong.

Stock Buyback Authorization

On October 20, 2022, the Board of Directors of the Company authorized a stock buyback program, under which the Company may repurchase up to $12 million of its outstanding common stock. Repurchases under this program may be made from time to time through open market purchases, privately negotiated transactions or such other manners as will comply with applicable laws and regulations. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The buyback program does not obligate the Company to purchase any particular number of shares and there is no guarantee as to the exact number of shares that will be repurchased by the Company. The buyback program is intended to expire at the end of 2023 but may be suspended, modified or terminated by the Company at any time and for any reason, without prior notice. As of December 31, 2022, 40,000 shares had been repurchased at a price of $13.50, leaving $11.5 million available for future repurchase.

Earnings call information

The Company will host an earnings conference call at 9:00 a.m. EST on Friday, January 27, 2023, to discuss the recent results and answer appropriate questions. The conference call can be accessed by dialing 1-844-200-6205 (or 1-929-526-1599 for international participants). The conference call access code is 430149. A replay of the call will be available until Friday, February 3, 2023. To listen to the replay, dial 1-866-813-9403 and enter the access code 892811.

About Colony Bankcorp

Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in 1975 and headquartered in Fitzgerald, Georgia, Colony operates 35 locations throughout Georgia. At Colony Bank, we offer a wide range of banking services including personal banking, business banking, mortgage solutions, government guaranteed lending solutions, and more. We have expanded our services to also include consumer insurance products, such as automotive, homeowners, and other insurance needs for our community. Colony's common stock is traded on the NASDAQ Global Market under the symbol "CBAN." For more information, please visit www.colony.bank. You can also follow the Company on social media.

Forward-Looking Statements

Certain statements contained in this press release that are not statements of historical fact constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, certain statements may be contained in the Company's future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to: (i) projections and/or expectations of revenues, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statement of plans and objectives of Colony Bankcorp, Inc. or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; (iv) statements regarding growth strategy, capital management, liquidity and funding, and future profitability; (v) statements regarding the effects of the COVID-19 pandemic and related variants on the Company's business and financial results and conditions; and (vi) statements of assumptions underlying such statements. Words such as "believes," "anticipates," "expects," "intends," "targeted" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: the impact of current and economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; the risks of changes in interest rates and their effects on the level, cost, and composition of, and competition for, deposits, loan demand and timing of payments, the values of loan collateral, securities, and interest sensitive assets and liabilities; the ability to attract new or retain existing deposits, to retain or grow loans or additional interest and fee income, or to control noninterest expense; the effect of pricing pressures on the Company's net interest margin; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values; the Company's ability to implement its various strategic and growth initiatives; increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; changes in the prices, values and sales volumes of residential and commercial real estate; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; legislation or regulatory changes which adversely affect the ability of the consolidated Company to conduct business combinations or new operations; the continued impact of the COVID-19 pandemic and related variants on the Company's assets, business, cash flows, financial condition, liquidity, prospects and results of operations; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company's participation in and execution of government programs related to the COVID-19 pandemic and related variants; potential impact of the phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, or uncertainties surrounding the debt ceiling and the federal budget; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in the stock market prices on our investment securities; the effects of war or other conflicts including the impacts related to or resulting from Russia's military action in Ukraine; risks related to the Company's recently completed acquisitions, including that the anticipated benefits from the recently completed acquisitions are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions or other unexpected factors or events; the risks associated with the Company's pursuit of future acquisitions; and general competitive, economic, political and market conditions or other unexpected factors or events. These and other factors, risks and uncertainties could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Many of these factors are beyond the Company's ability to control or predict.

Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company's management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company's filings with the Securities and Exchange Commission, the Company's Annual Report on Form 10-K for the year ended December 31, 2021, under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors," and in the Company's quarterly reports on Form 10-Q and current reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.

Explanation of Certain Unaudited Non-GAAP Financial Measures

The measures entitled operating net income, adjusted earnings per diluted share, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio and pre-provision net revenue are not measures recognized under U.S. generally accepted accounting principles (GAAP) and therefore are considered non-GAAP financial measures. The most comparable GAAP measures are net income, diluted earnings per share, book value per common share, total equity to total assets, efficiency ratio, and net interest income before provision for credit losses, respectively. Operating net income and operating efficiency ratio both exclude acquisition-related expenses. Acquisition-related expenses include fees associated with current period acquisitions and ongoing amortization of intangibles related to prior acquisitions. Adjusted earnings per diluted share includes the adjustments to operating net income. Tangible book value per common share and tangible equity to tangible assets exclude goodwill and other intangibles. Pre-provision net revenue is calculated by adding noninterest income to net interest income before provision for credit losses, and subtracting noninterest expense.

Management uses these non-GAAP financial measures in its analysis of the Company's performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company's performance, and if not provided would be requested by the investor community. The Company believes the non-GAAP measures enhance investors' understanding of the Company's business and performance. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently.

These disclosures should not be considered an alternative to GAAP. The computations of operating net income, adjusted earnings per diluted share, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio, and pre-provision net revenue and the reconciliation of these measures to net income, diluted earnings per share, book value per common share, total equity to total assets, efficiency ratio, and net interest income before provision for credit losses are set forth in the table below.

