Colony Bankcorp, Inc. Reports First Quarter 2026 Results

Key Terms

provision for credit losses financial

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

net interest margin financial

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

nonperforming assets financial

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

other real estate owned financial

Assets a lender or financial firm holds after taking back real property through foreclosure or repossession because a borrower defaulted. Think of it like a store keeping returned items it didn’t sell — these properties are not earning interest, can be costly to maintain, and may be sold at a loss or profit, so they directly affect a lender’s balance sheet, cash flow and perceived credit risk for investors.

tier one leverage ratio regulatory

Tier one leverage ratio measures a bank’s core capital — the money that belongs to shareholders and retained earnings — against its total assets, expressed as a percentage. Think of it as the size of a safety cushion compared to the total weight the bank carries; a larger ratio means the bank has more core capital to absorb losses, which matters to investors because it signals financial strength, regulatory compliance, and lower risk of capital shortfalls.

total risk-based capital ratio regulatory

The total risk-based capital ratio measures a financial firm's cushion against losses by comparing its available capital to its assets after those assets are adjusted for how risky they are. Think of it as the size of a safety net relative to the weight of everything being balanced on it: the bigger the ratio, the more able the firm is to absorb bad outcomes without defaulting or needing help. Investors watch this number because it signals regulatory strength, solvency, and how much room the firm has to pay dividends, lend or grow safely.

common equity tier one capital ratio regulatory

A common equity tier one (CET1) capital ratio measures a bank’s strongest form of capital — mainly common shares and retained profits — compared with its assets after those assets are adjusted for risk. Think of it as the bank’s core financial cushion relative to the size and riskiness of what it owns; higher ratios mean a bigger buffer to absorb losses, influencing a bank’s safety, regulatory standing, dividend capacity and investor confidence.

Small Business Administration financial

The Small Business Administration (SBA) is a U.S. government agency that supports small businesses by providing loans, grants, and resources to help them start, grow, and succeed. For investors, the SBA's programs can influence economic stability and small business performance, which in turn can impact overall market trends and local economies. Its role is to make it easier for small businesses to access financing and guidance, fostering entrepreneurship and job creation.

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Declares Quarterly Cash Dividend of $0.12 Per Share

FITZGERALD, Ga.--(BUSINESS WIRE)-- Colony Bankcorp, Inc. (NYSE: CBAN) (“Colony” or the “Company”) today reported financial results for the first quarter of 2026. Financial highlights are shown below.

Financial Highlights:

• Net income was $8.2 million, or $0.39 per diluted share, for the first quarter of 2026, compared to $7.8 million, or $0.42 per diluted share, for the fourth quarter of 2025, and $6.6 million, or $0.38 per diluted share, for the first quarter of 2025.
• Operating net income was $9.5 million, or $0.45 of operating earnings per diluted share, for the first quarter of 2026, compared to $8.9 million, or $0.48 of operating earnings per diluted share, for the fourth quarter of 2025, and $6.6 million, or $0.38 of operating earnings per diluted share, for the first quarter of 2025. (See Reconciliation of Non-GAAP Measures).
• Provision for credit losses of $1.75 million was recorded in the first quarter of 2026 compared to $1.65 million in the fourth quarter of 2025, and $1.50 million in the first quarter of 2025.
• Total loans, excluding loans held for sale, were $2.41 billion at March 31, 2026, an increase of $32.2 million, or 1.35%, from the prior quarter.
• Total deposits were $3.05 billion and $3.07 billion at March 31, 2026 and December 31, 2025, respectively, a decrease of $19.1 million.
• Mortgage production was $88.5 million, and mortgage sales totaled $61.4 million in the first quarter of 2026 compared to $89.5 million and $68.1 million, respectively, for the fourth quarter of 2025.
• Small Business Specialty Lending (“SBSL”) closed $13.1 million in Small Business Administration (“SBA”) loans and sold $10.4 million in SBA loans in the first quarter of 2026 compared to $29.1 million and $16.8 million, respectively, for the fourth quarter of 2025.

The Company also announced that on April 22, 2026, the Board of Directors declared a quarterly cash dividend of $0.12 per share, to be paid on its common stock on May 20, 2026, to shareholders of record as of the close of business on May 6, 2026. The Company had 21,162,104 shares of its common stock outstanding as of April 20, 2026.

"Our first quarter performance represents a strong start to the year, characterized by meaningful improvement compared to the first quarter in the prior year and continued disciplined execution of our strategic initiatives. In addition to our solid financial performance during the quarter, our team successfully completed the TC Federal customer integration and core systems conversion which represents a significant operational achievement that allows us to fully realize the efficiencies of our combined organization and provides a scalable platform for future growth,” said Heath Fountain, Chief Executive Officer.

"Beyond core banking operations, our complementary lines of business continue to demonstrate significant momentum, contributing to a notable increase in noninterest income compared to the first quarter of the prior year. This growth highlights the success of our diversification strategy and our ability to deepen client relationships across our platform.”

“Colony Insurance and Colony Financial Advisors both achieved their strongest quarters to date on a pre-tax basis. The performance of these lines of business illustrates the value of our integrated financial services model and provides a resilient, diversified revenue stream that complements our core banking operations."

“We are also encouraged by the continued expansion of our net interest margin, marking another consecutive quarter of improvement. This trend, supported by our diligent management of deposit costs and asset yields, reinforces the underlying strength of our balance sheet. As we move forward, we remain committed to leveraging our enhanced scale and operational stability to deliver consistent results for our shareholders."

