Document

•Net interest income, on a tax-equivalent basis, totaled $21.1 million for the first quarter ended March 31, 2025 compared to $18.8 million for the same period in 2024. Income on interest earning assets increased while expenses on interest bearing liabilities decreased slightly due to the decrease in rates in the latter part of 2024. Income on interest earning assets increased $2.2 million, to $35.7 million for the first quarter of 2025 compared to the respective period in 2024. Expense on interest bearing liabilities decreased $83,143, to $14.6 million for the first quarter of 2025 compared to the respective period in 2024.

Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in Fitzgerald, Georgia in 1975, Colony operates locations throughout Georgia as well as in Birmingham, Alabama; Tallahassee, Florida; and the Florida Panhandle. Colony Bank offers a range of banking solutions for personal and business customers. In addition to traditional banking services, Colony provides specialized solutions including mortgage lending, government guaranteed lending, consumer insurance, wealth management, credit cards 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, tariffs or trade wars (including the resulting reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services), 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; general risks related to the Company’s merger and acquisition activity, including risks associated with integrating and realizing the expected financial benefits of previous acquisitions, and 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, 2024, 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.

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


	2025			2024
(dollars in thousands, except per share data)	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter






Operating noninterest income reconciliation
Noninterest income (GAAP)	$	9,044		$	10,309		$	10,082		$	9,497		$	9,487

Writedown of bank premises	—			—			—			197			—
Loss on sales of securities	—			401			454			425			555
Operating noninterest income	$	9,044		$	10,710		$	10,536		$	10,119		$	10,042

Operating noninterest expense reconciliation
Noninterest expense (GAAP)	$	20,221		$	21,272		$	20,835		$	20,330		$	20,397
Severance costs	—			—			(265)			—			(23)

Operating noninterest expense	$	20,221		$	21,272		$	20,570		$	20,330		$	20,374

Operating net income reconciliation
Net income (GAAP)	$	6,613		$	7,432		$	5,629		$	5,474		$	5,333

Severance costs	—			—			265			—			23



Writedown of bank premises	—			—			—			197			—
Loss on sales of securities	—			401			454			425			555
Income tax benefit	—			(77)			(143)			(129)			(121)
Operating net income	$	6,613		$	7,756		$	6,205		$	5,967		$	5,790

Weighted average diluted shares	17,509,059			17,531,808			17,587,902			17,551,007			17,560,210

Adjusted earnings per diluted share	$	0.38		$	0.44		$	0.35		$	0.34		$	0.33

Operating return on average assets reconciliation
Return on average assets (GAAP)	0.85		%	0.95		%	0.74		%	0.73		%	0.71		%
Severance costs	—			—			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)
Operating return on average assets	0.85		%	0.99		%	0.81		%	0.80		%	0.76		%

Operating return on average equity reconciliation
Return on average equity (GAAP)	9.63		%	10.71		%	8.33		%	8.46		%	8.38		%
Severance costs	—			—			0.39			—			0.04


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)
Operating return on average equity	9.63		%	11.18		%	9.18		%	9.22		%	9.10		%

Tangible book value per common share reconciliation
Book value per common share (GAAP)	$	16.41		$	15.91		$	15.73		$	15.09		$	14.80
Effect of goodwill and other intangibles	(2.95)			(2.96)			(2.97)			(2.99)			(3.01)
Tangible book value per common share	$	13.46		$	12.95		$	12.76		$	12.10		$	11.79

Tangible equity to tangible assets reconciliation
Equity to assets (GAAP)	9.05		%	8.96		%	9.01		%	8.80		%	8.62		%
Effect of goodwill and other intangibles	(1.51)			(1.54)			(1.58)			(1.62)			(1.63)
Tangible equity to tangible assets	7.54		%	7.42		%	7.43		%	7.18		%	6.99		%


Colony Bankcorp, Inc.
Reconciliation of Non-GAAP Measures


	2025			2024
(dollars in thousands, except per share data)	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Operating efficiency ratio calculation
Efficiency ratio (GAAP)	67.41		%	69.11		%	72.79		%	72.85		%	72.48		%
Severance costs	—			—			(0.93)			—			(0.08)




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

Operating efficiency ratio	67.41		%	67.80		%	70.27		%	70.62		%	70.43		%


Operating net noninterest expense(1) to average assets calculation
Net noninterest expense to average assets	1.44		%	1.40		%	1.41		%	1.45		%	1.45		%
Severance costs	—			—			(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	1.44		%	1.35		%	1.32		%	1.36		%	1.38		%

Pre-provision net revenue
Net interest income before provision for credit losses	$	20,952		$	20,472		$	18,541		$	18,409		$	18,654
Noninterest income	9,044			10,309			10,082			9,497			9,487
Total income	29,996			30,781			28,623			27,906			28,141
Noninterest expense	20,221			21,272			20,835			20,330			20,397
Pre-provision net revenue	$	9,775		$	9,509		$	7,788		$	7,576		$	7,744
(1) Net noninterest expense is defined as noninterest expense less noninterest income.


