For additional information, contact:

Derek Shelnutt

EVP & Chief Financial Officer

229-426-6000, extension 6119

COLONY BANKCORP REPORTS THIRD QUARTER 2024 RESULTS

DECLARES QUARTERLY CASH DIVIDEND OF $0.1125 PER SHARE

FITZGERALD, GA. (October 23, 2024) – Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”) today reported financial results for the third quarter of 2024. Financial highlights are shown below.

Financial Highlights:

•Net income increased to $5.6 million, or $0.32 per diluted share, for the third quarter of 2024, compared to $5.5 million, or $0.31 per diluted share, for the second quarter of 2024, and decreased as compared to $5.8 million, or $0.33 per diluted share, for the third quarter of 2023.

•Operating net income increased to $6.2 million, or $0.35 of adjusted earnings per diluted share, for the third quarter of 2024, compared to $6.0 million, or $0.34 of adjusted earnings per diluted share, for the second quarter of 2024, and $6.0 million, or $0.34 of adjusted earnings per diluted share, for the third quarter of 2023. (See Reconciliation of Non-GAAP Measures).

•Provision for credit losses of $750,000 was recorded in third quarter of 2024 compared to $650,000 in second quarter of 2024, and $1.0 million in third quarter of 2023.

•Total loans were $1.89 billion at September 30, 2024, an increase of $20.5 million, or 1.10%, from the prior quarter.

•Total deposits were $2.52 billion and $2.46 billion at September 30, 2024 and June 30, 2024, respectively, an increase of $64.7 million.

•Mortgage production was $66.6 million, and mortgage sales totaled $57.8 million in the third quarter of 2024 compared to $65.1 million and $45.2 million, respectively, for the second quarter of 2024.

•Small Business Specialty Lending (“SBSL”) closed $30.1 million in Small Business Administration (“SBA”) loans and sold $27.2 million in SBA loans in the third quarter of 2024 compared to $25.8 million and $27.0 million, respectively, for the second quarter of 2024.

The Company also announced that on October 23, 2024, the Board of Directors declared a quarterly cash dividend of $0.1125 per share, to be paid on its common stock on November 20, 2024, to shareholders of record as of the close of business on November 6, 2024. The Company had 17,554,884 shares of its common stock outstanding as of October 21, 2024.

“We are pleased with the improvement in operating results during the third quarter of 2024 and to see the continued progression in the performance of our complementary business lines alongside ongoing efficiency and expense discipline. We are also excited about our new digital banking platform rollout that occurred during the quarter. This enhanced platform will provide our customers with a state-of-the-art online banking experience which we believe will enable us to deliver solutions for all our customer’s needs in today’s digital environment,” said Heath Fountain, Chief Executive Officer.

"We had anticipated margin expansion in the second half of the year, but it did not materialize in the third quarter of 2024. However, we are pleased to report increased net interest income this quarter, and we believe that the margin has now reached its lowest point. We are optimistic about seeing improvement going forward as changes in the rate environment and easing from the Federal Reserve have allowed us to relieve pressure on our funding costs.”

“Loan growth picked up slightly in the third quarter and overall asset quality remains strong. Our pipelines for both loans and deposits remain strong and our team has done a fantastic job of continuing to grow and build customer relationships.”

1

Balance Sheet

•Total assets were $3.07 billion at September 30, 2024, an increase of $57.2 million from June 30, 2024.

•Total loans, including loans held for sale, were at $1.91 billion at September 30, 2024, an increase of $8.1 million from the quarter ended June 30, 2024.

•Total deposits were $2.52 billion and $2.46 billion at September 30, 2024 and June 30, 2024, respectively, an increase of $64.7 million. Savings and money market deposits increased $13.5 million and time deposits increased $67.3 million which were partially offset by a decrease in interest bearing demand deposits of $18.3 million from June 30, 2024 to September 30, 2024.

•Total borrowings at September 30, 2024 totaled $248.0 million, a decrease of $20.0 million or, 7.5%, compared to June 30, 2024, related to decreases 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 35,000 shares of Company common stock were repurchased during the third quarter of 2024 at an average price of $15.02 per share and a total value of $525,817 thousand.

•Preliminary tier one leverage ratio, tier one capital ratio, total risk-based capital ratio and common equity tier one capital ratio were 9.51%, 13.66%, 16.48%, and 12.51%, respectively, at September 30, 2024.

