Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net
income attributable to common shareowners of $12.6 million, or
$0.74 per diluted share, for the first quarter of 2024 compared to
$11.7 million, or $0.70 per diluted share, for the fourth quarter
of 2023, and $13.7 million, or $0.80 per diluted share, for the
first quarter of 2023.
QUARTER HIGHLIGHTS
(1st Quarter 2024 versus
4th Quarter 2023)
Income Statement
- Tax-equivalent net interest income totaled $38.4 million
compared to $39.3 million for the prior quarter reflective of one
less calendar day and higher deposit cost – total deposit cost
increased 19 basis points to 85 basis points – net interest margin
decreased six basis points to 4.01%
- Stable credit quality metrics and lower loan growth drove a
$1.1 million reduction in credit loss provision – net loan
charge-offs were 22 basis points (annualized) of average loans –
allowance coverage ratio of 1.07%
- Noninterest income increased $0.9 million, or 5.5%, due to
higher mortgage banking revenues and wealth management fees
- Noninterest expense was well controlled with a $0.2 million, or
0.5%, increase for the quarter
Balance Sheet
- Loan balances grew $17.4 million, or 0.6% (average), and
declined $2.7 million, or 0.1% (end of period)
- Deposit balances increased by $28.0 million, or 0.8% (average),
and decreased $47.0 million, or 1.3% (end of period)
- Tangible book value per diluted share (non-GAAP financial
measure) increased $0.52, or 2.5% – accumulated other
comprehensive loss remained stable
- Repurchased 82,540 shares of common stock
“Overall, we are pleased with the first quarter as we realized
solid earnings and capital growth,” said William G. Smith, Jr.,
Chairman, President, CEO of Capital City Bank Group. “Credit
quality remained stable, average deposits grew, and the dividend
increased 5 percent. While the operating environment remains
challenging, we believe we are well positioned and have strategies
in place to achieve a solid year of performance.”
Discussion of Operating Results
Net Interest Income/Net Interest Margin
Tax-equivalent net interest income for the first quarter of 2024
totaled $38.4 million, compared to $39.3 million for the fourth
quarter of 2023, and $40.5 million for the first quarter of 2023.
Compared to both prior periods, the decline was primarily
attributable to an increase in deposit interest expense, partially
offset by higher loan interest income. The increase in deposit
interest expense was primarily attributable to higher average money
market balances and to a lesser extent certificates of deposit
(“CD”) balances and reflected a combination of re-mix from other
deposit categories and higher rates for these products. The
increase in loan interest income reflected existing loans
re-pricing at higher rates and new loan volume at higher rates.
Further, the first quarter of 2024 had one less calendar day
compared to the fourth quarter of 2023 and one additional calendar
day compared to the first quarter of 2023.
Our net interest margin for the first quarter of 2024 was 4.01%,
a decrease of six basis points from the fourth quarter of 2023 and
a decrease of three basis points from the first quarter of 2023.
The decrease compared to both prior periods primarily reflected
higher deposit cost related to re-mix within the deposit base and
higher rates paid on deposits, partially offset by higher yields
from new loan volume and loan repricing at higher rates. For the
first quarter of 2024, our cost of funds was 88 basis points, an
increase of 15 basis points over the fourth quarter of 2023 and an
increase of 53 basis points over the first quarter of 2023. Our
cost of deposits (including noninterest bearing accounts) was 85
basis points, 66 basis points, and 26 basis points, respectively,
for the same periods.
Provision for Credit Losses
We recorded a provision for credit losses of $0.9
million for the first quarter of 2024 compared to $2.0 million for
the fourth quarter of 2023 and $3.1 million for the first quarter
of 2023. The decrease in the provision compared to both prior
periods was primarily attributable to a lower level of reserves
required for new loans, favorable loan grade migration, and lower
loss rates. We discuss the allowance for credit losses further
below.
Noninterest Income and Noninterest Expense
Noninterest income for the first quarter of 2024
totaled $18.1 million compared to $17.2 million for the fourth
quarter of 2023 and $17.8 million for the first quarter of 2023.
The $0.9 million increase over the fourth quarter of 2023 was due
to a $0.5 million increase in mortgage banking revenues and a $0.4
million increase in wealth management fees. Compared to the first
quarter of 2023, the $0.3 million increase was primarily
attributable to higher wealth management fees of $0.7 million
partially offset by lower other income of $0.3 million. For both
prior period comparisons, the increase in mortgage banking revenues
reflected a higher volume of rate locks and third-party loan sales.
A combination of higher trust fees, retail brokerage fees, and
insurance commissions drove the increase in wealth management fees
over the fourth quarter of 2023. Higher retail brokerage fees of
$0.4 million and trust fees of $0.2 million drove the increase over
the first quarter of 2023. The decrease in other income was
primarily due to lower loan servicing income and miscellaneous
income.
Noninterest expense for the first quarter of 2024 totaled $40.2
million compared to $40.0 million for the fourth quarter of 2023
and $37.7 million for the first quarter of 2023. The $0.2 million
increase over the fourth quarter of 2023 reflected a $0.6 million
increase in compensation expense that was partially offset by
decreases in occupancy expense of $0.1 million and other expense of
$0.3 million. The increase in compensation expense was primarily
attributable to higher payroll taxes (annual re-set) and 401k plan
matching expense. Compared to the first quarter of 2023, the $2.5
million increase reflected higher other expense as we realized a
$1.8 million gain from the sale of other real estate (banking
office) in the first quarter of 2023. Further, compensation expense
was $0.9 million higher primarily due to a lower level of realized
loan cost (credit offset to salary expense) due to decreased new
loan production.
Income Taxes
We realized income tax expense of $3.5 million (effective rate
of 23.0%) for the first quarter of 2024 compared to $2.9 million
(effective rate of 20.3%) for the fourth quarter of 2023 and $3.7
million (effective rate of 21.3%) for the first quarter of 2023.
The increase in our effective tax rate for the first quarter of
2024 compared to both prior periods was primarily due to a lower
level of tax benefit accrued from an investment in a solar tax
credit equity fund. Absent discrete items or new tax credit
investments, we expect our annual effective tax rate to approximate
23% for 2024.
Discussion of Financial Condition
Earning Assets
Average earning assets totaled $3.850 billion for the first
quarter of 2024, an increase of $25.6 million, or 0.7%, over the
fourth quarter of 2023, and a decrease of $213.1 million, or 5.2%,
from the first quarter of 2023. The variance for both prior period
comparisons was driven by change in deposit balances (see below –
Deposits). Compared to both prior periods, the mix of earning
assets improved as overnight funds were utilized to fund loan
growth.
