Colony Bankcorp, Inc. Reports Second Quarter 2026 Results

Colony Bankcorp, Inc. Reports Second Quarter 2026 Results FITZGERALD, GA.--( BUSINESS WIRE)--Colony Bankcorp, Inc. (NYSE: CBAN) (“Colony” or the “Company”) today reported financial results for the second quarter of 2026. Financial highlights are shown below.

Financial Highlights:

The Company also announced that on July 22, 2026, the Board of Directors declared a quarterly cash dividend of $0.12 per share, to be paid on its common stock on August 19, 2026, to shareholders of record as of the close of business on August 5, 2026. The Company had 21,221,503 shares of its common stock outstanding as of July 20, 2026.

“We are pleased with our second quarter financial performance, which reflects continued improvement in net interest margin, noninterest income, and operating expenses,” said Heath Fountain, Chief Executive Officer. “Our team has done a great job capturing efficiencies following the TC Federal integration, and we are well-positioned to maximize the earnings power of our balance sheet. On an operating basis, we successfully achieved our target return on average assets of 1.20%, and we are confident in our ability to maintain this level of performance moving forward.”

“We were also proud to announce our strategic partnership with First Reliance during the quarter and both leadership teams recognize the significant opportunities this combination creates for scalable, long-term growth. Our teams are making progress on merger related milestones, and we remain on track for a legal close in the fourth quarter of this year.”

“Loan growth accelerated during the quarter, landing within the lower end of our annualized 8% to 12% target range. This growth served as a driver of our margin expansion, supported by disciplined pricing on new production and renewals, alongside a well-managed cost of funds. While total deposits experienced a slight decline - consistent with our historical seasonal patterns for this time of year - our team remains focused on expanding primary deposit relationships in what remains a highly competitive funding environment.

“Overall, we see significant runway for continued performance improvement as our team executes on our strategic initiatives and delivers a superior level of service to our customers and communities.”

Balance Sheet

Capital

Second Quarter and Six-Months 2026 Results of Operations

Asset Quality

Earnings call information

The Company will host an earnings conference call at 9:00 a.m. ET on Thursday, July 23, 2026, to discuss the recent results and answer relevant questions. The conference call can be accessed by dialing 1-800-715-9871 and using the Conference ID: 1567957. A replay of the call will be available until Thursday, July 30, 2026. To listen to the replay, dial 1-800-770-2030 and enter the passcode 1567957#.

About Colony Bankcorp

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, and across North Florida, including Tallahassee, Jacksonville, and the Florida Panhandle. Colony Bank provides a consultative approach in offering a range of banking solutions for personal and business customers. In addition to traditional banking services, Colony Bank provides specialized solutions including mortgage lending, government-guaranteed lending, consumer insurance, wealth management, credit cards and merchant services. Colony Bankcorp’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.

Forward-Looking Statements

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; (v) statements relating to the timing, benefits, costs, and synergies of the recently announced acquisition of First Reliance Bancshares, Inc. (“First Reliance”) (the “Merger”), and (vi) 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 volatile 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 negative media coverage and perceived instability in the banking industry and 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 fintech companies and other non-bank financial service providers offering digital, automated or alternative financial products and services; 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, those related to credit card interest rates, and legislative, regulatory or supervisory actions related to so-called “de-banking,” including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational practices; 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; significant volatility in the markets for equity, fixed income and other asset classes globally or within specific markets; the effects of war or other conflicts, including the ongoing conflicts in the Middle East; major political shifts domestically or internationally (including the potential for retaliatory actions by governments, market participants or clients based on diverging perspectives or otherwise); 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; risks associated with the recent Merger, including the risk that the cost savings and any revenue synergies may not be realized or take longer than anticipated to be realized as well as disruption with customers, suppliers, employee or other business partners relationships; the risk of successful integration of First Reliance’s business into the Company; the reaction of each of the Company’s and First Reliance’s customers, suppliers, employees or other business partners to the Merger; the risk that the integration of First Reliance’s operations into the operations of the Company will be materially delayed or will be more costly or difficult than expected; the timing and achievement of expected cost reductions following the Merger; the timing and achievement of the recovery of the reduction of tangible book value resulting from the Merger; general competitive, economic, political, and market conditions; the impact of emerging technologies, such as 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; 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, 2025, 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, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements.

Additional Information About the Proposed Merger and Where to Find It

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 First Reliance Bancshares, Inc. (“First Reliance”) 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, FIRST RELIANCE AND THE PROPOSED MERGER. The joint proxy statement/prospectus will be sent to the shareholders of both the Company and First Reliance seeking the required shareholder approvals. 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 website 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.

Explanation of Certain Unaudited Non-GAAP Financial Measures

The measures entitled operating noninterest income, operating noninterest expense, operating net income, operating earnings per diluted share, operating return on average assets, operating return on average equity, operating return on average tangible 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 loss on sales of securities. Operating noninterest expense excludes acquisition-related expenses, severance costs and loss related to wire fraud incident. Operating net income, operating return on average assets, operating return on average equity, operating return on average tangible equity and operating efficiency ratio all exclude acquisition-related expenses, severance costs, loss on sales of securities and loss related to wire fraud incident 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, loss on sales of securities and loss related to wire fraud incident. Acquisition-related expenses includes fees associated with acquisitions and vendor contract buyouts. Severance costs includes costs associated with termination and retirement of employees. Operating earnings per diluted share includes the adjustments to operating net income. Tangible book value per common share, tangible equity to tangible assets and operating return on average tangible equity exclude goodwill and other intangibles from book value per common share, total equity to total assets and return on average equity, 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, operating earnings per diluted share, operating return on average assets, operating return on average equity, operating return on average tangible 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

2026

2025

(dollars in thousands, except per share data)

Second

First

Fourth

Third

Second

Quarter

Operating noninterest income reconciliation

Noninterest income (GAAP)

12,158

10,692

11,047

10,091

10,098

Tax-free gain related to BOLI claim

(706

)

—

Loss on sales of securities

186

—

1,039

—

Operating noninterest income

11,638

10,692

11,047

11,130

10,098

Operating noninterest expense reconciliation

Noninterest expense (GAAP)

26,431

27,674

25,709

24,612

22,004

Acquisition-related expenses

(943

)

(1,637

)

(1,331

)

(732

)

—

Loss related to wire fraud incident

—

(1,252

)

—

Operating noninterest expense

25,488

26,037

24,378

22,628

22,004

Operating net income reconciliation

Net income (GAAP)

10,857

8,204

7,843

5,819

7,978

Acquisition-related expenses

943

1,637

1,331

732

—

Loss related to wire fraud incident

—

1,252

—

Tax-free gain related to BOLI claim

(706

)

—

Loss on sales of securities

186

—

1,039

—

Income tax benefit

(244

)

(356

)

(269

)

(612

)

—

Operating net income

11,036

9,485

8,905

8,230

7,978

Weighted average diluted shares

21,160,128

21,222,237

18,729,511

17,461,434

17,448,945

Operating earnings per diluted share

0.52

0.45

0.48

0.47

0.46

Operating return on average assets reconciliation

Return on average assets (GAAP)

1.18

0.90

0.93

0.75

1.02

Acquisition-related expenses

0.10

0.18

0.15

0.10

—

Loss related to wire fraud incident

—

0.16

—

Tax-free gain related to BOLI claim

(0.07

)

—

Loss on sales of securities

0.02

—

0.13

—

Tax effect of adjustment items

(0.03

)

(0.04

)

(0.03

)

(0.08

)

—

Operating return on average assets

1.20

1.04

1.05

1.06

1.02

Operating return on average equity reconciliation

Return on average equity (GAAP)

11.33

8.77

9.49

7.80

11.14

Acquisition-related expenses

0.98

1.74

1.62

0.98

—

Loss related to wire fraud incident

—

1.68

—

Tax-free gain related to BOLI claim

(0.74

)

—

Loss on sales of securities

0.19

—

1.39

—

Tax effect of adjustment items

(0.25

)

(0.38

)

(0.33

)

(0.82

)

—

Operating return on average equity

11.51

10.13

10.78

11.03

11.14

Return on average tangible equity reconciliation

Return on average equity (GAAP)

11.33

8.77

9.49

7.80

11.14

Effect of goodwill and intangibles

2.53

2.03

2.14

1.76

2.56

Return on average tangible equity

13.86

10.80

11.63

9.56

13.70

Colony Bankcorp, Inc.

Reconciliation of Non-GAAP Measures

2026

2025

(dollars in thousands, except per share data)

Second

First

Fourth

Third

Second

Quarter

Operating return on average tangible equity reconciliation

Return on average tangible equity

13.86

10.80

11.63

9.56

13.70

Acquisition-related expenses

1.20

2.16

1.97

1.20

—

Loss related to wire fraud incident

—

2.06

—

Tax-free gain related to BOLI claim

(0.90

)

—

Loss on sales of securities

0.24

—

1.71

—

Tax effect of adjustment items

(0.31

)

(0.47

)

(0.40

)

(1.01

)

—

Operating return on average tangible equity

14.09

12.49

13.20

13.52

13.70

Tangible book value per common share reconciliation

Book value per common share (GAAP)

18.43

17.98

17.69

17.31

16.87

Effect of goodwill and other intangibles

(3.31

)

(3.33

)

(3.38

)

(3.11

)

(3.14

)

Tangible book value per common share

15.12

14.65

14.31

14.20

13.73

Tangible equity to tangible assets reconciliation

Equity to assets (GAAP)

10.75

10.22

10.06

9.59

9.43

Effect of goodwill and other intangibles

(1.76

)

(1.73

)

(1.76

)

(1.59

)

(1.62

)

Tangible equity to tangible assets

8.99

8.49

8.30

8.00

7.81

Operating efficiency ratio calculation

Efficiency ratio (GAAP)

62.89

69.37

69.65

75.06

67.74

Acquisition-related expenses

(2.25

)

(4.10

)

(3.61

)

(1.98

)

—

Loss related to wire fraud incident

—

(3.38

)

—

Tax-free gain related to BOLI claim

1.06

—

Loss on sales of securities

(0.29

)

—

(2.81

)

—

Operating efficiency ratio

61.41

65.27

66.04

66.89

67.74

Operating net noninterest expense (1) to average assets calculation

Net noninterest expense to average assets

1.55

1.86

1.73

1.86

1.52

Acquisition-related expenses

(0.10

)

(0.18

)

(0.15

)

(0.09

)

—

Loss related to wire fraud incident

—

(0.16

)

—

Tax-free gain related to BOLI claim

0.08

—

Loss on sales of securities

(0.02

)

—

(0.13

)

—

Operating net noninterest expense to average assets

1.51

1.68

1.58

1.48

1.52

Pre-provision net revenue

Net interest income before provision for credit losses

29,869

29,203

25,865

22,699

22,385

Noninterest income

12,158

10,692

11,047

10,091

10,098

Total income

42,027

39,895

36,912

32,790

32,483

Noninterest expense

26,431

27,674

25,709

24,612

22,004

Pre-provision net revenue

15,596

12,221

11,203

8,178

10,479

Operating pre-provision net revenue

Net interest income before provision for credit losses

29,869

29,203

25,865

22,699

22,385

Operating noninterest income

11,638

10,692

11,047

11,130

10,098

Total operating income

41,507

39,895

36,912

33,829

32,483

Operating noninterest expense

25,488

26,037

24,378

22,628

22,004

Operating pre-provision net revenue

16,019

13,858

12,534

11,201

10,479

(1)

Net noninterest expense is defined as noninterest expense less noninterest income.

Colony Bankcorp, Inc.

Selected Financial Information

2026

2025

(dollars in thousands, except per share data)

Second

First

Fourth

Third

Second

Quarter

EARNINGS SUMMARY

Net interest income

29,869

29,203

25,865

22,699

22,385

Provision for credit losses

1,900

1,750

1,650

900

450

Noninterest income

12,158

10,692

11,047

10,091

10,098

Noninterest expense

26,431

27,674

25,709

24,612

22,004

Income taxes

2,839

2,267

1,710

1,459

2,051

Net income

10,857

8,204

7,843

5,819

7,978

PER COMMON SHARE

Common shares outstanding

21,158,353

21,162,104

21,251,695

17,461,284

17,416,702

Weighted average basic shares

21,160,128

21,222,237

18,729,511

17,461,434

17,448,945

Weighted average diluted shares

21,160,128

21,222,237

18,729,511

17,461,434

17,448,945

Earnings per basic share

0.51

0.39

0.42

0.33

0.46

Earnings per diluted share

0.51

0.39

0.42

0.33

0.46

Operating earnings per diluted share (b)

0.52

0.45

0.48

0.47

0.46

Cash dividends declared per share

0.1200

0.1150

Common book value per share

18.43

17.98

17.69

17.31

16.87

Tangible book value per common share (b)

15.12

14.65

14.31

14.20

13.73

Pre-provision net revenue (b)

15,596

12,221

11,203

8,178

10,479

SELECTED PERFORMANCE RATIOS:

Return on average assets

1.18

0.90

0.93

0.75

1.02

Return on average total equity

11.33

8.77

9.49

7.80

11.14

Return on average tangible equity

13.86

10.80

11.63

9.56

13.70

Efficiency ratio

62.89

69.37

69.65

75.06

67.74

Net noninterest expense to average assets

1.55

1.86

1.73

1.86

1.52

Total equity to total assets

10.75

10.22

10.06

9.59

9.43

Tangible equity to tangible assets (b)

8.99

8.49

8.30

8.00

7.81

Net interest margin (a)

3.52

3.48

3.32

3.17

3.12

OPERATING SELECTED PERFORMANCE RATIOS:

Operating return on average assets (b)

1.20

1.04

1.05

1.06

1.02

Operating return on average total equity (b)

11.51

10.13

10.78

11.03

11.14

Operating return on average tangible equity (b)

14.09

12.49

13.20

13.52

13.70

Operating efficiency ratio (b)

61.41

65.27

66.04

66.89

67.74

Operating net noninterest expense to average assets (b)

1.51

1.68

1.58

1.48

1.52

Colony Bankcorp, Inc.

Selected Financial Information

2026

2025

(dollars in thousands, except per share data)

Second

First

Fourth

Third

Second

Quarter

ASSET QUALITY

Nonperforming portfolio loans

14,289

12,619

17,190

9,082

4,760

Nonperforming SBA government loans-guaranteed portion

3,261

2,012

4,772

4,076

4,583

Nonperforming SBA government loans-unguaranteed portion

1,362

2,968

1,418

1,110

1,241

Loans 90 days past due and still accruing

178

107

Total nonperforming loans (NPLs)

18,983

17,777

23,475

14,366

10,691

Other real estate owned

1,829

1,873

1,048

710

Repossessed assets

129

205

190

160

Total nonperforming assets (NPAs)

20,941

19,855

24,713

15,236

11,422

Classified loans

33,626

39,225

40,481

24,183

25,112

Criticized loans

86,680

86,740

84,721

60,505

54,814

Net loan charge-offs (recoveries)

1,781

1,709

1,600

1,827

1,049

Allowance for credit losses to total loans

0.89

0.90

0.97

0.89

0.96

Allowance for credit losses to total NPLs

116.07

122.10

98.04

125.89

179.15

Allowance for credit losses to total NPAs

105.22

109.32

93.13

118.71

167.69

Net charge-offs (recoveries) to average loans, net

0.29

0.30

0.36

0.21

NPLs to total loans

0.77

0.74

0.99

0.71

0.54

NPAs to total assets

0.58

0.53

0.66

0.48

0.37

NPAs to total loans and foreclosed assets

0.85

0.82

1.04

0.75

0.57

ACTUAL BALANCES

Total assets

3,627,583

3,720,613

3,735,401

3,152,746

3,115,617

Loans held for sale

24,218

16,536

78,990

19,286

22,163

Loans, net of unearned income

2,464,834

2,413,465

2,381,224

2,037,056

1,993,580

Deposits

2,972,176

3,048,419

3,067,521

2,584,329

2,556,230

Total stockholders’ equity

389,966

380,403

375,920

302,332

293,857

AVERAGE BALANCES

Total assets

3,685,038

3,698,663

3,357,785

3,092,411

3,138,125

Loans held for sale

20,802

21,863

59,868

17,062

22,495

Loans, net of unearned income

2,432,676

2,399,971

2,148,729

2,024,153

1,960,025

Deposits

3,031,260

3,025,462

2,752,576

2,526,739

2,586,620

Total stockholders’ equity

384,514

379,582

327,830

296,027

287,325

(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,

2026

2025

(dollars in thousands)

Average

Income/

Yields/

Average

Income/

Yields/

Balances

Expense

Rates

Balances

Expense

Rates

Assets

Interest-earning assets:

Loans held for sale

20,802

367

7.08

22,495

325

5.79

Loans, net of unearned income 1

2,432,676

38,800

6.40

1,960,025

30,139

6.17

Investment securities, taxable

646,072

4,452

2.76

698,416

4,759

2.73

Investment securities, tax-exempt 2

93,939

487

2.08

93,082

492

2.12

Deposits in banks and short term investments

222,877

1,830

3.29

134,807

1,326

3.95

Total interest-earning assets

3,416,366

45,936

5.39

2,908,825

37,041

5.11

Noninterest-earning assets

268,672

229,300

Total assets

3,685,038

3,138,125

Liabilities and stockholders’ equity

Interest-bearing liabilities:

Interest-bearing demand and savings

1,711,126

6,166

1.45

1,529,608

6,310

1.65

Other time

844,296

7,071

3.36

615,303

5,322

3.47

Total interest-bearing deposits

2,555,422

13,237

2.08

2,144,911

11,632

2.18

Federal Home Loan Bank advances

171,374

1,784

4.18

185,000

1,889

4.10

Other borrowings

63,165

891

5.66

63,072

929

5.91

Total other interest-bearing liabilities

234,539

2,675

4.57

248,072

2,818

4.56

Total interest-bearing liabilities

2,789,961

15,912

2.29

2,392,983

14,450

2.42

Noninterest-bearing liabilities:

