Colony Bankcorp (NASDAQ: CBAN) grows Q2 earnings, declares $0.12 dividend

Rhea-AI Filing Summary

Colony Bankcorp reported second quarter 2026 net income of $10,857 thousand, or $0.51 per diluted share, compared with $7,978 thousand and $0.46 in second quarter 2025. Net interest income was $29,869 thousand versus $22,385 thousand a year earlier, and net interest margin was 3.52% compared with 3.12%, with operating return on average assets of 1.20%.

Loans totaled $2,464,834 thousand and deposits $2,972,176 thousand at June 30, 2026, on total assets of $3,627,583 thousand. Asset quality metrics included nonperforming assets of $20,941 thousand and an allowance for credit losses equal to 0.89% of loans. The board declared a quarterly cash dividend of $0.12 per share, payable August 19, 2026 to shareholders of record on August 5, 2026. Management also highlighted progress on the planned merger with First Reliance and stated that legal close is expected in the fourth quarter of this year.

Filing Explained

The 8-K furnishes investor materials and adjusted metrics; its exhibits are not filed or incorporated, while the merger remains proposed.

This Form 8-K reports Colony’s second-quarter results and dividend, and furnishes an investor presentation; the exhibits are not treated as filed or incorporated by reference unless expressly stated.

The filing’s Item 2.02 and Item 7.01 disclosures therefore communicate financial and investor-relations information without creating a new issuance, sale, or completed merger transaction.

The reported operating return on average assets of 1.20% is a non-GAAP measure: it excludes specified acquisition-related expenses, securities-sale losses, a BOLI gain, and related tax effects, whereas second-quarter GAAP net income was $10,857 thousand.

The next stated milestones are the earnings call on July 23, 2026 and a future Form S-4 registration statement containing the proposed merger’s joint proxy statement and prospectus; this filing does not state that the merger has closed.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net income Q2 2026: $10,857 thousand Diluted EPS Q2 2026: $0.51 Quarterly dividend: $0.12 per share +5 more

8 metrics

Net income Q2 2026 $10,857 thousand Consolidated net income for the quarter ended June 30, 2026

Diluted EPS Q2 2026 $0.51 Earnings per diluted share for the quarter ended June 30, 2026

Quarterly dividend $0.12 per share Cash dividend declared on common stock payable August 19, 2026

Total assets $3,627,583 thousand Total assets at June 30, 2026

Loans, net of unearned income $2,464,834 thousand Loan portfolio at June 30, 2026

Total deposits $2,972,176 thousand Deposits at June 30, 2026

Return on average assets 1.18% Q2 2026 GAAP return on average assets

Net interest margin 3.52% Net interest margin for the quarter ended June 30, 2026

Key Terms

pre-provision net revenue, tangible book value per common share, nonperforming assets, net interest margin, +1 more

5 terms

pre-provision net revenue financial

"Pre-provision net revenue is calculated by adding noninterest income"

Pre-provision net revenue is a bank’s income from core operations — interest earned minus interest paid plus fees and other operating income, after operating costs — measured before setting aside funds for potential loan losses. Investors use it to gauge how well a bank’s everyday business generates money independent of one-time loss reserves, like judging a store’s sales and operating profit before accounting for an expected number of returned items.

tangible book value per common share financial

"Tangible book value per common share excludes goodwill and other intangibles"

A per-share measure of the company’s tangible net asset value available to common shareholders after removing intangible items (like goodwill, brand value, and patents) and any preferred shareholder claims. Think of it as the amount each common share would get if the company sold only its physical and financial assets and settled priority claims. Investors use it as a conservative baseline to judge whether a stock is cheaply priced relative to the company’s hard-asset backing.

nonperforming assets financial

"Total nonperforming assets (NPAs) were $20,941 thousand in the quarter"

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

net interest margin financial

"Net interest margin (a) was 3.52 % in the second quarter of 2026"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

criticized loans financial

"Criticized loans to total loans were 3.52 % in the second quarter"

Criticized loans are bank loans that examiners or the bank itself have flagged as showing signs of weakness—such as higher risk of late payments, reduced collateral value, or borrower stress—but that are not yet officially defaulted. They matter to investors because a growing pile of such loans can signal deteriorating credit quality and higher future losses for a lender, much like small warning lights on a car dashboard that suggest a problem that, if ignored, could lead to a breakdown.

Earnings Snapshot

Net income Q2 2026: $10,857 thousand

second quarter and six months ended June 30, 2026

Net income Q2 2026 $10,857 thousand vs $7,978 thousand in second quarter 2025

Diluted EPS Q2 2026 $0.51 vs $0.46 in second quarter 2025

Net interest income Q2 2026 $29,869 thousand vs $22,385 thousand in second quarter 2025

Net interest margin Q2 2026 3.52% vs 3.12% in second quarter 2025

Return on average assets Q2 2026 1.18% vs 1.02% in second quarter 2025

Loans at June 30, 2026 $2,464,834 thousand vs $1,993,580 thousand at June 30, 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/22/2026 - 04:15 PM Accepted by SEC EDGAR 07/22/2026 - 04:15 PM Learn about SEC filing dates

FAQ

How did Colony Bankcorp (CBAN) perform financially in the second quarter of 2026?

Colony Bankcorp reported net income of $10,857 thousand, or $0.51 per diluted share, for Q2 2026. Net interest income was $29,869 thousand and net interest margin reached 3.52%, with return on average assets of 1.18% and operating return on average assets of 1.20%.

What dividend did Colony Bankcorp (CBAN) declare for the second quarter of 2026?

The board declared a quarterly cash dividend of $0.12 per share on common stock. It will be paid on August 19, 2026 to shareholders of record as of the close of business on August 5, 2026, with 21,221,503 shares outstanding on July 20, 2026.

What were Colony Bankcorp’s (CBAN) key balance sheet figures at June 30, 2026?

At June 30, 2026, Colony Bankcorp reported total assets of $3,627,583 thousand. Loans, net of unearned income, were $2,464,834 thousand and total deposits were $2,972,176 thousand, while total stockholders’ equity was $389,966 thousand.

How did Colony Bankcorp’s (CBAN) net interest margin and returns look in Q2 2026?

Net interest margin was 3.52% in Q2 2026, compared with 3.12% in Q2 2025. Return on average assets was 1.18%, return on average total equity was 11.33%, and operating return on average assets was 1.20% for the quarter.

What asset quality metrics did Colony Bankcorp (CBAN) report for Q2 2026?

Total nonperforming assets were $20,941 thousand, and the allowance for credit losses equaled 0.89% of total loans. Nonperforming loans were $18,983 thousand, while net charge-offs were 0.29% of average loans and nonperforming assets were 0.58% of total assets.

What did Colony Bankcorp (CBAN) say about loan growth and its merger with First Reliance?

Management stated that loan growth in the quarter landed within the lower end of its annualized 8% to 12% target range. They also highlighted a strategic partnership with First Reliance and indicated the planned merger remains on track for a legal close in the fourth quarter of this year.

0000711669false00007116692026-07-222026-07-22

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

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CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 22, 2026

COLONY BANKCORP, INC.

(Exact name of registrant as specified in its charter)

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Georgia	001-42397	58-1492391
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

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115 South Grant Street, Fitzgerald, Georgia 31750

(Address of principal executive offices) (Zip Code)

(229) 426-6000

(Registrant's telephone number, including area code)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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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

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

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

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Item 2.02. Results of Operation and Financial Condition

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On July 22, 2026, Colony Bankcorp, Inc. issued a press release announcing its consolidated financial results for the second quarter ended June 30, 2026, as well as the announcement of a regular quarterly cash dividend. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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Item 7.01. Regulation FD Disclosure

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The Company is furnishing a copy of its most recent investor presentation, which it intends to use in connection with certain community group presentations. A copy of the presentation materials to be used by the Company is furnished as Exhibit 99.2 to this Current Report and is incorporated herein by reference. The Company will also host an investor earnings call at 9:00 a.m. ET on Thursday, July 23, 2026.

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In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

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Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

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Exhibit Number	​ ​ ​	Description
​	​	​
99.1	​	Colony Bankcorp, Inc., press release dated July 22, 2026
99.2	​	Investor Presentation dated July 22, 2026
104	​	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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​	COLONY BANKCORP, INC.
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Date: July 22, 2026	By:	/s/ Derek Shelnutt
​	​	Derek Shelnutt
​	​	Executive Vice President and Chief Financial Officer

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Exhibit 99.1

For additional information, contact:

Derek Shelnutt

EVP & Chief Financial Officer

229-426-6000, extension 6119

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COLONY BANKCORP, INC. REPORTS SECOND QUARTER 2026 RESULTS

DECLARES QUARTERLY CASH DIVIDEND OF $0.12 PER SHARE

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FITZGERALD, GA. (July 22, 2026) – Colony Bankcorp, Inc. (NYSE: CBAN) (“Colony” or the “Company”) today reported financial results for the second quarter of 2026.  Financial highlights are shown below.

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Financial Highlights:

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● Net income increased to $10.9 million, or $0.51 per diluted share, for the second quarter of 2026, compared to $8.2 million, or $0.39 per diluted share, for the first quarter of 2026, and $8.0 million, or $0.46 per diluted share, for the second quarter of 2025.

● Operating net income was $11.0 million, or $0.52 of operating earnings per diluted share, for the second quarter of 2026, compared to $9.5 million, or $0.45 of operating earnings per diluted share, for the first quarter of 2026, and $8.0 million, or $0.46 of operating earnings per diluted share, for the second quarter of 2025. (See Reconciliation of Non-GAAP Measures).

● Provision for credit losses of $1.90 million was recorded in the second quarter of 2026 compared to $1.75 million in the first quarter of 2026, and $450,000 in the second quarter of 2025.

● Total loans, excluding loans held for sale, were $2.46 billion at June 30, 2026, an increase of $51.4 million, or 2.13%, from the prior quarter.  

● Total deposits were $2.97 billion and $3.05 billion at June 30, 2026 and March 31, 2026, respectively, a decrease of $76.2 million.

● Mortgage production was $115.4 million, and mortgage sales totaled $67.3 million in the second quarter of 2026 compared to $88.5 million and $61.4 million, respectively, for the first quarter of 2026.

● Small Business Specialty Lending (“SBSL”) closed $13.0 million in Small Business Administration (“SBA”) loans and sold $5.5 million in SBA loans in the second quarter of 2026 compared to $13.1 million and $10.4 million, respectively, for the first quarter of 2026.

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

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

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

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

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

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Balance Sheet

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● Total assets were $3.63 billion at June 30, 2026, a decrease of $93.0 million from March 31, 2026.

● Total loans, excluding loans held for sale, were $2.46 billion at June 30, 2026, an increase of $51.4 million from March 31, 2026.

● Total deposits were $2.97 billion and $3.05 billion at June 30, 2026 and March 31, 2026, respectively, a decrease of $76.2 million.  Decreases were seen in noninterest-bearing demand deposits of $31.2 million, interest-bearing demand deposits of $27.2 million and savings and money market deposits of $26.5 million while time deposits increased $8.7 million, from March 31, 2026 to June 30, 2026.  

● Total borrowings at June 30, 2026 totaled $233.2 million, a decrease of $25.0 million compared to March 31, 2026.

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Capital

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● Colony continues to maintain a strong capital position, with ratios that exceed regulatory minimums required to be considered as “well-capitalized.”

● Preliminary tier one leverage ratio, tier one capital ratio, total risk-based capital ratio and common equity tier one capital ratio were 10.20%, 13.87%, 16.18%, and 12.96%, respectively, at June 30, 2026.