Average loans held for investment (“HFI”) increased $17.4
million, or 0.6%, over the fourth quarter of 2023 and $146.2
million, or 5.7%, over the first quarter of 2023. Compared to both
prior periods, the increase was primarily due to an increase in
residential loans partially offset by a decline in consumer loans
(primarily auto). Period end loans decreased $2.7 million, or 0.1%,
from the fourth quarter of 2023 and increased $74.0 million, or
2.8%, over the first quarter of 2023. The decrease from the fourth
quarter of 2023 was primarily due to lower consumer (auto) loan
portfolio balances partially offset by growth in residential loans.
Compared to the first quarter of 2023, the increase reflected
growth in residential loans and, to a lesser extent, commercial
real estate loans partially offset by lower consumer (auto) loan
balances.
Allowance for Credit Losses
At March 31, 2024, the allowance for credit losses for HFI loans
totaled $29.3 million compared to $29.9 million at December 31,
2023 and $26.8 million at March 31, 2023. Activity within the
allowance is provided on Page 9. The decrease in the allowance from
December 31, 2023 was primarily due to favorable loan grade
migration, lower loss rates, and a combination of lower loan
balances and shift in mix within the portfolio. Compared to March
31, 2023, the increase was primarily driven by loan growth. At
March 31, 2024, the allowance represented 1.07% of HFI loans
compared to 1.10% at December 31, 2023, and 1.01% at March 31,
2023.
Credit Quality
Overall credit quality remained stable. Nonperforming assets
(nonaccrual loans and other real estate) totaled $6.8 million at
March 31, 2024 compared to $6.2 million at December 31, 2023 and
$4.6 million at March 31, 2023. At March 31, 2024, nonperforming
assets as a percent of total assets equaled 0.16%, compared to
0.15% at December 31, 2023 and 0.10% at March 31, 2023. Nonaccrual
loans totaled $6.8 million at March 31, 2024, a $0.6 million
increase over December 31, 2023 and a $2.2 million increase over
March 31, 2023. Further, classified loans totaled $22.3 million at
March 31, 2024, a $0.1 million increase over December 31, 2023 and
a $10.1 million increase over March 31, 2023.
Deposits
Average total deposits were $3.577 billion for the first quarter
of 2024, an increase of $28.0 million, or 0.8%, over the fourth
quarter of 2023 and a decrease of $240.8 million, or 6.3%, from the
first quarter of 2023. Compared to the fourth quarter of 2023, the
increase reflected a higher average balance for public funds
(municipal clients - primarily NOW accounts) which typically peak
late in the fourth quarter. Further, we realized growth in both our
money market and CD balances which reflected a combination of
balances migrating from noninterest bearing and savings accounts,
in addition to receiving new deposits from existing and new
clients. Compared to the first quarter of 2023, the decrease was
primarily attributable to lower noninterest bearing and savings
accounts, partially offset by increases in money market and CD
balances. The decrease in noninterest bearing and savings accounts
reflected a combination of consumer/business spend of pandemic
related stimulus funds and rate sensitive clients seeking higher
yields, partially offset by the aforementioned migration to higher
rate deposit products (money market and CD). We continue to closely
monitor our cost of deposits and deposit mix as we manage through
this higher interest rate environment.
Liquidity
The Bank maintained an average net overnight funds (deposits
with banks plus FED funds sold less FED funds purchased) sold
position of $140.5 million in the first quarter of 2024 compared to
$99.8 million in the fourth quarter of 2023 and $361.0 million in
the first quarter of 2023. Compared to the fourth quarter of 2023,
the increase was driven by average deposit growth and investment
portfolio run-off, partially offset by average loan growth.
Compared to the first quarter of 2023, the decrease was
attributable to lower average deposit balances and growth in our
loan portfolio, partially offset by investment portfolio
run-off.
At March 31, 2024, we had the ability to generate approximately
$1.542 billion (excludes overnight funds position of $231 million)
in additional liquidity through various sources including various
federal funds purchased lines, Federal Home Loan Bank borrowings,
the Federal Reserve Discount Window, and brokered deposits.
We also view our investment portfolio as a liquidity source as
we have the option to pledge securities in our portfolio as
collateral for borrowings or deposits, and/or to sell selected
securities in our portfolio. Our portfolio consists of debt issued
by the U.S. Treasury, U.S. governmental agencies, municipal
governments, and corporate entities. At March 31, 2024, the
weighted-average maturity and duration of our portfolio were 2.76
and 2.39 years, respectively, and the available-for-sale portfolio
had a net unrealized tax-effected loss of $26.0 million.
Capital
Shareowners’ equity was $448.3 million at March 31, 2024
compared to $440.6 million at December 31, 2023 and $403.3 million
at March 31, 2023. For the first three months of 2024, shareowners’
equity was positively impacted by net income attributable to
shareowners of $12.6 million, net adjustments totaling $0.6 million
related to transactions under our stock compensation plans, stock
compensation accretion of $0.4 million, and a $0.3 million increase
in the fair value of the interest rate swap related to subordinated
debt. Shareowners’ equity was reduced by a common stock dividend of
$3.6 million ($0.21 per share), the repurchase of stock of $2.3
million (82,540 shares), and a $0.3 million increase in the net
unrealized loss on available for sale securities.
At March 31, 2024, our total risk-based capital ratio was 16.84%
compared to 16.57% at December 31, 2023 and 15.29% at March 31,
2023. Our common equity tier 1 capital ratio was 13.82%, 13.52%,
and 12.40%, respectively, on these dates. Our leverage ratio was
10.45%, 10.30%, and 9.09%, respectively, on these dates. At March
31, 2024, all our regulatory capital ratios exceeded the thresholds
to be designated as “well-capitalized” under the Basel III capital
standards. Further, our tangible common equity ratio (non-GAAP
financial measure) was 8.53% at March 31, 2024 compared to 8.26%
and 7.20% at December 31, 2023 and March 31, 2023, respectively. If
our unrealized held-to-maturity securities losses of $21.6 million
(after-tax) were recognized in accumulated other comprehensive
loss, our adjusted tangible capital ratio would be 8.01%.
About Capital City Bank Group,
Inc.
Capital City Bank Group, Inc. (NASDAQ: CCBG) is one
of the largest publicly traded financial holding companies
headquartered in Florida and has approximately $4.3 billion in
assets. We provide a full range of banking services, including
traditional deposit and credit services, mortgage banking, asset
management, trust, merchant services, bankcards, securities
brokerage services and financial advisory services, including the
sale of life insurance, risk management and asset protection
services. Our bank subsidiary, Capital City Bank, was founded in
1895 and now has 63 banking offices and 104 ATMs/ITMs in Florida,
Georgia and Alabama. For more information about Capital City Bank
Group, Inc., visit www.ccbg.com.
