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

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

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

The parent company’s balance sheets as of December 31, 2023 and 2022 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)


	2023		2022
ASSETS

Cash	$	29,057	$	40,361

Investment in subsidiaries	283,968		249,868
Other	6,413		5,115
Total Assets	$	319,438	$	295,344

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities
Other	$	1,058	$	1,724

Subordinated notes	39,216		39,123
Subordinated debentures	24,229		24,229
Total Liabilities	64,503		65,076

Stockholders’ Equity
Common stock, par value $1.00; 50,000,000 shares authorized, 17,564,182 and 17,598,123 shares issued and outstanding as of December 31, 2023 and 2022, respectively	17,564		17,598
Paid-in capital	168,614		167,537
Retained earnings	124,400		111,573
Accumulated other comprehensive loss, net of tax	(55,643)		(66,440)
Total Stockholder’s Equity	254,935		230,268
Total Liabilities and Stockholders’ Equity	$	319,438	$	295,344

COLONY BANKCORP, INC. (PARENT ONLY)

STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31

(DOLLARS IN THOUSANDS)


	2023		2022
Income
Interest on deposits with banks	$	3	$	—
Dividends from subsidiaries	1,055		10,295

Other	138		22
Total income	1,196		10,317

Expenses
Interest	3,920		2,299
Salaries and employee benefits	457		457
Other	254		450
Total expenses	4,631		3,206

Income (loss) before income taxes and equity in undistributed earnings of subsidiaries	(3,435)		7,111

Income tax benefit	(680)		(914)

Income (loss) before equity in undistributed earnings of subsidiaries	(2,755)		8,025

Equity in undistributed earnings of subsidiaries	24,502		11,517

Net income	$	21,747	$	19,542

COLONY BANKCORP, INC. (PARENT ONLY)

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31

(DOLLARS IN THOUSANDS)


	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	21,747	$	19,542
Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation expense	1,701		1,743
Equity in undistributed earnings of subsidiaries	(24,502)		(11,517)
Amortization of debt issuance costs	93		55
Change in deferred taxes	—		(2,125)
Change in interest payable	14		45
Other	(1,977)		215
Net cash (used in) provided by operating activities	(2,924)		7,958

CASH FLOWS FROM INVESTING ACTIVITIES



Capital injection into Bank subsidiary	—		(53,000)
Net cash used in investing activities	—		(53,000)

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

Cash paid for tax withholding related to vesting of restricted stock	(252)		(231)
Repurchase of shares	(406)		(540)
Dividends paid on common stock	(7,722)		(7,158)
Net cash (used in) provided by financing activities	(8,380)		78,099

Net increase (decrease) in cash and cash equivalents	(11,304)		33,057
Cash and cash equivalents at beginning of period	40,361		7,304
Cash and cash equivalents at end of period	$	29,057	$	40,361