Document

“We are pleased to report our operating results and improved performance in the fourth quarter of 2024. Strong deposit growth during the quarter, particularly in lower cost transactional deposit accounts, along with easing from the Federal Reserve contributed to a lower overall cost of funds which resulted in an increase in margin of 20 basis points compared to the prior quarter. Additionally, we are pleased with our increase in noninterest income led by a successful quarter for our Small Business Specialty Lending Division and continued progress in our other complementary lines of business” said Heath Fountain, Chief Executive Officer.

•Net interest income, on a tax-equivalent basis, totaled $20.6 million for the fourth quarter ended December 31, 2024 compared to $19.1 million for the same period in 2023. Net interest income, on a tax-equivalent basis, for the twelve months ended December 31, 2024 totaled $76.8 million, compared to $79.0 million for the twelve months ended December 31, 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 higher interest rates period over period. Income on interest earning assets increased $2.8 million, to $36.2 million for the fourth quarter of 2024 compared to the respective period in 2023. Expense on interest bearing liabilities increased $1.2 million, to $15.5 million for the fourth quarter of 2024 compared to the respective period in 2023. Income on interest earning assets increased $12.3 million to $137.9 million for the twelve month period ended December 31, 2024 compared to the respective period in 2023. Expense on interest bearing liabilities increased $14.5 million, to $61.2 million for the twelve month period ended December 31, 2024 compared to the respective period in 2023.

•Noninterest income totaled $10.3 million for the fourth quarter ended December 31, 2024, an increase of $1.0 million, or 10.79%, compared to the same period in 2023. Noninterest income totaled $39.4 million for the twelve months ended December 31, 2024, an increase of $3.7 million, or 10.50%, compared to the same period in 2023. These increases were primarily related to increases in mortgage fee income, 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 service charges on deposit accounts and losses on the sales of investment securities.

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 New York Stock Exchange (“NYSE”) under the symbol “CBAN.” For more information, please visit www.colony.bank. You can also follow the Company on social media.

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 future economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, changes in 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 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.

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.

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.


Colony Bankcorp, Inc.
Reconciliation of Non-GAAP Measures


	2024												2023
(dollars in thousands, except per share data)	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter






Operating noninterest income reconciliation
Noninterest income (GAAP)	$	10,309		$	10,082		$	9,497		$	9,487		$	9,305
Gain on sale of bank premises	—			—			—			—			(236)
Writedown of bank premises	—			—			197			—			—
Loss on sales of securities	401			454			425			555			—
Operating noninterest income	$	10,710		$	10,536		$	10,119		$	10,042		$	9,069

Operating noninterest expense reconciliation
Noninterest expense (GAAP)	$	21,272		$	20,835		$	20,330		$	20,397		$	19,587
Severance costs	—			(265)			—			(23)			—

Operating noninterest expense	$	21,272		$	20,570		$	20,330		$	20,374		$	19,587

Operating net income reconciliation
Net income (GAAP)	$	7,432		$	5,629		$	5,474		$	5,333		$	5,598

Severance costs	—			265			—			23			—


Gain on sale of bank premises	—			—			—			—			(236)
Writedown of bank premises	—			—			197			—			—
Loss on sales of securities	401			454			425			555			—
Income tax benefit	(77)			(143)			(129)			(121)			52
Operating net income	$	7,756		$	6,205		$	5,967		$	5,790		$	5,414

Weighted average diluted shares	17,531,808			17,587,902			17,551,007			17,560,210			17,567,839

Adjusted earnings per diluted share	$	0.44		$	0.35		$	0.34		$	0.33		$	0.31

Operating return on average assets reconciliation
Return on average assets (GAAP)	0.95		%	0.74		%	0.73		%	0.71		%	0.73		%
Severance costs	—			0.03			—			—			—

Gain on sale of bank premises	—			—			—			—			(0.03)
Writedown of bank premises	—			—			0.03			—			—
Loss on sales of securities	0.05			0.06			0.06			0.07			—
Tax effect of adjustment items	(0.01)			(0.02)			(0.02)			(0.02)			0.01
Operating return on average assets	0.99		%	0.81		%	0.80		%	0.76		%	0.71		%