FORWARD-LOOKING STATEMENTS
Forward-looking statements in this Press Release are based on
current plans and expectations that are subject to uncertainties
and risks, which could cause our future results to differ
materially. The words “may,” “could,” “should,” “would,” “believe,”
“anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,”
“vision,” “goal,” and similar expressions are intended to identify
forward-looking statements. The following factors, among others,
could cause our actual results to differ: our ability to
successfully manage credit risk, interest rate risk, liquidity
risk, and other risks inherent to our industry; legislative or
regulatory changes; adverse developments in the financial services
industry generally, such as bank failures and any related impact on
depositor behavior; the effects of changes in the level of checking
or savings account deposits and the competition for deposits on our
funding costs, net interest margin and ability to replace maturing
deposits and advances, as necessary; inflation, interest rate,
market and monetary fluctuations; uncertainty in the pricing of
residential mortgage loans that we sell, as well as competition for
the mortgage servicing rights related to these loans and related
interest rate risk or price risk resulting from retaining mortgage
servicing rights and the potential effects of higher interest rates
on our loan origination volumes; the effects of actions taken by
governmental agencies to stabilize the recent volatility in the
financial system and the effectiveness of such actions; changes in
monetary and fiscal policies of the U.S. Government; the effects of
security breaches and computer viruses that may affect our computer
systems or fraud related to debit card products; the accuracy of
our financial statement estimates and assumptions, including the
estimates used for our allowance for credit losses, deferred tax
asset valuation and pension plan; changes in our liquidity
position; changes in accounting principles, policies, practices or
guidelines; the frequency and magnitude of foreclosure of our
loans; the effects of our lack of a diversified loan portfolio,
including the risks of loan segments, geographic and industry
concentrations; the strength of the United States economy in
general and the strength of the local economies in which we conduct
operations; our ability to declare and pay dividends, the payment
of which is subject to our capital requirements; changes in the
securities and real estate markets; structural changes in the
markets for origination, sale and servicing of residential
mortgages; our ability to retain key personnel; the effect of
corporate restructuring, acquisitions or dispositions, including
the actual restructuring and other related charges and the failure
to achieve the expected gains, revenue growth or expense savings
from such corporate restructuring, acquisitions or dispositions;
the effects of natural disasters, harsh weather conditions
(including hurricanes), widespread health emergencies (including
pandemics, such as the COVID-19 pandemic), military conflict,
terrorism, civil unrest or other geopolitical events; our ability
to comply with the extensive laws and regulations to which we are
subject, including the laws for each jurisdiction where we operate;
the impact of the restatement of our previously issued consolidated
statements of cash flows for the years ended December 31, 2021 and
2022 and for the each of the three month periods ended March 31,
2022 and 2023, six month periods ended June 30, 2022 and 2023 and
nine month periods ended September 30, 2022 and 2023; any inability
to implement and maintain effective internal control over financial
reporting and/or disclosure control or inability to remediate our
existing material weaknesses in our internal controls deemed
ineffective; the willingness of clients to accept third-party
products and services rather than our products and services and
vice versa; increased competition and its effect on pricing;
technological changes; the cost and effects of cybersecurity
incidents or other failures, interruptions, or security breaches of
our systems or those of our customers or third-party providers; the
outcomes of litigation or regulatory proceedings; negative
publicity and the impact on our reputation; changes in consumer
spending and saving habits; growth and profitability of our
noninterest income; the limited trading activity of our common
stock; the concentration of ownership of our common stock;
anti-takeover provisions under federal and state law as well as our
Articles of Incorporation and our Bylaws; other risks described
from time to time in our filings with the Securities and Exchange
Commission; and our ability to manage the risks involved in the
foregoing. Additional factors can be found in our Annual Report on
