EX-99.1 2 a4q2021cbaner.htm EX-99.1
For additional information, contact:
Tracie Youngblood
EVP & Chief Financial Officer
(229) 426-6000 (Ext 6003)
COLONY BANKCORP REPORTS FOURTH QUARTER AND YEAR END 2021 RESULTS
DECLARES QUARTERLY CASH DIVIDEND OF $0.1075 PER SHARE
FITZGERALD, GA. (January 20, 2022) – Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”) today reported financial results for the fourth quarter of 2021 and for the year ended December 31, 2021. Financial highlights are shown below.
Financial Highlights:
•Net income was $4.2 million, or $0.30 per diluted share, for the fourth quarter of 2021. Net income for the year ended December 31, 2021 was $18.7 million, or $1.66 per diluted share.
•Operating net income of $5.5 million, or $0.40 per diluted share for the fourth quarter of 2021 and $22.2 million, or $1.98 per diluted share for the year ended December 31, 2021. (see Reconciliation of Non-GAAP Measures).
•$50,000 in provision for loan losses was recorded in fourth quarter of 2021 and $700,000 was recorded for the full year of 2021.
•Total loans, excluding loans held for sale and PPP, totaled $1.3 billion at December 31, 2021, an increase of $36.6 million, or 2.8% from the prior quarter.
•Mortgage production was $99.5 million, with $26.2 million in refinances, and $73.3 million in purchases in the fourth quarter of 2021. Total mortgage production in 2021 was $405.0 million.
•Small Business Specialty Lending (“SBSL”) closed $41.6 million in Small Business Administration (“SBA”) loans and sold $24.3 million in SBA loans in the fourth quarter and closed $100.0 million and sold $58.3 million for the year ended December 31, 2021.
•Non-recurring charges of $600,000 related to efficiency efforts incurred in the fourth quarter of 2021.
•Losses on sales of securities of $200,000 were recognized in the fourth quarter of 2021. Underperforming securities were sold and higher yielding securities were purchased.
The Company also announced that on January 20, 2022, the Board of Directors declared a quarterly cash dividend of $0.1075 per share, to be paid on its common stock on February 18, 2022, to shareholders of record as of the close of business on February 4, 2022. Outstanding shares as of January 20, 2022 were 13,741,848.
Commenting on the announcement, Heath Fountain, President and Chief Executive Officer, said, “First, I would like to thank all of the Colony team members who were involved with the successful integration of the SouthCrest platform in November. These projects are critical to the success of any acquisition and our team dedicated the hours necessary to achieve the best outcome possible. As a result of these efforts, we are currently on track to achieve the efficiencies that were projected for this acquisition.
“Clearly COVID remains a big part of the economic picture, and while we continue to see accelerated loan repayments, our lending team was able to grow net loans over 11% annualized during the quarter which is within our stated goal of 8-12%. Our current expectations are that this level of loan growth should continue into 2022.
“We were also very pleased with the growth in core deposits during the quarter. The majority of the nearly $180 million increase from the third quarter balances occurred in the non-interest bearing and interest bearing deposit categories. While some of this growth was due to seasonally strong public funds deposits, the growth to the overall balance sheet will provide us an excellent base for potential future earnings.”
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“The Company continues to experience very mild credit losses and non-performing asset levels. Non-performing loans decreased primarily due to one large payoff and multiple smaller upgrades due to recent payment performance.”
“Finally, we continue to have significant opportunities to grow earnings at Colony through merger activity, market dislocation due to other acquisitions, ancillary business line acquisition and additional production hires. We continue to optimize the existing platform to take advantage of these opportunities, and expect to continue our growth as Georgia’s pre-eminent community bank.”
Balance Sheet
•Total assets were $2.7 billion at December 31, 2021, an increase of $927.7 million, or 52.6%, compared to the same period in 2020. The increase was primarily related to acquisition of SouthCrest Financial Group, Inc. (“SouthCrest”).
•Total loans, including loans held for sale, totaled $1.38 billion at December 31, 2021, an increase of $264.2 million, or 23.8% from the same period in 2020. Legacy loan growth was up $116.6 million or 13.4% compared to the same period in 2020. The increase in total loans was primarily the result of the acquisition of SouthCrest offset by the forgiveness of loans under the Paycheck Protection Program (“PPP”).
•Total deposits totaled $2.4 billion at December 31, 2021, an increase of $929.6 million, or 64.3%, compared to the same period in 2020. The increase was in all types of deposits and was primarily the result of the acquisition of SouthCrest.
•Total borrowings at December 31, 2021 totaled $88.4 million, a decrease of $78.6 million, or 47.1%, compared to the same period in 2020.
Capital
•Colony continues to maintain a strong capital position, with ratios that exceed regulatory minimums required to be classified as “well-capitalized.”
•Preliminary tier one leverage ratio, tier one capital ratio, total risk-based capital ratio and common equity tier one capital ratio were 7.48%, 11.90%, 12.69%, and 10.46%, re spectively, at December 31, 2021.
Fourth Quarter Results of Operations
•Net interest income, on a tax-equivalent basis, for the fourth quarter of 2021 totaled $19.2 million, compared to $15.2 million for the fourth quarter 2020. The increase during the quarter is primarily attributable to a full quarter of loan interest income related to loans acquired in the acquisition of SouthCrest.
•Net interest margin decreased 42 basis points from prior year fourth quarter of 2020 primarily driven by a decrease in deferred fee income recognized on PPP loans and a decrease in interest rates on loans and investments during 2021 offset by a decrease in rates paid on deposits.
•Noninterest income totaled $10.8 million for the fourth quarter ended December 31, 2021, an increase of $2.8 million, or 34.5%, compared to the same period in 2020. The increase was primarily attributable to SBSL loan sales, Southcrest and insurance acquisitions, growth in interchange fee income and service charges on deposits offset by gain on the sale of assets that happened in the fourth quarter ended December 31, 2021.
•Noninterest expense totaled $24.5 million for the fourth quarter ended December 31, 2021, compared to $16.0 million for the same period in 2020. The increase in noninterest expense primarily resulted from a $3.9 million increase in salary expense and $1.4 million increase in acquisition expenses related to the acquisitions of SouthCrest and The Barnes Agency (“Barnes”).
Asset Quality
•Nonperforming assets totaled $5.8 million and $13.1 million at December 31, 2021 and September 30, 2021, respectively. Nonaccrual loans decreased $6.7 million due to loan payoffs and loans moved to accruing status that were properly performing.
•OREO and repossessed assets totaled $330,000 at December 31, 2021, a decrease of $480,000, or 59% compared to September 30, 2021, primarily related to sale of two OREO properties in the fourth quarter.
•Net recoveries on loans charged-off were $17,000, or (0.01)% of average loans for the fourth quarter of 2021, compared to net charge-offs of $144,000 or 0.05% for the third quarter of 2021.
•The loan loss reserve was $12.9 million, or 0.96% of total loans, at December 31, 2021, compared to $12.9 million, or 0.98% of total loans, at September 30, 2021.
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Asset quality remains strong as indicated by the overall improvement in asset quality ratios as of the fourth quarter 2021.
About Colony Bankcorp
Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in 1975 and headquartered in Fitzgerald, Georgia, Colony operates 39 locations throughout Georgia. At Colony Bank, we offer a wide range of banking services including personal banking, business banking, mortgage solutions, government guaranteed lending solutions, and more. We have expanded our services to also include consumer insurance products, such as automotive, homeowners, and other insurance needs for our community. Colony’s common stock is traded on the NASDAQ Global Market under the symbol “CBAN.” For more information, please visit www.colony.bank. You can also follow the Company on social media.
Forward-Looking Statements
Certain statements contained in this press release that are not statements of historical fact constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, certain statements may be contained in the Company’s future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to: (i) projections and/or expectations of revenues, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statement of plans and objectives of Colony Bankcorp, Inc. or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; (iv) statements regarding growth strategy, capital management, liquidity and funding, and future profitability; (v) statements regarding the effects of the COVID-19 pandemic and related variants on the Company’s business and financial results and conditions; (vi) statements relating to the timing, benefits, costs, and synergies of the recently completed acquisitions of SouthCrest (the “Merger”) and Barnes; and (vii) statements of assumptions underlying such statements. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: the impact of the COVID-19 pandemic and related variants on the Company’s assets, business, cash flows, financial condition, liquidity, prospects and results of operations; potential increases in the provision for loan losses resulting from the COVID-19 pandemic and related variants; the Company’s ability to implement its various strategic and growth initiatives; competitive pressures among financial institutions increasing significantly; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; interest rate risk; legislation or regulatory changes which adversely affect the ability of the consolidated Company to conduct business combinations or new operations, including changes to statutes, regulations or regulatory policies or practices as a result of, or in response to, COVID-19 and related variants; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company’s participation in and execution of government programs related to the COVID-19 pandemic and related variants; the risk that the cost savings and any revenue synergies from the Merger and the acquisition of Barnes may not be realized or take longer than anticipated; the risk of successful integration of SouthCrest’s and Barnes’ businesses into the Company; reputation risk and the reaction of each of the Company’s, SouthCrest’s and Barnes’ customers, suppliers, employees or other business partners to the Merger and the Barnes acquisition; the risk that the integration of SouthCrest’s operations into the operations of the Company will be materially delayed or will be more costly or difficult than expected; the the timing and achievement of expected cost reductions following the Merger; the timing and achievement of the recovery of the reduction of tangible book value resulting from the Merger; the risks associated with the Company’s pursuit of future acquisitions; and general competitive, economic, political and market conditions or other unexpected factors or events. These and other factors, risks and uncertainties could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Many of these factors are beyond the Company’s ability to control or predict.
Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company’s management and are inherently
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subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company’s filings with the Securities and Exchange Commission, the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors,” and in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.
Explanation of Certain Unaudited Non-GAAP Financial Measures
The measures entitled operating net income; adjusted earnings per diluted share; tangible book value per common share; and operating efficiency ratio; are not measures recognized under U.S. generally accepted accounting principles (GAAP) and therefore are considered non-GAAP financial measures. The most comparable GAAP measures are net income, diluted earnings per share, book value per common share, and efficiency ratio, respectively. Operating net income and operating efficiency ratio both exclude acquisition-related expenses. Adjusted earnings per diluted share includes the adjustments to operating net income. Tangible book value per common share excludes goodwill and other intangibles.
Management uses these non-GAAP financial measures in its analysis of the Company's performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company's performance, and if not provided would be requested by the investor community. The Company believes the non-GAAP measures enhance investors' understanding of the Company's business and performance. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently.
These disclosures should not be considered an alternative to GAAP. The computations of operating net income; adjusted earnings per diluted share; tangible book value per common share; and operating efficiency ratio and the reconciliation of these measures to net income, diluted earnings per share, book value per common share, efficiency ratio, are set forth in the table below.
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Colony Bankcorp, Inc. |  |  |  |  |  |
Reconciliation of Non-GAAP Measures |  |  |  |  |  |
|  | 2021 |  | 2020 |  |
(dollars in thousands, except per share data) |  | Fourth Quarter |  | Third Quarter |  | Second Quarter |  | First Quarter |  | Fourth Quarter |  |
Operating net income reconciliation |  |  |  |  |  |  |  |  |  |  |  |
Net income (GAAP) |  | $ | 4,159 |  |  | $ | 5,583 |  |  | $ | 3,997 |  |  | $ | 4,919 |  |  | $ | 4,900 |  |  |
Acquisition-related expenses |  | 1,592 |  |  | 1,994 |  |  | 865 |  |  | 176 |  |  | 148 |  |  |
Writedown of bank premises |  | 90 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Gain on sale of Thomaston branch |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,026) |  |  |
Income tax expense (benefit) |  | (353) |  |  | (518) |  |  | (225) |  |  | (46) |  |  | 184 |  |  |
Operating net income |  | $ | 5,488 |  |  | $ | 7,059 |  |  | $ | 4,637 |  |  | $ | 5,049 |  |  | $ | 4,206 |  |  |
Weighted average diluted shares |  | 13,673,998 |  |  | 12,344,926 |  |  | 9,498,783 |  |  | 9,498,783 |  |  | 9,498,783 |  |  |
Adjusted earnings per diluted share |  | $ | 0.40 |  |  | $ | 0.57 |  |  | $ | 0.49 |  |  | $ | 0.53 |  |  | $ | 0.44 |  |  |
Tangible book value per common share reconciliation |  |  |  |  |  |  |  |  |  |  |  |
Book value per common share (GAAP) |  | $ | 15.92 |  |  | $ | 15.88 |  |  | $ | 15.46 |  |  | $ | 15.11 |  |  | $ | 15.21 |  |  |
Effect of goodwill and other intangibles |  | (4.51) |  |  | (4.46) |  |  | (1.89) |  |  | (1.97) |  |  | (1.95) |  |  |
Tangible book value per common share |  | $ | 11.41 |  |  | $ | 11.42 |  |  | $ | 13.57 |  |  | $ | 13.14 |  |  | $ | 13.26 |  |  |
Operating efficiency ratio calculation |  |  |  |  |  |  |  |  |  |  |  |
Efficiency ratio (GAAP) |  | 82.15 | % |  | 77.68 | % |  | 76.53 | % |  | 69.04 | % |  | 68.93 | % |  |
Acquisition-related expenses |  | (5.33) |  |  | (7.30) |  |  | (3.79) |  |  | (0.77) |  |  | (0.64) |  |  |
Writedown of bank premises |  | (0.30) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Gain on sale of Thomaston branch |  | — | % |  | — | % |  | — | % |  | — | % |  | 3.19 | % |  |
Operating efficiency ratio |  | 76.21 | % |  | 70.38 | % |  | 72.74 | % |  | 68.27 | % |  | 71.49 | % |  |

