[LETTERHEAD OF MCNAIR, MCLEMORE, MIDDLEBROOKS & CO., LLP APPEARS HERE]
REPORT OF INDEPENDENT ACCOUNTANTS
The Board of Directors and Stockholders
Colony Bankcorp, Inc. and Subsidiaries
We have audited the accompanying consolidated balance sheets of Colony Bankcorp, Inc. and Subsidiaries as of
December 31, 1998 and 1997 and the related consolidated statements of income, comprehensive income,
changes in stockholders' equity and cash flows for each of the years in the three-year period ended December
31, 1998. These financial statements are the responsibility of the Company's management. Our responsibility is to
express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that
we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of Colony Bankcorp, Inc. and Subsidiaries as of December 31, 1998 and 1997 and the results
of operations and cash flows for each of the years in the three-year period ended December 31, 1998 in
conformity with generally accepted accounting principles.
McNAIR, McLEMORE, MIDDLEBROOKS & CO., LLP
February 19, 1999
COLONY BANKCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS