What changed in COLONY BANKCORP INC's 10-K — 2023 vs 2024
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Paragraph-level year-over-year comparison of COLONY BANKCORP INC's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.
+466 added−446 removedSource: 10-K (2025-03-14) vs 10-K (2024-03-14)
Top changes in COLONY BANKCORP INC's 2024 10-K
466 paragraphs added · 446 removed · 382 edited across 1 sections
- Item 1A. Risk Factors+466 / −446 · 382 edited
Item 1A. Risk Factors
Risk Factors — what could go wrong, per management
382 edited+84 added−64 removed490 unchanged
Item 1A. Risk Factors
Risk Factors — what could go wrong, per management
382 edited+84 added−64 removed490 unchanged
2023 filing
2024 filing
Biggest changeTerm Loans Amortized Cost Basis by Origination Year (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolvers Revolvers converted to term loans Total December 31, 2023 Construction, land & land development Risk rating Pass $ 112,587 $ 91,981 $ 27,332 $ 5,654 $ 1,000 $ 5,765 $ 605 $ 31 $ 244,955 Special Mention 792 — 25 — — 29 282 — 1,128 Substandard — 888 4 — 20 151 — — 1,063 Total Construction, land & land development 113,379 92,869 27,361 5,654 1,020 5,945 887 31 247,146 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Other commercial real estate Risk rating Pass 61,816 341,656 204,145 88,629 79,123 145,374 24,158 2,031 946,932 Special Mention 75 3,251 766 2,113 5,733 4,694 545 48 17,225 Substandard 2,303 2,615 211 — 486 4,395 208 — 10,218 Total Other commercial real estate 64,194 347,522 205,122 90,742 85,342 154,463 24,911 2,079 974,375 Current period gross write offs — — 69 — — — — — 69 Residential real estate Risk rating Pass 78,088 116,704 50,986 21,892 8,510 43,038 22,642 100 341,960 Special Mention 856 466 10 50 679 4,687 424 — 7,172 Substandard — 1,169 384 296 272 4,735 246 — 7,102 Total Residential real estate 78,944 118,339 51,380 22,238 9,461 52,460 23,312 100 356,234 Current period gross write offs 253 492 26 — — — — — 771 84 Commercial, financial & agricultural Risk rating Pass 66,820 51,439 21,673 12,489 4,734 14,002 58,607 306 230,070 Special Mention 4,186 894 376 745 188 40 974 — 7,403 Substandard 164 1,872 1,979 190 25 165 866 22 5,283 Total Commercial, financial & agricultural 71,170 54,205 24,028 13,424 4,947 14,207 60,447 328 242,756 Current period gross write offs 150 168 408 200 9 134 — — 1,069 Consumer and other Risk rating Pass 53,117 4,021 2,004 1,240 925 908 462 1 62,678 Special Mention 79 42 38 12 25 1 — — 197 Substandard 43 20 3 5 4 9 — — 84 Total Consumer and other 53,239 4,083 2,045 1,257 954 918 462 1 62,959 Current period gross write offs 9 12 10 2 — 2 — — 35 Total Loans Risk rating Pass 372,428 605,801 306,140 129,904 94,292 209,087 106,474 2,469 1,826,595 Special Mention 5,988 4,653 1,215 2,920 6,625 9,451 2,225 48 33,125 Substandard 2,510 6,564 2,581 491 807 9,455 1,320 22 23,750 Total Loans $ 380,926 $ 617,018 $ 309,936 $ 133,315 $ 101,724 $ 227,993 $ 110,019 $ 2,539 $ 1,883,470 Total current period gross write offs $ 412 $ 672 $ 513 $ 202 $ 9 $ 136 $ — $ — $ 1,944 The following table presents the loan portfolio by credit quality indicator (risk grade) as of December 31, 2022.
Biggest changeTerm Loans Amortized Cost Basis by Origination Year (dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolvers Revolvers converted to term loans Total December 31, 2024 Construction, land & land development Risk rating Pass $ 98,269 $ 47,378 $ 25,930 $ 23,193 $ 1,979 $ 5,379 $ 53 $ — $ 202,181 Special Mention — 2,088 — — 411 — 281 — 2,780 Substandard — — — — — 85 — — 85 Total Construction, land & land development 98,269 49,466 25,930 23,193 2,390 5,464 334 — 205,046 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Other commercial real estate Risk rating Pass 55,169 85,172 343,123 180,568 76,905 194,444 21,341 1,849 958,571 Special Mention 850 1,999 4,288 173 2,344 7,376 610 1,069 18,709 Substandard 4,114 2,586 2,875 459 352 2,419 563 — 13,368 Total Other commercial real estate 60,133 89,757 350,286 181,200 79,601 204,239 22,514 2,918 990,648 Current period gross write offs — — — — — 20 — — 20 83 Residential real estate Risk rating Pass 16,675 76,074 112,784 45,111 18,978 44,892 23,222 926 338,662 Special Mention — 1,672 374 — — 1,989 204 — 4,239 Substandard — — 442 270 28 526 — — 1,266 Total Residential real estate 16,675 77,746 113,600 45,381 19,006 47,407 23,426 926 344,167 Current period gross write offs — — 400 18 — 9 — — 427 Commercial, financial & agricultural Risk rating Pass 44,380 46,610 33,124 12,322 8,662 16,143 43,051 742 205,034 Special Mention — 622 2,136 12 — — 700 — 3,470 Substandard 105 1,612 858 1,904 271 218 433 5 5,406 Total Commercial, financial & agricultural 44,485 48,844 36,118 14,238 8,933 16,361 44,184 747 213,910 Current period gross write offs 138 588 659 986 28 68 — — 2,467 Consumer and other Risk rating Pass 53,500 30,186 2,312 857 530 1,291 456 13 89,145 Special Mention — — — — — — — — — Substandard 49 — 12 1 2 — — — 64 Total Consumer and other 53,549 30,186 2,324 858 532 1,291 456 13 89,209 Current period gross write offs 84 392 81 1 5 41 — — 604 Total Loans Risk