Colony Bankcorp Q1 net income $5.3M ($0.34 EPS); declares $0.1075 dividend; $3M cost savings initiative

COLONY BANKCORP INC

2022-Q1 EPS reported $0.34

Net income of $5.3M ($0.34 diluted EPS) vs $4.2M ($0.30) in Q4 2021 and $4.9M ($0.52) in Q1 2021.
Operating net income of $5.8M ($0.37 diluted EPS) adjusted for acquisition costs.
Declared quarterly cash dividend $0.1075/share; payable May 20, 2022 to May 6 record holders.
Cost initiative to save $3.0M/year starting late Q3 2022; plan to cut 24 jobs and close two branches.
CFO Tracie Youngblood leaving; Andy Borrmann appointed CFO; $59.3M net from Feb public offering.

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