Colony Bankcorp, Inc.
Selected Financial Information
	2025			2024
(dollars in thousands, except per share data)	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
EARNINGS SUMMARY
Net interest income	$	20,952		$	20,472		$	18,541		$	18,409		$	18,654
Provision for credit losses	1,500			650			750			650			1,000
Noninterest income	9,044			10,309			10,082			9,497			9,487
Noninterest expense	20,221			21,272			20,835			20,330			20,397
Income taxes	1,662			1,427			1,409			1,452			1,411
Net income	$	6,613		$	7,432		$	5,629		$	5,474		$	5,333
PERFORMANCE MEASURES
Per common share:
Common shares outstanding	17,481,709			17,519,884			17,554,884			17,538,611			17,558,611
Weighted average basic shares	17,509,059			17,531,808			17,587,902			17,551,007			17,560,210
Weighted average diluted shares	17,509,059			17,531,808			17,587,902			17,551,007			17,560,210
Earnings per basic share	$	0.38		$	0.42		$	0.32		$	0.31		$	0.30
Earnings per diluted share	0.38			0.42			0.32			0.31			0.30
Adjusted earnings per diluted share(b)	0.38			0.44			0.35			0.34			0.33
Cash dividends declared per share	0.1150			0.1125			0.1125			0.1125			0.1125
Common book value per share	16.41			15.91			15.73			15.09			14.80
Tangible book value per common share(b)	13.46			12.95			12.76			12.10			11.79
Pre-provision net revenue(b)	$	9,775		$	9,509		$	7,788		$	7,576		$	7,744
Performance ratios:
Net interest margin (a)	2.93		%	2.84		%	2.64		%	2.68		%	2.69		%
Return on average assets	0.85			0.95			0.74			0.73			0.71
Operating return on average assets (b)	0.85			0.99			0.81			0.80			0.76
Return on average total equity	9.63			10.71			8.33			8.46			8.38
Operating return on average total equity (b)	9.63			11.18			9.18			9.22			9.10
Total equity to total assets	9.05			8.96			9.01			8.80			8.62
Tangible equity to tangible assets (b)	7.54			7.42			7.43			7.18			6.99
Efficiency ratio	67.41			69.11			72.79			72.85			72.48
Operating efficiency ratio (b)	67.41			67.80			70.27			70.62			70.43
Net noninterest expense to average assets	1.44			1.40			1.41			1.45			1.45
Operating net noninterest expense to average assets(b)	1.44			1.35			1.32			1.36			1.38


Colony Bankcorp, Inc.
Selected Financial Information
	2025			2024
(dollars in thousands, except per share data)	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
ASSET QUALITY
Nonperforming portfolio loans	$	7,538		$	5,024		$	6,273		$	3,653		$	3,674
Nonperforming SBA government loans-guaranteed portion	3,647			4,293			4,514			2,309			2,148
Nonperforming SBA government loans-unguaranteed portion	1,271			1,343			1,428			707			609
Loans 90 days past due and still accruing	22			152			44			41			—
Total nonperforming loans (NPLs)	12,478			10,812			12,259			6,710			6,431
Other real estate owned	522			202			227			582			562
Repossessed assets	6			328			9			13			—
Total nonperforming assets (NPAs)	13,006			11,342			12,495			7,305			6,993
Classified loans	26,453			20,103			20,918			22,355			25,965
Criticized loans	55,823			49,387			52,062			44,850			55,065
Net loan charge-offs (recoveries)	606			1,534			139			667			664
Allowance for credit losses to total loans	1.04		%	1.03		%	1.04		%	1.01		%	1.00		%
Allowance for credit losses to total NPLs	160.26			175.55			160.40			280.27			290.11
Allowance for credit losses to total NPAs	153.75			167.34			157.37			257.44			266.80
Net charge-offs (recoveries) to average loans, net	0.13			0.33			0.03			0.14			0.14
NPLs to total loans	0.65			0.59			0.65			0.36			0.35
NPAs to total assets	0.41			0.36			0.41			0.24			0.23
NPAs to total loans and foreclosed assets	0.68			0.62			0.66			0.39			0.38