Balance Sheet

• Total assets were $3.72 billion at March 31, 2026, a slight decrease of $14.8 million from December 31, 2025.
• Total loans, excluding loans held for sale, were $2.41 billion at March 31, 2026, an increase of $32.2 million from December 31, 2025.
• Total deposits were $3.05 billion and $3.07 billion at March 31, 2026 and December 31, 2025, respectively, a decrease of $19.1 million. Decreases were seen in noninterest-bearing demand deposits of $31.5 million, interest-bearing demand deposits of $4.5 million and time deposits of $1.7 million while savings and money market deposits increased $18.6 million, from December 31, 2025 to March 31, 2026. The decline in organic customer deposits was driven by the seasonal municipal deposit outflow early in the quarter, however customer deposits increased in the month of March.
• Total borrowings at March 31, 2026 totaled $258.1 million, an increase of $32,000 compared to December 31, 2025.

Capital

• Colony continues to maintain a strong capital position, with ratios that exceed regulatory minimums required to be considered as “well-capitalized.”
• Under the Company’s approved stock repurchase program, a total of 89,109 shares of the Company common stock were repurchased during the first quarter of 2026 at an average price of $19.78 per share and a total value of $1,762,839.
• Preliminary tier one leverage ratio, tier one capital ratio, total risk-based capital ratio and common equity tier one capital ratio were 9.84%, 13.44%, 15.75%, and 12.53%, respectively, at March 31, 2026.

First Quarter 2026 Results of Operations

• Net interest income, on a tax-equivalent basis, totaled $29.4 million for the first quarter ended March 31, 2026 compared to $21.1 million for the same period in 2025. Increases occurred in income on interest earning assets which was more than offset by a slight increase in interest bearing liabilities. Income on interest earning assets increased $9.3 million to $45.0 million for the first quarter of 2026 compared to the same period in 2025. Expense on interest bearing liabilities increased $1.1 million to $15.7 million for the first quarter of 2026 compared to the same period in 2025.
• Net interest margin for the first quarter of 2026 was 3.48% compared to 2.93% for the first quarter of 2025. This increase was impacted by the Company’s acquisition of TC Bancshares, Inc. in the fourth quarter of 2025, and in addition related to increases in interest earning asset yields period over period, as well as the decreased cost of funds.
• Noninterest income totaled $10.7 million for the first quarter of 2026, an increase of $1.6 million, or 18.2%, compared to the same period in 2025. Increases occurred in service charges on deposits, mortgage fee income, interchange fees, insurance commissions and an increase in wealth advisor income included in other noninterest income, partially offset by decreases in gains on sales of SBA loans.
• Noninterest expense totaled $27.7 million for the first quarter of 2026, compared to $20.2 million for the same period in 2025. This increase was a result of increases in salaries and employee benefits, occupancy and equipment, information technology expenses, professional fees, advertising and public relations, and acquisition expenses related to the acquisition of TC Bancshares, Inc. which occurred in the fourth quarter of 2025.

Asset Quality

• Nonperforming assets totaled $19.9 million and $24.7 million at March 31, 2026 and December 31, 2025, respectively, a decrease of $4.8 million.
• Other real estate owned and repossessed assets totaled $2.1 million at March 31, 2026 and $1.2 million at December 31, 2025.
• Net loans charged-off were $1.7 million, or 0.29% of average loans for the first quarter of 2026, compared to $1.6 million, or 0.30% for the fourth quarter of 2025.
• The credit loss reserve was $21.7 million, or 0.90% of total loans, at March 31, 2026, compared to $23.0 million, or 0.97% of total loans at December 31, 2025.

Earnings call information

The Company will host an earnings conference call at 9:00 a.m. ET on Thursday, April 23, 2026, to discuss the recent results and answer relevant questions. The conference call can be accessed by dialing 1-800-715-9871 and using the Conference ID: 2679228. A replay of the call will be available until Thursday, April 30, 2026. To listen to the replay, dial 1-800-770-2030 and entering the passcode 2679228#.

About Colony Bankcorp

Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in Fitzgerald, Georgia in 1975, Colony operates locations throughout Georgia as well as in Birmingham, Alabama, and across North Florida, including Tallahassee, Jacksonville, and the Florida Panhandle. Colony Bank provides a consultative approach in offering a range of banking solutions for personal and business customers. In addition to traditional banking services, Colony Bank provides specialized solutions including mortgage lending, government-guaranteed lending, consumer insurance, wealth management, credit cards and merchant services. Colony Bankcorp’s common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “CBAN.” For more information, please visit www.colony.bank. You can also follow the Company on social media.

Forward-Looking Statements

Certain statements contained in this press release that are not statements of historical fact 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. In addition, certain statements may be contained in the Company’s 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 relating to the timing, benefits, costs, and synergies of the recently completed acquisition of TC Bancshares, Inc. (“TC Bancshares”) (the “Merger”), and (vi) statements of assumptions underlying such statements. Words such as “may”, “will”, “anticipate”, “assume”, “should”, “support”, “indicate”, “would”, “believe”, “contemplate”, “expect”, “estimate”, “continue”, “further”, “plan”, “point to”, “project”, “could”, “intend”, “target” and similar expressions are intended to identify forward-looking statements 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 current and future economic conditions, particularly those affecting the financial services industry, including the effects of declines in the real estate market, tariffs or trade wars (including the resulting reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services), high unemployment rates, inflationary pressures, changes in interest rates (including the impact of volatile interest rates on our financial projections and models) and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; the risk of reductions in benchmark interest rates and the resulting impacts on net interest income; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; risks arising from negative media coverage and perceived instability in the banking industry and the banking sector; the risks of changes in interest rates and their effects on the level, cost, and composition of, and competition for, deposits, loan demand and timing of payments, the values of loan collateral, securities, and interest sensitive assets and liabilities; the ability to attract new or retain existing deposits, to retain or grow loans or additional interest and fee income, or to control noninterest expense; the effect of pricing pressures on the Company’s net interest margin; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values; the Company’s ability to implement its various strategic and growth initiatives; increased competition in the financial services industry, particularly from regional and national institutions, as well as fintech companies and other non-bank financial service providers offering digital, automated or alternative financial products and services; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; changes in the prices, values and sales volumes of residential and commercial real estate; developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; legislation or regulatory changes which adversely affect the ability of the consolidated Company to conduct business combinations or new operations; adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company’s participation in and execution of government programs, those related to credit card interest rates, and legislative, regulatory or supervisory actions related to so-called “de-banking,” including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational practices; significant turbulence or a disruption in the capital or financial markets and the effect of a fall in the stock market prices on our investment securities; significant volatility in the markets for equity, fixed income and other asset classes globally or within specific markets; the effects of war or other conflicts, including the ongoing conflicts in the Middle East; major political shifts domestically or internationally (including the potential for retaliatory actions by governments, market participants or clients based on diverging perspectives or otherwise and, separately, the recent shutdown of the U.S. federal government); general risks related to the Company’s merger and acquisition activity, including risks associated with integrating and realizing the expected financial benefits of previous or pending acquisitions, and the Company’s pursuit of future acquisitions; risks associated with the recent Merger, including the risk that the cost savings and any revenue synergies may not be realized or take longer than anticipated to be realized as well as disruption with customers, suppliers, employee or other business partners relationships; the risk of successful integration of TC Bancshares’ business into the Company; the reaction of each of the Company’s and TC Bancshares’ customers, suppliers, employees or other business partners to the Merger; the risk that the integration of TC Bancshares’ 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; general competitive, economic, political, and market conditions; the impact of emerging technologies, such as generative artificial intelligence; fraud or misconduct by internal or external actors, and system failures, cybersecurity threats or security breaches and the cost of defending against them; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding debt ceiling and the federal budget; 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, 2024, 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, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements.

Explanation of Certain Unaudited Non-GAAP Financial Measures

The measures entitled operating noninterest income, operating noninterest expense, operating net income, operating earnings per diluted share, operating return on average assets, operating return on average equity, operating return on average tangible equity, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio, operating net noninterest expense to average assets and pre-provision net revenue are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. The most comparable GAAP measures are noninterest income, noninterest expense, net income, diluted earnings per share, return on average assets, return on average equity, book value per common share, total equity to total assets, efficiency ratio, net noninterest expense to average assets and net interest income before provision for credit losses, respectively. Operating noninterest income excludes loss on sales of securities. Operating noninterest expense excludes acquisition-related expenses, severance costs and loss related to wire fraud incident. Operating net income, operating return on average assets, operating return on average equity, operating return on average tangible equity and operating efficiency ratio all exclude acquisition-related expenses, severance costs, loss on sales of securities and loss related to wire fraud incident from net income, return on average assets, return on average equity and efficiency ratio, respectively. Operating net noninterest expense to average assets ratio excludes from net noninterest expense, severance costs, acquisition-related expenses, loss on sales of securities and loss related to wire fraud incident. Acquisition-related expenses includes fees associated with acquisitions and vendor contract buyouts. Severance costs includes costs associated with termination and retirement of employees. Operating earnings per diluted share includes the adjustments to operating net income. Tangible book value per common share, tangible equity to tangible assets and operating return on average tangible equity exclude goodwill and other intangibles from book value per common share, total equity to total assets and return on average equity, respectively. Pre-provision net revenue is calculated by adding noninterest income to net interest income before provision for credit losses, and subtracting noninterest expense.

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.

These disclosures should not be considered an alternative to GAAP. The computations of operating noninterest income, operating noninterest expense, operating net income, operating earnings per diluted share, operating return on average assets, operating return on average equity, operating return on average tangible equity, tangible book value per common share, tangible equity to tangible assets, operating efficiency ratio, operating net noninterest expense to average assets and pre-provision net revenue and the reconciliation of these measures to noninterest income, noninterest expense, net income, diluted earnings per share, return on average assets, return on average equity, book value per common share, total equity to total assets, efficiency ratio, net noninterest expense to average assets and net interest income before provision for credit losses are set forth in the table below.

Colony Bankcorp, Inc.
Reconciliation of Non-GAAP Measures
		2026				2025
		First				Fourth				Third				Second			First
(dollars in thousands, except per share data)		Quarter				Quarter				Quarter				Quarter			Quarter
Operating noninterest income reconciliation
Noninterest income (GAAP)		$	10,692			$	11,047			$	10,091			$	10,098		$	9,044
Loss on sales of securities			—				—				1,039				—			—
Operating noninterest income		$	10,692			$	11,047			$	11,130			$	10,098		$	9,044
Operating noninterest expense reconciliation
Noninterest expense (GAAP)		$	27,674			$	25,709			$	24,612			$	22,004		$	20,221
Acquisition-related expenses			(1,637	)			(1,331	)			(732	)			—			—
Loss related to wire fraud incident			—				—				(1,252	)			—			—
Operating noninterest expense		$	26,037			$	24,378			$	22,628			$	22,004		$	20,221
Operating net income reconciliation
Net income (GAAP)		$	8,204			$	7,843			$	5,819			$	7,978		$	6,613
Acquisition-related expenses			1,637				1,331				732				—			—
Loss related to wire fraud incident			—				—				1,252				—			—
Loss on sales of securities			—				—				1,039				—			—
Income tax benefit			(356	)			(269	)			(612	)			—			—
Operating net income		$	9,485			$	8,905			$	8,230			$	7,978		$	6,613
Weighted average diluted shares			21,222,237				18,729,511				17,461,434				17,448,945			17,509,059
Operating earnings per diluted share		$	0.45			$	0.48			$	0.47			$	0.46		$	0.38
Operating return on average assets reconciliation
Return on average assets (GAAP)			0.90		%		0.93		%		0.75		%		1.02	%		0.85
Acquisition-related expenses			0.18				0.15				0.10				—			—
Loss related to wire fraud incident			—				—				0.16				—			—
Loss on sales of securities			—				—				0.13				—			—
Tax effect of adjustment items			(0.04	)			(0.03	)			(0.08	)			—			—
Operating return on average assets			1.04		%		1.05		%		1.06		%		1.02	%		0.85
Operating return on average equity reconciliation
Return on average equity (GAAP)			8.77		%		9.49		%		7.80		%		11.14	%		9.63
Acquisition-related expenses			1.74				1.62				0.98				—			—
Loss related to wire fraud incident			—				—				1.68				—			—
Loss on sales of securities			—				—				1.39				—			—
Tax effect of adjustment items			(0.38	)			(0.33	)			(0.82	)			—			—
Operating return on average equity			10.13		%		10.78		%		11.03		%		11.14	%		9.63