Form 10-K for the fiscal year ended December 31, 2023, and our
other filings with the SEC, which are available at the SEC’s
internet site (http://www.sec.gov). Forward-looking statements in
this Press Release speak only as of the date of the Press Release,
and we assume no obligation to update forward-looking statements or
the reasons why actual results could differ, except as may be
required by law.
USE OF NON-GAAP FINANCIAL
MEASURESUnaudited
We present a tangible common equity ratio and a tangible book
value per diluted share that removes the effect of goodwill and
other intangibles resulting from merger and acquisition activity.
We believe these measures are useful to investors because it allows
investors to more easily compare our capital adequacy to other
companies in the industry.
The GAAP to non-GAAP reconciliations are provided below.
(Dollars in Thousands, except per share data) |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Mar 31, 2023 |
Shareowners' Equity (GAAP) |
|
$ |
448,314 |
|
$ |
440,625 |
|
$ |
419,706 |
|
$ |
412,422 |
|
$ |
403,260 |
|
Less: Goodwill and Other
Intangibles (GAAP) |
|
|
92,893 |
|
|
92,933 |
|
|
92,973 |
|
|
93,013 |
|
|
93,053 |
|
Tangible Shareowners' Equity
(non-GAAP) |
A |
|
355,421 |
|
|
347,692 |
|
|
326,733 |
|
|
319,409 |
|
|
310,207 |
|
Total Assets (GAAP) |
|
|
4,259,922 |
|
|
4,304,477 |
|
|
4,138,287 |
|
|
4,391,206 |
|
|
4,401,762 |
|
Less: Goodwill and Other
Intangibles (GAAP) |
|
|
92,893 |
|
|
92,933 |
|
|
92,973 |
|
|
93,013 |
|
|
93,053 |
|
Tangible Assets
(non-GAAP) |
B |
$ |
4,167,029 |
|
$ |
4,211,544 |
|
$ |
4,045,314 |
|
$ |
4,298,193 |
|
$ |
4,308,709 |
|
Tangible Common Equity
Ratio (non-GAAP) |
A/B |
|
8.53% |
|
|
8.26% |
|
|
8.08% |
|
|
7.43% |
|
|
7.20% |
|
Actual Diluted Shares
Outstanding (GAAP) |
C |
|
16,947,204 |
|
|
17,000,758 |
|
|
16,997,886 |
|
|
17,025,023 |
|
|
17,049,913 |
|
Tangible Book Value
per Diluted Share (non-GAAP) |
A/C |
$ |
20.97 |
|
$ |
20.45 |
|
$ |
19.22 |
|
$ |
18.76 |
|
$ |
18.19 |
|
CAPITAL CITY BANK GROUP, INC. |
|
|
|
|
|
|
|
EARNINGS
HIGHLIGHTS |
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
(Dollars in thousands, except per share data) |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Mar 31, 2023 |
|
EARNINGS |
|
|
|
|
|
|
|
Net Income Attributable to
Common Shareowners |
$ |
12,557 |
$ |
11,720 |
$ |
13,709 |
|
Diluted
Net Income Per Share |
$ |
0.74 |
$ |
0.70 |
$ |
0.80 |
|
PERFORMANCE |
|
|
|
|
|
|
|
Return on Average Assets
(annualized) |
|
1.21 |
% |
1.12 |
% |
1.26 |
% |
Return on Average Equity
(annualized) |
|
11.07 |
|
10.69 |
|
13.76 |
|
Net Interest Margin |
|
4.01 |
|
4.07 |
|
4.04 |
|
Noninterest Income as % of
Operating Revenue |
|
32.06 |
|
30.46 |
|
30.53 |
|
Efficiency Ratio |
|
71.06 |
% |
70.82 |
% |
64.67 |
% |
CAPITAL ADEQUACY |
|
|
|
|
|
|
|
Tier 1 Capital |
|
15.67 |
% |
15.37 |
% |
14.23 |
% |
Total Capital |
|
16.84 |
|
16.57 |
|
15.29 |
|
Leverage |
|
10.45 |
|
10.30 |
|
9.09 |
|
Common Equity Tier 1 |
|
13.82 |
|
13.52 |
|
12.40 |
|
Tangible Common
Equity (1) |
|
8.53 |
|
8.26 |
|
7.20 |
|
Equity
to Assets |
|
10.52 |
% |
10.24 |
% |
9.16 |
% |
ASSET QUALITY |
|
|
|
|
|
|
|
Allowance as % of
Non-Performing Loans |
|
431.46 |
% |
479.70 |
% |
584.18 |
% |
Allowance as a % of Loans
HFI |
|
1.07 |
|
1.10 |
|
1.01 |
|
Net Charge-Offs as % of
Average Loans HFI |
|
0.22 |
|
0.23 |
|
0.24 |
|
Nonperforming Assets as % of
Loans HFI and OREO |
|
0.25 |
|
0.23 |
|
0.17 |
|
Nonperforming Assets as % of Total Assets |
|
0.16 |
% |
0.15 |
% |
0.10 |
% |
STOCK PERFORMANCE |
|
|
|
|
|
|
|
High |
$ |
31.34 |
$ |
32.56 |
$ |
36.86 |
|
Low |
|
26.59 |
|
26.12 |
|
28.18 |
|
Close |
$ |
27.70 |
$ |
29.43 |
$ |
29.31 |
|
Average
Daily Trading Volume |
|
31,023 |
|
33,297 |
|
41,737 |
|
|
|
|
|
|
|
|
|
(1) Tangible
common equity ratio is a non-GAAP financial measure. For additional
information, including a reconciliation to GAAP, refer to Page
6. |
CAPITAL
CITY BANK GROUP, INC. |
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION |
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
(Dollars in thousands) |
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and Due From Banks |
$ |
73,642 |
|
$ |
83,118 |
|
$ |
72,379 |
|
$ |
83,679 |
|
$ |
84,549 |
|
Funds
Sold and Interest Bearing Deposits |
|
231,047 |
|
|
228,949 |
|
|
95,119 |
|
|
285,129 |
|
|
303,403 |
|
Total Cash and Cash Equivalents |
|
304,689 |
|
|
312,067 |
|
|
167,498 |
|
|
368,808 |
|
|
387,952 |
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities
Available for Sale |
|
327,338 |
|
|
337,902 |
|
|
334,052 |
|
|
386,220 |
|
|
402,943 |
|
Investment Securities Held to
Maturity |
|
603,386 |
|
|
625,022 |
|
|
632,076 |
|
|
641,398 |
|
|
651,755 |
|
Other
Equity Securities |
|
3,445 |
|
|
3,450 |
|
|
3,585 |
|
|
1,703 |
|
|