ACTUAL BALANCES
Total assets	$	3,171,825		$	3,109,782		$	3,065,103		$	3,007,907		$	3,015,509
Loans held for sale	24,844			39,786			27,760			40,132			31,102
Loans, net of unearned income	1,921,263			1,842,980			1,886,037			1,865,574			1,859,018
Deposits	2,622,531			2,567,943			2,524,970			2,460,225			2,522,748
Total stockholders’ equity	286,925			278,675			276,052			264,743			259,914

AVERAGE BALANCES
Total assets	$	3,149,321		$	3,108,762		$	3,038,947		$	3,010,486		$	3,036,093
Loans held for sale	23,253			35,299			34,533			33,024			24,612
Loans, net of unearned income	1,869,476			1,851,628			1,881,842			1,869,178			1,871,402
Deposits	2,606,706			2,568,824			2,504,101			2,492,479			2,543,259
Total stockholders’ equity	278,551			276,082			268,769			260,162			255,927
(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 March 31,
	2025						2024
(dollars in thousands)	Average Balances		Income/ Expense		Yields/ Rates		Average Balances		Income/ Expense		Yields/ Rates
Assets
Interest-earning assets:
Loans held for sale	$	23,253	$	328	5.73	%	$	24,612	$	434	7.09	%
Loans, net of unearned income 1	1,869,476		27,716		6.01	%	1,871,402		26,711		5.74	%
Investment securities, taxable	710,293		4,837		2.76	%	737,257		5,042		2.75	%
Investment securities, tax-exempt 2	94,379		494		2.12	%	106,819		605		2.28	%
Deposits in banks and short term investments	229,016		2,322		4.11	%	71,431		693		3.90	%
Total interest-earning assets	2,926,417		35,697		4.95	%	2,811,521		33,485		4.79	%
Noninterest-earning assets	222,904						224,572
Total assets	$	3,149,321					$	3,036,093
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing demand and savings	$	1,549,509	$	6,468	1.69	%	$	1,451,490	$	6,408	1.78	%
Other time	601,920		5,305		3.57	%	612,241		5,683		3.73	%
Total interest-bearing deposits	2,151,429		11,773		2.22	%	2,063,731		12,091		2.36	%
Federal funds purchased	—		—		—	%	13		—		—	%
Federal Home Loan Bank advances	185,000		1,873		4.10	%	156,978		1,572		4.03	%

Other borrowings	63,048		927		5.97	%	63,086		993		6.33	%
Total other interest-bearing liabilities	248,048		2,800		4.58	%	220,077		2,565		4.69	%
Total interest-bearing liabilities	2,399,477		14,573		2.46	%	2,283,808		14,656		2.58	%
Noninterest-bearing liabilities:
Demand deposits	455,277						$	479,528
Other liabilities	16,016						16,830
Stockholders' equity	278,551						255,927
Total noninterest-bearing liabilities and stockholders' equity	749,844						752,285
Total liabilities and stockholders' equity	$	3,149,321					$	3,036,093
Interest rate spread					2.49	%					2.21	%
Net interest income			$	21,124					$	18,829
Net interest margin					2.93	%					2.69	%


Colony Bankcorp, Inc.
Segment Reporting
	2025		2024
(dollars in thousands)	First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter
Banking Division
Net interest income	$	19,989	$	19,191	$	17,152	$	17,217	$	17,552
Provision for credit losses	1,221		309		698		96		455
Noninterest income	5,774		5,452		5,494		5,086		5,680
Noninterest expenses	16,790		17,616		17,075		17,135		17,129
Income taxes	1,551		927		1,017		1,060		1,166
Segment income	$	6,201	$	5,791	$	3,856	$	4,012	$	4,482

Total segment assets	$	3,065,385	$	2,985,856	$	2,955,145	$	2,889,013	$	2,910,102



Full time employees	366		376		375		385		377

Mortgage Banking Division
Net interest income	$	53	$	53	$	67	$	50	$	40
Provision for credit losses	—		—		—		—		—
Noninterest income	1,579		1,545		1,812		1,456		1,165
Noninterest expenses	1,601		1,699		1,533		1,326		1,218
Income taxes	10		(12)		71		42		1
Segment income	$	21	$	(89)	$	275	$	138	$	(14)

