Document

•Total deposits were $2.56 billion and $2.62 billion at June 30, 2025 and March 31, 2025, respectively, a decrease of $66.3 million. Decreases were seen in interest bearing demand deposits of $34.6 million and savings and money market deposits of $22.3 million, partially offset by an increase in time deposits of $5.7 million, from March 31, 2025 to June 30, 2025. Total deposits increased $96.0 million from the period ended June 30, 2024, with increases seen in interest bearing demand deposits of $49.9 million and time deposits of $52.7 million, partially offset by a decrease in savings and money market deposits of $3.7 million.

•Net interest income, on a tax-equivalent basis, totaled $22.6 million for the second quarter ended June 30, 2025 compared to $18.6 million for the same period in 2024. Net interest income, on a tax-equivalent basis, for the six months ended June 30, 2025 totaled $43.7 million, compared to $37.4 million for the six months ended June 30, 2024. For both periods, increases occurred in income on interest earning assets while expenses on interest bearing liabilities decreased slightly. Income on interest earning assets increased $3.5 million, to $37.0 million for the second quarter of 2025 compared to the respective period in 2024. Expense on interest bearing liabilities decreased $477,000, to $14.4 million for the second quarter of 2025 compared to the respective period in 2024. Income on interest earning assets increased $5.7 million to $72.7 million for the six month period ended June 30, 2025 compared to the respective period in 2024. Expense on interest bearing liabilities decreased $559,000, to $29.0 million for the six month period ended June 30, 2025 compared to the respective period in 2024.

•Noninterest income totaled $10.1 million for the second quarter ended June 30, 2025, an increase of $601,000, or 6.33%, compared to the same period in 2024. Noninterest income totaled $19.1 million for the six months ended June 30, 2025, an increase of $158,000, or 0.83%, compared to the same period in 2024. These increases were primarily related to increases in mortgage fee income, insurance commissions and decreases on losses on the sales of investment securities partially offset by decreases in service charges on deposit accounts and gains on sales of SBA loans.

•Noninterest expense totaled $22.0 million for the second quarter ended June 30, 2025, compared to $20.3 million for the same period in 2024. Noninterest expense totaled $42.2 million for the six months ended June 30, 2025, compared to $40.7 million for the same period in 2024. These increases were a result of increases in salaries and employee benefits, occupancy and equipment, information technology expenses along with the valuation on SBSL servicing assets partially offset by decreases in advertising and public relations and communications expense.

Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in Fitzgerald, Georgia in 1975, Colony operates locations throughout Georgia as well as in Birmingham, Alabama; Tallahassee, Florida; and the Florida Panhandle. Colony Bank offers a range of banking solutions for personal and business customers. In addition to traditional banking services, Colony provides specialized solutions including mortgage lending, government guaranteed lending, consumer insurance, wealth management, credit cards and merchant services. Colony’s common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “CBAN.” For more information, please visit www.colony.bank. You can also follow the Company on social media.

Certain statements contained in this press release that are not statements of historical fact constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, certain statements may be contained in the Company’s future filings with the Securities and Exchange Commission (the “SEC”), in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to: (i) projections and/or expectations of revenues, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statement of plans and objectives of Colony Bankcorp, Inc. or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; (iv) statements regarding growth strategy, capital management, liquidity and funding, and future profitability; and (v) statements of assumptions underlying such statements. Words such as “may”, “will”, “anticipate”, “assume”, “should”, “support”, “indicate”, “would”, “believe”, “contemplate”, “expect”, “estimate”, “continue”, “further”, “plan”, “point to”, “project”, “could”, “intend”, “target” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: the impact of current and future economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, tariffs or trade wars (including the resulting reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services), high unemployment rates, inflationary pressures, changes in interest rates (including the impact of prolonged elevated interest rates on our financial projections and models) and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; the risk of reductions in benchmark interest rates and the resulting impacts on net interest income; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; risks arising from media coverage of the banking industry; risks arising from perceived instability in the banking sector; the risks of changes in interest rates and their effects on the level, cost, and composition of, and competition for, deposits, loan demand and timing of payments, the values of loan collateral, securities, and interest sensitive assets and liabilities; the ability to attract new or retain existing deposits, to retain or grow loans or additional interest and fee income, or to control noninterest expense; the effect of pricing pressures on the Company’s net interest margin; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values; the Company’s ability to implement its various strategic and growth initiatives; increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; economic conditions, either

nationally or locally, in areas in which the Company conducts operations being less favorable than expected; changes in the prices, values and sales volumes of residential and commercial real estate; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; legislation or regulatory changes which adversely affect the ability of the consolidated Company to conduct business combinations or new operations; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company’s participation in and execution of government programs; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in the stock market prices on our investment securities; the effects of war or other conflicts; general risks related to the Company’s merger and acquisition activity, including risks associated with integrating and realizing the expected financial benefits of previous or pending acquisitions, and the Company’s pursuit of future acquisitions; the impact of generative artificial intelligence; fraud or misconduct by internal or external actors, and system failures, cybersecurity threats or security breaches and the cost of defending against them; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding debt ceiling and the federal budget; a potential U.S. federal government shutdown and the resulting impacts; and general competitive, economic, political and market conditions or other unexpected factors or events. These and other factors, risks and uncertainties could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Many of these factors are beyond the Company’s ability to control or predict.

Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company’s management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company’s filings with the Securities and Exchange Commission, the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors,” and in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.

This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the proposed merger, the Company will file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of TC Bancshares, Inc. (“TC Bancshares”) and the Company and a prospectus of the Company, as well as other relevant documents concerning the proposed transaction. WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, TC BANCSHARES AND THE PROPOSED MERGER. The joint proxy statement/prospectus will be sent to the shareholders of TC Bancshares seeking the required shareholder approval. Investors and security holders will be able to obtain free copies of the registration statement on Form S-4 and the related joint proxy statement/prospectus, when filed, as well as other documents filed with the SEC by the Company through the web site maintained by the SEC at www.sec.gov. Documents filed with the SEC by the Company will also be available free of charge by directing a written request to Colony Bankcorp, Inc., 115 South Grant Street, Fitzgerald, Georgia 31750, Attn: Derek Shelnutt and on the Company’s website, colony.bank, under Investor Relations. The Company’s telephone number is (229) 426-6000.

The measures entitled operating noninterest income, operating noninterest expense, operating net income, adjusted earnings per diluted share, operating return on average assets, operating return on average equity, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio, operating net noninterest expense to average assets and pre-provision net revenue are not measures recognized under U.S. generally accepted accounting principles (GAAP) and therefore are considered non-GAAP financial measures. The most comparable GAAP measures are noninterest income, noninterest expense, net income, diluted earnings per share, return on average assets, return on average equity, book value per common share, total equity to total assets, efficiency ratio, net noninterest expense to average assets and net interest income before provision for credit losses, respectively. Operating noninterest income excludes gain on sale of bank premises and loss on sales of securities. Operating noninterest expense excludes acquisition-related expenses and severance costs. Operating net income, operating return on average assets, operating return on average equity and operating efficiency ratio all exclude acquisition-related expenses, severance costs, gain on sale of bank premises and loss on sales of securities from net income, return on average assets, return on average equity and efficiency ratio, respectively. Operating net noninterest expense to average assets ratio excludes from net noninterest expense, severance costs, acquisition-related expenses, gain on sale of bank premises and loss on sales of securities. Acquisition-related expenses includes fees associated with acquisitions and vendor contract buyouts. Severance costs includes costs associated with termination and retirement of employees. Adjusted earnings per diluted share includes the adjustments to operating net income. Tangible book value per common share and tangible equity to tangible assets exclude goodwill and other intangibles from book value per common share and total equity to total assets, respectively. Pre-provision net revenue is calculated by adding noninterest income to net interest income before provision for credit losses, and subtracting noninterest expense.

Management uses these non-GAAP financial measures in its analysis of the Company's performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company's performance, and if not provided would be requested by the investor community. The Company believes the non-GAAP measures enhance investors' understanding of the Company's business and performance. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently.

These disclosures should not be considered an alternative to GAAP. The computations of operating noninterest income, operating noninterest expense, operating net income, adjusted earnings per diluted share, operating return on average assets, operating return on average equity, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio, operating net noninterest expense to average assets and pre-provision net revenue and the reconciliation of these measures to noninterest income, noninterest expense, net income, diluted earnings per share, return on average assets, return on average equity, book value per common share, total equity to total assets, efficiency ratio, net noninterest expense to average assets and net interest income before provision for credit losses are set forth in the table below.


Colony Bankcorp, Inc.
Reconciliation of Non-GAAP Measures


	2025						2024
(dollars in thousands, except per share data)	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter






Operating noninterest income reconciliation
Noninterest income (GAAP)	$	10,098		$	9,044		$	10,309		$	10,082		$	9,497

Writedown of bank premises	—			—			—			—			197
Loss on sales of securities	—			—			401			454			425
Operating noninterest income	$	10,098		$	9,044		$	10,710		$	10,536		$	10,119

Operating noninterest expense reconciliation
Noninterest expense (GAAP)	$	22,004		$	20,221		$	21,272		$	20,835		$	20,330
Severance costs	—			—			—			(265)			—

Operating noninterest expense	$	22,004		$	20,221		$	21,272		$	20,570		$	20,330

Operating net income reconciliation
Net income (GAAP)	$	7,978		$	6,613		$	7,432		$	5,629		$	5,474

Severance costs	—			—			—			265			—



Writedown of bank premises	—			—			—			—			197
Loss on sales of securities	—			—			401			454			425
Income tax benefit	—			—			(77)			(143)			(129)
Operating net income	$	7,978		$	6,613		$	7,756		$	6,205		$	5,967

