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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-42397

COLONY BANKCORP, INC.

(Exact Name of Registrant as Specified in Its Charter)


Georgia			58-1492391
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification No.)

115 South Grant Street, Fitzgerald, Georgia 31750

(Address of principal executive offices) (Zip Code)

(229) 426-6000

(Registrant’s Telephone Number, Including Area Code)

Securities Registered Pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $1.00 per share	CBAN	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerate Filer ☐ Accelerated Filer ☒ Non-accelerated Filer ☐

Smaller Reporting Company ☒ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with the new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of November 5, 2025, the registrant had 17,434,632 shares of common stock, $1.00 par value per share, issued and outstanding.

TABLE OF CONTENTS


		Page
PART I – Financial Information

Item 1.	Financial Statements

	Consolidated Balance Sheets – September 30, 2025 (unaudited) and December 31, 2024 (audited)	4

	Consolidated Statements of Income – For the Three and Nine Months End ed September 30, 2025 and 2024 (unaudited)	5

	Consolidated Statements of Comprehensive Income – For the Three and N ine Months Ended September 30, 2025 and 2024 (unaudited)	6

	Consolidated Statements of Changes in Stockholder's Equity – For the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	7

	Consolidated Statements of Cash Flows – For the Nine Months Ended September 30, 2025 and 2024 (unaudited)	9

	Notes to Consolidated Financial Statements (unaudited)	11

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	63

Item 4.	Controls and Procedures	63


PART II – Other Information

Item 1.	Legal Proceedings	64

Item 1A.	Risk Factors	64

Item 2.	Unregistered Sale of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	64

Item 3.	Defaults Upon Senior Securities	64

Item 4.	Mine Safety Disclosures	64

Item 5.	Other Information	64

Item 6.	Exhibits	65

Signatures		66

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

COLONY BANKCORP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets


	September 30, 2025		December 31, 2024
(dollars in thousands, except per share data)	(Unaudited)		(Audited)
ASSETS
Cash and due from banks	$	25,291	$	26,045

Interest-bearing deposits in banks and federal funds sold	174,675		204,989
Cash and cash equivalents	199,966		231,034
Investment securities available-for-sale, at fair value (amortized cost $336,310 and $409,380, respectively)	305,259		366,049
Investment securities held-to-maturity, at amortized cost (fair value $353,618 and $383,020, respectively)	389,135		430,077
Other investments	17,999		17,694
Loans held for sale	19,286		39,786
Loans, net of unearned income	2,037,056		1,842,980
Allowance for credit losses	(18,086)		(18,980)
Loans, net	2,018,970		1,824,000
Premises and equipment	35,604		37,831
Other real estate owned	710		202
Goodwill	50,871		48,923
Other intangible assets	3,544		2,975
Bank-owned life insurance	59,207		57,970
Deferred income taxes, net	17,230		21,891
Other assets	34,965		31,350
Total assets	$	3,152,746	$	3,109,782

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	442,142	$	462,283
Interest-bearing	2,142,187		2,105,660
Total deposits	2,584,329		2,567,943

Federal Home Loan Bank advances	185,000		185,000

Other borrowings	63,109		63,039
Other liabilities	17,976		15,125
Total liabilities	2,850,414		2,831,107

Stockholders' equity:
Preferred stock, no par value; 10,000,000 shares authorized, none issued or outstanding as of September 30, 2025 and December 31, 2024, respectively	—		—
Common stock, par value $1.00 per share; 50,000,000 shares authorized, 17,461,284 and 17,519,884 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	17,461		17,520
Paid-in capital	167,096		168,353
Retained earnings	154,748		140,369
Accumulated other comprehensive loss, net of tax	(36,973)		(47,567)
Total stockholders' equity	302,332		278,675
Total liabilities and stockholders' equity	$	3,152,746	$	3,109,782

See accompanying notes to consolidated financial statements (unaudited).

COLONY BANKCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Income (unaudited)


	Three Months Ended				Nine Months Ended
(dollars in thousands, except per share data)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Interest income
Loans, including fees	$	31,535	$	28,501	$	89,872	$	83,202
Investment securities	4,518		5,248		14,893		15,816
Deposits with other banks and short term investments	839		855		4,487		2,232
Total interest income	36,892		34,604		109,252		101,250

Interest expense
Deposits	11,332		13,154		34,737		37,351

Federal Home Loan Bank advances	1,909		1,913		5,671		5,306

Other borrowings	952		996		2,808		2,989
Total interest expense	14,193		16,063		43,216		45,646

Net interest income	22,699		18,541		66,036		55,604
Provision for credit losses	900		750		2,850		2,400
Net interest income after provision for credit losses	21,799		17,791		63,186		53,204

Noninterest income
Service charges on deposits	2,640		2,401		7,031		7,063
Mortgage fee income	1,851		1,812		5,414		4,503
Gain on sales of SBA loans	1,411		2,227		3,996		6,620
Loss on sales of securities	(1,039)		(454)		(1,039)		(1,434)
Interchange fees	2,273		2,163		6,284		6,269
BOLI Income	396		383		1,215		1,313
Insurance commissions	874		433		2,109		1,318
Other	1,685		1,117		4,223		3,414
Total noninterest income	10,091		10,082		29,233		29,066

Noninterest expense
Salaries and employee benefits	13,532		12,594		38,302		36,890
Occupancy and equipment	1,732		1,523		4,995		4,504
Acquisition related expenses	732		—		732		—
Information technology expense	2,680		2,150		7,749		6,487
Professional fees	998		748		2,488		2,286
Advertising and public relations	1,130		965		2,877		2,891
Communications	218		210		611		652
Other	3,590		2,645		9,083		7,852
Total noninterest expense	24,612		20,835		66,837		61,562
Income before income taxes	7,278		7,038		25,582		20,708
Income taxes	1,459		1,409		5,172		4,272
Net income	$	5,819	$	5,629	$	20,410	$	16,436
Earnings per common share:
Basic	$	0.33	$	0.32	$	1.17	$	0.94
Diluted	0.33		0.32		1.17		0.94
Dividends declared per share	0.1150		0.1125		0.3450		0.3375
Weighted average common shares outstanding:
Basic	17,461,434		17,587,902		17,472,972		17,566,452
Diluted	17,461,434		17,587,902		17,472,972		17,566,452

See accompanying notes to consolidated financial statements (unaudited).

COLONY BANKCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (unaudited)


	Three Months Ended				Nine Months Ended
(dollars in thousands)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net income	$	5,819	$	5,629	$	20,410	$	16,436
Other comprehensive income:
Net unrealized gains (losses) on securities arising during the period	3,268		9,927		10,492		8,804
Tax effect	(832)		(1,987)		(2,672)		(1,763)
Reclassification adjustment for amortization of unrealized holding losses from the transfer of securities from available-for-sale to held-to-maturity	2,145		1,152		3,289		3,467
Tax effect	(546)		(231)		(838)		(694)
Realized losses on sales of securities included in net income	1,039		454		1,039		1,434
Tax effect	(265)		(91)		(265)		(287)
Unrealized gains (losses) on derivative instruments designated as cash flow hedges	(86)		(1,116)		(370)		137
Tax effect	22		223		94		(27)
Realized gains on derivative instruments recognized in net income	(80)		(199)		(235)		(550)
Tax effect	20		40		60		110
Total other comprehensive income	4,685		8,172		10,594		10,631
Comprehensive income	$	10,504	$	13,801	$	31,004	$	27,067

See accompanying notes to consolidated financial statements (unaudited).

