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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 000-12436
cban-20200930_g1.jpg
COLONY BANKCORP, INC.
(Exact Name of Registrant as Specified in Its Charter)
Georgia58-1492391
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
115 South Grant Street, Fitzgerald, Georgia 31750
(Address of principal executive offices) (Zip Code)
(229) 426-6000
(Registrant’s Telephone Number, Including Area Code)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $1.00 per shareCBANThe NASDAQ Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes              No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes              No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerate Filer      Accelerated Filer      Non-accelerated Filer 
Smaller Reporting Company      Emerging Growth Company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with the new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of November 9, 2020, the registrant had 9,498,783 shares of common stock, $1.00 par value per share, issued and outstanding.



TABLE OF CONTENTS
Page






COLONY BANKCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
 September 30, 2020December 31, 2019
(in thousands, except per share data)(Unaudited)(Audited)
ASSETS
  
Cash and due from banks$14,226$15,570
Interest-bearing deposits in banks134,613 88,522 
Cash and cash equivalents148,839 104,092
Investment securities available for sale, at fair value363,601 347,332 
Other investments, at cost3,296 4,288 
Loans held for sale55,864 10,076 
Loans1,101,606 968,814 
Allowance for loan losses(11,020)(6,863)
      Loans, net1,090,586 961,951 
Premises and equipment31,961 32,482 
Other real estate1,875 1,320 
Goodwill15,992 16,477 
Other intangible assets2,626 3,056 
Bank-owned life insurance31,339 21,629 
Other assets13,467 12,610 
Total assets$1,759,446 $1,515,313 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing
$324,135 $232,635 
Interest-bearing
1,092,265 1,061,107 
Total deposits
1,416,400 1,293,742 
Federal Home Loan Bank advances
22,500 47,000 
Paycheck Protection Program Liquidity Facility134,500  
Other borrowings
38,042 38,792 
Other liabilities
7,658 5,273 
Total liabilities
1,619,100 1,384,807 
Stockholders' equity:
Preferred stock, no par value; 10,000,000 shares authorized, none issued or outstanding as of September 30, 2020 and December 31, 2019, respectively
  
Common stock, par value $1.00 per share; 20,000,000 shares authorized, 9,498,783 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
9,499 9,499 
Paid in capital43,207 43,667 
Retained earnings
81,044 76,978 
Accumulated other comprehensive income, net of tax
6,596 362 
Total stockholders' equity
140,346 130,506 
Total liabilities and stockholders' equity
$1,759,446 $1,515,313 
See accompanying notes to consolidated financial statements (unaudited).

3


COLONY BANKCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (unaudited)
 Three Months EndedNine Months Ended
(dollars in thousands, except per share data)September 30, 2020September 30, 2019September 30, 2020September 30, 2019
Interest income    
Loans, including fees13,743 13,654 40,733 36,437 
Investment securities1,747 2,338 5,536 7,078 
Deposits with other banks and short term investments52 206 384 810 
Total interest income15,542 16,198 46,653 44,325 
Interest expense
Deposits1,144 2,815 4,766 7,569 
Federal Home Loan Bank Advances159 269 626 775 
Paycheck Protection Program Liquidity Facility118  205  
Other borrowings273 458 962 1,127 
Total interest expense1,694 3,542 6,559 9,471 
Net interest income13,848 12,656 40,094 34,854 
Provision for loan losses1,106 214 5,262 524 
Net interest income after provision for loan losses12,742 12,442 34,832 34,330 
Noninterest income
Service charges on deposits1,316 1,546 3,906 3,997 
Mortgage fee income2,616 1,255 5,706 1,942 
Gain on sale of SBA loans748  1,004  
Gain on sale of securities716 34 1,009 99 
Interchange fees1,342 1,001 3,624 2,755 
BOLI Income237 124 548 405 
Other579 70 1,032 1,152 
Total noninterest income7,554 4,030 16,829 10,350 
Noninterest expense
Salaries and employee benefits9,104 7,186 24,331 18,848 
Occupancy and equipment1,338 1,290 3,972 3,459 
Acquisition related expenses207 861 714 2,610 
Information technology expenses1,440 1,196 4,135 3,158 
Professional fees481 558 1,343 1,369 
Advertising and public relations459 677 1,478 1,370 
Communications212 196 631 538 
Writedown of building582  582  
FHLB prepayment penalty925  925  
Other1,565 1,393 4,827 4,046 
Total noninterest expense16,313 13,357 42,938 35,398 
Income before income taxes3,983 3,115 8,723 9,282 
Income taxes884 597 1,807 1,827 
Net income$3,099 $2,518 $6,916 $7,455 
Earnings per common share:
Basic$0.33 $0.27 $0.73 $0.83 
Diluted0.33 0.27 0.73 0.83 
Weighted average common shares outstanding:
Basic9,498,783 9,494,771 9,498,783 9,008,196 
Diluted9,498,783 9,494,771 9,498,783 9,008,196 
 See accompanying notes to consolidated financial statements (unaudited).

