Financial Information of Colony Bankcorp, Inc (Parent Only)

12 Months Ended

Dec. 31, 2013

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

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

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

The parent company’s balance sheets as of December 31, 2013 and 2012 and the related statements of operations and comprehensive income (loss) and cash flows for each of the years in the three-year period then ended are as follows:

COLONY BANKCORP, INC. (PARENT ONLY)

BALANCE SHEETS

DECEMBER 31

ASSETS

	2013			2012
Cash	$	1,422,289		$	494,432
Premises and Equipment, Net		1,272,965			1,284,968
Investment in Subsidiary, at Equity		114,559,866			119,646,209
Other		1,221,285			821,145
Total Assets	$	118,476,405		$	122,246,754
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Dividends Payable	$	3,119,146		$	1,610,385
Other		1,174,020			648,202
		4,293,166			2,258,587
Subordinated Debt		24,229,000			24,229,000
Stockholders’ Equity
Preferred Stock, Stated Value $1,000; Authorized 10,000,000 Shares, Issued 28,000 Shares		28,000,000			27,827,053
Common Stock, Par Value $1; Authorized 20,000,000 Shares, Issued 8,439,258 Shares as of December 31, 2013 and 2012		8,439,258			8,439,258
Paid-In Capital		29,145,094			29,145,094
Retained Earnings		33,444,913			30,497,576
Accumulated Other Comprehensive Loss, Net of Tax		(9,075,026	)		(149,814	)
		89,954,239			95,759,167
Total Liabilities and Stockholders’ Equity	$	118,476,405		$	122,246,754

COLONY BANKCORP, INC. (PARENT ONLY)

STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31

	2013		2012			2011
Income
Dividends from Subsidiary	$	1,515,549	$	17,372		$	15,265
Management Fees		581,334		590,422			505,414
Other		96,953		101,397			98,180
		2,193,836		709,191			618,859
Expenses
Interest		516,641		554,004			508,081
Amortization		2,250		2,250			2,250
Salaries and Employee Benefits		748,149		735,919			734,104
Other		543,139		558,151			656,914
		1,810,179		1,850,324			1,901,349
Income (Loss) Before Taxes and Equity in Undistributed Earnings of Subsidiary		383,657		(1,141,133	)		(1,282,490	)
Income Tax Benefits		406,518		365,691			425,605
Income (Loss) Before Equity in Undistributed Earnings of Subsidiary		790,175		(775,442	)		(856,885	)
Equity in Undistributed Earnings of Subsidiary		3,838,870		3,416,740			3,390,480
Net Income		4,629,045		2,641,298			2,533,595
Preferred Stock Dividends		1,508,761		1,435,385			1,400,000
Net Income Available to Common Stockholders	$	3,120,284	$	1,205,913		$	1,133,595

COLONY BANKCORP, INC. (PARENT ONLY)

STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEARS ENDED DECEMBER 31

	2013			2012			2011
Net Income	$	4,629,045		$	2,641,298		$	2,533,595
Other Comprehensive Income (Loss), Net of Tax
Gains (Losses) on Securities Arising During the Year, Net of Tax Effect of $(4,597,836), $(1,060,984) and $1,292,789, Respectively		(9,165,323	)		(186,830	)		4,439,108
Impairment Loss on Securities, Net of Tax Effect of $(124,652), $(20,253) and $(18,040), Respectively		241,971			39,315			35,018
Realized Gains (Losses) on Sale of AFS Securities, Net of Tax Effect of $959, $984,991 and $1,012,064, Respectively		(1,860	)		(1,912,041	)		(1,964,595	)
Change in Net Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects		(8,925,212	)		(2,059,556	)		2,509,531
Comprehensive Income (Loss)	$	(4,296,167	)	$	581,742		$	5,043,126

COLONY BANKCORP, INC. (PARENT ONLY)

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31

	2013			2012			2011
Cash Flows from Operating Activities
Net Income	$	4,629,045		$	2,641,298		$	2,533,595
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities
Depreciation and Amortization		80,711			93,427			112,651
Equity in Undistributed Earnings of Subsidiary		(3,838,870	)		(3,416,740	)		(3,390,480	)
Other		125,679			124,543			24,977
		996,565			(557,472	)		(719,257	)
Cash Flows from Investing Activities
Purchases of Premises and Equipment		(68,708	)		-			(1,900	)
Cash Flows from Financing Activities
Dividends Paid on Preferred Stock		-			-			(1,400,000	)
Increase (Decrease) in Cash		927,857			(557,472	)		(2,121,157	)
Cash, Beginning		494,432			1,051,904			3,173,061
Cash, Ending	$	1,422,289		$	494,432		$	1,051,904