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Second Quarter and Six-Months 2026 Results of Operations

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● Net interest income, on a tax-equivalent basis, totaled $30.0 million for the second quarter ended June 30, 2026 compared to $22.6 million for the same period in 2025.  Net interest income, on a tax-equivalent basis, totaled $59.4 million for the six months ended June 30, 2026 compared to $43.7 million for the same period in 2025.  For both periods, increases occurred in income on interest earning assets which was partially offset by increases in expense on interest bearing liabilities.  Income on interest earning assets increased $8.9 million to $45.9 million for the second quarter of 2026 compared to the same period in 2025.  Expense on interest bearing liabilities increased $1.5 million to $15.9 million for the second quarter of 2026 compared to the same period in 2025.  Income on interest earning assets increased $18.2 million to $91.0 million for the six months ended 2026 compared to the same period in 2025.  Expense on interest bearing liabilities increased $2.6 million to $31.6 million for the six months ended 2026 compared to the same period in 2025.

● Net interest margin for the second quarter of 2026 was 3.52% compared to 3.12% for the second quarter of 2025.  Net interest margin for the six months ended June 30, 2026 was 3.50% compared to 3.02% for the six months ended June 30, 2025.  The increase for both periods was impacted by the Company’s acquisition of TC Bancshares, Inc. in the fourth quarter of 2025, and was also impacted by increases in interest earning asset yields period over period, as well as the decreased cost of funds.

● Noninterest income totaled $12.2 million for the second quarter of 2026, an increase of $2.1 million, or 20.4%, compared to the same period in 2025.  Noninterest income totaled $22.9 million for the six months ended June 30, 2026, an increase of $3.7 million, or 19.4%, compared to the same period in 2025.  For both periods, increases occurred in service charges on deposits, mortgage fee income, interchange fees, BOLI income, which includes a tax-free gain of $706 thousand, insurance commissions and an increase in wealth advisor income included in other noninterest income, partially offset by decreases in gains on sales of SBA loans and an increase in losses on sales of securities.

● Noninterest expense totaled $26.4 million for the second quarter of 2026, compared to $22.0 million for the same period in 2025.  Noninterest expense totaled $54.1 million for the six months ended June 30, 2026, compared to $42.2 million for the same period in 2025.  Increases for both periods occurred in salaries and employee benefits, occupancy and equipment, information technology expenses, professional fees, advertising and public relations, and acquisition and integration-related expenses related to the acquisition of TC Bancshares, Inc. which occurred in the fourth quarter of 2025 as well as expenses related to the recently announced merger with First Reliance Bancshares, Inc.

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Asset Quality

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● Nonperforming assets totaled $20.9 million and $19.9 million at June 30, 2026 and March 31, 2026, respectively, an increase of $1.0 million.

● Other real estate owned and repossessed assets totaled $2.0 million at June 30, 2026 and $2.1 million at March 31, 2026.

● Net loans charged-off were $1.8 million, or 0.29% of average loans for the second quarter of 2026, compared to $1.7 million, or 0.29% for the first quarter of 2026.

● The credit loss reserve was $22.0 million, or 0.89% of total loans, at June 30, 2026, compared to $21.7 million, or 0.90% of total loans at March 31, 2026.

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Earnings call information

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

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About Colony Bankcorp

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Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in Fitzgerald, Georgia in 1975, Colony operates locations throughout Georgia as well as in Birmingham, Alabama, and across North  Florida, including Tallahassee, Jacksonville,  and the Florida Panhandle. Colony Bank provides a consultative approach in offering a range of banking solutions for personal and business customers. In addition to traditional banking services, Colony Bank provides specialized solutions including mortgage lending, government-guaranteed lending, consumer insurance, wealth management, credit cards and merchant services. Colony Bankcorp’s common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “CBAN.” For more information, please visit www.colony.bank. You can also follow the Company on social media.

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Forward-Looking Statements

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Certain statements contained in this press release that are not statements of historical fact constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, certain statements may be contained in the Company’s future filings with the Securities and Exchange Commission (the “SEC”), in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to: (i) projections and/or expectations of revenues, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statement of plans and objectives of Colony Bankcorp, Inc. or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; (iv) statements regarding growth strategy, capital management, liquidity and funding, and future profitability; (v) statements relating to the timing, benefits, costs, and synergies of the recently announced  acquisition of First Reliance Bancshares, Inc. (“First Reliance”) (the “Merger”), and (vi) statements of assumptions underlying such statements. Words such as “may”, “will”, “anticipate”, “assume”, “should”, “support”, “indicate”, “would”, “believe”, “contemplate”, “expect”, “estimate”, “continue”, “further”, “plan”, “point to”, “project”, “could”, “intend”, “target” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

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Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: the impact of current and future economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, tariffs or trade wars (including the resulting reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services), high unemployment rates, inflationary pressures, changes in interest rates (including the impact of volatile interest rates on our financial projections and models) and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; the risk of reductions in benchmark interest rates and the resulting impacts on net interest income; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; risks arising from negative media coverage and perceived instability in the banking industry and the banking sector; the risks of changes in interest rates and their effects on the level, cost, and composition of, and competition for, deposits, loan demand and timing of payments, the values of loan collateral, securities, and interest sensitive assets and liabilities; the ability to attract new or retain existing deposits, to retain or grow loans or additional interest and fee income, or to control noninterest expense; the effect of pricing pressures on the Company’s net interest margin; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values;

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the Company’s ability to implement its various strategic and growth initiatives; increased competition in the financial services industry, particularly from regional and national institutions, as well as fintech companies and other non-bank financial service providers offering digital, automated or alternative financial products and services; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; changes in the prices, values and sales volumes of residential and commercial real estate; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; legislation or regulatory changes which adversely affect the ability of the consolidated Company to conduct business combinations or new operations; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company’s participation in and execution of government programs, those related to credit card interest rates, and legislative, regulatory or supervisory actions related to so-called “de-banking,” including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational practices; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in the stock market prices on our investment securities; significant volatility in the markets for equity, fixed income and other asset classes globally or within specific markets; the effects of war or other conflicts, including the ongoing conflicts in the Middle East; major political shifts domestically or internationally (including the potential for retaliatory actions by governments, market participants or clients based on diverging perspectives or otherwise); general risks related to the Company’s merger and acquisition activity, including risks associated with integrating and realizing the expected financial benefits of previous or pending acquisitions, and the Company’s pursuit of future acquisitions; risks associated with the recent Merger, including the risk that the cost savings and any revenue synergies may not be realized or take longer than anticipated to be realized as well as disruption with customers, suppliers, employee or other business partners relationships; the risk of successful integration of First Reliance’s business into the Company; the reaction of each of the Company’s and First Reliance’s customers, suppliers, employees or other business partners to the Merger; the risk that the integration of First Reliance’s operations into the operations of the Company will be materially delayed or will be more costly or difficult than expected; the timing and achievement of expected cost reductions following the Merger; the timing and achievement of the recovery of the reduction of tangible book value resulting from the Merger; general competitive, economic, political, and market conditions; the impact of emerging technologies, such as generative artificial intelligence; fraud or misconduct by internal or external actors, and system failures, cybersecurity threats or security breaches and the cost of defending against them; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding debt ceiling and the federal budget; and general competitive, economic, political and market conditions or other unexpected factors or events. These and other factors, risks and uncertainties could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Many of these factors are beyond the Company’s ability to control or predict.

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Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company’s management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company’s filings with the Securities and Exchange Commission, the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors,” and in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, except as required by applicable law.  Readers are cautioned not to place undue reliance on these forward-looking statements.

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Additional Information About the Proposed Merger and Where to Find It

​

This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the proposed merger, the Company will file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of First Reliance Bancshares, Inc. (“First Reliance”) and the Company and a prospectus of the Company, as well as other relevant documents concerning the proposed transaction. WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, FIRST RELIANCE AND THE PROPOSED MERGER. The joint proxy statement/prospectus will be sent to the shareholders of both the Company and First Reliance seeking the required shareholder approvals. Investors and security holders will be able to obtain free copies of the registration statement on Form S-4 and the related joint proxy statement/prospectus, when filed, as well as other documents filed with the SEC by the Company through the website maintained by the SEC at www.sec.gov. Documents filed with the SEC by the Company will also be available free of charge by directing a written request to Colony Bankcorp, Inc., 115 South Grant Street, Fitzgerald, Georgia 31750, Attn: Derek Shelnutt and on the Company’s website, colony.bank, under Investor Relations. The Company’s telephone number is (229) 426-6000.

​

4

Explanation of Certain Unaudited Non-GAAP Financial Measures

​

The measures entitled operating noninterest income, operating noninterest expense, operating net income, operating earnings per diluted share, operating return on average assets, operating return on average equity, operating return on average tangible equity, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio, operating net noninterest expense to average assets and pre-provision net revenue are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. The most comparable GAAP measures are noninterest income, noninterest expense, net income, diluted earnings per share, return on average assets, return on average equity, book value per common share, total equity to total assets, efficiency ratio, net noninterest expense to average assets and net interest income before provision for credit losses, respectively.  Operating noninterest income excludes loss on sales of securities.  Operating noninterest expense excludes acquisition-related expenses, severance costs and loss related to wire fraud incident. Operating net income, operating return on average assets, operating return on average equity, operating return on average tangible equity and operating efficiency ratio all exclude acquisition-related expenses, severance costs, loss on sales of securities and loss related to wire fraud incident from net income, return on average assets, return on average equity and efficiency ratio, respectively. Operating net noninterest expense to average assets ratio excludes from net noninterest expense, severance costs, acquisition-related expenses, loss on sales of securities and loss related to wire fraud incident.  Acquisition-related expenses includes fees associated with acquisitions and vendor contract buyouts. Severance costs includes costs associated with termination and retirement of employees.  Operating earnings per diluted share includes the adjustments to operating net income. Tangible book value per common share, tangible equity to tangible assets and operating return on average tangible equity exclude goodwill and other intangibles from book value per common share, total equity to total assets and return on average equity, respectively.  Pre-provision net revenue is calculated by adding noninterest income to net interest income before provision for credit losses, and subtracting noninterest expense.

​

Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance, and if not provided would be requested by the investor community. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently.

​

These disclosures should not be considered an alternative to GAAP. The computations of operating noninterest income, operating noninterest expense, operating net income, operating earnings per diluted share, operating return on average assets, operating return on average equity, operating return on average tangible equity, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio, operating net noninterest expense to average assets and pre-provision net revenue and the reconciliation of these measures to noninterest income, noninterest expense, net income, diluted earnings per share, return on average assets, return on average equity, book value per common share, total equity to total assets, efficiency ratio, net noninterest expense to average assets and net interest income before provision for credit losses are set forth in the table below.

​

​

5

Colony Bankcorp, Inc.