Colony Bankcorp, Inc.
Reconciliation of Non-GAAP Measures
		2026				2025
		First				Fourth				Third				Second				First
(dollars in thousands, except per share data)		Quarter				Quarter				Quarter				Quarter				Quarter
Operating return on average tangible equity reconciliation
Return on average tangible equity			10.80		%		11.63		%		9.56		%		13.70		%		11.83		%
Acquisition-related expenses			2.16				1.97				1.20				—				—
Loss related to wire fraud incident			—				—				2.06				—				—
Loss on sales of securities			—				—				1.71				—				—
Tax effect of adjustment items			(0.47	)			(0.40	)			(1.01	)			—				—
Operating return on average tangible equity			12.49		%		13.20		%		13.52		%		13.70		%		11.83		%
Tangible book value per common share reconciliation
Book value per common share (GAAP)		$	17.98			$	17.69			$	17.31			$	16.87			$	16.41
Effect of goodwill and other intangibles			(3.33	)			(3.38	)			(3.11	)			(3.14	)			(2.95	)
Tangible book value per common share		$	14.65			$	14.31			$	14.20			$	13.73			$	13.46
Tangible equity to tangible assets reconciliation
Equity to assets (GAAP)			10.22		%		10.06		%		9.59		%		9.43		%		9.05		%
Effect of goodwill and other intangibles			(1.73	)			(1.76	)			(1.59	)			(1.62	)			(1.51	)
Tangible equity to tangible assets			8.49		%		8.30		%		8.00		%		7.81		%		7.54		%
Operating efficiency ratio calculation
Efficiency ratio (GAAP)			69.37		%		69.65		%		75.06		%		67.74		%		67.41		%
Acquisition-related expenses			(4.10	)			(3.61	)			(1.98	)			—				—
Loss related to wire fraud incident			—				—				(3.38	)			—				—
Loss on sales of securities			—				—				(2.81	)			—				—
Operating efficiency ratio			65.27		%		66.04		%		66.89		%		67.74		%		67.41		%
Operating net noninterest expense(1) to average assets calculation
Net noninterest expense to average assets			1.86		%		1.73		%		1.86		%		1.52		%		1.44		%
Acquisition-related expenses			(0.18	)			(0.15	)			(0.09	)			—				—
Loss related to wire fraud incident			—				—				(0.16	)			—				—
Loss on sales of securities			—				—				(0.13	)			—				—
Operating net noninterest expense to average assets			1.68		%		1.58		%		1.48		%		1.52		%		1.44		%
Pre-provision net revenue
Net interest income before provision for credit losses		$	29,203			$	25,865			$	22,699			$	22,385			$	20,952
Noninterest income			10,692				11,047				10,091				10,098				9,044
Total income			39,895				36,912				32,790				32,483				29,996
Noninterest expense			27,674				25,709				24,612				22,004				20,221
Pre-provision net revenue		$	12,221			$	11,203			$	8,178			$	10,479			$	9,775
Operating pre-provision net revenue
Net interest income before provision for credit losses		$	29,203			$	25,865			$	22,699			$	22,385			$	20,952
Operating noninterest income			10,692				11,047				11,130				10,098				9,044
Total operating income			39,895				36,912				33,829				32,483				29,996
Operating noninterest expense			26,037				24,378				22,628				22,004				20,221
Operating pre-provision net revenue		$	13,858			$	12,534			$	11,201			$	10,479			$	9,775
(1) Net noninterest expense is defined as noninterest expense less noninterest income.

