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UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION

The following unaudited pro forma combined financial information is based on the historical consolidated financial statements of Colony Bankcorp, Inc. (“Colony”) and TC Bancshares, Inc. (“TCBC”) and are adjusted to give effect to the merger of TCBC with and into Colony on December 1, 2025 (the “Merger”). The unaudited pro forma combined consolidated balance sheet as of September 30, 2025 is presented as if the merger had occurred on September 30, 2025. The unaudited pro forma combined consolidated condensed statements of income for the year ended December 31, 2024 and for the nine month period ended September 30, 2025 are presented as if the merger had occurred on January 1, 2024.

The unaudited pro forma combined financial information gives effect to the acquisition of TCBC as business combinations under GAAP. Accordingly, all assets and liabilities were recorded at estimated fair value. Pro forma adjustments are included only to the extent they are (i) directly attributable to the acquisition, (ii) factually supportable and (iii) with respect to unaudited pro forma combined consolidated condensed statements of income, expected to have a continuing impact on the combined results. The pro forma adjustments are based on estimates made for the purpose of preparing these pro forma statements and are described in the accompanying notes. Colony’s management believes that the estimates used in these pro forma financial statements are reasonable under the circumstances.

The pro forma adjustments included herein are subject to change as additional information becomes available and additional analyses are performed. The final allocation of the purchase price will be determined after further valuation analyses under GAAP are performed with respect to the fair values of certain tangible and intangible assets and liabilities as of the date of acquisition. The final adjustments may be materially different from the unaudited pro forma adjustments presented herein. In addition, the pro forma financial statements do not include the effects of any potential cost savings which management believes will result from combining certain operating procedures.

Colony anticipates that the acquisition of TCBC will provide the combined company with the ability to better serve its customers, reach new customers and reduce operating expenses. In addition, certain subjective estimates have been utilized in determining the pro forma adjustments applied to the historical results of operations of TCBC. The pro forma information, while helpful in illustrating the financial characteristics of the combined company under one set of assumptions, does not reflect the benefits of expected cost savings or opportunities to earn additional revenue and, accordingly, does not attempt to predict or suggest future results. It also does not necessarily reflect what the historical results of the combined company would have been had Colony and TCBC been combined during these periods.

The unaudited pro forma combined financial information is provided for informational purposes only. The unaudited pro forma combined financial information is not necessarily, and should not be assumed to be, an indication of the results that would have been achieved had the mergers been completed as of the dates indicated or that may be achieved in the future. The preparation of the unaudited pro forma combined financial information and related adjustments required management to make certain assumptions and estimates. The unaudited pro forma combined financial information has been derived from, and should be read in conjunction with, the historical consolidated financial statements and related notes included in Colony’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and Colony’s Quarterly Report on Form 10-Q for the nine months ended September 30, 2025, as well as TCBC’s historical consolidated financial statements and related notes for the year ended December 31, 2024 and for the nine months ended September 30, 2025 which are included as .2 and .3, respectively, to this Current Report filed on Form 8-K.

COLONY BANKCORP, INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA COMBINED CONSOLIDATED BALANCE SHEET

AS OF SEPTEMBER 30, 2025
(all amounts are in thousands)

	Colony Historical			TCBC Historical			Combined			Pro Forma Adjustments			Notes		Pro Forma Combined
ASSETS
Cash and due from banks	$	25,291		$	2,279		$	27,570		$	(21,334	)		A	$	6,236
Fed Funds sold		1,494			-			1,494			-					1,494
Interest-bearing deposits in banks		173,181			30,275			203,456			-					203,456
Cash and cash equivalents		199,966			32,554			232,520			(21,334	)				211,186
Investment securities available-for-sale, at fair value		305,259			93,875			399,134			-					399,134
Investment securities, held-to-maturity, at amortized cost		389,135			-			389,135			-					389,135
Other investments		17,999			1,982			19,981			-					19,981
Loans held for sale		19,286			0			19,286			-					19,286
Loans		2,037,056			413,062			2,450,118			(14,288	)		B		2,435,830
Allowance for Credit Losses		(18,086	)		(5,014	)		(23,100	)		1,222			C		(21,878	)
Loans, net		2,018,970			408,048			2,427,018			(13,066	)				2,413,952
Premises and equipment		35,604			5,971			41,575			(2,318	)		D		39,257
Other real estate owned		710			-			710			-					710
Goodwill		50,871			-			50,871			3,871			E		54,742
Other intangible assets		3,544			-			3,544			11,518			F		15,062
Bank-owned life insurance		59,207			12,337			71,544			-					71,544
Other assets		52,195			4,842			57,037			-					57,037
Total Assets		3,152,746			559,609			3,712,355			(21,329	)				3,691,026
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits
Noninterest Bearing	$	442,142		$	57,065		$	499,207		$	-				$	499,207
Interest Bearing		2,142,187			408,659			2,550,846			(1,694	)		G		2,549,152
Total Deposits		2,584,329			465,724			3,050,053			(1,694	)				3,048,359
Federal Home Loan Bank advances		185,000			10,000			195,000			-					195,000
Other borrowings		63,109			-			63,109			-					63,109
Other liabilities		17,976			6,166			24,142			667			H		24,809
Total Liabilities		2,850,414			481,890			3,332,304			(1,027	)				3,331,277
Stockholders' equity:
Common stock		17,461			40			17,501			3,792			I		21,293
Paid in capital		167,096			39,803			206,899			19,252			J		226,151
Retained earnings (Accumulated deficit)		154,748			41,805			196,553			(47,275	)		K		149,278
Accumulated other comprehensive income, net of taxes		(36,973	)		(794	)		(37,767	)		794			L		(36,973	)
Unearned ESOP		-			(3,135	)		(3,135	)		3,135			M		-
Total Stockholders’ Equity		302,332			77,719			380,051			(20,302	)				359,749
Total Liabilities and Stockholders’ Equity	$	3,152,746		$	559,609		$	3,712,355		$	(21,329	)			$	3,691,026
	$	3,152,746		$	559,609		$	3,712,355