Colony Bankcorp, Inc.

 

 

 

 

Reconciliation of Non-GAAP Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

2021

(dollars in thousands, except per share data)

 

Fourth
Quarter

 

Third
Quarter

 

Second
Quarter

 

First
Quarter

 

Fourth
Quarter

Operating net income reconciliation

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

5,551

 

 

$

5,252

 

 

$

3,415

 

 

$

5,324

 

 

$

4,160

 

FHLB mark from called borrowings

 

 

?

 

 

 

?

 

 

 

751

 

 

 

?

 

 

 

?

 

Severance costs

 

 

?

 

 

 

?

 

 

 

1,346

 

 

 

?

 

 

 

?

 

Acquisition-related expenses

 

 

?

 

 

 

2

 

 

 

1

 

 

 

139

 

 

 

1,261

 

Writedown of bank premises

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

90

 

Income tax benefit

 

 

?

 

 

 

?

 

 

 

(272

)

 

 

(26

)

 

 

(284

)

Operating net income

 

$

5,551

 

 

$

5,254

 

 

$

5,241

 

 

$

5,437

 

 

$

5,227

 

Weighted average diluted shares

 

 

17,630,971

 

 

 

17,645,119

 

 

 

17,586,276

 

 

 

15,877,695

 

 

 

13,673,998

 

Adjusted earnings per diluted share

 

$

0.31

 

 

$

0.30

 

 

$

0.30

 

 

$

0.37

 

 

$

0.40

 

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per common share reconciliation

 

 

 

 

 

 

 

 

 

 

Book value per common share (GAAP)

 

$

13.08

 

 

$

12.81

 

 

$

13.34

 

 

$

14.23

 

 

$

15.92

 

Effect of goodwill and other intangibles

 

 

(3.10

)

 

 

(3.12

)

 

 

(3.44

)

 

 

(3.40

)

 

 

(4.51

)

Tangible book value per common share

 

$

9.98

 

 

$

9.69

 

 

$

9.90

 

 

$

10.83

 

 

$

11.41

 

 

 

 

 

 

 

 

 

 

 

 

Tangible equity to tangible assets reconciliation

 

 

 

 

 

 

 

 

 

 

Equity to assets (GAAP)

 

 

7.84

%

 

 

8.06

%

 

 

8.60

%

 

 

9.32

%

 

 

8.09

%

Effect of goodwill and other intangibles

 

 

(1.74

) %

 

 

(1.84

) %

 

 

(2.08

) %

 

 

(2.07

) %

 

 

(2.15

) %

Tangible equity to tangible assets

 

 

6.10

%

 

 

6.22

%

 

 

6.52

%

 

 

7.25

%

 

 

5.93

%

 

 

 

 

 

 

 

 

 

 

 

Operating efficiency ratio calculation

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (GAAP)

 

 

75.03

%

 

 

73.57

%

 

 

83.75

%

 

 

76.94

%

 

 

82.15

%

Severance costs

 

 

?

 

 

 

?

 

 

 

(4.61

)

 

 

?

 

 

 

?

 

Acquisition-related expenses

 

 

?

 

 

 

(0.01

)

 

 

?

 

 

 

(2.20

)

 

 

(5.33

)

Writedown of bank premises

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

(0.30

)

Operating efficiency ratio

 

 

75.03

%

 

 

73.56

%

 

 

79.14

%

 

 

74.74

%

 

 

76.52

%

 

 

 

 

 

 

 

 

 

 

 

Pre-provision net revenue

 

 

 

 

 

 

 

 

 

 

Net interest income before provision for credit losses

 

$

21,400

 

 

$

20,865

 

 

$

19,167

 

 

$

19,188

 

 

$

19,022

 

Noninterest income

 

 

7,688

 

 

 

8,179

 

 

 

10,058

 

 

 

9,152

 

 

 

10,815

 

 

 

$

29,088

 

 

$

29,044

 

 

$

29,225

 

 

$

28,340

 

 

$

29,837

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense

 

 

21,826

 

 

 

21,367

 

 

 

24,476

 

 

 

21,805

 

 

 

24,512

 

Pre-provision net revenue

 

$

7,262

 

 

$

7,677

 

 

$

4,749

 

 

$

6,535

 

 

$

5,325

 

Colony Bankcorp, Inc.

