For additional information, contact:

Derek Shelnutt

EVP & Chief Financial Officer

229-426-6000, extension 6119

COLONY BANKCORP REPORTS SECOND QUARTER 2024 RESULTS

DECLARES QUARTERLY CASH DIVIDEND OF $0.1125 PER SHARE

FITZGERALD, GA. (July 24, 2024) – Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”) today reported financial results for the second quarter of 2024. Financial highlights are shown below.

Financial Highlights:

•Net income increased to $5.5 million, or $0.31 per diluted share, for the second quarter of 2024, compared to $5.3 million, or $0.30 per diluted share, for the first quarter of 2024, and $5.3 million, or $0.30 per diluted share, for the second quarter of 2023.

•Operating net income increased to $6.0 million, or $0.34 of adjusted earnings per diluted share, for the second quarter of 2024, compared to $5.8 million, or $0.33 of adjusted earnings per diluted share, for the first quarter of 2024, and $5.7 million, or $0.33 of adjusted earnings per diluted share, for the second quarter of 2023. (See Reconciliation of Non-GAAP Measures).

•Provision for credit losses of $650,000 was recorded in second quarter of 2024 compared to $1.0 million in first quarter of 2024, and $200,000 in second quarter of 2023.

•Total loans were $1.87 billion at June 30, 2024, an increase of $6.6 million, or 0.35%, from the prior quarter.

•Total deposits were $2.46 billion and $2.52 billion at June 30, 2024 and March 31, 2024, respectively, a decrease of $62.5 million.

•Mortgage production was $65.1 million, and mortgage sales totaled $45.2 million in the second quarter of 2024 compared to $50.1 million and $36.6 million, respectively, for the first quarter of 2024.

•Small Business Specialty Lending (“SBSL”) closed $25.8 million in Small Business Administration (“SBA”) loans and sold $27.0 million in SBA loans in the second quarter of 2024 compared to $35.6 million and $24.0 million, respectively, for the first quarter of 2024.

The Company also announced that on July 24, 2024, the Board of Directors declared a quarterly cash dividend of $0.1125 per share, to be paid on its common stock on August 21, 2024, to shareholders of record as of the close of business on August 7, 2024. The Company had 17,538,611 shares of its common stock outstanding as of July 23, 2024.

“We are excited to announce our improved operating results in the second quarter as we continue to see the impacts of our team’s progress toward our strategic goals. Our ongoing efforts of improving noninterest income by diversifying revenue streams through our complementary lines of business, creating efficiency alongside expense discipline, and enhancing the banking experience to better serve our customers have allowed us to continue down the path of strengthening our financial performance,” said Heath Fountain, Chief Executive Officer.

“Our credit quality remains solid, with both classified and criticized loans decreasing from the prior quarter and total nonperforming loans declining from the end of last year. Furthermore, our past dues at the end of the quarter were at remarkably low levels which we believe demonstrates the strength of our borrowers and quality of our credit underwriting.”

“Historically, we’ve seen some seasonality in deposits during the second quarter as our customers manage their cash flow needs and we saw some of that seasonality this quarter. However, we remain confident in the underlying strength of our deposit base and anticipate a return to growth in the coming quarters. While we did experience a decline in our net interest margin, the decrease was less pronounced than expected. The resilience in our margin

1

performance highlights the effectiveness of our strategic initiatives aimed at optimizing our balance sheet and managing interest rate risks.”

"We are proud of what we have achieved this quarter and look forward to ongoing improvement as we strive for even greater success."

Balance Sheet

•Total assets were $3.01 billion at June 30, 2024, a decrease of $7.6 million from March 31, 2024.

•Total loans, including loans held for sale, were at $1.91 billion at June 30, 2024, an increase of $15.6 million from the quarter ended March 31, 2024.

•Total deposits were $2.46 billion and $2.52 billion at June 30, 2024 and March 31, 2024, respectively, a decrease of $62.5 million. Savings and money market deposits increased $20.7 million which was offset by decreases in interest bearing demand deposits of $15.2 million and time deposits of $29.2 million from March 31, 2024 to June 30, 2024.

•Total borrowings at June 30, 2024 totaled $268.0 million, an increase of $50.0 million or, 22.9%, compared to March 31, 2024, related to increases in Federal Home Loan Bank advances.

Capital

•Colony continues to maintain a strong capital position, with ratios that exceed regulatory minimums required to be considered as “well-capitalized.”

•Under the Company’s approved stock repurchase program, a total of 20,000 shares were repurchased during the quarter at an average price of $11.90 per share and a total value of $237,909 thousand.

•Preliminary tier one leverage ratio, tier one capital ratio, total risk-based capital ratio and common equity tier one capital ratio were 9.44%, 13.39%, 16.17%, and 12.25%, respectively, at June 30, 2024.

Second Quarter and June 30, 2024 Year to Date Results of Operations

•Net interest income, on a tax-equivalent basis, totaled $18.6 million for the second quarter ended June 30, 2024 compared to $19.3 million for the same period in 2023. Net interest income, on a tax-equivalent basis, for the six months ended June 30, 2024 totaled $37.4 million, compared to $40.1 million for the six months ended June 30, 2023. For both periods, increases can be seen in income on interest earning assets which is more than offset by increases in expenses on interest bearing liabilities due to the significant rise in interest rates period over period along with increases in FHLB advances. Income on interest earning assets increased $2.6 million, to $33.5 million for the second quarter of 2024 compared to the respective period in 2023. Expense on interest bearing liabilities increased $3.3 million, to $14.9 million for the second quarter of 2024 compared to the respective period in 2023. Income on interest earning assets increased $7.6 million to $67.0 million for the six month period ended June 30, 2024 compared to the respective period in 2023. Expense on interest bearing liabilities increased $10.2 million, to $29.6 million for the six month period ended June 30, 2024 compared to the respective period in 2023.