Demand deposits

475,839

441,709

Other liabilities

34,724

16,108

Stockholders’ equity

384,514

287,325

Total noninterest-bearing liabilities and stockholders’ equity

895,077

745,142

Total liabilities and stockholders’ equity

3,685,038

3,138,125

Interest rate spread

3.10

2.69

Net interest income

30,024

22,591

Net interest margin

3.52

3.12

1 The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on a cash basis. Taxable-equivalent adjustments totaling $53,000 and $102,000 for the three months ended June 30, 2026 and 2025, respectively, are calculated using the statutory federal tax rate and are included in income and fees on loans. Accretion income of $1.1 million and $17,000 for the three months ended June 30, 2026 and 2025, respectively, are also included in income and fees on loans.

2 Taxable-equivalent adjustments totaling $102,000 and $103,000 for the three months ended June 30, 2026 and 2025, respectively, are calculated using the statutory federal tax rate and are included in tax-exempt interest on investment securities.

Six Months Ended June 30,

2026

2025

(dollars in thousands)

Average

Balances

Income/

Expense

Yields/

Rates

Average

Balances

Income/

Expense

Yields/

Rates

Assets

Interest-earning assets:

Loans held for sale

21,330

821

7.76

22,872

653

5.76

Loans, net of unearned income 3

2,416,413

76,368

6.37

1,915,001

57,854

6.09

Investment securities, taxable

657,385

8,989

2.76

704,322

9,595

2.75

Investment securities, tax-exempt 4

94,262

976

2.09

93,727

986

2.12

Deposits in banks and short term investments

231,613

3,823

3.33

181,651

3,648

4.05

Total interest-earning assets

3,421,003

90,977

5.36

2,917,573

72,736

5.03

Noninterest-earning assets

270,810

226,120

Total assets

3,691,813

3,143,693

Liabilities and stockholders’ equity

Interest-bearing liabilities:

Interest-bearing demand and savings

1,718,339

12,117

1.42

1,539,504

12,779

1.67

Other time

828,501

13,934

3.39

608,648

10,627

3.52

Total interest-bearing deposits

2,546,840

26,051

2.06

2,148,152

23,406

2.20

Federal Home Loan Bank advances

183,122

3,769

4.15

185,000

3,762

4.10

Other borrowings

63,153

1,779

5.68

63,060

1,856

5.94

Total other interest-bearing liabilities

246,275

5,548

4.54

248,060

5,618

4.57

Total interest-bearing liabilities

2,793,115

31,599

2.28

2,396,212

29,024

2.44

Noninterest-bearing liabilities:

Demand deposits

481,537

448,457

Other liabilities

35,100

16,062

Stockholders’ equity

382,061

282,962

Total noninterest-bearing liabilities and stockholders’ equity

898,698

747,481

Total liabilities and stockholders’ equity

3,691,813

3,143,693

Interest rate spread

3.08

2.59

Net interest income

59,378

43,712

Net interest margin

3.50

3.02

3 The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on a cash basis. Taxable-equivalent adjustments totaling $101,000 and $170,000 for the six months ended June 30, 2026 and 2025, respectively, are calculated using the statutory federal tax rate and are included in income and fees on loans. Accretion income of $2.4 million and $36,000 for the six months ended June 30, 2026 and 2025, respectively, are also included in income and fees on loans.

4 Taxable-equivalent adjustments totaling $205,000 and $207,000 for the six months ended June 30, 2026 and 2025, respectively, are calculated using the statutory federal tax rate and are included in tax-exempt interest on investment securities.

Colony Bankcorp, Inc.

Segment Reporting

2026

2025

(dollars in thousands)

Second

First

Fourth

Third

Second

Quarter

Banking Division

Net interest income

28,435

28,223

24,781

21,629

21,319

Provision for credit losses

801

780

776

(371

)

(330

)

Noninterest income

8,777

7,131

6,996

6,144

5,969

Noninterest expenses

23,335

24,420

22,502

21,075

18,269

Income taxes

2,703

2,194

1,493

1,413

1,908

Net income

10,373

7,960

7,006

5,656

7,441

Total assets

3,521,331

3,619,249

3,625,785

3,046,699

3,010,416

Full time employees

441

426

447

383

390

Mortgage Banking Division

Net interest income

Provision for credit losses

—

Noninterest income

2,182

1,886

2,012

1,851

1,984

Noninterest expenses

1,828

1,702

1,695

2,066

1,710

Income taxes

(27

)

Net income

337

170

301

(126

)

249

Total assets

15,077

12,036

13,648

12,959

14,296

Variable noninterest expense (1)