Selected Financial Information

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

2021

(dollars in thousands, except per share data)

 

Fourth
Quarter

 

Third
Quarter

 

Second
Quarter

 

First
Quarter

 

Fourth
Quarter

EARNINGS SUMMARY

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

21,400

 

 

$

20,865

 

 

$

19,167

 

 

$

19,188

 

 

$

19,022

 

Provision for loan losses

 

 

900

 

 

 

1,320

 

 

 

1,100

 

 

 

50

 

 

 

50

 

Noninterest income

 

 

7,688

 

 

 

8,179

 

 

 

10,058

 

 

 

9,152

 

 

 

10,815

 

Noninterest expense

 

 

21,826

 

 

 

21,367

 

 

 

24,476

 

 

 

21,805

 

 

 

24,512

 

Income taxes

 

 

811

 

 

 

1,105

 

 

 

234

 

 

 

1,161

 

 

 

1,116

 

Net income

 

 

5,551

 

 

 

5,252

 

 

 

3,415

 

 

 

5,324

 

 

 

4,159

 

PERFORMANCE MEASURES

 

 

 

 

 

 

 

 

 

 

Per common share:

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

17,598,123

 

 

 

17,641,123

 

 

 

17,581,212

 

 

 

17,586,333

 

 

 

13,673,898

 

Weighted average basic shares

 

 

17,630,971

 

 

 

17,645,119

 

 

 

17,586,276

 

 

 

15,877,695

 

 

 

13,673,998

 

Weighted average diluted shares

 

 

17,630,971

 

 

 

17,645,119

 

 

 

17,586,276

 

 

 

15,877,695

 

 

 

13,673,998

 

Earnings per basic share

 

$

0.31

 

 

$

0.30

 

 

$

0.19

 

 

$

0.34

 

 

$

0.30

 

Earnings per diluted share

 

 

0.31

 

 

 

0.30

 

 

 

0.19

 

 

 

0.34

 

 

 

0.30

 

Adjusted earnings per diluted share(b)

 

 

0.31

 

 

 

0.30

 

 

 

0.30

 

 

 

0.37

 

 

 

0.40

 

Cash dividends declared per share

 

 

0.1075

 

 

 

0.1075

 

 

 

0.1075

 

 

 

0.1075

 

 

 

0.1025

 

Common book value per share

 

 

13.08

 

 

 

12.81

 

 

 

13.34

 

 

 

14.23

 

 

 

15.92

 

Tangible book value per common share(b)

 

 

9.98

 

 

 

9.69

 

 

 

9.90

 

 

 

10.83

 

 

 

11.41

 

Pre-provision net revenue(b)

 

$

7,262

 

 

$

7,677

 

 

$

4,749

 

 

$

6,535

 

 

$

5,325

 

 

 

 

 

 

 

 

 

 

 

 

Performance ratios:

 

 

 

 

 

 

 

 

 

 

Net interest margin (a)

 

 

3.23

%

 

 

3.25

%

 

 

3.15

%

 

 

3.13

%

 

 

3.16

%

Return on average assets

 

 

0.77

 

 

 

0.75

 

 

 

0.51

 

 

 

0.81

 

 

 

0.64

 

Return on average total equity

 

 

9.76

 

 

 

8.85

 

 

 

5.68

 

 

 

8.88

 

 

 

7.65

 

Efficiency ratio

 

 

75.03

 

 

 

73.56

 

 

 

83.75

 

 

 

76.94

 

 

 

82.15

 

Operating efficiency ratio (b)

 

 

75.03

 

 

 

73.56

 

 

 

79.14

 

 

 

74.74

 

 

 

76.52

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

Nonperforming loans (NPLs)

 

$

5,710

 

 

$

5,302

 

 

$

4,948

 

 

$

6,171

 

 

$

5,449

 

Other real estate owned

 

 

651

 

 

 

246

 

 

 

246

 

 

 

246

 

 

 

281

 

Repossessed assets

 

 

?

 

 

 

?

 

 

 

47

 

 

 

48

 

 

 

49

 

Total nonperforming assets (NPAs)

 

 

6,361

 

 

 

5,548

 

 

 

5,241

 

 

 

6,465

 

 

 

5,779

 

Classified loans

 

 

14,414

 

 

 

17,755

 

 

 

19,247

 

 

 

18,306

 

 

 

19,016

 

Criticized loans

 

 

39,760

 

 

 

43,377

 

 

 

49,204

 

 

 

52,859

 

 

 

58,938

 

Net loan (recoveries)/charge-offs

 

 

154

 

 

 

198

 

 

 

58

 

 

 

41

 

 

 

(17

)

Allowance for loan losses to total loans

 

 

0.93

%

 

 

0.96

%

 

 

0.96

%

 

 

0.95

%

 

 

0.96

%

Allowance for loan losses to total NPLs

 

 

282.45

 

 

 

286.34

 

 

 

282.19

 

 

 

209.35

 

 

 

236.92

 

Allowance for loan losses to total NPAs

 

 

253.55

 

 

 

273.65

 

 

 

266.42

 

 

 

199.83

 

 

 

223.40

 

Net (recoveries)/charge-offs to average loans

 

 

0.04

 

 

 

0.05

 

 

 

0.02

 

 

 

0.01

 

 

 

(0.01

)

NPLs to total loans

 

 

0.33

 

 

 

0.33

 

 

 

0.34

 

 

 

0.46

 

 

 

0.41

 

NPAs to total assets

 

 

0.22

 

 

 

0.20

 

 

 

0.19

 

 

 

0.24

 

 

 

0.21

 

NPAs to total loans and foreclosed assets

 

 

0.37

 

 

 

0.35

 

 

 

0.36

 

 

 

0.48

 

 

 