Colony Bankcorp, Inc.
Selected Financial Information
		2026			2025
		First			Fourth			Third			Second			First
(dollars in thousands, except per share data)		Quarter			Quarter			Quarter			Quarter			Quarter
EARNINGS SUMMARY
Net interest income		$	29,203		$	25,865		$	22,699		$	22,385		$	20,952
Provision for credit losses			1,750			1,650			900			450			1,500
Noninterest income			10,692			11,047			10,091			10,098			9,044
Noninterest expense			27,674			25,709			24,612			22,004			20,221
Income taxes			2,267			1,710			1,459			2,051			1,662
Net income		$	8,204		$	7,843		$	5,819		$	7,978		$	6,613
PER COMMON SHARE
Common shares outstanding			21,162,104			21,251,695			17,461,284			17,416,702			17,481,709
Weighted average basic shares			21,222,237			18,729,511			17,461,434			17,448,945			17,509,059
Weighted average diluted shares			21,222,237			18,729,511			17,461,434			17,448,945			17,509,059
Earnings per basic share		$	0.39		$	0.42		$	0.33		$	0.46		$	0.38
Earnings per diluted share			0.39			0.42			0.33			0.46			0.38
Operating earnings per diluted share(b)			0.45			0.48			0.47			0.46			0.38
Cash dividends declared per share			0.1200			0.1150			0.1150			0.1150			0.1150
Common book value per share			17.98			17.69			17.31			16.87			16.41
Tangible book value per common share(b)			14.65			14.31			14.20			13.73			13.46
Pre-provision net revenue(b)			12,221			11,203			8,178			10,479			9,775
SELECTED PERFORMANCE RATIOS:
Return on average assets			0.90	%		0.93	%		0.75	%		1.02	%		0.85	%
Return on average total equity			8.77			9.49			7.80			11.14			9.63
Return on average tangible equity			10.80			11.63			9.56			13.70			11.83
Efficiency ratio			69.37			69.65			75.06			67.74			67.41
Net noninterest expense to average assets			1.86			1.73			1.86			1.52			1.44
Total equity to total assets			10.22			10.06			9.59			9.43			9.05
Tangible equity to tangible assets (b)			8.49			8.30			8.00			7.81			7.54
Net interest margin (a)			3.48			3.32			3.17			3.12			2.93
OPERATING SELECTED PERFORMANCE RATIOS:
Operating return on average assets (b)			1.04	%		1.05	%		1.06	%		1.02	%		0.85	%
Operating return on average total equity (b)			10.13			10.78			11.03			11.14			9.63
Operating return on average tangible equity (b)			12.49			13.20			13.52			13.70			11.83
Operating efficiency ratio (b)			65.27			66.04			66.89			67.74			67.41
Operating net noninterest expense to average assets(b)			1.68			1.58			1.48			1.52			1.44

Colony Bankcorp, Inc.
Selected Financial Information
		2026			2025
		First			Fourth			Third			Second			First
(dollars in thousands, except per share data)		Quarter			Quarter			Quarter			Quarter			Quarter
ASSET QUALITY
Nonperforming portfolio loans		$	12,619		$	17,190		$	9,082		$	4,760		$	7,538
Nonperforming SBA government loans-guaranteed portion			2,012			4,772			4,076			4,583			3,647
Nonperforming SBA government loans-unguaranteed portion			2,968			1,418			1,110			1,241			1,271
Loans 90 days past due and still accruing			178			95			98			107			22
Total nonperforming loans (NPLs)			17,777			23,475			14,366			10,691			12,478
Other real estate owned			1,873			1,048			710			710			522
Repossessed assets			205			190			160			21			6
Total nonperforming assets (NPAs)			19,855			24,713			15,236			11,422			13,006
Classified loans			39,225			40,481			24,183			25,112			26,453
Criticized loans			86,740			84,721			60,505			54,814			55,823
Net loan charge-offs (recoveries)			1,709			1,600			1,827			1,049			606
Allowance for credit losses to total loans			0.90	%		0.97	%		0.89	%		0.96	%		1.04	%
Allowance for credit losses to total NPLs			122.10			98.04			125.89			179.15			160.26
Allowance for credit losses to total NPAs			109.32			93.13			118.71			167.69			153.75
Net charge-offs (recoveries) to average loans, net			0.29			0.30			0.36			0.21			0.13
NPLs to total loans			0.74			0.99			0.71			0.54			0.65
NPAs to total assets			0.53			0.66			0.48			0.37			0.41
NPAs to total loans and foreclosed assets			0.82			1.04			0.75			0.57			0.68
ACTUAL BALANCES
Total assets		$	3,720,613		$	3,735,401		$	3,152,746		$	3,115,617		$	3,171,825
Loans held for sale			16,536			78,990			19,286			22,163			24,844
Loans, net of unearned income			2,413,465			2,381,224			2,037,056			1,993,580			1,921,263
Deposits			3,048,419			3,067,521			2,584,329			2,556,230			2,622,531
Total stockholders’ equity			380,403			375,920			302,332			293,857			286,925
AVERAGE BALANCES
Total assets		$	3,698,663		$	3,357,785		$	3,092,411		$	3,138,125		$	3,149,321
Loans held for sale			21,863			59,868			17,062			22,495			23,253
Loans, net of unearned income			2,399,971			2,148,729			2,024,153			1,960,025			1,869,476
Deposits			3,025,462			2,752,576			2,526,739			2,586,620			2,606,706
Total stockholders’ equity			379,582			327,830			296,027			287,325			278,551
(a) Computed using fully taxable-equivalent net income.
(b) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP.