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Colony Bankcorp, Inc.
Selected Financial Information
|  | 2021 |  | 2020 |  |
(dollars in thousands, except per share data) |  | Fourth Quarter |  | Third Quarter |  | Second Quarter |  | First Quarter |  | Fourth Quarter |  |
EARNINGS SUMMARY |  |  |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 19,022 |  |  | $ | 17,868 |  |  | $ | 15,069 |  |  | $ | 14,283 |  |  | $ | 15,151 |  |  |
Provision for loan losses |  | 50 |  |  | 150 |  |  | — |  |  | 500 |  |  | 1,296 |  |  |
Non-interest income |  | 10,815 |  |  | 9,438 |  |  | 7,751 |  |  | 8,576 |  |  | 8,039 |  |  |
Non-interest expense |  | 24,512 |  |  | 21,211 |  |  | 17,465 |  |  | 15,782 |  |  | 15,986 |  |  |
Income taxes |  | 1,116 |  |  | 362 |  |  | 1,358 |  |  | 1,658 |  |  | 1,008 |  |  |
Net income |  | 4,159 |  |  | 5,583 |  |  | 3,997 |  |  | 4,919 |  |  | 4,900 |  |  |
PERFORMANCE MEASURES |  |  |  |  |  |  |  |  |  |  |  |
Per common share: |  |  |  |  |  |  |  |  |  |  |  |
Common shares outstanding |  | 13,673,898 |  |  | 13,674,198 |  |  | 9,498,783 |  |  | 9,498,783 |  |  | 9,498,783 |  |  |
Weighted average basic shares |  | 13,673,998 |  |  | 12,344,926 |  |  | 9,498,783 |  |  | 9,498,783 |  |  | 9,498,783 |  |  |
Weighted average diluted shares |  | 13,673,998 |  |  | 12,344,926 |  |  | 9,498,783 |  |  | 9,498,783 |  |  | 9,498,783 |  |  |
Earnings per basic share |  | $ | 0.30 |  |  | $ | 0.45 |  |  | $ | 0.42 |  |  | $ | 0.52 |  |  | $ | 0.52 |  |  |
Earnings per diluted share |  | 0.30 |  |  | 0.45 |  |  | 0.42 |  |  | 0.52 |  |  | 0.52 |  |  |
Adjusted earnings per diluted share(b) |  | 0.40 |  |  | 0.57 |  |  | 0.49 |  |  | 0.53 |  |  | 0.44 |  |  |
Cash dividends declared per share |  | 0.1025 |  |  | 0.1025 |  |  | 0.1025 |  |  | 0.1025 |  |  | 0.1000 |  |  |
Common book value per share |  | 15.92 |  |  | 15.88 |  |  | 15.46 |  |  | 15.11 |  |  | 15.21 |  |  |
Tangible book value per common share(b) |  | 11.41 |  |  | 11.42 |  |  | 13.50 |  |  | 13.14 |  |  | 13.26 |  |  |
Performance ratios: |  |  |  |  |  |  |  |  |  |  |  |
Net interest margin (a) |  | 3.16 | % |  | 3.48 | % |  | 3.68 | % |  | 3.50 | % |  | 3.58 | % |  |
Return on average assets |  | 0.64 |  |  | 1.00 |  |  | 0.91 |  |  | 1.12 |  |  | 1.08 |  |  |
Return on average total equity |  | 7.65 |  |  | 11.49 |  |  | 11.14 |  |  | 13.71 |  |  | 13.73 |  |  |
Efficiency ratio |  | 82.15 |  |  | 77.68 |  |  | 76.53 |  |  | 69.04 |  |  | 68.93 |  |  |
Operating efficiency ratio (b) |  | 76.52 |  |  | 70.38 |  |  | 72.74 |  |  | 68.27 |  |  | 71.49 |  |  |

