Colony Bankcorp, Inc. Reports First Quarter 2026 Results

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

Financial Highlights:

The Company also announced that on April 22, 2026, the Board of Directors declared a quarterly cash dividend of $0.12 per share, to be paid on its common stock on May 20, 2026, to shareholders of record as of the close of business on May 6, 2026. The Company had 21,162,104 shares of its common stock outstanding as of April 20, 2026.

"Our first quarter performance represents a strong start to the year, characterized by meaningful improvement compared to the first quarter in the prior year and continued disciplined execution of our strategic initiatives. In addition to our solid financial performance during the quarter, our team successfully completed the TC Federal customer integration and core systems conversion which represents a significant operational achievement that allows us to fully realize the efficiencies of our combined organization and provides a scalable platform for future growth,” said Heath Fountain, Chief Executive Officer.

"Beyond core banking operations, our complementary lines of business continue to demonstrate significant momentum, contributing to a notable increase in noninterest income compared to the first quarter of the prior year. This growth highlights the success of our diversification strategy and our ability to deepen client relationships across our platform.”

“Colony Insurance and Colony Financial Advisors both achieved their strongest quarters to date on a pre-tax basis. The performance of these lines of business illustrates the value of our integrated financial services model and provides a resilient, diversified revenue stream that complements our core banking operations."

“We are also encouraged by the continued expansion of our net interest margin, marking another consecutive quarter of improvement. This trend, supported by our diligent management of deposit costs and asset yields, reinforces the underlying strength of our balance sheet. As we move forward, we remain committed to leveraging our enhanced scale and operational stability to deliver consistent results for our shareholders."

Balance Sheet

Capital

First Quarter 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, April 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: 2679228. A replay of the call will be available until Thursday, April 30, 2026. To listen to the replay, dial 1-800-770-2030 and entering the passcode 2679228#.

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 completed acquisition of TC Bancshares, Inc. (“TC Bancshares”) (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 and, separately, the recent shutdown of the U.S. federal government); 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 TC Bancshares’ business into the Company; the reaction of each of the Company’s and TC Bancshares’ customers, suppliers, employees or other business partners to the Merger; the risk that the integration of TC Bancshares’ 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, 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, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements.

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

First

Fourth

Third

Second

First

(dollars in thousands, except per share data)

Quarter

Operating noninterest income reconciliation

Noninterest income (GAAP)

10,692

11,047

10,091

10,098

9,044

Loss on sales of securities

—

1,039

—

Operating noninterest income

10,692

11,047

11,130

10,098

9,044

Operating noninterest expense reconciliation

Noninterest expense (GAAP)

27,674

25,709

24,612

22,004

20,221

Acquisition-related expenses

(1,637

)

(1,331

)

(732

)

—

Loss related to wire fraud incident

—

(1,252

)

—

Operating noninterest expense

26,037

24,378

22,628

22,004

20,221

Operating net income reconciliation

Net income (GAAP)

8,204

7,843

5,819

7,978

6,613

Acquisition-related expenses

1,637

1,331

732

—

Loss related to wire fraud incident

—

1,252

—

Loss on sales of securities

—

1,039

—

Income tax benefit

(356

)

(269

)

(612

)

—

Operating net income

9,485

8,905

8,230

7,978

6,613

Weighted average diluted shares

21,222,237

18,729,511

17,461,434

17,448,945

17,509,059

Operating earnings per diluted share

0.45

0.48

0.47

0.46

0.38

Operating return on average assets reconciliation

Return on average assets (GAAP)

0.90

0.93

0.75

1.02

0.85

Acquisition-related expenses

0.18

0.15

0.10

—

Loss related to wire fraud incident

—

0.16

—

Loss on sales of securities

—

0.13

—

Tax effect of adjustment items

(0.04

)

(0.03

)

(0.08

)

—

Operating return on average assets

1.04

1.05

1.06

1.02

0.85

Operating return on average equity reconciliation

Return on average equity (GAAP)

8.77

9.49

7.80

11.14

9.63

Acquisition-related expenses

1.74

1.62

0.98

—

Loss related to wire fraud incident

—

1.68

—

Loss on sales of securities

—

1.39

—

Tax effect of adjustment items

(0.38

)

(0.33

)

(0.82

)

—

Operating return on average equity

10.13

10.78

11.03

11.14

9.63

Colony Bankcorp, Inc.

