FINANCIAL INFORMATION OF COLONY BANKCORP, INC. (PARENT ONLY)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

FINANCIAL INFORMATION OF COLONY BANKCORP, INC. (PARENT ONLY)

The parent company’s balance sheets as of December 31, 2024 and 2023 and the related statements of operations and comprehensive income (loss) and cash flows for each of the years in the two-year period then ended are as follows:

COLONY BANKCORP, INC. (PARENT ONLY)

BALANCE SHEETS

DECEMBER 31

(DOLLARS IN THOUSANDS)


	2024		2023
ASSETS

Cash	$	28,692	$	29,057

Investment in subsidiaries	305,918		283,968
Other	7,297		6,413
Total Assets	$	341,907	$	319,438

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities
Other	$	193	$	1,058

Subordinated notes	38,810		39,216
Subordinated debentures	24,229		24,229
Total Liabilities	63,232		64,503

Stockholders’ Equity
Common stock, par value $1.00 per share; 50,000,000 shares authorized, 17,519,884 and 17,564,182 shares issued and outstanding as of December 31, 2024 and 2023, respectively	17,520		17,564
Paid-in capital	168,353		168,614
Retained earnings	140,369		124,400
Accumulated other comprehensive loss, net of tax	(47,567)		(55,643)
Total Stockholder’s Equity	278,675		254,935
Total Liabilities and Stockholders’ Equity	$	341,907	$	319,438

COLONY BANKCORP, INC. (PARENT ONLY)

STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31

(DOLLARS IN THOUSANDS)


	2024		2023
Income
Interest on deposits with banks	$	4	$	3
Dividends from subsidiaries	13,217		1,055

Other	204		138
Total income	13,425		1,196

Expenses
Interest	3,937		3,920
Salaries and employee benefits	461		457
Other	183		254
Total expenses	4,581		4,631

Income (loss) before income taxes and equity in undistributed earnings of subsidiaries	8,844		(3,435)

Income tax benefit	1,150		680

Income (loss) before equity in undistributed earnings of subsidiaries	9,994		(2,755)

Equity in undistributed earnings of subsidiaries	13,874		24,502

Net income	$	23,868	$	21,747

COLONY BANKCORP, INC. (PARENT ONLY)

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31

(DOLLARS IN THOUSANDS)


	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	23,868	$	21,747
Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation expense	1,296		1,701
Equity in undistributed earnings of subsidiaries	(13,874)		(24,502)
Amortization of debt issuance costs	94		93

Change in interest payable	(7)		14
Other	(1,742)		(1,977)
Net cash provided by (used in) operating activities	9,635		(2,924)








CASH FLOWS FROM FINANCING ACTIVITIES
Redemption of subordinated debt	(500)		—


Cash paid for tax withholding related to vesting of restricted stock	(296)		(252)
Repurchase of shares	(1,305)		(406)
Dividends paid on common stock	(7,899)		(7,722)
Net cash used in financing activities	(10,000)		(8,380)

Net decrease in cash and cash equivalents	(365)		(11,304)
Cash and cash equivalents at beginning of period	29,057		40,361
Cash and cash equivalents at end of period	$	28,692	$	29,057