• A regional Bank of America, focused on Georgia.
• Think of it as a smaller version of Truist, concentrated within Georgia.

• Deposit Products: The company offers various types of accounts for storing money, including demand, savings, and time deposits for both commercial and consumer customers.
• Loan Products: Colony Bank provides a wide range of loans, such as commercial, real estate, construction, agri-business, residential mortgage, home equity, and consumer loans.
• Internet Banking Services: Customers can manage their accounts and perform transactions online through internet banking.
• Electronic Bill Payment Services: This service allows customers to pay their bills conveniently and electronically.
• Safe Deposit Box Rentals: The bank offers secure storage for customers' valuable documents and belongings.
• Telephone Banking: Customers can access banking services and information over the phone.
• Credit and Debit Card Services: The bank provides and processes credit and debit cards for customer use.
• Remote Depository Products: Businesses can utilize these services to make deposits remotely.
• ATM Access: Customers have access to a network of automated teller machines for various transactions.

Major Customers of Colony Bankcorp (CBAN)

Colony Bankcorp (CBAN), through its subsidiary Colony Bank, serves a broad base of customers rather than a few major entities. Its customer base can be primarily categorized into two main groups:

• Commercial Customers

  This category includes small and medium-sized businesses, commercial real estate developers, and agri-businesses located throughout Georgia. These customers utilize a range of products and services such as commercial loans, commercial real estate loans, agri-business and production loans, business deposit accounts, and treasury management services (e.g., remote depository products).

• Consumer Customers

  This category comprises individuals and households. These customers access products like residential mortgage loans, home equity loans, consumer loans, and various personal banking services including demand, savings, and time deposits, credit and debit cards, internet banking, and access to ATMs.

• Fiserv (FISV)

T. Heath Fountain, Chief Executive Officer

T. Heath Fountain joined Colony Bankcorp, Inc. as President and Chief Executive Officer on July 30, 2018. Prior to joining Colony, he served as President and Chief Executive Officer of Planters First Bank in Hawkinsville, Georgia, from 2015 to 2018, where he led growth initiatives that included adding two new markets, a secondary market mortgage division, and increasing loans and deposits by over $50 million in three years. Before his time at Planters First Bank, Fountain was the Chief Financial Officer of Heritage Financial Group and HeritageBank of the South from 2007 to 2015. While at Heritage, he was a key member of the executive team that grew the bank from 6 offices and under $400 million in assets to a $1.8 billion financial services company with over 50 offices across 4 states.

Derek Shelnutt, Executive Vice President & Chief Financial Officer

Derek Shelnutt was promoted to Executive Vice President and Chief Financial Officer of Colony Bankcorp, Inc. effective January 18, 2024. He joined Colony in September 2020 and has held roles of increasing responsibility, including Chief Accounting Officer, Treasurer, and Controller. Shelnutt has over 10 years of experience in the financial services industry, including accounting and finance roles at other publicly traded community banks and in public accounting. He is a Certified Public Accountant in the states of Georgia and South Carolina.

R. Dallis "D" Copeland, Jr., President

R. Dallis "D" Copeland, Jr. has served as President of Colony Bankcorp and Colony Bank since September 2022. He joined Colony Bank in July 2021 as Special Advisor, bringing 30 years of banking and executive leadership experience. Before joining Colony Bank, Copeland served as Executive Vice President and Chief Community Banking Officer at Synovus Financial Corporation from 2015 until 2019, and as Executive Vice President and Chief Banking Officer from 2009 through 2015.

Leonard H. ("Lenny") Bateman, Jr., Executive Vice President & Chief Credit Officer

Leonard H. ("Lenny") Bateman, Jr. has served as Executive Vice President and Chief Credit Officer since June 1, 2020. He became part of Colony Bank as Senior Vice President and Senior Credit Officer through the merger of Colony Bank and Calumet Bank in May 2019. Prior to the merger, Bateman served as President and Chief Executive Officer of Calumet Bank from 2012, having been one of its founding officers in 2007 as Senior Vice President – Chief Lending Officer. He has nearly 25 years of banking experience in various positions of increasing responsibility with banks throughout Georgia.