Reconciliation of Non-GAAP Measures

2026

2025

First

Fourth

Third

Second

First

(dollars in thousands, except per share data)

Quarter

Operating return on average tangible equity reconciliation

Return on average tangible equity

10.80

11.63

9.56

13.70

11.83

Acquisition-related expenses

2.16

1.97

1.20

—

Loss related to wire fraud incident

—

2.06

—

Loss on sales of securities

—

1.71

—

Tax effect of adjustment items

(0.47

)

(0.40

)

(1.01

)

—

Operating return on average tangible equity

12.49

13.20

13.52

13.70

11.83

Tangible book value per common share reconciliation

Book value per common share (GAAP)

17.98

17.69

17.31

16.87

16.41

Effect of goodwill and other intangibles

(3.33

)

(3.38

)

(3.11

)

(3.14

)

(2.95

)

Tangible book value per common share

14.65

14.31

14.20

13.73

13.46

Tangible equity to tangible assets reconciliation

Equity to assets (GAAP)

10.22

10.06

9.59

9.43

9.05

Effect of goodwill and other intangibles

(1.73

)

(1.76

)

(1.59

)

(1.62

)

(1.51

)

Tangible equity to tangible assets

8.49

8.30

8.00

7.81

7.54

Operating efficiency ratio calculation

Efficiency ratio (GAAP)

69.37

69.65

75.06

67.74

67.41

Acquisition-related expenses

(4.10

)

(3.61

)

(1.98

)

—

Loss related to wire fraud incident

—

(3.38

)

—

Loss on sales of securities

—

(2.81

)

—

Operating efficiency ratio

65.27

66.04

66.89

67.74

67.41

Operating net noninterest expense (1) to average assets calculation

Net noninterest expense to average assets

1.86

1.73

1.86

1.52

1.44

Acquisition-related expenses

(0.18

)

(0.15

)

(0.09

)

—

Loss related to wire fraud incident

—

(0.16

)

—

Loss on sales of securities

—

(0.13

)

—

Operating net noninterest expense to average assets

1.68

1.58

1.48

1.52

1.44

Pre-provision net revenue

Net interest income before provision for credit losses

29,203

25,865

22,699

22,385

20,952

Noninterest income

10,692

11,047

10,091

10,098

9,044

Total income

39,895

36,912

32,790

32,483

29,996

Noninterest expense

27,674

25,709

24,612

22,004

20,221

Pre-provision net revenue

12,221

11,203

8,178

10,479

9,775

Operating pre-provision net revenue

Net interest income before provision for credit losses

29,203

25,865

22,699

22,385

20,952

Operating noninterest income

10,692

11,047

11,130

10,098

9,044

Total operating income

39,895

36,912

33,829

32,483

29,996

Operating noninterest expense

26,037

24,378

22,628

22,004

20,221

Operating pre-provision net revenue

13,858

12,534

11,201

10,479

9,775

(1) Net noninterest expense is defined as noninterest expense less noninterest income.

Colony Bankcorp, Inc.

Selected Financial Information

2026

2025

First

Fourth

Third

Second

First

(dollars in thousands, except per share data)

Quarter

EARNINGS SUMMARY

Net interest income

29,203

25,865

22,699

22,385

20,952

Provision for credit losses

1,750

1,650

900

450

1,500

Noninterest income

10,692

11,047

10,091

10,098

9,044

Noninterest expense

27,674

25,709

24,612

22,004

20,221

Income taxes

2,267

1,710

1,459

2,051

1,662

Net income

8,204

7,843

5,819

7,978

6,613

PER COMMON SHARE

Common shares outstanding

21,162,104

21,251,695

17,461,284

17,416,702

17,481,709

Weighted average basic shares

21,222,237

18,729,511

17,461,434

17,448,945

17,509,059

Weighted average diluted shares

21,222,237

18,729,511

17,461,434

17,448,945

17,509,059

Earnings per basic share

0.39

0.42

0.33

0.46

0.38

Earnings per diluted share

0.39

0.42

0.33

0.46

0.38

Operating earnings per diluted share (b)