rating Pass 267,993 285,420 517,273 262,051 107,054 262,149 88,123 3,530 1,793,593 Special Mention 850 6,381 6,798 185 2,755 9,365 1,795 1,069 29,198 Substandard 4,268 4,198 4,187 2,634 653 3,248 996 5 20,189 Total Loans $ 273,111 $ 295,999 $ 528,258 $ 264,870 $ 110,462 $ 274,762 $ 90,914 $ 4,604 $ 1,842,980 Total current period gross write offs $ 222 $ 980 $ 1,140 $ 1,005 $ 33 $ 138 $ — $ — $ 3,518 Term Loans Amortized Cost Basis by Origination Year (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolvers Revolvers converted to term loans Total December 31, 2023 Construction, land & land development Risk rating Pass $ 112,587 $ 91,981 $ 27,332 $ 5,654 $ 1,000 $ 5,765 $ 605 $ 31 $ 244,955 Special Mention 792 — 25 — — 29 282 — 1,128 Substandard — 888 4 — 20 151 — — 1,063 Total Construction, land & land development 113,379 92,869 27,361 5,654 1,020 5,945 887 31 247,146 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — 84 Other commercial real estate Risk rating Pass 61,816 341,656 204,145 88,629 79,123 145,374 24,158 2,031 946,932 Special Mention 75 3,251 766 2,113 5,733 4,694 545 48 17,225 Substandard 2,303 2,615 211 — 486 4,395 208 — 10,218 Total Other commercial real estate 64,194 347,522 205,122 90,742 85,342 154,463 24,911 2,079 974,375 Current period gross write offs — — 69 — — — — — 69 Residential real estate Risk rating Pass 78,088 116,704 50,986 21,892 8,510 43,038 22,642 100 341,960 Special Mention 856 466 10 50 679 4,687 424 — 7,172 Substandard — 1,169 384 296 272 4,735 246 — 7,102 Total Residential real estate 78,944 118,339 51,380 22,238 9,461 52,460 23,312 100 356,234 Current period gross write offs 253 492 26 — — — — — 771 Commercial, financial & agricultural Risk rating Pass 66,820 51,439 21,673 12,489 4,734 14,002 58,607 306 230,070 Special Mention 4,186 894 376 745 188 40 974 — 7,403 Substandard 164 1,872 1,979 190 25 165 866 22 5,283 Total Commercial, financial & agricultural 71,170 54,205 24,028 13,424 4,947 14,207 60,447 328 242,756 Current period gross write offs 150 168 408 200 9 134 — — 1,069 Consumer and other Risk rating Pass 53,117 4,021 2,004 1,240 925 908 462 1 62,678 Special Mention 79 42 38 12 25 1 — — 197 Substandard 43 20 3 5 4 9 — — 84 Total Consumer and other 53,239 4,083 2,045 1,257 954 918 462 1 62,959 Current period gross write offs 9 12 10 2 — 2 — — 35 Total Loans Risk rating Pass 372,428 605,801 306,140 129,904 94,292 209,087 106,474 2,469 1,826,595 Special Mention 5,988 4,653 1,215 2,920 6,625 9,451 2,225 48 33,125 Substandard 2,510 6,564 2,581 491 807 9,455 1,320 22 23,750 Total Loans $ 380,926 $ 617,018 $ 309,936 $ 133,315 $ 101,724 $ 227,993 $ 110,019 $ 2,539 $ 1,883,470 Total current period gross write offs $ 412 $ 672 $ 513 $ 202 $ 9 $ 136 $ — $ — $ 1,944 A loan’s risk grade is assigned at the inception of the loan and is based on the financial strength of the borrower and the type of collateral.
Moreover, substantially all of our loans are to businesses and individuals in Georgia, and all of our branches and most of our deposit customers are also located in this area.
Moreover, substantially all of our loans are to businesses and individuals in Georgia, and most of our branches and deposit customers are also located in this area.
Colony has modeled the impact of a gradual increase in short-term rates of 100 and 200 basis points and a decline of 100 basis points to determine the sensitivity of net interest income for the next twelve months.
Colony has modeled the impact of a gradual increase in short-term rates of 100 and 200 basis points and a decline of 100 and 200 basis points to determine the sensitivity of net interest income for the next twelve months.
Due to uncertainties inherent in estimating construction costs, changes in interest rates and other economic conditions, these loans often pose a higher risk than other types of loans. Consumer loans are originated at the bank level. These loans are generally smaller loan amounts spread across many individual borrowers to help minimize risk. Credit Quality Indicators.
Due to uncertainties inherent in estimating construction costs, changes in interest rates and other economic conditions, these loans often pose a higher risk than other types of loans. Consumer and other loans are originated at the bank level. These loans are generally smaller loan amounts spread across many individual borrowers to help minimize risk. Credit Quality Indicators.
BORROWINGS The following table presents information regarding the Company’s outstanding borrowings at December 31, 2023: Description Maturity Date Amount Interest Rate (dollars in thousands) FHLB Advances December 22, 2027 $ 15,000 4.00% FHLB Advances January 28, 2028 20,000 3.87% FHLB Advances February 15, 2028 20,000 3.83% FHLB Advances April 5, 2028 25,000 3.69% FHLB Advances April 6, 2026 25,000 3.90% FHLB Advances September 30, 2024 20,000 5.57% FHLB Advances March 25, 2024 25,000 5.51% FHLB Advances March 26, 2024 25,000 5.51% Subordinated notes May 20, 2032 39,216 5.25% Subordinated debentures (1) 24,229 (1) Total borrowings $ 238,445 (1) See individual maturity dates and interest rates in table below.
