Note 21 - Financial Information of Colony Bankcorp, Inc. (Parent Only)

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

(

2

1

)

Financial

Information

of

Colony

Bankcorp,

Inc.

(Parent

Only)

The

parent company’s balance sheets as of

December 31, 2017

and

2016

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

	20 1 7			20 16
ASSETS
Cash	$	910,239		$	2,307,008
Premises and Equipment, Net		1,099,626			1,074,884
Investment in Subsidiary, at Equity		114,235,955			114,478,277
Other		24,458			20,990
Total Assets	$	116,270,278		$	117,881,159
LIABILITIES AND STOCKHOLDERS ’ EQUITY
Liabilities
Other Borrowed Money	$	1,500,000		$	-
Dividends Payable		-			105,300
Other		218,615			159,126
	$	1,718,615		$	264,426
Subordinated Debt		24,229,000			24,229,000
Stockholders ’ Equity
Preferred Stock, Stated Value $1,000; 10,000,000 Shares Authorized, 0 and 9,360 Shares Issued and Outstanding as of December 31, 201 7 and 2016		-			9,360,000
Common Stock, Par Value $1; 20,000,000 Shares Authorized, 8,439,258 Shares Issued and Outstanding as of December 31, 2017 and 2016		8,439,258			8,439,258
Paid-In Capital		29,145,094			29,145,094
Retained Earnings		59,230,260			51,465,521
Accumulated Other Comprehensive Loss, Net of Tax		(6,491,949	)		(5,022,140	)
		90,322,663			93,387,733
Total Liabilities and Stockholders ’ Equity	$	116,270,278		$	117,881,159

COLONY

BANKCORP,

INC.

(PARENT

ONLY)

STATEMENTS

OF

OPERATIONS

FOR

THE

YEARS

ENDED

DECEMBER

31

	20 1 7		20 16		20 15
Income
Dividends from Subsidiary	$	8,746,882	$	9,118,104	$	10,015,147
Management Fees		601,080		601,080		581,334
Other		97,103		103,612		112,876
	$	9,445,065	$	9,822,796	$	10,709,357
Expenses
Interest		900,113		601,567		503,286
Salaries and Employee Benefits		917,259		840,130		811,150
Other		604,166		554,434		666,872
		2,421,538		1,996,131		1,981,308
Income Before Taxes and Equity in Undistributed Earnings of Subsidiary		7,023,527		7,826,665		8,728,049
Income Tax Benefits		568,258		457,934		444,764
Income Before Equity in Undistributed Earnings of Subsidiary		7,591,785		8,284,599		9,172,813
Dividends Received in Excess of Earnings of Subsidiary		-		-		(800,116	)
Equity in Undistributed Earnings of Subsidiary		159,193		388,611		-
Net Income		7,750,978		8,673,210		8,372,697
Preferred Stock Dividends		210,600		1,493,310		2,375,010
Net Income Available to Common Stockholders	$	7,540,378	$	7,179,900	$	5,997,687

COLONY

BANKCORP,

INC.

AND

SUBSIDIARY

CONSOLIDATED

STATEMENTS

OF

COMPREHENSIVE

INCOME

FOR

THE

YEARS

ENDED

DECEMBER

31

	201 7			201 6			201 5
Net Incom e	$	7,750,978		$	8,673,210		$	8,372,697
Other Comprehensive Income (Loss )
Gains (Losses) on Securities Arising During the Year		(608,355	)		(505,367	)		610,689
Tax Effec t		206,841			171,825			(207,634	)
Realized (Gains) Losses on Sale of AFS Securities		-			(385,223	)		11,466
Tax Effec t		-			130,976			(3,898	)
Change in Unrealized Gains (Losses) on SecuritiesAvailable for Sale, Net of ReclassificationAdjustment and Tax Effects		(401,514	)		(587,789	)		410,623
Comprehensive Incom e	$	7,349,464		$	8,085,421		$	8,783,320

COLONY BANKCORP, INC. (PARENT ONLY

)

STATEMENTS OF CASH FLOW

S

FOR THE YEARS ENDED

DECEMBER 3

1

	201 7			201 6			201 5
Cash Flows from Operating Activitie s
Net Incom e	$	7,750,978		$	8,673,210		$	8,372,697
Adjustments to Reconcile Net Income t o Net Cash Provided by Operating Activitie s
Depreciation and Amortizatio n		70,183			66,476			73,999
Equity in Undistribute d Earnings of Subsidiar y		(159,193	)		(388,611	)		-
Dividends Received in Excess o f Earnings of Subsidiar y		-			-			800,116
Change in Interest Payabl e		17,887			5,367			23,072
Othe r		38,135			108,288			1,555,482
		7,717,990			8,464,730			10,825,366
Cash Flows from Investing Activitie s
Purchases of Premises and Equipmen t		(94,925	)		(6,836	)		(8,884	)
Cash Flows from Financing Activitie s
Proceeds from Other Borrowed Money		5,000,000			-			-
Principal Payments on Other Borrowed Mone y		(3,500,000	)		-			-
Dividends Paid on Common Stoc k		(843,934	)		-			-
Dividends Paid on Preferred Stoc k		(315,900	)		(1,590,746	)		(2,487,274	)
Redemption of Preferred Stock		(9,360,000	)		(8,661,000	)		(9,979,000	)
		(9,019,834	)		(10,251,746	)		(12,466,274	)
Increase (Decrease) in Cash		(1,396,769	)		(1,793,852	)		(1,649,792	)
Cash, Beginnin g		2,307,008			4,100,860			5,750,652
Cash, Ending	$	910,239		$	2,307,008		$	4,100,860