Colony Bankcorp, Inc.
Average Balance Sheet and Net Interest Analysis
		Three Months Ended March 31,
		2026								2025
		Average			Income/			Yields/		Average			Income/			Yields/
(dollars in thousands)		Balances			Expense			Rates		Balances			Expense			Rates
Assets
Interest-earning assets:
Loans held for sale		$	21,863		$	454		8.42	%	$	23,253		$	328		5.73	%
Loans, net of unearned income 1			2,399,971			37,568		6.35	%		1,869,476			27,716		6.01	%
Investment securities, taxable			668,824			4,537		2.75	%		710,293			4,837		2.76	%
Investment securities, tax-exempt 2			94,588			489		2.10	%		94,379			494		2.12	%
Deposits in banks and short term investments			240,446			1,993		3.36	%		229,016			2,322		4.11	%
Total interest-earning assets			3,425,692			45,041		5.33	%		2,926,417			35,697		4.95	%
Noninterest-earning assets			272,972								222,904
Total assets		$	3,698,663							$	3,149,321
Liabilities and stockholders’ equity
Interest-bearing liabilities:
Interest-bearing demand and savings		$	1,725,632		$	5,951		1.40	%	$	1,549,509		$	6,468		1.69	%
Other time			812,531			6,863		3.43	%		601,920			5,305		3.57	%
Total interest-bearing deposits			2,538,163			12,814		2.05	%		2,151,429			11,773		2.22	%
Federal funds purchased			0			—		—	%		—			—		—	%
Federal Home Loan Bank advances			195,000			1,985		4.13	%		185,000			1,873		4.10	%
Other borrowings			63,141			888		5.71	%		63,048			927		5.97	%
Total other interest-bearing liabilities			258,141			2,873		4.51	%		248,048			2,800		4.58	%
Total interest-bearing liabilities			2,796,304			15,687		2.28	%		2,399,477			14,573		2.46	%
Noninterest-bearing liabilities:
Demand deposits			487,299							$	455,277
Other liabilities			35,479								16,016
Stockholders’ equity			379,582								278,551
Total noninterest-bearing liabilities and stockholders’ equity			902,360								749,844
Total liabilities and stockholders’ equity		$	3,698,663							$	3,149,321
Interest rate spread								3.05	%							2.49	%
Net interest income					$	29,354							$	21,124
Net interest margin								3.48	%							2.93	%
1 The average balance of loans includes the average balance of nonaccrual loans. Income on such loans is recognized and recorded on the cash basis. Taxable-equivalent adjustments totaling $48,000 and $68,000 for the quarters ended March 31, 2026 and 2025, respectively, are calculated using the statutory federal tax rate and are included in income and fees on loans. Accretion income of $1.3 million and $20,000 for the quarters ended March 31, 2026 and 2025, respectively, are also included in income and fees on loans.
2 Taxable-equivalent adjustments totaling $103,000 and $104,000 for the quarters ended March 31, 2026 and 2025, respectively, are calculated using the statutory federal tax rate and are included in tax-exempt interest on investment securities.

Colony Bankcorp, Inc.
Segment Reporting
		2026			2025
		First			Fourth			Third				Second				First
(dollars in thousands)		Quarter			Quarter			Quarter				Quarter				Quarter
Banking Division
Net interest income		$	28,223		$	24,781		$	21,629			$	21,319			$	19,989
Provision for credit losses			780			776			(371	)			(330	)			1,221
Noninterest income			7,131			6,996			6,144				5,969				5,774
Noninterest expenses			24,420			22,502			21,075				18,269				16,790
Income taxes			2,194			1,493			1,413				1,908				1,551
Segment income		$	7,960		$	7,006		$	5,656			$	7,441			$	6,201
Total segment assets		$	3,619,249		$	3,625,785		$	3,046,699			$	3,010,416			$	3,065,385
Full time employees			426			447			383				390				366
Mortgage Banking Division
Net interest income		$	38		$	65		$	62			$	44			$	53
Provision for credit losses			—			—			—				—				—
Noninterest income			1,886			2,012			1,851				1,984				1,579
Noninterest expenses			1,702			1,695			2,066				1,710				1,601
Income taxes			52			81			(27	)			69				10
Segment income		$	170		$	301		$	(126	)		$	249			$	21
Total segment assets		$	12,036		$	13,648		$	12,959			$	14,296			$	16,041
Variable noninterest expense(1)		$	597		$	984		$	1,229			$	1,157			$	880
Fixed noninterest expense			1,105			711			837				553				721
Full time employees			48			48			46				43				42
Small Business Specialty Lending Division
Net interest income		$	942		$	1,019		$	1,008			$	1,022			$	910
Provision for credit losses			970			874			1,271				780				279
Noninterest income			1,675			2,039			2,096				2,145				1,691
Noninterest expenses			1,552			1,512			1,471				2,025				1,830
Income taxes			21			136			73				74				101
Segment income		$	74		$	536		$	289			$	288			$	391
Total segment assets		$	89,328		$	95,968		$	93,088			$	90,905			$	90,399
Full time employees			32			31			31				34				35
Total Consolidated
Net interest income		$	29,203		$	25,865		$	22,699			$	22,385			$	20,952
Provision for credit losses			1,750			1,650			900				450				1,500
Noninterest income			10,692			11,047			10,091				10,098				9,044
Noninterest expenses			27,674			25,709			24,612				22,004				20,221
Income taxes			2,267			1,710			1,459				2,051				1,662
Segment income		$	8,204		$	7,843		$	5,819			$	7,978			$	6,613
Total segment assets		$	3,720,613		$	3,735,401		$	3,152,746			$	3,115,617			$	3,171,825
Full time employees			506			526			460				467				443
(1) Variable noninterest expense includes commission based salary expenses and volume based loan related fees.

Colony Bankcorp, Inc.
Consolidated Balance Sheets
		March 31, 2026				December 31, 2025
(dollars in thousands)		(unaudited)				(audited)
ASSETS
Cash and due from banks		$	24,349			$	27,307
Interest-bearing deposits in banks and federal funds sold			271,457				230,333
Cash and cash equivalents			295,806				257,640
Investment securities available for sale, at fair value			375,340				383,817
Investment securities held to maturity, at amortized cost			371,918				386,618
Other investments			19,286				19,176
Loans held for sale			16,536				78,990
Loans, net of unearned income			2,413,465				2,381,224
Allowance for credit losses			(21,705	)			(23,014	)
Loans, net			2,391,760				2,358,210
Premises and equipment			36,842				37,045
Other real estate owned			1,873				1,048
Goodwill			63,047				63,873
Other intangible assets			7,396				7,851
Bank owned life insurance			68,936				68,457
Deferred income taxes, net			18,804				19,582
Other assets			53,069				53,094
Total assets		$	3,720,613			$	3,735,401
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing		$	495,234			$	526,803
Interest-bearing			2,553,185				2,540,718
Total deposits			3,048,419				3,067,521
Federal Home Loan Bank advances			194,981				194,972
Other borrowed money			63,156				63,132
Accrued expenses and other liabilities			33,654				33,856
Total liabilities			3,340,210				3,359,481
Stockholders’ equity
Common stock, $1 par value; 50,000,000 shares authorized, 21,162,104 and 21,251,695 issued and outstanding, respectively			21,162				21,252
Paid in capital			227,071				228,577
Retained earnings			166,237				160,584
Accumulated other comprehensive loss, net of tax			(34,067	)			(34,493	)
Total stockholders’ equity			380,403				375,920
Total liabilities and stockholders’ equity		$	3,720,613			$	3,735,401