The following table presents information regarding the Company’s outstanding borrowings at December 31, 2023: Description Maturity Date Amount Interest Rate (dollars in thousands) FHLB Advances December 22, 2027 $ 15,000 4.00% FHLB Advances January 28, 2028 20,000 3.87% FHLB Advances February 15, 2028 20,000 3.83% FHLB Advances April 5, 2028 25,000 3.69% FHLB Advances April 6, 2026 25,000 3.90% FHLB Advances September 30, 2024 20,000 5.57% FHLB Advances March 25, 2024 25,000 5.51% FHLB Advances March 26, 2024 25,000 5.51% Subordinated notes May 20, 2032 39,216 5.25% Subordinated debentures (1) 24,229 (1) Total borrowings $ 238,445 (1) See individual maturity dates and interest rates in table below.
The Company has identified the following portfolio segments and calculates the ACL for each using a discounted cash flow methodology at the loan level, with loss rates, prepayment assumptions and curtailment assumptions driven by each loan’s collateral type: 72 • Construction, land & land development - Risks common to construction, land & development loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. • Other commercial real estate - Loans in this category are susceptible to business failures and declines in general economic conditions, including declines in real estate value, declines in occupancy rates, and lack of suitable alternative use for the property. • Residential real estate - Residential real estate loans are susceptible to weakening general economic conditions, increases in unemployment rates and declining real estate values. • Commercial, financial & agricultural - Risks to this loan category include the inability to monitor the condition of the collateral, which often consists of inventory, accounts receivable and other non-real estate assets.
The Company has identified the following portfolio segments and calculates the ACL for each using a discounted cash flow methodology at the loan level, with loss rates, prepayment assumptions and curtailment assumptions driven by each loan’s collateral type: • Construction, land & land development - Risks common to construction, land & development loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. • Other commercial real estate - Loans in this category are susceptible to business failures and declines in general economic conditions, including declines in real estate value, declines in occupancy rates, and lack of suitable alternative use for the property. • Residential real estate - Residential real estate loans are susceptible to weakening general economic conditions, increases in unemployment rates and declining real estate values. • Commercial, financial & agricultural - Risks to this loan category include the inability to monitor the condition of the collateral, which often consists of inventory, accounts receivable and other non-real estate assets.
These actions include the power to enjoin “unsafe or unsound” practices, to require affirmative action to correct any conditions resulting from any violation or practice, to issue an administrative order that can be judicially enforced, to direct an increase in our capital, to restrict our growth, to assess civil money penalties, to fine or remove officers and directors and, if it is concluded that such conditions cannot be corrected or there is an imminent risk of loss to 29 depositors, to terminate our deposit insurance and place us into receivership or conservatorship.
These actions include the power to enjoin “unsafe or unsound” practices, to require affirmative action to correct any conditions resulting from any violation or practice, to issue an administrative order that can be judicially enforced, to direct an increase in our capital, to restrict our growth, to assess civil money penalties, to fine or remove officers and directors and, if it is concluded that such conditions cannot be corrected or there is an imminent risk of loss to depositors, to terminate our deposit insurance and place us into receivership or conservatorship.
The amendments in this ASU improve financial reporting by requiring disclosure of incremental segment information including significant segment expenses 77 regularly provided to the chief operating decision maker as well as the amount and composition of other segment items on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses.
The amendments in this ASU improve financial reporting by requiring disclosure of incremental segment information including significant segment expenses regularly provided to the chief operating decision maker as well as the amount and composition of other segment items on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses.
In some cases, we could be required to apply a new or revised standard retrospectively, or apply an existing standard differently, also retrospectively, in each case resulting in our needing to revise or restate prior period financial statements. 27 Failure to maintain effective internal controls over financial reporting could have a material adverse effect on our business and stock price.
In some cases, we could be required to apply a new or revised standard retrospectively, or apply an existing standard differently, also retrospectively, in each case resulting in our needing to revise or restate prior period financial statements. Failure to maintain effective internal controls over financial reporting could have a material adverse effect on our business and stock price.
Comprehensive Income (Loss) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on securities available for sale, represent equity changes from economic events of the period other than transactions with owners. Such items are considered components of other comprehensive income (loss).
Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on securities available for sale, represent equity changes from economic events of the period other than transactions with owners. Such items are considered components of other comprehensive income.
Climate change may be increasing the nature, severity and frequency of adverse weather conditions, making the impact from these types of natural disasters on us or our customers worse. Such weather events can disrupt operations, result in damage to properties and negatively affect the local economies in the markets where they operate.
Climate change may be increasing the nature, severity and frequency of adverse weather conditions, making the impact from these types of natural disasters on us or our customers worse. Such weather events can disrupt operations, result in damage to properties and negatively affect the local 27 economies in the markets where they operate.
We face risks from certain cybersecurity threats that, if realized, could reasonably be expected to materially affect our business strategy, financial condition, or results of operation. See “Part I - Item 1A. Risk Factors – Risks Related to our Business” of this Report. Cybersecurity Governance Colony’s Information Security Officer ("ISO"), reports to Colony’s Chief Risk Officer.
We face risks from certain cybersecurity threats that, if realized, could reasonably be expected to materially affect our business 32 strategy, financial condition, or results of operation. See “Part I - Item 1A. Risk Factors – Risks Related to our Business” of this Report. Cybersecurity Governance Colony’s Information Security Officer ("ISO"), reports to Colony’s Chief Risk Officer.
Consumer loans represent relatively small loan amounts that are spread across many individual borrowers to help minimize risk. Additionally, consumer trends and outlook reports are reviewed by management on a regular basis. The Company utilizes an independent third-party company for loan review and validation of the credit risk program on an ongoing quarterly basis.
Consumer loans represent relatively small loan amounts that are spread across many individual borrowers to help minimize risk. Additionally, consumer trends and outlook reports are reviewed by management on a regular basis. 46 The Company utilizes an independent third-party company for loan review and validation of the credit risk program on an ongoing quarterly basis.
Regulatory agencies for banks and bank holding companies utilize capital guidelines designed to measure Tier 1 and total capital and take into consideration the risk inherent in both on-balance sheet and off-balance sheet items. Tier 1 capital consists of common stock and qualifying preferred securities less goodwill, intangibles and disallowed deferred tax assets.
Regulatory agencies for banks and bank holding companies utilize capital guidelines designed to measure Tier 1 and total capital and take into consideration the risk inherent in both on-balance sheet and off-balance sheet items. 55 Tier 1 capital consists of common stock and qualifying preferred securities less goodwill, intangibles and disallowed deferred tax assets.
Acquiring banks, bank branches or businesses involves risks commonly associated with acquisitions, including: • potential exposure to unknown or contingent liabilities we acquire; • exposure to potential asset quality problems of the acquired financial institutions, businesses or branches; • difficulty and expense of integrating the operations and personnel of financial institutions, businesses or branches we acquire; • higher than expected deposit attrition; • potential diversion of our management’s time and attention; • the possible loss of key employees and customers of financial institutions, businesses or branches we acquire; • difficulty in safely investing any cash generated by the acquisition; 23 • inability to utilize potential tax benefits from such transactions; • difficulty in estimating the fair value of the financial institutions, businesses or branches to be acquired which affects the profits we generate from the acquisitions; and • potential changes in banking or tax laws or regulations that may affect the financial institutions or businesses to be acquired or the ability to obtain all required regulatory approvals.
Acquiring banks, bank branches or businesses involves risks commonly associated with acquisitions, including: • potential exposure to unknown or contingent liabilities we acquire; • exposure to potential asset quality problems of the acquired financial institutions, businesses or branches; • difficulty and expense of integrating the operations and personnel of financial institutions, businesses or branches we acquire; • higher than expected deposit attrition; • potential diversion of our management’s time and attention; • the possible loss of key employees and customers of financial institutions, businesses or branches we acquire; • difficulty in safely investing any cash generated by the acquisition; 22 • inability to utilize potential tax benefits from such transactions; • difficulty in estimating the fair value of the financial institutions, businesses or branches to be acquired which affects the profits we generate from the acquisitions; and • potential changes in banking or tax laws or regulations that may affect the financial institutions or businesses to be acquired or the ability to obtain all required regulatory approvals.
We utilize derivatives to help manage our interest rate risk position and mitigate exposure to the variability of future cash flows or other forecasted transactions. We mitigate our credit risk through reliance on an extensive loan review process and our allowance for credit losses. 57 Interest rate risk is the change in value due to changes in interest rates.
We utilize derivatives to help manage our interest rate risk position and mitigate exposure to the variability of future cash flows or other forecasted transactions. We mitigate our credit risk through reliance on an extensive loan review process and our allowance for credit losses. Interest rate risk is the change in value due to changes in interest rates.
For loans that have elevated risk characteristics when compared to the collectively pooled loans, they are evaluated on an individual basis. The qualitative component is comprised of measurements used to quantify the risks within each of these loans classes and are subjectively selected by management but measured by objective measurements period over period.
For loans that have elevated risk characteristics when compared to the collectively pooled loans, they are evaluated on an individual basis. 73 The qualitative component is comprised of measurements used to quantify the risks within each of these loans classes and are subjectively selected by management but measured by objective measurements period over period.
Because our decision to incur debt and issue securities in future offerings will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings and debt financings. 28 Further, market conditions could require us to accept less favorable terms for the issuance of our securities in the future.
Because our decision to incur debt and issue securities in future offerings will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings and debt financings. Further, market conditions could require us to accept less favorable terms for the issuance of our securities in the future.
If either of the above criteria is not met, the Company evaluates whether the decline in fair value is attributable to credit or resulted from other factors. If credit-related impairment exists, the Company recognizes an allowance for credit losses ("ACL"), limited to the amount by which the fair value is less than the amortized cost basis.
If either of the above criteria is not met, the Company evaluates whether the decline in fair value is attributable to credit or resulted from other factors. If credit-related losses exists, the Company recognizes an allowance for credit losses ("ACL"), limited to the amount by which the fair value is less than the amortized cost basis.
Form 10-K Summary None. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Colony Bankcorp, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized: COLONY BANKCORP, INC. /s/ T. Heath Fountain T.
Form 10-K Summary None. 116 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Colony Bankcorp, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized: COLONY BANKCORP, INC. /s/ T. Heath Fountain T.
Investment in our common stock is inherently risky for the reasons described herein, and is subject to the same market forces that affect the price of common stock in any company. As a result, if you acquire our common stock, you could lose some or all of your investment. 30 Our stock price may be volatile.
Investment in our common stock is inherently risky for the reasons described herein, and is subject to the same market forces that affect the price of common stock in any company. As a result, if you acquire our common stock, you could lose some or all of your investment. Our stock price may be volatile.
Management believes these non-GAAP financial measures also enhance investors' ability to compare period-to-period financial results and allow investors and company management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance. 36 Tax-equivalent net interest income, net interest margin and net interest spread .
Management believes these non-GAAP financial measures also enhance investors' ability to compare period-to-period financial results and allow investors and company management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance. Tax-equivalent net interest income, net interest margin and net interest spread .
Historical loss experience is generally the starting point for estimating expected credit losses. We then consider whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period from which historical experience was used.
Historical loss experience is generally the starting point for estimating expected credit losses. We then consider whether the historical loss 39 experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period from which historical experience was used.
Such publicity may arise from traditional media sources or from social media and may increase rapidly in size and scope. If our client or business partner relationships were to become intertwined in such negative publicity, our ability to attract and retain clients, business partners, and employees may be negatively impacted, and our stock price may also be negatively impacted.
Such publicity may arise from traditional media sources or from social media and may increase rapidly in size and scope. If our client or business partner relationships were to become intertwined in such negative publicity, our ability to attract and retain clients, 30 business partners, and employees may be negatively impacted, and our stock price may also be negatively impacted.
Overall, loans are extended after a review of the borrower’s repayment ability, collateral adequacy, and overall credit worthiness. 45 Commercial purpose, commercial real estate, and agricultural loans are underwritten similarly to how other loans are underwritten throughout the Company. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type and geographic location.