•Net interest margin for the second quarter of 2024 was 2.68% compared to 2.77% for the second quarter of 2023. Net interest margin was 2.69% for the six months ended June 30, 2024 compared to 2.92% for the six months ended June 30, 2023. The decrease for both periods is the result of rate increases in interest bearing liabilities outpacing the rate increases in interest earning assets.

•Noninterest income totaled $9.5 million for the second quarter ended June 30, 2024, an increase of $545,000, or 6.09%, compared to the same period in 2023. Noninterest income totaled $19.0 million for the six months ended June 30, 2024, an increase of $2.4 million, or 14.28%, compared to the same period in 2023. These increases were primarily related to increases in service charges on deposit accounts, gains on sales of SBA loans and income on wealth advisory services which is included in other noninterest income which were partially offset by decreases in mortgage fee income, interchange fee income and losses on the sales of investment securities.

•Noninterest expense totaled $20.3 million for the second quarter ended June 30, 2024, compared to $21.4 million for the same period in 2023. Noninterest expense totaled $40.7 million for the six months ended June 30, 2024, compared to $42.6 million for the same period in 2023. These decreases were a result of overall decreases in salaries and employee benefits primarily related to the expense initiative in 2023 which lowered total number of employees period over period.

2

Asset Quality

•Nonperforming assets totaled $7.3 million and $7.0 million at June 30, 2024 and March 31, 2024, respectively, an increase of $312,000.

•Other real estate owned and repossessed assets totaled $595,000 at June 30, 2024 and $562,000 at March 31, 2024.

•Net loans charged-off were $667,000, or 0.14% of average loans for the second quarter of 2024, compared to $664,000 or 0.14% for the first quarter of 2024.

•The credit loss reserve was $18.8 million, or 1.01% of total loans, at June 30, 2024, compared to $18.7 million, or 1.00% of total loans at March 31, 2024.

Earnings call information

The Company will host an earnings conference call at 9:00 a.m. ET on Thursday, July 25, 2024, to discuss the recent results and answer appropriate questions. The conference call can be accessed by dialing 800-267-6316 and using the Conference ID: COLONY2Q. A replay of the call will be available until Thursday, August 1, 2024. To listen to the replay, dial 800-938-2796.

About Colony Bankcorp

Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in Fitzgerald, Georgia in 1975, Colony operates locations throughout Georgia and has expanded to serve Birmingham, Alabama, as well as Tallahassee and the Florida Panhandle. At Colony Bank, we offer a range of banking solutions for personal and business customers. In addition to traditional banking services, Colony provides specialized solutions including mortgage, government guaranteed lending, consumer insurance, wealth management, and merchant services. 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; and (v) statements of assumptions underlying such statements. Words such as “may”, “will”, “anticipate”, “assume”, “should”, “support”, “indicate”, “would”, “believe”, “contemplate”, “expect”, “estimate”, “continue”, “further”, “plan”, “point to”, “project”, “could”, “intend”, “target” 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 current and economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, elevated interest rates (including the impact of prolonged elevated interest rates on our financial projections and models) and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; the risk of potential reductions in benchmark interest rates and the resulting impacts on net interest income; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; risks arising from media coverage of the banking industry; risks arising from perceived instability in the banking sector; the risks of changes in interest rates and their effects on the level, cost, and composition of, and competition for, deposits, loan demand and timing of payments, the values of loan collateral, securities, and interest sensitive

3

assets and liabilities; the ability to attract new or retain existing deposits, to retain or grow loans or additional interest and fee income, or to control noninterest expense; the effect of pricing pressures on the Company’s net interest margin; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values; the Company’s ability to implement its various strategic and growth initiatives; increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; changes in the prices, values and sales volumes of residential and commercial real estate; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; legislation or regulatory changes which adversely affect the ability of the consolidated Company to conduct business combinations or new operations; 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; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in the stock market prices on our investment securities; the effects of war or other conflicts including the impacts related to or resulting from Russia’s military action in Ukraine or the conflict in Israel and surrounding areas; general risks related to the Company’s merger and acquisition activity, including risks associated with the Company’s pursuit of future acquisitions; the impact of generative artificial intelligence; fraud or misconduct by internal or external actors, and system failures, cybersecurity threats or security breaches and the cost of defending against them; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding debt ceiling and the federal budget; a potential U.S. federal government shutdown and the resulting impacts; 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 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, 2023, 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 noninterest income, operating noninterest expense, operating net income, adjusted earnings per diluted share, operating return on average assets, operating return on average equity, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio, operating net noninterest expense to average assets and pre-provision net revenue 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 noninterest income, noninterest expense, net income, diluted earnings per share, return on average assets, return on average equity, book value per common share, total equity to total assets, efficiency ratio, net noninterest expense to average assets and net interest income before provision for credit losses, respectively. Operating noninterest income excludes gain on sale of bank premises and loss on sales of securities. Operating noninterest expense excludes acquisition-related expenses and severance costs. Operating net income, operating return on average assets, operating return on average equity and operating efficiency ratio all exclude acquisition-related expenses, severance costs, gain on sale of bank premises and loss on sales of securities from net income, return on average assets, return on average equity and efficiency ratio, respectively. Operating net noninterest expense to average assets ratio excludes from net noninterest expense, severance costs, acquisition-related expenses, gain on sale of bank premises and loss on sales of securities. Acquisition-related expenses includes fees associated with acquisitions and vendor contract buyouts. Severance costs includes costs associated with termination and retirement of employees. Adjusted earnings per diluted share includes the adjustments to operating net income. Tangible book value per common share and tangible equity to tangible assets exclude goodwill and other intangibles from book value per common share and total equity to total assets, respectively. Pre-provision net revenue is calculated by adding noninterest income to net interest income before provision for credit losses, and subtracting noninterest expense.