Kimberly C. Dockery, Executive Vice President & Chief of Staff

Kimberly C. Dockery currently holds the position of Executive Vice President and Chief of Staff, having joined Colony Bank in July 2018 as Chief Administrative Officer. Her background includes serving as Chief Administrative Officer at Planters First Bank from 2015 to 2018 and as Management Reporting and Banking Officer at Heritage Financial Group from 2007 until 2015. Dockery possesses extensive experience in human resources, production management, and all operational facets of banking.

The key risks to Colony Bankcorp's business operations and financial performance are primarily centered around interest rate fluctuations, credit risk tied to its real estate loan portfolio, and the evolving regulatory and competitive landscape.

• Interest Rate and Liquidity Risk: Colony Bankcorp's financial performance is significantly impacted by interest rate fluctuations. Changes in interest rates can affect net interest income, deposit levels, and loan demand, directly influencing the bank's profitability. The company is particularly sensitive to the shape of the yield curve, which can materially affect its financial projections. Maintaining adequate liquidity is also crucial, as an inability to raise funds through deposits, borrowings, or other sources could substantially negatively impact its operations.
• Credit Risk and Real Estate Exposure: A substantial portion of Colony Bankcorp's loan portfolio, approximately 83% as of Q3 2025, is secured by real estate, including commercial and residential properties. This significant exposure means that changes in regional real estate values, collateral values, and borrower payment behavior directly influence the bank's credit risk and could have an outsized impact on its financial performance. While the company employs credit and loan review processes, the concentration in real estate lending makes it vulnerable to downturns in the property market.
• Regulatory and Competitive Pressures: Colony Bankcorp operates within a highly regulated banking industry, facing ongoing and heightened regulatory scrutiny, capital requirements, and compliance costs, particularly in the wake of recent regional bank failures. Furthermore, the banking sector is intensely competitive, not only from traditional financial institutions but also from emerging financial technology (fintech) firms and stablecoins. This competitive environment can impact deposit costs, loan pricing, market share, and the overall ability to attract and retain customers, thereby affecting the company's future performance.

The primary emerging threats for Colony Bankcorp stem from the rise of digital-first challenger banks (often called neobanks) and specialized fintech lenders. These entities operate with significantly lower overhead due to their lack of physical branches, allowing them to offer more competitive interest rates on deposits and loans, along with superior mobile-first user experiences. This directly threatens Colony Bankcorp's ability to attract and retain customers, particularly younger demographics, and to compete for deposit growth and loan origination, especially in areas like residential mortgages and small business lending. This shift represents a fundamental disruption to the traditional branch-based banking model, akin to how online streaming services challenged physical video rental businesses.

Colony Bankcorp, Inc. (symbol: CBAN), headquartered in Fitzgerald, Georgia, operates within the banking sector of the U.S. state of Georgia. The addressable markets for its main products and services in this region are sized as follows:

Market Sizes for Main Products and Services (Region: Georgia, U.S.A.)

• Total Banking Market: The total assets under supervision for state-chartered banks headquartered in Georgia reached approximately $138 billion by the end of 2024. The overall total assets for banks operating in Georgia were around $159.10 billion as of the second quarter of 2025.
• Deposit Products: Total deposits held by banks in Georgia amounted to $342 billion as of Q4 2024.
• Commercial Loans (including Small and Medium-Sized Businesses, Commercial Real Estate, and Construction Loans):
  • The commercial banking industry in Georgia is projected to have a market size of $33.1 billion in 2026.
  • Annual commercial real estate transaction volume in Georgia is approximately $19.8 billion.
  • Small business loans in Georgia totaled $22 billion in 2024. Separately, in 2021, reporting banks issued $10.5 billion in loans to businesses through loans of $1 million or less.
• Residential Mortgage Loans: New home loans booked in Georgia amounted to $36.5 billion in 2024.
• Agri-business and Production Loans: Agribusiness is a significant contributor to Georgia's economy, with an economic impact exceeding $70 billion annually. Specific market size data for agri-business loans was not explicitly provided as an aggregate for the entire state, but Southwest Georgia Farm Credit reported a total loan volume of $680.3 million as of June 30, 2025, and AgGeorgia Farm Credit reported $1.563 billion as of March 31, 2025.
• Consumer Loans: While a total market size for consumer loans in Georgia was not explicitly available, the average credit card balance in Georgia was $8,657, the average auto loan balance was $28,377, and the average personal loan balance was $12,947 as of Q4 2024.
• Digital Banking Services: The digital payments market in the U.S. state of Georgia, a component of digital banking, involves Georgia-based FinTech companies that generate over $72 billion in annual revenue and process more than 118 billion transactions totaling over $2 trillion per year. The broader North America digital banking market was valued at $8.67 billion in 2024 and is expected to grow to $10.31 billion by 2033, with the United States being the largest market in North America.

