Colony Bankcorp Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Colony Bankcorp Inc. has filed its 2023 10-K report detailing financial performance and asset information.</b>

AI Summary

COLONY BANKCORP INC (CBAN) filed a Annual Report (10-K) with the SEC on March 14, 2024. Colony Bankcorp Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company is incorporated in Georgia (GA) and operates under the SIC code 6022 for Commercial Banks. Key financial statement components like Preferred Stock, Common Stock, Additional Paid-In Capital, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for the fiscal years 2021, 2022, and 2023. The report includes details on assets such as Buildings, Furniture and Fixtures, and Computer Equipment as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking COLONY BANKCORP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Colony Bankcorp's financial health and operational status for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. The detailed breakdown of equity accounts and asset categories offers insights into the company's capital structure and asset base, which are key indicators for financial stability and growth potential.

Risk Assessment

Risk Level: medium — COLONY BANKCORP INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure for public companies, but the absence of specific financial performance metrics (revenue, net income, EPS) in the provided text limits a deeper risk assessment.

Analyst Insight

Investors should review the full 10-K filing to analyze Colony Bankcorp's financial statements, management discussion, and risk factors for a complete understanding of its current position and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-14 — Filing Date (Date of submission)
• 2023-01-01 — Fiscal Year Start (Reporting period)
• 2022-12-31 — Prior Year End (Comparative period)

Key Players & Entities

• COLONY BANKCORP INC (company) — Filer name
• CBAN (company) — Ticker symbol
• 10-K (document) — Form type
• 2024-03-14 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• GA (location) — State of incorporation
• 6022 (industry_code) — Standard Industrial Classification
• USD (currency) — Currency

FAQ

Industry Context

Colony Bankcorp Inc. operates within the commercial banking sector, as indicated by its SIC code 6022. This sector is characterized by its role in financial intermediation, lending, and deposit-taking activities.

Regulatory Implications

As a commercial bank, Colony Bankcorp Inc. is subject to regulations from various financial authorities, including those overseeing banking operations, capital requirements, and consumer protection. The 10-K filing adheres to the disclosure requirements mandated by the Securities and Exchange Commission (SEC).

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's balance sheet, particularly the equity accounts and asset composition, for insights into financial health.
3. Investigate any disclosed risk factors and their potential impact on the company's operations and profitability.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, representing the company's annual disclosure. Specific comparative data from the prior year's filing (2022) is referenced for financial statement components.

Key Financial Figures

• $1.00 — ich registered Common Stock, Par Value $1.00 per share CBAN The NASDAQ Stock Market
• $9 — ter and based upon the closing price of $9.42, as reported on Nasdaq on June 30, 2
• $3.1 billion — December 31, 2023, we had approximately $3.1 billion in total assets, $1.9 billion in total
• $1.9 billion — oximately $3.1 billion in total assets, $1.9 billion in total loans, $2.5 billion in total d
• $2.5 billion — al assets, $1.9 billion in total loans, $2.5 billion in total deposits and $254.9 million in
• $254.9 million — ans, $2.5 billion in total deposits and $254.9 million in stockholder's equity. Deposits are i
• $16.50 — mon stock at a public offering price of $16.50 per share, with aggregate proceeds of a
• $63.5 million — ith aggregate proceeds of approximately $63.5 million. 7 Subordinated Notes On May 20,
• $40.0 million — ompany completed a private placement of $40.0 million in fixed-to-floating rate subordinated
• $39.2 million — specified events. At December 31, 2023, $39.2 million of the Notes were outstanding. Stock
• $12 million — hich the Company could repurchase up to $12 million of its outstanding common stock. Repurc
• $9.78 — repurchased 41,481 shares at a price of $9.78. During the year ended December 31, 202
• $13.50 — ompany repurchased 40,000 at a price of $13.50. The buyback program expired at the end