Total segment assets	$	16,041	$	17,970	$	9,300	$	19,004	$	8,011

Variable noninterest expense(1)	$	880	$	764	$	1,005	$	807	$	603
Fixed noninterest expense	721		935		528		519		615

Full time employees	42		45		44		42		43

Small Business Specialty Lending Division
Net interest income	$	910	$	1,228	$	1,322	$	1,142	$	1,062
Provision for credit losses	279		341		52		554		545
Noninterest income	1,691		3,312		2,776		2,955		2,642
Noninterest expenses	1,830		1,957		2,227		1,869		2,050
Income taxes	101		512		321		350		244
Segment income	$	391	$	1,730	$	1,498	$	1,324	$	865

Total segment assets	$	90,399	$	105,956	$	100,658	$	99,890	$	97,396

Full time employees	35		34		33		33		31

Total Consolidated
Net interest income	$	20,952	$	20,472	$	18,541	$	18,409	$	18,654
Provision for credit losses	1,500		650		750		650		1,000
Noninterest income	9,044		10,309		10,082		9,497		9,487
Noninterest expenses	20,221		21,272		20,835		20,330		20,397
Income taxes	1,662		1,427		1,409		1,452		1,411
Segment income	$	6,613	$	7,432	$	5,629	$	5,474	$	5,333

Total segment assets	$	3,171,825	$	3,109,782	$	3,065,103	$	3,007,907	$	3,015,509

Full time employees	443		455		452		460		451

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


Colony Bankcorp, Inc.
Consolidated Balance Sheets
	March 31, 2025		December 31, 2024
(dollars in thousands)	(unaudited)		(audited)
ASSETS
Cash and due from banks	$	26,093	$	26,045
Interest-bearing deposits in banks and federal funds sold	195,112		204,989
Cash and cash equivalents	221,205		231,034
Investment securities available for sale, at fair value	380,705		366,049
Investment securities held to maturity, at amortized cost	421,894		430,077
Other investments	17,822		17,694
Loans held for sale	24,844		39,786
Loans, net of unearned income	1,921,263		1,842,980
Allowance for credit losses	(19,997)		(18,980)
Loans, net	1,901,266		1,824,000
Premises and equipment	36,433		37,831
Other real estate	522		202
Goodwill	48,923		48,923
Other intangible assets	2,702		2,975
Bank owned life insurance	58,382		57,970
Deferred income taxes, net	20,404		21,891
Other assets	36,723		31,350
Total assets	$	3,171,825	$	3,109,782

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing	$	449,818	$	462,283
Interest-bearing	2,172,713		2,105,660
Total deposits	2,622,531		2,567,943

Federal Home Loan Bank advances	185,000		185,000
Other borrowed money	63,062		63,039
Accrued expenses and other liabilities	14,307		15,125
Total liabilities	2,884,900		2,831,107

Stockholders’ equity
Common stock, $1 par value; 50,000,000 shares authorized, 17,481,709 and 17,519,884 issued and outstanding, respectively	17,482		17,520
Paid in capital	167,876		168,353
Retained earnings	144,967		140,369
Accumulated other comprehensive loss, net of tax	(43,400)		(47,567)
Total stockholders’ equity	286,925		278,675
Total liabilities and stockholders’ equity	$	3,171,825	$	3,109,782


Colony Bankcorp, Inc.
Consolidated Statements of Income (unaudited)
	Three months ended March 31,
	2025		2024
(dollars in thousands, except per share data)
Interest income:
Loans, including fees	$	27,976	$	27,097
Investment securities	5,227		5,520
Deposits in banks and short term investments	2,322		693
Total interest income	35,525		33,310

Interest expense:
Deposits	11,773		12,091
Federal funds purchased	—		—
Federal Home Loan Bank advances	1,873		1,572

Other borrowings	927		993
Total interest expense	14,573		14,656
Net interest income	20,952		18,654
Provision for credit losses	1,500		1,000
Net interest income after provision for credit losses	19,452		17,654

Noninterest income:
Service charges on deposits	2,172		2,373
Mortgage fee income	1,579		1,249
Gain on sales of SBA loans	1,035		2,046
Loss on sales of securities	—		(555)
Interchange fees	1,938		2,028
BOLI income	396		533
Insurance commissions	469		465
Other	1,455		1,348
Total noninterest income	9,044		9,487

Noninterest expense:
Salaries and employee benefits	11,905		12,018
Occupancy and equipment	1,580		1,507

