Q2 2024 Colony Bankcorp Inc Earnings Call Transcript
Key Points
- Operating net income increased by approximately $200,000 during the quarter.
- Credit quality remained strong with a decrease in classified and criticized loans.
- Mortgage banking group had its most profitable quarter since the start of the rate cycle.
- Small business and specialty lending division reported a net income increase of $459,000 from the prior quarter.
- Non-interest expense remained stable, with operating net non-interest expense to average assets improving by 2 basis points.
- Net interest income decreased slightly due to increased funding costs.
- Loan growth was relatively low this quarter, with modest expectations for the year.
- Margin declined by 1 basis point, although this was better than expected.
- Marine-RV lending was not profitable due to sluggish sales in the industry.
- Total deposits decreased by about $62.5 million, partly due to seasonal factors and tax payments.
Good day, everyone, and welcome to the Colony Bank Second Quarter 2024 conference call, (Operator Instructions). Please note this call is being recorded and I will be standing by should you need any assistance.
It is now my pleasure to turn the conference over to Chief Financial Officer, Derek Shelnutt. Please go ahead.
Thanks, Nicky. Before we get started, I would like to go through our standard disclosures. Certain statements we make on this call could be constituted as forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934.
Current and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance but involve known and unknown risks and uncertainties. Factors that could cause these differences include, but are not limited to, pandemics, variations of the company's assets, businesses, cash flows, financial condition, prospects and other
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