Operating return on average equity reconciliation
Return on average equity (GAAP)	10.71		%	8.33		%	8.46		%	8.38		%	9.20		%
Severance costs	—			0.39			—			0.04			—

Gain on sale of bank premises	—			—			—			—			(0.39)
Writedown of bank premises	—			—			0.30			—			—
Loss on sales of securities	0.58			0.67			0.66			0.87			—
Tax effect of adjustment items	(0.11)			(0.21)			(0.20)			(0.19)			0.09
Operating return on average equity	11.18		%	9.18		%	9.22		%	9.10		%	8.90		%

Tangible book value per common share reconciliation
Book value per common share (GAAP)	$	15.91		$	15.73		$	15.09		$	14.80		$	14.51
Effect of goodwill and other intangibles	(2.96)			(2.97)			(2.99)			(3.01)			(3.02)
Tangible book value per common share	$	12.95		$	12.76		$	12.10		$	11.79		$	11.49

Tangible equity to tangible assets reconciliation
Equity to assets (GAAP)	8.96		%	9.01		%	8.80		%	8.62		%	8.35		%
Effect of goodwill and other intangibles	(1.54)			(1.58)			(1.62)			(1.63)			(1.62)
Tangible equity to tangible assets	7.42		%	7.43		%	7.18		%	6.99		%	6.73		%


Colony Bankcorp, Inc.
Reconciliation of Non-GAAP Measures


	2024												2023
(dollars in thousands, except per share data)	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter



Operating efficiency ratio calculation
Efficiency ratio (GAAP)	69.11		%	72.79		%	72.85		%	72.48		%	69.51		%
Severance costs	—			(0.93)			—			(0.08)			—



Gain on sale of bank premises	—			—			—			—			0.84
Writedown of bank premises	—			—			(0.71)			—			—
Loss on sales of securities	(1.31)			(1.59)			(1.52)			(1.97)			—

Operating efficiency ratio	67.80		%	70.27		%	70.62		%	70.43		%	70.35		%


Operating net noninterest expense(1) to average assets calculation
Net noninterest expense to average assets	1.40		%	1.41		%	1.45		%	1.45		%	1.35		%
Severance costs	—			(0.03)			—			—			—

Gain on sale of bank premises	—			—			—			—			0.03
Writedown of bank premises	—			—			(0.03)			—			—
Loss on sales of securities	(0.05)			(0.06)			(0.06)			(0.07)			—
Operating net noninterest expense to average assets	1.35		%	1.32		%	1.36		%	1.38		%	1.38		%

Pre-provision net revenue
Net interest income before provision for credit losses	$	20,472		$	18,541		$	18,409		$	18,654		$	18,874
Noninterest income	10,309			10,082			9,497			9,487			9,305
Total income	30,781			28,623			27,906			28,141			28,179
Noninterest expense	21,272			20,835			20,330			20,397			19,587
Pre-provision net revenue	$	9,509		$	7,788		$	7,576		$	7,744		$	8,592
(1) Net noninterest expense is defined as noninterest expense less noninterest income.