Reconciliation of Non-GAAP Measures

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

2025

​

​

​

Second

​

First

​ ​ ​

Fourth

​ ​ ​

Third

​ ​ ​

Second

​ ​ ​

(dollars in thousands, except per share data)

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Operating noninterest income reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income (GAAP)

​

$

12,158

​

$

10,692

​

$

11,047

​

$

10,091

​

$

10,098

​

Tax-free gain related to BOLI claim

​

​

(706)

​

​

—

​

​

—

​

​

—

​

​

—

​

Loss on sales of securities

​

186

​

—

​

—

​

1,039

​

—

​

Operating noninterest income

​

$

11,638

​

$

10,692

​

$

11,047

​

$

11,130

​

$

10,098

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating noninterest expense reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest expense (GAAP)

​

$

26,431

​

$

27,674

​

$

25,709

​

$

24,612

​

$

22,004

​

Acquisition-related expenses

​

(943)

​

(1,637)

​

(1,331)

​

(732)

​

—

​

Loss related to wire fraud incident

​

—

​

—

​

—

​

(1,252)

​

—

​

Operating noninterest expense

​

$

25,488

​

$

26,037

​

$

24,378

​

$

22,628

​

$

22,004

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating net income reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income (GAAP)

​

$

10,857

​

$

8,204

​

$

7,843

​

$

5,819

​

$

7,978

​

Acquisition-related expenses

​

943

​

1,637

​

1,331

​

732

​

—

​

Loss related to wire fraud incident

​

—

​

—

​

—

​

1,252

​

—

​

Tax-free gain related to BOLI claim

​

​

(706)

​

​

—

​

​

—

​

​

—

​

​

—

​

Loss on sales of securities

​

186

​

—

​

—

​

1,039

​

—

​

Income tax benefit

​

(244)

​

(356)

​

(269)

​

(612)

​

—

​

Operating net income

​

$

11,036

​

$

9,485

​

$

8,905

​

$

8,230

​

$

7,978

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average diluted shares

​

21,160,128

​

21,222,237

​

18,729,511

​

17,461,434

​

17,448,945

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating earnings per diluted share

​

$

0.52

​

$

0.45

​

$

0.48

​

$

0.47

​

$

0.46

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating return on average assets reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Return on average assets (GAAP)

​

1.18

%

0.90

%

0.93

%

0.75

%

1.02

%

Acquisition-related expenses

​

0.10

​

0.18

​

0.15

​

0.10

​

—

​

Loss related to wire fraud incident

​

—

​

—

​

—

​

0.16

​

—

​

Tax-free gain related to BOLI claim

​

​

(0.07)

​

​

—

​

​

—

​

​

—

​

​

—

​

Loss on sales of securities

​

0.02

​

—

​

—

​

0.13

​

—

​

Tax effect of adjustment items

​

(0.03)

​

(0.04)

​

(0.03)

​

(0.08)

​

—

​

Operating return on average assets

​

1.20

%

1.04

%

1.05

%

1.06

%

1.02

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating return on average equity reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Return on average equity (GAAP)

​

11.33

%

8.77

%

9.49

%

7.80

%

11.14

%

Acquisition-related expenses

​

0.98

​

1.74

​

1.62

​

0.98

​

—

​

Loss related to wire fraud incident

​

—

​

—

​

—

​

1.68

​

—

​

Tax-free gain related to BOLI claim

​

​

(0.74)

​

​

—

​

​

—

​

​

—

​

​

—

​

Loss on sales of securities

​

0.19

​

—

​

—

​

1.39

​

—

​

Tax effect of adjustment items

​

(0.25)

​

(0.38)

​

(0.33)

​

(0.82)

​

—

​

Operating return on average equity

​

11.51

%

10.13

%

10.78

%

11.03

%

11.14

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Return on average tangible equity reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Return on average equity (GAAP)

​

11.33

%

8.77

%

9.49

%

7.80

%

11.14

%

Effect of goodwill and intangibles

​

2.53

​

2.03

​

2.14

​

1.76

​

2.56

​

Return on average tangible equity

​

13.86

%

​

10.80

%

​

11.63

%

​

9.56

%

13.70

%

​

​

​

​

6

Colony Bankcorp, Inc.

Reconciliation of Non-GAAP Measures

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

2025

​

​

​

Second

​

First

​ ​ ​

Fourth

​ ​ ​

Third

​ ​ ​

Second

​ ​ ​

(dollars in thousands, except per share data)

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Operating return on average tangible equity reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Return on average tangible equity

​

​

13.86

%

​

10.80

%

​

11.63

%

​

9.56

%

​

13.70

%

Acquisition-related expenses

​

​

1.20

​

​

2.16

​

1.97

​

1.20

​

—

Loss related to wire fraud incident

​

​

—

​

​

—

​

—

​

2.06

​

—

Tax-free gain related to BOLI claim

​

​

(0.90)

​

​

—

​

​

—

​

​

—

​

​

—

​

Loss on sales of securities

​

​

0.24

​

​

—

​

—

​

1.71

​

—

Tax effect of adjustment items

​

​

(0.31)

​

​

(0.47)

​

(0.40)

​

(1.01)

​

—

Operating return on average tangible equity

​

​

14.09

%

​

12.49

%

​

13.20

%

​

13.52

%

​

13.70

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tangible book value per common share reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Book value per common share (GAAP)

​

$

18.43

​

$

17.98

​

$

17.69

​

$

17.31

​

$

16.87

​

Effect of goodwill and other intangibles

​

(3.31)

​

(3.33)

​

(3.38)

​

(3.11)

​

(3.14)

​

Tangible book value per common share

​

$

15.12

​

$

14.65

​

$

14.31

​

$

14.20

​

$

13.73

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tangible equity to tangible assets reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity to assets (GAAP)

​

10.75

%

10.22

%

10.06

%

9.59

%

9.43

%

Effect of goodwill and other intangibles

​

(1.76)

​

(1.73)

​

(1.76)

​

(1.59)

​

(1.62)

​

Tangible equity to tangible assets

​

8.99

%

8.49

%

8.30

%

8.00

%

7.81

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating efficiency ratio calculation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Efficiency ratio (GAAP)

​

62.89

%

69.37

%

69.65

%

75.06

%

67.74

%

Acquisition-related expenses

​

(2.25)

​

(4.10)

​

(3.61)

​

(1.98)

​

—

​

Loss related to wire fraud incident

​

—

​

—

​

—

​

(3.38)

​

—

​

Tax-free gain related to BOLI claim

​

​

1.06

​

​

—

​

​

—

​

​

—

​

​

—

​

Loss on sales of securities

​

(0.29)

​

—

​

—

​

(2.81)

​

—

​

Operating efficiency ratio

​

61.41

%

65.27

%

66.04

%

66.89

%

67.74

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating net noninterest expense(1) to average assets calculation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net noninterest expense to average assets

​

1.55

%

1.86

%

1.73

%

1.86

%

1.52

%

Acquisition-related expenses

​

(0.10)

​

(0.18)

​

(0.15)

​

(0.09)

​

—

​

Loss related to wire fraud incident

​

—

​

—

​

—

​

(0.16)

​

—

​

Tax-free gain related to BOLI claim

​

​

0.08

​

​

—

​

​

—

​

​

—

​

​

—

​

Loss on sales of securities

​

(0.02)

​

—

​

—

​

(0.13)

​

—

​

Operating net noninterest expense to average assets

​

1.51

%

1.68

%

1.58

%

1.48

%

1.52

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pre-provision net revenue

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income before provision for credit losses

​

$

29,869

​

$

29,203

​

$

25,865

​

$

22,699

​

$

22,385

​

Noninterest income

​

12,158

​

10,692

​

11,047

​

10,091

​

10,098

​

Total income

​

42,027

​

39,895

​

36,912

​

32,790

​

32,483

​

Noninterest expense

​

26,431

​

27,674

​

25,709

​

24,612

​

22,004

​

Pre-provision net revenue

​

$

15,596

​

$

12,221

​

$

11,203

​

$

8,178

​

$

10,479

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating pre-provision net revenue

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income before provision for credit losses

​

$

29,869

​

$

29,203

​

$

25,865

​

$

22,699

​

$

22,385

​

Operating noninterest income

​

11,638

​

10,692

​

11,047

​

11,130

​

10,098

​

Total operating income

​

41,507

​

39,895

​

36,912

​

33,829

​

32,483

​

Operating noninterest expense

​

25,488

​

26,037

​

24,378

​

22,628

​

22,004

​

Operating pre-provision net revenue

​

$

16,019

​

$

13,858

​

$

12,534

​

$

11,201

​

$

10,479

​

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

​

7

Colony Bankcorp, Inc.

Selected Financial Information

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

2025

​

​

​

Second

​

First

​

Fourth

​ ​ ​

Third

​ ​ ​

Second

​ ​ ​

(dollars in thousands, except per share data)

​

Quarter

​

Quarter

​

Quarter

Quarter

Quarter

EARNINGS SUMMARY

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income

​

$

29,869

​

$

29,203

​

$

25,865

​

$

22,699

​

$

22,385

​

Provision for credit losses

​

1,900

​

1,750

​

1,650

​

900

​

450

​

Noninterest income

​

12,158

​

10,692

​

11,047

​

10,091

​

10,098

​

Noninterest expense

​

26,431

​

27,674

​

25,709

​

24,612

​

22,004

​

Income taxes

​

2,839

​

2,267

​

1,710

​

1,459

​

2,051

​

Net income

​

$

10,857

​

$

8,204

​

$

7,843

​

$

5,819

​

$

7,978

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

PER COMMON SHARE

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Common shares outstanding

​

21,158,353

​

21,162,104

​

21,251,695

​

17,461,284

​

17,416,702

​

Weighted average basic shares

​

21,160,128

​

21,222,237

​

18,729,511

​

17,461,434

​

17,448,945

​

Weighted average diluted shares

​

21,160,128

​

21,222,237

​

18,729,511

​

17,461,434

​

17,448,945

​

Earnings per basic share

​

$

0.51

​

$

0.39

​

$

0.42

​

$

0.33

​

$

0.46

​

Earnings per diluted share

​

0.51

​

0.39

​

0.42

​

0.33

​

0.46

​

Operating earnings per diluted share(b)

​

0.52

​

0.45

​

0.48

​

0.47

​

0.46

​

Cash dividends declared per share

​

0.1200

​

0.1200

​

0.1150

​

0.1150

​

0.1150

​

Common book value per share

​

18.43

​

17.98

​

17.69

​

17.31

​

16.87

​

Tangible book value per common share(b)

​

15.12

​

14.65

​

14.31

​

14.20

​

13.73

​

Pre-provision net revenue(b)

​

​

15,596

​

​

12,221

​

​

11,203

​

​

8,178

​

​

10,479

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SELECTED PERFORMANCE RATIOS:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Return on average assets

​

1.18

%

0.90

%

0.93

%

0.75

%

1.02

%

Return on average total equity

​

11.33

​

8.77

​

9.49

​

7.80

​

11.14

​

Return on average tangible equity

​

13.86

​

10.80

​

11.63

​

9.56

​

13.70

​

Efficiency ratio

​

62.89

​

69.37

​

69.65

​

75.06

​

67.74

​

Net noninterest expense to average assets

​

1.55

​

1.86

​

1.73

​

1.86

​

1.52

​

Total equity to total assets

​

10.75

​

10.22

​

10.06

​

9.59

​

9.43

​

Tangible equity to tangible assets (b)

​

8.99

​

8.49

​

8.30

​

8.00

​

7.81

​

Net interest margin (a)

​

3.52

​

3.48

​

3.32

​

3.17

​

3.12

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

OPERATING SELECTED PERFORMANCE RATIOS:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating return on average assets (b)

​

1.20

%

1.04

%

1.05

%

1.06

%

1.02

%

Operating return on average total equity (b)

​

11.51

​

10.13

​

10.78

​

11.03

​

11.14

​

Operating return on average tangible equity (b)

​

14.09

​

12.49

​

13.20

​

13.52

​

13.70

​

Operating efficiency ratio (b)

​

61.41

​

65.27

​

66.04

​

66.89

​

67.74

​

Operating net noninterest expense to average assets(b)

​

1.51

​

1.68

​

1.58

​

1.48

​

1.52

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

8

Colony Bankcorp, Inc.

Selected Financial Information

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

2025

​

​

​

Second

​

First

​ ​ ​

Fourth

​ ​ ​

Third

​ ​ ​

Second

​ ​ ​

(dollars in thousands, except per share data)

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

ASSET QUALITY

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonperforming portfolio loans

​

$

14,289

​

$

12,619

​

$

17,190

​

$

9,082

​

$

4,760

​

Nonperforming SBA government loans-guaranteed portion

​

3,261

​

2,012

​

4,772

​

4,076

​

4,583

​

Nonperforming SBA government loans-unguaranteed portion

​

1,362

​

2,968

​

1,418

​

1,110

​

1,241

​

Loans 90 days past due and still accruing

​

71

​

178

​

95

​

98

​

107

​

Total nonperforming loans (NPLs)

​

18,983

​

17,777

​

23,475

​

14,366

​

10,691

​

Other real estate owned

​

1,829

​

1,873

​

1,048

​

710

​

710

​

Repossessed assets

​

129

​

205

​

190

​

160

​

21

​

Total nonperforming assets (NPAs)

​

20,941

​

19,855

​

24,713

​

15,236

​

11,422

​

Classified loans

​

33,626

​

39,225

​

40,481

​

24,183

​

25,112

​

Criticized loans

​

86,680

​

86,740

​

84,721

​

60,505

​

54,814

​

Net loan charge-offs (recoveries)

​

​

1,781

​

​

1,709

​

1,600

​

1,827

​

1,049

Allowance for credit losses to total loans

​

​

0.89

%

​

0.90

%

​

0.97

%

​

0.89

%

​

0.96

%

Allowance for credit losses to total NPLs

​

​

116.07

​

​

122.10

​

98.04

​

125.89

​

179.15

Allowance for credit losses to total NPAs

​

​

105.22

​

​

109.32

​

93.13

​

118.71

​

167.69

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

​

​

0.29

​

​

0.29

​

0.30

​

0.36

​

0.21

NPLs to total loans

​

​

0.77

​

​

0.74

​

0.99

​

0.71

​

0.54

NPAs to total assets

​

​

0.58

​

​

0.53

​

0.66

​

0.48

​

0.37

NPAs to total loans and foreclosed assets

​

​

0.85

​

​

0.82

​

1.04

​

0.75

​

0.57

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACTUAL BALANCES

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

3,627,583

​

$

3,720,613

​

$

3,735,401

​

$

3,152,746

​

$

3,115,617

​

Loans held for sale

​

24,218

​

16,536

​

78,990

​

19,286

​

22,163

​

Loans, net of unearned income

​

2,464,834

​

2,413,465

​

2,381,224

​

2,037,056

​

1,993,580

​

Deposits

​

2,972,176

​

3,048,419

​

3,067,521

​

2,584,329

​

2,556,230

​

Total stockholders’ equity

​

389,966

​

380,403

​

375,920

​

302,332

​

293,857

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

AVERAGE BALANCES

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

3,685,038

​

$

3,698,663

​

$

3,357,785

​

$

3,092,411

​

$

3,138,125

​

Loans held for sale

​

20,802

​

21,863

​

59,868

​

17,062

​

22,495

​

Loans, net of unearned income

​

2,432,676

​

2,399,971

​

2,148,729

​

2,024,153

​

1,960,025

​

Deposits

​

3,031,260

​

3,025,462

​

2,752,576

​

2,526,739

​

2,586,620

​

Total stockholders’ equity

​

384,514

​

379,582

​

327,830

​

296,027

​

287,325

​

(a) Computed using fully taxable-equivalent net income.

(b) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP.

​

9

Colony Bankcorp, Inc.

Average Balance Sheet and Net Interest Analysis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30,

​

​

2026

​

​

2025

​

​ ​ ​

Average

​ ​ ​

Income/

​ ​ ​

Yields/

​ ​ ​

​

Average

​ ​ ​

Income/

​ ​ ​

Yields/

(dollars in thousands)

​

Balances

​

Expense

​

Rates

​

​

Balances

​

Expense

​

Rates

Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-earning assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans held for sale

​

$

20,802

​

$

367

7.08

%

​

$

22,495

​

$

325

5.79

%

Loans, net of unearned income 1

​

2,432,676

​

38,800

6.40

​

​

1,960,025

​

30,139

6.17

​

Investment securities, taxable

​

646,072

​

4,452

2.76

​

​

698,416

​

4,759

2.73

​

Investment securities, tax-exempt 2

​

93,939

​

487

2.08

​

​

93,082

​

492

2.12

​

Deposits in banks and short term investments

​

222,877

​

1,830

3.29

​

​

134,807

​

1,326

3.95

​

Total interest-earning assets

​

3,416,366

​

45,936

5.39

%

​

2,908,825

​

37,041

5.11

%

Noninterest-earning assets

​

268,672

​

​

​

​

​

​

​

229,300

​

​

​

​

​

​

Total assets

​

$

3,685,038

​

​

​

​

​

​

​

$

3,138,125

​

​

​

​

​

​

Liabilities and stockholders’ equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-bearing liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-bearing demand and savings

​

$

1,711,126

​

​

6,166

1.45

%

​

$

1,529,608

​

​

6,310

1.65

%

Other time

​

844,296

​

7,071

3.36

​

​

615,303

​

5,322

3.47

​

Total interest-bearing deposits

​

2,555,422

​

13,237

2.08

​

​

2,144,911

​

11,632

2.18

​

Federal Home Loan Bank advances

​

171,374

​

1,784

4.18

​

​

185,000

​

1,889

4.10

​

Other borrowings

​

63,165

​

891

5.66

​

​

63,072

​

929

5.91

​

Total other interest-bearing liabilities

​

234,539

​

2,675

4.57

​

​

248,072

​

2,818

4.56

​

Total interest-bearing liabilities

​

2,789,961

​

15,912

2.29

%

​

2,392,983

​

14,450

2.42

%

Noninterest-bearing liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Demand deposits

​

475,839

​

​

​

​

​

​

​

​

441,709

​

​

​

​

​

​

Other liabilities

​

34,724

​

​

​

​

​

​

​

16,108

​

​

​

​

​

​

Stockholders’ equity

​

384,514

​

​

​

​

​

​

​

287,325

​

​

​

​

​

​

Total noninterest-bearing liabilities and stockholders’ equity

​

895,077

​

​

​

​

​

​

​

745,142

​

​

​

​

​

​

Total liabilities and stockholders’ equity

​

$

3,685,038

​

​

​

​

​

​

​

$

3,138,125

​

​

​

​

​

​

Interest rate spread

​

​

​

​

​

​

3.10

%

​

​

​

​

​

​

2.69

%

Net interest income

​

​

​

​

$

30,024

​

​

​

​

​

​

​

$

22,591

​

​

​

Net interest margin

​

​

​

​

​

​

3.52

%

​

​

​

​

​

​

3.12

%

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

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

​

​

10

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30,

​

​

2026

​

​

2025

​

​ ​ ​

Average

​ ​ ​

Income/

​ ​ ​

Yields/

​ ​ ​

​

Average

​ ​ ​

Income/

​ ​ ​

Yields/

(dollars in thousands)

​

Balances

​

Expense

​

Rates

​

​

Balances

​

Expense

​

Rates

Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-earning assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans held for sale

​

$

21,330

​

$

821

7.76

%

​

$

22,872

​

$

653

5.76

%

Loans, net of unearned income 3

​

2,416,413

​

76,368

6.37

​

​

1,915,001

​

57,854

6.09

​

Investment securities, taxable

​

657,385

​

8,989

2.76

​

​

704,322

​

9,595

2.75

​

Investment securities, tax-exempt 4

​

94,262

​

976

2.09

​

​

93,727

​

986

2.12

​

Deposits in banks and short term investments

​

231,613

​

3,823

3.33

​

​

181,651

​

3,648

4.05

​

Total interest-earning assets

​

3,421,003

​

90,977

5.36

%

​

2,917,573

​

72,736

5.03

%

Noninterest-earning assets

​

270,810

​

​

​

​

​

​

​

226,120

​

​

​

​

​

​

Total assets

​

$

3,691,813

​

​

​

​

​

​

​

$

3,143,693

​

​

​

​

​

​

Liabilities and stockholders’ equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-bearing liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-bearing demand and savings

​

$

1,718,339

​

​

12,117

1.42

%

​

$

1,539,504

​

​

12,779

1.67

%

Other time

​

828,501

​

13,934

3.39

​

​

608,648

​

10,627

3.52

​

Total interest-bearing deposits

​

2,546,840

​

26,051

2.06

​

​

2,148,152

​

23,406

2.20

​

Federal Home Loan Bank advances

​

183,122

​

3,769

4.15

​

​

185,000

​

3,762

4.10

​

Other borrowings

​

63,153

​

1,779

5.68

​

​

63,060

​

1,856

5.94

​

Total other interest-bearing liabilities

​

246,275

​

5,548

4.54

​

​

248,060

​

5,618

4.57

​

Total interest-bearing liabilities

​

2,793,115

​

31,599

2.28

%

​

2,396,212

​

29,024

2.44

%

Noninterest-bearing liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Demand deposits

​

481,537

​

​

​

​

​

​

​

​

448,457

​

​

​

​

​

​

Other liabilities

​

35,100

​

​

​

​

​

​

​

16,062

​

​

​

​

​

​

Stockholders’ equity

​

382,061

​

​

​

​

​

​

​

282,962

​

​

​

​

​

​

Total noninterest-bearing liabilities and stockholders’ equity

​

898,698

​

​

​

​

​

​

​

747,481

​

​

​

​

​

​

Total liabilities and stockholders’ equity

​

$

3,691,813

​

​

​

​

​

​

​

$

3,143,693

​

​

​

​

​

​

Interest rate spread

​

​

​

​

​

​

3.08

%

​

​

​

​

​

​

2.59

%

Net interest income

​

​

​

​

$

59,378

​

​

​

​

​

​

​

$

43,712

​

​

​

Net interest margin

​

​

​

​

​

​

3.50

%

​

​

​

​

​

​

3.02

%

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

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

​

​

11

Colony Bankcorp, Inc.