Includes cash consideration paid to TC Bancshares, cash out value of 407,510 stock options with a weighted average exercise price of $14.77, TC Bancshares transaction costs, and proceeds from sale of buildings.

Reflects purchase accounting adjustment to record TC Bancshares' loans at fair value, as well as the credit related adjustment for non-purchased credit-deteriorated (“non-PCD”) loans.

Adjustment of TC Bancshares' Allowance for Credit Losses ("ACL") to reflect elimination of TC Bancshares' ACL at closing, reflect gross-up for estimated lifetime credit losses on purchase credit deteriorated ("PCD") loan, and reflect estimated lifetime credit losses on non-PCD loans.

Adjustment to reflect sale of TC Bancshares' buildings through sales-leaseback and fair value of equipment acquired, net

Adjustment to record estimated goodwill associated with the merger.

Adjustment to record an estimated core deposit intangible of $11.5 million related to the merger.

Adjustment to record estimated fair value adjustments on acquired certificates of deposits

Adjustment to recognize net deferred tax liability associated with the fair value adjustments recorded in the merger.

Adjustments to common stock to eliminate TC Bancshares' common stock of $40 thousand par value and record the issuance of Colony common stock to TC Bancshares' common shareholders of $3.8 million par value

Adjustments to paid in capital to eliminate TC Bancshares' capital surplus of $39.8 million and record the issuance of Colony common stock in excess of par value to TC Bancshares' common shareholders of $59.1 million.

Adjustments to eliminate TC Bancshares' retained earnings of $41.8 million offset by purchase accounting adjustments included herein.

Adjustment to eliminate TC Bancshares' accumulated other comprehensive loss of $794 thousand.

Adjustment to eliminate TC Bancshares' unearned ESOP

COLONY BANKCORP, INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA COMBINED CONSOLIDATED CONDENSED STATEMENT OF INCOME

FOR THE YEAR ENDED DECEMBER 31, 2024

(all amounts are in thousands, except per share data)

	Colony Historical			TCBC Historical			Pro Forma Adjustments			Notes		Pro Forma Combined
Interest income
Loans, including fees	$	111,675		$	22,578		$	4,153			A	$	138,406
Deposits with other banks and short term investments		4,592			1,230			(971	)		B		4,851
Investment securities		20,974			2,471			298			C		23,743
Total interest income		137,241			26,279			3,480					167,000
Interest expense
Deposits		50,007			11,115			847			D		61,969
Interest on borrowed funds		11,158			592			-					11,750
Total interest expense		61,165			11,707			847					73,719
Net interest income		76,076			14,572			2,633					93,281
Provision for loan losses		3,050			(56	)		1,896			E		4,890
Net interest income after provision for loan losses		73,026			14,628			737					88,391
Noninterest income
Service charges on deposit accounts		9,365			438			-					9,803
Mortgage fee income		6,048			164			-					6,212
Loss on sale of securities		(1,835	)		-			-					(1,835	)
BOLI income		1,725			327			-					2,052
Other noninterest income		24,072			33			-					24,105
Total noninterest income		39,375			962			-					40,337
Noninterest expense
Salaries and employee benefits		49,767			8,521			-					58,288
Occupancy and equipment		6,149			1,426			400			F		7,975
Amortization of intangibles		1,217			-			1,263			G		2,480
Acquisition related expenses		-			-			-			H		-
Other noninterest expense		25,701			4,862			-					30,563
Noninterest expense		82,834			14,809			1,663					99,306
Income before income taxes		29,567			781			(926	)				29,422
Income taxes		5,699			186			1,765			I		7,650
Net Income	$	23,868		$	595		$	(2,691	)			$	21,772
Net income per share of common stock
Basic	$	1.36		$	0.14							$	1.01
Diluted	$	1.36		$	0.14							$	1.01
Weighted average shares outstanding, basic		17,557,743			4,234,675			(402,422	)		J		21,389,996
Weighted average shares outstanding, diluted		17,557,743			4,253,313			(421,060	)		J		21,389,996

A.	Adjustment to interest income to record the estimated accretion for the net discount on acquired loans and leases.

B.	Adjustment represents lost interest on cost of cash on the cash consideration paid at merger close.

C.	Adjustment reflects the yield adjustment for interest income on investment securities

D.	Adjustment reflects yield adjustment for interest expense on time deposits

E.	Adjustment to record provision for credit losses on non-PCD acquired loans.

F.	Adjustment for increase lease expense through sales-leaseback transaction, net of reduced deprecation expense for sold buildings

G.	Adjustment reflects the net increase in amortization of other intangible assets for the acquired core deposit intangible asset.