Colony Bankcorp, Inc.
Consolidated Statements of Income (unaudited)
		Three months ended March 31,
		2026			2025
(dollars in thousands, except per share data)
Interest income:
Loans, including fees		$	37,974		$	27,976
Investment securities			4,923			5,227
Deposits in banks and short term investments			1,993			2,322
Total interest income			44,890			35,525
Interest expense:
Deposits			12,814			11,773
Federal Home Loan Bank advances			1,985			1,873
Other borrowings			888			927
Total interest expense			15,687			14,573
Net interest income			29,203			20,952
Provision for credit losses			1,750			1,500
Net interest income after provision for credit losses			27,453			19,452
Noninterest income:
Service charges on deposits			2,561			2,172
Mortgage fee income			1,935			1,579
Gain on sales of SBA loans			962			1,035
Interchange fees			2,186			1,938
BOLI income			477			396
Insurance commissions			844			469
Other			1,727			1,455
Total noninterest income			10,692			9,044
Noninterest expense:
Salaries and employee benefits			15,923			11,905
Occupancy and equipment			1,957			1,580
Acquisition related			1,637			—
Information technology expenses			2,774			2,477
Professional fees			1,120			748
Advertising and public relations			1,106			805
Communications			224			205
Other			2,933			2,501
Total noninterest expense			27,674			20,221
Income before income taxes			10,471			8,275
Income taxes			2,267			1,662
Net income		$	8,204		$	6,613
Earnings per common share:
Basic		$	0.39		$	0.38
Diluted			0.39			0.38
Dividends declared per share			0.1200			0.1150
Weighted average common shares outstanding:
Basic			21,222,237			17,509,059
Diluted			21,222,237			17,509,059

Colony Bankcorp, Inc.
Quarterly Consolidated Statements of Income
		2026			2025
		First			Fourth			Third				Second			First
		Quarter			Quarter			Quarter				Quarter			Quarter
(dollars in thousands, except per share data)		(unaudited)			(unaudited)			(unaudited)				(unaudited)			(unaudited)
Interest income:
Loans, including fees		$	37,974		$	34,461		$	31,535			$	30,361		$	27,976
Investment securities			4,923			4,543			4,518				5,148			5,227
Deposits in banks and short term investments			1,993			1,696			839				1,326			2,322
Total interest income			44,890			40,700			36,892				36,835			35,525
Interest expense:
Deposits			12,814			11,973			11,332				11,632			11,773
Federal Home Loan Bank advances			1,985			1,947			1,909				1,889			1,873
Other borrowings			888			915			952				929			927
Total interest expense			15,687			14,835			14,193				14,450			14,573
Net interest income			29,203			25,865			22,699				22,385			20,952
Provision for credit losses			1,750			1,650			900				450			1,500
Net interest income after provision for credit losses			27,453			24,215			21,799				21,935			19,452
Noninterest income:
Service charges on deposits			2,561			2,664			2,640				2,219			2,172
Mortgage fee income			1,935			2,121			1,851				1,984			1,579
Gain on sales of SBA loans			962			1,376			1,411				1,550			1,035
Loss on sales of securities			—			—			(1,039	)			—			—
Interchange fees			2,186			2,154			2,273				2,073			1,938
BOLI income			477			577			396				423			396
Insurance commissions			844			755			874				766			469
Other			1,727			1,400			1,685				1,083			1,455
Total noninterest income			10,692			11,047			10,091				10,098			9,044
Noninterest expense:
Salaries and employee benefits			15,923			14,115			13,532				12,865			11,905
Occupancy and equipment			1,957			1,758			1,732				1,683			1,580
Acquisition related			1,637			1,331			732				—			—
Information technology expenses			2,774			2,903			2,680				2,592			2,477
Professional fees			1,120			1,019			998				742			748
Advertising and public relations			1,106			1,402			1,130				942			805
Communications			224			194			218				188			205
Other			2,933			2,987			3,590				2,992			2,501
Total noninterest expense			27,674			25,709			24,612				22,004			20,221
Income before income taxes			10,471			9,553			7,278				10,029			8,275
Income taxes			2,267			1,710			1,459				2,051			1,662
Net income		$	8,204		$	7,843		$	5,819			$	7,978		$	6,613
Earnings per common share:
Basic		$	0.39		$	0.42		$	0.33			$	0.46		$	0.38
Diluted			0.39			0.42			0.33				0.46			0.38
Dividends declared per share			0.1200			0.1150			0.1150				0.1150			0.1150
Weighted average common shares outstanding:
Basic			21,222,237			18,729,511			17,461,434				17,448,945			17,509,059
Diluted			21,222,237			18,729,511			17,461,434				17,448,945			17,509,059

Colony Bankcorp, Inc.
Quarterly Deposits Composition Comparison
		2026			2025
		First			Fourth			Third			Second			First
(dollars in thousands)		Quarter			Quarter			Quarter			Quarter			Quarter
Noninterest-bearing demand		$	495,234		$	526,803		$	442,142		$	434,785		$	449,818
Interest-bearing demand			927,768			932,262			811,031			838,540			873,156
Savings and money markets			806,434			787,811			644,312			667,135			689,446
Time over $250,000			237,311			239,175			192,545			193,427			189,466
Other time			581,672			581,470			494,299			422,343			420,645
Total		$	3,048,419		$	3,067,521		$	2,584,329		$	2,556,230		$	2,622,531

Colony Bankcorp, Inc.