Segment Reporting

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

2025

​

​

Second

​

First

​ ​ ​

Fourth

​ ​ ​

Third

​ ​ ​

Second

(dollars in thousands)

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Quarter

Banking Division

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income

​

$

28,435

​

$

28,223

​

$

24,781

​

$

21,629

​

$

21,319

Provision for credit losses

​

801

​

780

​

776

​

(371)

​

(330)

Noninterest income

​

8,777

​

7,131

​

6,996

​

6,144

​

5,969

Noninterest expenses

​

23,335

​

24,420

​

22,502

​

21,075

​

18,269

Income taxes

​

2,703

​

2,194

​

1,493

​

1,413

​

1,908

Net income

​

$

10,373

​

$

7,960

​

$

7,006

​

$

5,656

​

$

7,441

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

3,521,331

​

$

3,619,249

​

$

3,625,785

​

$

3,046,699

​

$

3,010,416

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Full time employees

​

441

​

426

​

447

​

383

​

390

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage Banking Division

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income

​

$

78

​

$

38

​

$

65

​

$

62

​

$

44

Provision for credit losses

​

—

​

—

​

—

​

—

​

—

Noninterest income

​

2,182

​

1,886

​

2,012

​

1,851

​

1,984

Noninterest expenses

​

1,828

​

1,702

​

1,695

​

2,066

​

1,710

Income taxes

​

95

​

52

​

81

​

(27)

​

69

Net income

​

$

337

​

$

170

​

$

301

​

$

(126)

​

$

249

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

15,077

​

$

12,036

​

$

13,648

​

$

12,959

​

$

14,296

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Variable noninterest expense(1)

​

$

659

​

$

597

​

$

984

​

$

1,229

​

$

1,157

Fixed noninterest expense

​

$

1,169

​

$

1,105

​

$

711

​

$

837

​

$

553

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Full time employees

​

53

​

48

​

48

​

46

​

43

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Small Business Specialty Lending Division

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income

​

$

1,356

​

$

942

​

$

1,019

​

$

1,008

​

$

1,022

Provision for credit losses

​

1,099

​

970

​

874

​

1,271

​

780

Noninterest income

​

1,199

​

1,675

​

2,039

​

2,096

​

2,145

Noninterest expenses

​

1,268

​

1,552

​

1,512

​

1,471

​

2,025

Income taxes

​

41

​

21

​

136

​

73

​

74

Net income

​

$

147

​

$

74

​

$

536

​

$

289

​

$

288

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

91,175

​

$

89,328

​

$

95,968

​

$

93,088

​

$

90,905

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Full time employees

​

34

​

32

​

31

​

31

​

34

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Consolidated

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income

​

$

29,869

​

$

29,203

​

$

25,865

​

$

22,699

​

$

22,385

Provision for credit losses

​

1,900

​

1,750

​

1,650

​

900

​

450

Noninterest income

​

12,158

​

10,692

​

11,047

​

10,091

​

10,098

Noninterest expenses

​

26,431

​

27,674

​

25,709

​

24,612

​

22,004

Income taxes

​

2,839

​

2,267

​

1,710

​

1,459

​

2,051

Net income

​

$

10,857

​

$

8,204

​

$

7,843

​

$

5,819

​

$

7,978

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

3,627,583

​

$

3,720,613

​

$

3,735,401

​

$

3,152,746

​

$

3,115,617

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Full time employees

​

528

​

506

​

526

​

460

​

467

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

​

12

Colony Bankcorp, Inc.

Consolidated Balance Sheets

​

​	​	​	​	​	​	​
​	​ ​ ​	June 30, 2026		​ ​ ​	December 31, 2025
(dollars in thousands)	​	(unaudited)		​	(audited)
ASSETS	​	​	​	​	​	​
Cash and due from banks	​	$	25,257	​	$	27,307
Interest-bearing deposits in banks and federal funds sold	​		134,362	​		230,333
Cash and cash equivalents	​		159,619	​		257,640
Investment securities available for sale, at fair value	​		370,821	​		383,817
Investment securities held to maturity, at amortized cost	​		365,251	​		386,618
Other investments	​		17,864	​		19,176
Loans held for sale	​		24,218	​		78,990
Loans, net of unearned income	​		2,464,834	​		2,381,224
Allowance for credit losses	​		(22,034)	​		(23,014)
Loans, net	​		2,442,800	​		2,358,210
Premises and equipment	​		37,139	​		37,045
Other real estate owned	​		1,829	​		1,048
Goodwill	​		63,047	​		63,873
Other intangible assets	​		6,971	​		7,851
Bank owned life insurance	​		68,693	​		68,457
Deferred income taxes, net	​		17,986	​		19,582
Other assets	​		51,345	​		53,094
Total assets	​	$	3,627,583	​	$	3,735,401
​	​	​	​	​	​	​
LIABILITIES AND STOCKHOLDERS’ EQUITY	​	​	​	​	​	​
Liabilities:	​	​	​	​	​	​
Deposits:	​	​	​	​	​	​
Noninterest-bearing	​	$	464,062	​	$	526,803
Interest-bearing	​		2,508,114	​		2,540,718
Total deposits	​		2,972,176	​		3,067,521
Federal Home Loan Bank advances	​		169,989	​		194,972
Other borrowed money	​	​	63,179	​		63,132
Accrued expenses and other liabilities	​	​	32,273	​		33,856
Total liabilities	​	​	3,237,617	​		3,359,481
​	​	​	​	​	​	​
Stockholders’ equity	​	​	​	​	​	​
Common stock, $1 par value; 50,000,000 shares authorized, 21,158,353 and 21,251,695 issued and outstanding, respectively	​		21,158	​		21,252
Paid in capital	​		227,246	​		228,577
Retained earnings	​		174,558	​		160,584
Accumulated other comprehensive loss, net of tax	​		(32,996)	​		(34,493)
Total stockholders’ equity	​	​	389,966	​	​	375,920
Total liabilities and stockholders’ equity	​	$	3,627,583	​	$	3,735,401

​

​

13

Colony Bankcorp, Inc.

Consolidated Statements of Income (unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

Six months ended June 30,

​

​ ​ ​

2026

​ ​ ​

2025

​ ​ ​

2026

​ ​ ​

2025

(dollars in thousands, except per share data)

​

​

​

​

​

​

​

​

​

​

​

​

Interest income:

​

​

​

​

​

​

​

​

​

​

​

​

Loans, including fees

​

$

39,114

​

$

30,361

​

$

77,088

​

$

58,337

Investment securities

​

4,837

​

5,148

​

9,760

​

10,375

Deposits in banks and short term investments

​

1,830

​

1,326

​

3,823

​

3,648

Total interest income

​

45,781

​

36,835

​

90,671

​

72,360

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense:

​

​

​

​

​

​

​

​

​

​

​

​

Deposits

​

13,237

​

11,632

​

26,051

​

23,405

Federal Home Loan Bank advances

​

1,784

​

1,889

​

3,769

​

3,762

Other borrowings

​

891

​

929

​

1,779

​

1,856

Total interest expense

​

15,912

​

14,450

​

31,599

​

29,023

Net interest income

​

29,869

​

22,385

​

59,072

​

43,337

Provision for credit losses

​

1,900

​

450

​

3,650

​

1,950

Net interest income after provision for credit losses

​

27,969

​

21,935

​

55,422

​

41,387

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income:

​

​

​

​

​

​

​

​

​

​

​

​

Service charges on deposits

​

2,561

​

2,219

​

5,122

​

4,391

Mortgage fee income

​

2,141

​

1,984

​

4,076

​

3,563

Gain on sales of SBA loans

​

506

​

1,550

​

1,468

​

2,585

Other SBA income

​

​

692

​

​

595

​

​

1,406

​

​

1,251

Loss on sales of securities

​

(186)

​

—

​

(186)

​

—

Interchange fees

​

2,400

​

2,073

​

4,586

​

4,011

BOLI income

​

1,217

​

423

​

1,694

​

819

Insurance commissions

​

922

​

766

​

1,766

​

1,235

Other

​

1,905

​

488

​

2,919

​

1,287

Total noninterest income

​

12,158

​

10,098

​

22,851

​

19,142

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest expense:

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and employee benefits

​

15,539

​

12,865

​

31,462

​

24,770

Occupancy and equipment

​

2,109

​

1,683

​

4,066

​

3,263

Acquisition related

​

943

​

—

​

2,580

​

—

Information technology expenses

​

2,902

​

2,592

​

5,675

​

5,069

Professional fees

​

939

​

742

​

2,059

​

1,490

Advertising and public relations

​

982

​

942

​

2,088

​

1,747

Communications

​

235

​

188

​

460

​

393

Other

​

2,782

​

2,992

​

5,716

​

5,493

Total noninterest expense

​

26,431

​

22,004

​

54,106

​

42,225

Income before income taxes

​

13,696

​

10,029

​

24,167

​

18,304

Income taxes

​

2,839

​

2,051

​

5,106

​

3,713

Net income

​

$

10,857

​

$

7,978

​

$

19,061

​

$

14,591

Earnings per common share:

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

0.51

​

$

0.46

​

$

0.90

​

$

0.83

Diluted

​

0.51

​

0.46

​

0.90

​

0.83

Dividends declared per share

​

0.1200

​

0.1150

​

0.2400

​

0.2300

Weighted average common shares outstanding:

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

21,160,128

​

17,448,945

​

21,191,011

​

17,478,836

Diluted

​

21,160,128

​

17,448,945

​

21,191,011

​

17,478,836

​

​

14

Colony Bankcorp, Inc.

Quarterly Consolidated Statements of Income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

2025

​

​

Second

​

First

​

Fourth

​

Third

​

Second

​

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Quarter

(dollars in thousands, except per share data)

​

(unaudited)

​

(unaudited)

​ ​ ​

(unaudited)

​ ​ ​

(unaudited)

​ ​ ​

(unaudited)

Interest income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans, including fees

​

$

39,114

​

$

37,974

​

$

34,461

​

$

31,535

​

$

30,361

Investment securities

​

4,837

​

4,923

​

4,543

​

4,518

​

5,148

Deposits in banks and short term investments

​

1,830

​

1,993

​

1,696

​

839

​

1,326

Total interest income

​

45,781

​

44,890

​

40,700

​

36,892

​

36,835

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deposits

​

13,237

​

12,814

​

11,973

​

11,332

​

11,632

Federal Home Loan Bank advances

​

1,784

​

1,985

​

1,947

​

1,909

​

1,889

Other borrowings

​

891

​

888

​

915

​

952

​

929

Total interest expense

​

15,912

​

15,687

​

14,835

​

14,193

​

14,450

Net interest income

​

29,869

​

29,203

​

25,865

​

22,699

​

22,385

Provision for credit losses

​

1,900

​

1,750

​

1,650

​

900

​

450

Net interest income after provision for credit losses

​

27,969

​

27,453

​

24,215

​

21,799

​

21,935

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Service charges on deposits

​

2,561

​

2,561

​

2,664

​

2,640

​

2,219

Mortgage fee income

​

2,141

​

1,935

​

2,121

​

1,851

​

1,984

Gain on sales of SBA loans

​

506

​

962

​

1,376

​

1,411

​

1,550

Other SBA income

​

​

692

​

​

714

​

​

663

​

​

686

​

​

595

Loss on sales of securities

​

(186)

​

—

​

—

​

(1,039)

​

—

Interchange fees

​

2,400

​

2,186

​

2,154

​

2,273

​

2,073

BOLI income

​

1,217

​

477

​

577

​

396

​

423

Insurance commissions

​

922

​

844

​

755

​

874

​

766

Other

​

1,905

​

1,013

​

737

​

999

​

488

Total noninterest income

​

12,158

​

10,692

​

11,047

​

10,091

​

10,098

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and employee benefits

​

15,539

​

15,923

​

14,115

​

13,532

​

12,865

Occupancy and equipment

​

2,109

​

1,957

​

1,758

​

1,732

​

1,683

Acquisition related

​

943

​

1,637

​

1,331

​

732

​

—

Information technology expenses

​

2,902

​

2,774

​

2,903

​

2,680

​

2,592

Professional fees

​

939

​

1,120

​

1,019

​

998

​

742

Advertising and public relations

​

982

​

1,106

​

1,402

​

1,130

​

942

Communications

​

235

​

224

​

194

​

218

​

188

Other

​

2,782

​

2,933

​

2,987

​

3,590

​

2,992

Total noninterest expense

​

26,431

​

27,674

​

25,709

​

24,612

​

22,004

Income before income taxes

​

13,696

​

10,471

​

9,553

​

7,278

​

10,029

Income taxes

​

2,839

​

2,267

​

1,710

​

1,459

​

2,051

Net income

​

$

10,857

​

$

8,204

​

$

7,843

​

$

5,819

​

$

7,978

Earnings per common share:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

0.51

​

$

0.39

​

$

0.42

​

$

0.33

​

$

0.46

Diluted

​

0.51

​

0.39

​

0.42

​

0.33

​

0.46

Dividends declared per share

​

0.1200

​

0.1200

​

0.1150

​

0.1150

​

0.1150

Weighted average common shares outstanding:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

21,160,128

​

21,222,237

​

18,729,511

​

17,461,434

​

17,448,945

Diluted

​

21,160,128

​

21,222,237

​

18,729,511

​

17,461,434

​

17,448,945

​

​

15

Colony Bankcorp, Inc.