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Colony Bankcorp, Inc.
Selected Financial Information
|  | 2021 |  | 2020 |  |
(dollars in thousands, except per share data) |  | Fourth Quarter |  | Third Quarter |  | Second Quarter |  | First Quarter |  | Fourth Quarter |  |
ASSET QUALITY |  |  |  |  |  |  |  |  |  |  |  |
Nonperforming loans (NPLs) |  | $ | 5,449 |  |  | $ | 12,246 |  |  | $ | 9,205 |  |  | $ | 10,676 |  |  | $ | 9,128 |  |  |
Other real estate owned |  | 281 |  |  | 807 |  |  | 270 |  |  | 518 |  |  | 1,006 |  |  |
Repossessed assets |  | 49 |  |  | 3 |  |  | 29 |  |  | 29 |  |  | 30 |  |  |
Total nonperforming assets (NPAs) |  | 5,779 |  |  | 13,056 |  |  | 9,504 |  |  | 11,223 |  |  | 10,164 |  |  |
Classified loans |  | 19,016 |  |  | 30,300 |  |  | 30,852 |  |  | 35,182 |  |  | 30,404 |  |  |
Criticized loans |  | 58,938 |  |  | 61,857 |  |  | 64,818 |  |  | 80,288 |  |  | 75,633 |  |  |
Net loan (recoveries)/charge-offs |  | (17) |  |  | 144 |  |  | (178) |  |  | (66) |  |  | 189 |  |  |
Allowance for loan losses to total loans |  | 0.96 | % |  | 0.98 | % |  | 1.26 | % |  | 1.19 | % |  | 1.14 | % |  |
Allowance for loan losses to total NPLs |  | 236.92 |  |  | 105.15 |  |  | 140.15 |  |  | 118.89 |  |  | 132.85 |  |  |
Allowance for loan losses to total NPAs |  | 223.40 |  |  | 98.63 |  |  | 135.73 |  |  | 113.10 |  |  | 119.31 |  |  |
Net (recoveries)/charge-offs to average loans |  | (0.01) |  |  | 0.05 |  |  | (0.09) |  |  | (0.02) |  |  | 0.07 |  |  |
NPLs to total loans |  | 0.41 |  |  | 0.93 |  |  | 0.90 |  |  | 1.00 |  |  | 0.86 |  |  |
NPAs to total assets |  | 0.21 |  |  | 0.52 |  |  | 0.54 |  |  | 0.62 |  |  | 0.58 |  |  |
NPAs to total loans and other real estate owned |  | 0.43 |  |  | 1.00 |  |  | 0.93 |  |  | 1.06 |  |  | 0.96 |  |  |
AVERAGE BALANCES |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 2,589,908 |  |  | $ | 2,272,904 |  |  | $ | 1,777,559 |  |  | $ | 1,774,123 |  |  | $ | 1,797,749 |  |  |
Loans, net |  | 1,306,796 |  | 1,218,102 |  | 1,052,645 |  | 1,051,179 |  | 1,100,729 |  |
Loans, held for sale |  | 38,543 |  |  | 24,964 |  |  | 24,139 |  |  | 27,828 |  |  | 51,143 |  |  |
Deposits |  | 2,274,910 |  |  | 1,975,418 |  |  | 1,547,139 |  |  | 1,475,944 |  |  | 1,456,287 |  |  |
Total stockholders’ equity |  | 215,783 |  |  | 197,109 |  |  | 144,761 |  |  | 145,515 |  |  | 141,570 |  |  |
(a) Computed using fully taxable-equivalent net income.
(b) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP

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Colony Bankcorp, Inc.
Average Balance Sheet and Net Interest Analysis
| Three Months Ended December 31,
| 2021 |  | 2020
(dollars in thousands) | Average Balances |  | Income/ Expense |  | Yields/ Rates |  | Average Balances |  | Income/ Expense |  | Yields/ Rates
Assets |  |  |  |  |  |  |  |  |  |  |
Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |
Loans, net of unearned income 1 | $ | 1,345,339 |  |  | $ | 16,489 |  |  | 4.86 | % |  | $ | 1,151,872 |  |  | $ | 14,878 |  |  | 5.12 | %
Investment securities, taxable | 782,906 |  |  | 3,332 |  |  | 1.69 | % |  | 335,228 |  |  | 1,485 |  |  | 1.76 | %
Investment securities, tax-exempt 2 | 101,941 |  |  | 485 |  |  | 1.89 | % |  | 31,218 |  |  | 147 |  |  | 1.87 | %
Deposits in banks and short term investments | 180,784 |  |  | 59 |  |  | 0.13 | % |  | 168,876 |  |  | 54 |  |  | 0.13 | %
Total interest-earning assets | 2,410,970 |  |  | 20,365 |  |  | 3.35 | % |  | 1,687,194 |  |  | 16,564 |  |  | 3.89 | %
Noninterest-earning assets | 178,938 |  |  |  |  |  |  | 110,555 |  |  |  |  |
Total assets | $ | 2,589,908 |  |  |  |  |  |  | $ | 1,797,749 |  |  |  |  |
Liabilities and stockholders' equity |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest-earning demand and savings | $ | 1,357,634 |  |  | $ | 299 |  |  | 0.09 | % |  | $ | 843,497 |  |  | $ | 203 |  |  | 0.10 | %
Other time | 354,663 |  |  | 381 |  |  | 0.43 | % |  | 280,175 |  |  | 630 |  |  | 0.89 | %
Total interest-bearing deposits | 1,712,297 |  |  | 680 |  |  | 0.16 | % |  | 1,123,672 |  |  | 833 |  |  | 0.29 | %
Federal Home Loan Bank advances | 51,621 |  |  | 252 |  |  | 1.94 | % |  | 22,500 |  |  | 116 |  |  | 2.06 | %
Paycheck Protection Program Liquidity Facility | — |  |  | — |  |  | — | % |  | 128,554 |  |  | 118 |  |  | 0.36 | %
Other borrowings | 37,038 |  |  | 247 |  |  | 2.64 | % |  | 38,339 |  |  | 254 |  |  | 2.62 | %
Total other interest-bearing liabilities | 88,659 |  |  | 499 |  |  | 2.23 | % |  | 189,393 |  |  | 488 |  |  | 1.02 | %
Total interest-bearing liabilities | 1,800,956 |  |  | 1,179 |  |  | 0.26 | % |  | 1,313,065 |  |  | 1,321 |  |  | 0.40 | %
Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
Demand deposits | $ | 562,613 |  |  |  |  |  |  | $ | 332,615 |  |  |  |  |
Other liabilities | 10,556 |  |  |  |  |  |  | 10,499 |  |  |  |  |
Stockholders' equity | 215,783 |  |  |  |  |  |  | 141,570 |  |  |  |  |
Total noninterest-bearing liabilities and stockholders' equity | 788,952 |  |  |  |  |  |  | 484,684 |  |  |  |  |
Total liabilities and stockholders' equity | $ | 2,589,908 |  |  |  |  |  |  | $ | 1,797,749 |  |  |  |  |
Interest rate spread |  |  |  |  | 3.09 | % |  |  |  |  |  | 3.49 | %
Net interest income |  |  | $ | 19,186 |  |  |  |  |  |  | $ | 15,243 |  |  |
Net interest margin |  |  |  |  | 3.16 | % |  |  |  |  |  | 3.58 | %

