XML 46 R30.htm IDEA: XBRL DOCUMENT
v3.19.1

Note 23 - Financial Information of Colony Bankcorp, Inc. (Parent Only) | 12 Months Ended
--- | ---
Dec. 31, 2018
Notes to Financial Statements |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ( 2 3 ) Financial Information of Colony Bankcorp, Inc. (Parent Only) The parent company’s balance sheets as of December 31, 2018 and 2017 and the related statements of operations and comprehensive income (loss) and cash flows for each of the years in the three -year period then ended are as follows:
COLONY BANKCORP, INC. (PARENT ONLY) BALANCE SHEETS DECEMBER 31
|  | 20 1 8 |  |  | 2017 |
ASSETS |
Cash |  | $ | 936,808 |  |  | $ | 910,239 |
Premises and Equipment, Net |  |  | 1,198,006 |  |  |  | 1,099,626 |
Investment in Subsidiary, at Equity |  |  | 117,743,674 |  |  |  | 114,235,955 |
Other |  |  | 235,878 |  |  |  | 24,458 |
Total Assets |  | $ | 120,114,366 |  |  | $ | 116,270,278 |
LIABILITIES AND STOCKHOLDERS ’ EQUITY |
Liabilities |  |  |  |  |  |  |  |
Other Borrowed Money |  | $ | - |  |  | $ | 1,500,000 |
Other |  |  | 192,971 |  |  |  | 218,615 |
|  | $ | 192,971 |  |  | $ | 1,718,615 |
Subordinated Debt |  |  | 24,229,000 |  |  |  | 24,229,000 |
Stockholders ’ Equity |  |  |  |  |  |  |  |
Common Stock, Par Value $1; 20,000,000 Shares Authorized, 8,444,908 and 8,439,258 Shares Issued and Outstanding as of December 31, 2018 and 2017, respectively |  |  | 8,444,908 |  |  |  | 8,439,258 |
Paid-In Capital |  |  | 25,978,334 |  |  |  | 29,145,094 |
Retained Earnings |  |  | 69,459,243 |  |  |  | 59,230,260 |
Accumulated Other Comprehensive Loss, Net of Tax |  |  | (8,190,090 | ) |  |  | (6,491,949 | )
|  |  | 95,692,395 |  |  |  | 90,322,663 |
Total Liabilities and Stockholders ’ Equity |  | $ | 120,114,366 |  |  | $ | 116,270,278 |
COLONY BANKCORP, INC. (PARENT ONLY) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31
|  | 20 1 8 |  |  | 2017 |  |  | 2016 |
Income |  |  |  |  |  |  |  |  |  |  |  |
Dividends from Subsidiaries |  | $ | 8,329,127 |  |  | $ | 8,746,882 |  |  | $ | 9,118,104 |
Management Fees |  |  | 601,080 |  |  |  | 601,080 |  |  |  | 601,080 |
Other |  |  | 105,968 |  |  |  | 97,103 |  |  |  | 103,612 |
|  | $ | 9,036,175 |  |  | $ | 9,445,065 |  |  | $ | 9,822,796 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest |  |  | 971,847 |  |  |  | 900,113 |  |  |  | 601,567 |
Salaries and Employee Benefits |  |  | 1,083,960 |  |  |  | 917,259 |  |  |  | 840,130 |
Other |  |  | 691,037 |  |  |  | 604,166 |  |  |  | 554,434 |
|  |  | 2,746,844 |  |  |  | 2,421,538 |  |  |  | 1,996,131 |
Income Before Taxes and Equity in Undistributed Earnings of Subsidiary |  |  | 6,289,331 |  |  |  | 7,023,527 |  |  |  | 7,826,665 |
Income Tax Benefits |  |  | 422,210 |  |  |  | 568,258 |  |  |  | 457,934 |
Income Before Equity in Undistributed Earnings of Subsidiary |  |  | 6,711,541 |  |  |  | 7,591,785 |  |  |  | 8,284,599 |
Equity in Undistributed Earnings of Subsidiary |  |  | 5,205,859 |  |  |  | 159,193 |  |  |  | 388,611 |