4

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 noninterest income, operating noninterest expense, operating net income, adjusted earnings per diluted share, operating return on average assets, operating return on average equity, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio, operating net noninterest expense to average assets and pre-provision net revenue and the reconciliation of these measures to noninterest income, noninterest expense, net income, diluted earnings per share, return on average assets, return on average equity, book value per common share, total equity to total assets, efficiency ratio, net noninterest expense to average assets and net interest income before provision for credit losses are set forth in the table below.

5

Colony Bankcorp, Inc.
Reconciliation of Non-GAAP Measures
						2024												2023
(dollars in thousands, except per share data)						Second Quarter						First Quarter						Fourth Quarter						Third Quarter						Second Quarter
Operating noninterest income reconciliation
Noninterest income (GAAP)						$	9,497					$	9,487					$	9,305					$	9,718					$	8,952
Gain on sale of bank premises						—						—						(236)						—						(125)
Writedown of bank premises						197						—						—						—						—
Loss on sales of securities						425						555						—						—						—
Operating noninterest income						$	10,119					$	10,042					$	9,069					$	9,718					$	8,827
Operating noninterest expense reconciliation
Noninterest expense (GAAP)						$	20,330					$	20,397					$	19,587					$	20,881					$	21,432
Severance costs						—						(23)						—						(220)						(635)
Operating noninterest expense						$	20,330					$	20,374					$	19,587					$	20,661					$	20,797
Operating net income reconciliation
Net income (GAAP)						$	5,474					$	5,333					$	5,598					$	5,804					$	5,302
Severance costs						—						23						—						220						635
Gain on sale of bank premises						—						—						(236)						—						(125)
Writedown of bank premises						197						—						—						—						—
Loss on sales of securities						425						555						—						—						—
Income tax benefit						(129)						(121)						52						(48)						(93)
Operating net income						$	5,967					$	5,790					$	5,414					$	5,976					$	5,719
Weighted average diluted shares						17,551,007						17,560,210						17,567,839						17,569,493						17,580,557
Adjusted earnings per diluted share						$	0.34					$	0.33					$	0.31					$	0.34					$	0.33
Operating return on average assets reconciliation
Return on average assets (GAAP)						0.73		%				0.71		%				0.73		%				0.75		%				0.70		%
Severance costs						—						—						—						0.03						0.08
Gain on sale of bank premises						—						—						(0.03)						—						(0.02)
Writedown of bank premises						0.03						—						—						—						—
Loss on sales of securities						0.06						0.07						—						—						—
Tax effect of adjustment items						(0.02)						(0.02)						0.01						(0.01)						(0.01)
Operating return on average assets						0.80		%				0.76		%				0.71		%				0.77		%				0.75		%
Operating return on average equity reconciliation
Return on average equity (GAAP)						8.46		%				8.38		%				9.20		%				9.61		%				8.88		%
Severance costs						—						0.04						—						0.36						1.06
Gain on sale of bank premises						—						—						(0.39)						—						(0.21)
Writedown of bank premises						0.30						—						—						—						—
Loss on sales of securities						0.66						0.87						—						—						—
Tax effect of adjustment items						(0.20)						(0.19)						0.09						(0.08)						(0.16)
Operating return on average equity						9.22		%				9.10		%				8.90		%				9.89		%				9.57		%
Tangible book value per common share reconciliation
Book value per common share (GAAP)						$	15.09					$	14.80					$	14.51					$	13.59					$	13.65
Effect of goodwill and other intangibles						(2.99)						(3.01)						(3.02)						(3.04)						(3.07)
Tangible book value per common share						$	12.10					$	11.79					$	11.49					$	10.55					$	10.58
Tangible equity to tangible assets reconciliation
Equity to assets (GAAP)						8.80		%				8.62		%				8.35		%				7.72		%				7.72		%
Effect of goodwill and other intangibles						(1.62)						(1.63)						(1.62)						(1.63)						(1.63)
Tangible equity to tangible assets						7.18		%				6.99		%				6.73		%				6.09		%				6.09		%

6

Colony Bankcorp, Inc.
Reconciliation of Non-GAAP Measures
						2024												2023
(dollars in thousands, except per share data)						Second Quarter						First Quarter						Fourth Quarter						Third Quarter						Second Quarter
Operating efficiency ratio calculation
Efficiency ratio (GAAP)						72.85		%				72.48		%				69.51		%				71.17		%				76.18		%
Severance costs						—						(0.08)						—						(0.75)						(2.26)
Gain on sale of bank premises						—						—						0.84						—						0.44
Writedown of bank premises						(0.71)						—						—						—						—
Loss on sales of securities						(1.52)						(1.97)						—						—						—
Operating efficiency ratio						70.62		%				70.43		%				70.35		%				70.42		%				74.36		%
Operating net noninterest expense(1) to average assets calculation
Net noninterest expense to average assets						1.45		%				1.45		%				1.35		%				1.45		%				1.65		%
Severance costs						—						—						—						(0.03)						(0.09)
Acquisition-related expenses						—						—						—						—						—
Gain on sale of bank premises						—						—						0.03						—						0.02
Writedown of bank premises						(0.03)						—						—						—						—
Loss on sales of securities						(0.06)						(0.07)						—						—						—
Operating net noninterest expense to average assets						1.36		%				1.38		%				1.38		%				1.42		%				1.58		%
Pre-provision net revenue
Net interest income before provision for credit losses						$	18,409					$	18,654					$	18,874					$	19,621					$	19,181
Noninterest income						9,497						9,487						9,305						9,718						8,952
Total income						27,906						28,141						28,179						29,339						28,133
Noninterest expense						20,330						20,397						19,587						20,881						21,432
Pre-provision net revenue						$	7,576					$	7,744					$	8,592					$	8,458					$	6,701
(1) Net noninterest expense is defined as noninterest expense less noninterest income.

