# COLONY BANKCORP INC (CBAN)

Informational only - not investment advice.

CIK: 0000711669
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-03-13
SEC page: https://www.sec.gov/edgar/browse/?CIK=711669
Filing source: https://www.sec.gov/Archives/edgar/data/711669/000071166926000007/cban-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-13 · accession 0000711669-26-000007 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000711669.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 149,952,000 USD | 2025 | verified |
| Net income | 28,253,000 USD | 2025 | verified |
| Assets | 3,735,401,000 USD | 2025 | verified |
| Free cash flow | -6,899,000 USD | 2025 | computed |
| Net margin | 18.84% | 2025 | computed |
| Revenue YoY | +9.26% | 2025 | computed |
| ROE | 7.52% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CBAN | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 18.8% | 21.9% | 37 | 149 |
| Revenue growth | 9.3% | 6.0% | 67 | 148 |
| FCF margin | -4.6% | 23.8% | 3 | 133 |
| ROE | 7.5% | 9.6% | 24 | 149 |
| ROA | 0.8% | 1.1% | 19 | 149 |
| Liabilities / equity | 8.94 | 8.04 | 71 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 149952000 | USD | 2025 | 2026-03-13 |
| Net income | 28253000 | USD | 2025 | 2026-03-13 |
| Assets | 3735401000 | USD | 2025 | 2026-03-13 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000711669.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2011 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 44,589,089 | 45,916,423 | 49,022,000 | 60,483,000 | 63,125,000 | 70,586,000 | 91,537,000 | 124,916,000 | 137,241,000 | 149,952,000 |
| Net income |  | 8,673,210 | 7,750,978 | 11,917,000 | 10,211,000 | 11,815,000 | 18,659,000 | 19,542,000 | 21,747,000 | 23,868,000 | 28,253,000 |
| Diluted EPS |  | 0.84 | 0.87 | 1.40 | 1.12 | 1.24 | 1.66 | 1.14 | 1.24 | 1.36 | 1.59 |
| Operating cash flow |  | 13,388,491 | 12,545,135 | 14,917,000 | 3,877,000 | -19,094,000 | 36,104,000 | 49,741,000 | 20,983,000 | 23,401,000 | -5,545,000 |
| Capital expenditures |  | 3,259,859 | 1,344,898 | 2,763,000 | 3,485,000 | 4,241,000 | 5,838,000 | 2,895,000 | 3,618,000 | 1,080,000 | 1,354,000 |
| Dividends paid | 0.00 |  | 843,934 | 1,688,000 | 2,692,000 | 3,800,000 | 4,463,000 | 7,158,000 | 7,722,000 | 7,899,000 | 8,038,000 |
| Share buybacks |  |  |  |  |  |  | 0.00 | 540,000 | 406,000 | 1,305,000 | 2,368,000 |
| Assets |  | 1,210,441,617 | 1,232,755,317 | 1,251,878,000 | 1,515,313,000 | 1,763,974,000 | 2,691,715,000 | 2,936,570,000 | 3,053,422,000 | 3,109,782,000 | 3,735,401,000 |
| Liabilities |  |  |  | 1,156,186,000 | 1,384,807,000 | 1,619,486,000 | 2,474,008,000 | 2,706,302,000 | 2,798,487,000 | 2,831,107,000 | 3,359,481,000 |
| Stockholders' equity |  | 93,387,733 | 90,322,000 | 95,692,000 | 130,506,000 | 144,488,000 | 217,707,000 | 230,268,000 | 254,935,000 | 278,675,000 | 375,920,000 |
| Free cash flow |  | 10,128,632 | 11,200,237 | 12,154,000 | 392,000 | -23,335,000 | 30,266,000 | 46,846,000 | 17,365,000 | 22,321,000 | -6,899,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2011 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 19.45% | 16.88% | 24.31% | 16.88% | 18.72% | 26.43% | 21.35% | 17.41% | 17.39% | 18.84% |
| Return on equity |  | 9.29% | 8.58% | 12.45% | 7.82% | 8.18% | 8.57% | 8.49% | 8.53% | 8.56% | 7.52% |
| Return on assets |  | 0.72% | 0.63% | 0.95% | 0.67% | 0.67% | 0.69% | 0.67% | 0.71% | 0.77% | 0.76% |
| Liabilities / equity |  |  |  | 12.08 | 10.61 | 11.21 | 11.36 | 11.75 | 10.98 | 10.16 | 8.94 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000711669.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.30 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.29 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.30 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 32,579,000 | 5,804,000 | 0.33 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 33,203,000 | 5,598,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 33,310,000 | 5,333,000 | 0.30 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 33,336,000 | 5,474,000 | 0.31 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 34,604,000 | 5,629,000 | 0.32 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 35,991,000 | 7,432,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 35,525,000 | 6,613,000 | 0.38 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 36,835,000 | 7,978,000 | 0.46 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 36,892,000 | 5,819,000 | 0.33 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 40,700,000 | 7,843,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 44,890,000 | 8,204,000 | 0.39 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 45,781,000 | 10,857,000 | 0.51 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CBAN's latest 10-K: [/company/CBAN/business/](/company/CBAN/business/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/711669/000110465926091111/cban-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The purpose of this discussion and analysis is to focus on significant changes in the financial condition of Colony Bankcorp, Inc. and our wholly owned subsidiary, Colony Bank, from December 31, 2025 through June 30, 2026 and on our results of operations for the three and six months ended June 30, 2026 and 2025. This discussion and analysis should be read in conjunction with our audited consolidated financial statements and notes thereto in the Company’s 2025 Form 10-K, and information presented elsewhere in this Quarterly Report on Form 10-Q, particularly the unaudited consolidated financial statements and related notes appearing in Item 1.