Third Quarter and September 30, 2024 Year to Date Results of Operations

•Net interest income, on a tax-equivalent basis, totaled $18.7 million for the third quarter ended September 30, 2024 compared to $19.8 million for the same period in 2023. Net interest income, on a tax-equivalent basis, for the nine months ended September 30, 2024 totaled $56.1 million, compared to $59.9 million for the nine months ended September 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 $2.0 million, to $34.8 million for the third quarter of 2024 compared to the respective period in 2023. Expense on interest bearing liabilities increased $3.1 million, to $16.1 million for the third quarter of 2024 compared to the respective period in 2023. Income on interest earning assets increased $9.5 million to $101.8 million for the nine month period ended September 30, 2024 compared to the respective period in 2023. Expense on interest bearing liabilities increased $13.3 million, to $45.6 million for the nine month period ended September 30, 2024 compared to the respective period in 2023.

•Net interest margin for the third quarter of 2024 was 2.64% compared to 2.78% for the third quarter of 2023. Net interest margin was 2.67% for the nine months ended September 30, 2024 compared to 2.87% for the nine months ended September 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 $10.1 million for the third quarter ended September 30, 2024, an increase of $364,000, or 3.75%, compared to the same period in 2023. Noninterest income totaled $29.1 million for the nine months ended September 30, 2024, an increase of $2.7 million, or 10.39%, 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 merchant and wealth advisory services which is included in other noninterest income, which were partially offset by decreases in interchange fee income and losses on the sales of investment securities.

•Noninterest expense totaled $20.8 million for the third quarter ended September 30, 2024, compared to $20.9 million for the same period in 2023. Noninterest expense totaled $61.6 million for the nine months ended September 30, 2024, compared to $63.5 million for the same period in 2023. The decrease for the third quarter ended September 30, 2024 was primarily related to decreases in loan related expenses and miscellaneous other losses. The decrease for the nine months ended September 30, 2024 was a result of the decrease 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 $12.5 million and $7.3 million at September 30, 2024 and June 30, 2024, respectively, an increase of $5.2 million.

•Other real estate owned and repossessed assets totaled $236,000 at September 30, 2024 and $595,000 at June 30, 2024.

•Net loans charged-off were $139,000, or 0.03% of average loans for the third quarter of 2024, compared to $667,000 or 0.14% for the second quarter of 2024.

•The credit loss reserve was $19.7 million, or 1.04% of total loans, at September 30, 2024, compared to $18.8 million, or 1.01% of total loans at June 30, 2024.

Earnings call information

The Company will host an earnings conference call at 9:00 a.m. ET on Thursday, October 24, 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: COLONY3Q. A replay of the call will be available until Thursday, October 31, 2024. To listen to the replay, dial 800-839-8318.

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 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 assets

3

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)						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Operating noninterest income reconciliation
Noninterest income (GAAP)						$	10,082					$	9,497					$	9,487					$	9,305					$	9,718
Gain on sale of bank premises						—						—						—						(236)						—
Writedown of bank premises						—						197						—						—						—
Loss on sales of securities						454						425						555						—						—
Operating noninterest income						$	10,536					$	10,119					$	10,042					$	9,069					$	9,718
Operating noninterest expense reconciliation
Noninterest expense (GAAP)						$	20,835					$	20,330					$	20,397					$	19,587					$	20,881
Severance costs						(265)						—						(23)						—						(220)
Operating noninterest expense						$	20,570					$	20,330					$	20,374					$	19,587					$	20,661
Operating net income reconciliation
Net income (GAAP)						$	5,629					$	5,474					$	5,333					$	5,598					$	5,804
Severance costs						265						—						23						—						220
Gain on sale of bank premises						—						—						—						(236)						—
Writedown of bank premises						—						197						—						—						—
Loss on sales of securities						454						425						555						—						—
Income tax benefit						(143)						(129)						(121)						52						(48)
Operating net income						$	6,205					$	5,967					$	5,790					$	5,414					$	5,976
Weighted average diluted shares						17,587,902						17,551,007						17,560,210						17,567,839						17,569,493
Adjusted earnings per diluted share						$	0.35					$	0.34					$	0.33					$	0.31					$	0.34
Operating return on average assets reconciliation
Return on average assets (GAAP)						0.74		%				0.73		%				0.71		%				0.73		%				0.75		%
Severance costs						0.03						—						—						—						0.03
Gain on sale of bank premises						—						—						—						(0.03)						—
Writedown of bank premises						—						0.03						—						—						—
Loss on sales of securities						0.06						0.06						0.07						—						—
Tax effect of adjustment items						(0.02)						(0.02)						(0.02)						0.01						(0.01)
Operating return on average assets						0.81		%				0.80		%				0.76		%				0.71		%				0.77		%
Operating return on average equity reconciliation
Return on average equity (GAAP)						8.33		%				8.46		%				8.38		%				9.20		%				9.61		%
Severance costs						0.39						—						0.04						—						0.36
Gain on sale of bank premises						—						—						—						(0.39)						—
Writedown of bank premises						—						0.30						—						—						—
Loss on sales of securities						0.67						0.66						0.87						—						—
Tax effect of adjustment items						(0.21)						(0.20)						(0.19)						0.09						(0.08)
Operating return on average equity						9.18		%				9.22		%				9.10		%				8.90		%				9.89		%
Tangible book value per common share reconciliation
Book value per common share (GAAP)						$	15.73					$	15.09					$	14.80					$	14.51					$	13.59
Effect of goodwill and other intangibles						(2.97)						(2.99)						(3.01)						(3.02)						(3.04)
Tangible book value per common share						$	12.76					$	12.10					$	11.79					$	11.49					$	10.55
Tangible equity to tangible assets reconciliation
Equity to assets (GAAP)						9.01		%				8.80		%				8.62		%				8.35		%				7.72		%
Effect of goodwill and other intangibles						(1.58)						(1.62)						(1.63)						(1.62)						(1.63)
Tangible equity to tangible assets						7.43		%				7.18		%				6.99		%				6.73		%				6.09		%

