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FINANCIAL INFORMATION OF COLONY BANKCORP, INC. (PARENT ONLY) (Tables) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheet | The parent company’s balance sheets as of December 31, 2022 and 2021 and the related statements of operations and comprehensive income (loss) and cash flows for each of the years in the two-year period then ended are as follows: COLONY BANKCORP, INC. (PARENT ONLY) BALANCE SHEETS DECEMBER 31 (DOLLARS IN THOUSANDS)
| 2022 |  | 2021
ASSETS |  |  |
Cash | $ | 40,361 |  |  | $ | 7,304 |
Investment in subsidiaries | 249,868 |  |  | 245,614 |
Other | 5,115 |  |  | 1,689 |
Total Assets | $ | 295,344 |  |  | $ | 254,607 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Liabilities |  |  |
Other | $ | 1,724 |  |  | $ | 108 |
Other borrowed money | — |  |  | 12,563 |
Subordinated notes | 39,123 |  |  | — |
Subordinated debentures | 24,229 |  |  | 24,229 |
Total Liabilities | 65,076 |  |  | 36,900 |
Stockholders’ Equity |  |  |
Common stock, par value $1.00; 50,000,000 shares authorized, 17,598,123 and 13,673,898 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 17,598 |  |  | 13,674 |
Paid-in capital | 167,537 |  |  | 111,021 |
Retained earnings | 111,573 |  |  | 99,189 |
Accumulated other comprehensive loss, net of tax | (66,440) |  |  | (6,177) |
Total Stockholder’s Equity | 230,268 |  |  | 217,707 |
Total Liabilities and Stockholders’ Equity | $ | 295,344 |  |  | $ | 254,607 |
Condensed Income Statement |
| 2022 |  | 2021
Income |  |  |
Dividends from subsidiaries | $ | 10,295 |  |  | $ | 31,060 |
Other | 22 |  |  | 15 |
Total income | 10,317 |  |  | 31,075 |
Expenses |  |  |
Interest | 2,299 |  |  | 1,012 |
Salaries and employee benefits | 457 |  |  | 371 |
Other | 450 |  |  | 604 |
Total expenses | 3,206 |  |  | 1,987 |
Income before income taxes and equity in undistributed earnings (distributions in excess of earnings) of subsidiaries | 7,111 |  |  | 29,088 |
Income tax benefit | (914) |  |  | (731) |
Income before equity in undistributed earnings (distributions in excess of earnings) of subsidiaries | 8,025 |  |  | 29,819 |
Equity in undistributed earnings(distributions in excess of earnings) of subsidiaries | 11,517 |  |  | (11,160) |
Net income | $ | 19,542 |  |  | $ | 18,659 |
Condensed Cash Flow Statement |
| 2022 |  | 2021
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
Net income | $ | 19,542 |  |  | $ | 18,659 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Stock-based compensation expense | 1,743 |  |  | 599 |
Distribution in excess of earnings (equity in undistributed earnings) of subsidiaries | (11,517) |  |  | 11,160 |
Change in deferred taxes | (2,125) |  |  | — |
Change in interest payable | 45 |  |  | 1 |
Other | 270 |  |  | (1,146) |
Net cash provided by operating activities | 7,958 |  |  | 29,273 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
Net cash and cash equivalents paid in bank acquisition | — |  |  | (19,178) |
Capital injection into Bank subsidiary | (53,000) |  |  | — |
Net cash provided by investing activities | (53,000) |  |  | (19,178) |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
Net increase (decrease) in other borrowed money | 26,560 |  |  | (1,000) |
Issuance of common stock | 59,468 |  |  | — |
Cash paid for tax withholding related to vesting of restricted stock | (231) |  |  | — |
Repurchase of shares | (540) |  |  | — |
Dividends paid on common stock | (7,158) |  |  | (4,463) |
Net cash used in financing activities | 78,099 |  |  | (5,463) |
Net increase in cash and cash equivalents | 33,057 |  |  | 4,632 |
Cash and cash equivalents at beginning of period | 7,304 |  |  | 2,672 |
Cash and cash equivalents at end of period | $ | 40,361 |  |  | $ | 7,304 |

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