COLONY BANKCORP INCCBAN
COLONY BANKCORP INC Debt Disclosure
BORROWINGS
The following table presents information regarding the Company’s outstanding borrowings at December 31, 2025:
| 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 | May 2, 2029 | 30,000 | 4.73% | ||||||||||||||
| FHLB Advances | March 25, 2026 | 25,000 | 3.78% | ||||||||||||||
| FHLB Advances | March 26, 2026 | 25,000 | 3.78% | ||||||||||||||
| FHLB Advances | November 6, 2026 | 10,000 | 4.14% | ||||||||||||||
| Fair Value Adjustment for FHLB Borrowings assumed | (28) | N/A | |||||||||||||||
| Subordinated notes, net of issuance costs | May 20, 2032 | 38,903 | 5.25% | ||||||||||||||
| Subordinated debentures | (1) | 24,229 | (1) | ||||||||||||||
| Total borrowings | $ | 258,104 | |||||||||||||||
(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, 2024:
| 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 | May 2, 2029 | 30,000 | 4.73% | ||||||||||||||||||||
| FHLB Advances | March 25, 2025 | 25,000 | 4.46% | ||||||||||||||||||||
| FHLB Advances | March 26, 2025 | 25,000 | 4.46% | ||||||||||||||||||||
| Subordinated notes | May 20, 2032 | 38,810 | 5.25% | ||||||||||||||||||||
| Subordinated debentures | (1) | 24,229 | (1) | ||||||||||||||||||||
| Total borrowings | $ | 248,039 | |||||||||||||||||||||
(1) See individual maturity dates and interest rates in table below.
As collateral on the outstanding FHLB advances, the Company has provided a blanket lien on its portfolio of qualifying residential first mortgage loans, commercial loans, farmland loans, multifamily loans and HELOC loans, as well as U.S. Treasury and Agency securities. At December 31, 2025 and 2024, the lendable collateral value of those loans and securities pledged was $318.6 million and $204.5 million, respectively. At December 31, 2025, the Company had remaining credit availability from the FHLB of $747.0 million. At December 31, 2024, the Company had remaining credit availability from the FHLB of $578.7 million. 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, 2025 and 2024, the Company also has available federal funds lines of credit with various financial institutions totaling $143.0 million and $64.5 million, respectively, of which there were none outstanding at December 31, 2025 and 2024.
The Company has the ability to borrow funds from the Federal Reserve Bank (FRB) of Atlanta utilizing the discount window. The discount window is an instrument of monetary policy that allows eligible institutions to borrow money from the FRB on a short-term basis to meet temporary liquidity shortages caused by internal or external disruptions. The Company had borrowing
capacity available under this arrangement, with none outstanding at December 31, 2025 and 2024. The Company could be required to pledge certain available-for-sale investment securities as collateral under this agreement.
On May 20, 2022, the Company completed a private placement of $39.5 million in fixed-to-floating rate subordinated notes due 2032 (the “Notes”). The Notes will bear a fixed rate of 5.25% for the first five years and will reset quarterly thereafter to then current three-month Secured Overnight Financing Rate, as published by the Federal Reserve Bank of New York, plus 265 basis points for the five year floating term. The Company is entitled to redeem the Notes, in whole or in part, on any interest payment date on or after May 20, 2027, or at any time, in whole but not in part, upon certain other specified events. At December 31, 2025, $38.9 million of the Notes, net of debt issuance costs were outstanding. The notes are recorded as other borrowings on the consolidated balance sheets and, subject to certain limitations, qualify as Tier 2 Capital for regulatory capital purposes.
Subordinated Debentures (Trust Preferred Securities)
During the second quarter of 2004, the Company formed Colony Bankcorp Statutory Trust III for the sole purpose of issuing $4,500,000 in Trust Preferred Securities through a pool sponsored by FTN Financial Capital Market. The securities have a maturity of thirty years and are redeemable after five years with certain exceptions.
During the second quarter of 2006, the Company formed Colony Bankcorp Capital Trust I for the sole purpose of issuing $5,000,000 in Trust Preferred Securities through a pool sponsored by Truist Capital Markets. The securities have a maturity of thirty years and are redeemable after five years with certain exceptions.
During the first quarter of 2007, the Company formed Colony Bankcorp Capital Trust II for the sole purpose of issuing $9,000,000 in Trust Preferred Securities through a pool sponsored by Trapeza Capital Management, LLC. The securities have a maturity of thirty years and are redeemable after five years with certain exceptions. Proceeds from this issuance were used to pay off trust preferred securities issued on March 26, 2002 through Colony Bankcorp Statutory Trust I.
During the third quarter of 2007, the Company formed Colony Bankcorp Capital Trust III for the sole purpose of issuing $5,000,000 in Trust Preferred Securities through a pool sponsored by Trapeza Capital Management, LLC. The securities have a maturity of thirty years and are redeemable after five years with certain exceptions. Proceeds from this issuance were used to pay off trust preferred securities issued on December 19, 2002 through Colony Bankcorp Statutory Trust II.
The Company is not in default of any outstanding Trust Preferred Securities as of December 31, 2025.
The following table presents the information regarding the Company's subordinated debentures at December 31, 2025 and 2024. All subordinated debentures are at benchmark rates based on SOFR plus a spread adjustment plus a margin at December 31, 2025.
| Description | Date | Amount | Added Margin | Total Interest Rate | Maturity | 5-Year Call Option | ||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| Colony Bankcorp Statutory Trust III | June 16, 2004 | $ | 4,640 | 2.68% | 6.65 | % | June 17, 2034 | June 17, 2009 | ||||||||||||
| Colony Bankcorp Capital Trust I | April 13, 2006 | 5,155 | 1.50% | 5.43 | % | June 30, 2036 | April 13, 2011 | |||||||||||||
| Colony Bankcorp Capital Trust II | March 12, 2007 | 9,279 | 1.65% | 5.60 | % | March 30, 2037 | March 12, 2012 | |||||||||||||
| Colony Bankcorp Capital Trust III | September 14, 2007 | 5,155 | 1.40% | 5.50 | % | October 30, 2037 | September 14, 2012 | |||||||||||||
| Total | $ | 24,229 | ||||||||||||||||||
The Trust Preferred Securities are recorded as subordinated debentures on the consolidated balance sheets and, subject to certain limitations, qualify as Tier 1 Capital for regulatory capital purposes. The proceeds from these offerings were used to fund certain acquisitions, pay off holding company debt and inject capital into the Bank subsidiary. The Trust Preferred Securities pay interest quarterly.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 13, 2026 | Showing above |
| 2024 | Mar 14, 2025 | |
| 2023 | Mar 14, 2024 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Mar 18, 2022 | |
| 2020 | Mar 23, 2021 | |
| 2019 | Mar 30, 2020 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.