COLONY BANKCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders' Equity (unaudited)


(dollars in thousands, except per share data)	Common Stock
Three Months Ended	Shares	Amount		Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Balance, June 30, 2025	17,416,702	$	17,417	$	167,160	$	150,938	$	(41,658)	$	293,857
Other comprehensive income	—	—		—		—		4,685		4,685
Dividends on common shares ($0.1150 per share)	—	—		—		(2,009)		—		(2,009)

Issuance of restricted stock, net of forfeitures	58,336	58		(58)		—		—		—
Tax withholding related to vesting of restricted stock	(13,754)	(14)		(210)		—		—		(224)

Stock-based compensation expense	—	—		204		—		—		204
Net income	—	—		—		5,819		—		5,819
Balance, September 30, 2025	17,461,284	$	17,461	$	167,096	$	154,748	$	(36,973)	$	302,332

Balance, June 30, 2024	17,538,611	$	17,539	$	169,132	$	131,256	$	(53,184)	$	264,743
Other comprehensive income	—	—		—		—		8,172		8,172
Dividends on common shares ($0.1125 per share)	—	—		—		(1,975)		—		(1,975)

Issuance of restricted stock, net of forfeitures	70,191	70		(70)		—		—		—
Tax withholding related to vesting of restricted stock	(18,918)	(19)		(211)		—		—		(230)
Repurchase and retirement of shares	(35,000)	(35)		(491)		—		—		(526)
Stock-based compensation expense	—	—		239		—		—		239
Net income	—	—		—		5,629		—		5,629
Balance, September 30, 2024	17,554,884	$	17,555	$	168,599	$	134,910	$	(45,012)	$	276,052


(dollars in thousands, except per share data)	Common Stock
Nine Months Ended	Shares	Amount		Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Balance, December 31, 2024	17,519,884	$	17,520	$	168,353	$	140,369	$	(47,567)	$	278,675

Other comprehensive income	—	—		—		—		10,594		10,594
Dividends on common shares ($0.3450 per share)	—	—		—		(6,031)		—		(6,031)

Issuance of restricted stock, net of forfeitures	60,226	60		(60)		—		—		—
Tax withholding related to vesting of restricted stock	(18,502)	(19)		(282)		—		—		(301)
Repurchase and retirement of shares	(100,324)	(100)		(1,489)		—		—		(1,589)
Stock-based compensation expense	—	—		574		—		—		574
Net income	—	—		—		20,410		—		20,410
Balance, September 30, 2025	17,461,284	$	17,461	$	167,096	$	154,748	$	(36,973)	$	302,332

Balance, December 31, 2023	17,564,182	$	17,564	$	168,614	$	124,400	$	(55,643)	$	254,935

Other comprehensive income	—	—		—		—		10,631		10,631
Dividends on common shares ($0.3375 per share)	—	—		—		(5,926)		—		(5,926)

Issuance of restricted stock, net of forfeitures	69,597	70		(70)		—		—		—
Tax withholding related to vesting of restricted stock	(23,895)	(24)		(272)		—		—		(296)
Repurchase and retirement of shares	(55,000)	(55)		(710)		—		—		(765)
Stock-based compensation expense	—	—		1,037		—		—		1,037
Net income	—	—		—		16,436		—		16,436
Balance, September 30, 2024	17,554,884	$	17,555	$	168,599	$	134,910	$	(45,012)	$	276,052

See accompanying notes to consolidated financial statements (unaudited).

COLONY BANKCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows (unaudited)


	Nine Months Ended
(dollars in thousands)	September 30, 2025		September 30, 2024
Operating Activities
Net income	$	20,410	$	16,436
Adjustments reconciling net income to net cash provided by operating activities:
Provision for credit losses	2,850		2,400
Depreciation, amortization, and accretion	5,419		6,122
Equity method investment loss	(267)		(288)
Stock-based compensation expense	574		1,037
Net change in servicing asset	(59)		(870)
Loss on sales of securities, available-for-sale	1,039		1,434
Gain on sales of SBA loans	(3,996)		(6,620)
Loss (gain) on sales of other real estate owned and repossessions	134		(174)

Writedown of bank building	—		197
Loss on sales of premises & equipment	—		36
Originations of loans held for sale	(209,977)		(210,814)
Proceeds from sales of loans held for sale	234,473		217,632
Change in bank-owned life insurance	(1,237)		(1,331)
Deferred tax expense	1,041		606
Change in other assets	(4,223)		283
Change in other liabilities	2,018		558
Net cash provided by operating activities	48,199		26,644
Investing Activities
Purchases of investment securities, available-for-sale	(30,971)		(31,688)
Proceeds from maturities, calls, and paydowns of investment securities, available-for-sale	46,662		51,914
Proceeds from sales of investment securities, available-for-sale	55,550		25,579
Proceeds from maturities, calls and paydowns of securities, held-to-maturity	24,556		10,026
Proceeds from sales of investment securities, held-to-maturity	17,877		—
Change in loans, net	(198,429)		(4,546)
Purchase of premises and equipment	(782)		(518)
Proceeds from sales of premises and equipment	—		34
Proceeds from insurance-Branch fire	803		—
Proceeds from sales of other real estate owned and repossessions	540		1,249
Proceeds from bank-owned life insurance	—		700

Purchase of Federal Home Loan Bank Stock	(38)		(556)
Cash paid - Insurance acquisition	(3,500)		—
Net cash provided by (used in) investing activities	(87,732)		52,194
Financing Activities
Change in noninterest-bearing customer deposits	(20,141)		(59,100)
Change in interest-bearing customer deposits	36,527		39,280

Dividends paid for common stock	(6,031)		(5,926)



Repayments on Federal Home Loan Bank advances	(150,000)		(210,000)
Proceeds from Federal Home Loan Bank advances	150,000		220,000
Repayments on other borrowings	(75,000)		(20,000)
Proceeds from other borrowings	75,000		20,000
Redemption of subordinated debt	—		(500)
Repurchase and retirement of shares	(1,589)		(765)
Tax withholding related to vesting of restricted stock	(301)		(296)
Net cash provided by (used in) financing activities	8,465		(17,307)
Net increase (decrease) in cash and cash equivalents	(31,068)		61,531
Cash and cash equivalents at beginning of period	231,034		83,322
Cash and cash equivalents at end of period	$	199,966	$	144,853

COLONY BANKCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited)


	Nine Months Ended
(dollars in thousands)	September 30, 2025		September 30, 2024
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	$	42,980	$	45,723
Cash paid during the period for income taxes	3,787		4,593
Noncash Investing and Financing Activities

Transfers to other real estate	810		854

See accompanying notes to consolidated financial statements (unaudited).

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

(1) Summary of Significant Accounting Policies

Presentation

Colony Bankcorp, Inc. (the “Company”) is a bank holding company located in Fitzgerald, Georgia. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Colony Bank, Fitzgerald, Georgia (the “Bank”). The “Company” or “our,” as used herein, includes Colony Bank, except where the context requires otherwise.

All adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for fair presentation of the interim consolidated financial statements, have been included and fairly and accurately present the financial position, results of operations and cash flows of the Company. All significant intercompany accounts have been eliminated in consolidation.

The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles ("GAAP") utilized in the commercial banking industry for interim financial information and Regulation S-X. Accordingly, the accompanying unaudited interim consolidated financial statements do not include all of the information or notes required for complete financial statements.

The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results which may be expected for the year ending December 31, 2025. These statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”).

Nature of Operations

The Bank provides a full range of retail, commercial and mortgage banking services as well as government guaranteed lending, consumer insurance, wealth management, credit cards and merchant services for consumers and small- to medium-size businesses located primarily in north, central, south and coastal Georgia, Birmingham, Alabama, Tallahassee, Florida and the Florida Panhandle. The Bank is headquartered in Fitzgerald, Georgia with locations in the Georgia cities of Albany, Ashburn, Athens, Atlanta, Augusta, Broxton, Cedartown, Centerville, Chickamauga, Columbus, Cordele, Covington, Douglas, Eastman, Fayetteville, Fitzgerald, LaGrange, Leesburg, Macon, Manchester, Moultrie, Quitman, Rochelle, Rockmart, Savannah, Statesboro, Sylvester, Thomaston, Tifton, Valdosta and Warner Robins along with loan production offices in Birmingham, Alabama, Tallahassee, Florida and the Florida Panhandle. Lending and investing activities are funded primarily by deposits gathered through its retail banking office network.

Use of Estimates

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet date and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans and fair value of assets acquired and liabilities assumed in a business combination, including goodwill impairment.

Reclassifications

In certain instances, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to statement presentations selected for 2025. Such reclassifications have not materially affected previously reported stockholders’ equity or net income.

Concentrations of Credit Risk

Concentrations of credit risk can exist in relation to individual borrowers or groups of borrowers, certain types of collateral, certain types of industries, or certain geographic regions. The Company has a concentration in real estate loans as well as a geographic concentration that could pose an adverse credit risk. At September 30, 2025, approximately 83% of the Company’s loan portfolio was concentrated in loans secured by real estate. A substantial portion of borrowers’ ability to

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

honor their contractual obligations is dependent upon the viability of the real estate economic sector. Management continues to monitor these concentrations and has considered these concentrations in its allowance for credit loss analysis.

The success of the Company is dependent, to a certain extent, upon the economic conditions in the geographic markets it serves. Adverse changes in the economic conditions in these geographic markets would likely have a material adverse effect on the Company’s results of operations and financial condition. The operating results of the Company depend primarily on its net interest income. Accordingly, operations are subject to risks and uncertainties surrounding the exposure to changes in the interest rate environment.