Forward-looking Statements

This Quarterly Report on Form 10-Q 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, statements regarding the proposed merger of First Reliance Bancshares, Inc. (“First Reliance”) with the Company (the “Proposed Merger”) and expectations with regard to the benefits of the Proposed Merger, and statements regarding the completed acquisition of TC Bancshares, Inc. (“TC Bancshares”). 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 different from the results expressed or implied by the forward-looking statements.

A number of important factors could cause our actual results to differ materially from those indicated in these forward-looking statements, including those factors discussed elsewhere in this Quarterly Report on Form 10-Q and the following:

[[GREPCENT_TABLE]]
[["","\u25cf","the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within the Company\u2019s primary market areas, including the effects of continued inflationary pressures, changes in interest rates, tariffs or trade wars (including reduced consumer spending, supply chain issues, and adverse impacts to credit quality), a sustained increase in commodity prices, slowdowns in economic growth or recession, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the potential adverse developments in the banking industry highlighted by high-profile bank failures and the impact of such developments on customer confidence, liquidity and regulatory responses to these developments (including increases in the cost of our deposit insurance assessments and the increased regulatory scrutiny), our ability to effectively manage our liquidity risk and any growth plans and the availability of capital and funding;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","governmental monetary and fiscal policies, including interest rate policies of the FRB, as well as risks related to legislative, tax and regulatory change, including those that impact the value of the U.S. Dollar in relation to the currencies of other advanced and emerging market countries, the money supply and inflation;"]]
[[/GREPCENT_TABLE]]

39

Table of Contents

[[GREPCENT_TABLE]]
[["","\u25cf","the risk of continued changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities and market fluctuations, and interest rate sensitive assets and liabilities;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","interest rate risks (including the impact of interest rates on macroeconomic conditions, customer and client behavior, and on our net interest income), sensitivities, and the shape of the yield curve, and its impact on our financial projections and models;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","prolonged periods of inflation and their effects on our business, profitability, and our stock price;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","changes in borrower credit risks and payment behaviors, including the ability for borrowers under deferred payment programs to return to making full payments;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","changes in the availability and cost of credit and capital in the financial markets;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company\u2019s loans;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the concentration of our business within our geographic areas of operation in Georgia, Alabama, Florida and neighboring markets;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the risk that our asset quality may deteriorate or that our allowance for credit losses may prove to be inadequate or may be negatively affected by credit risk exposures;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","factors that negatively impact our mortgage banking services, including declines in our mortgage originations or profitability due to rising or elevated interest rates and increased competition and regulation, the Bank\u2019s or third party\u2019s failure to satisfy mortgage servicing obligations, loan modifications, the effects of judicial or regulatory requirements or guidance, and the possibility of the Bank being required to repurchase mortgage loans or indemnify buyers;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the effects of competition (including the inability to grow, or attrition of, deposits, customers and employees) from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, private credit funds, money market and other mutual funds and other financial institutions;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","our ability to realize the expected benefits from our strategic initiatives or other operational and executive goals in the time period expected, which could negatively affect our future profitability;"]]
[[/GREPCENT_TABLE]]