Colony Bankcorp, Inc.
Selected Financial Information
	2024												2023
(dollars in thousands, except per share data)	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
EARNINGS SUMMARY
Net interest income	$	20,472		$	18,541		$	18,409		$	18,654		$	18,874
Provision for credit losses	650			750			650			1,000			1,500
Noninterest income	10,309			10,082			9,497			9,487			9,305
Noninterest expense	21,272			20,835			20,330			20,397			19,587
Income taxes	1,427			1,409			1,452			1,411			1,494
Net income	$	7,432		$	5,629		$	5,474		$	5,333		$	5,598
PERFORMANCE MEASURES
Per common share:
Common shares outstanding	17,519,884			17,554,884			17,538,611			17,558,611			17,564,182
Weighted average basic shares	17,531,808			17,587,902			17,551,007			17,560,210			17,567,839
Weighted average diluted shares	17,531,808			17,587,902			17,551,007			17,560,210			17,567,839
Earnings per basic share	$	0.42		$	0.32		$	0.31		$	0.30		$	0.32
Earnings per diluted share	0.42			0.32			0.31			0.30			0.32
Adjusted earnings per diluted share(b)	0.44			0.35			0.34			0.33			0.31
Cash dividends declared per share	0.1125			0.1125			0.1125			0.1125			0.1100
Common book value per share	15.91			15.73			15.09			14.80			14.51
Tangible book value per common share(b)	12.95			12.76			12.10			11.79			11.49
Pre-provision net revenue(b)	$	9,509		$	7,788		$	7,576		$	7,744		$	8,592
Performance ratios:
Net interest margin (a)	2.84		%	2.64		%	2.68		%	2.69		%	2.70		%
Return on average assets	0.95			0.74			0.73			0.71			0.73
Operating return on average assets (b)	0.99			0.81			0.80			0.76			0.71
Return on average total equity	10.71			8.33			8.46			8.38			9.20
Operating return on average total equity (b)	11.18			9.18			9.22			9.10			8.90
Efficiency ratio	69.11			72.79			72.85			72.48			69.51
Operating efficiency ratio (b)	67.80			70.27			70.62			70.43			70.35
Net noninterest expense to average assets	1.40			1.41			1.45			1.45			1.35
Operating net noninterest expense to average assets(b)	1.35			1.32			1.36			1.38			1.38


Colony Bankcorp, Inc.
Selected Financial Information
	2024												2023
(dollars in thousands, except per share data)	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
ASSET QUALITY
Nonperforming portfolio loans	$	5,024		$	6,273		$	3,653		$	3,674		$	7,804
Nonperforming government guaranteed loans	5,636			5,942			3,016			2,757			2,035
Loans 90 days past due and still accruing	152			44			41			—			370
Total nonperforming loans (NPLs)	10,812			12,259			6,710			6,431			10,209
Other real estate owned	202			227			582			562			448
Repossessed assets	328			9			13			—			—
Total nonperforming assets (NPAs)	11,342			12,495			7,305			6,993			10,657
Classified loans	20,103			20,918			22,355			25,965			23,754
Criticized loans	49,387			52,062			44,850			55,065			56,879
Net loan charge-offs (recoveries)	1,534			139			667			664			692
Allowance for credit losses to total loans	1.03		%	1.04		%	1.01		%	1.00		%	0.98		%
Allowance for credit losses to total NPLs	175.55			160.40			280.27			290.11			179.95
Allowance for credit losses to total NPAs	167.34			157.37			257.44			266.80			172.38
Net charge-offs (recoveries) to average loans, net	0.33			0.03			0.14			0.14			0.15
NPLs to total loans	0.59			0.65			0.36			0.35			0.54
NPAs to total assets	0.36			0.41			0.24			0.23			0.35
NPAs to total loans and foreclosed assets	0.62			0.66			0.39			0.38			0.57


AVERAGE BALANCES
Total assets	$	3,108,762		$	3,038,947		$	3,010,486		$	3,036,093		$	3,027,812
Loans, net	1,832,564			1,862,986			1,850,451			1,853,077			1,860,652
Loans, held for sale	35,299			34,533			33,024			24,612			21,251
Deposits	2,568,824			2,504,101			2,492,479			2,543,259			2,538,500
Total stockholders’ equity	276,082			268,769			260,162			255,927			241,392
(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.