Weighted average diluted shares	17,448,945			17,509,059			17,531,808			17,587,902			17,551,007

Adjusted earnings per diluted share	$	0.46		$	0.38		$	0.44		$	0.35		$	0.34

Operating return on average assets reconciliation
Return on average assets (GAAP)	1.02		%	0.85		%	0.95		%	0.74		%	0.73		%
Severance costs	—			—			—			0.03			—


Writedown of bank premises	—			—			—			—			0.03
Loss on sales of securities	—			—			0.05			0.06			0.06
Tax effect of adjustment items	—			—			(0.01)			(0.02)			(0.02)
Operating return on average assets	1.02		%	0.85		%	0.99		%	0.81		%	0.80		%

Operating return on average equity reconciliation
Return on average equity (GAAP)	11.14		%	9.63		%	10.71		%	8.33		%	8.46		%
Severance costs	—			—			—			0.39			—


Writedown of bank premises	—			—			—			—			0.30
Loss on sales of securities	—			—			0.58			0.67			0.66
Tax effect of adjustment items	—			—			(0.11)			(0.21)			(0.20)
Operating return on average equity	11.14		%	9.63		%	11.18		%	9.18		%	9.22		%

Tangible book value per common share reconciliation
Book value per common share (GAAP)	$	16.87		$	16.41		$	15.91		$	15.73		$	15.09
Effect of goodwill and other intangibles	(3.14)			(2.95)			(2.96)			(2.97)			(2.99)
Tangible book value per common share	$	13.73		$	13.46		$	12.95		$	12.76		$	12.10

Tangible equity to tangible assets reconciliation
Equity to assets (GAAP)	9.43		%	9.05		%	8.96		%	9.01		%	8.80		%
Effect of goodwill and other intangibles	(1.62)			(1.51)			(1.54)			(1.58)			(1.62)
Tangible equity to tangible assets	7.81		%	7.54		%	7.42		%	7.43		%	7.18		%


Colony Bankcorp, Inc.
Reconciliation of Non-GAAP Measures


	2025						2024
(dollars in thousands, except per share data)	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Operating efficiency ratio calculation
Efficiency ratio (GAAP)	67.74		%	67.41		%	69.11		%	72.79		%	72.85		%
Severance costs	—			—			—			(0.93)			—




Writedown of bank premises	—			—			—			—			(0.71)
Loss on sales of securities	—			—			(1.31)			(1.59)			(1.52)

Operating efficiency ratio	67.74		%	67.41		%	67.80		%	70.27		%	70.62		%


Operating net noninterest expense(1) to average assets calculation
Net noninterest expense to average assets	1.52		%	1.44		%	1.40		%	1.41		%	1.45		%
Severance costs	—			—			—			(0.03)			—


Writedown of bank premises	—			—			—			—			(0.03)
Loss on sales of securities	—			—			(0.05)			(0.06)			(0.06)
Operating net noninterest expense to average assets	1.52		%	1.44		%	1.35		%	1.32		%	1.36		%

Pre-provision net revenue
Net interest income before provision for credit losses	$	22,385		$	20,952		$	20,472		$	18,541		$	18,409
Noninterest income	10,098			9,044			10,309			10,082			9,497
Total income	32,483			29,996			30,781			28,623			27,906
Noninterest expense	22,004			20,221			21,272			20,835			20,330
Pre-provision net revenue	$	10,479		$	9,775		$	9,509		$	7,788		$	7,576
(1) Net noninterest expense is defined as noninterest expense less noninterest income.


