Colony Bankcorp, Inc. Reports First Quarter 2026 Results

Declares Quarterly Cash Dividend of $0.12 Per Share

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:

• Net income was $8.2 million, or $0.39 per diluted share, for the first quarter of 2026, compared to $7.8 million, or $0.42 per diluted share, for the fourth quarter of 2025, and $6.6 million, or $0.38 per diluted share, for the first quarter of 2025.
• Operating net income was $9.5 million, or $0.45 of operating earnings per diluted share, for the first quarter of 2026, compared to $8.9 million, or $0.48 of operating earnings per diluted share, for the fourth quarter of 2025, and $6.6 million, or $0.38 of operating earnings per diluted share, for the first quarter of 2025. (See Reconciliation of Non-GAAP Measures).
• Provision for credit losses of $1.75 million was recorded in the first quarter of 2026 compared to $1.65 million in the fourth quarter of 2025, and $1.50 million in the first quarter of 2025.
• Total loans, excluding loans held for sale, were $2.41 billion at March 31, 2026, an increase of $32.2 million, or 1.35%, from the prior quarter.
• Total deposits were $3.05 billion and $3.07 billion at March 31, 2026 and December 31, 2025, respectively, a decrease of $19.1 million.
• Mortgage production was $88.5 million, and mortgage sales totaled $61.4 million in the first quarter of 2026 compared to $89.5 million and $68.1 million, respectively, for the fourth quarter of 2025.
• Small Business Specialty Lending (“SBSL”) closed $13.1 million in Small Business Administration (“SBA”) loans and sold $10.4 million in SBA loans in the first quarter of 2026 compared to $29.1 million and $16.8 million, respectively, for the fourth quarter of 2025.

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

• Total assets were $3.72 billion at March 31, 2026, a slight decrease of $14.8 million from December 31, 2025.
• Total loans, excluding loans held for sale, were $2.41 billion at March 31, 2026, an increase of $32.2 million from December 31, 2025.
• Total deposits were $3.05 billion and $3.07 billion at March 31, 2026 and December 31, 2025, respectively, a decrease of $19.1 million. Decreases were seen in noninterest-bearing demand deposits of $31.5 million, interest-bearing demand deposits of $4.5 million and time deposits of $1.7 million while savings and money market deposits increased $18.6 million, from December 31, 2025 to March 31, 2026. The decline in organic customer deposits was driven by the seasonal municipal deposit outflow early in the quarter, however customer deposits increased in the month of March.
• Total borrowings at March 31, 2026 totaled $258.1 million, an increase of $32,000 compared to December 31, 2025.

Capital

• Colony continues to maintain a strong capital position, with ratios that exceed regulatory minimums required to be considered as “well-capitalized.”
• Under the Company’s approved stock repurchase program, a total of 89,109 shares of the Company common stock were repurchased during the first quarter of 2026 at an average price of $19.78 per share and a total value of $1,762,839.
• Preliminary tier one leverage ratio, tier one capital ratio, total risk-based capital ratio and common equity tier one capital ratio were 9.84%, 13.44%, 15.75%, and 12.53%, respectively, at March 31, 2026.

First Quarter 2026 Results of Operations

• Net interest income, on a tax-equivalent basis, totaled $29.4 million for the first quarter ended March 31, 2026 compared to $21.1 million for the same period in 2025. Increases occurred in income on interest earning assets which was more than offset by a slight increase in interest bearing liabilities. Income on interest earning assets increased $9.3 million to $45.0 million for the first quarter of 2026 compared to the same period in 2025. Expense on interest bearing liabilities increased $1.1 million to $15.7 million for the first quarter of 2026 compared to the same period in 2025.
• Net interest margin for the first quarter of 2026 was 3.48% compared to 2.93% for the first quarter of 2025. This increase was impacted by the Company’s acquisition of TC Bancshares, Inc. in the fourth quarter of 2025, and in addition related to increases in interest earning asset yields period over period, as well as the decreased cost of funds.
• Noninterest income totaled $10.7 million for the first quarter of 2026, an increase of $1.6 million, or 18.2%, compared to the same period in 2025. Increases occurred in service charges on deposits, mortgage fee income, interchange fees, insurance commissions and an increase in wealth advisor income included in other noninterest income, partially offset by decreases in gains on sales of SBA loans.
• Noninterest expense totaled $27.7 million for the first quarter of 2026, compared to $20.2 million for the same period in 2025. This increase was a result of increases in salaries and employee benefits, occupancy and equipment, information technology expenses, professional fees, advertising and public relations, and acquisition expenses related to the acquisition of TC Bancshares, Inc. which occurred in the fourth quarter of 2025.