Overall, loans are extended after a review of the borrower’s repayment ability, collateral adequacy, and overall credit worthiness. Commercial purpose, commercial real estate, and agricultural loans are underwritten similarly to how other loans are underwritten throughout the Company. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type and geographic location.
Other borrowings is classified as Level 2 due to their expected maturities. 103 Disclosures of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis, are required in the financial statements.
Other borrowings is classified as Level 2 due to their expected maturities. Disclosures of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis, are required in the financial statements.
SEGMENT INFORMATION The Company’s operating segments include banking, mortgage banking and small business specialty lending division. The reportable segments are determined by the products and services offered, and internal reporting. The Bank segment derives its revenues from the delivery of full-service financial services, including retail and commercial banking services and deposit accounts.
The Company’s operating segments include banking, mortgage banking and small business specialty lending division. The reportable segments are determined by the products and services offered, and internal reporting. The Bank segment derives its revenues from the delivery of full-service financial services, including retail and commercial banking services and deposit accounts.
Furthermore, we would have to make principal and interest payments on our indebtedness, which could reduce our profitability or result in net losses on a consolidated basis even if the Bank were profitable. Item 1B Unresolved Staff Comments None.
Furthermore, we would have to make principal and interest payments on our indebtedness, which could reduce our profitability or result in net losses on a consolidated basis even if the Bank were profitable. 31 Item 1B Unresolved Staff Comments None.
The core deposit intangible is initially recognized based on an independent valuation performed as of the acquisition date. The core deposit intangible is amortized by the straight-line method over the average remaining life of the acquired customer deposits. The customer relationship intangible is associated with the acquisition of several insurance companies during 2021.
The core deposit intangible is initially recognized based on an independent valuation performed as of the acquisition date. The core deposit intangible is amortized by the straight-line method over the average remaining life of the acquired customer deposits. The customer relationship intangible is associated with the acquisition of several insurance 75 companies during 2021.
The SIC code is a federally designed standard industrial numbering system used by the Company to categorize loans by the borrower’s type of business. The Company has established industry-specific guidelines with respect to maximum loans permitted for each industry with which the Company does business. Collateral concentrations .
The SIC code is a federally designed standard industrial numbering system used by the Company to categorize loans by the borrower’s type of business. The Company has established industry-specific guidelines with respect to maximum loans permitted for each industry with which the Company does business. 47 Collateral concentrations .
Colony’s business relies on the availability, security, reliability, and confidentiality of our information systems, networks, and data. Any disruption, compromise, or breach of these systems or data due to a cybersecurity incident or threat could materially impact our business strategy, financial condition, or results of operation.
Colony’s business relies on the availability, security, reliability, and confidentiality of our information systems, networks, and data. Any disruption or compromise of these systems or data due to a cybersecurity incident or threat could materially impact our business strategy, financial condition, or results of operation.
The Company seeks to ensure its funding needs are met by maintaining a level of liquid funds through asset/liability management. 56 Asset liquidity is provided by liquid assets which are readily marketable or pledgeable or which will mature in the near future.
The Company seeks to ensure its funding needs are met by maintaining a level of liquid funds through asset/liability management. Asset liquidity is provided by liquid assets which are readily marketable or pledgeable or which will mature in the near future.
The market price of our common stock may be volatile and could be subject to wide fluctuations in price in response to various factors, some of which are beyond our control, including the failure of securities analysts to cover our common stock, rising interest rates and the impact of inflation.
The market price of our common stock may be volatile and could be subject to wide fluctuations in price in response to various factors, some of which are beyond our control, including the failure of securities analysts to cover our common stock, fluctuations in interest rates and the impact of inflation.
Dollar amounts in tables are stated in thousands, except for per share amounts. Results of Operations The Company’s results of operations are determined by its ability to effectively manage interest income and expense, to minimize loan and investment losses, to generate noninterest income and to control noninterest expense.
Dollar amounts in tables are stated in thousands, except for per share amounts. 40 Results of Operations The Company’s results of operations are determined by its ability to effectively manage interest income and expense, to minimize loan and investment losses, to generate noninterest income and to control noninterest expense.
The Company operates locations throughout Georgia and has expanded its presence in 2023 to serve Birmingham, Alabama, as well as Tallahassee and the Florida Panhandle. Through the Bank, the Company offers a broad range of banking solutions for personal and business customers.
The Company operates locations throughout Georgia and expanded its presence in 2023 to serve Birmingham, Alabama, as well as Tallahassee and the Florida Panhandle. Through the Bank, the Company offers a broad range of banking solutions for personal and business customers.
The unemployment rates are reviewed on a quarterly basis as part of the allowance for credit loss determination. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due.
The unemployment rates are reviewed on a quarterly basis as part of the allowance for credit loss determination. 85 Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due.
In order to reduce the exposure to interest rate fluctuations, we have implemented strategies to more closely match our balance sheet composition. The Company has engaged Stifel to run a quarterly asset/liability model for interest rate risk analysis.
In order to reduce the exposure to interest rate fluctuations, we 58 have implemented strategies to more closely match our balance sheet composition. The Company has engaged Stifel to run a quarterly asset/liability model for interest rate risk analysis.
Therefore, no reserves for uncertain income tax positions have been recorded. 75 Revenue Recognition The Company's contracts with customers generally do not contain terms that require significant judgment to determine the amount of revenue to recognize.
Therefore, no reserves for uncertain income tax positions have been recorded. Revenue Recognition The Company's contracts with customers generally do not contain terms that require significant judgment to determine the amount of revenue to recognize.
If the present value of cash 73 flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis.
If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis.
Investment securities - Fair values for investment securities are based on quoted market prices where available and classified as Level 1. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments and classified as Level 2. If a comparable is not available, the investment securities are classified as Level 3.
Fair values for investment funds are based on quoted market prices where available and classified as Level 1. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments and classified as Level 2. If a comparable is not available, the investment securities are classified as Level 3.
