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

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

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

The parent company’s balance sheets as of December 31, 2022 and 2021 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)


	2022		2021
ASSETS

Cash	$	40,361	$	7,304

Investment in subsidiaries	249,868		245,614
Other	5,115		1,689
Total Assets	$	295,344	$	254,607

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities
Other	$	1,724	$	108
Other borrowed money	—		12,563
Subordinated notes	39,123		—
Subordinated debentures	24,229		24,229
Total Liabilities	65,076		36,900

Stockholders’ Equity
Common stock, par value $1.00; 50,000,000 shares authorized, 17,598,123 and 13,673,898 shares issued and outstanding as of December 31, 2022 and 2021, respectively	17,598		13,674
Paid-in capital	167,537		111,021
Retained earnings	111,573		99,189
Accumulated other comprehensive loss, net of tax	(66,440)		(6,177)
Total Stockholder’s Equity	230,268		217,707
Total Liabilities and Stockholders’ Equity	$	295,344	$	254,607

COLONY BANKCORP, INC. (PARENT ONLY)

STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31

(DOLLARS IN THOUSANDS)


	2022		2021
Income
Dividends from subsidiaries	$	10,295	$	31,060

Other	22		15
Total income	10,317		31,075

Expenses
Interest	2,299		1,012
Salaries and employee benefits	457		371
Other	450		604
Total expenses	3,206		1,987

Income before income taxes and equity in undistributed earnings (distributions in excess of earnings) of subsidiaries	7,111		29,088

Income tax benefit	(914)		(731)

Income before equity in undistributed earnings (distributions in excess of earnings) of subsidiaries	8,025		29,819

Equity in undistributed earnings(distributions in excess of earnings) of subsidiaries	11,517		(11,160)

Net income	$	19,542	$	18,659

COLONY BANKCORP, INC. (PARENT ONLY)

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31

(DOLLARS IN THOUSANDS)


	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	19,542	$	18,659
Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation expense	1,743		599
Distribution in excess of earnings (equity in undistributed earnings) of subsidiaries	(11,517)		11,160
Change in deferred taxes	(2,125)		—
Change in interest payable	45		1
Other	270		(1,146)
Net cash provided by operating activities	7,958		29,273

CASH FLOWS FROM INVESTING ACTIVITIES


Net cash and cash equivalents paid in bank acquisition	—		(19,178)
Capital injection into Bank subsidiary	(53,000)		—
Net cash provided by investing activities	(53,000)		(19,178)

CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in other borrowed money	26,560		(1,000)
Issuance of common stock	59,468		—

Cash paid for tax withholding related to vesting of restricted stock	(231)		—
Repurchase of shares	(540)		—
Dividends paid on common stock	(7,158)		(4,463)
Net cash used in financing activities	78,099		(5,463)

Net increase in cash and cash equivalents	33,057		4,632
Cash and cash equivalents at beginning of period	7,304		2,672
Cash and cash equivalents at end of period	$	40,361	$	7,304