At times, the Company may have cash and cash equivalents at financial institutions in excess of federal deposit insurance limits. The Company places its cash and cash equivalents with high credit quality financial institutions whose credit ratings are monitored by management to minimize credit risk.

Allowance for Credit Losses ("ACL") – Loans

The current expected credit loss (“CECL”) approach requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures). It replaced the incurred loss approach’s threshold that delayed the recognition of a credit loss until it was probable a loss event was incurred. The estimate of expected credit losses is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. The Company then considers whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the historical period used. The Company also considers future economic conditions and portfolio performance as part of a reasonable and supportable forecast period.

The ACL is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Accrued interest receivable is excluded from the estimate of credit losses.

Management determines the ACL balance using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit behaviors along with model judgments provide the basis for the estimation of expected credit losses. Adjustments to modeled loss estimates may be made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in economic conditions, property values, or other relevant factors. The Company estimates the quantitative collective ACL utilizing a discounted cash flow (DCF) methodology applied to our loan pools segregated by similar risk characteristics. The Company’s DCF methodology generates cash flow projections at the loan level wherein payment expectations are adjusted for estimated prepayment speeds, curtailments, time to recovery, probability of default (PD), and loss given default (LGD). The modeling of expected prepayment speeds and curtailment rates are based on historical internal data and consider current conditions and reasonable and supportable forecasts of future economic conditions. The Company uses regression analysis of historical internal and peer loss data to determine suitable macroeconomic variables to utilize when modeling lifetime PD and LGD. This analysis also determines how expected PD and LGD will react to forecasted levels of the macroeconomic variables over a reasonable and supportable forecast period. At the end of the four-quarter reasonable and supportable forecast period, the Company reverts to a historical loss rate on a straight-line basis over eight quarters. For loans that have elevated risk characteristics when compared to the collectively pooled loans, they are evaluated on an individual basis.

The qualitative component is comprised of measurements used to quantify the risks within each of these loans classes and are subjectively selected by management but measured by objective measurements period over period. The data for each measurement is obtained from internal and external sources. These adjustments are based upon quarterly trend assessments in certain economic factors as well as loan segment specific risks that cannot be addressed in the quantitative methods.

The Company has identified the following portfolio segments and calculates the ACL for each using a discounted cash flow methodology at the loan level, with loss rates, prepayment assumptions and curtailment assumptions driven by each loan’s collateral type:

•Construction, land & land development - Risks common to construction, land & development loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values.

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

•Other commercial real estate - Loans in this category are susceptible to business failures and declines in general economic conditions, including declines in real estate value, declines in occupancy rates, and lack of suitable alternative use for the property.

•Residential real estate - Residential real estate loans are susceptible to weakening general economic conditions, increases in unemployment rates and declining real estate values.

•Commercial, financial & agricultural - Risks to this loan category include the inability to monitor the condition of the collateral, which often consists of inventory, accounts receivable and other non-real estate assets. Equipment and inventory obsolescence can also pose a risk. Declines in general economic conditions and other events can cause cash flows to fall to levels insufficient to service debt.

•Consumer and other - Risks common to consumer direct loans include unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property.

When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.

Allowance for Credit Losses – Off-Balance Sheet Credit Exposures

Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and standby letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.

Management estimates expected credit losses on commitments to extend credit over the contractual period during which the Company is exposed to credit risk on the underlying commitments. The ACL on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The ACL is calculated using the same aggregate reserve rates calculated for the funded portion of loans at the portfolio level applied to the amount of commitments expected to fund.

Allowance for Credit Losses – Held-to-Maturity ("HTM") Securities

Management measures current expected credit losses on HTM debt securities on a collective basis by major security type. The estimate of current expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the HTM portfolio into the following major security types: U.S. treasury securities, U.S. agency securities, State, county & municipal securities, and Mortgage-backed securities. Accrued interest receivable on HTM debt is excluded from the estimate of credit losses.

All of the residential and commercial mortgage-backed securities held by the Company as HTM are issued by U.S. government agencies and government sponsored entities. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The state and political subdivision securities are also highly rated by major rating agencies.

Allowance for Credit Losses – Available-for-Sale ("AFS") Securities

For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

amount of unrealized loss that has not been recorded through an ACL is recognized in other comprehensive income. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses.

Changes in the ACL are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Derivatives

At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company's intentions and belief as to likely effectiveness as a hedge. These three types are (1) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability ("cash flow hedge"), (2) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment ("fair value hedge"), or (3) an instrument with no hedging designation ("non-designated derivative"). For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in current earnings as fair values change. Changes in the fair value of derivatives not designated are reported currently in earnings, as noninterest income.

Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income or noninterest expense. Cash flows from hedges are classified in the consolidated statements of cash flows in the same manner as the items being hedged.

The Company formally documents the relationship between derivatives and hedged items, as well as the risk management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in cash flows of the hedged item. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in cash flows of the hedged item, the derivative is settled or terminated, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm or treatment of the derivative as a hedge is no longer appropriate or intended.

When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as interest expense. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income ("OCI") are amortized into earnings over the same periods which the hedged transactions will affect earnings.

Changes in Accounting Principles

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This ASU was issued to improve segment reporting disclosures. The amendments in this ASU improve financial reporting by requiring disclosure of incremental segment information including significant segment expenses regularly provided to the chief operating decision maker as well as the amount and composition of other segment items on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Retrospective application is required in all prior periods unless impracticable to do so. The amendments in this standard will be effective for the Company for the fiscal year ended December 31, 2024 and subsequent interim periods. The Company adopted the new disclosure requirements for the interim periods beginning on January 1, 2025. The adoption of this standard did not have a material impact on the Company's financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). This ASU was issued to enhance the transparency and decision usefulness of income tax disclosures. The ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Retrospective application in all prior periods is permitted. The Company adopted the new disclosures in this standard for the annual period beginning on January 1, 2025. The Company is currently evaluating the impact of the incremental income taxes information that will be required to be disclosed in the Company's Annual Report on Form 10K for the year ended December 31, 2025.

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

(2) Investment Securities

The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity along with gross unrealized gains and losses are summarized as follows:


(dollars in thousands)
September 30, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Available-for-Sale:
U.S. treasury securities	$	766	$	—	$	(3)	$	763
U.S. agency securities	2,265		—		(120)		2,145
Asset backed securities	15,033		18		(206)		14,845
State, county & municipal securities	109,984		9		(12,348)		97,645
Corporate debt securities	49,816		19		(3,986)		45,849
Mortgage-backed securities	158,446		419		(14,853)		144,012
Total	$	336,310	$	465	$	(31,516)	$	305,259

September 30, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Held-to-Maturity:
U.S. treasury securities	$	65,126	$	—	$	(1,244)	$	63,882
U.S. agency securities	9,048		—		(736)		8,312
State, county & municipal securities	137,491		44		(13,257)		124,278
Mortgage-backed securities	177,470		—		(20,324)		157,146
Total	$	389,135	$	44	$	(35,561)	$	353,618

December 31, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Available-for-Sale:
U.S. treasury securities	$	3,173	$	—	$	—	$	3,173
U.S. agency securities	3,001		—		(246)		2,755
Asset backed securities	17,925		17		(118)		17,824
State, county & municipal securities	110,952		—		(15,315)		95,637
Corporate debt securities	53,324		1		(5,543)		47,782
Mortgage-backed securities	221,005		207		(22,334)		198,878
Total	$	409,380	$	225	$	(43,556)	$	366,049

December 31, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Held-to-Maturity:
U.S. treasury securities	$	91,004	$	—	$	(2,828)	$	88,176
U.S. agency securities	16,151		—		(1,263)		14,888
State, county & municipal securities	137,190		—		(15,915)		121,275
Mortgage-backed securities	185,732		—		(27,051)		158,681
Total	$	430,077	$	—	$	(47,057)	$	383,020

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The Company elected to exclude accrued interest receivable from the amortized cost basis of available-for-sale and held-to-maturity securities disclosed throughout this note. As of September 30, 2025 and December 31, 2024, accrued interest receivable for available-for-sale and held-to-maturity securities totaled $1.8 million and $2.3 million, and $1.8 million and $1.8 million, respectively, and is included in the "Other assets" line item on the Company’s consolidated balance sheet.

The amortized cost and fair value of investment securities as of September 30, 2025, by contractual maturity, are shown hereafter. Expected maturities may differ from contractual maturities for certain investments because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. This is often the case with mortgage-backed securities, which are disclosed separately in the table below.


	Available-for-Sale				Held-to-Maturity
(dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	8,916	$	8,720	$	11,852	$	11,818
Due after one year through five years	19,955		18,929		64,591		62,988
Due after five years through ten years	91,156		81,239		72,713		66,861
Due after ten years	57,837		52,359		62,509		54,805
	$	177,864	$	161,247	$	211,665	$	196,472

Mortgage-backed securities	158,446		144,012		177,470		157,146
	$	336,310	$	305,259	$	389,135	$	353,618

For both the three and nine month periods ended September 30, 2025, the Company had proceeds from the sale of investment securities of $73.4 million which resulted in gross realized losses of $1.0 million. For the three and nine month periods ended September 30, 2024, the Company had proceeds from the sale of investment securities of $7.9 million and $25.6 million, respectively, which resulted in gross realized losses of $454,000 and $1.4 million for each respective period. The purpose of these sales was to restructure underperforming assets and reinvest in assets with higher yields.

Investment securities having a carrying value of approximately $388.2 million and $451.5 million were pledged to secure public deposits and for other purposes as of September 30, 2025 and December 31, 2024, respectively.

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Information pertaining to available-for-sale securities with gross unrealized losses at September 30, 2025 and December 31, 2024 aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows:


	Less Than 12 Months				12 Months or Greater				Total
(dollars in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
September 30, 2025
U.S. treasury securities	$	763	$	(3)	$	—	$	—	$	763	$	(3)
U.S. agency securities	—		—		2,145		(120)		2,145		(120)
Asset backed securities	3,988		(19)		7,507		(187)		11,495		(206)
State, county & municipal securities	41,235		(5,060)		55,612		(7,288)		96,847		(12,348)
Corporate debt securities	—		—		39,829		(3,986)		39,829		(3,986)
Mortgage-backed securities	—		—		127,803		(14,853)		127,803		(14,853)
	$	45,986	$	(5,082)	$	232,896	$	(26,434)	$	278,882	$	(31,516)

December 31, 2024

U.S. agency securities	—		—		2,755		(246)		2,755		(246)
Asset backed securities	3,715		(8)		8,269		(110)		11,984		(118)
State, county & municipal securities	2,829		(294)		92,808		(15,021)		95,637		(15,315)
Corporate debt securities	4,434		(720)		42,847		(4,823)		47,281		(5,543)
Mortgage-backed securities	21,278		(430)		160,343		(21,904)		181,621		(22,334)
	$	32,256	$	(1,452)	$	307,022	$	(42,104)	$	339,278	$	(43,556)

Information pertaining to held-to-maturity securities with gross unrealized losses at September 30, 2025 and December 31, 2024 aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows:


	Less Than 12 Months				12 Months or Greater				Total
(dollars in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
September 30, 2025
U.S. treasury securities	$	—	$	—	$	63,882	$	(1,244)	$	63,882	$	(1,244)
U.S. agency securities	—		—		8,312		(736)		8,312		(736)
State, county & municipal securities	41,408		(5,133)		77,889		(8,124)		119,297		(13,257)

Mortgage-backed securities	—		—		157,146		(20,324)		157,146		(20,324)
	$	41,408	$	(5,133)	$	307,229	$	(30,428)	$	348,637	$	(35,561)

December 31, 2024
U.S. treasury securities	$	—	$	—	$	88,176	$	(2,828)	$	88,176	$	(2,828)
U.S. agency securities	—		—		14,888		(1,263)		14,888		(1,263)
State, county & municipal securities	18,751		(374)		102,524		(15,541)		121,275		(15,915)
Mortgage-backed securities	—		—		158,681		(27,051)		158,681		(27,051)
	$	18,751	$	(374)	$	364,269	$	(46,683)	$	383,020	$	(47,057)

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Management evaluates available-for-sale securities in an unrealized loss position at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation to determine if credit-related impairment exists. Management first evaluates whether they intend to sell or more likely than not will be required to sell an impaired security before recovering its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. If either of the above criteria is not met, management evaluates whether the decline in fair value is attributable to credit or resulted from other factors. The Company does not intend to sell these investment securities in an unrealized loss position as of September 30, 2025, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Based on management's review, the Company's available-for-sale securities have no expected credit losses and no related allowance for credit losses has been established.

The Company uses a systematic methodology to determine its ACL for debt securities held-to-maturity considering the effects of past events, current conditions, and reasonable and supportable forecasts on the collectibility of the portfolio. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the held-to-maturity portfolio. The Company monitors the held-to-maturity portfolio on a quarterly basis to determine whether a valuation account would need to be recorded. Based on management's review, the Company's held-to-maturity securities have no expected credit losses and no related allowance for credit losses has been established.

At September 30, 2025, there were 200 available-for-sale securities and 147 held-to-maturity securities that had unrealized losses. These securities are guaranteed by either the U.S. Government, other governments or U.S. corporations. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred and the results of reviews of the issuer’s financial condition. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are due to reasons of credit quality.

The Company adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326), as amended on January 1, 2023 which included evaluation of expected credit losses on debt securities. As part of the Company's calculated credit losses, the allowance for credit losses on investment securities was determined to be de minimis due to the high credit quality of the portfolio, which includes securities issued or guaranteed by the U.S. treasury and U.S. government agencies and high quality municipalities. Therefore, no allowance for credit losses was recorded as of September 30, 2025. See Note 1 for additional details on the allowance for credit losses as it relates to the securities portfolio.

(3) Loans

The following table presents the composition of loans segregated by class of loans, as of September 30, 2025 and December 31, 2024.


(dollars in thousands)	September 30, 2025		December 31, 2024
Construction, land & land development	$	240,819	$	205,046
Other commercial real estate	1,064,984		990,648
Total commercial real estate	1,305,803		1,195,694
Residential real estate	377,058		344,167
Commercial, financial & agricultural	213,274		213,910
Consumer and other	140,921		89,209
Total loans	$	2,037,056	$	1,842,980

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Included in the above table are government guaranteed loans totaling $85.0 million at September 30, 2025 and $81.6 million at December 31, 2024. The following table presents the composition of government guaranteed loans segregated by class of loans for each respective period.


(dollars in thousands)	September 30, 2025		December 31, 2024
Construction, land & land development	$	2,288	$	2,317
Other commercial real estate	39,179		41,471
Total commercial real estate	41,467		43,788
Residential real estate	13,512		9,348
Commercial, financial & agricultural	30,020		28,500

Total loans	$	84,999	$	81,636

The Company elected to exclude accrued interest receivable from the amortized cost basis of loans disclosed throughout this note. As of September 30, 2025 and December 31, 2024, accrued interest receivable for loans totaled $9.7 million and $8.8 million, respectively, and is included in the "Other assets" line item on the Company’s consolidated balance sheet.

Commercial, financial & agricultural loans are extended to a diverse group of businesses within the Company’s market area. These loans are often underwritten based on the borrower’s ability to service the debt from income from the business. Real estate construction loans often require loan funds to be advanced prior to completion of the project. Due to uncertainties inherent in estimating construction costs, changes in interest rates and other economic conditions, these loans often pose a higher risk than other types of loans. Consumer and other loans are originated at the Bank level.

Credit Quality Indicators. As part of the ongoing monitoring of the credit quality of the loan portfolio, management tracks certain credit quality indicators including trends related to (1) the risk grade assigned to commercial and consumer loans, (2) the level of classified commercial loans, (3) net charge-offs, (4) nonperforming loans, and (5) the general economic conditions in the Company’s geographic markets.

The Company uses a risk grading matrix to assign a risk grade to each of its loans. For commercial loans over $500,000, loans are graded on a scale of 1 to 10. A description of the general characteristics of the grades is as follows:

•Grades 1, 2 and 3 - Loans with these assigned risk grades range from virtual absence of risk to minimal risk. Such loans may be secured by Company-issued and controlled certificates of deposit or properly margined equity securities or bonds. Other loans comprising these grades are made to companies that have been in existence for a long period of time with many years of consecutive profits and strong equity, good liquidity, excellent debt service ability and unblemished past performance, or to exceptionally strong individuals with collateral of unquestioned value that fully secures the loans. Loans in this category fall into the “pass” classification.

•Grades 4 and 5 - Loans assigned these “pass” risk grades are made to borrowers with acceptable credit quality and risk. The risk ranges from loans with no significant weaknesses in repayment capacity and collateral protection to acceptable loans with one or more risk factors considered to be more than average. These loans are also included in the “pass” classification.

•Grade 6 - This grade includes “special mention” loans on management’s watch list and is intended to be used on a temporary basis for pass grade loans where risk-modifying action is intended in the short-term.

•Grades 7 and 8 - These grades include “substandard” loans in accordance with regulatory guidelines. This category includes borrowers with well-defined weaknesses that jeopardize the payment of the debt in accordance with the agreed terms. Loans considered to be impaired are assigned grade 8, and these loans often have assigned loss allocations as part of the allowance for credit losses. Generally, loans on which interest accrual has been stopped would be included in this grade range.

•Grades 9 and 10 - These grades correspond to regulatory classification definitions of “doubtful” and “loss,” respectively. In practice, any loan with these grades would be for a very short period of time, and generally the Company has no loans with these assigned grades. Management manages the Company’s problem loans in such a way that uncollectible loans or uncollectible portions of loans are charged off immediately with any residual, collectible amounts assigned a risk grade of 7 or 8.

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

For smaller commercial loans (under $500,000) and consumer loans, the Company began using behavioral based risk grades during the second quarter of 2024. These loans are assigned risk grades of 98 or 99 based on payment performance with the Company.

◦Grade 98 - Loans assigned this risk grade indicates a "pass" credit.

◦Grade 99 - Loans assigned this risk grade indicates a "substandard" credit and is moved to a nonaccrual status.

The following tables present the loan portfolio segregated by class of loans and the risk category of term loans by vintage year, which is the year of origination or most recent renewal, as of September 30, 2025 and December 31, 2024. Those loans with a risk grade of 1, 2, 3, 4, 5 and 98 have been combined in the pass line for presentation purposes. Loans with a risk grade of 7, 8 and 99 have been combined in the substandard line. There were no loans with a risk rating of "doubtful" or "loss" at September 30, 2025 or December 31, 2024.


	Term Loans Amortized Cost Basis by Origination Year
(dollars in thousands)	2025		2024		2023		2022		2021		Prior		Revolvers		Revolvers converted to term loans		Total
September 30, 2025
Construction, land & land development
Risk rating
Pass	$	110,671	$	52,124	$	18,968	$	22,300	$	18,426	$	3,808	$	129	$	—	$	226,426
Special Mention	—		—		6,204		6,145		—		400		—		—		12,749
Substandard	—		40		1,132		388		—		84		—		—		1,644
Total Construction, land & land development	110,671		52,164		26,304		28,833		18,426		4,292		129		—		240,819

Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Other commercial real estate
Risk rating
Pass	139,562		75,452		71,285		330,790		169,054		241,889		10,488		1,529		1,040,049
Special Mention	—		—		4,536		3,036		—		3,868		—		522		11,962
Substandard	533		4,239		2,226		3,403		516		1,216		637		203		12,973
Total Other commercial real estate	140,095		79,691		78,047		337,229		169,570		246,973		11,125		2,254		1,064,984

Current period gross write offs	—		—		206		278		5		20		—		—		509

Residential real estate
Risk rating
Pass	54,018		17,678		71,554		103,859		40,327		53,175		29,110		808		370,529
Special Mention	370		94		251		—		1,293		2,821		195		—		5,024
Substandard	46		—		254		405		258		542		—		—		1,505
Total Residential real estate	54,434		17,772		72,059		104,264		41,878		56,538		29,305		808		377,058

Current period gross write offs	—		—		—		140		—		43		—		—		183

Commercial, financial & agricultural
Risk rating
Pass	33,240		36,205		33,941		26,001		8,229		18,645		41,936		675		198,872
Special Mention	1,917		250		145		143		—		—		4,000		—		6,455
Substandard	—		88		3,533		1,745		2,047		198		336		—		7,947
Total Commercial, financial & agricultural	35,157		36,543		37,619		27,889		10,276		18,843		46,272		675		213,274

Current period gross write offs	36		399		602		619		433		60		—		—		2,149

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)



Consumer and other
Risk rating
Pass	73,982		33,106		29,866		1,543		490		1,124		553		9		140,673
Special Mention	—		131		—		—		—		—		—		—		131
Substandard	—		51		66		—		—		—		—		—		117
Total Consumer and other	73,982		33,288		29,932		1,543		490		1,124		553		9		140,921

Current period gross write offs	24		745		147		11		—		12		—		—		939

Total Loans
Risk rating
Pass	411,473		214,565		225,614		484,493		236,526		318,641		82,216		3,021		1,976,549
Special Mention	2,287		475		11,136		9,324		1,293		7,089		4,195		522		36,321
Substandard	579		4,418		7,211		5,941		2,821		2,040		973		203		24,186
Total Loans	$	414,339	$	219,458	$	243,961	$	499,758	$	240,640	$	327,770	$	87,384	$	3,746	$	2,037,056

Total current period gross write offs	$	60	$	1,144	$	955	$	1,048	$	438	$	135	$	—	$	—	$	3,780



	Term Loans Amortized Cost Basis by Origination Year
(dollars in thousands)	2024		2023		2022		2021		2020		Prior		Revolvers		Revolvers converted to term loans		Total
December 31, 2024
Construction, land & land development
Risk rating
Pass	$	98,269	$	47,378	$	25,930	$	23,193	$	1,979	$	5,379	$	53	$	—	$	202,181
Special Mention	—		2,088		—		—		411		—		281		—		2,780
Substandard	—		—		—		—		—		85		—		—		85
Total Construction, land & land development	98,269		49,466		25,930		23,193		2,390		5,464		334		—		205,046

Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Other commercial real estate
Risk rating
Pass	55,169		85,172		343,123		180,568		76,905		194,444		21,341		1,849		958,571
Special Mention	850		1,999		4,288		173		2,344		7,376		610		1,069		18,709
Substandard	4,114		2,586		2,875		459		352		2,419		563		—		13,368
Total Other commercial real estate	60,133		89,757		350,286		181,200		79,601		204,239		22,514		2,918		990,648

Current period gross write offs	—		—		—		—		—		20		—		—		20

Residential real estate
Risk rating
Pass	16,675		76,074		112,784		45,111		18,978		44,892		23,222		926		338,662
Special Mention	—		1,672		374		—		—		1,989		204		—		4,239
Substandard	—		—		442		270		28		526		—		—		1,266
Total Residential real estate	16,675		77,746		113,600		45,381		19,006		47,407		23,426		926		344,167

Current period gross write offs	—		—		400		18		—		9		—		—		427

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)



Commercial, financial & agricultural
Risk rating
Pass	44,380		46,610		33,124		12,322		8,662		16,143		43,051		742		205,034
Special Mention	—		622		2,136		12		—		—		700		—		3,470
Substandard	105		1,612		858		1,904		271		218		433		5		5,406
Total Commercial, financial & agricultural	44,485		48,844		36,118		14,238		8,933		16,361		44,184		747		213,910

Current period gross write offs	138		588		659		986		28		68		—		—		2,467

Consumer and other
Risk rating
Pass	53,500		30,186		2,312		857		530		1,291		456		13		89,145
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	49		—		12		1		2		—		—		—		64
Total Consumer and other	53,549		30,186		2,324		858		532		1,291		456		13		89,209

Current period gross write offs	84		392		81		1		5		41		—		—		604

Total Loans
Risk rating
Pass	267,993		285,420		517,273		262,051		107,054		262,149		88,123		3,530		1,793,593
Special Mention	850		6,381		6,798		185		2,755		9,365		1,795		1,069		29,198
Substandard	4,268		4,198		4,187		2,634		653		3,248		996		5		20,189
Total Loans	$	273,111	$	295,999	$	528,258	$	264,870	$	110,462	$	274,762	$	90,914	$	4,604	$	1,842,980

Total current period gross write offs	$	222	$	980	$	1,140	$	1,005	$	33	$	138	$	—	$	—	$	3,518

A loan’s risk grade is assigned at the inception of the loan and is based on the financial strength of the borrower and the type of collateral. Loan risk grades are subject to review at various times throughout the year as part of the Company’s ongoing loan review process. Loans with an assigned risk grade of 7, 8, 9, 10 or 99 and an outstanding balance of $500,000 or more are reassessed on a quarterly basis. During this reassessment process individual reserves may be identified and placed against certain loans which are not considered impaired.

In assessing the overall economic condition of the markets in which it operates, the Company monitors the unemployment rates for its major service areas. The unemployment rates are reviewed on a quarterly basis as part of the allowance for credit loss determination.

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, loans are placed on nonaccrual status if principal or interest payments become 90 days past due or when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provision. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due.

Collateral-Dependent Loans

Loans are classified as collateral-dependent when the borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of collateral. Our commercial loans have collateral that is comprised of real estate and business assets. Our consumer loans have collateral that is substantially comprised of residential real estate. The Company had $5.9 million and $3.1 million in collateral-dependent loans at September 30, 2025 and December 31, 2024, respectively.

There were no significant changes in the extent to which collateral secures our collateral-dependent loans during the three and nine month periods ended September 30, 2025 and September 30, 2024.