Any decline in available funding could adversely impact our ability to continue to implement our strategic plan, including our ability to originate loans, invest in securities, meet our expenses, or to fulfill obligations such as repaying our borrowings or meeting deposit withdrawal demands, any of which could have a material adverse impact on our liquidity, business, financial condition and results of operations. 21 Our business depends on our ability to successfully manage our asset quality and credit risk.
Any decline in available funding could adversely impact our ability to continue to implement our strategic plan, including our ability to originate loans, invest in securities, meet our expenses, or to fulfill obligations such as repaying our borrowings or meeting deposit withdrawal demands, any of which could have a material adverse impact on our liquidity, business, financial condition and results of operations. 20 Our business depends on our ability to successfully manage our asset quality and credit risk.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 14, 2024, expressed an unqualified opinion.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 14, 2025, expressed an unqualified opinion.
The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount of the commitment. If the 54 commitment is funded, the Company would be entitled to seek recovery from the customer.
The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount of the commitment. If the commitment is funded, the Company would be entitled to seek recovery from the customer.
The differences relate primarily to depreciable assets (use of different depreciation methods for financial statement and income tax purposes) and allowance for credit losses (use of the allowance method for financial statement purposes and the direct write-off method for tax purposes).
The differences relate primarily to depreciable assets (use of different depreciation methods for financial statement and income tax purposes) and allowance for credit losses 76 (use of the allowance method for financial statement purposes and the direct write-off method for tax purposes).
We are under continuous threat of loss due to hacking and cyberattacks especially as we continue to expand client capabilities to utilize internet and other remote channels to transact business.
We are under continuous threat of loss due to cyberattacks especially as we continue to expand client capabilities to utilize internet and other remote channels to transact business.
Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $1.3 million for the year ended December 31, 2022. The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition.
Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $3.1 million for the year ended December 31, 2023. The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition.
Third-party cyber advisors play an important role in Colony's cybersecurity framework, and we have established partnerships with leading cybersecurity entities and organizations to harness external technology and expertise as needed. We regularly enlist independent third-parties to conduct periodic reviews and assessments of our information security program, as well as 32 annual penetration tests on our network.
Third-party cyber advisors play an important role in Colony's cybersecurity framework, and we have established partnerships with leading cybersecurity entities and organizations to harness external technology and expertise as needed. We regularly enlist third-parties to conduct periodic reviews and assessments of our information security program, as well as annual penetration tests on our network.
These unrealized holding gains or losses are amortized into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. 70 The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the expected life of the securities.
These unrealized holding gains or losses are amortized into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. 71 The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the expected life of the securities.
All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. 71 Servicing fee income, which is reported on the income statement in mortgage banking activity for serviced mortgage loans and other noninterest income for all other serviced loans, is recorded for fees earned for servicing loans.
All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. 72 Servicing fee income, which is reported on the income statement in mortgage banking activity for serviced mortgage loans and other noninterest income for all other serviced loans, is recorded for fees earned for servicing loans.
Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under 39 tax laws.
Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws.
The Company minimizes its exposure to loss under these commitments by subjecting them to credit approval and monitoring procedures. Management assesses the credit risk associated with certain commitments to extend credit in determining the level of the allowance for credit losses. Loan commitments outstanding at December 31, 2023 are included in the preceding table. Standby Letters of Credit .
The Company minimizes its exposure to loss under these commitments by subjecting them to credit approval and monitoring procedures. Management assesses the credit risk associated with certain commitments to extend credit in determining the level of the allowance for credit losses. Loan commitments outstanding at December 31, 2024 are included in the preceding table. Standby Letters of Credit .
The Company may be required to pledge additional qualifying collateral in order to utilize the full amount of the remaining credit line. At December 31, 2023 and 2022, the Company also has available federal funds lines of credit with various financial institutions totaling $64.5 million, of which there were none outstanding at December 31, 2023 and 2022.
The Company may be required to pledge additional qualifying collateral in order to utilize the full amount of the remaining credit line. At December 31, 2024 and 2023, the Company also has available federal funds lines of credit with various financial institutions totaling $64.5 million, of which there were none outstanding at December 31, 2024 and 2023.
Management believes, as of December 31, 2023, the Company meets all capital adequacy requirements to which it is subject under the regulatory framework for prompt corrective action. In the opinion of management, there are no conditions or events since prior notification of capital adequacy from the regulators that have changed the institution’s category.
Management believes, as of December 31, 2024, the Company meets all capital adequacy requirements to which it is subject under the regulatory framework for prompt corrective action. In the opinion of management, there are no conditions or events since prior notification of capital adequacy from the regulators that have changed the institution’s category.
Taxable-equivalent adjustments are the result of increasing income from tax-free loans and investments by an amount equal to the taxes that would be paid if the income were fully taxable based on a 21% federal tax rate for 2023 and 2022, thus making tax-exempt yields comparable to taxable asset yields.
Taxable-equivalent adjustments are the result of increasing income from tax-free loans and investments by an amount equal to the taxes that would be paid if the income were fully taxable based on a 21% federal tax rate for 2024 and 2023, thus making tax-exempt yields comparable to taxable asset yields.
The amount of provision expense recorded in 2023 was the amount required such that the total allowance for credit losses reflected the appropriate balance, in the estimation of management, that was sufficient to cover expected credit losses on loans 51 over the expected life of a loan exposure and unfunded commitments where the likelihood is that funding will occur.
The amount of provision expense recorded in 2024 and 2023 was the amount required such that the total allowance for credit losses reflected the appropriate balance, in the estimation of management, that was sufficient to cover expected credit losses on loans over the expected life of a loan exposure and unfunded commitments where the likelihood is that funding will occur.