40

Table of Contents

[[GREPCENT_TABLE]]
[["","\u25cf","the risks related to the Proposed Merger, without limitation: (a) the risk that the cost savings and any revenue synergies from the Proposed Merger is less than or different from expectations, (b) disruption from the Proposed Merger with customer, supplier, or employee relationships, (c) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Agreement and Plan of Merger by and between the Company and First Reliance, (d) the failure to obtain necessary regulatory approvals for the Proposed Merger, (e) the failure to obtain the approval of the Company's and First Reliance 's shareholders in connection with the Proposed Merger, (f) the possibility that the costs, fees, expenses and charges related to the Proposed Merger may be greater than anticipated, including as a result of unexpected or unknown factors, events, or liabilities, (g) the failure of the conditions to the Proposed Merger to be satisfied, (h) the risks related to the integration of the combined businesses, including the risk that the integration will be materially delayed or will be more costly or difficult than expected, (i) the diversion of management time on merger-related issues, (j) the ability of the Company to effectively manage the larger and more complex operations of the combined company following the Proposed Merger, (k) the risks associated with the Company's pursuit of future acquisitions, (l) the risk of expansion into new geographic or product markets, (m) reputational risk and the reaction of the parties' customers to the Proposed Merger, (n) the Company's ability to successfully execute its various business strategies, including its ability to execute on potential acquisition opportunities, (o) the risk of potential litigation or regulatory action related to the Proposed Merger, and (p) general competitive, economic, political, and market conditions;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","risks relating to bank acquisitions, including the recent acquisition of TC Bancshares, including, without limitation; the diversion of management\u2019s time on issues related to the integration; unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following acquisitions being lower than expected; the risk of deposit and customer attrition; regulatory enforcement and litigation risk; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruptions, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the risk that we may not be able to identify suitable bank and non-bank acquisition opportunities as part of our growth strategy and even if we are able to identify attractive acquisition opportunities, we may not be able to complete such transactions on favorable terms or realize the anticipated benefits from such acquisitions;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the Company\u2019s ability to comply with any regulatory requirements and the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit;"]]
[[/GREPCENT_TABLE]]

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/711669/000071166926000007/cban-20251231.htm
Complete FY 2025 MD&A: /company/CBAN/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-13
Report date: 2025-12-31

Item 7

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

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risk, uncertainties and, assumptions. Certain risks, uncertainties and other factors, including but not limited to those set forth under “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors,” and elsewhere in this Annual Report on Form 10-K, may cause actual results to differ materially from those projected in the forward-looking statements. We assume no obligation to update any of these forward-looking statements.

The Company 

Colony Bankcorp, Inc. is a bank holding company headquartered in Fitzgerald, Georgia that provides, through its wholly-owned subsidiary Colony Bank (collectively referred to as the Company), a broad array of products and services throughout north, central, south and coastal Georgia markets, Birmingham, Alabama and Santa Rosa Beach, Tallahassee and Jacksonville, Florida. The Company offers commercial and consumer banking services as well as specialized solutions including mortgage, government guaranteed lending, consumer insurance, credit cards, wealth management and merchant services.

Recent Developments

The Company paid dividends to its shareholders throughout 2025 and 2024 on a quarterly basis. In 2025, we had a quarterly dividend of $0.1150 per share of common stock and in 2024, we had a quarterly dividend of $0.1125 per share of common stock.