0.45

0.48

0.47

0.46

0.38

Cash dividends declared per share

0.1200

0.1150

Common book value per share

17.98

17.69

17.31

16.87

16.41

Tangible book value per common share (b)

14.65

14.31

14.20

13.73

13.46

Pre-provision net revenue (b)

12,221

11,203

8,178

10,479

9,775

SELECTED PERFORMANCE RATIOS:

Return on average assets

0.90

0.93

0.75

1.02

0.85

Return on average total equity

8.77

9.49

7.80

11.14

9.63

Return on average tangible equity

10.80

11.63

9.56

13.70

11.83

Efficiency ratio

69.37

69.65

75.06

67.74

67.41

Net noninterest expense to average assets

1.86

1.73

1.86

1.52

1.44

Total equity to total assets

10.22

10.06

9.59

9.43

9.05

Tangible equity to tangible assets (b)

8.49

8.30

8.00

7.81

7.54

Net interest margin (a)

3.48

3.32

3.17

3.12

2.93

OPERATING SELECTED PERFORMANCE RATIOS:

Operating return on average assets (b)

1.04

1.05

1.06

1.02

0.85

Operating return on average total equity (b)

10.13

10.78

11.03

11.14

9.63

Operating return on average tangible equity (b)

12.49

13.20

13.52

13.70

11.83

Operating efficiency ratio (b)

65.27

66.04

66.89

67.74

67.41

Operating net noninterest expense to average assets (b)

1.68

1.58

1.48

1.52

1.44

Colony Bankcorp, Inc.

Selected Financial Information

2026

2025

First

Fourth

Third

Second

First

(dollars in thousands, except per share data)

Quarter

ASSET QUALITY

Nonperforming portfolio loans

12,619

17,190

9,082

4,760

7,538

Nonperforming SBA government loans-guaranteed portion

2,012

4,772

4,076

4,583

3,647

Nonperforming SBA government loans-unguaranteed portion

2,968

1,418

1,110

1,241

1,271

Loans 90 days past due and still accruing

178

107

Total nonperforming loans (NPLs)

17,777

23,475

14,366

10,691

12,478

Other real estate owned

1,873

1,048

710

522

Repossessed assets

205

190

160

Total nonperforming assets (NPAs)

19,855

24,713

15,236

11,422

13,006

Classified loans

39,225

40,481

24,183

25,112

26,453

Criticized loans

86,740

84,721

60,505

54,814

55,823

Net loan charge-offs (recoveries)

1,709

1,600

1,827

1,049

606

Allowance for credit losses to total loans

0.90

0.97

0.89

0.96

1.04

Allowance for credit losses to total NPLs

122.10

98.04

125.89

179.15

160.26

Allowance for credit losses to total NPAs

109.32

93.13

118.71

167.69

153.75

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

0.29

0.30

0.36

0.21

0.13

NPLs to total loans

0.74

0.99

0.71

0.54

0.65

NPAs to total assets

0.53

0.66

0.48

0.37

0.41

NPAs to total loans and foreclosed assets

0.82

1.04

0.75

0.57

0.68

ACTUAL BALANCES

Total assets

3,720,613

3,735,401

3,152,746

3,115,617

3,171,825

Loans held for sale

16,536

78,990

19,286

22,163

24,844

Loans, net of unearned income

2,413,465

2,381,224

2,037,056

1,993,580

1,921,263

Deposits

3,048,419

3,067,521

2,584,329

2,556,230

2,622,531

Total stockholders’ equity

380,403

375,920

302,332

293,857

286,925

AVERAGE BALANCES

Total assets

3,698,663

3,357,785

3,092,411

3,138,125

3,149,321

Loans held for sale

21,863

59,868

17,062

22,495

23,253

Loans, net of unearned income

2,399,971

2,148,729

2,024,153

1,960,025

1,869,476

Deposits

3,025,462

2,752,576

2,526,739

2,586,620

2,606,706

Total stockholders’ equity

379,582

327,830

296,027

287,325

278,551

(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 March 31,

2026

2025

Average

Income/

Yields/

Average

Income/

Yields/

(dollars in thousands)

Balances

Expense

Rates

Balances

Expense

Rates

Assets

Interest-earning assets:

Loans held for sale

21,863

454

8.42

23,253

328

5.73

Loans, net of unearned income 1

2,399,971

37,568

6.35

1,869,476

27,716

6.01

Investment securities, taxable

668,824

4,537

2.75

710,293

4,837

2.76

Investment securities, tax-exempt 2

94,588

489

2.10

94,379

494

2.12

Deposits in banks and short term investments

240,446

1,993

3.36

229,016

2,322

4.11

Total interest-earning assets

3,425,692

45,041

5.33

2,926,417

35,697

4.95

Noninterest-earning assets

272,972

222,904

Total assets

3,698,663

3,149,321

Liabilities and stockholders’ equity

Interest-bearing liabilities:

Interest-bearing demand and savings

1,725,632

5,951

1.40

1,549,509

6,468

1.69

Other time

812,531

6,863

3.43

601,920

5,305

3.57

Total interest-bearing deposits

2,538,163

12,814

2.05

2,151,429

11,773

2.22

Federal funds purchased

—

Federal Home Loan Bank advances

195,000

1,985

4.13

185,000

1,873

4.10

Other borrowings

63,141

888

5.71

63,048

927

5.97

Total other interest-bearing liabilities

258,141

2,873

4.51

248,048

2,800

4.58

Total interest-bearing liabilities

2,796,304

15,687

2.28

2,399,477

14,573

2.46

Noninterest-bearing liabilities:

Demand deposits

487,299

455,277

Other liabilities

35,479

16,016

Stockholders’ equity

379,582

278,551

Total noninterest-bearing liabilities and stockholders’ equity

902,360

749,844

Total liabilities and stockholders’ equity

3,698,663

3,149,321

Interest rate spread

3.05

2.49

Net interest income

29,354

21,124

Net interest margin

3.48

2.93

1 The 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 $48,000 and $68,000 for the quarters ended March 31, 2026 and 2025, respectively, are calculated using the statutory federal tax rate and are included in income and fees on loans. Accretion income of $1.3 million and $20,000 for the quarters ended March 31, 2026 and 2025, respectively, are also included in income and fees on loans.

2 Taxable-equivalent adjustments totaling $103,000 and $104,000 for the quarters ended March 31, 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

First

Fourth

Third

Second

First

(dollars in thousands)

Quarter

Banking Division

Net interest income

28,223

24,781

21,629

21,319

19,989

Provision for credit losses

780

776

(371

)

(330

)

1,221

Noninterest income

7,131

6,996

6,144

5,969

5,774

Noninterest expenses

24,420

22,502

21,075

18,269

16,790

Income taxes

2,194

1,493

1,413

1,908

1,551

Segment income

7,960

7,006

5,656

7,441

6,201

Total segment assets

3,619,249

3,625,785

3,046,699

3,010,416

3,065,385

Full time employees

426

447

383

390

366

Mortgage Banking Division

Net interest income

Provision for credit losses

—

Noninterest income

1,886

2,012

1,851

1,984

1,579

Noninterest expenses

1,702

1,695

2,066

1,710

1,601

Income taxes

(27

)

Segment income

170

301

(126

)

249

Total segment assets

12,036

13,648

12,959

14,296

16,041

Variable noninterest expense (1)