Colony Bankcorp, Inc.
Average Balance Sheet and Net Interest Analysis

	Three Months Ended December 31,
	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	$	1,886,927	$	28,539	6.02	%	$	1,899,413	$	27,069	5.65	%
Investment securities, taxable	704,677		4,759		2.69	%	743,308		5,221		2.79	%
Investment securities, tax-exempt 2	95,062		505		2.11	%	103,418		607		2.33	%
Deposits in banks and short term investments	202,059		2,361		4.65	%	51,874		489		3.74	%
Total interest-earning assets	2,888,725		36,164		4.98	%	2,798,013		33,386		4.73	%
Noninterest-earning assets	220,037						229,800
Total assets	$	3,108,762					$	3,027,813
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing demand and savings	$	1,494,178	$	6,759	1.80	%	$	1,396,932	$	5,632	1.60	%
Other time	619,334		5,897		3.79	%	643,841		5,939		3.66	%
Total interest-bearing deposits	2,113,512		12,656		2.38	%	2,040,773		11,571		2.25	%
Federal funds purchased	—		—		—	%	53		1		6.28	%
Federal Home Loan Bank advances	185,000		1,905		4.10	%	158,913		1,624		4.06	%

Other borrowings	63,025		958		6.05	%	72,508		1,134		6.20	%
Total other interest-bearing liabilities	248,025		2,863		4.59	%	231,474		2,759		4.73	%
Total interest-bearing liabilities	2,361,537		15,519		2.61	%	2,272,247		14,330		2.50	%
Noninterest-bearing liabilities:
Demand deposits	455,312						$	497,727
Other liabilities	15,831						16,447
Stockholders' equity	276,082						241,392
Total noninterest-bearing liabilities and stockholders' equity	747,225						755,566
Total liabilities and stockholders' equity	$	3,108,762					$	3,027,813
Interest rate spread					2.37	%					2.23	%
Net interest income			$	20,645					$	19,056
Net interest margin					2.84	%					2.70	%


Colony Bankcorp, Inc.
Average Balance Sheet and Net Interest Analysis

	Twelve Months Ended December 31,
	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	$	1,900,386	$	111,904	5.89	%	$	1,850,043	$	99,472	5.38	%
Investment securities, taxable	720,986		19,270		2.67	%	770,707		21,388		2.78	%
Investment securities, tax-exempt 4	99,350		2,158		2.17	%	105,797		2,444		2.31	%
Deposits in banks and short term investments	106,381		4,592		4.32	%	63,806		2,341		3.67	%
Total interest-earning assets	2,827,103		137,924		4.88	%	2,790,353		125,645		4.50	%
Noninterest-earning assets	221,607						226,198
Total assets	$	3,048,710					$	3,016,551
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing demand and savings	$	1,464,315	$	27,293	1.86	%	$	1,390,247	$	15,833	1.14	%
Other time	603,080		22,714		3.77	%	619,083		19,632		3.17	%
Total interest-bearing deposits	2,067,395		50,007		2.42	%	2,009,330		35,465		1.76	%
Federal funds purchased	4		—		5.94	%	2,783		147		5.29	%
Federal Home Loan Bank advances	176,421		7,211		4.09	%	160,548		6,763		4.21	%

Other borrowings	63,186		3,947		6.25	%	70,807		4,298		6.07	%
Total other interest-bearing liabilities	239,611		11,158		4.66	%	234,138		11,208		4.79	%
Total interest-bearing liabilities	2,307,006		61,165		2.65	%	2,243,468		46,673		2.08	%
Noninterest-bearing liabilities:
Demand deposits	459,822						$	519,225
Other liabilities	16,607						14,947
Stockholders' equity	265,275						238,911
Total noninterest-bearing liabilities and stockholders' equity	741,704						773,083
Total liabilities and stockholders' equity	$	3,048,710					$	3,016,551
Interest rate spread					2.23	%					2.42	%
Net interest income			$	76,759					$	78,972
Net interest margin					2.72	%					2.83	%


Colony Bankcorp, Inc.
Segment Reporting
	2024								2023
(dollars in thousands)	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Banking Division
Net interest income	$	19,191	$	17,152	$	17,217	$	17,552	$	17,986
Provision for credit losses	309		698		96		455		979
Noninterest income	5,452		5,494		5,086		5,680		5,992
Noninterest expenses	17,616		17,075		17,135		17,129		16,619
Income taxes	927		1,017		1,060		1,166		1,365
Segment income	$	5,791	$	3,856	$	4,012	$	4,482	$	5,015