On January 1, 2023, the Company adopted ASC Topic 326 which replaced the incurred loss approach for measuring credit losses with an expected loss model, referred to the current expected credit loss ("CECL") model. CECL applies to financial assets subject to credit losses and measured at amortized cost and certain off-balance-sheet credit exposures, which include, but are not limited to, loans, leases, held-to-maturity securities, loan commitments and financial guarantees. The adoption of this guidance resulted in a decrease of the allowance for credit losses on loans of $53,000, the creation of an allowance for unfunded commitments of $1.7 million and a reduction of retained earnings of $1.2 million, net of the increase in deferred tax assets of $410,000 as of December 31, 2024.

Effective October 1, 2025, the Company early adopted ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans, which amended the accounting for certain purchased financial assets. Under the new guidance, the Company is allowed to apply the 'gross-up' approach to acquired loans that meet the definition of 'purchased seasoned loans' (PSLs), whereby an allowance for credit losses is recognized at the acquisition date with an offsetting adjustment to the amortized cost basis of the assets. This aligns the accounting for PSLs with the treatment of purchased financial assets with credit deterioration (PCD assets). This change eliminated the immediate recognition of day-one credit loss expense and resulted in an increase to the allowance for credit losses on loans of $4.6 million and an increase to the allowance for unfunded commitments of $134,000.

Going forward, the impact of utilizing the CECL approach to calculate the allowance for credit losses will be significantly influenced by the composition, characteristics and quality of our loan portfolio, as well as the prevailing economic conditions and forecasts utilized. Material changes to these and other relevant factors may result in greater volatility to the provision for credit losses, and therefore, greater volatility to our reported earnings. See Notes 1 and 5, included elsewhere in this Form 10-K, for additional information on the allowance for credit losses and the allowance for unfunded commitments.

In June 2023 and August, September and October 2024, the Company entered into a total of five derivative instruments, specifically interest rate swaps, to help manage its interest rate risk position and mitigate exposure to the variability of future cash flows or other forecasted transactions. Three of the interest rate swaps are designated as cash flow hedges of certain variable rate liabilities and two are designated as fair value hedges of certain fixed rate assets. Gains and losses are recorded on the swap transactions as a component of interest expense in the consolidated statements of income. Amounts reported in accumulated OCI related to swaps are reclassified to interest income or expense as interest payments are made on the Bank's fixed rate assets and variable rate liabilities. For additional discussion of the Company's derivative instruments, see "Note 11 - Derivatives".

36

Reconciliation and Management Explanation of Non-GAAP Financial Measures

Our accounting and reporting policies conform to generally accepted accounting principles (GAAP) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. 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, 2025 and 2024.  Tax-equivalent adjustments are reported to the Average Balances with Average Yields and Rates table under Rate/Volume Analysis in the tables that follow. Management believes that non-GAAP financial measures provide additional useful information that allows investors to evaluate the ongoing performance of the company and provide meaningful comparisons to its peers. 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.  

Net interest income on a tax-equivalent basis is a non-GAAP measure that adjusts for the tax-favored status of net interest income from loans and investments. We believe this measure to be the preferred industry measurement of net interest income and it enhances comparability of net interest income arising from taxable and tax-exempt sources. The most directly comparable financial measure calculated in accordance with GAAP is our net interest income. Net interest margin on a tax-equivalent basis is net interest income on a tax-equivalent basis divided by average interest-earning assets on a tax-equivalent basis. The most directly comparable financial measure calculated in accordance with GAAP is our net interest margin. Net interest spread on a tax-equivalent basis is the difference in the average yield on average interest-earning assets on a tax equivalent basis and the average rate paid on average interest-bearing liabilities. The most directly comparable financial measure calculated in accordance with GAAP is our net interest spread.

These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements, and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently.

37

A reconciliation of these performance measures to GAAP performance measures is included in the tables below.