Information technology expenses	2,477		2,110
Professional fees	748		834
Advertising and public relations	805		960
Communications	205		226


Other	2,501		2,742
Total noninterest expense	20,221		20,397
Income before income taxes	8,275		6,744
Income taxes	1,662		1,411
Net income	$	6,613	$	5,333
Earnings per common share:
Basic	$	0.38	$	0.30
Diluted	0.38		0.30
Dividends declared per share	0.1150		0.1125
Weighted average common shares outstanding:
Basic	17,509,059		17,560,210
Diluted	17,509,059		17,560,210


Colony Bankcorp, Inc.
Quarterly Consolidated Statements of Income
	2025		2024
	First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter
(dollars in thousands, except per share data)	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest income:
Loans, including fees	$	27,976	$	28,473	$	28,501	$	27,604	$	27,097
Investment securities	5,227		5,158		5,248		5,048		5,520
Deposits in banks and short term investments	2,322		2,360		855		684		693
Total interest income	35,525		35,991		34,604		33,336		33,310

Interest expense:
Deposits	11,773		12,656		13,154		12,106		12,091
Federal funds purchased	—		—		—		—		—
Federal Home Loan Bank advances	1,873		1,905		1,913		1,821		1,572

Other borrowings	927		958		996		1,000		993
Total interest expense	14,573		15,519		16,063		14,927		14,656
Net interest income	20,952		20,472		18,541		18,409		18,654
Provision for credit losses	1,500		650		750		650		1,000
Net interest income after provision for credit losses	19,452		19,822		17,791		17,759		17,654

Noninterest income:
Service charges on deposits	2,172		2,302		2,401		2,288		2,373
Mortgage fee income	1,579		1,545		1,812		1,442		1,249
Gain on sales of SBA loans	1,035		2,622		2,227		2,347		2,046
Loss on sales of securities	—		(401)		(454)		(425)		(555)
Interchange fees	1,938		2,030		2,163		2,078		2,028
BOLI income	396		412		383		398		533
Insurance commissions	469		471		433		420		465
Other	1,455		1,328		1,117		949		1,348
Total noninterest income	9,044		10,309		10,082		9,497		9,487

Noninterest expense:
Salaries and employee benefits	11,905		12,877		12,594		12,277		12,018
Occupancy and equipment	1,580		1,645		1,523		1,475		1,507

Information technology expenses	2,477		2,491		2,150		2,227		2,110
Professional fees	748		539		748		704		834
Advertising and public relations	805		1,118		965		967		960
Communications	205		213		210		216		226


Other	2,501		2,389		2,645		2,464		2,742
Total noninterest expense	20,221		21,272		20,835		20,330		20,397
Income before income taxes	8,275		8,859		7,038		6,926		6,744
Income taxes	1,662		1,427		1,409		1,452		1,411
Net income	$	6,613	$	7,432	$	5,629	$	5,474	$	5,333
Earnings per common share:
Basic	$	0.38	$	0.42	$	0.32	$	0.31	$	0.30
Diluted	0.38		0.42		0.32		0.31		0.30
Dividends declared per share	0.1150		0.1125		0.1125		0.1125		0.1125
Weighted average common shares outstanding:
Basic	17,509,059		17,531,808		17,587,902		17,551,007		17,560,210
Diluted	17,509,059		17,531,808		17,587,902		17,551,007		17,560,210


Colony Bankcorp, Inc.
Quarterly Deposits by Location Comparison
	2025		2024
(dollars in thousands)	First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter
Coastal Georgia	$	142,230	$	145,828	$	142,580	$	144,021	$	138,103
Middle Georgia	283,149		279,360		269,144		275,758		286,697
Atlanta and North Georgia	333,845		318,927		321,808		336,338		333,856
South Georgia	1,249,192		1,217,433		1,165,529		1,110,049		1,132,701
West Georgia	335,438		337,818		357,450		365,380		378,764
Brokered deposits	59,499		59,499		70,999		39,240		59,019
Reciprocal deposits	219,178		209,078		197,460		189,439		193,608
Total	$	2,622,531	$	2,567,943	$	2,524,970	$	2,460,225	$	2,522,748