Colony Bankcorp, Inc.
Selected Financial Information
	2025						2024
(dollars in thousands, except per share data)	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
EARNINGS SUMMARY
Net interest income	$	22,385		$	20,952		$	20,472		$	18,541		$	18,409
Provision for credit losses	450			1,500			650			750			650
Noninterest income	10,098			9,044			10,309			10,082			9,497
Noninterest expense	22,004			20,221			21,272			20,835			20,330
Income taxes	2,051			1,662			1,427			1,409			1,452
Net income	$	7,978		$	6,613		$	7,432		$	5,629		$	5,474
PERFORMANCE MEASURES
Per common share:
Common shares outstanding	17,416,702			17,481,709			17,519,884			17,554,884			17,538,611
Weighted average basic shares	17,448,945			17,509,059			17,531,808			17,587,902			17,551,007
Weighted average diluted shares	17,448,945			17,509,059			17,531,808			17,587,902			17,551,007
Earnings per basic share	$	0.46		$	0.38		$	0.42		$	0.32		$	0.31
Earnings per diluted share	0.46			0.38			0.42			0.32			0.31
Adjusted earnings per diluted share(b)	0.46			0.38			0.44			0.35			0.34
Cash dividends declared per share	0.1150			0.1150			0.1125			0.1125			0.1125
Common book value per share	16.87			16.41			15.91			15.73			15.09
Tangible book value per common share(b)	13.73			13.46			12.95			12.76			12.10
Pre-provision net revenue(b)	$	10,479		$	9,775		$	9,509		$	7,788		$	7,576
Performance ratios:
Net interest margin (a)	3.12		%	2.93		%	2.84		%	2.64		%	2.68		%
Return on average assets	1.02			0.85			0.95			0.74			0.73
Operating return on average assets (b)	1.02			0.85			0.99			0.81			0.80
Return on average total equity	11.14			9.63			10.71			8.33			8.46
Operating return on average total equity (b)	11.14			9.63			11.18			9.18			9.22
Total equity to total assets	9.43			9.05			8.96			9.01			8.80
Tangible equity to tangible assets (b)	7.81			7.54			7.42			7.43			7.18
Efficiency ratio	67.74			67.41			69.11			72.79			72.85
Operating efficiency ratio (b)	67.74			67.41			67.80			70.27			70.62
Net noninterest expense to average assets	1.52			1.44			1.40			1.41			1.45
Operating net noninterest expense to average assets(b)	1.52			1.44			1.35			1.32			1.36


Colony Bankcorp, Inc.
Selected Financial Information
	2025						2024
(dollars in thousands, except per share data)	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
ASSET QUALITY
Nonperforming portfolio loans	$	4,760		$	7,538		$	5,024		$	6,273		$	3,653
Nonperforming SBA government loans-guaranteed portion	4,583			3,647			4,293			4,514			2,309
Nonperforming SBA government loans-unguaranteed portion	1,241			1,271			1,343			1,428			707
Loans 90 days past due and still accruing	107			22			152			44			41
Total nonperforming loans (NPLs)	10,691			12,478			10,812			12,259			6,710
Other real estate owned	710			522			202			227			582
Repossessed assets	21			6			328			9			13
Total nonperforming assets (NPAs)	11,422			13,006			11,342			12,495			7,305
Classified loans	25,112			26,453			20,103			20,918			22,355
Criticized loans	54,814			55,823			49,387			52,062			44,850
Net loan charge-offs (recoveries)	1,049			606			1,534			139			667
Allowance for credit losses to total loans	0.96		%	1.04		%	1.03		%	1.04		%	1.01		%
Allowance for credit losses to total NPLs	179.15			160.26			175.55			160.40			280.27
Allowance for credit losses to total NPAs	167.69			153.75			167.34			157.37			257.44
Net charge-offs (recoveries) to average loans, net	0.21			0.13			0.33			0.03			0.14
NPLs to total loans	0.54			0.65			0.59			0.65			0.36
NPAs to total assets	0.37			0.41			0.36			0.41			0.24
NPAs to total loans and foreclosed assets	0.57			0.68			0.62			0.66			0.39


ACTUAL BALANCES
Total assets	$	3,115,617		$	3,171,825		$	3,109,782		$	3,065,103		$	3,007,907
Loans held for sale	22,163			24,844			39,786			27,760			40,132
Loans, net of unearned income	1,993,580			1,921,263			1,842,980			1,886,037			1,865,574
Deposits	2,556,230			2,622,531			2,567,943			2,524,970			2,460,225
Total stockholders’ equity	293,857			286,925			278,675			276,052			264,743

AVERAGE BALANCES
Total assets	$	3,138,125		$	3,149,321		$	3,108,762		$	3,038,947		$	3,010,486
Loans held for sale	22,495			23,253			35,299			34,533			33,024
Loans, net of unearned income	1,960,025			1,869,476			1,851,628			1,881,842			1,869,178
Deposits	2,586,620			2,606,706			2,568,824			2,504,101			2,492,479
Total stockholders’ equity	287,325			278,551			276,082			268,769			260,162
(a) Computed using fully taxable-equivalent net income.
(b) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP.


Colony Bankcorp, Inc.
Average Balance Sheet and Net Interest Analysis

	Three Months Ended June 30,
	2025						2024
(dollars in thousands)	Average Balances		Income/ Expense		Yields/ Rates		Average Balances		Income/ Expense		Yields/ Rates
Assets
Interest-earning assets:
Loans held for sale	$	22,495	$	325	5.79	%	$	33,024	$	647	7.88	%
Loans, net of unearned income 1	1,960,025		30,139		6.17	%	1,869,178		27,014		5.81	%
Investment securities, taxable	698,416		4,759		2.73	%	722,535		4,616		2.57	%
Investment securities, tax-exempt 2	93,082		492		2.12	%	100,143		547		2.20	%
Deposits in banks and short term investments	134,806		1,326		3.95	%	62,614		684		4.39	%
Total interest-earning assets	2,908,824		37,041		5.11	%	2,787,494		33,508		4.83	%
Noninterest-earning assets	229,300						222,992
Total assets	$	3,138,125					$	3,010,486
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing demand and savings	$	1,529,608	$	6,310	1.65	%	$	1,451,300	$	6,784	1.88	%
Other time	615,303		5,322		3.47	%	577,173		5,322		3.71	%
Total interest-bearing deposits	2,144,911		11,632		2.18	%	2,028,473		12,106		2.40	%