659

597

984

1,229

1,157

Fixed noninterest expense

1,169

1,105

711

837

553

Full time employees

Small Business Specialty Lending Division

Net interest income

1,356

942

1,019

1,008

1,022

Provision for credit losses

1,099

970

874

1,271

780

Noninterest income

1,199

1,675

2,039

2,096

2,145

Noninterest expenses

1,268

1,552

1,512

1,471

2,025

Income taxes

136

Net income

147

536

289

288

Total assets

91,175

89,328

95,968

93,088

90,905

Full time employees

Total Consolidated

Net interest income

29,869

29,203

25,865

22,699

22,385

Provision for credit losses

1,900

1,750

1,650

900

450

Noninterest income

12,158

10,692

11,047

10,091

10,098

Noninterest expenses

26,431

27,674

25,709

24,612

22,004

Income taxes

2,839

2,267

1,710

1,459

2,051

Net income

10,857

8,204

7,843

5,819

7,978

Total assets

3,627,583

3,720,613

3,735,401

3,152,746

3,115,617

Full time employees

528

506

526

460

467

(1)

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

Colony Bankcorp, Inc.

Consolidated Balance Sheets

June 30, 2026

December 31, 2025

(dollars in thousands)

(unaudited)

(audited)

ASSETS

Cash and due from banks

25,257

27,307

Interest-bearing deposits in banks and federal funds sold

134,362

230,333

Cash and cash equivalents

159,619

257,640

Investment securities available for sale, at fair value

370,821

383,817

Investment securities held to maturity, at amortized cost

365,251

386,618

Other investments

17,864

19,176

Loans held for sale

24,218

78,990

Loans, net of unearned income

2,464,834

2,381,224

Allowance for credit losses

(22,034

)

(23,014

)

Loans, net

2,442,800

2,358,210

Premises and equipment

37,139

37,045

Other real estate owned

1,829

1,048

Goodwill

63,047

63,873

Other intangible assets

6,971

7,851

Bank owned life insurance

68,693

68,457

Deferred income taxes, net

17,986

19,582

Other assets

51,345

53,094

Total assets

3,627,583

3,735,401

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Deposits:

Noninterest-bearing

464,062

526,803

Interest-bearing

2,508,114

2,540,718

Total deposits

2,972,176

3,067,521

Federal Home Loan Bank advances

169,989

194,972

Other borrowed money

63,179

63,132

Accrued expenses and other liabilities

32,273

33,856

Total liabilities

3,237,617

3,359,481

Stockholders’ equity

Common stock, $1 par value; 50,000,000 shares authorized, 21,158,353 and 21,251,695 issued and outstanding, respectively

21,158

21,252

Paid in capital

227,246

228,577

Retained earnings

174,558

160,584

Accumulated other comprehensive loss, net of tax

(32,996

)

(34,493

)

Total stockholders’ equity

389,966

375,920

Total liabilities and stockholders’ equity

3,627,583

3,735,401

Colony Bankcorp, Inc.

Consolidated Statements of Income (unaudited)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

(dollars in thousands, except per share data)

Interest income:

Loans, including fees

39,114

30,361

77,088

58,337

Investment securities

4,837

5,148

9,760

10,375

Deposits in banks and short term investments

1,830

1,326

3,823

3,648

Total interest income

45,781

36,835

90,671

72,360

Interest expense:

Deposits

13,237

11,632

26,051

23,405

Federal Home Loan Bank advances

1,784

1,889

3,769

3,762

Other borrowings

891

929

1,779

1,856

Total interest expense

15,912

14,450

31,599

29,023

Net interest income

29,869

22,385

59,072

43,337

Provision for credit losses

1,900

450

3,650

1,950

Net interest income after provision for credit losses

27,969

21,935

55,422

41,387

Noninterest income:

Service charges on deposits

2,561

2,219

5,122

4,391

Mortgage fee income

2,141

1,984

4,076

3,563

Gain on sales of SBA loans

506

1,550

1,468

2,585

Other SBA income

692

595

1,406

1,251

Loss on sales of securities

(186

)

—

(186

)

—

Interchange fees

2,400

2,073

4,586

4,011

BOLI income

1,217

423

1,694

819

Insurance commissions

922

766

1,766

1,235

Other

1,905

488

2,919

1,287

Total noninterest income

12,158

10,098

22,851

19,142

Noninterest expense:

