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Note 22 - Financial Information of Colony Bankcorp, Inc. (Parent Only) | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 22 . Financial Information of Colony Bankcorp, Inc. (Parent Only) The parent company’s balance sheets as of December 31, 2019 and 2018 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 (DOLLARS IN THOUSANDS)
|  | 2019 |  |  | 2018 |
ASSETS |
Cash |  | $ | 2,049 |  |  | $ | 937 |
Premises and equipment, net |  |  | 1,171 |  |  |  | 1,198 |
Investment in subsidiaries |  |  | 165,836 |  |  |  | 117,743 |
Other |  |  | 483 |  |  |  | 236 |
Total Assets |  | $ | 169,539 |  |  | $ | 120,114 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Liabilities |  |  |  |  |  |  |  |
Other borrowed money |  | $ | 14,563 |  |  | $ | - |
Other |  |  | 241 |  |  |  | 193 |
Subordinated debt |  |  | 24,229 |  |  |  | 24,229 |
Total Liabilities |  | $ | 39,033 |  |  | $ | 24,422 |
Stockholders’ Equity |  |  |  |  |  |  |  |
Common stock, par value $1; 20,000,000 shares authorized, 9,498,783 and 8,439,258 shares issued and outstanding as of December 31, 2019 and 2018, respectively |  |  | 9,499 |  |  |  | 8,445 |
Paid-in capital |  |  | 43,667 |  |  |  | 25,978 |
Retained earnings |  |  | 76,978 |  |  |  | 69,459 |
Accumulated other comprehensive income (loss), net of tax |  |  | 362 |  |  |  | (8,190 | )
Total Stockholder’s Equity |  |  | 130,506 |  |  |  | 95,692 |
Total Liabilities and Stockholders’ Equity |  | $ | 169,539 |  |  | $ | 120,114 |
COLONY BANKCORP, INC. (PARENT ONLY)
STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31
(DOLLARS IN THOUSANDS)
|  | 2019 |  |  | 2018 |
Income |  |  |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 6,731 |  |  | $ | 8,329 |
Management fees |  |  | 750 |  |  |  | 601 |
Other |  |  | 18 |  |  |  | 106 |
Total income |  |  | 7,499 |  |  |  | 9,036 |
Expenses |  |  |  |  |  |  |  |
Interest |  |  | 1,541 |  |  |  | 972 |
Salaries and employee benefits |  |  | 1,097 |  |  |  | 1,084 |
Other |  |  | 1,262 |  |  |  | 691 |
Total expenses |  |  | 3,899 |  |  |  | 2,747 |
Income before income taxes and equity in undistributed earnings of subsidiaries |  |  | 3,600 |  |  |  | 6,289 |
Income tax benefit |  |  | 639 |  |  |  | 422 |
Income before equity in undistributed earnings of subsidiaries |  |  | 4,239 |  |  |  | 6,711 |
Equity in undistributed earnings of subsidiaries |  |  | 5,972 |  |  |  | 5,206 |
Net income |  | $ | 10,211 |  |  | $ | 11,917 |
COLONY BANKCORP, INC. (PARENT ONLY)
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31
(DOLLARS IN THOUSANDS)
|  | 2019 |  |  | 2018 |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |
Net income |  | $ | 10,211 |  |  | $ | 11,917 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 81 |  |  |  | 85 |
Share-based compensation expense |  |  | 34 |  |  |  | 14 |
Equity in undistributed earnings of subsidiaries |  |  | (5,972) |  |  |  | (5,206) |
Change in interest payable |  |  | 21 |  |  |  | 3 |
Other |  |  | 1,065 |  |  |  | (240) |
Net cash provided by operating activities |  |  | 5,440 |  |  |  | 6,573 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |
Purchase of premises and equipment |  |  | (54) |  |  |  | (183) |
Net cash and cash equivalents paid in acquisition |  |  | (16,145) |  |  |  | - |
Net cash (used in) provided by investing activities |  |  | (16,199) |  |  |  | (183) |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |
Net increase (decrease) in other borrowed money |  |  | 14,563 |  |  |  | (1,500) |
Dividends paid for common stock |  |  | (2,692) |  |  |  | (1,688) |
Repurchase of warrants |  |  | - |  |  |  | (3,175) |
Net cash (used in) provided by financing activities |  |  | 11,871 |  |  |  | (6,363) |
Net increase (decrease) in cash and cash equivalents |  |  | 1,112 |  |  |  | 27 |
Cash and cash equivalents at beginning of period |  |  | 937 |  |  |  | 910 |
Cash and cash equivalents at end of period |  | $ | 2,049 |  |  | $ | 937 |

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- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -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 + Details
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