7

Colony Bankcorp, Inc.
Selected Financial Information
						2024												2023
(dollars in thousands, except per share data)						Second Quarter						First Quarter						Fourth Quarter						Third Quarter						Second Quarter
EARNINGS SUMMARY
Net interest income						$	18,409					$	18,654					$	18,874					$	19,621					$	19,181
Provision for credit losses						650						1,000						1,500						1,000						200
Noninterest income						9,497						9,487						9,305						9,718						8,952
Noninterest expense						20,330						20,397						19,587						20,881						21,432
Income taxes						1,452						1,411						1,494						1,654						1,199
Net income						$	5,474					$	5,333					$	5,598					$	5,804					$	5,302
PERFORMANCE MEASURES
Per common share:
Common shares outstanding						17,538,611						17,558,611						17,564,182						17,567,983						17,541,661
Weighted average basic shares						17,551,007						17,560,210						17,567,839						17,569,493						17,580,557
Weighted average diluted shares						17,551,007						17,560,210						17,567,839						17,569,493						17,580,557
Earnings per basic share						$	0.31					$	0.30					$	0.32					$	0.33					$	0.30
Earnings per diluted share						0.31						0.30						0.32						0.33						0.30
Adjusted earnings per diluted share(b)						0.34						0.33						0.31						0.34						0.33
Cash dividends declared per share						0.1125						0.1125						0.1100						0.1100						0.1100
Common book value per share						15.09						14.80						14.51						13.59						13.65
Tangible book value per common share(b)						12.10						11.79						11.49						10.55						10.58
Pre-provision net revenue(b)						$	7,576					$	7,744					$	8,592					$	8,458					$	6,701
Performance ratios:
Net interest margin (a)						2.68		%				2.69		%				2.70		%				2.78		%				2.77		%
Return on average assets						0.73						0.71						0.73						0.75						0.70
Operating return on average assets (b)						0.80						0.76						0.71						0.77						0.75
Return on average total equity						8.46						8.38						9.20						9.61						8.88
Operating return on average total equity (b)						9.22						9.10						8.90						9.89						9.57
Efficiency ratio						72.85						72.48						69.51						71.17						76.18
Operating efficiency ratio (b)						70.62						70.43						70.35						70.42						74.36
Net noninterest expense to average assets						1.45						1.45						1.35						1.45						1.65
Operating net noninterest expense to average assets(b)						1.36						1.38						1.38						1.42						1.58

8

Colony Bankcorp, Inc.
Selected Financial Information
						2024												2023
(dollars in thousands, except per share data)						Second Quarter						First Quarter						Fourth Quarter						Third Quarter						Second Quarter
ASSET QUALITY
Nonperforming portfolio loans						$	3,653					$	3,674					$	7,804					$	5,625					$	6,716
Nonperforming government guaranteed loans						3,016						2,757						2,035						3,641						4,369
Loans 90 days past due and still accruing						41						—						370						9						—
Total nonperforming loans (NPLs)						6,710						6,431						10,209						9,275						11,085
Other real estate owned						582						562						448						812						792
Repossessed assets						13						—						—						—						—
Total nonperforming assets (NPAs)						7,305						6,993						10,657						10,087						11,877
Classified loans						22,355						25,965						23,754						20,704						19,267
Criticized loans						44,850						55,065						56,879						50,741						48,074
Net loan charge-offs (recoveries)						667						664						692						698						(37)
Allowance for credit losses to total loans						1.01		%				1.00		%				0.98		%				0.93		%				0.93		%
Allowance for credit losses to total NPLs						280.27						290.11						179.95						187.26						153.96
Allowance for credit losses to total NPAs						257.44						266.80						172.38						172.18						143.69
Net charge-offs (recoveries) to average loans, net						0.14						0.14						0.15						0.15						(0.01)
NPLs to total loans						0.36						0.35						0.54						0.50						0.60
NPAs to total assets						0.24						0.23						0.35						0.33						0.38
NPAs to total loans and foreclosed assets						0.39						0.38						0.57						0.54						0.65
AVERAGE BALANCES
Total assets						$	3,010,486					$	3,036,093					$	3,027,812					$	3,058,485					$	3,030,044
Loans, net						1,850,451						1,853,077						1,860,652						1,854,367						1,814,172
Loans, held for sale						33,024						24,612						21,251						29,444						21,237
Deposits						2,492,479						2,543,259						2,538,500						2,565,026						2,524,949
Total stockholders’ equity						260,162						255,927						241,392						239,571						239,579
(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.