Net Income |  |  | 11,917,400 |  |  |  | 7,750,978 |  |  |  | 8,673,210 |
Preferred Stock Dividends |  |  | - |  |  |  | 210,600 |  |  |  | 1,493,310 |
Net Income Available to Common Stockholders |  | $ | 11,917,400 |  |  | $ | 7,540,378 |  |  | $ | 7,179,900 |
COLONY BANKCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31
|  | 2018 |  |  | 2017 |  |  | 2016 |
Net Income |  | $ | 11,917,400 |  |  | $ | 7,750,978 |  |  | $ | 8,673,210 |
Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |
Gains (Losses) on Securities Arising During the Year |  |  | (2,033,636 | ) |  |  | (608,355 | ) |  |  | (505,367 | )
Tax Effect |  |  | 427,063 |  |  |  | 206,841 |  |  |  | 171,825 |
Realized (Gains) Losses on Sale of AFS Securities |  |  | (115,909 | ) |  |  | - |  |  |  | (385,223 | )
Tax Effect |  |  | 24,341 |  |  |  | - |  |  |  | 130,976 |
Change in Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects |  |  | (1,698,141 | ) |  |  | (401,514 | ) |  |  | (587,789 | )
Comprehensive Income |  | $ | 10,219,259 |  |  | $ | 7,349,464 |  |  | $ | 8,085,421 |
COLONY BANKCORP, INC. (PARENT ONLY)
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31
|  | 2018 |  |  | 2017 |  |  | 2016 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  | $ | 11,917,400 |  |  | $ | 7,750,978 |  |  | $ | 8,673,210 |
Adjustments to Reconcile Net Income to |  |  |  |  |  |  |  |  |  |  |  |
Net Cash Provided by Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and Amortization |  |  | 84,848 |  |  |  | 70,183 |  |  |  | 66,476 |
Share-based Compensation Expense |  |  | 13,890 |  |  |  | - |  |  |  | - |
Equity in Undistributed |  |  |  |  |  |  |  |  |  |  |  |
Earnings of Subsidiary |  |  | (5,205,859 | ) |  |  | (159,193 | ) |  |  | (388,611 | )
Change in Interest Payable |  |  | 2,450 |  |  |  | 17,887 |  |  |  | 5,367 |
Other |  |  | (239,515 | ) |  |  | 38,135 |  |  |  | 108,288 |
|  |  | 6,573,214 |  |  |  | 7,717,990 |  |  |  | 8,464,730 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Purchases of Premises and Equipment |  |  | (183,228 | ) |  |  | (94,925 | ) |  |  | (6,836 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from Other Borrowed Money |  |  | 7,500 |  |  |  | 5,000,000 |  |  |  | - |
Principal Payments on Other Borrowed Money |  |  | (1,507,500 | ) |  |  | (3,500,000 | ) |  |  | - |
Dividends Paid on Common Stock |  |  | (1,688,417 | ) |  |  | (843,934 | ) |  |  | - |
Dividends Paid on Preferred Stock |  |  | - |  |  |  | (315,900 | ) |  |  | (1,590,746 | )
Repurchase of Warrants |  |  | (3,175,000 | ) |  |  | - |  |  |  | - |
Redemption of Preferred Stock |  |  | - |  |  |  | (9,360,000 | ) |  |  | (8,661,000 | )
|  |  | (6,363,417 | ) |  |  | (9,019,834 | ) |  |  | (10,251,746 | )
Increase (Decrease) in Cash |  |  | 26,569 |  |  |  | (1,396,769 | ) |  |  | (1,793,852 | )
Cash, Beginning |  |  | 910,239 |  |  |  | 2,307,008 |  |  |  | 4,100,860 |
Cash, Ending |  | $ | 936,808 |  |  | $ | 910,239 |  |  | $ | 2,307,008 |

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration