Financial Information of Colony Bankcorp, Inc. (Parent Only)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

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

The parent company’s balance sheets as of December 31, 2020 and 2019 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)


	2020		2019
ASSETS

Cash	$	2,672	$	2,049
Premises and equipment, net	—		1,171
Investment in subsidiaries	179,172		165,836
Other	570		483
Total Assets	$	182,414	$	169,539

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities
Other borrowed money	$	13,563	$	14,563
Other	134		241
Subordinated debt	24,229		24,229
Total Liabilities	37,926		39,033

Stockholders’ Equity
Common stock, par value $1.00; 20,000,000 shares authorized,9,498,783 shares issued and outstanding as of December 31, 2020 and 2019, respectively	9,499		9,499
Paid-in capital	43,215		43,667
Retained earnings	84,993		76,978
Accumulated other comprehensive income, net of tax	6,781		362
Total Stockholder’s Equity	144,488		130,506
Total Liabilities and Stockholders’ Equity	$	182,414	$	169,539

COLOY BANKCORP, INC. (PARENT ONLY)

STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31

(DOLLARS IN THOUSANDS)


	2020		2019
Income
Dividends from subsidiaries	$	6,100	$	6,731
Management fees	—		750
Other	28		18
Total income	6,128		7,499

Expenses
Interest	1,223		1,541
Salaries and employee benefits	284		1,097
Other	428		1,261
Total expenses	1,935		3,899

Income before income taxes and equity in undistributed earnings of subsidiaries	4,193		3,600

Income tax benefit	(218)		(639)

Income before equity in undistributed earnings of subsidiaries	4,411		4,239

Equity in undistributed earnings of subsidiaries	7,404		5,972

Net income	$	11,815	$	10,211

COLONY BANKCORP, INC. (PARENT ONLY)

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31

(DOLLARS IN THOUSANDS)


	2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	11,815	$	10,211
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	70		81
Share-based compensation expense	33		34
Equity in undistributed earnings of subsidiaries	(7,404)		(5,972)
Change in interest payable	(51)		21
Other	(354)		1,065
Net cash provided by operating activities	4,109		5,440

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of premises and equipment	—		(54)
Proceeds from sale of premises and equipment	1,314		—
Net cash and cash equivalents paid in acquisition	—		(16,145)
Net cash (used in) provided by investing activities	1,314		(16,199)

CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in other borrowed money	(1,000)		14,563
Dividends paid for common stock	(3,800)		(2,692)
Net cash (used in) provided by financing activities	(4,800)		11,871

Net increase in cash and cash equivalents	623		1,112
Cash and cash equivalents at beginning of period	2,049		937
Cash and cash equivalents at end of period	$	2,672	$	2,049