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The following table presents an age analysis of past due loans and nonaccrual loans, segregated by class of loans, as of September 30, 2025 and December 31, 2024:


(dollars in thousands)	30-89 Days Past Due		90 Days or More Past Due		Total Accruing Loans Past Due		Nonaccrual Loans		Current Loans		Total Loans
September 30, 2025
Construction, land & land development	$	49	$	—	$	49	$	388	$	240,382	$	240,819
Other commercial real estate	95		—		95		7,533		1,057,356		1,064,984
Total commercial real estate	144		—		144		7,921		1,297,738		1,305,803
Residential real estate	929		—		929		1,214		374,915		377,058
Commercial, financial & agricultural	1,337		—		1,337		5,016		206,921		213,274
Consumer and other	1,103		98		1,201		117		139,603		140,921
Total Loans	$	3,513	$	98	$	3,611	$	14,268	$	2,019,177	$	2,037,056

December 31, 2024
Construction, land & land development	$	544	$	—	$	544	$	—	$	204,502	$	205,046
Other commercial real estate	2,441		—		2,441		4,833		983,374		990,648
Total commercial real estate	2,985		—		2,985		4,833		1,187,876		1,195,694
Residential real estate	3,689		—		3,689		1,204		339,274		344,167
Commercial, financial & agricultural	1,348		—		1,348		4,559		208,003		213,910
Consumer and other	339		152		491		64		88,654		89,209
Total Loans	$	8,361	$	152	$	8,513	$	10,660	$	1,823,807	$	1,842,980

The following tables display a summary of the Company's nonaccrual loans by major categories for the periods indicated.



	September 30, 2025
(dollars in thousands)	Nonaccrual Loans with No Related ACL		Nonaccrual Loans with a Related ACL		Total Nonaccrual Loans

Construction, land & land development	$	—	$	388	$	388
Other commercial real estate	5,756		1,777		7,533
Total commercial real estate	5,756		2,165		7,921
Residential real estate	—		1,214		1,214
Commercial, financial & agricultural	1,872		3,144		5,016
Consumer and other	—		117		117
Total Loans	$	7,628	$	6,640	$	14,268

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)



	December 31, 2024
(dollars in thousands)	Nonaccrual Loans with No Related ACL		Nonaccrual Loans with a Related ACL		Total Nonaccrual Loans

Construction, land & land development	$	—	$	—	$	—
Other commercial real estate	1,482		3,351		4,833
Total commercial real estate	1,482		3,351		4,833
Residential real estate	—		1,204		1,204
Commercial, financial & agricultural	—		4,559		4,559
Consumer and other	—		64		64
Total Loans	$	1,482	$	9,178	$	10,660

Interest income recorded on nonaccrual loans during the three months ended September 30, 2025 and 2024 was $356,000 and $173,000, respectively. Interest income recorded on nonaccrual loans during the nine months ended September 30, 2025 and 2024 was $735,000 and $390,000, respectively.

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a discounted cash flow model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. Occasionally, the Company modifies loans by providing principal forgiveness on certain of its real estate loans. When principal forgiveness is provided, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

In some cases, the Company will modify a certain loan by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. Upon the Company's determination that a modified loan, or portion of a loan, has subsequently been deemed uncollectible, the loan, or portion of the loan, is written off.

The following tables present loans modified due to a financial difficulty under the above terms during the three and nine month periods ended September 30, 2025 and September 30, 2024.


	Three months ended September 30, 2025
(dollars in thousands)	Term Extension		Payment Delay		Term Extension and Payment Delay		Total*



Commercial, financial & agricultural	—		888		—		888
Total Loans	$	—	$	888	$	—	$	888
*less than 0.04% of total class of receivable

There was one commercial, financial & agricultural loan which was given a payment delay during the three months ended September 30, 2025.

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)


	Three months ended September 30, 2024
(dollars in thousands)	Term Extension		Payment Delay		Term Extension and Payment Delay		Total*

Other commercial real estate	224		—		—		224

Commercial, financial & agricultural	$	—	$	1,114	$	558	$	1,672
Total Loans	$	224	$	1,114	$	558	$	1,896
*less than 0.10% of total class of receivable

There were a total of six loans in the above categories for the three months ended September 30, 2024. The commercial real estate category consisted of one loan which was given a term extension of one year. The commercial, financial & agricultural category consisted of five loans, three of which had been given payment delays and two SBSL loans which were each given payment delays and term extensions of ten years.


	Nine months ended September 30, 2025
(dollars in thousands)	Term Extension		Payment Delay		Term Extension and Payment Delay		Total*



Commercial, financial & agricultural	—		888		—		888
Total Loans	$	—	$	888	$	—	$	888
*less than 0.04% of total class of receivable

There was one commercial, financial & agricultural loan which was given a payment delay during the nine months ended September 30, 2025.


	Nine months ended September 30, 2024
(dollars in thousands)	Term Extension		Payment Delay		Term Extension and Payment Delay		Total*

Other commercial real estate	$	355	$	—	$	144	$	499

Commercial, financial & agricultural	—		1,482		597		2,079
Total Loans	$	355	$	1,482	$	741	$	2,578
*less than 0.14% of total class of receivable

There were a total of ten loans in the above categories for the nine months ended September 30, 2024. The commercial real estate loans consisted of three loans, each with a term extension of one year with one of these loans also given a payment delay. There were seven commercial, financial & agricultural loans, four of which had been given a payment delay only and three with both a payment delay and term extensions, one loan for five years and two loans for ten years.

The Company had no loans that subsequently defaulted during the three month period ended September 30, 2025 and one commercial, financial & agricultural loan that subsequently defaulted during the nine month period ended September 30, 2025 due to late payments. This loan had been given a payment delay as well as a term extension.

There were no loans that subsequently defaulted during the three and nine month periods ended September 30, 2024.

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

(4) Allowance for Credit Losses

The ACL for loans represents management's estimate of life of loan credit losses in the portfolio as of the end of the period. The ACL related to unfunded commitments is included in other liabilities in the consolidated balance sheet. The following tables present the balance sheet activity in the ACL by portfolio segment for loans for the three and nine month periods ended September 30, 2025 and September 30, 2024.



(dollars in thousands)	Balance June 30, 2025		Charge-Offs		Recoveries		Provision for credit losses on loans		Balance, September 30, 2025
Three Months Ended September 30, 2025
Construction, land & land development	$	1,531	$	—	$	—	$	256	$	1,787
Other commercial real estate	5,428		(283)		10		(13)		5,142
Total commercial real estate	6,959		(283)		10		243		6,929
Residential real estate	5,452		(1)		37		(1,458)		4,030
Commercial, financial & agricultural	3,060		(1,235)		25		1,956		3,806
Consumer and other	3,682		(385)		5		19		3,321
Total allowance for credit losses on loans	$	19,153	$	(1,904)	$	77	$	760	$	18,086


(dollars in thousands)	Balance June 30, 2024		Charge-Offs		Recoveries		Provision for credit losses on loans		Balance, September 30, 2024
Three Months Ended September 30, 2024
Construction, land & land development	$	1,295	$	—	$	13	$	(14)	$	1,294
Other commercial real estate	7,396		—		25		(375)		7,046
Total commercial real estate	8,691		—		38		(389)		8,340
Residential real estate	5,990		(9)		45		69		6,095
Commercial, financial & agricultural	2,015		(85)		76		885		2,891
Consumer and other	2,110		(215)		11		431		2,337
Total allowance for credit losses on loans	$	18,806	$	(309)	$	170	$	996	$	19,663



(dollars in thousands)	Balance December 31, 2024		Charge-Offs		Recoveries		Provision for credit losses on loans		Balance, September 30, 2025
Nine Months Ended September 30, 2025
Construction, land & land development	$	1,306	$	—	$	1	$	480	1,787
Other commercial real estate	6,459		(509)		20		(828)		5,142
Total commercial real estate	7,765		(509)		21		(348)		6,929
Residential real estate	5,502		(183)		165		(1,454)		4,030
Commercial, financial & agricultural	2,904		(2,149)		88		2,963		3,806
Consumer and other	2,809		(939)		24		1,427		3,321
Total allowance for credit losses on loans	$	18,980	$	(3,780)	$	298	$	2,588	$	18,086

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)



(dollars in thousands)	Balance December 31, 2023		Charge-Offs		Recoveries		Provision for credit losses on loans		Balance, September 30, 2024
Nine Months Ended September 30, 2024
Construction, land & land development	$	2,204	$	—	$	15	$	(925)	$	1,294
Other commercial real estate	7,064		(20)		43		(41)		7,046
Total commercial real estate	9,268		(20)		58		(966)		8,340
Residential real estate	5,105		(349)		252		1,087		6,095
Commercial, financial & agricultural	2,110		(1,099)		135		1,745		2,891
Consumer and other	1,888		(466)		19		896		2,337
Total allowance for loan losses	$	18,371	$	(1,934)	$	464	$	2,762	$	19,663

Colony used a one-year reasonable and supportable forecast period. The changes in loss rates used as the basis for the estimate of credit losses during this period were modeled using historical data from peer banks and macroeconomic forecast data obtained from a third party vendor, which were then applied to Colony's recent default experience as a starting point. As of September 30, 2025, the Company expects that the markets in which it operates will experience stable economic and unemployment conditions with the trend of delinquencies returning to more normalized levels, over the next year. Management adjusted the historical loss experience for these expectations. No reversion adjustments were necessary, as the starting point for the Company's estimate was a cumulative loss rate covering the expected contractual term of the portfolio.