Total segment assets	$	2,985,856	$	2,955,145	$	2,889,013	$	2,910,102	$	2,956,121



Full time employees	376		375		385		377		378

Mortgage Banking Division
Net interest income	$	53	$	67	$	50	$	40	$	23
Provision for credit losses	—		—		—		—		—
Noninterest income	1,545		1,812		1,456		1,165		1,206
Noninterest expenses	1,699		1,533		1,326		1,218		1,203
Income taxes	(12)		71		42		1		8
Segment income	$	(89)	$	275	$	138	$	(14)	$	18

Total segment assets	$	17,970	$	9,300	$	19,004	$	8,011	$	7,890

Variable noninterest expense(1)	$	764	$	1,005	$	807	$	603	$	597
Fixed noninterest expense	935		528		519		615		606

Full time employees	45		44		42		43		42

Small Business Specialty Lending Division
Net interest income	$	1,228	$	1,322	$	1,142	$	1,062	$	865
Provision for credit losses	341		52		554		545		521
Noninterest income	3,312		2,776		2,955		2,642		2,107
Noninterest expenses	1,957		2,227		1,869		2,050		1,765
Income taxes	512		321		350		244		121
Segment income	$	1,730	$	1,498	$	1,324	$	865	$	565

Total segment assets	$	105,956	$	100,658	$	99,890	$	97,396	$	89,411

Full time employees	34		33		33		31		33

Total Consolidated
Net interest income	$	20,472	$	18,541	$	18,409	$	18,654	$	18,874
Provision for credit losses	650		750		650		1,000		1,500
Noninterest income	10,309		10,082		9,497		9,487		9,305
Noninterest expenses	21,272		20,835		20,330		20,397		19,587
Income taxes	1,427		1,409		1,452		1,411		1,494
Segment income	$	7,432	$	5,629	$	5,474	$	5,333	$	5,598

Total segment assets	$	3,109,782	$	3,065,103	$	3,007,907	$	3,015,509	$	3,053,422

Full time employees	455		452		460		451		453

(1) Variable noninterest expense includes commission based salary expenses and volume based loan related fees.


Colony Bankcorp, Inc.
Consolidated Balance Sheets
	December 31, 2024		December 31, 2023
(dollars in thousands)	(unaudited)		(audited)
ASSETS
Cash and due from banks	$	26,045	$	25,339
Interest-bearing deposits in banks and federal funds sold	204,989		57,983
Cash and cash equivalents	231,034		83,322
Investment securities available for sale, at fair value	366,049		407,382
Investment securities held to maturity, at amortized cost	430,077		449,031
Other investments	17,694		16,868
Loans held for sale	39,786		27,958
Loans, net of unearned income	1,842,980		1,883,470
Allowance for credit losses	(18,980)		(18,371)
Loans, net	1,824,000		1,865,099
Premises and equipment	37,831		39,870
Other real estate	202		448
Goodwill	48,923		48,923
Other intangible assets	2,975		4,192
Bank owned life insurance	57,970		56,925
Deferred income taxes, net	21,891		25,405
Other assets	31,350		27,999
Total assets	$	3,109,782	$	3,053,422

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing	$	462,283	$	498,992
Interest-bearing	2,105,660		2,045,798
Total deposits	2,567,943		2,544,790

Federal Home Loan Bank advances	185,000		175,000
Other borrowed money	63,039		63,445
Accrued expenses and other liabilities	15,125		15,252
Total liabilities	$	2,831,107	$	2,798,487

Stockholders’ equity
Common stock, $1 par value; 50,000,000 shares authorized, 17,519,884 and 17,564,182 issued and outstanding, 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 stockholders’ equity	278,675		254,935
Total liabilities and stockholders’ equity	$	3,109,782	$	3,053,422