6

Colony Bankcorp, Inc.
Reconciliation of Non-GAAP Measures
						2024																		2023
(dollars in thousands, except per share data)						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Operating efficiency ratio calculation
Efficiency ratio (GAAP)						72.79		%				72.85		%				72.48		%				69.51		%				71.17		%
Severance costs						(0.93)						—						(0.08)						—						(0.75)
Gain on sale of bank premises						—						—						—						0.84						—
Writedown of bank premises						—						(0.71)						—						—						—
Loss on sales of securities						(1.59)						(1.52)						(1.97)						—						—
Operating efficiency ratio						70.27		%				70.62		%				70.43		%				70.35		%				70.42		%
Operating net noninterest expense(1) to average assets calculation
Net noninterest expense to average assets						1.41		%				1.45		%				1.45		%				1.35		%				1.45		%
Severance costs						(0.03)						—						—						—						(0.03)
Gain on sale of bank premises						—						—						—						0.03						—
Writedown of bank premises						—						(0.03)						—						—						—
Loss on sales of securities						(0.06)						(0.06)						(0.07)						—						—
Operating net noninterest expense to average assets						1.32		%				1.36		%				1.38		%				1.38		%				1.42		%
Pre-provision net revenue
Net interest income before provision for credit losses						$	18,541					$	18,409					$	18,654					$	18,874					$	19,621
Noninterest income						10,082						9,497						9,487						9,305						9,718
Total income						28,623						27,906						28,141						28,179						29,339
Noninterest expense						20,835						20,330						20,397						19,587						20,881
Pre-provision net revenue						$	7,788					$	7,576					$	7,744					$	8,592					$	8,458
(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)						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
EARNINGS SUMMARY
Net interest income						$	18,541					$	18,409					$	18,654					$	18,874					$	19,621
Provision for credit losses						750						650						1,000						1,500						1,000
Noninterest income						10,082						9,497						9,487						9,305						9,718
Noninterest expense						20,835						20,330						20,397						19,587						20,881
Income taxes						1,409						1,452						1,411						1,494						1,654
Net income						$	5,629					$	5,474					$	5,333					$	5,598					$	5,804
PERFORMANCE MEASURES
Per common share:
Common shares outstanding						17,554,884						17,538,611						17,558,611						17,564,182						17,567,983
Weighted average basic shares						17,587,902						17,551,007						17,560,210						17,567,839						17,569,493
Weighted average diluted shares						17,587,902						17,551,007						17,560,210						17,567,839						17,569,493
Earnings per basic share						$	0.32					$	0.31					$	0.30					$	0.32					$	0.33
Earnings per diluted share						0.32						0.31						0.30						0.32						0.33
Adjusted earnings per diluted share(b)						0.35						0.34						0.33						0.31						0.34
Cash dividends declared per share						0.1125						0.1125						0.1125						0.1100						0.1100
Common book value per share						15.73						15.09						14.80						14.51						13.59
Tangible book value per common share(b)						12.76						12.10						11.79						11.49						10.55
Pre-provision net revenue(b)						$	7,788					$	7,576					$	7,744					$	8,592					$	8,458
Performance ratios:
Net interest margin (a)						2.64		%				2.68		%				2.69		%				2.70		%				2.78		%
Return on average assets						0.74						0.73						0.71						0.73						0.75
Operating return on average assets (b)						0.81						0.80						0.76						0.71						0.77
Return on average total equity						8.33						8.46						8.38						9.20						9.61
Operating return on average total equity (b)						9.18						9.22						9.10						8.90						9.89
Efficiency ratio						72.79						72.85						72.48						69.51						71.17
Operating efficiency ratio (b)						70.27						70.62						70.43						70.35						70.42
Net noninterest expense to average assets						1.41						1.45						1.45						1.35						1.45
Operating net noninterest expense to average assets(b)						1.32						1.36						1.38						1.38						1.42