597

984

1,229

1,157

880

Fixed noninterest expense

1,105

711

837

553

721

Full time employees

Small Business Specialty Lending Division

Net interest income

942

1,019

1,008

1,022

910

Provision for credit losses

970

874

1,271

780

279

Noninterest income

1,675

2,039

2,096

2,145

1,691

Noninterest expenses

1,552

1,512

1,471

2,025

1,830

Income taxes

136

101

Segment income

536

289

288

391

Total segment assets

89,328

95,968

93,088

90,905

90,399

Full time employees

Total Consolidated

Net interest income

29,203

25,865

22,699

22,385

20,952

Provision for credit losses

1,750

1,650

900

450

1,500

Noninterest income

10,692

11,047

10,091

10,098

9,044

Noninterest expenses

27,674

25,709

24,612

22,004

20,221

Income taxes

2,267

1,710

1,459

2,051

1,662

Segment income

8,204

7,843

5,819

7,978

6,613

Total segment assets

3,720,613

3,735,401

3,152,746

3,115,617

3,171,825

Full time employees

506

526

460

467

443

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

Colony Bankcorp, Inc.

Consolidated Balance Sheets

March 31, 2026

December 31, 2025

(dollars in thousands)

(unaudited)

(audited)

ASSETS

Cash and due from banks

24,349

27,307

Interest-bearing deposits in banks and federal funds sold

271,457

230,333

Cash and cash equivalents

295,806

257,640

Investment securities available for sale, at fair value

375,340

383,817

Investment securities held to maturity, at amortized cost

371,918

386,618

Other investments

19,286

19,176

Loans held for sale

16,536

78,990

Loans, net of unearned income

2,413,465

2,381,224

Allowance for credit losses

(21,705

)

(23,014

)

Loans, net

2,391,760

2,358,210

Premises and equipment

36,842

37,045

Other real estate owned

1,873

1,048

Goodwill

63,047

63,873

Other intangible assets

7,396

7,851

Bank owned life insurance

68,936

68,457

Deferred income taxes, net

18,804

19,582

Other assets

53,069

53,094

Total assets

3,720,613

3,735,401

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Deposits:

Noninterest-bearing

495,234

526,803

Interest-bearing

2,553,185

2,540,718

Total deposits

3,048,419

3,067,521

Federal Home Loan Bank advances

194,981

194,972

Other borrowed money

63,156

63,132

Accrued expenses and other liabilities

33,654

33,856

Total liabilities

3,340,210

3,359,481

Stockholders’ equity

Common stock, $1 par value; 50,000,000 shares authorized, 21,162,104 and 21,251,695 issued and outstanding, respectively

21,162

21,252

Paid in capital

227,071

228,577

Retained earnings

166,237

160,584

Accumulated other comprehensive loss, net of tax

(34,067

)

(34,493

)

Total stockholders’ equity

380,403

375,920

Total liabilities and stockholders’ equity

3,720,613

3,735,401

Colony Bankcorp, Inc.

Consolidated Statements of Income (unaudited)

Three months ended March 31,

2026

2025

(dollars in thousands, except per share data)

Interest income:

Loans, including fees

37,974

27,976

Investment securities

4,923

5,227

Deposits in banks and short term investments

1,993

2,322

Total interest income

44,890

35,525

Interest expense:

Deposits

12,814

11,773

Federal Home Loan Bank advances

1,985

1,873

Other borrowings

888

927

Total interest expense

15,687

14,573

Net interest income

29,203

20,952

Provision for credit losses

1,750

1,500

Net interest income after provision for credit losses

27,453

19,452

Noninterest income:

Service charges on deposits

2,561

2,172

Mortgage fee income

1,935

1,579

Gain on sales of SBA loans

962

1,035

Interchange fees

2,186

1,938

BOLI income

477

396

Insurance commissions

844

469

Other

1,727

1,455

Total noninterest income

10,692

9,044

Noninterest expense:

Salaries and employee benefits

15,923

11,905

Occupancy and equipment

1,957

1,580

Acquisition related

1,637

—

Information technology expenses

2,774

2,477

Professional fees

1,120

748

Advertising and public relations

1,106

805

Communications

224

205

Other

2,933

2,501

Total noninterest expense

27,674

20,221

Income before income taxes

10,471

8,275

Income taxes

2,267

1,662

Net income

8,204

6,613

Earnings per common share:

Basic

0.39

0.38

Diluted

0.39

0.38

Dividends declared per share

0.1200

0.1150

Weighted average common shares outstanding:

Basic

21,222,237

17,509,059

Diluted

21,222,237

17,509,059

Colony Bankcorp, Inc.