1,883 |
|
Total Investment Securities |
|
934,169 |
|
|
966,374 |
|
|
969,713 |
|
|
1,029,321 |
|
|
1,056,581 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans Held for Sale |
|
24,705 |
|
|
28,211 |
|
|
34,013 |
|
|
44,659 |
|
|
28,475 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans Held for Investment
("HFI"): |
|
|
|
|
|
|
|
|
|
|
Commercial, Financial, &
Agricultural |
|
218,298 |
|
|
225,190 |
|
|
221,704 |
|
|
227,219 |
|
|
236,263 |
|
Real Estate –
Construction |
|
202,692 |
|
|
196,091 |
|
|
197,526 |
|
|
226,404 |
|
|
253,903 |
|
Real Estate –
Commercial |
|
823,690 |
|
|
825,456 |
|
|
828,234 |
|
|
831,285 |
|
|
798,438 |
|
Real Estate –
Residential |
|
1,012,791 |
|
|
1,001,257 |
|
|
966,512 |
|
|
893,384 |
|
|
847,697 |
|
Real Estate – Home
Equity |
|
214,617 |
|
|
210,920 |
|
|
203,606 |
|
|
203,142 |
|
|
206,931 |
|
Consumer |
|
254,168 |
|
|
270,994 |
|
|
285,122 |
|
|
295,646 |
|
|
305,324 |
|
Other Loans |
|
3,789 |
|
|
2,962 |
|
|
1,401 |
|
|
5,425 |
|
|
7,660 |
|
Overdrafts |
|
1,127 |
|
|
1,048 |
|
|
1,076 |
|
|
1,007 |
|
|
931 |
|
Total Loans Held for Investment |
|
2,731,172 |
|
|
2,733,918 |
|
|
2,705,181 |
|
|
2,683,512 |
|
|
2,657,147 |
|
Allowance for Credit Losses |
|
(29,329 |
) |
|
(29,941 |
) |
|
(29,083 |
) |
|
(28,243 |
) |
|
(26,808 |
) |
Loans Held for Investment, Net |
|
2,701,843 |
|
|
2,703,977 |
|
|
2,676,098 |
|
|
2,655,269 |
|
|
2,630,339 |
|
|
|
|
|
|
|
|
|
|
|
|
Premises and Equipment,
Net |
|
81,452 |
|
|
81,266 |
|
|
81,677 |
|
|
82,062 |
|
|
82,055 |
|
Goodwill and Other
Intangibles |
|
92,893 |
|
|
92,933 |
|
|
92,973 |
|
|
93,013 |
|
|
93,053 |
|
Other Real Estate Owned |
|
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
13 |
|
Other
Assets |
|
120,170 |
|
|
119,648 |
|
|
116,314 |
|
|
118,073 |
|
|
123,294 |
|
Total Other Assets |
|
294,516 |
|
|
293,848 |
|
|
290,965 |
|
|
293,149 |
|
|
298,415 |
|
Total Assets |
$ |
4,259,922 |
|
$ |
4,304,477 |
|
$ |
4,138,287 |
|
$ |
4,391,206 |
|
$ |
4,401,762 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing
Deposits |
$ |
1,361,939 |
|
$ |
1,377,934 |
|
$ |
1,472,165 |
|
$ |
1,520,134 |
|
$ |
1,601,388 |
|
NOW Accounts |
|
1,212,452 |
|
|
1,327,420 |
|
|
1,092,996 |
|
|
1,269,839 |
|
|
1,242,721 |
|
Money Market Accounts |
|
398,308 |
|
|
319,319 |
|
|
304,323 |
|
|
321,743 |
|
|
271,880 |
|
Savings Accounts |
|
530,782 |
|
|
547,634 |
|
|
571,003 |
|
|
590,245 |
|
|
617,310 |
|
Certificates of Deposit |
|
151,320 |
|
|
129,515 |
|
|
99,958 |
|
|
86,905 |
|
|
90,621 |
|
Total Deposits |
|
3,654,801 |
|
|
3,701,822 |
|
|
3,540,445 |
|
|
3,788,866 |
|
|
3,823,920 |
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements |
|
23,477 |
|
|
26,957 |
|
|
22,910 |
|
|
22,619 |
|
|
4,429 |
|
Other Short-Term
Borrowings |
|
8,409 |
|
|
8,384 |
|
|
18,786 |
|
|
28,054 |
|
|
22,203 |
|
Subordinated Notes
Payable |
|
52,887 |
|
|
52,887 |
|
|
52,887 |
|
|
52,887 |
|
|
52,887 |
|
Other Long-Term
Borrowings |
|
265 |
|
|
315 |
|
|
364 |
|
|
414 |
|
|
463 |
|
Other
Liabilities |
|
65,181 |
|
|
66,080 |
|
|
75,585 |
|
|
77,192 |
|
|
85,878 |
|
Total Liabilities |
|
3,805,020 |
|
|
3,856,445 |
|
|
3,710,977 |
|
|
3,970,032 |
|
|
3,989,780 |
|
|
|
|
|
|
|
|
|
|
|
|
Temporary Equity |
|
6,588 |
|
|
7,407 |
|
|
7,604 |
|
|
8,752 |
|
|
8,722 |
|
SHAREOWNERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
169 |
|
|
170 |
|
|
170 |
|
|
170 |
|
|
170 |
|
Additional Paid-In
Capital |
|
34,861 |
|
|
36,326 |
|
|
36,182 |
|
|
36,853 |
|
|
37,512 |
|
Retained Earnings |
|
435,364 |
|
|
426,275 |
|
|
418,030 |
|
|
408,771 |
|
|
397,654 |
|
Accumulated Other Comprehensive Loss, Net of Tax |
|
(22,080 |
) |
|
(22,146 |
) |
|
(34,676 |
) |
|
(33,372 |
) |
|
(32,076 |
) |
Total Shareowners' Equity |
|
448,314 |
|
|
440,625 |
|
|
419,706 |
|
|
412,422 |
|
|
403,260 |
|
Total Liabilities, Temporary Equity and Shareowners' Equity |
$ |
4,259,922 |
|
$ |
4,304,477 |
|
$ |
4,138,287 |
|
$ |
4,391,206 |
|
$ |
4,401,762 |
|
OTHER BALANCE SHEET DATA |
|
|
|
|
|
|
|
|
|
|
Earning Assets |
$ |
3,921,093 |
|
$ |
3,957,452 |
|
$ |
3,804,026 |
|
$ |
4,042,621 |
|
$ |
4,045,607 |
|
Interest Bearing Liabilities |
|
2,377,900 |
|
|
2,412,431 |
|
|
2,163,227 |
|
|
2,372,706 |
|
|
2,302,514 |
|
Book Value Per Diluted Share |
$ |
26.45 |
|
$ |
25.92 |
|
$ |
24.69 |
|
$ |
24.21 |
|
$ |
23.65 |
|
Tangible Book Value Per Diluted Share (1) |
|
20.97 |
|
|
20.45 |
|
|
19.22 |
|
|
18.76 |
|
|
18.19 |
|
Actual Basic Shares Outstanding |
|
16,929 |
|
|
16,950 |
|
|
16,958 |
|
|
16,992 |
|
|
17,022 |
|
Actual
Diluted Shares Outstanding |
|
16,947 |
|
|
17,001 |
|
|
16,998 |
|
|
17,025 |
|
|
17,050 |
|
(1) Tangible
book value per diluted share is a non-GAAP financial measure. For
additional information, including a reconciliation to GAAP, refer
to Page 6. |
CAPITAL
CITY BANK GROUP, INC. |
CONSOLIDATED STATEMENT OF OPERATIONS |
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
(Dollars in thousands, except per share data) |
|
First Quarter |
|
|
Fourth Quarter |
|
|
Third Quarter |
|
|
Second Quarter |
|
First Quarter |
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including Fees |
$ |
40,683 |
|
$ |
40,407 |
|
$ |
39,344 |
|
$ |
37,608 |
|
$ |
34,891 |
|
Investment Securities |
|
4,244 |
|
|
4,392 |
|
|
4,561 |
|
|
4,815 |
|
|
4,924 |
|
Federal
Funds Sold and Interest Bearing Deposits |
|
1,893 |
|
|
1,385 |
|
|
1,848 |
|
|
2,782 |
|
|
4,111 |
|
Total Interest Income |
|
46,820 |
|
|
46,184 |
|
|
45,753 |
|
|
45,205 |
|
|
43,926 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
7,594 |
|
|
5,872 |
|
|
5,214 |
|
|
4,008 |
|
|
2,488 |
|
Repurchase Agreements |
|
201 |
|
|
199 |
|
|
190 |
|
|
115 |
|
|
9 |
|
Other Short-Term
Borrowings |
|
39 |
|
|
310 |
|
|
440 |
|
|
336 |
|
|
452 |
|
Subordinated Notes
Payable |
|
628 |
|
|
627 |
|
|
625 |
|
|
604 |
|
|
571 |
|
Other
Long-Term Borrowings |
|
3 |
|
|
5 |
|
|
4 |
|
|
5 |
|
|
6 |
|
Total Interest Expense |
|
8,465 |
|
|
7,013 |
|
|
6,473 |
|
|
5,068 |
|
|
3,526 |
|
Net Interest Income |
|
38,355 |
|
|
39,171 |
|
|
39,280 |
|
|
40,137 |
|
|
40,400 |
|
Provision for Credit Losses |
|
920 |
|
|
2,025 |
|
|
2,393 |
|
|
2,197 |
|
|
3,099 |
|
Net Interest Income after Provision for Credit Losses |
|
37,435 |
|
|
37,146 |
|
|
36,887 |
|
|
37,940 |
|
|
37,301 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit Fees |
|
5,250 |
|
|
5,304 |
|
|
5,456 |
|
|
5,326 |
|
|
5,239 |
|
Bank Card Fees |
|
3,620 |
|
|
3,713 |
|
|
3,684 |
|
|
3,795 |
|
|
3,726 |
|
Wealth Management Fees |
|
4,682 |
|
|
4,276 |
|
|
3,984 |
|
|
4,149 |
|
|
3,928 |
|
Mortgage Banking Revenues |
|
2,878 |
|
|
2,327 |
|
|
1,839 |
|
|
3,363 |
|
|
2,871 |
|
Other |
|
1,667 |
|
|
1,537 |
|
|
1,765 |
|
|
3,334 |
|
|
1,994 |
|
Total Noninterest Income |
|
18,097 |
|
|
17,157 |
|
|
16,728 |
|
|
19,967 |
|
|
17,758 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
24,407 |
|
|
23,822 |
|
|
23,003 |
|
|
23,438 |
|
|
23,524 |
|
Occupancy, Net |
|
6,994 |
|
|
7,098 |
|
|
6,980 |
|
|
6,820 |
|
|
6,762 |
|
Other |
|
8,770 |
|
|
9,038 |
|
|
9,122 |
|
|
10,027 |
|
|
7,389 |
|
Total Noninterest Expense |
|
40,171 |
|
|
39,958 |
|
|
39,105 |
|
|
40,285 |
|
|
37,675 |
|
OPERATING PROFIT |
|
15,361 |
|
|
14,345 |
|
|
14,510 |
|
|
17,622 |
|
|
17,384 |
|
Income
Tax Expense |
|
3,536 |
|
|
2,909 |
|
|
3,004 |
|
|
3,417 |
|
|
3,710 |
|
Net Income |
|
11,825 |
|
|
11,436 |
|
|
11,506 |
|
|
14,205 |
|
|
13,674 |
|
Pre-Tax
Loss (Income) Attributable to Noncontrolling Interest |
|
732 |
|
|
284 |
|
|
1,149 |
|
|
(31 |
) |
|
35 |
|
NET INCOME ATTRIBUTABLE TO COMMON
SHAREOWNERS |
$ |
12,557 |
|
$ |
11,720 |
|
$ |
12,655 |
|
$ |
14,174 |
|
$ |
13,709 |
|
PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Net Income |
$ |
0.74 |
|
$ |
0.69 |
|
$ |
0.75 |
|
$ |
0.83 |
|
$ |
0.81 |
|
Diluted Net Income |
|
0.74 |
|
|
0.70 |
|
|
0.74 |
|
|
0.83 |
|
|
0.80 |
|
Cash Dividend |
$ |
0.21 |
|
$ |
0.20 |
|
$ |
0.20 |
|
$ |
0.18 |
|
$ |
0.18 |
|
AVERAGE
SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
16,951 |
|
|
16,947 |
|
|
16,985 |
|
|
17,002 |
|
|
17,016 |
|
Diluted |
|
16,969 |
|
|
16,997 |
|
|
17,025 |
|
|
17,035 |
|
|
17,045 |
|
CAPITAL
CITY BANK GROUP, INC. |
ALLOWANCE
FOR CREDIT LOSSES ("ACL") |
AND
CREDIT QUALITY |
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
(Dollars in thousands, except per share data) |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
ACL – HELD FOR INVESTMENT LOANS |
|
|
|
|
|
|
|
|
|
|
Balance at Beginning of Period |
$ |
29,941 |
|
$ |
29,083 |
|
$ |
28,243 |
|
$ |
26,808 |
|
$ |
25,068 |
|
Transfer from Other (Assets)
Liabilities |
|
(50 |
) |
|
66 |
|
|
- |
|
|
- |
|
|
- |
|
Provision for Credit
Losses |
|
932 |
|
|
2,354 |
|
|
1,993 |
|
|
1,922 |
|
|
3,260 |
|
Net Charge-Offs
(Recoveries) |
|
1,494 |
|
|
1,562 |
|
|
1,153 |
|
|
487 |
|
|
1,520 |
|
Balance
at End of Period |
$ |
29,329 |
|
$ |
29,941 |
|
$ |
29,083 |
|
$ |
28,243 |
|
$ |
26,808 |
|
As a % of Loans HFI |
|
1.07% |
|
|
1.10% |
|
|
1.08% |
|
|
1.05% |
|
|
1.01% |
|
As a %
of Nonperforming Loans |
|
431.46% |
|
|
479.70% |
|
|
619.58% |
|
|
426.44% |
|
|
584.18% |
|
ACL – UNFUNDED COMMITMENTS |
|
|
|
|
|
|
|
|
|
|
Balance at Beginning of
Period |
|
3,191 |
|
$ |
3,502 |
|
$ |
3,120 |
|
$ |
2,833 |
|
$ |
2,989 |
|
Provision for Credit
Losses |
|
(70 |
) |
|
(311 |
) |
|
382 |
|
|
287 |
|
|
(156 |
) |
Balance
at End of Period (1) |
|
3,121 |
|
|
3,191 |
|
|
3,502 |
|
|
3,120 |
|
|
2,833 |
|
ACL – DEBT SECURITIES |
|
|
|
|
|
|
|
|
|
|
Provision for Credit Losses |
$ |
58 |
|
$ |
(18 |
) |
$ |
18 |
|
$ |
(12 |
) |
$ |
(5 |
) |
CHARGE-OFFS |
|
|
|
|
|
|
|
|
|
|
Commercial, Financial and
Agricultural |
$ |
282 |
|
$ |
217 |
|
$ |
76 |
|
$ |
54 |
|
$ |
164 |
|
Real Estate –
Commercial |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
120 |
|
Real Estate –
Residential |
|
17 |
|
|
79 |
|
|
- |
|
|
- |
|
|
- |
|
Real Estate – Home
Equity |
|
76 |
|
|
- |
|
|
- |
|
|
39 |
|
|
- |
|
Consumer |
|
1,550 |
|
|
1,689 |
|
|
1,340 |
|
|
993 |
|
|
1,732 |
|
Overdrafts |
|
638 |
|
|
602 |
|
|
659 |
|
|
894 |
|
|
634 |
|
Total
Charge-Offs |
$ |
2,563 |
|
$ |
2,587 |
|
$ |
2,075 |
|
$ |
1,980 |
|
$ |
2,650 |
|
RECOVERIES |
|
|
|
|
|
|
|
|
|
|
Commercial, Financial and
Agricultural |
$ |
41 |
|
$ |
83 |
|
$ |
28 |
|
$ |
71 |
|
$ |
95 |
|
Real Estate –
Construction |
|
- |
|
|
- |
|
|
- |
|
|
1 |
|
|
1 |
|
Real Estate –
Commercial |
|
204 |
|
|
16 |
|
|
17 |
|
|
11 |
|
|
8 |
|
Real Estate –
Residential |
|
37 |
|
|
34 |
|
|
30 |
|
|
132 |
|
|
57 |
|
Real Estate – Home
Equity |
|
24 |
|
|
17 |
|
|
53 |
|
|
131 |
|
|
25 |
|
Consumer |
|
410 |
|
|
433 |
|
|
418 |
|
|
514 |
|
|
571 |
|
Overdrafts |
|
353 |
|
|
442 |
|
|
376 |
|
|
633 |
|
|
373 |
|
Total
Recoveries |
$ |
1,069 |
|
$ |
1,025 |
|
$ |
922 |
|
$ |
1,493 |
|
$ |
1,130 |
|
NET CHARGE-OFFS (RECOVERIES) |
$ |
1,494 |
|
$ |
1,562 |
|
$ |
1,153 |
|
$ |
487 |
|
$ |
1,520 |
|
Net Charge-Offs as a % of Average Loans HFI (2) |
|
0.22% |
|
|
0.23% |
|
|
0.17% |
|
|
0.07% |
|
|
0.24% |
|
CREDIT QUALITY |
|
|
|
|
|
|
|
|
|
|
Nonaccruing Loans |
$ |
6,798 |
|
$ |
6,242 |
|
$ |
4,694 |
|
$ |
6,623 |
|
$ |
4,589 |
|
Other Real Estate Owned |
|
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
13 |
|
Total
Nonperforming Assets ("NPAs") |
$ |
6,799 |
|
$ |
6,243 |
|
$ |
4,695 |
|
$ |
6,624 |
|
$ |
4,602 |
|
|
|
|
|
|
|
|
|
|
|
|
Past Due Loans 30-89 Days |
$ |
5,392 |
|
$ |
6,854 |
|
$ |
5,577 |
|
$ |
4,207 |
|
$ |
5,061 |
|
Classified Loans |
|
22,305 |
|
|
22,203 |
|
|
21,812 |
|
|
14,973 |
|
|
12,179 |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans as a % of
Loans HFI |
|
0.25% |
|
|
0.23% |
|
|
0.17% |
|
|
0.25% |
|
|
0.17% |
|
NPAs as a % of Loans HFI and
Other Real Estate |
|
0.25% |
|
|
0.23% |
|
|
0.17% |
|
|
0.25% |
|
|
0.17% |
|
NPAs as
a % of Total Assets |
|
0.16% |
|
|
0.15% |
|
|
0.11% |
|
|
0.15% |
|
|
0.10% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Recorded in other
liabilities |
|
|
|
|
|
|
|
|
|
|
(2) Annualized |
|
|
|
|
|
|
|
|
|
|
CAPITAL
CITY BANK GROUP, INC. |
AVERAGE
BALANCE AND INTEREST RATES |
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter 2024 |
|
|
Fourth Quarter 2023 |
|
|
Third Quarter 2023 |
|
|
Second Quarter 2023 |
|
|
First Quarter 2023 |
|
(Dollars in thousands) |
|
AverageBalance |
|
Interest |
|
AverageRate |
|
|
AverageBalance |
|
Interest |
|
AverageRate |
|
|
AverageBalance |
|
Interest |
|
AverageRate |
|
|
AverageBalance |
|
Interest |
|
AverageRate |
|
|
AverageBalance |
|
Interest |
|
AverageRate |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Held for Sale |
$ |
27,314 |
|
$ |
563 |
|
5.99 |
% |
$ |
49,790 |
|
$ |
817 |
|
6.50 |
% |
$ |
62,768 |
|
$ |
971 |
|
6.14 |
% |
$ |
54,350 |
|
|
800 |
|
5.90 |
% |
$ |
55,110 |
|
$ |
644 |
|
4.74 |
% |
Loans Held for
Investment (1) |
|
2,728,629 |
|
|
40,196 |
|
5.95 |
|
|
2,711,243 |
|
|
39,679 |
|
5.81 |
|
|
2,672,653 |
|
|
38,455 |
|
5.71 |
|
|
2,657,693 |
|
|
36,890 |
|
5.55 |
|
|
2,582,395 |
|
|
34,342 |
|
5.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable Investment Securities |
|
952,328 |
|
|
4,239 |
|
1.78 |
|
|
962,322 |
|
|
4,389 |
|
1.81 |
|
|
1,002,547 |
|
|
4,549 |
|
1.80 |
|
|
1,041,202 |
|
|
4,803 |
|
1.84 |
|
|
1,061,372 |
|
|
4,911 |
|
1.86 |
|
Tax-Exempt Investment Securities (1) |
|
856 |
|
|
9 |
|
4.34 |
|
|
862 |
|
|
7 |
|
4.32 |
|
|
2,456 |
|
|
17 |
|
2.66 |
|
|
2,656 |
|
|
17 |
|
2.47 |
|
|
2,840 |
|
|
18 |
|
2.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment
Securities |
|
953,184 |
|
|
4,248 |
|
1.78 |
|
|
963,184 |
|
|
4,396 |
|
1.82 |
|
|
1,005,003 |
|
|
4,566 |
|
1.81 |
|
|
1,043,858 |
|
|
4,820 |
|
1.84 |
|
|
1,064,212 |
|
|
4,929 |
|
1.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Funds Sold and
Interest Bearing Deposits |
|
140,488 |
|
|
1,893 |
|
5.42 |
|
|
99,763 |
|
|
1,385 |
|
5.51 |
|
|
136,556 |
|
|
1,848 |
|
5.37 |
|
|
218,902 |
|
|
2,782 |
|
5.10 |
|
|
360,971 |
|
|
4,111 |
|
4.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
|
3,849,615 |
|
$ |
46,900 |
|
4.90 |
% |
|
3,823,980 |
|
$ |
46,277 |
|
4.80 |
% |
|
3,876,980 |
|
$ |
45,840 |
|
4.69 |
% |
|
3,974,803 |
|
$ |
45,292 |
|
4.57 |
% |
|
4,062,688 |
|
$ |
44,026 |
|
4.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Due From Banks |
|
75,763 |
|
|
|
|
|
|
|
76,681 |
|
|
|
|
|
|
|
75,941 |
|
|
|
|
|
|
|
75,854 |
|
|
|
|
|
|
|
74,639 |
|
|
|
|
|
|
Allowance for Credit
Losses |
|
(30,030 |
) |
|
|
|
|
|
|
(29,998 |
) |
|
|
|
|
|
|
(29,172 |
) |
|
|
|
|
|
|
(27,893 |
) |
|
|
|
|
|
|
(25,637 |
) |
|
|
|
|
|
Other Assets |
|
295,275 |
|
|
|
|
|
|
|
296,114 |
|
|
|
|
|
|
|
295,106 |
|
|
|
|
|
|
|
297,837 |
|
|
|
|
|
|
|
300,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
4,190,623 |
|
|
|
|
|
|
$ |
4,166,777 |
|
|
|
|
|
|
$ |
4,218,855 |
|
|
|
|
|
|
$ |
4,320,601 |
|
|
|
|
|
|
$ |
4,411,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing
Deposits |
$ |
1,344,188 |
|
|
|
|
|
|
$ |
1,416,825 |
|
|
|
|
|
|
$ |
1,474,574 |
|
|
|
|
|
|
$ |
1,539,877 |
|
|
|
|
|
|
$ |
1,601,750 |
|
|
|
|
|
|
NOW Accounts |
|
1,201,032 |
|
$ |
4,497 |
|
1.51 |
% |
|
1,138,461 |
|
$ |
3,696 |
|
1.29 |
% |
|
1,125,171 |
|
$ |
3,489 |
|
1.23 |
% |
|
1,200,400 |
|
$ |
3,038 |
|
1.01 |
% |
|
1,228,928 |
|
$ |
2,152 |
|
0.71 |
% |
Money Market Accounts |
|
353,591 |
|
|
1,985 |
|
2.26 |
|
|
318,844 |
|
|
1,421 |
|
1.77 |
|
|
322,623 |
|
|
1,294 |
|
1.59 |
|
|
288,466 |
|
|
747 |
|
1.04 |
|
|
267,573 |
|
|
208 |
|
0.31 |
|
Savings Accounts |
|
539,374 |
|
|
188 |
|
0.14 |
|
|
557,579 |
|
|
202 |
|
0.14 |
|
|
579,245 |
|
|
200 |
|
0.14 |
|
|
602,848 |
|
|
120 |
|
0.08 |
|
|
629,388 |
|
|
76 |
|
0.05 |
|
Time
Deposits |
|
138,328 |
|
|
924 |
|
2.69 |
|
|
116,797 |
|
|
553 |
|
1.88 |
|
|
95,203 |
|
|
231 |
|
0.96 |
|
|
87,973 |
|
|
103 |
|
0.47 |
|
|
89,675 |
|
|
52 |
|
0.24 |
|
Total Interest Bearing Deposits |
|
2,232,325 |
|
|
7,594 |
|
1.37 |
|
|
2,131,681 |
|
|
5,872 |
|
1.09 |
|
|
2,122,242 |
|
|
5,214 |
|
0.97 |
|
|
2,179,687 |
|
|
4,008 |
|
0.74 |
|
|
2,215,564 |
|
|
2,488 |
|
0.46 |
|
Total
Deposits |
|
3,576,513 |
|
|
7,594 |
|
0.85 |
|
|
3,548,506 |
|
|
5,872 |
|
0.66 |
|
|
3,596,816 |
|
|
5,214 |
|
0.58 |
|
|
3,719,564 |
|
|
4,008 |
|
0.43 |
|
|
3,817,314 |
|
|
2,488 |
|
0.26 |
|
Repurchase Agreements |
|
25,725 |
|
|
201 |
|
3.14 |
|
|
26,831 |
|
|
199 |
|
2.94 |
|
|
25,356 |
|
|
190 |
|
2.98 |
|
|
17,888 |
|
|
115 |
|
2.58 |
|
|
9,343 |
|
|
9 |
|
0.37 |
|
Other Short-Term
Borrowings |
|
3,758 |
|
|
39 |
|
4.16 |
|
|
16,906 |
|
|
310 |
|
7.29 |
|
|
24,306 |
|
|
440 |
|
7.17 |
|
|
17,834 |
|
|
336 |
|
7.54 |
|
|
37,766 |
|
|
452 |
|
4.86 |
|
Subordinated Notes
Payable |
|
52,887 |
|
|
628 |
|
4.70 |
|
|
52,887 |
|
|
627 |
|
4.64 |
|
|
52,887 |
|
|
625 |
|
4.62 |
|
|
52,887 |
|
|
604 |
|
4.52 |
|
|
52,887 |
|
|
571 |
|
4.32 |
|
Other Long-Term
Borrowings |
|
281 |
|
|
3 |
|
4.80 |
|
|
336 |
|
|
5 |
|
4.72 |
|
|
387 |
|
|
4 |
|
4.73 |
|
|
431 |
|
|
5 |
|
4.80 |
|
|
480 |
|
|
6 |
|
4.80 |
|
Total Interest Bearing Liabilities |
|
2,314,976 |
|
$ |
8,465 |
|
1.47 |
% |
|
2,228,641 |
|
$ |
7,013 |
|
1.25 |
% |
|
2,225,178 |
|
$ |
6,473 |
|
1.15 |
% |
|
2,268,727 |
|
$ |
5,068 |
|
0.90 |
% |
|
2,316,040 |
|
$ |
3,526 |
|
0.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities |
|
68,295 |
|
|
|
|
|
|
|
78,772 |
|
|
|
|
|
|
|
83,099 |
|
|
|
|
|
|
|
84,305 |
|
|
|
|
|
|
|
81,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
3,727,459 |
|
|
|
|
|
|
|
3,724,238 |
|
|
|
|
|
|
|
3,782,851 |
|
|
|
|
|
|
|
3,892,909 |
|
|
|
|
|
|
|
3,998,996 |
|
|
|
|
|
|
Temporary Equity |
|
7,150 |
|
|
|
|
|
|
|
7,423 |
|
|
|
|
|
|
|
8,424 |
|
|
|
|
|
|
|
8,935 |
|
|
|
|
|
|
|
8,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREOWNERS'
EQUITY: |
|
456,014 |
|
|
|
|
|
|
|
435,116 |
|
|
|
|
|
|
|
427,580 |
|
|
|
|
|
|
|
418,757 |
|
|
|
|
|
|
|
404,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities, Temporary Equity and Shareowners' Equity |
$ |
4,190,623 |
|
|
|
|
|
|
$ |
4,166,777 |
|
|
|
|
|
|
$ |
4,218,855 |
|
|
|
|
|
|
$ |
4,320,601 |
|
|
|
|
|
|
$ |
4,411,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Spread |
|
|
$ |
38,435 |
|
3.43 |
% |
|
|
$ |
39,264 |
|
3.55 |
% |
|
|
$ |
39,367 |
|
3.54 |
% |
|
|
$ |
40,224 |
|
3.67 |
% |
|
|
$ |
40,500 |
|
3.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income and Rate
Earned (1) |
|
|
|
46,900 |
|
4.90 |
|
|
|
|
46,277 |
|
4.80 |
|
|
|
|
45,840 |
|
4.69 |
|
|
|
|
45,292 |
|
4.57 |
|
|
|
|
44,026 |
|
4.39 |
|
Interest Expense and Rate
Paid (2) |
|
|
|
8,465 |
|
0.88 |
|
|
|
|
7,013 |
|
0.73 |
|
|
|
|
6,473 |
|
0.66 |
|
|
|
|
5,068 |
|
0.51 |
|
|
|
|
3,526 |
|
0.35 |
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Net Interest Margin |
|
|
$ |
38,435 |
|
4.01 |
% |
|
|
$ |
39,264 |
|
4.07 |
% |
|
|
$ |
39,367 |
|
4.03 |
% |
|
|
$ |
40,224 |
|
4.06 |
% |
|
|
$ |
40,500 |
|
4.04 |
% |
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(1) Interest
and average rates are calculated on a tax-equivalent basis using a
21% Federal tax rate. |
(2) Rate
calculated based on average earning assets. |
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For Information Contact:Jep LarkinExecutive Vice President and
Chief Financial Officer850.402.8450
Capital City Bank (NASDAQ:CCBG)
Graphique Historique de l'Action
De Août 2024 à Sept 2024
Capital City Bank (NASDAQ:CCBG)
Graphique Historique de l'Action
De Sept 2023 à Sept 2024