8

Colony Bankcorp, Inc.
Selected Financial Information
						2024																		2023
(dollars in thousands, except per share data)						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
ASSET QUALITY
Nonperforming portfolio loans						$	6,273					$	3,653					$	3,674					$	7,804					$	5,625
Nonperforming government guaranteed loans						5,942						3,016						2,757						2,035						3,641
Loans 90 days past due and still accruing						44						41						—						370						9
Total nonperforming loans (NPLs)						12,259						6,710						6,431						10,209						9,275
Other real estate owned						227						582						562						448						812
Repossessed assets						9						13						—						—						—
Total nonperforming assets (NPAs)						12,495						7,305						6,993						10,657						10,087
Classified loans						20,918						22,355						25,965						23,754						20,704
Criticized loans						52,062						44,850						55,065						56,879						50,741
Net loan charge-offs (recoveries)						139						667						664						692						698
Allowance for credit losses to total loans						1.04		%				1.01		%				1.00		%				0.98		%				0.93		%
Allowance for credit losses to total NPLs						160.40						280.27						290.11						179.95						187.26
Allowance for credit losses to total NPAs						157.37						257.44						266.80						172.38						172.18
Net charge-offs (recoveries) to average loans, net						0.03						0.14						0.14						0.15						0.15
NPLs to total loans						0.65						0.36						0.35						0.54						0.50
NPAs to total assets						0.41						0.24						0.23						0.35						0.33
NPAs to total loans and foreclosed assets						0.66						0.39						0.38						0.57						0.54
AVERAGE BALANCES
Total assets						$	3,038,947					$	3,010,486					$	3,036,093					$	3,027,812					$	3,058,485
Loans, net						1,862,986						1,850,451						1,853,077						1,860,652						1,854,367
Loans, held for sale						34,533						33,024						24,612						21,251						29,444
Deposits						2,504,101						2,492,479						2,543,259						2,538,500						2,565,026
Total stockholders’ equity						268,769						260,162						255,927						241,392						239,571
(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 September 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			$	1,916,375					$	28,560					5.93		%				$	1,883,811					$	26,075					5.49		%
Investment securities, taxable			719,669						4,852						2.68		%				761,540						5,288						2.75		%
Investment securities, tax-exempt 2			95,464						501						2.09		%				106,136						610						2.28		%
Deposits in banks and short term investments			88,563						855						3.84		%				78,295						787						3.99		%
Total interest-earning assets			2,820,071						34,768						4.90		%				2,829,782						32,760						4.59		%
Noninterest-earning assets			218,876																		228,703
Total assets			$	3,038,947																	$	3,058,485
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing demand and savings			$	1,460,011					$	7,342					2.00		%				$	1,382,638					$	4,455					1.28		%
Other time			603,391						5,812						3.83		%				672,442						5,883						3.47		%
Total interest-bearing deposits			2,063,402						13,154						2.54		%				2,055,080						10,338						2.00		%
Federal funds purchased			2						—						5.92		%				764						11						5.93		%
Federal Home Loan Bank advances			185,000						1,913						4.11		%				155,652						1,569						4.00		%
Other borrowings			63,001						996						6.29		%				66,342						1,041						6.22		%
Total other interest-bearing liabilities			248,003						2,909						4.67		%				222,758						2,621						4.67		%
Total interest-bearing liabilities			2,311,405						16,063						2.76		%				2,277,838						12,959						2.26		%
Noninterest-bearing liabilities:
Demand deposits			440,699																		$	509,946
Other liabilities			18,074																		31,130
Stockholders' equity			268,769																		239,571
Total noninterest-bearing liabilities and stockholders' equity			727,542																		780,647
Total liabilities and stockholders' equity			$	3,038,947																	$	3,058,485
Interest rate spread															2.14		%																2.33		%
Net interest income									$	18,705																	$	19,801
Net interest margin															2.64		%																2.78		%

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 $59,000 and $54,000 for the quarters ended September 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 $25,000 and $36,000 for the quarters ended September 30, 2024 and 2023, respectively, are also included in income and fees on loans.