Colony Bankcorp, Inc.
Quarterly Loans by Composition Comparison
	2025		2024
(dollars in thousands)	First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter
Construction, land & land development	$	208,872	$	205,046	$	196,390	$	199,916	$	234,000
Other commercial real estate	1,052,967		990,648		1,012,466		985,102		971,205
Total commercial real estate	1,261,839		1,195,694		1,208,856		1,185,018		1,205,205
Residential real estate	345,521		344,167		349,777		360,847		347,277
Commercial, financial & agricultural	213,355		213,910		242,389		242,205		239,837
Consumer and other	100,548		89,209		85,015		77,504		66,699
Loans, net of unearned income	$	1,921,263	$	1,842,980	$	1,886,037	$	1,865,574	$	1,859,018


Colony Bankcorp, Inc.
Quarterly Loans by Location Comparison
	2025		2024
(dollars in thousands)	First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter
Alabama	$	52,183	$	45,365	$	46,630	$	44,575	$	44,806
Florida	19,490		13,135		12,280		2,753		1,579
Augusta	91,758		76,492		59,557		64,465		71,483
Coastal Georgia	230,242		224,609		220,452		228,844		232,557
Middle Georgia	130,302		121,059		120,843		124,268		121,131
Atlanta and North Georgia	441,323		427,046		432,377		427,568		425,753
South Georgia	398,295		384,907		427,887		413,098		409,681
West Georgia	168,851		169,699		184,634		184,365		183,679
Small Business Specialty Lending	79,517		81,636		79,967		75,182		71,196
Consumer Portfolio Mortgages	251,816		250,555		253,481		257,772		261,204
Marine/RV Lending	55,033		46,941		45,785		41,922		35,017
Other	2,453		1,536		2,144		762		932
Loans, net of unearned income	$	1,921,263	$	1,842,980	$	1,886,037	$	1,865,574	$	1,859,018


Colony Bankcorp, Inc.
Classified Loans
	2025				2024
(dollars in thousands)	First Quarter				Fourth Quarter				Third Quarter				Second Quarter				First Quarter
	$			#	$			#	$			#	$			#	$			#
Construction, land & land development	$	126		4	$	—		—	$	—		—	$	54		3	$	572		11
Other commercial real estate	18,578			51	13,367			38	13,338			36	13,990			34	13,918			46
Residential real estate	1,670			76	1,265			83	1,554			85	2,168			104	5,896			183
Commercial, financial & agricultural	6,077			58	5,407			70	6,005			61	6,075			54	5,487			70
Consumer and other	2			25	64			22	21			23	68			24	92			67
TOTAL	$	26,453		214	$	20,103		213	$	20,918		205	$	22,355		219	$	25,965		377
Classified loans to total loans	1.38		%		1.09		%		1.11		%		1.20		%		1.40		%



Colony Bankcorp, Inc.
Criticized Loans
	2025				2024
(dollars in thousands)	First Quarter				Fourth Quarter				Third Quarter				Second Quarter				First Quarter
	$			#	$			#	$			#	$			#	$			#
Construction, land & land development	$	4,028		11	$	2,865		9	$	4,418		9	$	626		6	$	1,543		18
Other commercial real estate	28,869			70	32,077			65	32,790			64	31,544			59	31,498			46
Residential real estate	8,289			83	5,504			89	5,389			90	5,431			107	13,050			249
Commercial, financial & agricultural	14,501			82	8,877			76	9,444			68	7,181			59	8,609			114
Consumer and other	136			26	64			22	21			23	68			24	365			85
TOTAL	$	55,823		272	$	49,387		261	$	52,062		254	$	44,850		255	$	55,065		512
Criticized loans to total loans	2.91		%		2.68		%		2.76		%		2.40		%		2.96		%


Colony Bankcorp, Inc.
Quarterly Deposits Composition Comparison
	2025		2024
(dollars in thousands)	First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter
Noninterest-bearing demand	$	449,818	$	462,283	$	439,892	$	437,623	$	476,413
Interest-bearing demand	873,156		813,783		769,123		788,674		802,596
Savings	689,446		687,603		684,371		670,848		650,188
Time over $250,000	189,466		185,176		198,942		168,856		173,386
Other time	420,645		419,098		432,642		394,224		420,165
Total	$	2,622,531	$	2,567,943	$	2,524,970	$	2,460,225	$	2,522,748


Colony Bankcorp, Inc.
Quarterly Loan Comparison
	2025		2024
(dollars in thousands)	First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter
Core	$	1,808,879	$	1,720,444	$	1,759,600	$	1,732,843	$	1,718,284
Purchased	112,384		122,536		126,437		132,731		140,734
Loans, net of unearned income	$	1,921,263	$	1,842,980	$	1,886,037	$	1,865,574	$	1,859,018