Colony Bankcorp Inc. of Fitzgerald, Ga., announced Monday that its first-quarter earnings rose 12.9% from the same period last year, to $2.1 million.
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The multibank holding company attributed the gains in large part to a 14.4% increase in net loans, to $788 million. Total deposits increased 7.6%, to $846 million.
Though the net interest margin dropped slightly, to 3.77%, the $995 million-asset Colony said its interest income climbed 11.9%, to $8.8 million. Asset quality also improved slightly; Colony's first-quarter ratio of nonperforming assets to total loans fell 5 basis points, to 1.37%.
Its return on assets was flat, at 0.87%, while its return on equity increased slightly, to 13.76%.