Colony Bankcorp, Inc.
Consolidated Statements of Income (unaudited)
	Three months ended December 31,				Twelve months ended December 31,
	2024		2023		2024		2023
(dollars in thousands, except per share data)
Interest income:
Loans, including fees	$	28,473	$	27,014	$	111,675	$	99,256
Investment securities	5,158		5,700		20,974		23,319
Deposits in banks and short term investments	2,360		489		4,592		2,341
Total interest income	35,991		33,203		137,241		124,916

Interest expense:
Deposits	12,656		11,571		50,007		35,464
Federal funds purchased	—		1		—		147
Federal Home Loan Bank advances	1,905		1,623		7,211		6,763

Other borrowings	958		1,134		3,947		4,298
Total interest expense	15,519		14,329		61,165		46,672
Net interest income	20,472		18,874		76,076		78,244
Provision for credit losses	650		1,500		3,050		3,600
Net interest income after provision for credit losses	19,822		17,374		73,026		74,644

Noninterest income:
Service charges on deposits	2,302		2,595		9,365		8,735
Mortgage fee income	1,545		1,203		6,048		6,131
Gain on sales of SBA loans	2,622		1,634		9,242		5,063
Loss on sales of securities	(401)		—		(1,835)		—
Interchange fees	2,030		2,059		8,299		8,460
BOLI income	412		372		1,725		1,396
Insurance commissions	471		452		1,789		1,873
Other	1,328		990		4,742		3,976
Total noninterest income	10,309		9,305		39,375		35,634

Noninterest expense:
Salaries and employee benefits	12,877		11,304		49,767		49,233
Occupancy and equipment	1,645		1,543		6,149		6,283

Information technology expenses	2,491		2,147		8,978		8,553
Professional fees	539		749		2,825		3,097
Advertising and public relations	1,118		1,054		4,009		3,486
Communications	213		237		865		947


Other	2,389		2,553		10,241		11,466
Total noninterest expense	21,272		19,587		82,834		83,065
Income before income taxes	8,859		7,092		29,567		27,213
Income taxes	1,427		1,494		5,699		5,466
Net income	$	7,432	$	5,598	$	23,868	$	21,747
Earnings per common share:
Basic	$	0.42	$	0.32	$	1.36	$	1.24
Diluted	0.42		0.32		1.36		1.24
Dividends declared per share	0.1125		0.1100		0.4500		0.4400
Weighted average common shares outstanding:
Basic	17,531,808		17,567,839		17,557,743		17,578,294
Diluted	17,531,808		17,567,839		17,557,743		17,578,294


Colony Bankcorp, Inc.
Quarterly Consolidated Statements of Income
	2024								2023
	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
(dollars in thousands, except per share data)	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(audited)
Interest income:
Loans, including fees	$	28,473	$	28,501	$	27,604	$	27,097	$	27,014
Investment securities	5,158		5,248		5,048		5,520		5,700
Deposits in banks and short term investments	2,360		855		684		693		489
Total interest income	35,991		34,604		33,336		33,310		33,203

Interest expense:
Deposits	12,656		13,154		12,106		12,091		11,571
Federal funds purchased	—		—		—		—		1
Federal Home Loan Bank advances	1,905		1,913		1,821		1,572		1,623

Other borrowings	958		996		1,000		993		1,134
Total interest expense	15,519		16,063		14,927		14,656		14,329
Net interest income	20,472		18,541		18,409		18,654		18,874
Provision for credit losses	650		750		650		1,000		1,500
Net interest income after provision for credit losses	19,822		17,791		17,759		17,654		17,374

Noninterest income:
Service charges on deposits	2,302		2,401		2,288		2,373		2,595
Mortgage fee income	1,545		1,812		1,442		1,249		1,203
Gain on sales of SBA loans	2,622		2,227		2,347		2,046		1,634
Loss on sales of securities	(401)		(454)		(425)		(555)		—
Interchange fees	2,030		2,163		2,078		2,028		2,059
BOLI income	412		383		398		533		372
Insurance commissions	471		433		420		465		452
Other	1,328		1,117		949		1,348		990
Total noninterest income	10,309		10,082		9,497		9,487		9,305

