Colony Bankcorp : Fourth Quarter 2021 Investor Presentation

INVESTOR PRESENTATION FOURTH QUARTER - 2021

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CAUTIONARY STATEMENTS

This presentation contains "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, certain statements may be contained in Colony Bankcorp, Inc''s (the "Company") future filings with the Securities and Exchange Commission (the "SEC"), in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to: (i) projections and/or expectations of revenues, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statement of plans and objectives of Colony Bankcorp, Inc. or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; (iv) statements regarding growth strategy, capital management, liquidity and funding and future profitability; (v) statements regarding the effects of the COVID-19pandemic and related variants on the Company's business and financial results and conditions; (vi) statements relating to the timing, benefits, costs, and synergies of the recently completed acquisitions of SouthCrest Financial Group, Inc. ("SouthCrest") (the "Merger") and The Barnes Agency ("Barnes"); and (vii) statements of assumptions underlying such statements. Words such as "believes," "anticipates," "expects," "intends," "targeted" and similar expressions are intended to identify forward-lookingstatements but are not the exclusive means of identifying such statements.

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: the impact of the COVID-19 pandemic and related variants on the Company's assets, business, cash flows, financial condition, liquidity, prospects and results of operations; potential increases in the provision for loan losses resulting from the COVID-19 pandemic and related variants; the Company's ability to implement its various strategic and growth initiatives; competitive pressures among financial institutions increasing significantly; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; interest rate risk; legislation or regulatory changes which adversely affect the ability of the consolidated Company to conduct business combinations or new operations, including changes to statutes, regulations or regulatory policies or practices as a result of, or in response to, COVID-19 and related variants; adverse results from current or future litigation, regulatory examination or other legal and/or regulatory actions, including as a result of the Company's participation in and execution of government programs related to the COVID-19 pandemic and related variants ; the risk that the cost savings and any revenue synergies from the Merger and the acquisition of Barnes may not be realized or take longer than anticipated; the risk of successful integration of SouthCrest's and Barnes' businesses into the Company; reputation risk and the reaction of each of the Company's, SouthCrest's and Barnes' customers, suppliers employees or other business partners to the Merger and the Barnes acquisition; the risk that the integration of SouthCrest's operations into the operations of the Company will be materially delayed or will be more costly or difficult than expected; the timing and achievement of expected cost reductions following the Merger; the timing and achievement of the recovery of the reduction of tangible book value resulting from the Merger; the risks associated with the Company's pursuit of future acquisitions; and general competitive, economic, political and market conditions or other unexpected factors or events. These and other factors, risks and uncertainties could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Many of these factors are beyond the Company's ability to control or predict.

Forward-looking statements speak only as of the date on which such statements are made. These forward-looking statements are based upon information presently known to the Company's management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in the Company's filings with the Securities and Exchange Commission, the Company's Annual Report on Form 10-K for the year ended December 31, 2020, under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors," and in the Company's quarterly reports on Form 10-Q and current reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement

is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.

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NON-GAAP FINANCIAL MEASURES

Statements included in this presentation include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measure to GAAP financial measures. The non-GAAP financial measures used in this presentation include the following: operating net income, adjusted earnings per diluted share, tangible book value per common share and operating efficiency ratio. The most comparable GAAP measures are net income, diluted earnings per share, book value per common share and efficiency ratio, respectively. Operating net income and operating efficiency ratio both exclude acquisition-related expenses. Adjusted earnings per diluted share includes the adjustments to operating net income. Tangible book value excludes goodwill and other intangibles.

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

Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider Colony Bankcorp, Inc. performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of Colony Bankcorp, Inc. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.

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COMPANY PROFILE

Franchise Footprint

Chickamauga
	Canton	Cumming
Cedartown
	Atlanta		Athens
Rockmart	Conyers
	Fayetteville
Luthersville
LaGrange		Macon		Augusta
Manchester Thomaston	Centerville
Columbus		Soperton	Statesboro
		WarnerRobins
		Eastman	Savannah
			Rochelle
	Cordele	Fitzgerald
	Leesburg
			Broxton

Albany Tifton

SylvesterDouglas

Moultrie

Valdosta

Quitman

Colony Banking Branches

Colony LPOs

Acquired with SouthCrest Financial

Group, Inc. merger closed 8/1/2021

• Founded in 1975
• Headquartered in Fitzgerald, Georgia
• Completed acquisition of SouthCrest Financial Group, Inc. August 1, 2021, creating Georgia's largest community bank, headquartered outside of Atlanta.
• Completed the Barnes Agency acquisition in August 2021; created Colony Insurance subsidiary
• $2.7 billion in assets as of December 31, 2021
• 38 locations in Georgia
• Strategic plan for profitable growth
• Track record of solid organic growth
• Successful execution of acquisitions

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LEADERSHIP TEAM

Name	Position	Years In	Years With
Banking	Colony
T. Heath Fountain	President and Chief Executive Officer	21	3
Brian D. Schmitt	Executive Vice Chairman	39	*
Edward "Lee" Bagwell	EVP, Chief Risk Officer and General Counsel	18	18
Leonard H. "Lenny" Bateman	EVP, Chief Credit Officer	25	2
Andy Borrmann	EVP, Chief Strategy Officer	18	*
Kimberly Dockery	EVP, Chief Administrative Officer	15	3
Max "Eddie" Hoyle	EVP, Chief Banking Officer	42	10
Tracie Youngblood	EVP, Chief Financial Officer	27	2

* Joined leadership team following the merger with SouthCrest Financial Group that closed on 8/1/2021.

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