Quarterly Consolidated Statements of Income

2026

2025

First

Fourth

Third

Second

First

Quarter

(dollars in thousands, except per share data)

(unaudited)

Interest income:

Loans, including fees

37,974

34,461

31,535

30,361

27,976

Investment securities

4,923

4,543

4,518

5,148

5,227

Deposits in banks and short term investments

1,993

1,696

839

1,326

2,322

Total interest income

44,890

40,700

36,892

36,835

35,525

Interest expense:

Deposits

12,814

11,973

11,332

11,632

11,773

Federal Home Loan Bank advances

1,985

1,947

1,909

1,889

1,873

Other borrowings

888

915

952

929

927

Total interest expense

15,687

14,835

14,193

14,450

14,573

Net interest income

29,203

25,865

22,699

22,385

20,952

Provision for credit losses

1,750

1,650

900

450

1,500

Net interest income after provision for credit losses

27,453

24,215

21,799

21,935

19,452

Noninterest income:

Service charges on deposits

2,561

2,664

2,640

2,219

2,172

Mortgage fee income

1,935

2,121

1,851

1,984

1,579

Gain on sales of SBA loans

962

1,376

1,411

1,550

1,035

Loss on sales of securities

—

(1,039

)

—

Interchange fees

2,186

2,154

2,273

2,073

1,938

BOLI income

477

577

396

423

396

Insurance commissions

844

755

874

766

469

Other

1,727

1,400

1,685

1,083

1,455

Total noninterest income

10,692

11,047

10,091

10,098

9,044

Noninterest expense:

Salaries and employee benefits

15,923

14,115

13,532

12,865

11,905

Occupancy and equipment

1,957

1,758

1,732

1,683

1,580

Acquisition related

1,637

1,331

732

—

Information technology expenses

2,774

2,903

2,680

2,592

2,477

Professional fees

1,120

1,019

998

742

748

Advertising and public relations

1,106

1,402

1,130

942

805

Communications

224

194

218

188

205

Other

2,933

2,987

3,590

2,992

2,501

Total noninterest expense

27,674

25,709

24,612

22,004

20,221

Income before income taxes

10,471

9,553

7,278

10,029

8,275

Income taxes

2,267

1,710

1,459

2,051

1,662

Net income

8,204

7,843

5,819

7,978

6,613

Earnings per common share:

Basic

0.39

0.42

0.33

0.46

0.38

Diluted

0.39

0.42

0.33

0.46

0.38

Dividends declared per share

0.1200

0.1150

Weighted average common shares outstanding:

Basic

21,222,237

18,729,511

17,461,434

17,448,945

17,509,059

Diluted

21,222,237

18,729,511

17,461,434

17,448,945

17,509,059

Colony Bankcorp, Inc.

Quarterly Deposits Composition Comparison

2026

2025

First

Fourth

Third

Second

First

(dollars in thousands)

Quarter

Noninterest-bearing demand

495,234

526,803

442,142

434,785

449,818

Interest-bearing demand

927,768

932,262

811,031

838,540

873,156

Savings and money markets

806,434

787,811

644,312

667,135

689,446

Time over $250,000

237,311

239,175

192,545

193,427

189,466

Other time

581,672

581,470

494,299

422,343

420,645

Total

3,048,419

3,067,521

2,584,329

2,556,230

2,622,531

Colony Bankcorp, Inc.

Quarterly Deposits by Location Comparison

2026

2025

First

Fourth

Third

Second

First

(dollars in thousands)

Quarter

Augusta

22,496

18,387

—

Florida

167,406

157,056

—

Coastal Georgia

129,957

141,013

127,587

138,838

142,230

Middle Georgia

266,574

262,075

259,934

277,880

283,149

Atlanta and North Georgia

311,159

335,762

315,822

344,329

333,845

South Georgia

1,421,164

1,431,775

1,205,891

1,203,732

1,249,192

West Georgia

328,077

326,054

341,056

325,946

335,438

Brokered deposits

136,894

131,906

130,000

59,494

59,499

Reciprocal deposits

264,692

263,493

204,039

206,011

219,178

Total

3,048,419

3,067,521

2,584,329

2,556,230

2,622,531

Colony Bankcorp, Inc.

Quarterly Loan Comparison

2026

2025

First

Fourth

Third

Second

First

(dollars in thousands)

Quarter

Core

1,940,583

1,885,200

1,935,648

1,887,456

1,808,879

Purchased

472,882

496,024

101,408

106,124

112,384

Loans, net of unearned income

2,413,465

2,381,224

2,037,056

1,993,580

1,921,263

Colony Bankcorp, Inc.

Quarterly Loans by Composition Comparison

2026

2025

First

Fourth

Third

Second

First

(dollars in thousands)

Quarter

Construction, land & land development

309,161

302,512

240,819

238,078

208,872

Other commercial real estate

1,240,210

1,249,720

1,064,984

1,059,149

1,052,967

Total commercial real estate

1,549,371

1,552,232

1,305,803

1,297,227

1,261,839

Residential real estate

483,247

459,549

377,058

356,515

345,521

Commercial, financial & agricultural

220,933

218,532

213,274

212,872

213,355

Consumer and other

159,914

150,911

140,921

126,966

100,548

Loans, net of unearned income

2,413,465

2,381,224

2,037,056

1,993,580

1,921,263

Colony Bankcorp, Inc.

Quarterly Loans by Location Comparison

2026

2025

First

Fourth

Third

Second

First

(dollars in thousands)

Quarter

Alabama

49,546

47,971

48,351

50,856

52,183

Florida

238,262

236,810

26,061

24,562

19,490

Augusta

84,548

85,072

92,988

95,246

91,758

Coastal Georgia

355,350

358,271

263,763

253,177

230,242

Middle Georgia

115,385

121,276

120,601

125,435

130,302

Atlanta and North Georgia

455,197

456,593

463,007

445,921

441,323

South Georgia

512,651

462,085

403,192

408,954

398,295

West Georgia

186,661

174,626

172,688

168,968

168,851

Small Business Specialty Lending

83,288

84,928

84,999

81,242

79,517

Consumer Portfolio Mortgages

236,984

263,385

270,941

262,846

251,816

Marine/RV Lending

94,775

88,852

88,968

75,649

55,033

Other

818

1,355

1,497

724

2,453

Loans, net of unearned income

2,413,465

2,381,224

2,037,056

1,993,580

1,921,263

Colony Bankcorp, Inc.

Classified Loans

2026

2025

First

Fourth

Third

Second

First

(dollars in thousands)

Quarter

Construction, land & land development

214

1,438

1,644

126

Other commercial real estate

23,966

22,871

12,973

16,687

18,578

Residential real estate

6,160

6,115

1,503

1,222

1,670

Commercial, financial & agricultural

8,655

107

9,857

109

7,947

7,071

6,077

Consumer and other

230

200

116

TOTAL

39,225

294

40,481

297

24,183

245

25,112

214

26,453

214

Classified loans to total loans

1.63

1.70

1.19

1.26

1.38

Colony Bankcorp, Inc.

Criticized Loans

2026

2025

First

Fourth

Third

Second

First

(dollars in thousands)

Quarter

Construction, land & land development

6,574

17,605

14,393

2,207

4,028

Other commercial real estate

54,522

40,073

24,934

30,034

28,869

Residential real estate

12,522

103

11,515

6,528

7,224

8,289

Commercial, financial &

agricultural

12,892

114

15,197

120

14,403

15,212

14,501

Consumer and other

230

331

247

137

136

TOTAL

86,740

352

84,721

338

60,505

280

54,814

269

55,823

272

Criticized loans to total loans

3.59

3.56

2.97

2.75

2.91