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Note 23 - Financial Information of Colony Bankcorp, Inc. (Parent Only)
 12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
(
2
3
)
Financial
Information
of
Colony
Bankcorp,
Inc.
(Parent
Only)
 
The parent company’s balance sheets as of
December 31, 2018
and
2017
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
8
    
2017
  
                 
ASSETS
  
                 
Cash
  
$
936,808
     $
910,239
  
Premises and Equipment, Net
  
 
1,198,006
      
1,099,626
  
Investment in Subsidiary, at Equity
  
 
117,743,674
      
114,235,955
  
Other
  
 
235,878
      
24,458
  
                 
Total
Assets
  
$
120,114,366
     $
116,270,278
  
                 
                 
LIABILITIES
AND
STOCKHOLDERS
’
EQUITY
  
                 
Liabilities
  
 
 
 
  
 
 
 
Other Borrowed Money
  
$
-
    $
1,500,000
  
Other
  
 
192,971
      
218,615
  
                 
   
$
192,971
     $
1,718,615
  
                 
Subordinated Debt
  
 
24,229,000
      
24,229,000
  
                 
Stockholders
’
Equity
  
 
 
 
  
 
 
 
Common Stock, Par Value $1; 20,000,000 Shares Authorized, 8,444,908 and 8,439,258 Shares Issued and Outstanding as of December 31, 2018 and 2017, respectively
  
 
8,444,908
      
8,439,258
  
Paid-In Capital
  
 
25,978,334
      
29,145,094
  
Retained Earnings
  
 
69,459,243
      
59,230,260
  
Accumulated Other Comprehensive Loss, Net of Tax
  
 
(8,190,090
)
    
(6,491,949
 )
                 
   
 
95,692,395
      
90,322,663
  
                 
Total
Liabilities
and
Stockholders
’
Equity
  
$
120,114,366
     $
116,270,278
  
 
 
COLONY
 
BANKCORP,
 
INC.
 
(PARENT
 
ONLY)
STATEMENTS
 
OF
 
OPERATIONS
FOR
 
THE
 
YEARS
 
ENDED
 
DECEMBER
 
31
 
   
20
1
8
    
2017
    
2016
  
                         
Income
  
 
 
 
  
 
 
 
  
 
 
 
Dividends from Subsidiaries
  
$
8,329,127
     $
8,746,882
     $
9,118,104
  
Management Fees
  
 
601,080
      
601,080
      
601,080
  
Other
  
 
105,968
      
97,103
      
103,612
  
                         
   
$
9,036,175
     $
9,445,065
     $
9,822,796
  
                         
Expenses
  
 
 
 
  
 
 
 
  
 
 
 
Interest
  
 
971,847
      
900,113
      
601,567
  
Salaries and Employee Benefits
  
 
1,083,960
      
917,259
      
840,130
  
Other
  
 
691,037
      
604,166
      
554,434
  
                         
   
 
2,746,844
      
2,421,538
      
1,996,131
  
                         
Income
Before
Taxes
and
Equity
in
Undistributed
Earnings
of
Subsidiary
  
 
6,289,331
      
7,023,527
      
7,826,665
  
                         
Income Tax Benefits
  
 
422,210
      
568,258
      
457,934
  
                         
Income
Before
Equity
in
Undistributed
Earnings
of
Subsidiary
  
 
6,711,541
      
7,591,785
      
8,284,599
  
                         
Equity in Undistributed Earnings of Subsidiary
  
 
5,205,859
      
159,193
      
388,611
  
                         
Net
Income
  
 
11,917,400
      
7,750,978
      
8,673,210
  
Preferred Stock Dividends
  
 
-
     
210,600
      
1,493,310
  
                         
Net
Income
Available
to
Common
Stockholders
  
$
11,917,400
     $
7,540,378
     $
7,179,900
  
 
 
COLONY
BANKCORP,
INC.
AND
SUBSIDIARY
CONSOLIDATED
STATEMENTS
OF
COMPREHENSIVE
INCOME
FOR
THE
YEARS
ENDED
DECEMBER
31
 
   
2018
    
2017
    
2016
  
                         
Net Income
  
$
11,917,400
     $
7,750,978
     $
8,673,210
  
                         
Other Comprehensive Income (Loss)
  
 
 
 
  
 
 
 
  
 
 
 
                         
Gains (Losses) on Securities Arising During the Year
  
 
(2,033,636
)
    
(608,355
 )    
(505,367
 )
Tax Effect
  
 
427,063
      
206,841
      
171,825
  
                         
Realized (Gains) Losses on Sale of AFS Securities
  
 
(115,909
)
    
-
      
(385,223
 )
Tax Effect
  
 
24,341
      
-
      
130,976
  
                         
Change in Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects
  
 
(1,698,141
)
    
(401,514
 )    
(587,789
 )
                         
Comprehensive Income
  
$
10,219,259
     $
7,349,464
     $
8,085,421
  
 
 
COLONY BANKCORP, INC. (PARENT ONLY)
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED
DECEMBER 31
 
   
2018
    
2017
    
2016
  
                         
Cash Flows from Operating Activities
  
 
 
 
  
 
 
 
  
 
 
 
Net Income
  
$
11,917,400
     $
7,750,978
     $
8,673,210
  
Adjustments to Reconcile Net Income to
                        
Net Cash Provided by Operating Activities
                        
Depreciation and Amortization
  
 
84,848
      
70,183
      
66,476
  
Share-based Compensation Expense
  
 
13,890
      
-
      
-
  
Equity in Undistributed
                        
Earnings of Subsidiary
  
 
(5,205,859
)
    
(159,193
 )    
(388,611
 )
Change in Interest Payable
  
 
2,450
      
17,887
      
5,367
  
Other
  
 
(239,515
)
    
38,135
      
108,288
  
                         
   
 
6,573,214
      
7,717,990
      
8,464,730
  
                         
Cash Flows from Investing Activities
  
 
 
 
  
 
 
 
  
 
 
 
Purchases of Premises and Equipment
  
 
(183,228
)
    
(94,925
 )    
(6,836
 )
                         
Cash Flows from Financing Activities
  
 
 
 
  
 
 
 
  
 
 
 
Proceeds from Other Borrowed Money
  
 
7,500
      
5,000,000
      
-
  
Principal Payments on Other Borrowed Money
  
 
(1,507,500
)
    
(3,500,000
 )    
-
  
Dividends Paid on Common Stock
  
 
(1,688,417
)
    
(843,934
 )    
-
  
Dividends Paid on Preferred Stock
  
 
-
      
(315,900
 )    
(1,590,746
 )
Repurchase of Warrants
  
 
(3,175,000
)
    
-
      
-
  
Redemption of Preferred Stock
  
 
-
      
(9,360,000
 )    
(8,661,000
 )
                         
   
 
(6,363,417
)
    
(9,019,834
 )    
(10,251,746
 )
                         
Increase (Decrease) in Cash
 
 
26,569
      
(1,396,769
 )    
(1,793,852
 )
                         
Cash, Beginning
  
 
910,239
      
2,307,008
      
4,100,860
  
                         
Cash, Ending
 
$
936,808
     $
910,239
     $
2,307,008