0.43

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

2,863,046

 

 

 

2,777,390

 

 

 

2,676,612

 

 

 

2,679,242

 

 

 

2,589,908

 

Loans, net

 

 

1,637,034

 

 

 

1,509,202

 

 

 

1,384,795

 

 

 

1,333,784

 

 

 

1,306,796

 

Loans, held for sale

 

 

22,644

 

 

 

30,238

 

 

 

29,843

 

 

 

28,650

 

 

 

38,543

 

Deposits

 

 

2,460,664

 

 

 

2,366,710

 

 

 

2,325,756

 

 

 

2,341,357

 

 

 

2,274,910

 

Total stockholders' equity

 

 

225,639

 

 

 

235,557

 

 

 

241,281

 

 

 

243,120

 

 

 

215,783

 

(a) Computed using fully taxable-equivalent net income.

(b) Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and reconciliation to GAAP.

Colony Bankcorp, Inc.

Average Balance Sheet and Net Interest Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

2022

 

2021

(dollars in thousands)

Average

Balances

 

Income/

Expense

 

Yields/

Rates

 

Average

Balances

 

Income/

Expense

 

Yields/

Rates

Assets

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned income 1

$

1,675,324

 

$

20,320

 

4.81

%

 

$

1,345,339

 

$

16,489

 

4.86

%

Investment securities, taxable

 

787,471

 

 

5,159

 

2.60

%

 

 

782,906

 

 

3,332

 

1.69

%

Investment securities, tax-exempt 2

 

114,785

 

 

567

 

1.96

%

 

 

101,941

 

 

485

 

1.89

%

Deposits in banks and short term investments

 

63,320

 

 

450

 

2.82

%

 

 

180,784

 

 

59

 

0.13

%

Total interest-earning assets

 

2,640,900

 

 

26,496

 

3.98

%

 

 

2,410,970

 

 

20,365

 

3.35

%

Noninterest-earning assets

 

222,147

 

 

 

 

 

 

178,938

 

 

 

 

Total assets

$

2,863,046

 

 

 

 

 

$

2,589,908

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest-earning demand and savings

$

1,458,051

 

$

1,706

 

0.46

%

 

$

1,357,634

 

$

299

 

0.09

%

Other time

 

438,599

 

 

1,496

 

1.35

%

 

 

354,663

 

 

381

 

0.43

%

Total interest-bearing deposits

 

1,896,650

 

 

3,202

 

0.67

%

 

 

1,712,297

 

 

680

 

0.16

%

Federal funds purchased

 

2,878

 

 

32

 

4.34

%

 

 

?

 

 

?

 

?

%

Federal Home Loan Bank advances

 

90,978

 

 

818

 

3.57

%

 

 

51,621

 

 

252

 

1.94

%

Other borrowings

 

68,295

 

 

930

 

5.40

%

 

 

37,038

 

 

247

 

2.64

%

Total other interest-bearing liabilities

 

162,151

 

 

1,780

 

4.35

%

 

 

88,659

 

 

499

 

2.23

%

Total interest-bearing liabilities

 

2,058,801

 

 

4,982

 

0.96

%

 

 

1,800,956

 

 

1,179

 

0.26

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

564,014

 

 

 

 

 

$

562,613

 

 

 

 

Other liabilities

 

14,592

 

 

 

 

 

 

10,556

 

 

 

 

Stockholders' equity

 

225,639

 

 

 

 

 

 

215,783

 

 

 

 

Total noninterest-bearing liabilities and stockholders' equity

 

804,245

 

 

 

 

 

 

788,952

 

 

 

 

Total liabilities and stockholders' equity

$

2,863,046

 

 

 

 

 

$

2,589,908

 

 

 

 

Interest rate spread

 

 

 

 

3.02

%

 

 

 

 

 

3.09

%

Net interest income

 

 

$

21,515

 

 

 

 

 

$

19,186

 

 

Net interest margin

 

 

 

 

3.23

%

 

 

 

 

 

3.16

%

1The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on the cash basis. Taxable-equivalent adjustments totaling $35,000 and $61,000 for the quarters ended December 31, 2022 and 2021, respectively, are included in income and fees on loans. Accretion income of $40,000 and $95,000 for the quarter ended December 31, 2022 and 2021 are also included in income and fees on loans.

2Taxable-equivalent adjustments totaling $79,000 and $102,000 for the quarters ended December 31, 2022 and 2021, respectively, are included in tax-exempt interest on investment securities.

Colony Bankcorp, Inc.