2Taxable-equivalent adjustments totaling $105,000 and $128,000 for the quarters ended September 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
			Nine Months Ended September 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			$	1,904,906					$	83,365					5.85		%				$	1,833,405					$	72,403					5.28		%
Investment securities, taxable			726,462						14,511						2.67		%				779,940						16,167						2.77		%
Investment securities, tax-exempt 4			100,789						1,653						2.19		%				106,599						1,837						2.30		%
Deposits in banks and short term investments			74,255						2,231						4.01		%				67,828						1,853						3.65		%
Total interest-earning assets			2,806,412						101,760						4.84		%				2,787,772						92,260						4.42		%
Noninterest-earning assets			222,134																		224,985
Total assets			$	3,028,547																	$	3,012,757
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing demand and savings			$	1,454,287					$	20,534					1.89		%				$	1,388,248					$	10,201					0.98		%
Other time			597,623						16,817						3.76		%				611,032						13,692						3.00		%
Total interest-bearing deposits			2,051,910						37,351						2.43		%				1,999,280						23,893						1.60		%
Federal funds purchased			5						—						5.94		%				3,703						146						5.29		%
Federal Home Loan Bank advances			173,540						5,306						4.08		%				161,099						5,140						4.27		%
Other borrowings			63,241						2,989						6.31		%				70,234						3,164						6.02		%
Total other interest-bearing liabilities			236,786						8,295						4.68		%				235,036						8,450						4.81		%
Total interest-bearing liabilities			2,288,696						45,646						2.66		%				2,234,316						32,343						1.94		%
Noninterest-bearing liabilities:
Demand deposits			461,336																		$	526,469
Other liabilities			16,869																		13,897
Stockholders' equity			261,646																		238,075
Total noninterest-bearing liabilities and stockholders' equity			739,851																		778,441
Total liabilities and stockholders' equity			$	3,028,547																	$	3,012,757
Interest rate spread															2.18		%																2.48		%
Net interest income									$	56,114																	$	59,917
Net interest margin															2.67		%																2.87		%

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 $163,000 and $162,000 for the nine months ended September 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 $35,000 and $160,000 for the nine months ended September 30, 2024 and 2023, respectively, are also included in income and fees on loans.

4 Taxable-equivalent adjustments totaling $347,000 and $386,000 for the nine months ended September 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)						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Banking Division
Net interest income						$	17,152					$	17,217					$	17,552					$	17,986					$	18,778
Provision for credit losses						698						96						455						979						286
Noninterest income						5,494						5,086						5,680						5,992						6,233
Noninterest expenses						17,075						17,135						17,129						16,619						16,653
Income taxes						1,017						1,060						1,166						1,365						1,777
Segment income						$	3,856					$	4,012					$	4,482					$	5,015					$	6,295
Total segment assets						$	2,955,145					$	2,889,013					$	2,910,102					$	2,956,121					$	2,999,071
Full time employees						375						385						377						378						382
Mortgage Banking Division
Net interest income						$	67					$	50					$	40					$	23					$	52
Provision for credit losses						—						—						—						—						—
Noninterest income						1,812						1,456						1,165						1,206						1,725
Noninterest expenses						1,533						1,326						1,218						1,203						2,040
Income taxes						71						42						1						8						(53)
Segment income						$	275					$	138					$	(14)					$	18					$	(210)
Total segment assets						$	9,300					$	19,004					$	8,011					$	7,890					$	9,991
Variable noninterest expense(1)						$	1,005					$	807					$	603					$	597					$	1,245
Fixed noninterest expense						528						519						615						606						795
Full time employees						44						42						43						42						45
Small Business Specialty Lending Division
Net interest income						$	1,322					$	1,142					$	1,062					$	865					$	791
Provision for credit losses						52						554						545						521						714
Noninterest income						2,776						2,955						2,642						2,107						1,760
Noninterest expenses						2,227						1,869						2,050						1,765						2,188
Income taxes						321						350						244						121						(70)
Segment income						$	1,498					$	1,324					$	865					$	565					$	(281)
Total segment assets						$	100,658					$	99,890					$	97,396					$	89,411					$	84,761
Full time employees						33						33						31						33						33
Total Consolidated
Net interest income						$	18,541					$	18,409					$	18,654					$	18,874					$	19,621
Provision for credit losses						750						650						1,000						1,500						1,000
Noninterest income						10,082						9,497						9,487						9,305						9,718
Noninterest expenses						20,835						20,330						20,397						19,587						20,881
Income taxes						1,409						1,452						1,411						1,494						1,654
Segment income						$	5,629					$	5,474					$	5,333					$	5,598					$	5,804
Total segment assets						$	3,065,103					$	3,007,907					$	3,015,509					$	3,053,422					$	3,093,823
Full time employees						452						460						451						453						460
(1) Variable noninterest expense includes commission based salary expenses and volume based loan related fees.