Federal Home Loan Bank advances	185,000		1,889		4.10	%	178,516		1,821		4.10	%

Other borrowings	63,072		929		5.91	%	63,638		1,000		6.32	%
Total other interest-bearing liabilities	248,072		2,818		4.56	%	242,154		2,821		4.69	%
Total interest-bearing liabilities	2,392,983		14,450		2.42	%	2,270,627		14,927		2.64	%
Noninterest-bearing liabilities:
Demand deposits	441,709						$	464,007
Other liabilities	16,108						15,690
Stockholders' equity	287,325						260,162
Total noninterest-bearing liabilities and stockholders' equity	745,142						739,859
Total liabilities and stockholders' equity	$	3,138,125					$	3,010,486
Interest rate spread					2.69	%					2.19	%
Net interest income			$	22,591					$	18,581
Net interest margin					3.12	%					2.68	%

1The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on the cash basis. Taxable-equivalent adjustments totaling $102,000 and $56,000 for the quarters ended June 30, 2025 and 2024, respectively, are calculated using the statutory federal tax rate and are included in income and fees on loans. Accretion income of $17,000 and $15,000 for the quarters ended June 30, 2025 and 2024, respectively, are also included in income and fees on loans.


Colony Bankcorp, Inc.
Average Balance Sheet and Net Interest Analysis

	Six Months Ended June 30,
	2025						2024
(dollars in thousands)	Average Balances		Income/ Expense		Yields/ Rates		Average Balances		Income/ Expense		Yields/ Rates
Assets
Interest-earning assets:
Loans held for sale	$	22,872	$	653	5.76	%	$	28,818	$	1,081	7.54	%
Loans, net of unearned income3	1,915,001		57,854		6.09	%	1,870,290		53,723		5.78	%
Investment securities, taxable	704,322		9,595		2.75	%	729,896		9,658		2.66	%
Investment securities, tax-exempt 4	93,727		986		2.12	%	103,481		1,152		2.24	%
Deposits in banks and short term investments	181,651		3,648		4.05	%	67,023		1,376		4.13	%
Total interest-earning assets	2,917,573		72,736		5.03	%	2,799,508		66,990		4.81	%
Noninterest-earning assets	226,120						223,781
Total assets	$	3,143,693					$	3,023,289
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing demand and savings	$	1,539,504	$	12,779	1.67	%	$	1,451,395	$	13,193	1.83	%
Other time	608,648		10,627		3.52	%	594,707		11,005		3.72	%
Total interest-bearing deposits	2,148,152		23,406		2.20	%	2,046,102		24,198		2.38	%
Federal funds purchased	—		—		—	%	6		—		—	%
Federal Home Loan Bank advances	185,000		3,762		4.10	%	167,747		3,392		4.07	%

Other borrowings	63,060		1,856		5.94	%	63,362		1,993		6.33	%
Total other interest-bearing liabilities	248,060		5,618		4.57	%	231,115		5,385		4.69	%
Total interest-bearing liabilities	2,396,212		29,024		2.44	%	2,277,217		29,583		2.61	%
Noninterest-bearing liabilities:
Demand deposits	448,457						$	471,768
Other liabilities	16,062						16,259
Stockholders' equity	282,962						258,045
Total noninterest-bearing liabilities and stockholders' equity	747,481						746,072
Total liabilities and stockholders' equity	$	3,143,693					$	3,023,289
Interest rate spread					2.59	%					2.20	%
Net interest income			$	43,712					$	37,407
Net interest margin					3.02	%					2.69	%

3The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on the cash basis. Taxable-equivalent adjustments totaling $170,000 and $103,000 for the six months ended June 30, 2025 and 2024, respectively, are calculated using the statutory federal tax rate and are included in income and fees on loans. Accretion income of $36,000 and $10,000 for the six months ended June 30, 2025 and 2024, respectively, are also included in income and fees on loans.