Non-GAAP Performance Measures Reconciliation

[[GREPCENT_TABLE]]
[["","","Years Ended December 31,"],["(dollars in thousands, except per share data)","","2025","","2024"],["Operating noninterest income reconciliation"],["Noninterest income (GAAP)","","$","40,280","","","$","39,375"],["Writedown of bank premises","","\u2014","","","197"],["Loss on sales of securities","","1,039","","","1,835"],["Operating noninterest income","","$","41,319","","","$","41,407"],["Operating noninterest expense reconciliation"],["Noninterest expense (GAAP)","","$","92,546","","","$","82,834"],["Severance costs","","\u2014","","","(288)"],["Acquisition-related expenses","","(2,063)","","","\u2014"],["Loss related to wire fraud incident","","(1,252)","","","\u2014"],["Operating noninterest expense","","$","89,231","","","$","82,546"],["Operating net income reconciliation"],["Net income (GAAP)","","$","28,253","","","$","23,868"],["Severance costs","","\u2014","","","288"],["Acquisition-related expenses","","2,063","","","\u2014"],["Writedown of bank premises","","\u2014","","","197"],["Loss related to wire fraud incident","","1,252","","","\u2014"],["Loss on sales of securities","","1,039","","","1,835"],["Income tax benefit","","(881)","","","(470)"],["Operating net income","","$","31,726","","","$","25,718"],["Weighted average diluted shares","","17,789,688","","","17,557,743"],["Adjusted earnings per diluted share","","$","1.78","","","$","1.46"],["Operating return on average assets reconciliation"],["Return on average assets (GAAP)","","0.89","%","","0.78","%"],["Severance costs","","\u2014","","","0.01"],["Acquisition-related expenses","","0.07","","","\u2014"],["Writedown of bank premises","","\u2014","","","0.01"],["Loss related to wire fraud incident","","0.04","","","\u2014"],["Loss on sales of securities","","0.03","","","0.06"],["Tax effect of adjustment items","","(0.03)","","","(0.02)"],["Operating return on average assets","","1.00","%","","0.84","%"],["Operating return on average equity reconciliation"],["Return on average equity (GAAP)","","9.49","%","","9.00","%"],["Severance costs","","\u2014","","","0.11"],["Acquisition-related expenses","","0.69","","","\u2014"],["Writedown of bank premises","","\u2014","","","0.07"],["Loss related to wire fraud incident","","0.43","","","\u2014"],["Loss on sales of securities","","0.35","","","0.69"],["Tax effect of adjustment items","","(0.30)","","","(0.18)"],["Operating return on average equity","","10.66","%","","9.69","%"],["Operating return on average tangible equity reconciliation"],["Return on average tangible equity","","11.65","%","","11.22","%"],["Severance costs","","\u2014","","","0.14"],["Acquisition-related expenses","","0.85","","","\u2014"],["Writedown of bank premises","","\u2014","","","0.09"],["Loss related to wire fraud incident","","0.52","","","\u2014"],["Loss on sales of securities","","0.43","","","0.86"],["Tax effect of adjustment items","","(0.36)","","","(0.22)"],["Operating return on average tangible equity","","13.09","%","","12.09","%"]]
[[/GREPCENT_TABLE]]

38

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CBAN/mda/fy2025/
All MD&A years: /company/CBAN/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CBAN/mda/fy2024/): filed 2025-03-14; accession 0000711669-25-000046 (https://www.sec.gov/Archives/edgar/data/711669/000071166925000046/cban-20241231.htm)
- [FY 2023 MD&A](/company/CBAN/mda/fy2023/): filed 2024-03-14; accession 0000711669-24-000046 (https://www.sec.gov/Archives/edgar/data/711669/000071166924000046/cban-20231231.htm)
- [FY 2022 MD&A](/company/CBAN/mda/fy2022/): filed 2023-03-16; accession 0000711669-23-000041 (https://www.sec.gov/Archives/edgar/data/711669/000071166923000041/cban-20221231.htm)
- [FY 2021 MD&A](/company/CBAN/mda/fy2021/): filed 2022-03-18; accession 0000711669-22-000057 (https://www.sec.gov/Archives/edgar/data/711669/000071166922000057/cban-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CBAN.md · JSON record: /company/CBAN.json · verified financials: /company/CBAN/financials.json / /company/CBAN/financials.csv · machine TOC for the whole site: /llms.txt