1 The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on the cash basis. Taxable-equivalent adjustments totaling $61,000 and $61,000 for the quarters ended December 31, 2021 and 2020, respectively, are included in income and fees on loans. Accretion income of $95,000 and $385,000 for the quarter ended December 31, 2021 and 2020 are also included in income and fees on loans.
2 T axable-equivalent adjustments totaling $102,000 and $31,000 for the quarters ended December 31, 2021 and 2020, respectively, are included in tax-exempt interest on investment securities.
8

Colony Bankcorp, Inc.
Average Balance Sheet and Net Interest Analysis
| Year Ended December 31,
| 2021 |  | 2020
(dollars in thousands) | Average Balances |  | Income/ Expense |  | Yields/ Rates |  | Average Balances |  | Income/ Expense |  | Yields/ Rates
Assets |  |  |  |  |  |  |  |  |  |  |
Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |
Loans, net of unearned income 3 | $ | 1,186,919 |  |  | $ | 60,380 |  |  | 5.09 | % |  | $ | 1,092,009 |  |  | $ | 55,802 |  |  | 5.11 | %
Investment securities, taxable | 547,793 |  |  | 9,343 |  |  | 1.71 | % |  | 336,140 |  |  | 6,875 |  |  | 2.05 | %
Investment securities, tax-exempt 4 | 61,476 |  |  | 1,161 |  |  | 1.89 | % |  | 17,070 |  |  | 331 |  |  | 1.94 | %
Deposits in banks and short term investments | 169,188 |  |  | 214 |  |  | 0.13 | % |  | 141,641 |  |  | 438 |  |  | 0.31 | %
Total interest-earning assets | 1,965,376 |  |  | 71,098 |  |  | 3.62 | % |  | 1,586,860 |  |  | 63,446 |  |  | 4.00 | %
Noninterest-earning assets | 135,916 |  |  |  |  |  |  | 104,375 |  |  |  |  |
Total assets | $ | 2,101,292 |  |  |  |  |  |  | $ | 1,691,235 |  |  |  |  |
Liabilities and stockholders' equity |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest-earning demand and savings | $ | 1,073,824 |  |  | $ | 929 |  |  | 0.09 | % |  | $ | 787,030 |  |  | $ | 1,870 |  |  | 0.24 | %
Other time | 297,704 |  |  | 1,672 |  |  | 0.56 | % |  | 305,374 |  |  | 3,729 |  |  | 1.22 | %
Total interest-bearing deposits | 1,371,528 |  |  | 2,601 |  |  | 0.19 | % |  | 1,092,404 |  |  | 5,599 |  |  | 0.51 | %
Federal Home Loan Bank advances | 34,849 |  |  | 691 |  |  | 1.98 | % |  | 33,249 |  |  | 743 |  |  | 2.23 | %
Paycheck Protection Program Liquidity Facility | 25,546 |  |  | 93 |  |  | 0.36 | % |  | 90,768 |  |  | 205 |  |  | — | %
Other borrowings | 32,686 |  |  | 1,012 |  |  | 3.10 | % |  | 38,527 |  |  | 1,333 |  |  | 3.46 | %
Total other interest-bearing liabilities | 93,081 |  |  | 1,796 |  |  | 1.93 | % |  | 162,544 |  |  | 2,281 |  |  | 1.40 | %
Total interest-bearing liabilities | 1,464,609 |  |  | 4,397 |  |  | 0.30 | % |  | 1,254,948 |  |  | 7,880 |  |  | 0.63 | %
Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
Demand deposits | $ | 449,445 |  |  |  |  |  |  | $ | 294,008 |  |  |  |  |
Other liabilities | 11,197 |  |  |  |  |  |  | 4,325 |  |  |  |  |
Stockholders' equity | 176,043 |  |  |  |  |  |  | 137,954 |  |  |  |  |
Total noninterest-bearing liabilities and stockholders' equity | 636,685 |  |  |  |  |  |  | 436,287 |  |  |  |  |
Total liabilities and stockholders' equity | $ | 2,101,294 |  |  |  |  |  |  | $ | 1,691,235 |  |  |  |  |
Interest rate spread |  |  |  |  | 3.32 | % |  |  |  |  |  | 3.37 | %
Net interest income |  |  | $ | 66,701 |  |  |  |  |  |  | $ | 55,566 |  |  |
Net interest margin |  |  |  |  | 3.39 | % |  |  |  |  |  | 3.50 | %

3 The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on the cash basis. Taxable-equivalent adjustments totaling $268,000 and $252,000 for the twelve months ended December 31, 2021 and 2020, respectively, are included in income and fees on loans. Accretion income of $470,000 and $763,000 for the twelve months ended December 31, 2021 and 2020 are also included in income and fees on loans.
4 T axable-equivalent adjustments totaling $244,000 and $69,000 for the twelve months ended December 31, 2021 and 2020, respectively, are included in tax-exempt interest on investment securities.
9