The Company determines its individual reserves during its quarterly review of substandard loans. This process involves reviewing all loans with a risk grade of 7, 8, 9, 10 or 99 and an outstanding balance of $500,000 or more, regardless of the loans impairment classification.

The Company maintains an allowance for off-balance sheet credit exposures such as unfunded balances for existing lines of credit, commitments to extend future credit, as well as both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not unconditionally cancellable. The allowance for off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur, which is based on a historical funding study derived from internal information, and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which are the same loss rates that are used in computing the allowance for credit losses on loans. The allowance for credit losses for unfunded commitments is separately classified on the balance sheet within other liabilities.

The following table presents the balance and activity in the allowance for credit losses for unfunded commitments for the three and nine month periods ended September 30, 2025 and September 30, 2024.


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2025		2024		2025		2024







Beginning balance	$	935	$	1,259	$	813	$	1,375

Provision for (recovery of) unfunded commitments	140		(246)		262		(362)
Ending balance	$	1,075	$	1,013	$	1,075	$	1,013

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

(5) Derivatives

As part of its asset liability management activities, the Company may enter into interest rate swaps to help manage its interest rate risk position and mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company entered into two interest rate swaps during the second quarter of 2023, to hedge the variability of cash flows due to changes in the benchmark Secured Overnight Financing Rate ("SOFR") interest rate risk for its short-term funding over the term of these cash flow hedges. The Company entered into two additional interest rate swaps during the third quarter of 2024, one of which was designated as a cash flow hedge and the other a fair value hedge. In addition, the Company entered into one interest rate swap during the fourth quarter of 2024 which was also designated as a fair value hedge. Fair value hedging relationships mitigate exposure to the change in fair value of an asset or liability.

The notional amount of an interest rate swap does not represent the amount exchanged by the parties. The exchange of cash flows is determined by reference to the notional amount and the other terms of the interest rate swap agreements.

On June 23, 2023, the Company entered into a five-year interest rate swap with a notional amount totaling $25.0 million. On June 26, 2023, the Company entered into a three-year interest rate swap with a notional amount totaling $25.0 million. Both of the swaps were designated as cash flow hedges of certain variable rate liabilities.

On August 30, 2024, the Company entered into an interest rate swap with a notional amount totaling $25.4 million with maturity dates ranging from three to 3.5 years. This swap was designated as a fair value hedge of certain fixed rate assets. On September 6, 2024, the Company entered into an interest rate swap with a remaining notional amount totaling $20.0 million with a maturity date of two years. This swap was designated as a cash flow hedge of certain variable rate liabilities. On October 17, 2024, the Company entered into an interest rate swap with a notional amount totaling $25.0 million with a maturity date of three years. This swap was designated as a fair value hedge of certain fixed rate assets.

The Company had no derivatives recorded in "Other assets" on the Company's balance sheet at September 30, 2025. The derivatives recorded in "Other liabilities" on the Company's balance sheet at September 30, 2025 have a total value of $610,000, with $379,000 representing cash flow hedges and $231,000 representing fair value hedges.

Gains were recorded on the swap transactions, which totaled $80,000 and $199,000 for the three months ended September 30, 2025 and 2024, respectively and $235,000 and $550,000 for the nine months ended September 30, 2025 and 2024, respectively, as a component of interest expense in the consolidated statements of income. Amounts reported in accumulated OCI related to swaps are reclassified to interest income or expense as interest payments are made on the Bank's fixed rate assets and variable rate liabilities.

The following table presents the amounts recorded in the consolidated statements of income and the consolidated statements of comprehensive income relating to the interest rate swaps for the three and nine month periods ended September 30, 2025 and 2024.


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2025		2024		2025		2024
Cash flow hedging relationships
Amount of gain(loss) recognized in OCI, net of tax	$	(124)	$	(1,052)	$	(451)	$	(330)
Amount of gain reclassified from OCI to interest expense, net of tax	60		159		175		440

Fair value hedging relationships
Amount of gain(loss) recognized in OCI, net of tax	(204)		(130)		(562)		(130)
Amount recognized in interest income, net of tax	74		27		220		27

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

(6) Borrowings

The following table presents information regarding the Company’s outstanding borrowings at September 30, 2025 and December 31, 2024:


(dollars in thousands)	September 30, 2025		December 31, 2024

Federal Home Loan Bank advances	185,000		185,000
Other borrowings	63,109		63,039
	$	248,109	$	248,039

Advances from the Federal Home Loan Bank (“FHLB”) have maturities ranging from 2025 to 2029 and interest rates ranging from 3.69% to 4.73%. As collateral on the outstanding FHLB advances, the Company has provided a blanket lien on its portfolio of qualifying residential first mortgage loans, commercial real estate loans, farmland loans, multifamily loans and HELOC loans. At September 30, 2025, the lendable collateral value of those loans pledged is $224.1 million. At September 30, 2025, the Company had remaining credit availability from the FHLB of $590.6 million. The Company may be required to pledge additional qualifying collateral in order to utilize the full amount of the remaining credit line.

The Company's debentures issued in connection with trust preferred securities are recorded as other borrowings on the consolidated balance sheets, but, subject to certain limitations, qualify as Tier 1 capital for regulatory capital purposes. At September 30, 2025 and December 31, 2024, $24.2 million of debentures underlying trust preferred securities were outstanding. The proceeds from the offerings were used to fund certain acquisitions, pay off holding company debt and inject capital into the bank subsidiary. The debentures underlying the trust preferred securities require quarterly interest payments.

The Company also has fixed-to-floating rate subordinated notes which are due 2032 (the "Notes"). The Notes bear a fixed rate of 5.25% for the first five years and reset quarterly thereafter to the then current three-month SOFR, as published by the Federal Reserve Bank of New York, plus 265 basis points for the five-year floating term. The Company is entitled to redeem the Notes, in whole or in part, on any interest payment date on or after May 20, 2027, or at any time, in whole but not in part, upon certain other specified events. At September 30, 2025 and December 31, 2024, $38.9 million and $38.8 million, respectively, of the Notes, net of debt issuance costs were outstanding. The Notes are recorded as other borrowings on the consolidated balance sheets and, subject to certain limitations, qualify as Tier 2 capital for regulatory capital purposes.

The aggregate stated maturities of other borrowed money at September 30, 2025 are as follows:


(dollars in thousands)
Year	Amount
2025	$	50,000
2026	25,000
2027	15,000
2028	65,000
2029	30,000
2030 and After	63,109
	$	248,109

The Company also has available federal funds lines of credit with various financial institutions totaling $114.5 million, with no outstanding balance at September 30, 2025.

The Company has the ability to borrow funds from the Federal Reserve Bank (“FRB”) of Atlanta utilizing the discount window. The discount window is an instrument of monetary policy that allows eligible institutions to borrow money from the FRB on a short-term basis to meet temporary liquidity shortages caused by internal or external disruptions. At September 30, 2025, the Company had $99.1 million borrowing capacity available under this arrangement, with no outstanding balances. The Company would be required to pledge certain available-for-sale investment securities as collateral under this agreement.

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

(7) Earnings Per Share

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share reflects the potential dilution of restricted stock.

The following table presents earnings per share for the three and nine month periods ended September 30, 2025 and 2024.


(dollars in thousands, except per share data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator
Net income available to common stockholders	$	5,819	$	5,629	$	20,410	$	16,436

Denominator
Weighted average number of common shares
Outstanding for basic earnings per common share	17,461,434		17,587,902		17,472,972		17,566,452




Weighted-average number of shares outstanding for diluted earnings per common share	17,461,434		17,587,902		17,472,972		17,566,452

Earnings per share - basic	$	0.33	$	0.32	$	1.17	$	0.94

Earnings per share - diluted	$	0.33	$	0.32	$	1.17	$	0.94

(8) Commitments and Contingencies

Credit-Related Financial Instruments. The Company is a party to credit related financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and commercial letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets.

