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

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

The parent company’s balance sheets as of December 31, 2021 and 2020 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)


	2021		2020
ASSETS

Cash	$	7,304	$	2,672

Investment in subsidiaries	245,614		179,172
Other	1,689		570
Total Assets	$	254,607	$	182,414

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities
Other borrowed money	$	12,563	$	13,563
Other	108		134
Subordinated debt	24,229		24,229
Total Liabilities	36,900		37,926

Stockholders’ Equity
Common stock, par value $1.00; 20,000,000 shares authorized, 13,673,898 and 9,498,783 shares issued and outstanding as of December 31, 2021 and 2020, respectively	13,674		9,499
Paid-in capital	111,021		43,215
Retained earnings	99,189		84,993
Accumulated other comprehensive income (loss), net of tax	(6,177)		6,781
Total Stockholder’s Equity	217,707		144,488
Total Liabilities and Stockholders’ Equity	$	254,607	$	182,414

Condensed Income Statement


	2021		2020
Income
Dividends from subsidiaries	$	31,060	$	6,100

Other	15		28
Total income	31,075		6,128

Expenses
Interest	1,012		1,223
Salaries and employee benefits	371		284
Other	604		428
Total expenses	1,987		1,935

Income before income taxes and equity in undistributed earnings (distributions in excess of earnings) of subsidiaries	29,088		4,193

Income tax benefit	(731)		(218)

Income before equity in undistributed earnings (distributions in excess of earnings) of subsidiaries	29,819		4,411

Equity in undistributed earnings(distributions in excess of earnings) of subsidiaries	(11,160)		7,404

Net income	$	18,659	$	11,815

Condensed Cash Flow Statement


	2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	18,659	$	11,815
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	—		70
Stock-based compensation expense	599		33
Distribution in excess of earnings (equity in undistributed earnings) of subsidiaries	11,160		(7,404)
Change in interest payable	1		(51)
Other	(1,146)		(354)
Net cash provided by operating activities	29,273		4,109

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sale of premises and equipment	—		1,314
Net cash and cash equivalents paid in bank acquisition	(19,178)		—
Net cash provided by investing activities	(19,178)		1,314

CASH FLOWS FROM FINANCING ACTIVITIES
Net decrease in other borrowed money	(1,000)		(1,000)
Dividends paid on common stock	(4,463)		(3,800)
Net cash used in financing activities	(5,463)		(4,800)

Net increase in cash and cash equivalents	4,632		623
Cash and cash equivalents at beginning of period	2,672		2,049
Cash and cash equivalents at end of period	$	7,304	$	2,672