Exhibit 99.5

CONSENT OF HOVDE GROUP, LLC

We hereby consent to the inclusion of our opinion letter, dated April 22, 2021, to the Board of Directors of Colony Bankcorp, Inc. as Annex C to the Joint Proxy Statement/Prospectus, which forms a part of the Registration Statement on Form S-4 of Colony Bankcorp, Inc., and to the references to our name and to the description of such opinion in the Joint Proxy Statement/Prospectus. In giving such consent, we do not admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended (the “Act”), or the rules and regulations of the Securities and Exchange Commission thereunder (the “Regulations”), nor do we admit that we are experts with respect to any part of such Registration Statement within the meaning of the term “experts” as used in the Act or the Regulations.

Hovde Group, LLC

Inverness, Illinois

May 27, 2021