Salaries and employee benefits

15,539

12,865

31,462

24,770

Occupancy and equipment

2,109

1,683

4,066

3,263

Acquisition related

943

—

2,580

—

Information technology expenses

2,902

2,592

5,675

5,069

Professional fees

939

742

2,059

1,490

Advertising and public relations

982

942

2,088

1,747

Communications

235

188

460

393

Other

2,782

2,992

5,716

5,493

Total noninterest expense

26,431

22,004

54,106

42,225

Income before income taxes

13,696

10,029

24,167

18,304

Income taxes

2,839

2,051

5,106

3,713

Net income

10,857

7,978

19,061

14,591

Earnings per common share:

Basic

0.51

0.46

0.90

0.83

Diluted

0.51

0.46

0.90

0.83

Dividends declared per share

0.1200

0.1150

0.2400

0.2300

Weighted average common shares outstanding:

Basic

21,160,128

17,448,945

21,191,011

17,478,836

Diluted

21,160,128

17,448,945

21,191,011

17,478,836

Colony Bankcorp, Inc.

Quarterly Consolidated Statements of Income

2026

2025

Second

First

Fourth

Third

Second

Quarter

(dollars in thousands, except per share data)

(unaudited)

Interest income:

Loans, including fees

39,114

37,974

34,461

31,535

30,361

Investment securities

4,837

4,923

4,543

4,518

5,148

Deposits in banks and short term investments

1,830

1,993

1,696

839

1,326

Total interest income

45,781

44,890

40,700

36,892

36,835

Interest expense:

Deposits

13,237

12,814

11,973

11,332

11,632

Federal Home Loan Bank advances

1,784

1,985

1,947

1,909

1,889

Other borrowings

891

888

915

952

929

Total interest expense

15,912

15,687

14,835

14,193

14,450

Net interest income

29,869

29,203

25,865

22,699

22,385

Provision for credit losses

1,900

1,750

1,650

900

450

Net interest income after provision for credit losses

27,969

27,453

24,215

21,799

21,935

Noninterest income:

Service charges on deposits

2,561

2,664

2,640

2,219

Mortgage fee income

2,141

1,935

2,121

1,851

1,984

Gain on sales of SBA loans

506

962

1,376

1,411

1,550

Other SBA income

692

714

663

686

595

Loss on sales of securities

(186

)

—

(1,039

)

—

Interchange fees

2,400

2,186

2,154

2,273

2,073

BOLI income

1,217

477

577

396

423

Insurance commissions

922

844

755

874

766

Other

1,905

1,013

737

999

488

Total noninterest income

12,158

10,692

11,047

10,091

10,098

Noninterest expense:

Salaries and employee benefits

15,539

15,923

14,115

13,532

12,865

Occupancy and equipment

2,109

1,957

1,758

1,732

1,683

Acquisition related

943

1,637

1,331

732

—

Information technology expenses

2,902

2,774

2,903

2,680

2,592

Professional fees

939

1,120

1,019

998

742

Advertising and public relations

982

1,106

1,402

1,130

942

Communications

235

224

194

218

188

Other

2,782

2,933

2,987

3,590

2,992

Total noninterest expense

26,431

27,674

25,709

24,612

22,004

Income before income taxes

13,696

10,471

9,553

7,278

10,029

Income taxes

2,839

2,267

1,710

1,459

2,051

Net income

10,857

8,204

7,843

5,819

7,978

Earnings per common share:

Basic

0.51

0.39

0.42

0.33

0.46

Diluted

0.51

0.39

0.42

0.33

0.46

Dividends declared per share

0.1200

0.1150

Weighted average common shares outstanding:

Basic

21,160,128

21,222,237

18,729,511

17,461,434

17,448,945

Diluted

21,160,128

21,222,237

18,729,511

17,461,434

17,448,945

Colony Bankcorp, Inc.

Quarterly Deposits Composition Comparison

2026

2025

(dollars in thousands)

Second

First

Fourth

Third

Second

Quarter

Noninterest-bearing demand

464,062

495,234

526,803

442,142

434,785

Interest-bearing demand

900,546

927,768

932,262

811,031

838,540

Savings and money markets

779,890

806,434

787,811

644,312

667,135

Time over $250,000

264,968

237,311

239,175

192,545

193,427

Other time

562,710

581,672

581,470

494,299

422,343

Total

2,972,176

3,048,419

3,067,521

2,584,329

2,556,230

Colony Bankcorp, Inc.