Quarterly Deposits Composition Comparison

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

2025

​

​

Second

​

First

​ ​ ​

Fourth

​ ​ ​

Third

​ ​ ​

Second

(dollars in thousands)

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Quarter

Noninterest-bearing demand

​

$

464,062

​

$

495,234

​

$

526,803

​

$

442,142

​

$

434,785

Interest-bearing demand

​

900,546

​

927,768

​

932,262

​

811,031

​

838,540

Savings and money markets

​

779,890

​

806,434

​

787,811

​

644,312

​

667,135

Time over $250,000

​

264,968

​

237,311

​

239,175

​

192,545

​

193,427

Other time

​

562,710

​

581,672

​

581,470

​

494,299

​

422,343

Total

​

$

2,972,176

​

$

3,048,419

​

$

3,067,521

​

$

2,584,329

​

$

2,556,230

​

Colony Bankcorp, Inc.

Quarterly Deposits by Location Comparison

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

2025

​

​

Second

​

First

​ ​ ​

Fourth

​ ​ ​

Third

​ ​ ​

Second

(dollars in thousands)

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Quarter

Augusta

​

$

29,688

​

$

22,496

​

$

18,387

​

$

—

​

$

—

Florida

​

171,594

​

167,406

​

157,056

​

—

​

—

Coastal Georgia

​

136,189

​

129,957

​

141,013

​

127,587

​

138,838

Middle Georgia

​

257,035

​

266,574

​

262,075

​

259,934

​

277,880

Atlanta and North Georgia

​

305,149

​

311,159

​

335,762

​

315,822

​

344,329

South Georgia

​

1,382,532

​

1,421,164

​

1,431,775

​

1,205,891

​

1,203,732

West Georgia

​

311,776

​

328,077

​

326,054

​

341,056

​

325,946

Brokered deposits

​

123,512

​

136,894

​

131,906

​

130,000

​

59,494

Reciprocal deposits

​

254,701

​

264,692

​

263,493

​

204,039

​

206,011

Total

​

$

2,972,176

​

$

3,048,419

​

$

3,067,521

​

$

2,584,329

​

$

2,556,230

​

Colony Bankcorp, Inc.

Quarterly Loan Comparison

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

2025

​

​

Second

​

First

​ ​ ​

Fourth

​ ​ ​

Third

​ ​ ​

Second

(dollars in thousands)

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Quarter

Core

​

$

2,011,354

​

$

1,940,583

​

$

1,885,200

​

$

1,935,648

​

$

1,887,456

Purchased

​

453,480

​

472,882

​

496,024

​

101,408

​

106,124

Loans, net of unearned income

​

$

2,464,834

​

$

2,413,465

​

$

2,381,224

​

$

2,037,056

​

$

1,993,580

​

​

Colony Bankcorp, Inc.

Quarterly Loans by Composition Comparison

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

2025

​

​

Second

​

First

​ ​ ​

Fourth

​ ​ ​

Third

​ ​ ​

Second

(dollars in thousands)

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Quarter

Construction, land & land development

​

$

285,508

​

$

309,161

​

$

302,512

​

$

240,819

​

$

238,078

Other commercial real estate

​

1,272,574

​

1,240,210

​

1,249,720

​

1,064,984

​

1,059,149

Total commercial real estate

​

1,558,082

​

1,549,371

​

1,552,232

​

1,305,803

​

1,297,227

Residential real estate

​

499,015

​

483,247

​

459,549

​

377,058

​

356,515

Commercial, financial & agricultural

​

230,364

​

220,933

​

218,532

​

213,274

​

212,872

Consumer and other

​

177,373

​

159,914

​

150,911

​

140,921

​

126,966

Loans, net of unearned income

​

$

2,464,834

​

$

2,413,465

​

$

2,381,224

​

$

2,037,056

​

$

1,993,580

​

​

16

Colony Bankcorp, Inc.

Quarterly Loans by Location Comparison

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

2025

​

​

Second

​

First

​ ​ ​

Fourth

​ ​ ​

Third

​ ​ ​

Second

(dollars in thousands)

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Quarter

Alabama

​

$

49,410

​

$

49,546

​

$

47,971

​

$

48,351

​

$

50,856

Florida

​

243,326

​

238,262

​

236,810

​

26,061

​

24,562

Augusta

​

85,593

​

84,548

​

85,072

​

92,988

​

95,246

Coastal Georgia

​

354,035

​

355,350

​

358,271

​

263,763

​

253,177

Middle Georgia

​

113,706

​

115,385

​

121,276

​

120,601

​

125,435

Atlanta and North Georgia

​

445,409

​

455,197

​

456,593

​

463,007

​

445,921

South Georgia

​

523,424

​

512,651

​

462,085

​

403,192

​

408,954

West Georgia

​

202,800

​

186,661

​

174,626

​

172,688

​

168,968

Small Business Specialty Lending

​

80,864

​

83,288

​

84,928

​

84,999

​

81,242

Consumer Portfolio Mortgages

​

258,769

​

236,984

​

263,385

​

270,941

​

262,846

Marine/RV Lending

​

106,823

​

94,775

​

88,852

​

88,968

​

75,649

Other

​

675

​

818

​

1,355

​

1,497

​

724

Loans, net of unearned income

​

$

2,464,834

​

$

2,413,465

​

$

2,381,224

​

$

2,037,056

​

$

1,993,580

​

​

Colony Bankcorp, Inc.

Classified Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

2025

​

​

Second

​

First

​

Fourth

​

Third

​

Second

(dollars in thousands)

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

​

$

​

#

​

$

​

#

​ ​ ​

$

​

#

​ ​ ​

$

​

#

​ ​ ​

$

​

#

Construction, land & land development

​

$

381

​

12

​

$

214

​

8

​

$

1,438

​

10

​

$

1,644

​

8

​

$

126

​

4

Other commercial real estate

​

​

19,868

​

45

​

​

23,966

​

52

​

​

22,871

​

52

​

12,973

​

45

​

16,687

​

48

Residential real estate

​

​

5,870

​

91

​

​

6,160

​

95

​

​

6,115

​

92

​

1,503

​

75

​

1,222

​

73

Commercial, financial & agricultural

​

​

7,166

​

90

​

​

8,655

​

107

​

​

9,857

​

109

​

7,947

​

90

​

7,071

​

64

Consumer and other

​

​

341

​

40

​

​

230

​

32

​

​

200

​

34

​

116

​

27

​

6

​

25

TOTAL

​

$

33,626

​

278

​

$

39,225

​

294

​

$

40,481

​

297

​

$

24,183

​

245

​

$

25,112

​

214

Classified loans to total loans

​

​

1.36

%

​

​

​

1.63

%

​

​

​

1.70

%

​

​

1.19

%

​

​

1.26

%

​

​

​

17

Colony Bankcorp, Inc.

Criticized Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

2025

​

​

Second

​

First

​

Fourth

​

Third

​

Second

(dollars in thousands)

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

​

$

​

#

​

$

​

#

​ ​ ​

$

​

#

​ ​ ​

$

​

#

​ ​ ​

$

​

#

Construction, land & land development

​

$

6,352

​

36

​

$

6,574

​

34

​

$

17,605

​

13

​

$

14,393

​

12

​

$

2,207

​

10

Other commercial real estate

​

58,023

​

71

​

54,522

​

69

​

40,073

​

71

​

24,934

​

60

​

30,034

​

69

Residential real estate

​

10,525

​

96

​

12,522

​

103

​

11,515

​

99

​

6,528

​

81

​

7,224

​

79

Commercial, financial & agricultural

​

11,439

​

97

​

12,892

​

114

​

15,197

​

120

​

14,403

​

99

​

15,212

​

85

Consumer and other

​

341

​

40

​

230

​

32

​

331

​

35

​

247

​

28

​

137

​

26

TOTAL

​

$

86,680

​

340

​

$

86,740

​

352

​

$

84,721

​

338

​

$

60,505

​

280

​

$

54,814

​

269

Criticized loans to total loans

​

3.52

%

​

​

3.59

%

​

​

3.56

%

​

​

2.97

%

​

​

2.75

%

​

​

​

​

Colony Bankcorp, Inc.

Quarterly Net Charge offs by Composition

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026

​

2025

​

​

​

Second

​

First

​ ​ ​

Fourth

​ ​ ​

Third

​ ​ ​

Second

​ ​ ​

​

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Quarter

​

Construction, land & land development

​

​

(0.01)

%

​

-

%

​

-

%

​

-

%

​

-

%

Other commercial real estate

​

0.08

​

0.08

​

(0.04)

​

0.05

​

0.01

​

Residential real estate

​

-

​

0.01

​

(0.01)

​

(0.01)

​

0.02

​

Commercial, financial & agricultural

​

0.10

​

0.12

​

0.22

​

0.24

​

0.12

​

Consumer and other

​

0.12

​

0.08

​

0.13

​

0.08

​

0.06

​

Loans, net of unearned income

​

​

0.29

%

​

0.29

%

​

0.30

%

​

0.36

%

​

0.21

%

​

18

Exhibit 99.2

INVESTOR PRESENTATION Second Quarter 2026

2 CAUTIONARY STATEMENTS This presentation contains “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, certain statements may be contained in Colony Bankcorp, Inc.’s (the “Company” or “Colony”) future filings with the Securities and Exchange Commission (the “SEC”), in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to: (i) projections and/or expectations of revenues, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statement of plans and objectives of Colony Bankcorp, Inc. or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; (iv) statements regarding growth strategy, capital management, liquidity and funding, and future profitability; (v) statements relating to the timing, benefits, costs, and synergies of the recently announced acquisition of First Reliance Bancshares, Inc. (“First Reliance”) (the “Merger”), and (vi) statements of assumptions underlying such statements. Words such as “may”, “will”, “anticipate”, “assume”, “should”, “support”, “indicate”, “would”, “believe”, “contemplate”, “expect”, “estimate”, “continue”, “further”, “plan”, “point to”, “project”, “could”, “intend”, “target” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: the impact of current and future economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, tariffs or trade wars (including the resulting reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services), high unemployment rates, inflationary pressures, changes in interest rates (including the impact of volatile interest rates on our financial projections and models) and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; the risk of reductions in benchmark interest rates and the resulting impacts on net interest income; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; risks arising from negative media coverage and perceived instability in the banking industry and the banking sector; the risks of changes in interest rates and their effects on the level, cost, and composition of, and competition for, deposits, loan demand and timing of payments, the values of loan collateral, securities, and interest sensitive assets and liabilities; the ability to attract new or retain existing deposits, to retain or grow loans or additional interest and fee income, or to control noninterest expense; the effect of pricing pressures on the Company’s net interest margin; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values; the Company’s ability to implement its various strategic and growth initiatives; increased competition in the financial services industry, particularly from regional and national institutions, as well as fintech companies and other non-bank financial service providers offering digital, automated or alternative financial products and services; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; changes in the prices, values and sales volumes of residential and commercial real estate; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; legislation or regulatory changes which adversely affect the ability of the consolidated Company to conduct business combinations or new operations; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company’s participation in and execution of government programs, those related to credit card interest rates, and legislative, regulatory or supervisory actions related to so-called "de-banking," including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational practices; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in the stock market prices on our investment securities; significant volatility in the markets for equity, fixed income and other asset classes globally or within specific markets; the effects of