4


COLONY BANKCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (unaudited)

 Three Months EndedNine Months Ended
(in thousands)September 30, 2020September 30, 2019September 30, 2020September 30, 2019
Net income$3,099 $2,518 $6,916 $7,455 
Other comprehensive income:
Unrealized gains on securities arising during the period
203 1,715 8,900 12,439 
Tax effect(43)(360)(1,869)(2,612)
Realized (gains) on sale of available for sale securities(716)(34)(1,009)(99)
Tax effect151 7 212 21 
Change in unrealized gains on securities available for sale, net of reclassification adjustment and tax effects
(405)1,328 6,234 9,749 
Comprehensive income$2,694 $3,846 $13,150 $17,204 

 See accompanying notes to consolidated financial statements (unaudited).

5


COLONY BANKCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Shareholders' Equity (unaudited)

(in thousands, except per share data)Common Stock
Three Months Ended
SharesAmountPaid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balance, June 30, 2020$9,499 $9,499 $43,199 $78,895 $7,001 $138,594 
Change in net unrealized gains on securities available for sale, net of reclassification adjustment and tax effects
— — — — (405)(405)
Dividends on common shares — — — (950)— (950)
Stock-based compensation expense
— — 8 — — 8 
Net income
— — 3,099 — 3,099 
Balance, September 30, 2020$9,499 $9,499 $43,207 $81,044 $6,596 $140,346 
Balance, June 30, 2019$9,499 $9,499 $43,650 $73,129 $231 $126,509 
Change in net unrealized gains on securities available for sale, net of reclassification adjustment and tax effects
— — — — 1,328 1,328 
Dividends on common shares— — — (712)— (712)
Stock-based compensation expense— — 8 — — 8 
Net income— — — 2,518 — 2,518 
Balance, September 30, 2019$9,499 $9,499 $43,658 $74,935 $1,559 $129,651 
 See accompanying notes to consolidated financial statements (unaudited).









6


COLONY BANKCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Shareholders' Equity (unaudited)

(in thousands, except per share data)Common Stock
Nine Months EndedSharesAmountPaid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balance, December 31, 20199,499 $9,499 $43,667 $76,978 $362 $130,506 
 Change in net unrealized gains on securities available for sale, net of reclassification adjustment and tax effects
— — — — 6,234 6,234 
Dividends on common shares — — — (2,850)— (2,850)
Goodwill adjustment— — (485)— — (485)
Stock-based compensation expense— — 25 — — 25 
Net income— — — 6,916 — 6,916 
Balance, September 30, 20209,499 $9,499 $43,207 $81,044 $6,596 $140,346 
Balance, December 31, 2018$8,445 $8,445 $25,978 $69,459 $(8,190)$95,692 
 Change in net unrealized gains on securities available for sale, net of reclassification adjustment and tax effect
— — — — 9,749 9,749 
Dividends on common shares — — — (1,979)— (1,979)
Issuance of common stock1,054 1,054 17,655 — — 18,709 
Stock-based compensation expense— — 25 — — 25 
Net income— — — 7,455 — 7,455 
Balance, September 30, 20199,499 $9,499 $43,658 $74,935 $1,559 $129,651 
 See accompanying notes to consolidated financial statements (unaudited).

7


COLONY BANKCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (unaudited)

 Nine Months Ended
(in thousands)September 30, 2020September 30, 2019
Operating Activities  
Net income$6,916 $7,455 
Adjustments reconciling net income to net cash provided by operating activities:
Provision for loan losses5,262 524 
Depreciation, amortization, and accretion4,007 2,129 
Share-based compensation expense25 25 
Net increase in servicing asset(207) 
Gain on sale of securities(1,009)(99)
Gain on sale of SBA loans(1,004) 
Loss on sale of other real estate(56)(874)
Writedown on other real estate68 104 
Loss on sale of premises & equipment56 165 
Writedown of building582  
Originations of loans held for sale(75,268)(42,634)
Proceeds from sales of loans held for sale30,484 33,900 
Change in bank-owned life insurance290 535 
Change in other assets(1,715)(415)
Change in other liabilities2,385 1,193 
Net cash (used in) provided by operating activities(29,184)2,008 
Investing Activities
Purchases of investment securities available for sale(124,864)(105,476)
Proceeds from maturities, calls, and paydowns of investment securities available for sale71,564 50,804 
Proceeds from sale of investment securities available for sale44,495 99,106 
Proceeds from sale of investment securities held to maturity 1,766 
Net loans (135,801)(47,221)
Purchase of premises and equipment(2,796)(3,254)
Proceeds from sale of other real estate1,139 2,489 
Purchase of bank owned life insurance(10,000)(439)
Redemption (purchase) of Federal Home Loan Bank Stock992 (315)
Proceeds from sale of premises and equipment144 175 
Net cash and cash equivalents paid in acquisition (467)
Net cash (used in) investing activities(155,127)(2,832)
Financing Activities
Change in noninterest-bearing customer deposits91,500 (7,614)
Change in interest-bearing customer deposits31,158 (15,943)
Dividends paid for common stock(2,850)(1,979)
Issuance of Paycheck Protection Program Liquidity Fund140,700  
Payment on Paycheck Protection Program Liquidity Fund(6,200) 
Payments on Federal Home Loan Bank Advances(38,500)(8,000)
Proceeds from Federal Home Loan Bank Advances14,000 15,000 
  Payments on Other borrowings(750)(500)
  Proceeds from Other borrowings 15,313 
Net cash provided by (used in) financing activities229,058 (3,723)
Net increase (decrease) in cash and cash equivalents44,747 (4,547)
Cash and cash equivalents at beginning of period104,092 60,156 
Cash and cash equivalents at end of period$148,839 $55,609 
COLONY BANKCORP, INC. AND SUBSIDIARIES

8


CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(UNAUDITED)
(DOLLARS IN THOUSANDS)
 Nine Months Ended
 September 30, 2020September 30, 2019
Supplemental Disclosure of Cash Flow Information  
Cash paid during the period for interest$6,230 $9,294 
Cash paid during the period for income taxes1,250  
Goodwill adjustment485  
Acquisition of real estate through foreclosure1,706 369 
 See accompanying notes to consolidated financial statements (unaudited).

9

COLONY BANKCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

(1) Summary of Significant Accounting Policies
Presentation
Colony Bankcorp, Inc. (the “Company”) is a bank holding company located in Fitzgerald, Georgia. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Colony Bank, Fitzgerald, Georgia (the “Bank”). The “Company” or “our,” as used herein, includes Colony Bank.
In July 2019, a new subsidiary of the Company was incorporated under the name Colony Risk Management, Inc. Colony Risk Management, Inc. is a subsidiary of the Company and is located in Las Vegas, Nevada. It is a captive insurance subsidiary which insures various liability and property damage policies for the Company and its related subsidiaries. Colony Risk Management is regulated by the State of Nevada Division of Insurance.
All adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for fair presentation of the interim consolidated financial statements, have been included and fairly and accurately present the financial position, results of operations and cash flows of the Company. All significant intercompany accounts have been eliminated in consolidation.
The accounting and reporting policies of the Company conform to generally accepted accounting principles and practices utilized in the commercial banking industry for interim financial information and Regulation S-X. Accordingly, the accompanying unaudited interim consolidated financial statements do not include all of the information or notes required for complete financial statements.
The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results which may be expected for the year ending December 31, 2020. These statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 10-K”).
Nature of Operations
The Bank provides a full range of retail, commercial and mortgage banking services for consumers and small- to medium-size businesses located primarily in central, south and coastal Georgia. The Bank is headquartered in Fitzgerald, Georgia with banking and mortgage offices in Albany, Ashburn, Athens, Broxton, Centerville, Columbus, Cordele, Douglas, Eastman, Fitzgerald, LaGrange, Leesburg, Macon, Moultrie, Quitman, Rochelle, Savannah, Soperton, Sylvester, Statesboro, Thomaston, Tifton, Valdosta and Warner Robins. Lending and investing activities are funded primarily by deposits gathered through its retail banking office network.
Use of Estimates
In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet date and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans and fair value of assets acquired and liabilities assumed in a business combination, including goodwill impairment.
Reclassifications
In certain instances, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to statement presentations selected for 2020. Such reclassifications have not materially affected previously reported stockholders’ equity or net income.