Colony Bankcorp, Inc. |  |
Segment Reporting |  |
|  | 2021 |  | 2020
(dollars in thousands) |  | Fourth Quarter |  | Third Quarter |  | Second Quarter |  | First Quarter |  | Fourth Quarter
Banking Division |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 18,316 |  |  | $ | 17,181 |  |  | $ | 14,864 |  |  | $ | 13,985 |  |  | $ | 14,752 |
Provision for loan losses |  | 50 |  |  | 150 |  |  | — |  |  | 500 |  |  | 1,296 |
Noninterest income |  | 4,480 |  |  | 4,340 |  |  | 3,354 |  |  | 3,005 |  |  | 3,952 |
Noninterest expenses |  | 19,280 |  |  | 16,941 |  |  | 13,366 |  |  | 11,960 |  |  | 11,656 |
Income taxes |  | 475 |  |  | 434 |  |  | 1,241 |  |  | 1,160 |  |  | 973 |
Segment income |  | $ | 2,991 |  |  | $ | 3,996 |  |  | $ | 3,611 |  |  | $ | 3,370 |  |  | $ | 4,779 |
Total segment assets |  | $ | 2,620,501 |  |  | $ | 2,499,223 |  |  | $ | 1,710,345 |  |  | $ | 1,755,667 |  |  | $ | 1,709,696 |
Full time employees |  | 400 |  |  | 417 |  |  | 294 |  |  | 291 |  |  | 305 |
Mortgage Banking Division |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 114 |  |  | $ | 138 |  |  | $ | 123 |  |  | $ | 168 |  |  | $ | 299 |
Provision for loan losses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Noninterest income |  | 3,102 |  |  | 3,104 |  |  | 2,997 |  |  | 3,986 |  |  | 3,420 |
Noninterest expenses |  | 2,869 |  |  | 2,765 |  |  | 2,887 |  |  | 2,793 |  |  | 2,835 |
Income taxes |  | 334 |  |  | (290) |  |  | 60 |  |  | 354 |  |  | 188 |
Segment income |  | $ | 13 |  |  | $ | 767 |  |  | $ | 173 |  |  | $ | 1,007 |  |  | $ | 696 |
Total segment assets |  | $ | 25,149 |  |  | $ | 21,184 |  |  | $ | 25,149 |  |  | $ | 27,478 |  |  | $ | 50,266 |
Full time employees |  | 55 |  |  | 53 |  |  | 53 |  |  | 51 |  |  | 43 |
Small Business Specialty Lending Division |  |  |  |  |  |
Net interest income |  | $ | 592 |  |  | $ | 549 |  |  | $ | 82 |  |  | $ | 130 |  |  | $ | 100 |
Provision for loan losses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Noninterest income |  | 3,233 |  |  | 1,994 |  |  | 1,400 |  |  | 1,585 |  |  | 667 |
Noninterest expenses |  | 2,363 |  |  | 1,505 |  |  | 1,212 |  |  | 1,029 |  |  | 1,495 |
Income taxes |  | 307 |  |  | 218 |  |  | 57 |  |  | 144 |  |  | (153) |
Segment income |  | $ | 1,155 |  |  | $ | 820 |  |  | $ | 213 |  |  | $ | 542 |  |  | $ | (575) |
Total segment assets |  | $ | 46,065 |  |  | $ | 23,291 |  |  | $ | 20,024 |  |  | $ | 15,901 |  |  | $ | 4,012 |
Full time employees |  | 26 |  |  | 24 |  |  | 24 |  |  | 23 |  |  | 21 |
Total Consolidated |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 19,022 |  |  | $ | 17,868 |  |  | $ | 15,069 |  |  | $ | 14,283 |  |  | $ | 15,151 |
Provision for loan losses |  | 50 |  |  | 150 |  |  | — |  |  | 500 |  |  | 1,296 |
Noninterest income |  | 10,815 |  |  | 9,438 |  |  | 7,751 |  |  | 8,576 |  |  | 8,039 |
Noninterest expenses |  | 24,512 |  |  | 21,211 |  |  | 17,465 |  |  | 15,782 |  |  | 15,986 |
Income taxes |  | 1,116 |  |  | 362 |  |  | 1,358 |  |  | 1,658 |  |  | 1,008 |
Segment income |  | $ | 4,159 |  |  | $ | 5,583 |  |  | $ | 3,997 |  |  | 4,919 |  |  | $ | 4,900 |
Total segment assets |  | $ | 2,691,715 |  |  | $ | 2,543,698 |  |  | $ | 1,755,518 |  |  | $ | 1,799,046 |  |  | $ | 1,763,974 |
Full time employees |  | 481 |  |  | 494 |  |  | 371 |  |  | 365 |  |  | 369 |

10

Colony Bankcorp, Inc.
Consolidated Balance Sheets
|  | December 31, 2021 |  | December 31, 2020 |
(dollars in thousands) |  | (unaudited) |  | (audited) |
ASSETS |  |  |  |  |
Cash and due from banks |  | $ | 18,975 |  |  | $ | 17,218 |  |
Interest-bearing deposits in banks and federal funds sold |  | 178,257 |  |  | 166,288 |  |
Cash and cash equivalents |  | 197,232 |  | 183,506 |
Investment securities available for sale, at fair value |  | 947,992 |  |  | 380,814 |  |
Other investments, at cost |  | 4,184 |  |  | 3,296 |  |
Loans held for sale |  | 38,150 |  |  | 52,386 |  |
Loans, net of unearned income |  | 1,337,977 |  |  | 1,059,503 |  |
Allowance for loan losses |  | (12,910) |  |  | (12,127) |  |
Loans, net |  | 1,325,067 |  |  | 1,047,376 |  |
Premises and equipment |  | 43,033 |  |  | 32,057 |  |
Other real estate |  | 281 |  |  | 1,006 |  |
Goodwill |  | 52,906 |  |  | 15,992 |  |
Other intangible assets |  | 8,724 |  |  | 2,566 |  |
Bank owned life insurance |  | 55,159 |  |  | 31,547 |  |
Other assets |  | 18,987 |  |  | 13,428 |  |
Total assets |  | $ | 2,691,715 |  |  | $ | 1,763,974 |  |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |
Liabilities: |  |  |  |  |
Deposits: |  |  |  |  |
Noninterest-bearing |  | $ | 552,576 |  |  | $ | 326,999 |  |
Interest-bearing |  | 1,822,032 |  |  | 1,118,028 |  |
Total deposits |  | 2,374,608 |  |  | 1,445,027 |  |
Federal Home Loan Bank advances |  | 51,656 |  |  | 22,500 |  |
Paycheck Protection Program Liquidity Facility |  | — |  |  | 106,789 |  |
Other borrowed money |  | 36,792 |  |  | 37,792 |  |
Accrued expenses and other liabilities |  | 10,952 |  |  | 7,378 |  |
Total liabilities |  | $ | 2,474,008 |  |  | $ | 1,619,486 |  |
Stockholders’ equity |  |  |  |  |
Common stock, $1 par value; 20,000,000 shares authorized, 13,673,898 and 9,498,783 issued and outstanding, respectively |  | $ | 13,674 |  |  | $ | 9,499 |  |
Paid in capital |  | 111,021 |  |  | 43,215 |  |
Retained earnings |  | 99,189 |  |  | 84,993 |  |
Accumulated other comprehensive (loss) income, net of tax |  | (6,177) |  |  | 6,781 |  |
Total stockholders’ equity |  | 217,707 |  |  | 144,488 |  |
Total liabilities and stockholders’ equity |  | $ | 2,691,715 |  |  | $ | 1,763,974 |  |