9

Colony Bankcorp, Inc.
Average Balance Sheet and Net Interest Analysis
			Three Months Ended June 30,
			2024																		2023
(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			$	1,902,202					$	27,661					5.85		%				$	1,835,409					$	24,113					5.27		%
Investment securities, taxable			722,535						4,616						2.57		%				777,133						5,498						2.84		%
Investment securities, tax-exempt 2			100,143						547						2.20		%				113,931						592						2.08		%
Deposits in banks and short term investments			62,614						684						4.39		%				73,988						708						3.84		%
Total interest-earning assets			2,787,494						33,508						4.83		%				2,800,461						30,911						4.43		%
Noninterest-earning assets			222,992																		229,583
Total assets			$	3,010,486																	$	3,030,044
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing demand and savings			$	1,451,300					$	6,784					1.88		%				$	1,372,569					$	3,422					1.00		%
Other time			577,173						5,322						3.71		%				651,426						5,134						3.16		%
Total interest-bearing deposits			2,028,473						12,106						2.40		%				2,023,995						8,556						1.70		%
Federal funds purchased			—						—						5.94		%				3,402						47						5.49		%
Federal Home Loan Bank advances			178,516						1,821						4.10		%				178,132						1,947						4.38		%
Other borrowings			63,638						1,000						6.32		%				68,385						1,033						6.06		%
Total other interest-bearing liabilities			242,154						2,821						4.69		%				249,919						3,027						4.86		%
Total interest-bearing liabilities			2,270,627						14,927						2.64		%				2,273,914						11,583						2.04		%
Noninterest-bearing liabilities:
Demand deposits			464,007																		$	500,954
Other liabilities			15,690																		15,597
Stockholders' equity			260,162																		239,579
Total noninterest-bearing liabilities and stockholders' equity			739,859																		756,130
Total liabilities and stockholders' equity			$	3,010,486																	$	3,030,044
Interest rate spread															2.19		%																2.39		%
Net interest income									$	18,581																	$	19,328
Net interest margin															2.68		%																2.77		%

3

1The 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 $56,000 and $45,000 for the quarters ended June 30, 2024 and 2023, respectively, are calculated using the statutory federal tax rate and are included in income and fees on loans. Accretion income of $15,000 and $53,000 for the quarters ended June 30, 2024 and 2023, respectively, are also included in income and fees on loans.

2Taxable-equivalent adjustments totaling $115,000 and $108,000 for the quarters ended June 30, 2024 and 2023, respectively, are calculated using the statutory federal tax rate and are included in tax-exempt interest on investment securities.

3

10

Colony Bankcorp, Inc.
Average Balance Sheet and Net Interest Analysis
			Six Months Ended June 30,
			2024																		2023
(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			$	1,899,108					$	54,804					5.80		%				$	1,807,784					$	46,313					5.17		%
Investment securities, taxable			729,896						9,658						2.66		%				781,989						10,872						2.80		%
Investment securities, tax-exempt 4			103,481						1,152						2.24		%				114,137						1,187						2.10		%
Deposits in banks and short term investments			67,023						1,376						4.13		%				62,507						1,066						3.44		%
Total interest-earning assets			2,799,508						66,990						4.81		%				2,766,417						59,438						4.33		%
Noninterest-earning assets			223,781																		223,818
Total assets			$	3,023,289																	$	2,990,235
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing demand and savings			$	1,451,395					$	13,193					1.83		%				$	1,391,099					$	5,746					0.83		%
Other time			594,707						11,005						3.72		%				579,818						7,809						2.72		%
Total interest-bearing deposits			2,046,102						24,198						2.38		%				1,970,917						13,555						1.39		%
Federal funds purchased			6						—						5.95		%				5,197						135						5.24		%
Federal Home Loan Bank advances			167,747						3,392						4.07		%				163,867						3,572						4.40		%
Other borrowings			63,362						1,993						6.33		%				72,213						2,123						5.93		%
Total other interest-bearing liabilities			231,115						5,385						4.69		%				241,277						5,830						4.87		%
Total interest-bearing liabilities			2,277,217						29,583						2.61		%				2,212,194						19,385						1.77		%
Noninterest-bearing liabilities:
Demand deposits			471,768																		$	528,432
Other liabilities			16,259																		12,731
Stockholders' equity			258,045																		236,878
Total noninterest-bearing liabilities and stockholders' equity			746,072																		778,041
Total liabilities and stockholders' equity			$	3,023,289																	$	2,990,235
Interest rate spread															2.20		%																2.56		%
Net interest income									$	37,407																	$	40,053
Net interest margin															2.69		%																2.92		%

4

34The 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 $103,000 and $91,000 for the six months ended June 30, 2024 and 2023, respectively, are calculated using the statutory federal tax rate and are included in income and fees on loans. Accretion income of $10,000 and $124,000 for the six months ended June 30, 2024 and 2023, respectively, are also included in income and fees on loans.

4 Taxable-equivalent adjustments totaling $242,000 and $217,000 for the six months ended June 30, 2024 and 2023, respectively, are included in tax-exempt interest on investment securities.

