Colony Bankcorp, Inc. (CBAN)

Industry: Banks - Regional Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
CWBC	591	Community West Ban	192	11.69	10.27	7.32	6.60	6.05	6.78
CATC	592	Cambridge Bancorp	190	17.98	17.37	10.07	8.34	23.01	14.46
BSRR	593	Sierra Bancorp	189	9.87	9.66	6.36	6.27	6.82	6.56
MOBA.OL	594	Morrow Bank ASA	189	13.11	12.18	9.62	9.16	10.17	10.19
VG8.DE	595	Varengold Bank AG	187	1.41	1.41	6.17	6.17	3.49	3.35
PDLB	596	Ponce Financial Gr	186	15.57	15.57	25.21	25.21	24.45	29.34
SADG.OL	597	Sandnes Sparebank	186	6.73	6.41	258.11	403.88	-	482.08
CBAN	598	Colony Bankcorp, I	185	10.68	8.64	6.49	5.40	9.34	6.40
FMAO	599	Farmers & Merchant	185	10.76	9.60	10.07	8.98	10.51	10.46
BCBP	600	BCB Bancorp, Inc.	185	53.71	78.65	102.14	145.18	20.30	187.35
GNTY	601	Guaranty Bancshare	182	13.35	12.12	10.26	9.39	10.25	10.32
SSBK	602	Southern States Ba	182	9.62	9.62	6.18	6.18	5.86	6.49
MYFW	603	First Western Fina	180	17.62	19.73	10.85	11.86	13.14	14.07
CFFI	604	C&F Financial Corp	179	8.31	7.76	6.01	5.71	6.16	6.36
FLIC	605	The First of Long	178	17.04	20.35	25.82	30.60	34.89	45.05
ACNB	606	ACNB Corporation	178	13.97	12.16	16.92	14.73	10.57	16.68

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.69	10.27	10.07	8.98	10.21	10.32
Full Range Median Multiple	13.11	12.12	10.07	9.16	10.38	10.46
Industry Multiple	14.72	16.19	34.07	46.55	13.26	56.64
Market Implied Multiple	11.72	9.48	7.19	5.97	10.34	7.08
Company (CBAN) Multiple	10.68	8.64	6.49	5.40	9.34	6.40
(*) Net Income / EBITDA / Revenue	28	34	42	50	29	42
Winsorized Enterprise Value	N/A	N/A	421	453	297	438
Full Range Median Enterprise Value	N/A	N/A	422	461	302	444
(-) Net Debt	-25	-25	-25	-25	-25	-25
Winsorized Equity Value	326	353	447	478	323	464
Full Range Median Equity Value	365	417	447	487	328	470
(/) Shares Outstanding	17	17	17	17	17	17
Winsorized Fair Value	$18.64	$20.22	$25.57	$27.35	$18.46	$26.54
Full Range Median Fair Value	$20.89	$23.87	$25.57	$27.85	$18.74	$26.88
Current Price	$18.67	$18.67	$18.67	$18.67	$18.67	$18.67
Upside / Downside	-0.19%	8.31%	36.95%	46.50%	-1.13%	42.17%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$13.04	$14.16	$17.90	$19.15	$12.92	$18.58
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy