Colony Bankcorp Q2 net income falls to $3.4M ($0.19 EPS); loan growth strong but provision up sharply

COLONY BANKCORP INC

2022-Q2 EPS reported $0.52

Net income $3.4M, or $0.19 diluted EPS, down from $5.3M ($0.34) in Q1 2022 and $4.0M ($0.42) in Q2 2021.
Provision for loan losses of $1.1M in Q2 2022, up from $50K in Q1 and $0 in Q2 2021, driven by loan growth.
Total loans (ex-PPP) grew $99M to $1.5B, up 7.3% QoQ; mortgage production $113.7M, SBSL closed $21M.
Board declared $0.1075 quarterly dividend, payable Aug 20 to holders of record Aug 6.
Non-recurring charges of $1.35M related to efficiency project; accelerated amortization of FHLB advances $751K.

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