Quarterly Deposits by Location Comparison

		2026			2025
		First			Fourth			Third			Second			First
(dollars in thousands)		Quarter			Quarter			Quarter			Quarter			Quarter
Augusta		$	22,496		$	18,387		$	—		$	—		$	—
Florida			167,406			157,056			—			—			—
Coastal Georgia			129,957			141,013			127,587			138,838			142,230
Middle Georgia			266,574			262,075			259,934			277,880			283,149
Atlanta and North Georgia			311,159			335,762			315,822			344,329			333,845
South Georgia			1,421,164			1,431,775			1,205,891			1,203,732			1,249,192
West Georgia			328,077			326,054			341,056			325,946			335,438
Brokered deposits			136,894			131,906			130,000			59,494			59,499
Reciprocal deposits			264,692			263,493			204,039			206,011			219,178
Total		$	3,048,419		$	3,067,521		$	2,584,329		$	2,556,230		$	2,622,531

Colony Bankcorp, Inc.
Quarterly Loan Comparison
		2026			2025
		First			Fourth			Third			Second			First
(dollars in thousands)		Quarter			Quarter			Quarter			Quarter			Quarter
Core		$	1,940,583		$	1,885,200		$	1,935,648		$	1,887,456		$	1,808,879
Purchased			472,882			496,024			101,408			106,124			112,384
Loans, net of unearned income		$	2,413,465		$	2,381,224		$	2,037,056		$	1,993,580		$	1,921,263

Colony Bankcorp, Inc.
Quarterly Loans by Composition Comparison
		2026			2025
		First			Fourth			Third			Second			First
(dollars in thousands)		Quarter			Quarter			Quarter			Quarter			Quarter
Construction, land & land development		$	309,161		$	302,512		$	240,819		$	238,078		$	208,872
Other commercial real estate			1,240,210			1,249,720			1,064,984			1,059,149			1,052,967
Total commercial real estate			1,549,371			1,552,232			1,305,803			1,297,227			1,261,839
Residential real estate			483,247			459,549			377,058			356,515			345,521
Commercial, financial & agricultural			220,933			218,532			213,274			212,872			213,355
Consumer and other			159,914			150,911			140,921			126,966			100,548
Loans, net of unearned income		$	2,413,465		$	2,381,224		$	2,037,056		$	1,993,580		$	1,921,263

Colony Bankcorp, Inc.
Quarterly Loans by Location Comparison
		2026			2025
		First			Fourth			Third			Second			First
(dollars in thousands)		Quarter			Quarter			Quarter			Quarter			Quarter
Alabama		$	49,546		$	47,971		$	48,351		$	50,856		$	52,183
Florida			238,262			236,810			26,061			24,562			19,490
Augusta			84,548			85,072			92,988			95,246			91,758
Coastal Georgia			355,350			358,271			263,763			253,177			230,242
Middle Georgia			115,385			121,276			120,601			125,435			130,302
Atlanta and North Georgia			455,197			456,593			463,007			445,921			441,323
South Georgia			512,651			462,085			403,192			408,954			398,295
West Georgia			186,661			174,626			172,688			168,968			168,851
Small Business Specialty Lending			83,288			84,928			84,999			81,242			79,517
Consumer Portfolio Mortgages			236,984			263,385			270,941			262,846			251,816
Marine/RV Lending			94,775			88,852			88,968			75,649			55,033
Other			818			1,355			1,497			724			2,453
Loans, net of unearned income		$	2,413,465		$	2,381,224		$	2,037,056		$	1,993,580		$	1,921,263

Colony Bankcorp, Inc.
Classified Loans
		2026					2025
		First					Fourth					Third					Second					First
(dollars in thousands)		Quarter					Quarter					Quarter					Quarter					Quarter
		$			#		$			#			$		#		$			#		$			#
Construction, land & land development		$	214		8		$	1,438		10		$	1,644		8		$	126		4		$	126		4
Other commercial real estate			23,966		52			22,871		52			12,973		45			16,687		48			18,578		51
Residential real estate			6,160		95			6,115		92			1,503		75			1,222		73			1,670		76
Commercial, financial & agricultural			8,655		107			9,857		109			7,947		90			7,071		64			6,077		58
Consumer and other			230		32			200		34			116		27			6		25			2		25
TOTAL		$	39,225		294		$	40,481		297		$	24,183		245		$	25,112		214		$	26,453		214
Classified loans to total loans			1.63	%				1.70	%				1.19	%				1.26	%				1.38	%

Colony Bankcorp, Inc.
Criticized Loans
		2026					2025
		First					Fourth					Third					Second					First
(dollars in thousands)		Quarter					Quarter					Quarter					Quarter					Quarter
		$			#		$			#		$			#		$			#		$			#
Construction, land & land development		$	6,574		34		$	17,605		13		$	14,393		12		$	2,207		10		$	4,028		11
Other commercial real estate			54,522		69			40,073		71			24,934		60			30,034		69			28,869		70
Residential real estate			12,522		103			11,515		99			6,528		81			7,224		79			8,289		83
Commercial, financial & agricultural			12,892		114			15,197		120			14,403		99			15,212		85			14,501		82
Consumer and other			230		32			331		35			247		28			137		26			136		26
TOTAL		$	86,740		352		$	84,721		338		$	60,505		280		$	54,814		269		$	55,823		272
Criticized loans to total loans			3.59	%				3.56	%				2.97	%				2.75	%				2.91	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422751189/en/

For additional information, contact:
Derek Shelnutt
EVP & Chief Financial Officer
229-426-6000, extension 6119

Source: Colony Bankcorp, Inc.