Noninterest expense:
Salaries and employee benefits	12,877		12,594		12,277		12,018		11,304
Occupancy and equipment	1,645		1,523		1,475		1,507		1,543

Information technology expenses	2,491		2,150		2,227		2,110		2,147
Professional fees	539		748		704		834		749
Advertising and public relations	1,118		965		967		960		1,054
Communications	213		210		216		226		237


Other	2,389		2,645		2,464		2,742		2,553
Total noninterest expense	21,272		20,835		20,330		20,397		19,587
Income before income taxes	8,859		7,038		6,926		6,744		7,092
Income taxes	1,427		1,409		1,452		1,411		1,494
Net income	$	7,432	$	5,629	$	5,474	$	5,333	$	5,598
Earnings per common share:
Basic	$	0.42	$	0.32	$	0.31	$	0.30	$	0.32
Diluted	0.42		0.32		0.31		0.30		0.32
Dividends declared per share	0.1125		0.1125		0.1125		0.1125		0.1100
Weighted average common shares outstanding:
Basic	17,531,808		17,587,902		17,551,007		17,560,210		17,567,839
Diluted	17,531,808		17,587,902		17,551,007		17,560,210		17,567,839


Colony Bankcorp, Inc.
Quarterly Comparison
	2024												2023
(dollars in thousands, except per share data)	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Assets	$	3,109,782		$	3,065,103		$	3,007,907		$	3,015,509		$	3,053,422
Loans, net	1,824,000			1,866,374			1,846,768			1,840,361			1,865,099
Deposits	2,567,943			2,524,970			2,460,225			2,522,748			2,544,790
Total equity	278,675			276,052			264,743			259,914			254,935
Net income	7,432			5,629			5,474			5,333			5,598
Earnings per basic share	$	0.42		$	0.32		$	0.31		$	0.30		$	0.32

Key Performance Ratios:
Return on average assets	0.95		%	0.74		%	0.73		%	0.71		%	0.73		%
Operating return on average assets (a)	0.99		%	0.81		%	0.80		%	0.76		%	0.71		%
Return on average total equity	10.71		%	8.33		%	8.46		%	8.38		%	9.20		%
Operating return on average total equity (a)	11.18		%	9.18		%	9.22		%	9.10		%	8.90		%
Total equity to total assets	8.96		%	9.01		%	8.80		%	8.62		%	8.35		%
Tangible equity to tangible assets (a)	7.42		%	7.43		%	7.18		%	6.99		%	6.73		%
Net interest margin	2.84		%	2.64		%	2.68		%	2.69		%	2.70		%
(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 by Location Comparison
	2024								2023
(dollars in thousands)	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Coastal Georgia	$	145,828	$	142,580	$	144,021	$	138,103	$	137,398
Middle Georgia	279,360		269,144		275,758		286,697		265,788
Atlanta and North Georgia	318,927		321,808		336,338		333,856		334,003
South Georgia	1,217,433		1,165,529		1,110,049		1,132,701		1,134,662
West Georgia	337,818		357,450		365,380		378,764		384,750
Brokered deposits	59,499		70,999		39,240		59,019		93,561
Reciprocal deposits	209,078		197,460		189,439		193,608		194,628
Total	$	2,567,943	$	2,524,970	$	2,460,225	$	2,522,748	$	2,544,790


Colony Bankcorp, Inc.
Quarterly Loans by Composition Comparison
	2024								2023
(dollars in thousands)	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Construction, land & land development	$	205,046	$	196,390	$	199,916	$	234,000	$	247,146
Other commercial real estate	990,648		1,012,466		985,102		971,205		974,649
Total commercial real estate	1,195,694		1,208,856		1,185,018		1,205,205		1,221,795
Residential real estate	344,167		349,777		360,847		347,277		355,973
Commercial, financial & agricultural	213,910		242,389		242,205		239,837		242,743
Consumer and other	89,209		85,015		77,504		66,699		62,959
Total	$	1,842,980	$	1,886,037	$	1,865,574	$	1,859,018	$	1,883,470