Colony Bankcorp, Inc.
Segment Reporting
	2025				2024
(dollars in thousands)	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter
Banking Division
Net interest income	$	21,319	$	19,989	$	19,191	$	17,152	$	17,217
Provision for credit losses	(330)		1,221		309		698		96
Noninterest income	5,969		5,774		5,452		5,494		5,086
Noninterest expenses	18,269		16,790		17,616		17,075		17,135
Income taxes	1,908		1,551		927		1,017		1,060
Segment income	$	7,441	$	6,201	$	5,791	$	3,856	$	4,012

Total segment assets	$	3,010,416	$	3,065,385	$	2,985,856	$	2,955,145	$	2,889,013



Full time employees	390		366		376		375		385

Mortgage Banking Division
Net interest income	$	44	$	53	$	53	$	67	$	50
Provision for credit losses	—		—		—		—		—
Noninterest income	1,984		1,579		1,545		1,812		1,456
Noninterest expenses	1,710		1,601		1,699		1,533		1,326
Income taxes	69		10		(12)		71		42
Segment income	$	249	$	21	$	(89)	$	275	$	138

Total segment assets	$	14,296	$	16,041	$	17,970	$	9,300	$	19,004

Variable noninterest expense(1)	$	1,157	$	880	$	764	$	1,005	$	807
Fixed noninterest expense	553		721		935		528		519

Full time employees	43		42		45		44		42

Small Business Specialty Lending Division
Net interest income	$	1,022	$	910	$	1,228	$	1,322	$	1,142
Provision for credit losses	780		279		341		52		554
Noninterest income	2,145		1,691		3,312		2,776		2,955
Noninterest expenses	2,025		1,830		1,957		2,227		1,869
Income taxes	74		101		512		321		350
Segment income	$	288	$	391	$	1,730	$	1,498	$	1,324

Total segment assets	$	90,905	$	90,399	$	105,956	$	100,658	$	99,890

Full time employees	34		35		34		33		33

Total Consolidated
Net interest income	$	22,385	$	20,952	$	20,472	$	18,541	$	18,409
Provision for credit losses	450		1,500		650		750		650
Noninterest income	10,098		9,044		10,309		10,082		9,497
Noninterest expenses	22,004		20,221		21,272		20,835		20,330
Income taxes	2,051		1,662		1,427		1,409		1,452
Segment income	$	7,978	$	6,613	$	7,432	$	5,629	$	5,474

Total segment assets	$	3,115,617	$	3,171,825	$	3,109,782	$	3,065,103	$	3,007,907

Full time employees	467		443		455		452		460

(1) Variable noninterest expense includes commission based salary expenses and volume based loan related fees.


Colony Bankcorp, Inc.
Consolidated Balance Sheets
	June 30, 2025		December 31, 2024
(dollars in thousands)	(unaudited)		(audited)
ASSETS
Cash and due from banks	$	27,590	$	26,045
Interest-bearing deposits in banks and federal funds sold	84,555		204,989
Cash and cash equivalents	112,145		231,034
Investment securities available for sale, at fair value	373,572		366,049
Investment securities held to maturity, at amortized cost	409,634		430,077
Other investments	17,927		17,694
Loans held for sale	22,163		39,786
Loans, net of unearned income	1,993,580		1,842,980
Allowance for credit losses	(19,153)		(18,980)
Loans, net	1,974,427		1,824,000
Premises and equipment	35,909		37,831
Other real estate	710		202
Goodwill	50,871		48,923
Other intangible assets	3,799		2,975
Bank owned life insurance	58,811		57,970
Deferred income taxes, net	19,401		21,891
Other assets	36,248		31,350
Total assets	$	3,115,617	$	3,109,782

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing	$	434,785	$	462,283
Interest-bearing	2,121,445		2,105,660
Total deposits	2,556,230		2,567,943

Federal Home Loan Bank advances	185,000		185,000
Other borrowed money	63,086		63,039
Accrued expenses and other liabilities	17,444		15,125
Total liabilities	2,821,760		2,831,107

Stockholders’ equity
Common stock, $1 par value; 50,000,000 shares authorized, 17,416,702 and 17,519,884 issued and outstanding, respectively	17,417		17,520
Paid in capital	167,160		168,353
Retained earnings	150,938		140,369
Accumulated other comprehensive loss, net of tax	(41,658)		(47,567)
Total stockholders’ equity	293,857		278,675
Total liabilities and stockholders’ equity	$	3,115,617	$	3,109,782


Colony Bankcorp, Inc.
Consolidated Statements of Income (unaudited)
	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
(dollars in thousands, except per share data)
Interest income:
Loans, including fees	$	30,361	$	27,604	$	58,337	$	54,701
Investment securities	5,148		5,048		10,375		10,568
Deposits in banks and short term investments	1,326		684		3,648		1,377
Total interest income	36,835		33,336		72,360		66,646

Interest expense:
Deposits	11,632		12,106		23,405		24,197

Federal Home Loan Bank advances	1,889		1,821		3,762		3,393

Other borrowings	929		1,000		1,856		1,993
Total interest expense	14,450		14,927		29,023		29,583
Net interest income	22,385		18,409		43,337		37,063
Provision for credit losses	450		650		1,950		1,650
Net interest income after provision for credit losses	21,935		17,759		41,387		35,413