10

COLONY BANKCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
Concentrations of Credit Risk
Concentrations of credit risk can exist in relation to individual borrowers or groups of borrowers, certain types of collateral, certain types of industries, or certain geographic regions. The Company has a concentration in real estate loans as well as a geographic concentration that could pose an adverse credit risk. At September 30, 2020, approximately 75% of the Company’s loan portfolio was concentrated in loans secured by real estate. A substantial portion of borrowers’ ability to honor their contractual obligations is dependent upon the viability of the real estate economic sector. Management continues to monitor these concentrations and has considered these concentrations in its allowance for loan loss analysis.
The success of the Company is dependent, to a certain extent, upon the economic conditions in the geographic markets it serves. Adverse changes in the economic conditions in these geographic markets would likely have a material adverse effect on the Company’s results of operations and financial condition. The operating results of the Company depend primarily on its net interest income. Accordingly, operations are subject to risks and uncertainties surrounding the exposure to changes in the interest rate environment.
At times, the Company may have cash and cash equivalents at financial institutions in excess of federal deposit insurance limits. The Company places its cash and cash equivalents with high credit quality financial institutions whose credit ratings are monitored by management to minimize credit risk.
Changes in Accounting Principles and Effects of New Accounting Pronouncements
ASU 2016-13, Financial Instruments – Credit Losses (Topic 326). This ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supported forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. On October 16, 2019, FASB voted to extend the delay of the effective date of this ASU for smaller reporting companies, such as the Company, until fiscal years beginning after December 15, 2022. The Company is currently assessing the impact of the adoption of this ASU on its consolidated financial statements.
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This update removes several exceptions related to intraperiod tax allocation when there is a loss from continuing operations and income from other items, foreign subsidiaries becoming equity method investments and vice versa, and calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The guidance also amends requirements related to franchise tax that is partially based on income, a step up in the tax basis of goodwill, allocation of consolidated tax expense to a legal entity not subject to tax in its separate financial statements, the effects of enacted changes in tax laws and other minor codification improvements regarding employee stock ownership plans and investments in qualified affordable housing projects. For public entities, this guidance is effective for fiscal years beginning after December 15, 2020. The Company does not expect the new guidance to have a material impact on the consolidated financial statements.
In January 2020, the FASB issued ASU No. 2020-01, "Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force)". This update clarifies whether an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative and how to account for certain forward contracts and purchased options to purchase securities. For public entities, this guidance is effective for fiscal years beginning after December 15, 2020. The Company does not expect the new guidance to have a material impact on the consolidated financial statements.
In March 2020, the FASB issued ASU No. 2020-04 "Reference Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of ) reference rate reform on financial reporting. The amendments are effective for the Company as of March 12, 2020 through December 31, 2022. The Company does not believe this standard will have a material impact on its consolidated financial statements.