11

Colony Bankcorp, Inc. |  |  |  |  |  |  |  |
Consolidated Statements of Income (unaudited) |  |  |  |  |  |  |  |
|  | Three months ended December 31, |  | Twelve months ended December 31,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
(dollars in thousands, except per share data) |  |  |  |
Interest income: |  |  |  |  |  |  |  |
Loans, including fees |  | $ | 16,428 |  |  | 14,818 |  |  | $ | 60,112 |  |  | 55,550 |
Investment securities |  | 3,715 |  |  | 1,601 |  |  | 10,260 |  |  | 7,137 |
Deposits in banks and short term investments |  | 58 |  |  | 53 |  |  | 214 |  |  | 438 |
Total interest income |  | 20,201 |  |  | 16,472 |  |  | 70,586 |  |  | 63,125 |
Interest expense: |  |  |  |  |  |  |  |
Deposits |  | 679 |  |  | 833 |  |  | 2,601 |  |  | 5,599 |
Federal Home Loan Bank advances |  | 253 |  |  | 116 |  |  | 691 |  |  | 743 |
Paycheck Protection Program Liquidity Facility |  | — |  |  | 118 |  |  | 93 |  |  | 205 |
Other borrowings |  | 247 |  |  | 254 |  |  | 1,012 |  |  | 1,333 |
Total interest expense |  | 1,179 |  |  | 1,321 |  |  | 4,397 |  |  | 7,880 |
Net interest income |  | 19,022 |  |  | 15,151 |  |  | 66,189 |  |  | 55,245 |
Provision for loan losses |  | 50 |  |  | 1,296 |  |  | 700 |  |  | 6,558 |
Net interest income after provision for loan losses |  | 18,972 |  |  | 13,855 |  |  | 65,489 |  |  | 48,687 |
Noninterest income: |  |  |  |  |  |  |  |
Service charges on deposits |  | 1,935 |  |  | 1,387 |  |  | 6,213 |  |  | 5,293 |
Mortgage fee income |  | 3,106 |  |  | 3,443 |  |  | 13,213 |  |  | 9,149 |
Gain on sale of SBA loans |  | 2,999 |  |  | 596 |  |  | 7,547 |  |  | 1,600 |
(Loss)/Gain on sale of securities |  | (224) |  |  | (83) |  |  | (87) |  |  | 926 |
Gain on sale of assets |  | — |  |  | 1,026 |  |  | — |  |  | 1,082 |
Interchange fees |  | 1,988 |  |  | 1,363 |  |  | 6,929 |  |  | 4,988 |
BOLI Income |  | 331 |  |  | 195 |  |  | 1,041 |  |  | 743 |
Other |  | 680 |  |  | 112 |  |  | 1,434 |  |  | 463 |
Total noninterest income |  | 10,815 |  |  | 8,039 |  |  | 36,290 |  |  | 24,244 |
Noninterest expense: |  |  |  |  |  |  |  |
Salaries and employee benefits |  | 13,689 |  |  | 9,810 |  |  | 45,596 |  |  | 34,141 |
Occupancy and equipment |  | 1,979 |  |  | 1,339 |  |  | 6,149 |  |  | 5,311 |
Acquisition related |  | 1,592 |  |  | 148 |  |  | 4,617 |  |  | 862 |
Information technology expenses |  | 2,180 |  |  | 1,611 |  |  | 7,673 |  |  | 5,746 |
Professional fees |  | 976 |  |  | 908 |  |  | 2,951 |  |  | 2,250 |
Advertising and public relations |  | 840 |  |  | 635 |  |  | 2,657 |  |  | 2,111 |
Communications |  | 536 |  |  | 203 |  |  | 1,373 |  |  | 835 |
Writedown of bank premises |  | 90 |  |  | — |  |  | — |  |  | 582 |
FHLB prepayment penalty |  | — |  |  | — |  |  | — |  |  | 925 |
Other |  | 2,630 |  |  | 1,332 |  |  | 7,609 |  |  | 5,538 |
Total noninterest expense |  | 24,512 |  |  | 15,986 |  |  | 78,625 |  |  | 58,301 |
Income before income taxes |  | 5,275 |  |  | 5,908 |  |  | 23,154 |  |  | 14,630 |
Income taxes |  | 1,116 |  |  | 1,008 |  |  | 4,495 |  |  | 2,815 |
Net income |  | $ | 4,159 |  |  | $ | 4,900 |  |  | $ | 18,659 |  |  | $ | 11,815 |
Earnings per common share: |  |  |  |  |  |  |  |
Basic |  | $ | 0.30 |  |  | $ | 0.52 |  |  | $ | 1.66 |  |  | $ | 1.24 |
Diluted |  | 0.30 |  |  | 0.52 |  |  | 1.66 |  |  | 1.24 |
Dividends declared per share |  | 0.1025 |  |  | 0.1000 |  |  | 0.4100 |  |  | 0.4000 |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |
Basic |  | 13,673,898 |  |  | 9,498,783 |  |  | 11,254,130 |  |  | 9,498,783 |
Diluted |  | 13,673,898 |  |  | 9,498,783 |  |  | 11,254,130 |  |  | 9,498,783 |