12

Colony Bankcorp, Inc.
Consolidated Balance Sheets
						September 30, 2024						December 31, 2023
(dollars in thousands)						(unaudited)						(audited)
ASSETS
Cash and due from banks						$	23,248					$	25,339
Interest-bearing deposits in banks and federal funds sold						121,605						57,983
Cash and cash equivalents						144,853						83,322
Investment securities available for sale, at fair value						370,008						407,382
Investment securities held to maturity, at amortized cost						440,706						449,031
Other investments						17,712						16,868
Loans held for sale						27,760						27,958
Loans, net of unearned income						1,886,037						1,883,470
Allowance for credit losses						(19,663)						(18,371)
Loans, net						1,866,374						1,865,099
Premises and equipment						37,983						39,870
Other real estate						227						448
Goodwill						48,923						48,923
Other intangible assets						3,249						4,192
Bank owned life insurance						57,556						56,925
Deferred income taxes, net						21,166						25,405
Other assets						28,586						27,999
Total assets						$	3,065,103					$	3,053,422
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing						$	439,892					$	498,992
Interest-bearing						2,085,078						2,045,798
Total deposits						2,524,970						2,544,790
Federal Home Loan Bank advances						185,000						175,000
Other borrowed money						63,016						63,445
Accrued expenses and other liabilities						16,065						15,252
Total liabilities						$	2,789,051					$	2,798,487
Stockholders’ equity
Common stock, $1 par value; 50,000,000 shares authorized, 17,554,884 and 17,564,182 issued and outstanding, respectively						$	17,555					$	17,564
Paid in capital						168,599						168,614
Retained earnings						134,910						124,400
Accumulated other comprehensive loss, net of tax						(45,012)						(55,643)
Total stockholders’ equity						276,052						254,935
Total liabilities and stockholders’ equity						$	3,065,103					$	3,053,422

13

Colony Bankcorp, Inc.
Consolidated Statements of Income (unaudited)
						Three months ended September 30,												Nine months ended September 30,
						2024						2023						2024						2023
(dollars in thousands, except per share data)
Interest income:
Loans, including fees						$	28,501					$	26,022					$	83,202					$	72,242
Investment securities						5,248						5,770						15,816						17,619
Deposits in banks and short term investments						855						787						2,232						1,852
Total interest income						34,604						32,579						101,250						91,713
Interest expense:
Deposits						13,154						10,338						37,351						23,893
Federal funds purchased						—						11						—						146
Federal Home Loan Bank advances						1,913						1,568						5,306						5,140
Other borrowings						996						1,041						2,989						3,164
Total interest expense						16,063						12,958						45,646						32,343
Net interest income						18,541						19,621						55,604						59,370
Provision for credit losses						750						1,000						2,400						2,100
Net interest income after provision for credit losses						17,791						18,621						53,204						57,270
Noninterest income:
Service charges on deposits						2,401						2,200						7,062						6,140
Mortgage fee income						1,812						1,730						4,503						4,928
Gain on sales of SBA loans						2,227						1,268						6,620						3,429
Loss on sales of securities						(454)						—						(1,434)						—
Interchange fees						2,163						2,202						6,269						6,401
BOLI income						383						335						1,314						1,024
Insurance commissions						433						509						1,318						1,421
Other						1,117						1,474						3,414						2,986
Total noninterest income						10,082						9,718						29,066						26,329
Noninterest expense:
Salaries and employee benefits						12,594						11,973						36,889						37,929
Occupancy and equipment						1,523						1,620						4,505						4,740
Information technology expenses						2,150						2,064						6,487						6,406
Professional fees						748						752						2,286						2,348
Advertising and public relations						965						766						2,892						2,432
Communications						210						224						652						710
Other						2,645						3,482						7,851						8,913
Total noninterest expense						20,835						20,881						61,562						63,478
Income before income taxes						7,038						7,458						20,708						20,121
Income taxes						1,409						1,654						4,272						3,972
Net income						$	5,629					$	5,804					$	16,436					$	16,149
Earnings per common share:
Basic						$	0.32					$	0.33					$	0.94					$	0.92
Diluted						0.32						0.33						0.94						0.92
Dividends declared per share						0.1125						0.1100						0.3375						0.3300
Weighted average common shares outstanding:
Basic						17,587,902						17,569,493						17,566,452						17,581,817
Diluted						17,587,902						17,569,493						17,566,452						17,581,817