During the year ended December 31, 2023, there were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 of the Exchange Act that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
During the year ended December 31, 2024, there were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 of the Exchange Act that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
Report of Independent Registered Accounting Firm Consolidated Balance Sheets - December 31, 202 3 and 202 2 Consolidated Statements of Income – Years ended December 31, 202 3 and 202 2 Consolidated Statements of Comprehensive Income (Loss) – Years ended December 31, 202 3 and 202 2 Consolidated Statements of Changes in |Stockholders’ Equity– Years ended December 31, 202 3 and 202 2 Consolidated Statements of Cash Flows –Years ended December 31, 202 3 and 202 2 Notes to Consolidated Financial Statements (2) Financial Statements Schedules: All schedules are omitted as the required information is inapplicable or the information is presented in the financial statements or the related notes.
Report of Independent Registered Accounting Firm Consolidated Balance Sheets - December 31, 202 4 and 202 3 Consolidated Statements of Income – Years ended December 31, 202 4 and 202 3 Consolidated Statements of Comprehensive Income – Years ended December 31, 202 4 and 202 3 Consolidated Statements of Changes in |Stockholders’ Equity– Years ended December 31, 202 4 and 202 3 Consolidated Statements of Cash Flows –Years ended December 31, 202 4 and 202 3 Notes to Consolidated Financial Statements (2) Financial Statements Schedules: All schedules are omitted as the required information is inapplicable or the information is presented in the financial statements or the related notes.
The amortized cost and fair value of investment securities as of December 31, 2023, by contractual maturity, are shown hereafter. Expected maturities may differ from contractual maturities for certain investments because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
The amortized cost and fair value of investment securities as of December 31, 2024, by contractual maturity, are shown hereafter. Expected maturities may differ from contractual maturities for certain investments because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
As of December 31, 2023, the Company expects that the markets in which it operates will experience stable economic and unemployment conditions with the trend of delinquencies returning to more normalized levels, over the next two years. Management adjusted the historical loss experience for these expectations.
As of December 31, 2024, the Company expects that the markets in which it operates will experience stable economic and unemployment conditions with the trend of delinquencies returning to more normalized levels, over the next two years. Management adjusted the historical loss experience for these expectations.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Colony Bankcorp, Inc. and Subsidiaries (the “Company”) as of December 31, 2023 and 2022 and the related consolidated statements of income, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively, the financial statements) and our report dated March 14, 2024 expressed an unqualified opinion.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Colony Bankcorp, Inc. and Subsidiaries (the “Company”) as of December 31, 2024 and 2023 and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively, the financial statements) and our report dated March 14, 2025 expressed an unqualified opinion.
There is also increased scrutiny of compliance with the rules enforced by OFAC related to U.S. sanctions regimes.
There is also increased scrutiny of compliance with the rules enforced by OFAC related to U.S. 29 sanctions regimes.
Leases with an initial term of 12 months or less are not recorded on the balance sheet. For these short-term leases, lease expense is recognized on a straight-line basis over the lease term. At December 31, 2023, the Company had no leases classified as finance leases.
Leases with an initial term of 12 months or less are not recorded on the balance sheet. For these short-term leases, lease expense is recognized on a straight-line basis over the lease term. At December 31, 2024, the Company had no leases classified as finance leases.
Potential common shares consist of restricted shares for the years ended December 31, 2023 and 2022, and are determined using the treasury stock method. The Company has determined that its outstanding non-vested stock awards are participating securities, and all dividends on these awards are paid similar to other dividends.
Potential common shares consist of restricted shares for the years ended December 31, 2024 and 2023, and are determined using the treasury stock method. The Company has determined that its outstanding non-vested stock awards are participating securities, and all dividends on these awards are paid similar to other dividends.
Accounting standards codification requires the presentation in the consolidated financial statements of net income and all items of other comprehensive income as total comprehensive income (loss). Fair Value Measures Fair values of assets and liabilities are estimated using relevant market information and other assumptions, as more fully disclosed in Note 16.
Accounting standards codification requires the presentation in the consolidated financial statements of net income and all items of other comprehensive income as total comprehensive income. 77 Fair Value Measures Fair values of assets and liabilities are estimated using relevant market information and other assumptions, as more fully disclosed in Note 16.
Dockery† -filed as Exhibit 99.2 to the Registrant’s Current Report on Form 8-K (File No. 000-12436), filed with the Commission on January 17, 2019 and incorporated herein by reference. 10.8 Separation and Release Agreement, Dated January 25, 2023, Between Colony Bank and Andrew Borrmann† -filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 000-12436), filed with the Commission on January 26, 2023 and incorporated herein by reference. 10.9 Employment Agreement, dated as of September 9, 2022, between Colony Bankcorp, Inc. and Max Edward Hoyle† -filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q (File No. 000-12436), filed with the Commission on November 10, 2022 and incorporated herein by reference. 10.10 Employment Agreement, dated as of September 9, 2022, between Colony Bankcorp, Inc. and R.
Dockery† -filed as Exhibit 99.2 to the Registrant’s Current Report on Form 8-K (File No. 000-12436), filed with the Commission on January 17, 2019 and incorporated herein by reference. 10.8 Separation and Release Agreement, Dated January 25, 2023, Between Colony Bank and Andrew Borrmann† -filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 000-12436), filed with the Commission on January 26, 2023 and incorporated herein by reference. 10.9 Employment Agreement, dated as of September 9, 2022, between Colony Bankcorp, Inc. and Max Edward Hoyle† -filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q (File No. 000-12436), filed with the Commission on November 10, 2022 and incorporated herein by reference. 10.10 Employment Agreement, dated as of September 13 , 202 4 , between Colony Bank and R.
The determination of the appropriate level of the provision and allowance for credit losses inherently involves a high degree of subjectivity and requires us to make significant estimates of current credit risks suing existing qualitative and quantitative information and future trends, all of which may undergo material changes.
The determination of the appropriate level of the provision and allowance for credit losses inherently involves a high degree of subjectivity and requires us to make significant estimates of current credit risks using existing qualitative and quantitative information and future trends, all of which may undergo material changes.
Our evaluation included a review of the documentation of controls, evaluations of the design of the internal control system and tests of the effectiveness of internal controls. Based on our assessment, management concluded that as of December 31, 2023, Colony Bankcorp, Inc.’s internal control over financial reporting is effective based on those criteria.