11

Colony Bankcorp, Inc.
Segment Reporting
						2024												2023
(dollars in thousands)						Second Quarter						First Quarter						Fourth Quarter						Third Quarter						Second Quarter
Banking Division
Net interest income						$	17,217					$	17,552					$	17,986					$	18,778					$	18,562
Provision for credit losses						96						455						979						286						60
Noninterest income						5,086						5,680						5,992						6,233						5,433
Noninterest expenses						17,135						17,129						16,619						16,653						17,650
Income taxes						1,060						1,166						1,365						1,777						1,157
Segment income						$	4,012					$	4,482					$	5,015					$	6,295					$	5,128
Total segment assets						$	2,889,013					$	2,910,102					$	2,956,121					$	2,999,071					$	3,013,689
Full time employees						385						377						378						382						383
Mortgage Banking Division
Net interest income						$	50					$	40					$	23					$	52					$	31
Provision for credit losses						—						—						—						—						—
Noninterest income						1,456						1,165						1,206						1,725						2,015
Noninterest expenses						1,326						1,218						1,203						2,040						1,971
Income taxes						42						1						8						(53)						14
Segment income						$	138					$	(14)					$	18					$	(210)					$	61
Total segment assets						$	19,004					$	8,011					$	7,890					$	9,991					$	15,984
Variable noninterest expense(1)						$	807					$	603					$	597					$	1,245					$	1,149
Fixed noninterest expense						519						615						606						795						822
Full time employees						42						43						42						45						51
Small Business Specialty Lending Division
Net interest income						$	1,142					$	1,062					$	865					$	791					$	588
Provision for credit losses						554						545						521						714						140
Noninterest income						2,955						2,642						2,107						1,760						1,504
Noninterest expenses						1,869						2,050						1,765						2,188						1,811
Income taxes						350						244						121						(70)						28
Segment income						$	1,324					$	865					$	565					$	(281)					$	113
Total segment assets						$	99,890					$	97,396					$	89,411					$	84,761					$	71,398
Full time employees						33						31						33						33						32
Total Consolidated
Net interest income						$	18,409					$	18,654					$	18,874					$	19,621					$	19,181
Provision for credit losses						650						1,000						1,500						1,000						200
Noninterest income						9,497						9,487						9,305						9,718						8,952
Noninterest expenses						20,330						20,397						19,587						20,881						21,432
Income taxes						1,452						1,411						1,494						1,654						1,199
Segment income						$	5,474					$	5,333					$	5,598					$	5,804					$	5,302
Total segment assets						$	3,007,907					$	3,015,509					$	3,053,422					$	3,093,823					$	3,101,071
Full time employees						460						451						453						460						466
(1) Variable noninterest expense includes commission based salary expenses and volume based loan related fees.

12

Colony Bankcorp, Inc.
Consolidated Balance Sheets
						June 30, 2024						December 31, 2023
(dollars in thousands)						(unaudited)						(audited)
ASSETS
Cash and due from banks						$	22,404					$	25,339
Interest-bearing deposits in banks and federal funds sold						59,598						57,983
Cash and cash equivalents						82,002						83,322
Investment securities available for sale, at fair value						376,580						407,382
Investment securities held to maturity, at amortized cost						442,945						449,031
Other investments						18,491						16,868
Loans held for sale						40,132						27,958
Loans, net of unearned income						1,865,574						1,883,470
Allowance for credit losses						(18,806)						(18,371)
Loans, net						1,846,768						1,865,099
Premises and equipment						38,343						39,870
Other real estate						582						448
Goodwill						48,923						48,923
Other intangible assets						3,535						4,192
Bank owned life insurance						57,173						56,925
Deferred income taxes, net						24,164						25,405
Other assets						28,269						27,999
Total assets						$	3,007,907					$	3,053,422
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing						$	437,623					$	498,992
Interest-bearing						2,022,602						2,045,798
Total deposits						2,460,225						2,544,790
Federal Home Loan Bank advances						205,000						175,000
Other borrowed money						62,992						63,445
Accrued expenses and other liabilities						14,947						15,252
Total liabilities						$	2,743,164					$	2,798,487
Stockholders’ equity
Common stock, $1 par value; 50,000,000 shares authorized, 17,538,611 and 17,564,182 issued and outstanding, respectively						$	17,539					$	17,564
Paid in capital						169,132						168,614
Retained earnings						131,256						124,400
Accumulated other comprehensive loss, net of tax						(53,184)						(55,643)
Total stockholders’ equity						264,743						254,935
Total liabilities and stockholders’ equity						$	3,007,907					$	3,053,422

13

Colony Bankcorp, Inc.
Consolidated Statements of Income (unaudited)
						Three months ended June 30,												Six months ended June 30,
						2024						2023						2024						2023
(dollars in thousands, except per share data)
Interest income:
Loans, including fees						$	27,604					$	24,067					$	54,701					$	46,220
Investment securities						5,048						5,989						10,569						11,849
Deposits in banks and short term investments						684						708						1,376						1,065
Total interest income						33,336						30,764						66,646						59,134
Interest expense:
Deposits						12,106						8,556						24,198						13,555
Federal funds purchased						—						47						—						135
Federal Home Loan Bank advances						1,821						1,947						3,392						3,573
Other borrowings						1,000						1,033						1,993						2,122
Total interest expense						14,927						11,583						29,583						19,385
Net interest income						18,409						19,181						37,063						39,749
Provision for credit losses						650						200						1,650						1,100
Net interest income after provision for credit losses						17,759						18,981						35,413						38,649
Noninterest income:
Service charges on deposits						2,288						2,027						4,662						3,941
Mortgage fee income						1,442						2,014						2,691						3,197
Gain on sales of SBA loans						2,347						1,105						4,393						2,162
Loss on sales of securities						(425)						—						(980)						—
Interchange fees						2,078						2,131						4,105						4,199
BOLI income						398						358						931						689
Insurance commissions						420						449						886						909
Other						949						868						2,296						1,514
Total noninterest income						9,497						8,952						18,984						16,611
Noninterest expense:
Salaries and employee benefits						12,277						13,348						24,296						25,957
Occupancy and equipment						1,475						1,499						2,982						3,121
Information technology expenses						2,227						2,001						4,338						4,342
Professional fees						704						881						1,537						1,596
Advertising and public relations						967						673						1,927						1,666
Communications						216						192						442						486
Other						2,464						2,838						5,205						5,429
Total noninterest expense						20,330						21,432						40,727						42,597
Income before income taxes						6,926						6,501						13,670						12,663
Income taxes						1,452						1,199						2,863						2,318
Net income						$	5,474					$	5,302					$	10,807					$	10,345
Earnings per common share:
Basic						$	0.31					$	0.30					$	0.62					$	0.59
Diluted						0.31						0.30						0.62						0.59
Dividends declared per share						0.1125						0.1100						0.2250						0.2200
Weighted average common shares outstanding:
Basic						17,551,007						17,580,557						17,555,609						17,588,081
Diluted						17,551,007						17,580,557						17,555,609						17,588,081

