Colony Bankcorp, Inc. reported a net income of $5.8 million, or $0.33 per diluted share, for the third quarter of 2025, reflecting a slight increase from $5.6 million, or $0.32 per diluted share, in the same period of 2024. For the nine months ended September 30, 2025, the company achieved a net income of $20.4 million, or $1.17 per diluted share, compared to $16.4 million, or $0.94 per diluted share, for the corresponding period in 2024. The increase in net income for both periods was primarily driven by higher interest income from loans and a decrease in interest expenses, despite an increase in noninterest expenses.
Total assets for Colony Bankcorp increased to $3.15 billion as of September 30, 2025, up from $3.11 billion at the end of 2024. The company's loan portfolio also saw significant growth, with total loans reaching $2.04 billion, a 10.53% increase from $1.84 billion at the end of the previous year. The growth in loans was largely attributed to an increase in commercial real estate lending, which constituted approximately 64.1% of the total loan portfolio. The allowance for credit losses on loans was reported at $18.1 million, or 0.89% of total loans, down from $19.0 million, or 1.03%, at the end of 2024.
In terms of operational developments, Colony Bankcorp has been actively pursuing strategic growth through acquisitions. The company announced a merger agreement with TC Bancshares, Inc., valued at approximately $86.1 million, which is expected to close in the fourth quarter of 2025. This merger is anticipated to enhance the company's asset base significantly, bringing total assets to approximately $3.8 billion and total deposits to $3.1 billion. The merger is expected to be accretive to earnings per share, excluding transaction costs.
The company also reported a slight increase in noninterest income, which totaled $10.1 million for the third quarter of 2025, compared to $10.08 million in the same quarter of 2024. This increase was driven by higher mortgage fee income and insurance commissions, although it was partially offset by a decrease in gains from the sale of SBA loans. Noninterest expenses rose to $24.6 million for the third quarter, an increase of 18.1% from the previous year, primarily due to higher salaries and employee benefits, as well as acquisition-related expenses.
Looking ahead, Colony Bankcorp remains optimistic about its growth trajectory, bolstered by the anticipated benefits from the merger with TC Bancshares and ongoing efforts to enhance its loan portfolio. The company is focused on maintaining strong capital ratios, with a common equity tier 1 capital ratio of 12.37% as of September 30, 2025, well above the regulatory minimum. Management believes that the current economic conditions and strategic initiatives will support continued growth and profitability in the coming quarters.
About COLONY BANKCORP INC
Colony Bankcorp, Inc. is a Georgia-based bank holding company operating through its wholly-owned subsidiary, Colony Bank. It provides a wide range of retail and commercial banking services, including loans, deposits, treasury solutions, and digital banking. Serving communities in Georgia, Alabama, and Florida, it focuses on small to mid-sized businesses, emphasizing customer relationships, service quality, and community engagement within a regulated financial framework.
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