Average Balance Sheet and Net Interest Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31,

 

2022

 

2021

(dollars in thousands)

Average

Balances

 

Income/

Expense

 

Yields/

Rates

 

Average

Balances

 

Income/

Expense

 

Yields/

Rates

Assets

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned income 3

$

1,505,792

 

$

70,856

 

4.71

%

 

$

1,186,919

 

$

60,380

 

5.09

%

Investment securities, taxable

 

820,356

 

 

17,954

 

2.19

%

 

 

547,793

 

 

9,343

 

1.71

%

Investment securities, tax-exempt 4

 

116,154

 

 

2,247

 

1.93

%

 

 

61,476

 

 

1,161

 

1.89

%

Deposits in banks and short term investments

 

91,825

 

 

887

 

0.97

%

 

 

169,188

 

 

214

 

0.13

%

Total interest-earning assets

 

2,534,127

 

 

91,944

 

3.63

%

 

 

1,965,376

 

 

71,098

 

3.62

%

Noninterest-earning assets

 

215,722

 

 

 

 

 

 

135,916

 

 

 

 

Total assets

$

2,749,849

 

 

 

 

 

$

2,101,292

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Interest-earning demand and savings

$

1,439,234

 

$

3,047

 

0.21

%

 

$

1,073,824

 

$

929

 

0.09

%

Other time

 

370,375

 

 

2,829

 

0.76

%

 

 

297,704

 

 

1,672

 

0.56

%

Total interest-bearing deposits

 

1,809,609

 

 

5,876

 

0.32

%

 

 

1,371,528

 

 

2,601

 

0.19

%

Federal funds purchased

 

2,835

 

 

54

 

1.89

%

 

 

?

 

 

?

 

?

%

Federal Home Loan Bank advances5

 

71,690

 

 

2,564

 

3.58

%

 

 

34,849

 

 

691

 

1.98

%

Paycheck Protection Program Liquidity Facility

 

?

 

 

?

 

?

%

 

 

25,546

 

 

93

 

0.36

%

Other borrowings

 

52,872

 

 

2,371

 

4.48

%

 

 

32,686

 

 

1,012

 

3.10

%

Total other interest-bearing liabilities

 

127,397

 

 

4,989

 

3.92

%

 

 

93,081

 

 

1,796

 

1.93

%

Total interest-bearing liabilities

 

1,937,006

 

 

10,865

 

0.56

%

 

 

1,464,609

 

 

4,397

 

0.30

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

564,322

 

 

 

 

 

$

449,445

 

 

 

 

Other liabilities

 

12,174

 

 

 

 

 

 

11,195

 

 

 

 

Stockholders' equity

 

236,349

 

 

 

 

 

 

176,043

 

 

 

 

Total noninterest-bearing liabilities and stockholders' equity

 

812,845

 

 

 

 

 

 

636,683

 

 

 

 

Total liabilities and stockholders' equity

$

2,749,851

 

 

 

 

 

$

2,101,292

 

 

 

 

Interest rate spread

 

 

 

 

3.07

%

 

 

 

 

 

3.32

%

Net interest income

 

 

$

81,079

 

 

 

 

 

$

66,701

 

 

Net interest margin

 

 

 

 

3.20

%

 

 

 

 

 

3.39

%

3 The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on the cash basis. Taxable-equivalent adjustments totaling $139,000 and $268,000 for the twelve months ended December 31, 2022 and 2021, respectively, are included in income and fees on loans. Accretion income of $590,000 and $470,000 for the twelve months ended December 31, 2022 and 2021 are also included in income and fees on loans.

4 Taxable-equivalent adjustments totaling $315,000 and $244,000 for the twelve months ended December 31, 2022 and 2021, respectively, are included in tax-exempt interest on investment securities.

5Federal Home Loan Bank advances interest expense includes $751,000 for the twelve months ended December 31, 2022 and is the recognized mark on two advances that were acquired in the SouthCrest acquisition that were called early.

Colony Bankcorp, Inc.

 

 

Segment Reporting

 

 

 

 

2022

 

2021

(dollars in thousands)

 

Fourth
Quarter

 

Third
Quarter

 

Second
Quarter

 

First
Quarter

 

Fourth
Quarter

Banking Division

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

21,037

 

 

$

20,508

 

$

18,819

 

 

$

18,824

 

$

18,316

Provision for loan losses

 

 

900

 

 

 

1,320

 

 

1,100

 

 

 

50

 

 

50

Noninterest income

 

 

4,312

 

 

 

4,288

 

 

5,187

 

 

 

4,300

 

 

4,480

Noninterest expenses

 

 

18,038

 

 

 

17,537

 

 

19,504

 

 

 

17,701

 

 

19,280

Income taxes

 

 

837

 

 

 

1,047

 

 

227

 

 

 

900

 

 

475

Segment income

 

$

5,574

 

 

$

4,892

 

$

3,175

 

 

$

4,473

 

$

2,991

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

2,857,893

 

 

$

2,738,082

 

$

2,664,966

 

 

$

2,627,450

 

$

2,620,501

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

427

 

 

 

396

 

 

396

 

 

 

404

 

 

400

 

 

 

 

 

 

 

 

 

 

 

Mortgage Banking Division

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

(43

)

 

$

17

 

$

57

 

 

$

71

 

$

114

Provision for loan losses

 

 

?

 

 

 

?

 

 

?

 

 

 

?

 

 

?

Noninterest income

 

 

1,637

 

 

 

2,345

 

 

2,736

 

 

 

2,912

 

 

3,102

Noninterest expenses

 

 

1,936

 

 

 

2,289

 

 

2,799

 

 

 

2,711

 

 

2,869

Income taxes

 

 

(6

)

 

 

10

 

 

(7

)

 

 

101

 

 

334

Segment income

 

$

(336

)

 

$

63

 

$

1

 

 

$

171

 

$

13

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

18,221

 

 

$

16,905

 

$

20,183

 

 

$

19,417

 

$

25,149

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

65

 

 

 

61

 

 

59

 

 

 

62

 

 

55

 

 

 

 

 

 

 

 

 

 

 

Small Business Specialty Lending Division

 

 

 

 

 

 

Net interest income

 

$

406

 

 

$

340

 

$

291

 

 

$

293

 

$

592

Provision for loan losses

 

 

?

 

 

 

?

 

 

?

 

 

 

?

 

 

?

Noninterest income

 

 

1,739

 

 

 

1,546

 

 

2,135

 

 

 

1,940

 

 

3,233

Noninterest expenses

 

 

1,852

 

 

 

1,541

 

 

2,173

 

 

 

1,393

 

 

2,363

Income taxes

 

 

(20

)

 

 

48

 

 

14

 

 

 

160

 

 

307

Segment income

 

$

313

 

 

$

297

 

$

239

 

 

$

680

 

$

1,155

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

60,456

 

 

$

50,925

 

$

43,553

 

 

$

39,921

 

$

46,065

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

30

 

 

 

29

 

 

28

 

 

 

28

 

 

26

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

21,400

 

 

$

20,865

 

$

19,167

 

 

$

19,188

 

$

19,022

Provision for loan losses

 

 

900

 

 

 

1,320

 

 

1,100

 

 

 

50

 

 

50

Noninterest income

 

 

7,688

 

 

 

8,179

 

 

10,058

 

 

 

9,152

 

 

10,815

Noninterest expenses

 

 

21,826

 

 

 

21,367

 

 

24,476

 

 

 

21,805

 

 

24,512

Income taxes

 

 

811

 

 

 

1,105

 

 

234

 

 

 

1,161

 

 

1,116

Segment income

 

$

5,551

 

 

$

5,252

 

$

3,415

 

 

$

5,324

 

$

4,159

 

 

 

 

 

 

 

 

 

 

 

Total segment assets

 

$

2,936,570

 

 

$

2,805,912

 

$

2,728,702

 

 

$

2,686,788

 

$

2,691,715

 

 

 

 

 

 

 

 

 

 

 

Full time employees

 

 

522

 

 

 

486

 

 

483

 

 

 

494

 

 

481

Colony Bankcorp, Inc.

Consolidated Balance Sheets

 

 

December 31, 2022

 

December 31, 2021

(dollars in thousands)

 

(unaudited)

 

(audited)

ASSETS

 

 

 

 

Cash and due from banks

 

$

20,584

 

 

$

18,975

 

Interest-bearing deposits in banks and federal funds sold

 

 

60,094

 

 

 

178,257

 

Cash and cash equivalents

 

 

80,678

 

 

 

197,232

 

Investment securities available for sale, at fair value

 

 

432,553

 

 

 

938,164

 

Investment securities held to maturity, at amortized cost

 

 

465,858

 

 

 

?

 

Other investments, at cost

 

 

13,793

 

 

 

14,012

 

Loans held for sale

 

 

17,743

 

 

 

38,150

 

Loans, net of unearned income

 

 

1,737,106

 

 

 

1,337,977

 

Allowance for loan losses

 

 

(16,128

)

 

 

(12,910

)

Loans, net

 

 

1,720,978

 

 

 

1,325,067

 

Premises and equipment

 

 

41,606

 

 

 

43,033

 

Other real estate

 

 

651

 

 

 

281

 

Goodwill

 

 

48,923

 

 

 

52,906

 

Other intangible assets

 

 

5,664

 

 

 

7,389

 

Bank owned life insurance

 

 

55,504

 

 

 

55,159

 

Deferred income taxes, net

 

 

28,199

 

 

 

3,644

 

Other assets

 

 

24,420

 

 

 

16,678

 

Total assets

 

$

2,936,570

 

 

$

2,691,715

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Deposits:

 

 

 

 

Noninterest-bearing

 

$

569,170

 

 

$

552,576

 

Interest-bearing

 

 

1,921,827

 

 

 

1,822,032

 

Total deposits

 

 

2,490,997

 

 

 

2,374,608

 

Federal Home Loan Bank advances

 

 

125,000

 

 

 

51,656

 

Other borrowed money

 

 

78,352

 

 

 

36,792

 

Accrued expenses and other liabilities

 

 

11,953

 

 

 

10,952

 

Total liabilities

 

$

2,706,302

 

 

$

2,474,008

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

Common stock, $1 par value; 50,000,000 and 20,000,000 shares authorized, 17,598,123 and 13,673,898 issued and outstanding, respectively

 

$

17,598

 

 

$

13,674

 

Paid in capital

 

 

167,537

 

 

 

111,021

 

Retained earnings

 

 

111,573

 

 

 

99,189

 

Accumulated other comprehensive loss, net of tax

 

 

(66,440

)

 

 

(6,177

)

Total stockholders' equity

 

 

230,268

 

 

 

217,707

 

Total liabilities and stockholders' equity

 

$

2,936,570

 

 

$

2,691,715

 

Colony Bankcorp, Inc.

 

 

 

 

 

 

 

 

Consolidated Statements of Income (unaudited)

 

 

 

 

 

 

 

 

 

 

Three months ended December 31,

 

Twelve months ended December 31,

 

 

2022

 

2021

 

2022

 

2021

(dollars in thousands, except per share data)

 

 

 

 

Interest income:

 

 

 

 

 

 

 

 

Loans, including fees

 

$

20,285

 

 

 

16,428

 

 

$

70,717

 

 

 

60,112

 

Investment securities

 

 

5,647

 

 

 

3,715

 

 

 

19,887

 

 

 

10,260

 

Deposits in banks and short term investments

 

 

450

 

 

 

58

 

 

 

886

 

 

 

214

 

Total interest income

 

 

26,382

 

 

 

20,201

 

 

 

91,490

 

 

 

70,586

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

Deposits

 

 

3,202

 

 

 

679

 

 

 

5,876

 

 

 

2,601

 

Federal funds purchased

 

 

32

 

 

 

?

 

 

 

54

 

 

 

?

 

Federal Home Loan Bank advances

 

 

818

 

 

 

253

 

 

 

2,564

 

 

 

691

 

Paycheck Protection Program Liquidity Facility

 

 

?

 

 

 

?

 

 

 

?

 

 

 

93

 

Other borrowings

 

 

930

 

 

 

247

 

 

 

2,371

 

 

 

1,012

 

Total interest expense

 

 

4,982

 

 

 

1,179

 

 

 

10,865

 

 

 

4,397

 

Net interest income

 

 

21,400

 

 

 

19,022

 

 

 

80,625

 

 

 

66,189

 

Provision for loan losses

 

 

900

 

 

 

50

 

 

 

3,370

 

 

 

700

 

Net interest income after provision for loan losses

 

 

20,500

 

 

 

18,972

 

 

 

77,255

 

 

 

65,489

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

Service charges on deposits

 

 

2,052

 

 

 

1,935

 

 

 

7,875

 

 

 

6,213

 

Mortgage fee income

 

 

1,194

 

 

 

3,106

 

 

 

8,550

 

 

 

13,213

 

Gain on sale of SBA loans

 

 

1,411

 

 

 

2,999

 

 

 

6,216

 

 

 

7,547

 

(Loss)/Gain on sale of securities

 

 

(10

)

 

 

(224

)

 

 

(82

)

 

 

(87

)

Interchange fees

 

 

2,043

 

 

 

1,988

 

 

 

8,381

 

 

 

6,929

 

BOLI income

 

 

336

 

 

 

331

 

 

 

1,313

 

 

 

1,041

 

Other

 

 

662

 

 

 

680

 

 

 

2,819

 

 

 

1,434

 

Total noninterest income

 

 

7,688

 

 

 

10,815

 

 

 

35,072

 

 

 

36,290

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

12,311

 

 

 

13,689

 

 

 

52,809

 

 

 

45,596

 

Occupancy and equipment

 

 

1,663

 

 

 

1,979

 

 

 

6,534

 

 

 

6,149

 

Acquisition related

 

 

1

 

 

 

1,592

 

 

 

142

 

 

 

4,617

 

Information technology expenses

 

 

2,552

 

 

 

2,180

 

 

 

9,947

 

 

 

7,673

 

Professional fees

 

 

659

 

 

 

976

 

 

 

3,432

 

 

 

2,951

 

Advertising and public relations

 

 

1,259

 

 

 

840

 

 

 

3,664

 

 

 

2,657

 

Communications

 

 

277

 

 

 

536

 

 

 

1,602

 

 

 

1,373

 

Writedown of bank premises

 

 

?

 

 

 

90

 

 

 

?

 

 

 

90

 

Other

 

 

3,104

 

 

 

2,630

 

 

 

11,345

 

 

 

7,519

 

Total noninterest expense

 

 

21,826

 

 

 

24,512

 

 

 

89,475

 

 

 

78,625

 

Income before income taxes

 

 

6,362

 

 

 

5,275

 

 

 

22,852

 

 

 

23,154

 

Income taxes

 

 

811

 

 

 

1,116

 

 

 

3,310

 

 

 

4,495

 

Net income

 

$

5,551

 

 

$

4,159

 

 

$

19,542

 

 

$

18,659

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.31

 

 

$

0.30

 

 

$

1.14

 

 

$

1.66

 

Diluted

 

 

0.31

 

 

 

0.30

 

 

 

1.14

 

 

 

1.66

 

Dividends declared per share

 

 

0.1075

 

 

 

0.1025

 

 

 

0.43

 

 

 

0.41

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

17,630,971

 

 

 

13,673,898

 

 

 

17,191,079

 

 

 

11,254,130

 

Diluted

 

 

17,630,971

 

 

 

13,673,898

 

 

 

17,191,079

 

 

 

11,254,130

 

Colony Bankcorp, Inc.