Asset Quality

• Nonperforming assets totaled $19.9 million and $24.7 million at March 31, 2026 and December 31, 2025, respectively, a decrease of $4.8 million.
• Other real estate owned and repossessed assets totaled $2.1 million at March 31, 2026 and $1.2 million at December 31, 2025.
• Net loans charged-off were $1.7 million, or 0.29% of average loans for the first quarter of 2026, compared to $1.6 million, or 0.30% for the fourth quarter of 2025.
• The credit loss reserve was $21.7 million, or 0.90% of total loans, at March 31, 2026, compared to $23.0 million, or 0.97% of total loans at December 31, 2025.

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				Quarter				Quarter				Quarter			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				Quarter				Quarter				Quarter				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			Quarter			Quarter			Quarter			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			0.1150			0.1150			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			Quarter			Quarter			Quarter			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			95			98			107			22
Total nonperforming loans (NPLs)		17,777			23,475			14,366			10,691			12,478
Other real estate owned		1,873			1,048			710			710			522
Repossessed assets		205			190			160			21			6
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		0		—	—	%		—		—	—	%
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.
^2Taxable-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		Quarter		Quarter			Quarter			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	$	38	$	65	$	62		$	44		$	53
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		52		81		(27	)		69			10
Segment income	$	170	$	301	$	(126	)	$	249		$	21
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		48		48		46			43			42
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		21		136		73			74			101
Segment income	$	74	$	536	$	289		$	288		$	391
Total segment assets	$	89,328	$	95,968	$	93,088		$	90,905		$	90,399
Full time employees		32		31		31			34			35
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		Quarter		Quarter			Quarter		Quarter
(dollars in thousands, except per share data)	(unaudited)		(unaudited)		(unaudited)			(unaudited)		(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		0.1150			0.1150		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		Quarter		Quarter		Quarter		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		Quarter		Quarter		Quarter		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		Quarter		Quarter		Quarter		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		Quarter		Quarter		Quarter		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		Quarter		Quarter		Quarter		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				Quarter				Quarter				Quarter				Quarter
	$			#	$			#		$		#	$			#	$			#
Construction, land & land development	$	214		8	$	1,438		10	$	1,644		8	$	126		4	$	126		4
Other commercial real estate		23,966		52		22,871		52		12,973		45		16,687		48		18,578		51
Residential real estate		6,160		95		6,115		92		1,503		75		1,222		73		1,670		76
Commercial, financial & agricultural		8,655		107		9,857		109		7,947		90		7,071		64		6,077		58
Consumer and other		230		32		200		34		116		27		6		25		2		25
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				Quarter				Quarter				Quarter				Quarter
	$			#	$			#	$			#	$			#	$			#
Construction, land & land development	$	6,574		34	$	17,605		13	$	14,393		12	$	2,207		10	$	4,028		11
Other commercial real estate		54,522		69		40,073		71		24,934		60		30,034		69		28,869		70
Residential real estate		12,522		103		11,515		99		6,528		81		7,224		79		8,289		83
Commercial, financial & agricultural		12,892		114		15,197		120		14,403		99		15,212		85		14,501		82
Consumer and other		230		32		331		35		247		28		137		26		136		26
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	%