14

Colony Bankcorp, Inc.
Quarterly Consolidated Statements of Income
						2024												2023
						Second Quarter						First Quarter						Fourth Quarter						Third Quarter						Second Quarter
(dollars in thousands, except per share data)						(unaudited)						(unaudited)						(audited)						(unaudited)						(unaudited)
Interest income:
Loans, including fees						$	27,604					$	27,097					$	27,014					$	26,022					$	24,067
Investment securities						5,048						5,520						5,700						5,770						5,989
Deposits in banks and short term investments						684						693						489						787						708
Total interest income						33,336						33,310						33,203						32,579						30,764
Interest expense:
Deposits						12,106						12,091						11,571						10,338						8,556
Federal funds purchased						—						—						1						11						47
Federal Home Loan Bank advances						1,821						1,572						1,623						1,568						1,947
Other borrowings						1,000						993						1,134						1,041						1,033
Total interest expense						14,927						14,656						14,329						12,958						11,583
Net interest income						18,409						18,654						18,874						19,621						19,181
Provision for credit losses						650						1,000						1,500						1,000						200
Net interest income after provision for credit losses						17,759						17,654						17,374						18,621						18,981
Noninterest income:
Service charges on deposits						2,288						2,373						2,595						2,200						2,027
Mortgage fee income						1,442						1,249						1,203						1,730						2,014
Gain on sales of SBA loans						2,347						2,046						1,634						1,268						1,105
Loss on sales of securities						(425)						(555)						—						—						—
Interchange fees						2,078						2,028						2,059						2,202						2,131
BOLI income						398						533						372						335						358
Insurance commissions						420						465						452						509						449
Other						949						1,348						990						1,474						868
Total noninterest income						9,497						9,487						9,305						9,718						8,952
Noninterest expense:
Salaries and employee benefits						12,277						12,018						11,304						11,973						13,348
Occupancy and equipment						1,475						1,507						1,543						1,620						1,499
Information technology expenses						2,227						2,110						2,147						2,064						2,001
Professional fees						704						834						749						752						881
Advertising and public relations						967						960						1,054						766						673
Communications						216						226						237						224						192
Other						2,464						2,742						2,553						3,482						2,838
Total noninterest expense						20,330						20,397						19,587						20,881						21,432
Income before income taxes						6,926						6,744						7,092						7,458						6,501
Income taxes						1,452						1,411						1,494						1,654						1,199
Net income						$	5,474					$	5,333					$	5,598					$	5,804					$	5,302
Earnings per common share:
Basic						$	0.31					$	0.30					$	0.32					$	0.33					$	0.30
Diluted						0.31						0.30						0.32						0.33						0.30
Dividends declared per share						0.1125						0.1125						0.1100						0.1100						0.1100
Weighted average common shares outstanding:
Basic						17,551,007						17,560,210						17,567,839						17,569,493						17,580,557
Diluted						17,551,007						17,560,210						17,567,839						17,569,493						17,580,557

15

Colony Bankcorp, Inc.
Quarterly Comparison
						2024												2023
(dollars in thousands, except per share data)						Second Quarter						First Quarter						Fourth Quarter						Third Quarter						Second Quarter
Assets						$	3,007,907					$	3,015,509					$	3,053,422					$	3,093,823					$	3,101,071
Loans, net						1,846,768						1,840,361						1,865,099						1,847,603						1,821,776
Deposits						2,460,225						2,522,748						2,544,790						2,591,332						2,627,211
Total equity						264,743						259,914						254,935						238,692						239,455
Net income						5,474						5,333						5,598						5,804						5,302
Earnings per basic share						$	0.31					$	0.30					$	0.32					$	0.33					$	0.30
Key Performance Ratios:
Return on average assets						0.73		%				0.71		%				0.73		%				0.75		%				0.70		%
Operating return on average assets (a)						0.80		%				0.76		%				0.71		%				0.77		%				0.75		%
Return on average total equity						8.46		%				8.38		%				9.20		%				9.61		%				8.88		%
Operating return on average total equity (a)						9.22		%				9.10		%				8.90		%				9.89		%				9.57		%
Total equity to total assets						8.80		%				8.62		%				8.35		%				7.72		%				7.72		%
Tangible equity to tangible assets (a)						7.18		%				6.99		%				6.73		%				6.09		%				6.09		%
Net interest margin						2.68		%				2.69		%				2.70		%				2.78		%				2.77		%
(a) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP.