Colony expects to incur one-time merger related charges, however, these are not reflected in the pro forma income statements. Colony has preliminarily estimated its after-tax transaction expenses related to the merger with TCBC at approximately $3.4 million. TCBC’s preliminary estimated transaction expenses related to the merger, net of tax, are approximately $5.1 million. Both Colony’s and TCBC’s estimated transaction expenses remain preliminary and are expected to be refined as the companies evaluate personnel, benefit plans, facilities, equipment, and service contracts to identify potential redundancies.

I.	Income taxes were adjusted to reflect the tax effects of TC Bancshares' being taxed using Colony’s Federal and State statutory rate of 26%.
J.	Adjustment to weighted - average shares of Colony's stock to reflect elimination of TC Bancshares' common stock outstanding and to reflect the estimated number of shared of Colony; common stock to be issues to holders of TC Bancshares' common stock using the exchange ratio of 1.250

COLONY BANKCORP, INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA COMBINED CONSOLIDATED CONDENSED STATEMENT OF INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

(all amounts are in thousands, except per share data)

	Colony Historical			TCBC Historical			Pro Forma Adjustments			Notes		Pro Forma Combined
Interest income
Loans, including fees	$	89,872		$	18,464		$	3,115			A	$	111,451
Deposits with other banks and short term investments		4,487			700			(728	)		B		4,459
Investment securities		14,893			3,122			224			C		18,239
Total interest income		109,252			22,286			2,611					134,149
Interest expense
Deposits		34,737			8,875			635			D		44,247
Interest on borrowed funds		8,479			407			-					8,886
Total interest expense		43,216			9,282			635					53,133
Net interest income		66,036			13,004			1,976					81,016
Provision for loan losses		2,850			(195	)		0					2,655
Net interest income after provision for loan losses		63,186			13,199			1,976					78,361
Noninterest income
Service charges on deposit accounts		7,031			326			-					7,357
Mortgage fee income		5,414			120			-					5,534
(Loss) gain on sale of securities		(1,039	)		-			-					(1,039	)
BOLI income		1,215			281			-					1,496
Other noninterest income		16,612			25			-					16,637
Total noninterest income		29,233			752			-					29,985
Noninterest expense
Salaries and employee benefits		38,302			6,858			-					45,160
Occupancy and equipment		4,995			1,048			300			E		6,343
Amortization of intangibles		836			-			1,158			F		1,994
Acquisition related expenses		732			659			(1,391	)		G		-
Other noninterest expense		21,972			3,543			-					25,515
Noninterest expense		66,837			12,108			67					79,012
Income before income taxes		25,582			1,843			1,909					29,334
Income taxes		5,172			430			2,025			H		7,627
Net Income	$	20,410		$	1,413		$	(116	)			$	21,707
Net income per share of common stock
Basic	$	1.17		$	0.35							$	1.02
Diluted	$	1.17		$	0.35							$	1.02
Weighted average shares outstanding, basic		17,472,972			4,017,595			(185,342	)		I		21,305,225
Weighted average shares outstanding, diluted		17,472,972			4,060,956			(228,703	)		I		21,305,225

A.	Adjustment to interest income to record the estimated accretion for the net discount on acquired loans and leases.

B.	Adjustment represents lost interest on cost of cash on the cash consideration paid at merger close.

C.	Adjustment reflects the yield adjustment for interest income on investment securities

D.	Adjustment reflects yield adjustment for interest expense on time deposits

E.	Adjustment for increase lease expense through sales-leaseback transaction, net of reduced deprecation expense for sold buildings

F.	Adjustment reflects the net increase in amortization of other intangible assets for the acquired core deposit intangible.

G.	Colony expects to incur one-time merger related charges, however, these are not reflected in the pro forma income statements. Colony has preliminarily estimated its after-tax transaction expenses related to the merger with TCBC at approximately $3.4 million. TCBC’s preliminary estimated transaction expenses related to the merger, net of tax, are approximately $5.1 million. Both Colony’s and TCBC’s estimated transaction expenses remain preliminary and are expected to be refined as the companies evaluate personnel, benefit plans, facilities, equipment, and service contracts to identify potential redundancies.
H.	Income taxes were adjusted to reflect the tax effects of TC Bancshares' being taxed using Colony’s Federal and State statutory rate of 26%.
I.	Adjustment to weighted - average shares of Colony's stock to reflect elimination of TC Bancshares' common stock outstanding and to reflect the estimated number of shared of Colony; common stock to be issues to holders of TC Bancshares' common stock using the exchange ratio of 1.250