Quarterly Comparison

 

 

2022

 

2021

(dollars in thousands, except per share data)

 

Fourth
Quarter

 

Third
Quarter

 

Second
Quarter

 

First
Quarter

 

Fourth
Quarter

Assets

 

$

2,936,570

 

 

$

2,805,912

 

 

$

2,728,702

 

 

$

2,686,788

 

 

$

2,691,715

 

Loans, net

 

 

1,720,978

 

 

 

1,571,431

 

 

 

1,438,842

 

 

 

1,341,113

 

 

 

1,325,067

 

Deposits

 

 

2,490,997

 

 

 

2,409,662

 

 

 

2,331,511

 

 

 

2,350,786

 

 

 

2,374,608

 

Total equity

 

 

230,268

 

 

 

226,067

 

 

 

234,595

 

 

 

250,277

 

 

 

217,707

 

Net income

 

 

5,551

 

 

 

5,252

 

 

 

3,415

 

 

 

5,324

 

 

 

4,160

 

Earnings per basic share

 

$

0.31

 

 

$

0.30

 

 

$

0.19

 

 

$

0.34

 

 

$

0.30

 

 

 

 

 

 

 

 

 

 

 

 

Key Performance Ratios:

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.77

%

 

 

0.75

%

 

 

0.51

%

 

 

0.81

%

 

 

0.64

%

Return on average total equity

 

 

9.76

%

 

 

8.85

%

 

 

5.68

%

 

 

8.88

%

 

 

7.65

%

Total equity to total assets

 

 

7.84

%

 

 

8.06

%

 

 

8.60

%

 

 

9.32

%

 

 

8.09

%

Tangible equity to tangible assets (a)

 

 

6.10

%

 

 

6.22

%

 

 

6.52

%

 

 

7.25

%

 

 

5.93

%

Net interest margin

 

 

3.23

%

 

 

3.25

%

 

 

3.15

%

 

 

3.13

%

 

 

3.16

%

(a) Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and reconciliation to GAAP.

Colony Bankcorp, Inc.

Quarterly Loan Comparison

 

 

2022

 

2021

(dollars in thousands)

 

Fourth
Quarter

 

Third
Quarter

 

Second
Quarter

 

First
Quarter

 

Fourth
Quarter

Core

 

$

1,540,466

 

$

1,372,159

 

$

1,217,498

 

$

1,093,126

 

$

990,063

Paycheck Protection Program ("PPP")

 

 

95

 

 

98

 

 

128

 

 

387

 

 

8,486

Purchased

 

 

196,545

 

 

214,356

 

 

235,179

 

 

260,519

 

 

339,428

Total

 

$

1,737,106

 

$

1,586,613

 

$

1,452,805

 

$

1,354,032

 

$

1,337,977

Colony Bankcorp, Inc.

 

 

 

 

 

 

 

 

 

 

Quarterly Loans by Location Comparison

 

 

 

 

 

 

 

 

 

 

2022

 

2021

(dollars in thousands)

 

Fourth
Quarter

 

Third
Quarter

 

Second
Quarter

 

First
Quarter

 

Fourth
Quarter

Atlanta

 

$

355,010

 

 

$

342,944

 

 

$

287,460

 

 

$

246,629

 

 

$

281,040

 

Augusta

 

 

58,042

 

 

 

47,532

 

 

 

36,545

 

 

 

38,462

 

 

 

36,268

 

Alabama

 

 

21,438

 

 

 

7,291

 

 

 

2,255

 

 

 

?

 

 

 

?

 

Middle Georgia

 

 

185,985

 

 

 

168,725

 

 

 

146,159

 

 

 

117,336

 

 

 

117,788

 

Northwest Georgia

 

 

63,994

 

 

 

45,482

 

 

 

38,520

 

 

 

38,430

 

 

 

27,167

 

Coastal Georgia

 

 

280,516

 

 

 

266,626

 

 

 

259,248

 

 

 

237,621

 

 

 

235,799

 

South Central Georgia

 

 

360,435

 

 

 

354,746

 

 

 

348,273

 

 

 

345,421

 

 

 

336,849

 

Southwest Georgia

 

 

130,100

 

 

 

125,309

 

 

 

127,783

 

 

 

118,263

 

 

 

105,937

 

West Georgia

 

 

234,224

 

 

 

191,371

 

 

 

181,791

 

 

 

168,071

 

 

 

161,678

 

Small Business Specialty Lending

 

 

45,849

 

 

 

35,169

 

 

 

23,411

 

 

 

39,934

 

 

 

23,101

 

Paycheck Protection Program

 

 

95

 

 

 

98

 

 

 

128

 

 

 

387

 

 

 

8,486

 

Purchase Accounting

 

 

(452

)

 

 

(492

)

 

 

(614

)

 

 

(697

)

 

 

(948

)

Other

 

 

1,870

 

 

 

1,812

 

 

 

1,846

 

 

 

4,175

 

 

 

4,812

 

Total

 

$

1,737,106

 

 

$

1,586,613

 

 

$

1,452,805

 

 

$

1,354,032

 

 

$

1,337,977

 

 


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