The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance sheet instruments. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, upon extension of credit, is based on management’s credit evaluation of the borrower. Collateral held varies, but may include cash or cash equivalents, negotiable instruments, real estate, accounts receivable, inventory, oil, gas and mineral interests, property, plant, and equipment.

At September 30, 2025 and December 31, 2024 the following financial instruments were outstanding whose contract amounts represent credit risk:


	Contract Amount
(dollars in thousands)	September 30, 2025		December 31, 2024
Loan commitments	$	415,462	$	329,924
Letters of credit	4,700		5,947

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer.

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit are uncollateralized and usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed.

Standby and performance letters of credit are conditional lending commitments issued by the Company to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support public and private borrowing arrangements. Essentially all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.

Legal Contingencies. In the ordinary course of business, there are various legal proceedings pending against the Company and the Bank. As of September 30, 2025, the aggregate liabilities, if any, arising from such proceedings would not, in the opinion of management, have a material adverse effect on the Company’s consolidated financial position.

Wire Fraud Incident and Insurance Recovery Contingency: In March 2025, the Company was the target of a wire fraud incident. Upon discovery, the Company promptly implemented enhanced internal controls and notified law enforcement and regulatory authorities. After an investigation, it was determined that the incident did not impact any customer accounts or compromise any customer data.

The Company maintains insurance coverage for such incidents through both commercial insurance and through a captive insurance company that covers losses and deductibles. Accordingly, the Company recognized a receivable in other assets during the first quarter of 2025 for amounts not recovered totaling $2.9 million. Based on discussions in the third quarter of 2025 with the Company’s attorneys and insurance carriers and review of applicable insurance policies, it was determined that $1.25 million would not be recoverable and therefore was recognized as an expense in the Company's financial statements during the third quarter of 2025. The remaining balance of $1.65 million in unrecovered funds will be covered under the Company's insurance policies as described above. Additionally, the Company continues to work to recover funds and are cooperating with authorities through an active investigation.

(9) Fair Value of Financial Instruments and Fair Value Measurements

Generally accepted accounting standards in the U.S. require disclosure of fair value information about financial instruments, whether or not recognized on the face of the balance sheet, for which it is practicable to estimate that value. The assumptions used in the estimation of the fair value of the Company and the Bank’s financial instruments are detailed hereafter. Where quoted prices are not available, fair values are based on estimates using discounted cash flows and other valuation techniques. The use of discounted cash flows can be significantly affected by the assumptions used, including the discount rate and estimates of future cash flows.

Generally accepted accounting principles related to Fair Value Measurements define fair value, establish a framework for measuring fair value, establish a three-level valuation hierarchy for disclosure of fair value measurement and enhance disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

•Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

•Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

•Level 3 inputs to the valuation methodology are unobservable and represent the Company’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The following disclosures should not be considered a surrogate of the liquidation value of the Company, but rather a good-faith estimate of the increase or decrease in value of financial instruments held by the Company since purchase, origination or issuance.

Cash and short-term investments – For cash, due from banks, bank-owned deposits and federal funds sold, the carrying amount is a reasonable estimate of fair value and is classified as Level 1.

Investment securities – Fair values for investment securities are based on quoted market prices where available and classified as Level 1. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments and classified as Level 2. If a comparable is not available, the investment securities are classified as Level 3.

Other investments– The fair value of other bank stock approximates carrying value and is classified as Level 2. Fair values for investment funds are based on quoted market prices where available and classified as Level 1. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments and classified as Level 2. If a comparable is not available, the investment securities are classified as Level 3.

Loans held for sale – The fair value of loans held for sale is determined on outstanding commitments from third party investors in the secondary markets and is classified within Level 2 of the valuation hierarchy.

Loans, net – The fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. For variable rate loans, the carrying amount is a reasonable estimate of fair value. The loans are classified as Level 3.

Deposits – The fair value of demand deposits, savings accounts and certain money market deposits is the amount payable on demand at the reporting date and is classified as Level 2. The fair value of deposits is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities and is classified as Level 2.

Federal Home Loan Bank advances– The fair value of Federal Home Loan Bank advances is estimated by discounting the future cash flows using the current rates at which similar advances would be obtained. Federal Home Loan Bank advances are classified as Level 2.

Other borrowings – The fair value of other borrowings is calculated by discounting contractual cash flows using an estimated interest rate based on current rates available to the Company for debt of similar remaining maturities and collateral terms. Other borrowings are classified as Level 2 due to their expected maturities.

Derivative instruments – The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The interest rate swaps are classified as Level 2.

Disclosures of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis, are required in the financial statements.

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The carrying amount, estimated fair values, and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2025 and December 31, 2024 are as follows:


	Fair Value Measurements
(dollars in thousands)	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
September 30, 2025
Assets
Cash and short-term investments	$	199,966	$	199,966	$	199,966	$	—	$	—
Investment securities available-for-sale	305,259		305,259		—		298,373		6,886
Investment securities held-to-maturity	389,135		353,618		—		353,618		—
Other investments	17,999		17,999		—		17,999		—
Loans held for sale	19,286		19,286		—		19,286		—
Loans, net	2,018,970		1,937,639		—		—		1,937,639


Liabilities
Deposits	2,584,329		2,581,784		—		2,581,784		—


Federal Home Loan Bank advances	185,000		184,058		—		184,058		—
Other borrowings	63,109		54,124		—		54,124		—
Derivative liabilities	610		610		—		610		—


	Fair Value Measurements
(dollars in thousands)	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
December 31, 2024
Assets
Cash and short-term investments	$	231,034	$	231,034	$	231,034	$	—	$	—
Investment securities available-for-sale	366,049		366,049		—		357,128		8,921
Investment securities held-to-maturity	430,077		383,020		—		383,020		—
Other investments	17,694		17,694		—		17,694		—
Loans held for sale	39,786		39,786		—		39,786		—
Loans, net	1,824,000		1,703,487		—		—		1,703,487
Derivative assets	784		784		—		784		—

Liabilities
Deposits	2,567,943		2,564,143		—		2,564,143		—
Federal Home Loan Bank advances	185,000		186,468		—		186,468		—
Other borrowings	63,039		52,057		—		52,057		—
Derivative liabilities	47		47		—		47		—

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes and premises and

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.

Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring and nonrecurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy:

Securities – Where quoted prices are available in an active market, securities are classified within level 1 of the valuation hierarchy. Level 1 inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Examples of such instruments, which would generally be classified within level 2 of the valuation hierarchy, include certain collateralized mortgage and debt obligations and certain high-yield debt securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within level 3 of the valuation hierarchy. When measuring fair value, the valuation techniques available under the market approach, income approach and/or cost approach are used. The Company’s evaluations are based on market data and the Company employs combinations of these approaches for its valuation methods depending on the asset class.

Equity Securities - Equity securities with readily determinable fair values are recorded at fair value on a recurring basis. Fair value measurement for equity securities are estimated using quoted prices of securities with similar characteristics and therefore are classified within level 2 of the valuation hierarchy.

Collateral dependent loans – Loans which the Company has measured credit loss generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements.

Other Real Estate Owned – Other real estate owned assets are adjusted to fair value less estimated selling costs upon transfer of the loans to other real estate owned. Typically, an external, third-party appraisal is performed on the collateral upon transfer into the other real estate owned account to determine the asset’s fair value. Subsequent adjustments to the collateral’s value may be based upon either updated third-party appraisals or management’s knowledge of the collateral and the current real estate market conditions. Appraised amounts used in determining the asset’s fair value, whether internally or externally prepared, are discounted 10% to account for selling and marketing costs. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a level 3 classification of the inputs for determining fair value. Because of the high degree of judgment required in estimating the fair value of other real estate owned assets and because of the relationship between fair value and general economic conditions, we consider the fair value of other real estate owned assets to be highly sensitive to changes in market conditions.

COLONY BANKCORP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis – The following tables present the recorded amount of the Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis as of September 30, 2025 and December 31, 2024, aggregated by the level in the fair value hierarchy within which those measurements fall. The tables below include collateral dependent impaired loans and other real estate properties at September 30, 2025 and December 31, 2024. Those collateral dependent impaired loans and other real estate properties are shown net of the related specific reserves and valuation allowances.

Fair Value Measurements at Reporting Date Using

(dollars in thousands)

Total Fair Value

(Level 1)

(Level 2)

(Level 3)

September 30, 2025

Recurring

COLONY BANKCORP INC 10-Q