Our evaluation included a review of the documentation of controls, evaluations of the design of the internal control system and tests of the effectiveness of internal controls. Based on our assessment, management concluded that as of December 31, 2024, Colony Bankcorp, Inc.’s internal control over financial reporting is effective based on those criteria.
The effectiveness of the Company’s internal control over financial reporting as of December 31, 2023 has been audited by Mauldin and Jenkins, LLC, an independent registered public accounting firm, as stated in their report which appears herein. /s/ T. Heath Fountain T.
The effectiveness of the Company’s internal control over financial reporting as of December 31, 2024 has been audited by Mauldin and Jenkins, LLC, an independent registered public accounting firm, as stated in their report which appears herein. /s/ T. Heath Fountain T.
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
However, these risks are often outside of our control, and if our assumptions are wrong or overall economic conditions are significantly different than anticipated, our risk mitigation techniques may be ineffective or costly. 20 Inflation could negatively impact our business, our profitability and our stock price.
However, these risks are often outside of our control, and if our assumptions are wrong or overall economic conditions are significantly different than anticipated, our risk mitigation techniques may be ineffective or costly. 19 Inflation could negatively impact our business, our profitability and our stock price.
FINANCIAL INFORMATION OF COLONY BANKCORP, INC. (PARENT ONLY) The parent company’s balance sheets as of December 31, 2023 and 2022 and the related statements of operations and comprehensive income (loss) and cash flows for each of the years in the two-year period then ended are as follows: COLONY BANKCORP, INC.
FINANCIAL INFORMATION OF COLONY BANKCORP, INC. (PARENT ONLY) The parent company’s balance sheets as of December 31, 2024 and 2023 and the related statements of operations and comprehensive income (loss) and cash flows for each of the years in the two-year period then ended are as follows: COLONY BANKCORP, INC.
Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections None. 115 Part III Item 10 Directors and Executive Officers and Corporate Governance Code of Ethics Colony Bankcorp, Inc. has adopted a Code of Ethics that applies to the Company’s principal executive officer and principal accounting and financial officer.
Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections None. 113 Part III Item 10 Directors and Executive Officers and Corporate Governance Code of Ethics Colony Bankcorp, Inc. has adopted a Code of Ethics that applies to the Company’s principal executive officer and principal accounting and financial officer.
The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in cash flows of the hedged item, the derivative is settled or terminated, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm or treatment of the derivative as a hedge is no longer appropriate or intended.
The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminated, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm or treatment of the derivative as a hedge is no longer appropriate or intended.
The employees will have the right to vote all shares subject to such grant and receive all dividends with respect to such shares, whether or not the shares have vested. The following table presents the outstanding balance for restricted stock awards as of December 31, 2023 and 2022.
The employees will have the right to vote all shares subject to such grant and receive all dividends with respect to such shares, whether or not the shares have vested. The following table presents the outstanding balance for restricted stock awards as of December 31, 2024 and 2023.
Management’s assessment of the effectiveness of our internal control over financial reporting as of December 31, 2023 is included in Part II, Item 8 of this Report under the heading “Management’s Report on Internal Control Over Financial Reporting.” Our independent auditors have issued an audit report on management’s assessment of internal controls over financial reporting.
Management’s assessment of the effectiveness of our internal control over financial reporting as of December 31, 2024 is included in Part II, Item 8 of this Report under the heading “Management’s Report on Internal Control Over Financial Reporting.” Our independent auditors have issued an audit report on management’s assessment of internal controls over financial reporting.
Item 9B Other Information During the fourth quarter of 2023, none of our other executive officers or directors adopted Rule 10b5-1 trading plans and none of our directors or executive officers terminated a Rule 10b5-1 trading plan or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).
Item 9B Other Information During the fourth quarter of 2024, none of our other executive officers or directors adopted Rule 10b5-1 trading plans and none of our directors or executive officers terminated a Rule 10b5-1 trading plan or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).
The Company offers commercial and consumer banking services as well as specialized solutions including mortgage, government guaranteed lending, consumer insurance, wealth management and merchant services. Recent Developments The Company paid dividends to its shareholders throughout 2023 and 2022 on a quarterly basis.
The Company offers commercial and consumer banking services as well as specialized solutions including mortgage, government guaranteed lending, consumer insurance, wealth management and merchant services. Recent Developments The Company paid dividends to its shareholders throughout 2024 and 2023 on a quarterly basis.
These include the fully-taxable equivalent measures: tax-equivalent net interest income, tax-equivalent net interest margin and tax-equivalent net interest spread, which include the effects of taxable-equivalent adjustments using a statutory federal income tax rate of 21% to increase tax-exempt interest income to a tax-equivalent basis for the years ended December 31, 2023 and 2022.
These include the fully-taxable equivalent measures: tax-equivalent net interest income, tax-equivalent net interest margin and tax-equivalent net interest spread, which include the effects of taxable-equivalent adjustments using a statutory federal income tax rate of 21% to increase tax-exempt interest income to a tax-equivalent basis for the years ended December 31, 2024 and 2023.
The following table presents the maturity distribution of the Company’s loans at December 31, 2023. The table also presents the portion of loans that have fixed interest rates or variable interest rates that fluctuate over the life of the loans in accordance with changes in an interest rate index such as the prime rate.
The following table presents the maturity distribution of the Company’s loans at December 31, 2024. The table also presents the portion of loans that have fixed interest rates or variable interest rates that fluctuate over the life of the loans in accordance with changes in an interest rate index such as the prime rate.
As of December 31, 2023, the interim final Basel III rules (Basel III) require the Company to also maintain minimum amounts and ratios of common equity Tier 1 capital to risk weighted assets. These amounts and ratios as defined in regulations are presented hereafter.
As of December 31, 2024, the interim final Basel III rules (Basel III) require the Company to also maintain minimum amounts and ratios of common equity Tier 1 capital to risk weighted assets. These amounts and ratios as defined in regulations are presented hereafter.
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