Noninterest income:
Service charges on deposits	2,219		2,289		4,391		4,662
Mortgage fee income	1,984		1,442		3,563		2,691
Gain on sales of SBA loans	1,550		2,347		2,585		4,393
Loss on sales of securities	—		(425)		—		(980)
Interchange fees	2,073		2,078		4,011		4,106
BOLI income	423		397		819		930
Insurance commissions	766		420		1,235		885
Other	1,083		949		2,538		2,297
Total noninterest income	10,098		9,497		19,142		18,984

Noninterest expense:
Salaries and employee benefits	12,865		12,278		24,770		24,296
Occupancy and equipment	1,683		1,474		3,263		2,981

Information technology expenses	2,592		2,227		5,069		4,337
Professional fees	742		704		1,490		1,538
Advertising and public relations	942		966		1,747		1,926
Communications	188		216		393		442


Other	2,992		2,465		5,493		5,207
Total noninterest expense	22,004		20,330		42,225		40,727
Income before income taxes	10,029		6,926		18,304		13,670
Income taxes	2,051		1,452		3,713		2,863
Net income	$	7,978	$	5,474	$	14,591	$	10,807
Earnings per common share:
Basic	$	0.46	$	0.31	$	0.83	$	0.62
Diluted	0.46		0.31		0.83		0.62
Dividends declared per share	0.1150		0.1125		0.2300		0.2250
Weighted average common shares outstanding:
Basic	17,448,945		17,551,007		17,478,836		17,555,609
Diluted	17,448,945		17,551,007		17,478,836		17,555,609


Colony Bankcorp, Inc.
Quarterly Consolidated Statements of Income
	2025				2024
	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter
(dollars in thousands, except per share data)	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest income:
Loans, including fees	$	30,361	$	27,976	$	28,473	$	28,501	$	27,604
Investment securities	5,148		5,227		5,158		5,248		5,048
Deposits in banks and short term investments	1,326		2,322		2,360		855		684
Total interest income	36,835		35,525		35,991		34,604		33,336

Interest expense:
Deposits	11,632		11,773		12,656		13,154		12,106

Federal Home Loan Bank advances	1,889		1,873		1,905		1,913		1,821

Other borrowings	929		927		958		996		1,000
Total interest expense	14,450		14,573		15,519		16,063		14,927
Net interest income	22,385		20,952		20,472		18,541		18,409
Provision for credit losses	450		1,500		650		750		650
Net interest income after provision for credit losses	21,935		19,452		19,822		17,791		17,759

Noninterest income:
Service charges on deposits	2,219		2,172		2,302		2,401		2,289
Mortgage fee income	1,984		1,579		1,545		1,812		1,442
Gain on sales of SBA loans	1,550		1,035		2,622		2,227		2,347
Loss on sales of securities	—		—		(401)		(454)		(425)
Interchange fees	2,073		1,938		2,030		2,163		2,078
BOLI income	423		396		412		383		397
Insurance commissions	766		469		471		433		420
Other	1,083		1,455		1,328		1,117		949
Total noninterest income	10,098		9,044		10,309		10,082		9,497

Noninterest expense:
Salaries and employee benefits	12,865		11,905		12,877		12,594		12,278
Occupancy and equipment	1,683		1,580		1,645		1,523		1,474

Information technology expenses	2,592		2,477		2,491		2,150		2,227
Professional fees	742		748		539		748		704
Advertising and public relations	942		805		1,118		965		966
Communications	188		205		213		210		216


Other	2,992		2,501		2,389		2,645		2,465
Total noninterest expense	22,004		20,221		21,272		20,835		20,330
Income before income taxes	10,029		8,275		8,859		7,038		6,926
Income taxes	2,051		1,662		1,427		1,409		1,452
Net income	$	7,978	$	6,613	$	7,432	$	5,629	$	5,474
Earnings per common share:
Basic	$	0.46	$	0.38	$	0.42	$	0.32	$	0.31
Diluted	0.46		0.38		0.42		0.32		0.31
Dividends declared per share	0.1150		0.1150		0.1125		0.1125		0.1125
Weighted average common shares outstanding:
Basic	17,448,945		17,509,059		17,531,808		17,587,902		17,551,007
Diluted	17,448,945		17,509,059		17,531,808		17,587,902		17,551,007


Colony Bankcorp, Inc.
Quarterly Deposits Composition Comparison
	2025				2024
(dollars in thousands)	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter
Noninterest-bearing demand	$	434,785	$	449,818	$	462,283	$	439,892	$	437,623
Interest-bearing demand	838,540		873,156		813,783		769,123		788,674
Savings	667,135		689,446		687,603		684,371		670,848
Time over $250,000	193,427		189,466		185,176		198,942		168,856
Other time	422,343		420,645		419,098		432,642		394,224
Total	$	2,556,230	$	2,622,531	$	2,567,943	$	2,524,970	$	2,460,225