14

Colony Bankcorp, Inc.
Quarterly Consolidated Statements of Income
						2024																		2023
						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
(dollars in thousands, except per share data)						(unaudited)						(unaudited)						(unaudited)						(audited)						(unaudited)
Interest income:
Loans, including fees						$	28,501					$	27,604					$	27,097					$	27,014					$	26,022
Investment securities						5,248						5,048						5,520						5,700						5,770
Deposits in banks and short term investments						855						684						693						489						787
Total interest income						34,604						33,336						33,310						33,203						32,579
Interest expense:
Deposits						13,154						12,106						12,091						11,571						10,338
Federal funds purchased						—						—						—						1						11
Federal Home Loan Bank advances						1,913						1,821						1,572						1,623						1,568
Other borrowings						996						1,000						993						1,134						1,041
Total interest expense						16,063						14,927						14,656						14,329						12,958
Net interest income						18,541						18,409						18,654						18,874						19,621
Provision for credit losses						750						650						1,000						1,500						1,000
Net interest income after provision for credit losses						17,791						17,759						17,654						17,374						18,621
Noninterest income:
Service charges on deposits						2,401						2,288						2,373						2,595						2,200
Mortgage fee income						1,812						1,442						1,249						1,203						1,730
Gain on sales of SBA loans						2,227						2,347						2,046						1,634						1,268
Loss on sales of securities						(454)						(425)						(555)						—						—
Interchange fees						2,163						2,078						2,028						2,059						2,202
BOLI income						383						398						533						372						335
Insurance commissions						433						420						465						452						509
Other						1,117						949						1,348						990						1,474
Total noninterest income						10,082						9,497						9,487						9,305						9,718
Noninterest expense:
Salaries and employee benefits						12,594						12,277						12,018						11,304						11,973
Occupancy and equipment						1,523						1,475						1,507						1,543						1,620
Information technology expenses						2,150						2,227						2,110						2,147						2,064
Professional fees						748						704						834						749						752
Advertising and public relations						965						967						960						1,054						766
Communications						210						216						226						237						224
Other						2,645						2,464						2,742						2,553						3,482
Total noninterest expense						20,835						20,330						20,397						19,587						20,881
Income before income taxes						7,038						6,926						6,744						7,092						7,458
Income taxes						1,409						1,452						1,411						1,494						1,654
Net income						$	5,629					$	5,474					$	5,333					$	5,598					$	5,804
Earnings per common share:
Basic						$	0.32					$	0.31					$	0.30					$	0.32					$	0.33
Diluted						0.32						0.31						0.30						0.32						0.33
Dividends declared per share						0.1125						0.1125						0.1125						0.1100						0.1100
Weighted average common shares outstanding:
Basic						17,587,902						17,551,007						17,560,210						17,567,839						17,569,493
Diluted						17,587,902						17,551,007						17,560,210						17,567,839						17,569,493

15

Colony Bankcorp, Inc.
Quarterly Comparison
						2024																		2023
(dollars in thousands, except per share data)						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Assets						$	3,065,103					$	3,007,907					$	3,015,509					$	3,053,422					$	3,093,823
Loans, net						1,866,374						1,846,768						1,840,361						1,865,099						1,847,603
Deposits						2,524,970						2,460,225						2,522,748						2,544,790						2,591,332
Total equity						276,052						264,743						259,914						254,935						238,692
Net income						5,629						5,474						5,333						5,598						5,804
Earnings per basic share						$	0.32					$	0.31					$	0.30					$	0.32					$	0.33
Key Performance Ratios:
Return on average assets						0.74		%				0.73		%				0.71		%				0.73		%				0.75		%
Operating return on average assets (a)						0.81		%				0.80		%				0.76		%				0.71		%				0.77		%
Return on average total equity						8.33		%				8.46		%				8.38		%				9.20		%				9.61		%
Operating return on average total equity (a)						9.18		%				9.22		%				9.10		%				8.90		%				9.89		%
Total equity to total assets						9.01		%				8.80		%				8.62		%				8.35		%				7.72		%
Tangible equity to tangible assets (a)						7.43		%				7.18		%				6.99		%				6.73		%				6.09		%
Net interest margin						2.64		%				2.68		%				2.69		%				2.70		%				2.78		%
(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)						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Noninterest-bearing demand						$	439,892					$	437,623					$	476,413					$	498,992					$	494,221
Interest-bearing demand						769,123						788,674						802,596						759,299						740,672
Savings						684,371						670,848						650,188						660,311						681,229
Time, $250,000 and over						198,942						168,856						173,386						167,680						187,218
Other time						432,642						394,224						420,165						458,508						487,992
Total						$	2,524,970					$	2,460,225					$	2,522,748					$	2,544,790					$	2,591,332