Colony Bankcorp (CBAN) is expected to drive future revenue growth over the next two to three years through a combination of strategic acquisitions, organic loan expansion, diversification of non-interest income, and improved net interest margins.

Here are the key drivers:

1. Strategic Acquisitions and Market Expansion: A significant driver is the recent acquisition of TC Bancshares, which closed on December 1, 2025. This merger substantially expands Colony Bankcorp's presence in key markets across Georgia, including Thomasville and the Savannah Metropolitan Statistical Area (MSA), and provides full-service entry into the Tallahassee and Jacksonville markets in Florida. This acquisition is projected to add approximately $571 million in assets, $2.4 billion in loans, and $3.1 billion in deposits, and is anticipated to be immediately accretive to earnings per share, benefiting from associated cost savings and accretion income. The integration of core systems is expected to be completed in early 2026.
2. Sustained Organic Loan Growth: Colony Bankcorp aims for long-term organic loan growth within an 8-12% target range. Despite an expected moderation in 2026 due to increased competition, the company achieved approximately 10.5% organic loan growth in 2025, excluding acquisitions. This continued expansion of its core lending portfolio, particularly in real estate lending, is a fundamental driver of future revenue.
3. Growth in Non-Interest Income from Specialized Business Lines: The company is actively cultivating its non-interest income streams. This includes significant contributions from its Small Business Specialty Lending (SBSL) division, which saw increased gain and related income in late 2023 and robust loan activity in Q3 2025. Additionally, the insurance division is expanding, notably through the acquisition of The Ellerbee Agency in April 2025, which added new office locations and is expected to contribute to earnings per share in 2026. Furthermore, wealth management and merchant services are identified as specialized solutions that have experienced strong revenue increases and are expected to continue contributing to non-interest income growth.
4. Net Interest Margin (NIM) Improvement and Optimized Funding Costs: After some fluctuations, Colony Bankcorp has observed easing pressure on deposit costs and expects assets to reprice at higher rates, leading to an improved net interest margin. This trend was evident in Q4 2025, when the net interest margin improved by 15 basis points to 3.32% as loan yields rose and funding costs decreased. These positive trends are anticipated to contribute to enhanced net interest income and margin expansion.

Share Repurchases

• Colony Bankcorp's board of directors authorized a stock repurchase program of up to $12 million, initially approved in October 2022 and extended through the end of 2026.
• As of December 22, 2025, the company had repurchased 318,778 shares for a total of $4,613,000 under this program.
• Approximately $7,387,000 remains available for additional share repurchases under the current authorization through 2026.

Share Issuance

• Colony Bankcorp issued approximately 3,839,748 shares of its common stock as part of the acquisition of TC Bancshares, Inc., which was completed on December 1, 2025.

Outbound Investments

• Colony Bankcorp completed the acquisition of TC Bancshares, Inc. (parent company of TC Federal Bank) on December 1, 2025, in a combined stock-and-cash transaction valued at approximately $86.1 million. This acquisition expanded Colony's presence in Georgia and Florida, adding approximately $571 million in assets and four branch locations.
• In April 2025, the company acquired The Ellerbee Agency, an Allstate appointed consumer property and casualty insurance agency, expanding Colony Insurance's footprint with two new office locations.

Capital Expenditures

• Colony Bankcorp reported capital expenditures of $0.12 million for the period 2010-2025.
• The company has focused on operational investments, including increased IT spending and expanding its digital banking channels.
• In 2025, the company incurred operational investments as it integrated recent acquisitions and expanded its insurance and mortgage channels.