Colony Bankcorp, Inc.
Quarterly Deposits by Location Comparison
	2025				2024
(dollars in thousands)	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter
Coastal Georgia	$	138,838	$	142,230	$	145,828	$	142,580	$	144,021
Middle Georgia	277,880		283,149		279,360		269,144		275,758
Atlanta and North Georgia	344,329		333,845		318,927		321,808		336,338
South Georgia	1,203,732		1,249,192		1,217,433		1,165,529		1,110,049
West Georgia	325,946		335,438		337,818		357,450		365,380
Brokered deposits	59,494		59,499		59,499		70,999		39,240
Reciprocal deposits	206,011		219,178		209,078		197,460		189,439
Total	$	2,556,230	$	2,622,531	$	2,567,943	$	2,524,970	$	2,460,225


Colony Bankcorp, Inc.
Quarterly Loans by Composition Comparison
	2025				2024
(dollars in thousands)	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter
Construction, land & land development	$	238,078	$	208,872	$	205,046	$	196,390	$	199,916
Other commercial real estate	1,059,149		1,052,967		990,648		1,012,466		985,102
Total commercial real estate	1,297,227		1,261,839		1,195,694		1,208,856		1,185,018
Residential real estate	356,515		345,521		344,167		349,777		360,847
Commercial, financial & agricultural	212,872		213,355		213,910		242,389		242,205
Consumer and other	126,966		100,548		89,209		85,015		77,504
Loans, net of unearned income	$	1,993,580	$	1,921,263	$	1,842,980	$	1,886,037	$	1,865,574


Colony Bankcorp, Inc.
Quarterly Loans by Location Comparison
	2025				2024
(dollars in thousands)	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter
Alabama	$	50,856	$	52,183	$	45,365	$	46,630	$	44,575
Florida	24,562		19,490		13,135		12,280		2,753
Augusta	95,246		91,758		76,492		59,557		64,465
Coastal Georgia	253,177		230,242		224,609		220,452		228,844
Middle Georgia	125,435		130,302		121,059		120,843		124,268
Atlanta and North Georgia	445,921		441,323		427,046		432,377		427,568
South Georgia	408,954		398,295		384,907		427,887		413,098
West Georgia	168,968		168,851		169,699		184,634		184,365
Small Business Specialty Lending	81,242		79,517		81,636		79,967		75,182
Consumer Portfolio Mortgages	262,846		251,816		250,555		253,481		257,772
Marine/RV Lending	75,649		55,033		46,941		45,785		41,922
Other	724		2,453		1,536		2,144		762
Loans, net of unearned income	$	1,993,580	$	1,921,263	$	1,842,980	$	1,886,037	$	1,865,574


Colony Bankcorp, Inc.
Classified Loans
	2025								2024
(dollars in thousands)	Second Quarter				First Quarter					Fourth Quarter				Third Quarter				Second Quarter
	$			#	$			#		$			#	$			#	$			#
Construction, land & land development	$	126		4	$	126		4		$	—		—	$	—		—	$	54		3
Other commercial real estate	16,687			48	18,578			51		13,367			38	13,338			36	13,990			34
Residential real estate	1,222			73	1,670			76		1,265			83	1,554			85	2,168			104
Commercial, financial & agricultural	7,071			64	6,077			58		5,407			70	6,005			61	6,075			54
Consumer and other	6			25	2			25		64			22	21			23	68			24
TOTAL	$	25,112		214	$	26,453		214		$	20,103		213	$	20,918		205	$	22,355		219
Classified loans to total loans	1.26		%		1.38		%			1.09		%		1.11		%		1.20		%



Colony Bankcorp, Inc.
Criticized Loans
	2025								2024
(dollars in thousands)	Second Quarter				First Quarter					Fourth Quarter				Third Quarter				Second Quarter
	$			#	$			#		$			#	$			#	$			#
Construction, land & land development	$	2,207		10	$	4,028		11		$	2,865		9	$	4,418		9	$	626		6
Other commercial real estate	30,034			69	28,869			70		32,077			65	32,790			64	31,544			59
Residential real estate	7,224			79	8,289			83		5,504			89	5,389			90	5,431			107
Commercial, financial & agricultural	15,212			85	14,501			82		8,877			76	9,444			68	7,181			59
Consumer and other	137			26	136			26		64			22	21			23	68			24
TOTAL	$	54,814		269	$	55,823		272		$	49,387		261	$	52,062		254	$	44,850		255
Criticized loans to total loans	2.75		%		2.91		%			2.68		%		2.76		%		2.40		%


Colony Bankcorp, Inc.
Quarterly Loan Comparison
	2025				2024
(dollars in thousands)	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter
Core	$	1,887,456	$	1,808,879	$	1,720,444	$	1,759,600	$	1,732,843
Purchased	106,124		112,384		122,536		126,437		132,731
Loans, net of unearned income	$	1,993,580	$	1,921,263	$	1,842,980	$	1,886,037	$	1,865,574