3 CAUTIONARY STATEMENTS war or other conflicts, including the ongoing conflicts in the Middle East; major political shifts domestically or internationally (including the potential for retaliatory actions by governments, market participants or clients based on diverging perspectives or otherwise); general risks related to the Company's merger and acquisition activity, Including risks associated with integrating and realizing the expected financial benefits of previous or pending acquisitions, and the Company’s pursuit of future acquisitions; risks associated with the Merger, including (a) the risk that the cost savings and any revenue synergies may not be realized or take longer than anticipated to be realized, (b) disruption with customers, suppliers, employee or other business partners relationships, (c) the risk of successful integration of First Reliance’s business into the Company, (d) the risk of successful integration of First Reliance’s business into the Company, (e) the reaction of each of the Company's and First Reliance’s customers, suppliers, employees or other business partners to the Merger, (f) the risk that the integration of First Reliance’s operations into the operations of the Company will be materially delayed or will be more costly or difficult that expected, (g) the timing and achievement of expected cost reductions following the Merger, and (h) the timing and achievement of the recovery of the reduction of tangible book value resulting from the Merger; general competitive, economic, political, and market conditions; the impact of emerging technologies, such as generative artificial intelligence; fraud or misconduct by internal or external actors, and system failures, cybersecurity threats or security breaches and the cost of defending against them; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding debt ceiling and the federal budget; and general competitive, economic, political and market conditions or other unexpected factors or events. These and other factors, risks and uncertainties could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Many of these factors are beyond the Company’s ability to control or predict. Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company’s management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company’s filings with the Securities and Exchange Commission, the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors,” and in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements. Additional Information About the Proposed Merger and Where to Find It This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the proposed merger, the Company will file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of First Reliance Bancshares, Inc. (“First Reliance”) and the Company and a prospectus of the Company, as well as other relevant documents concerning the proposed transaction. WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, FIRST RELIANCE AND THE PROPOSED MERGER. The joint proxy statement/prospectus will be sent to the shareholders of both the Company and First Reliance seeking the required shareholder approvals. Investors and security holders will be able to obtain free copies of the registration statement on Form S-4 and the related joint proxy statement/prospectus, when filed, as well as other documents filed with the SEC by the Company through the website maintained by the SEC at www.sec.gov. Documents filed with the SEC by the Company will also be available free of charge by directing a written request to Colony Bankcorp, Inc., 115 South Grant Street, Fitzgerald, Georgia 31750, Attn: Derek Shelnutt and on the Company’s website, colony.bank, under Investor Relations. The Company’s telephone number is (229) 426-6000.

4 NON-GAAP FINANCIAL MEASURES Statements included in this presentation include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measures to GAAP financial measures. The non-GAAP financial measures used in this presentation include the following: operating noninterest income, operating noninterest expense, operating net income, operating earnings per diluted share, operating return on average assets, operating return on average equity, operating return on average tangible equity, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio, operating net noninterest expense to average assets and pre-provision net revenue. The most comparable GAAP measures are noninterest income, noninterest expense, net income, diluted earnings per share, return on average assets, return on average equity, book value per common share, total equity to total assets, efficiency ratio, net noninterest expense to average assets and net interest income before provision for credit losses, respectively. Operating noninterest income excludes loss on sales of securities. Operating noninterest expense excludes severance costs, acquisition-related expenses and loss related to wire fraud incident. Operating net income, operating return on average assets, operating return on average equity, operating return on average tangible equity and operating efficiency ratio all exclude severance costs, acquisition-related expenses, loss on sales of securities, and loss related to wire fraud incident from net income, return on average assets, return on average equity and efficiency ratio, respectively. Operating net noninterest expense to average assets ratio excludes from net noninterest expense, severance costs, acquisition-related expenses, loss on sales of securities, and loss related to wire fraud incident. Acquisition-related expenses includes fees associated with acquisitions and vendor contract buyouts. Severance costs includes costs associated with termination and retirement of employees. Operating earnings per diluted share includes the adjustments to operating net income. Tangible book value per common share, tangible equity to tangible assets and operating return on average tangible equity exclude goodwill and other intangibles from book value per common share, total equity to total assets and return on average equity, respectively. Pre-provision net revenue is calculated by adding noninterest income to net interest income before provision for credit losses, and subtracting noninterest expense. Management uses these non-GAAP financial measures in its analysis of the Company's performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance, and if not provided would be requested by the investor community. The Company believes the non-GAAP measures enhance investors' understanding of the Company's business and performance. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider Colony Bankcorp, Inc. performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of Colony Bankcorp, Inc. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.

5 • $3.6 billion in assets as of June 30, 2026 • 37 locations in Georgia, 1 in Alabama and 5 in Florida • Diversified and scalable revenue streams • Proven history of consistent organic growth • Strong core deposit funding COMPANY PROFILE

6

7

8 Name Position Years In Banking Years With Colony T. Heath Fountain Chief Executive Officer 26 7 R. Dallis "D" Copeland, Jr. President 34 4 Derek Shelnutt EVP, Chief Financial Officer 12 5 Edward "Lee" Bagwell EVP, Chief Risk Officer and General Counsel 23 23 Leonard H. "Lenny" Bateman EVP, Chief Credit Officer 30 19* Ed Canup EVP, Chief Banking Officer 43 3 Kimberly Dockery EVP, Chief of Staff 20 7 Daniel Rentz EVP, Chief Information Officer 19 19 Laurie Senn EVP, Chief Administrative Officer 23 5 Greg Eiford EVP, Chief Community Banking Officer 17 17* *Executives joining Colony through mergers include prior organization service EXECUTIVE LEADERSHIP TEAM

9 SECOND QUARTER FINANCIAL HIGHLIGHTS • Operating net income(1) of $11.0 million • Seventh consecutive quarter of net interest margin expansion to 3.52% • Operating return on average assets(1) of 1.20% • Operating earnings per share(1) of $0.52 • Operating return on average equity(1) of 11.51% and operating return on average tangible equity(1) of 14.09% • Loans increased $51.4 million • 1.75% cost of deposits • Operating net noninterest expenses to average assets(1) of 1.51% • Tangible book value per common share(1) of $15.12 Reported Operating(1) Net Income ($mm) $10.86 $11.04 Earnings Per Share $0.51 $0.52 Return on Average Assets 1.18% 1.20% Return on Average Total Equity 11.33% 11.51% Return on Average Tangible Equity 13.86% 14.09% Net Interest Margin 3.52% 3.52% (1) Non-GAAP financial measure. See non-GAAP reconciliations within this presentation.

10 QUARTERLY FINANCIAL HIGHLIGHTS (1) Non-GAAP financial measure. See non-GAAP reconciliations within this presentation. $ in thousands, except per share data 2Q26 1Q26 2Q25 GAAP Highlights Net Income $10,857 $8,204 $7,978 Earnings per share $0.51 $0.39 $0.46 Return on average assets 1.18% 0.90% 1.02% Net interest margin 3.52% 3.48% 3.12% Book value per common share $18.43 $17.98 $16.87 Operating Highlights(1) Operating net income $11,036 $9,485 $7,978 Operating earnings per share $0.52 $0.45 $0.46 Pre-Provision Net Revenue $15,596 $12,221 $10,479 Operating Pre-Provision Net Revenue $16,019 $13,858 $10,479 Operating return on average assets 1.20% 1.04% 1.02% Operating net noninterest expense to average assets 1.51% 1.68% 1.52% Tangible book value per common share $15.12 $14.65 $13.73 • Increase in earnings led by another consecutive quarter of net interest margin expansion • Consistent increase in Operating Pre-Provision Net Revenue(1) • Continued growth in tangible book value per common share(1) • Creating operating efficiency by improving net noninterest expense to average assets

11 DELIVERING SHAREHOLDER VALUE (1) Non-GAAP financial measure. See non-GAAP reconciliations within this presentation. $0.46 $0.47 $0.48 $0.45 $0.52 2Q25 3Q25 4Q25 1Q26 2Q26 Operating Earnings Per Share(1) $8.0 $8.2 $8.9 $9.5 $11.0 2Q25 3Q25 4Q25 1Q26 2Q26 Operating Net Income in million(1) 1.02% 1.06% 1.05% 1.04% 1.20% 2Q25 3Q25 4Q25 1Q26 2Q26 Operating Return on Average Assets(1) 3.12% 3.17% 3.32% 3.48% 3.52% 2Q25 3Q25 4Q25 1Q26 2Q26 Net Interest Margin 7.81% 8.00% 8.30% 8.49% 8.99% 2Q25 3Q25 4Q25 1Q26 2Q26 Tangible Equity to Tangible Assets(1)

12 OBJECTIVES AND FOCUS • Achieve performance objectives in complementary lines of business • Maintain noninterest expense discipline to align with growth expectations • Achieve return on assets target of >1.35% • Successfully complete the First Reliance merger • Focus on growing core deposits and customer relationships • Growing wallet share and revenue per customer using data advancements Short-Term Objectives Long-Term Objectives • 5 complementary lines of business > $1 million in net income • Improve efficiency through economies of scale • Return on assets in top quartile of peers • Continue to benefit from industry consolidation • Grow our customer base by 8 - 12% per year

13 ORGANIC GROWTH • Presence in dynamic growth markets of Atlanta, Augusta, Birmingham, Jacksonville, Tallahassee, the Florida Panhandle, and Savannah provides opportunity for above average growth • Second-tier MSA markets of Albany, Columbus, Macon, Valdosta, and Tifton have significant market share held by large regional and national banks, creating the opportunity for growth in market share • First Reliance merger will add highly attractive markets for organic growth in South Carolina • Smaller markets where Colony has stable deposits and significant market shares creates the opportunity to grow insurance, wealth management and other complementary lines of business • Industry consolidation is creating favorable opportunities for us to leverage our scale, strengthen market position, and drive disciplined growth. • Proactive calling effort by bankers, including executive and senior management, to develop new business and deepen relationships • Long term organic growth target of 8 - 12%

14 M&A STRATEGY • Colony seeks to benefit from industry consolidation and become the acquirer of choice in Georgia and contiguous states • 356 banks under $1 billion • 79 banks between $1 billion and $3 billion • Proactive outreach effort to generate opportunities • Management team with deep M&A experience

15 FIRST RELIANCE MERGER • Entry into bordering state of South Carolina with significant presence in the major cities of Greenville, Charleston, Columbia, Myrtle Beach and Florence. • Enables cross-sell of noninterest income products, such as insurance, wealth, merchant services and credit cards, into First Reliance’s existing customer base and across new markets • Anticipated closing in Q4 2026 – Subject to Colony and First Reliance shareholder approvals and customary regulatory approvals and closing conditions • Regulatory applications filed in early July • S-4 is expected to be filed in third quarter

16 FIRST RELIANCE MERGER - FINANCIAL HIGHLIGHTS • First Reliance Bancshares, Inc. to merge with and into Colony Bankcorp, Inc. • Pro Forma Assets of approximately $5 billion • Implied Aggregate Transaction Value at Announcement: $163 million • Price/Tangible Book Value per Share: 162% • Estimated tangible book value dilution of approximately 12% and a manageable earnback of less than 3.5 years • ~20% earnings accretion with fully realized cost savings (1) • Consideration Mix: 80% stock l 20% cash • Cost savings of approximately $37.6 million or 35% of First Reliance Bancshares’ projected 2028 noninterest expense phased in 60% in 2027 and 100% thereafter (1) Pro forma impact is presented for illustrative purposes only and is subject to change based on final purchase accounting entries

17 EFFICIENCY AND SCALING • Focused on process improvement and ensuring it is easy to do business with Colony Bank • Utilization of Robotic Process Automation ("RPA") and other innovative technology to improve the customer experience • Leveraging AI to streamline workflows, reduce manual processes, and scale operations efficiently • Implementation of cross functional teams to reduce friction and improve the customer experience • Building operational capacity in order to maintain efficiency through organic growth and M&A

18 INNOVATION AND DATA STRATEGY • Investing in Innovation: Participating in fintech funds that connect us with leading technology partners and emerging solutions shaping the future of banking • Expanding Through Fintech Partnerships: Partnering with innovative fintechs to deliver modern products and services that allow us to compete with regional and national banks • Building a Data-Driven Foundation: Implementing a data warehouse to unify information across the organization and deliver smarter, faster decisions • Turning Insights into Growth: Leveraging data and advanced analytics to deepen relationships and drive targeted market disruption campaigns • Enhancing the Customer Experience: Using technology to deliver greater convenience while maintaining the personal touch that defines us

19 COMPLEMENTARY LINES OF BUSINESS 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 (Dollars in thousands) Pre-tax Profit/Loss Pre-tax Profit/Loss Pre-tax Profit/Loss Pre-tax Profit/Loss Pre-tax Profit/Loss Mortgage $ 317 $ (153) $ 382 $ 222 $ 432 SBSL 362 362 672 95 188 Marine/RV Lending 349 448 538 459 511 Merchant Services 25 99 116 120 134 Colony Financial Advisors 35 80 66 103 469 Colony Insurance 67 94 (31) 104 117 TOTAL $ 1,155 $ 930 $ 1,743 $ 1,103 $ 1,851

20 SMALL BUSINESS SPECIALTY LENDING GROUP (Dollars in millions) Production and Sales Volume Loan Portfolio Breakdown - $80.9 million $15.8 $28.4 $29.1 $13.1 $13.0 $17.9 $18.2 $16.8 $10.4 $5.5 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Production Sales

21 MORTGAGE DIVISION (Dollars in millions) • Improved production and sales volumes relative to changing market rates • Remain focused on secondary market products and gain on sale of mortgage loans • Continue to adjust staffing levels, delivery models and product set to maintain profitability Production and Sales Volume $94.9 $87.3 $89.5 $88.5 $115.4 $65.3 $65.1 $68.1 $61.4 $67.3 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Production Sales

22 COLONY FINANCIAL ADVISORS (Dollars in millions) • Established and experienced financial advisor team • Recent addition of two seasoned advisors who bring deep client relationships and proven advisory expertise • Attractive opportunities for growth in key markets of Atlanta, Jacksonville, Savannah, and Tallahassee • Focused on attracting and recruiting top financial advisors to support growth and long-term business line performance $219 $206 $462 $555 $637 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Assets Under Management

23 COLONY INSURANCE • Premium rate increases have presented some retention challenges, though moderation in rate adjustments is expected during 2026 • Investment in both internal and external lead generation to support consistent growth • Bank referrals increased 33.4% for the first six months of 2026 compared to the first six months of 2025, reflective of improved team coordination and a sales-focused culture (1) The Company acquired the Ellerbee Insurance Agency on April 1, 2025. 21,102 20,596 20,309 20,072 20,072 2Q 2025(1) 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Items In Force $34.2 $34.6 $34.4 $34.2 $34.4 2Q 2025(1) 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Premiums In Force (Dollars in millions)

24 The current indicated annual rate is $0.48 per share, equating to a yield of 2.3%.(2) SHAREHOLDER FOCUSED DIVIDEND POLICY (1) The Board of Directors declared a dividend to be paid on its common stock on August 19, 2026, to shareholders of record as of the close of business on August 5, 2026. (2) Yield is based on closing stock price on July 20, 2026 of $20.89. $0.1075 $0.1100 $0.1125 $0.1150 $0.1200 2022 2023 2024 2025 2026(1) Quarterly Dividend Payment

25 CAPITAL RATIOS 9.6% 9.9% 10.8% 9.8% 10.2% 13.4% 13.4% 13.6% 13.4% 13.9% 16.1% 16.0% 16.0% 15.8% 16.2% 12.3% 12.4% 12.7% 12.5% 13.0% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Tier One Leverage Ratio Tier One Ratio Total Risk-based Capital Ratio Common Equity Tier One Capital Ratio

26 STRENGTH IN OUR LIQUIDITY POSITION Significant liquidity sources (dollars in millions) FRB Reserves $ 118.5 Other Cash and Due from Banks 39.7 Unencumbered Securities 375.4 FHLB Borrowing Capacity 941.5 Fed Fund Lines 143.0 FRB Discount Window 134.4 Total Liquidity Sources $ 1,752.5 Debt Funding* (dollars in millions) *Reported as of last day of each period As of June 30, 2026 $24.2 $24.2 $24.2 $24.2 $24.2 $38.9 $38.9 $38.9 $38.9 $39.0 $185.0 $185.0 $195.0 $195.0 $170.0 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Trust Preferred Securities Subordinated Debentures FHLB Borrowings

27 ANNUAL NONINTEREST INCOME MIX 35% 30% 31% 34% 30% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2021 2022 2023 2024 2025 Service Charges & Fees Mortgage Loans & Related Fees SBA & Related Fees Insurance Division Merchant Services Wealth Management Interchange Income Other Total Non Int Inc/Total Income

28 QUARTERLY NONINTEREST INCOME MIX 31% 31% 30% 27% 29% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Service Charges & Fees Mortgage Loans & Related Fees SBA & Related Fees Insurance Division Merchant Services Wealth Management Interchange Income Other Total Non Int Inc/Total Income

29 ANNUAL DEPOSIT MIX AND PRICING 0.19% 0.32% 1.76% 2.42% 2.15% 2021 2022 2023 2024 2025 Noninterest-bearing Interest-bearing Savings/money market Time Cost of interest-bearing deposits

30 QUARTERLY DEPOSIT MIX AND PRICING 2.18% 2.14% 2.07% 2.05% 2.08% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Noninterest-bearing Interest-bearing Savings/money market Time Cost of interest-bearing deposits

31 DEPOSIT BALANCE DATA • Commercial/business is 15.3% of accounts and represents 42.6% of total deposits balance • Consumer is 84.7% of accounts and represents 57.4% of total deposits balance As of June 30, 2026 (excludes brokered and reciprocal deposits) (Dollars in thousands) $12.9 $13.2 $14.6 $14.3 $13.2 $21.5 $21.3 $22.9 $21.9 $21.5 $39.4 $38.4 $39.9 $41.7 $42.0 $52.8 $53.4 $55.8 $56.4 $59.2 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 AVERAGE DEPOSIT BALANCE PER ACCOUNT Noninterest-bearing Interest-bearing Savings/money market Time

32 DIVERSITY OF BUSINESS DEPOSIT BASE As determined by customer provided NAICS Codes As of June 30, 2026

33 LOAN PORTFOLIO BREAKDOWN As of June 30, 2026 $2,464.8 million $2,057.16 million

34 LOAN PORTFOLIO 5.85% 5.89% 5.84% 5.88% 5.93% 15.43% 15.16% 14.39% 13.48% 13.08% 9.84% 9.84% 8.54% 8.67% 8.53% 10.94% 10.89% 11.09% 11.42% 11.50% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Loan Yields by Department/Product Bank-Internally Originated Third Party Originators-Upstart SBSL-7a SBSL-Express/Flash/Lightning $(250,000) $- $250,000 $500,000 $750,000 $1,000,000 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Net Credit Losses by Department/Product Bank-Internally Originated Third Party Originators-Upstart SBSL-7a SBSL-Express/Flash/Lightning

35 CREDIT MIGRATION $- $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Classified Loans Newly Identified Loans Resolutions/Payoffs/Upgrades $- $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Criticized Loans Newly Identified Loans Resolutions/Payoffs/Upgrades

36 LOAN PORTFOLIO (Dollars in millions) Commercial Real Estate Production 7.78% 7.83% 7.33% 7.11% 7.14% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Loan Portfolio Composition Organic Purchased Loans Weighted average rate on new & renewed loans $49.8 $38.1 $34.7 $43.0 $59.4 $47.1 $34.8 $14.1 $20.6 $12.2 $24.7 $24.0 $18.9 $2.9 $11.7 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Permanent NOO CRE Commercial, Construction and Development Residential Construction $6.0 $6.6 $14.7 $18.1 $16.0 $43.8 $31.5 $20.0 $24.9 $43.4 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Residential Construction Loan Originations by Quarter Consumer Commercial

37 COMMERCIAL REAL ESTATE BY TYPE Type Outstanding Balance Average Deal Size Retail $ 173,679 $ 1,206 Multifamily 119,318 1,283 Office 127,579 931 Industrial & Warehouse 73,337 1,202 Hotel/Motel 124,796 2,836 Convenience Store 9,603 800 Daycare 24,081 1,267 Civic/Event Center 27,612 2,301 Mini-warehouse 58,042 1,759 Government Guaranteed:SBSL 9,141 1,306 Specialty and Other 32,527 793 (Dollars in thousands) As of June 30, 2026

38 REPRICING SCHEDULE Quarterly Fiscal Year 2028 & (Dollars in millions) 3Q 2026 4Q 2026 1Q 2027 2Q 2027 2026 2027 Beyond Loan Maturity & Repricing Schedule: Fixed Rate Loans $ 82 $ 22 $ 27 $ 49 $ 104 $ 234 $ 1,081 Weighted Average Rate 7.18 % 5.04 % 5.73 % 5.15 % 6.73 % 5.12 % 5.79 % Adjustable & Variable Rate Loans $ 699 $ 25 $ 25 $ 13 $ 724 $ 60 $ 272 Weighted Average Rate 7.07 % 6.20 % 6.14 % 6.44 % 7.04 % 6.17 % 6.13 % Securities Principal Cash Flow and Rolloff Yield: Investments $ 11 $ 9 $ 8 $ 24 $ 20 $ 80 $ 636 Weighted Average Rate 2.92 % 2.79 % 2.96 % 1.86 % 2.86 % 1.93 % 2.46 %

39 INVESTMENT SECURITIES As of: Average Life Effective Duration Book Yield 06/30/2025 6.20 4.50 2.48% 09/30/2025 6.00 4.60 2.32% 12/31/2025 5.60 4.30 2.52% 03/31/2026 5.90 4.40 2.53% 06/30/2026 5.60 4.30 2.50% Other Portfolio Metrics Pre-tax Unrealized Losses on Securities (in millions) Current base case assumptions and modeling suggest principal and interest cash flow from the investment portfolio estimated to be between $9 million and $24 million per quarter for the next four quarters 0% 25% 50% 75% 100% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 AFS/HTM Available for Sale Held to Maturity $37.1 $31.5 $29.5 $29.9 $29.7 $40.5 $35.6 $32.4 $33.9 $34.2 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 AFS HTM

40 INVESTMENT CONSIDERATIONS • Premier Southeast community bank located in growing markets • Core deposit funded with minimal reliance on wholesale funding • Diversified sources of revenue • Improving earnings outlook as new business lines and markets mature • Upside potential to tangible book value as unrealized losses recover • Deep leadership bench with a proven track record • Focused on scalability and efficiency • Investing in technology and leveraging data for revenue growth • Positioned to be the acquirer of choice in the Southeast

41 RECONCILIATION OF NON-GAAP MEASURES

42 RECONCILIATION OF NON-GAAP MEASURES

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