Colony Bankcorp, Inc.
Quarterly Deposits Composition Comparison
						2024												2023
(dollars in thousands)						Second Quarter						First Quarter						Fourth Quarter						Third Quarter						Second Quarter
Noninterest-bearing demand						$	437,623					$	476,413					$	498,992					$	494,221					$	541,119
Interest-bearing demand						788,674						802,596						759,299						740,672						733,708
Savings						670,848						650,188						660,311						681,229						659,137
Time, $250,000 and over						168,856						173,386						167,680						187,218						184,459
Other time						394,224						420,165						458,508						487,992						508,788
Total						$	2,460,225					$	2,522,748					$	2,544,790					$	2,591,332					$	2,627,211

Colony Bankcorp, Inc.
Quarterly Deposits by Location Comparison
						2024												2023
(dollars in thousands)						Second Quarter						First Quarter						Fourth Quarter						Third Quarter						Second Quarter
Coastal Georgia						$	144,021					$	138,103					$	137,398					$	133,888					$	133,536
Middle Georgia						275,758						286,697						265,788						262,352						265,615
Atlanta and North Georgia						336,338						333,856						334,003						345,179						341,664
South Georgia						1,110,049						1,132,701						1,134,662						1,132,545						1,197,545
West Georgia						365,380						378,764						384,750						389,269						402,665
Brokered deposits						39,240						59,019						93,561						148,707						112,372
Reciprocal deposits						189,439						193,608						194,628						179,392						173,814
Total						$	2,460,225					$	2,522,748					$	2,544,790					$	2,591,332					$	2,627,211

16

Colony Bankcorp, Inc.
Quarterly Loan Comparison
						2024												2023
(dollars in thousands)						Second Quarter						First Quarter						Fourth Quarter						Third Quarter						Second Quarter
Core						$	1,732,843					$	1,718,284					$	1,729,866					$	1,698,219					$	1,664,855
Purchased						132,731						140,734						153,604						166,752						173,987
Total						$	1,865,574					$	1,859,018					$	1,883,470					$	1,864,971					$	1,838,842

Colony Bankcorp, Inc.
Quarterly Loans by Composition Comparison
						2024												2023
(dollars in thousands)						Second Quarter						First Quarter						Fourth Quarter						Third Quarter						Second Quarter
Construction, land & land development						$	199,916					$	234,000					$	247,146					$	245,268					$	249,423
Other commercial real estate						985,102						971,205						974,649						969,168						979,509
Total commercial real estate						1,185,018						1,205,205						1,221,795						1,214,436						1,228,932
Residential real estate						360,847						347,277						355,973						339,501						325,407
Commercial, financial & agricultural						242,205						239,837						242,743						252,725						243,458
Consumer and other						77,504						66,699						62,959						58,309						41,045
Total						$	1,865,574					$	1,859,018					$	1,883,470					$	1,864,971					$	1,838,842

Colony Bankcorp, Inc.
Quarterly Loans by Location Comparison
						2024												2023
(dollars in thousands)						Second Quarter						First Quarter						Fourth Quarter						Third Quarter						Second Quarter
Alabama						$	44,575					$	44,806					$	45,594					$	45,135					$	44,301
Florida						2,753						1,579						40						—						—
Augusta						64,465						71,483						65,284						55,508						55,124
Coastal Georgia						228,844						232,557						243,492						239,281						242,249
Middle Georgia						124,268						121,131						118,806						116,776						119,041
Atlanta and North Georgia						427,568						425,753						426,724						431,632						420,231
South Georgia						413,098						409,681						436,728						446,221						463,558
West Georgia						184,365						183,679						187,751						188,208						192,348
Small Business Specialty Lending						75,182						71,196						68,637						65,187						56,908
Consumer Portfolio Mortgages						257,772						261,204						255,771						245,057						226,755
Marine/RV Lending						41,922						35,017						33,191						31,009						17,137
Other						762						932						1,452						957						1,190
Total						$	1,865,574					$	1,859,018					$	1,883,470					$	1,864,971					$	1,838,842

17

Colony Bankcorp, Inc.
Classified Loans
						2024															2023
(dollars in thousands)						Second Quarter						First Quarter									Fourth Quarter						Third Quarter						Second Quarter
						$			#			$			#						$			#			$			#			$			#
Construction, land & land development						$	54		3			$	572		11						$	1,063		14			$	1,180		13			$	570		12
Other commercial real estate						13,990			34			13,918			46						10,219			39			7,726			41			5,954			36
Residential real estate						2,168			104			5,896			183						7,103			187			6,633			184			7,186			193
Commercial, financial & agricultural						6,075			54			5,487			70						5,284			58			5,102			56			5,465			54
Consumer and other						68			24			92			67						85			76			63			73			92			69
TOTAL						$	22,355		219			$	25,965		377						$	23,754		374			$	20,704		367			$	19,267		364
Classified loans to total loans						1.20		%				1.40		%							1.26		%				1.11		%				1.05		%
Colony Bankcorp, Inc.
Criticized Loans
						2024															2023
(dollars in thousands)						Second Quarter						First Quarter									Fourth Quarter						Third Quarter						Second Quarter
						$			#			$			#						$			#			$			#			$			#
Construction, land & land development						$	626		6			$	1,543		18						$	2,192		21			$	1,238		17			$	817		19
Other commercial real estate						31,544			59			31,498			46						27,445			77			20,356			70			25,577			76
Residential real estate						5,431			107			13,050			249						14,275			253			13,212			245			14,211			269
Commercial, financial & agricultural						7,181			59			8,609			114						12,686			106			15,701			89			7,285			80
Consumer and other						68			24			365			85						281			92			234			92			184			86
TOTAL						$	44,850		255			$	55,065		512						$	56,879		549			$	50,741		513			$	48,074		530
Criticized loans to total loans						2.40		%				2.96		%							3.02		%				2.72		%				2.61		%

18