Filing Documents

• cban-20231231.htm (10-K) — 3423KB
• exhibit412023.htm (EX-4.1) — 22KB
• exhibit101210k2023.htm (EX-10.12) — 150KB
• exhibit212023.htm (EX-21) — 5KB
• exhibit2312023.htm (EX-23.1) — 3KB
• exhibit31110-k2023.htm (EX-31.1) — 16KB
• exhibit31210-k2023.htm (EX-31.2) — 16KB
• exhibit32110-k2023.htm (EX-32.1) — 7KB
• exhibit972023.htm (EX-97) — 12KB
• cban-20231231_g1.jpg (GRAPHIC) — 6KB
• cban-20231231_g2.jpg (GRAPHIC) — 117KB
• 0000711669-24-000046.txt (&nbsp;) — 17754KB
• cban-20231231.xsd (EX-101.SCH) — 75KB
• cban-20231231_cal.xml (EX-101.CAL) — 155KB
• cban-20231231_def.xml (EX-101.DEF) — 495KB
• cban-20231231_lab.xml (EX-101.LAB) — 1102KB
• cban-20231231_pre.xml (EX-101.PRE) — 833KB
• cban-20231231_htm.xml (XML) — 3443KB

Risk Factors

Item 1A. Risk Factors 19

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 32

Cybersecurity

Item 1C. Cybersecurity 32

Properties

Item 2. Properties 33

Legal Proceedings

Item 3. Legal Proceedings 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34

Reserved

Item 6. Reserved 35

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 59

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 59

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 114

Controls and Procedures

Item 9A. Controls and Procedures 115

Other Information

Item 9B. Other Information 115

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 115 PART III

Directors and Executive Officers and Corporate Governance

Item 10. Directors and Executive Officers and Corporate Governance 116

Executive Compensation

Item 11. Executive Compensation 116

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 116

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 116

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 116 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 117

Form 10-K Summary

Item 16. Form 10-K Summary 119

Signatures

Signatures 119 3 In this Annual Report on Form 10-K (this "Annual Report"), references to "we," "our," "us," "Colony" or "the Company" refer to Colony Bankcorp, Inc., a Georgia corporation, and our wholly-owned banking subsidiary, Colony Bank, a Georgia-state chartered bank, unless otherwise indicated or the context otherwise requires. References to "Bank" refer to Colony Bank, our wholly-owned banking subsidiary. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "strive," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially di

Business

Business COLONY BANKCORP, INC. General Colony Bankcorp, Inc. (the "Company" or "Colony") is a financial services company and a registered bank holding company headquartered in Fitzgerald, Georgia. The Company was incorporated on November 8, 1982 under the laws of the State of Georgia. The Company was organized for the purpose of operating as a bank holding company under the Bank Holding Company Act of 1956, as amended, and the bank holding company laws of Georgia. Our business is conducted primarily through our wholly-owned bank subsidiary, Colony Bank, a Georgia state-chartered commercial bank, which provides a broad range of banking services to its retail and commercial customers. We operate thirty-four locations in Georgia and have expanded our presence in 2023 to serve Birmingham, Alabama, as well as Tallahassee and the Florida Panhandle. At December 31, 2023, we had approximately $3.1 billion in total assets, $1.9 billion in total loans, $2.5 billion in total deposits and $254.9 million in stockholder's equity. Deposits are insured, up to applicable limits, by the Federal Deposit Insurance Corporation. The Parent Company Because the Company is a financial services company and a registered bank holding company, its principal operations are conducted through the Bank. It has 100 percent ownership of the Bank and maintains systems of financial, operational and administrative controls that permit centralized evaluation of the operations of the Bank in selected functional areas including operations, accounting, marketing, investment management, purchasing, human resources, computer services, auditing, compliance and credit review. As a bank holding company, we also perform certain shareholder and investor relations functions. Colony Bank - Banking Services Our principal subsidiary is the Bank. The Bank, headquartered in Fitzgerald, Georgia, offers traditional banking products and services to commercial and consumer customers in our markets. Our product

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View this 10-K filing on SEC EDGAR