12

Colony Bankcorp, Inc.
Quarterly Comparison
|  | 2021 |  | 2020 |  |  |  |
(dollars in thousands, except per share data) |  | Fourth Quarter |  | Third Quarter |  | Second Quarter |  | First Quarter |  | Fourth Quarter |  |  |  |
Assets |  | $ | 2,691,715 |  |  | $ | 2,512,581 |  |  | $ | 1,755,518 |  |  | $ | 1,799,047 |  |  | $ | 1,763,974 |  |  |  |  |
Loans, net |  | 1,325,067 |  |  | 1,296,983 |  |  | 1,009,747 |  |  | 1,050,082 |  |  | 1,047,376 |  |  |  |  |
Deposits |  | 2,374,608 |  |  | 2,195,122 |  |  | 1,542,214 |  |  | 1,525,884 |  |  | 1,445,027 |  |  |  |  |
Total equity |  | 217,707 |  |  | 217,130 |  |  | 146,894 |  |  | 143,487 |  |  | 144,488 |  |  |  |  |
Net income |  | 4,159 |  |  | 5,583 |  |  | 3,997 |  |  | 4,919 |  |  | 4,900 |  |  |  |  |
Earnings per basic share |  | $ | 0.30 |  |  | $ | 0.45 |  |  | $ | 0.42 |  |  | $ | 0.52 |  |  | $ | 0.52 |  |  |  |  |
Key Performance Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets |  | 0.64 | % |  | 1.00 | % |  | 0.91 | % |  | 1.12 | % |  | 1.08 | % |  |  |  |
Return on average total equity |  | 7.65 | % |  | 11.49 | % |  | 11.14 | % |  | 13.71 | % |  | 13.73 | % |  |  |  |
Total equity to total assets |  | 8.09 | % |  | 8.64 | % |  | 8.37 | % |  | 7.98 | % |  | 8.19 | % |  |  |  |
Tangible equity to tangible assets |  | 5.93 | % |  | 6.37 | % |  | 7.38 | % |  | 7.01 | % |  | 7.21 | % |  |  |  |
Net interest margin |  | 3.16 | % |  | 3.48 | % |  | 3.68 | % |  | 3.50 | % |  | 3.58 | % |  |  |  |

Colony Bankcorp, Inc.
Quarterly Loan Comparison
|  | 2021 |  | 2020 |  |  |  |
(dollars in thousands) |  | Fourth Quarter |  | Third Quarter |  | Second Quarter |  | First Quarter |  | Fourth Quarter |  |  |  |
Core |  | $ | 990,063 |  |  | $ | 931,793 |  |  | $ | 905,850 |  |  | $ | 888,800 |  |  | $ | 873,426 |  |  |  |  |
PPP |  | 8,486 |  |  | 16,999 |  |  | 58,769 |  |  | 102,633 |  |  | 101,147 |  |  |  |  |
Purchased |  | 339,428 |  |  | 361,068 |  |  | 57,999 |  |  | 71,342 |  |  | 84,930 |  |  |  |  |
Total |  | $ | 1,337,977 |  |  | $ | 1,309,860 |  |  | $ | 1,022,618 |  |  | $ | 1,062,775 |  |  | $ | 1,059,503 |  |  |  |  |

13

Colony Bankcorp, Inc. |  |  |  |  |  |  |  |  |  |
Quarterly Loans by Location Comparison |  |  |  |  |  |  |  |
|  | 2021 |  | 2020
(dollars in thousands) |  | Fourth Quarter |  | Third Quarter |  | Second Quarter |  | First Quarter |  | Fourth Quarter
Atlanta |  | $ | 281,040 |  |  | $ | 278,473 |  |  | $ | 436 |  |  | $ | 492 |  |  | $ | 562 |
Augusta |  | 36,268 |  |  | 28,064 |  |  | 30,521 |  |  | 23,982 |  |  | 20,432 |
Middle Georgia |  | 117,788 |  |  | 100,804 |  |  | 73,458 |  |  | 73,543 |  |  | 68,838 |
Northwest Georgia |  | 27,167 |  |  | 24,334 |  |  | 2,703 |  |  | 1,698 |  |  | — |
Coastal Georgia |  | 235,799 |  |  | 233,648 |  |  | 236,985 |  |  | 235,094 |  |  | 230,184 |
South Central Georgia |  | 336,849 |  |  | 352,057 |  |  | 361,821 |  |  | 371,227 |  |  | 372,947 |
Southwest Georgia |  | 105,937 |  |  | 99,385 |  |  | 95,870 |  |  | 97,575 |  |  | 104,132 |
West Georgia |  | 161,678 |  |  | 160,663 |  |  | 148,271 |  |  | 148,457 |  |  | 154,819 |
Small Business Specialty Lending |  | 23,101 |  |  | 8,850 |  |  | 14,923 |  |  | 7,906 |  |  | 4,537 |
Paycheck Protection Program |  | 8,486 |  |  | 16,999 |  |  | 55,425 |  |  | 102,633 |  |  | 101,147 |
Purchase Accounting |  | (948) |  |  | (1,025) |  |  | (565) |  |  | (668) |  |  | (876) |
Other |  | 4,812 |  |  | 7,608 |  |  | 2,770 |  |  | 836 |  |  | 2,781 |
Total |  | $ | 1,337,977 |  |  | $ | 1,309,860 |  |  | $ | 1,022,618 |  |  | $ | 1,062,775 |  |  | $ | 1,059,503 |

Colony Bankcorp, Inc.
Quarterly PPP Fees Comparison
|  | 2021 |  | 2020
(dollars in thousands) |  | Fourth Quarter |  | Third Quarter |  | Second Quarter |  | First Quarter |  | Fourth Quarter
PPP loan fee income |  | $ | 502 |  |  | $ | 1,556 |  |  | $ | 1,581 |  |  | $ | 1,212 |  |  | $ | 1,324 |
Unearned income on PPP loans |  | 517 |  |  | 1,019 |  |  | 2,573 |  |  | 3,077 |  |  | 2,072 |

14