Colony Bankcorp, Inc.
Quarterly Loans by Location Comparison
	2024								2023
(dollars in thousands)	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Alabama	$	45,365	$	46,630	$	44,575	$	44,806	$	45,594
Florida	13,135		12,280		2,753		1,579		40
Augusta	76,492		59,557		64,465		71,483		65,284
Coastal Georgia	224,609		220,452		228,844		232,557		243,492
Middle Georgia	121,059		120,843		124,268		121,131		118,806
Atlanta and North Georgia	427,046		432,377		427,568		425,753		426,724
South Georgia	384,907		427,887		413,098		409,681		436,728
West Georgia	169,699		184,634		184,365		183,679		187,751
Small Business Specialty Lending	81,636		79,967		75,182		71,196		68,637
Consumer Portfolio Mortgages	250,555		253,481		257,772		261,204		255,771
Marine/RV Lending	46,941		45,785		41,922		35,017		33,191
Other	1,536		2,144		762		932		1,452
Total	$	1,842,980	$	1,886,037	$	1,865,574	$	1,859,018	$	1,883,470


Colony Bankcorp, Inc.
Classified Loans
	2024																2023
(dollars in thousands)	Fourth Quarter				Third Quarter				Second Quarter				First Quarter					Fourth Quarter
	$			#	$			#	$			#	$			#		$			#
Construction, land & land development	$	—		—	$	—		—	$	54		3	$	572		11		$	1,063		14
Other commercial real estate	13,367			38	13,338			36	13,990			34	13,918			46		10,219			39
Residential real estate	1,265			83	1,554			85	2,168			104	5,896			183		7,103			187
Commercial, financial & agricultural	5,407			70	6,005			61	6,075			54	5,487			70		5,284			58
Consumer and other	64			22	21			23	68			24	92			67		85			76
TOTAL	$	20,103		213	$	20,918		205	$	22,355		219	$	25,965		377		$	23,754		374
Classified loans to total loans	1.09		%		1.11		%		1.20		%		1.40		%			1.26		%



Colony Bankcorp, Inc.
Criticized Loans
	2024																2023
(dollars in thousands)	Fourth Quarter				Third Quarter				Second Quarter				First Quarter					Fourth Quarter
	$			#	$			#	$			#	$			#		$			#
Construction, land & land development	$	2,865		9	$	4,418		9	$	626		6	$	1,543		18		$	2,192		21
Other commercial real estate	32,077			65	32,790			64	31,544			59	31,498			46		27,445			77
Residential real estate	5,504			89	5,389			90	5,431			107	13,050			249		14,275			253
Commercial, financial & agricultural	8,877			76	9,444			68	7,181			59	8,609			114		12,686			106
Consumer and other	64			22	21			23	68			24	365			85		281			92
TOTAL	$	49,387		261	$	52,062		254	$	44,850		255	$	55,065		512		$	56,879		549
Criticized loans to total loans	2.68		%		2.76		%		2.40		%		2.96		%			3.02		%


Colony Bankcorp, Inc.
Quarterly Deposits Composition Comparison
	2024								2023
(dollars in thousands)	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Noninterest-bearing demand	$	462,283	$	439,892	$	437,623	$	476,413	$	498,992
Interest-bearing demand	813,783		769,123		788,674		802,596		759,299
Savings	687,603		684,371		670,848		650,188		660,311
Time, $250,000 and over	185,176		198,942		168,856		173,386		167,680
Other time	419,098		432,642		394,224		420,165		458,508
Total	$	2,567,943	$	2,524,970	$	2,460,225	$	2,522,748	$	2,544,790


Colony Bankcorp, Inc.
Quarterly Loan Comparison
	2024								2023
(dollars in thousands)	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Core	$	1,720,444	$	1,759,600	$	1,732,843	$	1,718,284	$	1,729,866
Purchased	122,536		126,437		132,731		140,734		153,604
Total	$	1,842,980	$	1,886,037	$	1,865,574	$	1,859,018	$	1,883,470