11

COLONY BANKCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
Operating, Accounting and Reporting Considerations Related to COVID-19
The COVID-19 pandemic has negatively impacted the global economy, including the Company’s primary metropolitan markets. In response to this crisis, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was passed by Congress and signed into law on March 27, 2020. The CARES Act provides an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the economy by supporting individuals and businesses through loans, grants, tax changes, and other types of relief. Some of the provisions applicable to the Company include, but are not limited to:
Accounting for Loan Modifications - The CARES Act provides that financial institutions may elect to suspend (1) the requirements under GAAP for certain loan modifications that would otherwise by categorized as a troubled debt restructure (“TDR”) and (2) any determination that such loan modifications would be considered a TDR, including the related impairment for accounting purposes.
Paycheck Protection Program - The CARES Act established the Paycheck Protection Program “PPP”), an expansion of the Small Business Administration’s 7(a) loan program and the Economic Injury Disaster Loan Program (“EIDL”), administered directly by the SBA.
Also in response to the COVID-19 pandemic, the Board of Governors of the Federal Reserve System (“FRB”), the Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration (“NCUA”), the Office of the Comptroller of the Currency (“OCC”), and the Consumer Financial Protection Bureau (“CFPB”), in consultation with the state financial regulators (collectively, the “agencies”) issued a joint interagency statement (issued March 22, 2020; revised statement issued April 7, 2020). Some of the provisions applicable to the Company include, but are not limited to:
Accounting for Loan Modifications - Loan modifications that do not meet the conditions of the CARES Act may still qualify as a modification that does not need to be accounted for as a TDR. The agencies confirmed with FASB staff that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs. This includes short-term (e.g., three months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or insignificant delays in payment, as long as such modifications are (1) related to COVID-19; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (a) 60 days after the date of termination of the national emergency declaration or (b) December 31, 2020.
Past Due Reporting - With regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to COVID-19 as past due because of the deferral. A loan’s payment date is governed by the due date stipulated in the legal agreement. If a financial institution agrees to a payment deferral, these loans would not be considered past due reporting during the period of the deferral.
Nonaccrual Status and Charge-offs - During short-term COVID-19 modifications, these loans generally should not be reported as nonaccrual or as classified.
As such, beginning in late March 2020, the Company provided relief programs consisting primarily of 90-day payment deferral relief of principal and interest to borrowers negatively impacted by COVID-19 and has accounted for these loan modifications in accordance with ASC 310-40. In addition, the Company also provided principal only payment deferral relief to borrowers of which interest income has been recognized during the deferment period on these interest-only loans.


12

COLONY BANKCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
(2) Business Acquisitions
Acquisition of LBC Bancshares, Inc.
On May 1, 2019, the Company completed its acquisition of LBC Bancshares, Inc. (“LBC”), a bank holding company headquartered in LaGrange, Georgia. Upon consummation of the acquisition, LBC was merged with and into the Company, with Colony as the surviving entity in the merger. At that time, LBC’s wholly owned bank subsidiary, Calumet Bank, was also merged with and into the Bank. The acquisition expanded the Company’s market presence, as Calumet Bank had two full-service banking locations, one each in LaGrange, Georgia and Columbus, Georgia, as well as a loan production office in Atlanta, Georgia. Under the terms of the Agreement and Plan of Merger, each LBC shareholder had the option to receive either $23.50 in cash or 1.3239 shares of the Company’s common stock in exchange for each share of LBC common stock, subject to customary proration and allocation procedures such that 55% of LBC shares received the stock consideration and 45% received the cash consideration, with at least 50% of the merger consideration paid in the Company's common stock. As a result, the Company issued 1,053,875 common shares at a fair value of $18.2 million and paid $15.3 million in cash to the former shareholders of LBC as merger consideration.
The merger was effected by the issuance of shares of the Company’s common stock along with cash consideration to shareholders to LBC. The assets and liabilities of LBC as of the effective date of the merger were recorded at their respective estimated fair values and combined with those of the Company. The excess of the purchase price over the net estimated fair values of the acquired assets and liabilities was allocated to identifiable intangible assets with the remaining excess allocated to goodwill. Goodwill of $15.2 million was recorded as part of the LBC acquisition and is not expected to be deductible for income tax purposes.
The following table presents the assets acquired and liabilities assumed of LBC as of May 1, 2019, and their fair value estimates. The fair value estimates were subject to refinement for up to one year after the closing date of the acquisition for new information obtained about facts and circumstances that existed at the acquisition date. The Company continues its evaluation of the facts and circumstances available as of May 1, 2019, to assign fair values to assets acquired and liabilities assumed, which could result in further adjustments to the fair values presented below.
13

COLONY BANKCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
(dollars in thousands, except market price)Initial Fair Value Adjustments
Subsequent Adjustments (1)
Final Balance
Purchase price consideration:
Shares of CBAN common stock issued to LBC shareholders as of May 1, 20191,053,875 1,053,875 1,053,875 
Market price of CBAN common stock on May 1, 2019$17.75 $(0.46)$17.29 
Estimated fair value of CBAN common stock issued18,706 (485)18,221 
Cash consideration paid15,315 — 15,315 
Total consideration$34,021 $(485)$33,536 
Assets acquired at fair value:
Cash and cash equivalents$15,678 $— $15,678 
Investments securities available for sale49,172 — 49,172 
Investments securities held to maturity1,766 — 1,766 
Restricted investments479 — 479 
Loans130,568 — 130,568 
Premises and equipment3,009 — 3,009 
Core deposit intangible3,100 — 3,100 
Other real estate 243 — 243 
Prepaid and other assets6,143 — 6,143 
Total fair value of assets acquired$210,158 $— $210,158 
Liabilities assumed at fair value:
Deposits$(189,896)$— $(189,896)
FHLB advances(1,000)— (1,000)
Payables and other liabilities(975)— (975)
Total fair value of liabilities assumed$(191,871)$— $(191,871)
Net assets acquired at fair value:$18,287 $— $18,287 
Amount of goodwill resulting from acquisition$15,734 $(485)$15,249 
(1) Subsequent adjustments were done within the one year period allowed after the acquisition.
In the acquisition, the Company purchased $130.6 million of loans at fair value, net of $2.2 million, or 1.63%, estimated discount to the outstanding principal balance. Of the total loans acquired, management identified $176,000 that were considered to be credit impaired and are accounted for under ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of the acquisition date for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments.
(dollars in thousands)
Contractually required principal and interest$695 
Non-accretable difference(519)
Cash Flows expected to be collected176 
Accretable yield 
Total purchased credit-impaired loans acquired$176 

14

COLONY BANKCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
The following table presents the acquired loan data for the LBC acquisition.
(dollars in thousands)Fair Value of
Acquired Loans at
Acquisition Date
Gross Contractual
Amounts Receivable
at Acquisition Date
Estimate at
Acquisition Date of
Contractual Cash
Flows Not Expected
to be Collected
Acquired receivables subject to ASC 310-30$176 $695 $519 
Acquired receivables not subject to ASC 310-30130,392 132,381  
Acquisition of PFB Mortgage from Planters First Bank
On May 1, 2019, the Bank completed its acquisition of PFB Mortgage, the secondary market mortgage business of Planters First Bank for a total cash consideration of $833,000.The assets acquired included premises and equipment as well as all pipeline loans. The assets acquired were recorded at their respective estimated fair values as of the effective date of the transaction. The excess of the purchase price over fair value of net assets acquired was allocated to goodwill.
The following table presents the assets acquired as of May 1, 2019, and their fair value estimates. The fair value estimates were subject to refinement for up to one year after the closing date of the acquisition for new information obtained about facts and circumstances that existed at the acquisition date. The Company continues its evaluation of the facts and circumstances available as of May 1, 2019, to assign fair values to assets acquired and liabilities assumed, which could result in further adjustments to the fair values presented below.

(dollars in thousands)
Purchase price consideration:
Cash consideration paid$833 
Total consideration$833 
Assets acquired at fair value:
Premises and equipment$78 
Premium on loan commitments209 
Other assets5 
Total fair value of assets acquired$292 
Liabilities assumed at fair value:
Total fair value of liabilities assumed$ 
Net assets acquired at fair value:$292 
Amount of goodwill resulting from acquisition$541 


15

COLONY BANKCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
(3) Investment Securities
The amortized cost and estimated fair value of securities available for sale along with gross unrealized gains and losses are summarized as follows:
(dollars in thousands)
September 30, 2020Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Securities Available for Sale:
U.S. treasury securities$245 $ $ $245 
State, county & municipal securities38,494 571 (159)38,906 
Corporate debt securities3,750 3  3,753 
Mortgage-backed securities312,764 8,418 (485)320,697 
$355,253 $