Colony Bankcorp, Inc.
Quarterly Deposits by Location Comparison
						2024																		2023
(dollars in thousands)						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Coastal Georgia						$	142,580					$	144,021					$	138,103					$	137,398					$	133,888
Middle Georgia						269,144						275,758						286,697						265,788						262,352
Atlanta and North Georgia						321,808						336,338						333,856						334,003						345,179
South Georgia						1,165,529						1,110,049						1,132,701						1,134,662						1,132,545
West Georgia						357,450						365,380						378,764						384,750						389,269
Brokered deposits						70,999						39,240						59,019						93,561						148,707
Reciprocal deposits						197,460						189,439						193,608						194,628						179,392
Total						$	2,524,970					$	2,460,225					$	2,522,748					$	2,544,790					$	2,591,332

16

Colony Bankcorp, Inc.
Quarterly Loan Comparison
						2024																		2023
(dollars in thousands)						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Core						$	1,759,600					$	1,732,843					$	1,718,284					$	1,729,866					$	1,698,219
Purchased						126,437						132,731						140,734						153,604						166,752
Total						$	1,886,037					$	1,865,574					$	1,859,018					$	1,883,470					$	1,864,971

Colony Bankcorp, Inc.
Quarterly Loans by Composition Comparison
						2024																		2023
(dollars in thousands)						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Construction, land & land development						$	196,390					$	199,916					$	234,000					$	247,146					$	245,268
Other commercial real estate						1,012,466						985,102						971,205						974,649						969,168
Total commercial real estate						1,208,856						1,185,018						1,205,205						1,221,795						1,214,436
Residential real estate						349,777						360,847						347,277						355,973						339,501
Commercial, financial & agricultural						242,389						242,205						239,837						242,743						252,725
Consumer and other						85,015						77,504						66,699						62,959						58,309
Total						$	1,886,037					$	1,865,574					$	1,859,018					$	1,883,470					$	1,864,971

Colony Bankcorp, Inc.
Quarterly Loans by Location Comparison
						2024																		2023
(dollars in thousands)						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Alabama						$	46,630					$	44,575					$	44,806					$	45,594					$	45,135
Florida						12,280						2,753						1,579						40						—
Augusta						59,557						64,465						71,483						65,284						55,508
Coastal Georgia						220,452						228,844						232,557						243,492						239,281
Middle Georgia						120,843						124,268						121,131						118,806						116,776
Atlanta and North Georgia						432,377						427,568						425,753						426,724						431,632
South Georgia						427,887						413,098						409,681						436,728						446,221
West Georgia						184,634						184,365						183,679						187,751						188,208
Small Business Specialty Lending						79,967						75,182						71,196						68,637						65,187
Consumer Portfolio Mortgages						253,481						257,772						261,204						255,771						245,057
Marine/RV Lending						45,785						41,922						35,017						33,191						31,009
Other						2,144						762						932						1,452						957
Total						$	1,886,037					$	1,865,574					$	1,859,018					$	1,883,470					$	1,864,971

17

Colony Bankcorp, Inc.
Classified Loans
						2024																					2023
(dollars in thousands)						Third Quarter						Second Quarter									First Quarter									Fourth Quarter						Third Quarter
						$			#			$			#						$			#						$			#			$			#
Construction, land & land development						$	—		—			$	54		3						$	572		11						$	1,063		14			$	1,180		13
Other commercial real estate						13,338			36			13,990			34						13,918			46						10,219			39			7,726			41
Residential real estate						1,554			85			2,168			104						5,896			183						7,103			187			6,633			184
Commercial, financial & agricultural						6,005			61			6,075			54						5,487			70						5,284			58			5,102			56
Consumer and other						21			23			68			24						92			67						85			76			63			73
TOTAL						$	20,918		205			$	22,355		219						$	25,965		377						$	23,754		374			$	20,704		367
Classified loans to total loans						1.11		%				1.20		%							1.40		%							1.26		%				1.11		%
Colony Bankcorp, Inc.
Criticized Loans
						2024																					2023
(dollars in thousands)						Third Quarter						Second Quarter									First Quarter									Fourth Quarter						Third Quarter
						$			#			$			#						$			#						$			#			$			#
Construction, land & land development						$	4,418		9			$	626		6						$	1,543		18						$	2,192		21			$	1,238		17
Other commercial real estate						32,790			64			31,544			59						31,498			46						27,445			77			20,356			70
Residential real estate						5,389			90			5,431			107						13,050			249						14,275			253			13,212			245
Commercial, financial & agricultural						9,444			68			7,181			59						8,609			114						12,686			106			15,701			89
Consumer and other						21			23			68			24						365			85						281			92			234			92
TOTAL						$	52,062		254			$	44,850		255						$	55,065		512						$	56,879		549			$	50,741		513
Criticized loans to total loans						2.76		%				2.40		%							2.96		%							3.02		%				2.72		%

18