Quarterly Deposits by Location Comparison

2026

2025

(dollars in thousands)

Second

First

Fourth

Third

Second

Quarter

Augusta

29,688

22,496

18,387

—

Florida

171,594

167,406

157,056

—

Coastal Georgia

136,189

129,957

141,013

127,587

138,838

Middle Georgia

257,035

266,574

262,075

259,934

277,880

Atlanta and North Georgia

305,149

311,159

335,762

315,822

344,329

South Georgia

1,382,532

1,421,164

1,431,775

1,205,891

1,203,732

West Georgia

311,776

328,077

326,054

341,056

325,946

Brokered deposits

123,512

136,894

131,906

130,000

59,494

Reciprocal deposits

254,701

264,692

263,493

204,039

206,011

Total

2,972,176

3,048,419

3,067,521

2,584,329

2,556,230

Colony Bankcorp, Inc.

Quarterly Loan Comparison

2026

2025

(dollars in thousands)

Second

First

Fourth

Third

Second

Quarter

Core

2,011,354

1,940,583

1,885,200

1,935,648

1,887,456

Purchased

453,480

472,882

496,024

101,408

106,124

Loans, net of unearned income

2,464,834

2,413,465

2,381,224

2,037,056

1,993,580

Colony Bankcorp, Inc.

Quarterly Loans by Composition Comparison

2026

2025

(dollars in thousands)

Second

First

Fourth

Third

Second

Quarter

Construction, land & land development

285,508

309,161

302,512

240,819

238,078

Other commercial real estate

1,272,574

1,240,210

1,249,720

1,064,984

1,059,149

Total commercial real estate

1,558,082

1,549,371

1,552,232

1,305,803

1,297,227

Residential real estate

499,015

483,247

459,549

377,058

356,515

Commercial, financial & agricultural

230,364

220,933

218,532

213,274

212,872

Consumer and other

177,373

159,914

150,911

140,921

126,966

Loans, net of unearned income

2,464,834

2,413,465

2,381,224

2,037,056

1,993,580

Colony Bankcorp, Inc.

Quarterly Loans by Location Comparison

2026

2025

(dollars in thousands)

Second

First

Fourth

Third

Second

Quarter

Alabama

49,410

49,546

47,971

48,351

50,856

Florida

243,326

238,262

236,810

26,061

24,562

Augusta

85,593

84,548

85,072

92,988

95,246

Coastal Georgia

354,035

355,350

358,271

263,763

253,177

Middle Georgia

113,706

115,385

121,276

120,601

125,435

Atlanta and North Georgia

445,409

455,197

456,593

463,007

445,921

South Georgia

523,424

512,651

462,085

403,192

408,954

West Georgia

202,800

186,661

174,626

172,688

168,968

Small Business Specialty Lending

80,864

83,288

84,928

84,999

81,242

Consumer Portfolio Mortgages

258,769

236,984

263,385

270,941

262,846

Marine/RV Lending

106,823

94,775

88,852

88,968

75,649

Other

675

818

1,355

1,497

724

Loans, net of unearned income

2,464,834

2,413,465

2,381,224

2,037,056

1,993,580

Colony Bankcorp, Inc.

Classified Loans

2026

2025

(dollars in thousands)

Second

First

Fourth

Third

Second

Quarter

Construction, land & land development

381

214

1,438

1,644

126

Other commercial real estate

19,868

23,966

22,871

12,973

16,687

Residential real estate

5,870

6,160

6,115

1,503

1,222

Commercial, financial & agricultural

7,166

8,655

107

9,857

109

7,947

7,071

Consumer and other

341

230

200

116

TOTAL

33,626

278

39,225

294

40,481

297

24,183

245

25,112

214

Classified loans to total loans

1.36

1.63

1.70

1.19

1.26

Colony Bankcorp, Inc.

Criticized Loans

2026

2025

(dollars in thousands)

Second

First

Fourth

Third

Second

Quarter

Construction, land & land development

6,352

6,574

17,605

14,393

2,207

Other commercial real estate

58,023

54,522

40,073

24,934

30,034

Residential real estate

10,525

12,522

103

11,515

6,528

7,224

Commercial, financial & agricultural

11,439

12,892

114

15,197

120

14,403

15,212

Consumer and other

341

230

331

247

137

TOTAL

86,680

340

86,740

352

84,721

338

60,505

280

54,814

269

Criticized loans to total loans

3.52

3.59

3.56

2.97

2.75

Colony Bankcorp, Inc.

Quarterly Net Charge offs by Composition

2026

2025

Second

First

Fourth

Third

Second

Quarter

Construction, land & land development

(0.01

)

Other commercial real estate

0.08

(0.04

)

0.05

0.01

Residential real estate

0.01

(0.01

)

(0.01

)

0.02

Commercial, financial & agricultural

0.10

0.12

0.22

0.24

0.12

Consumer and other

0.12

0.08

0.13

0.08

0.06

Loans, net of unearned income

0.29

0.30

0.36

0.21