Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net
income of $6.4 million, or $0.38 per diluted share for the first
quarter of 2019 compared to net income of $8.5 million, or $0.50
per diluted share for the fourth quarter of 2018, and $5.8 million,
or $0.34 per diluted share for the first quarter of 2018.
Net income for the first quarter of 2018 included a
$1.5 million, or $0.09 per diluted share tax benefit related to a
2017 plan year pension plan contribution. Net income for the fourth
quarter of 2018 included a $2.0 million, or $0.09 per diluted
share, gain from the sale of a banking office and a $0.3 million,
or $0.02 per diluted share, tax benefit from a tax accounting
method change.
HIGHLIGHTS
- Net interest income up 2.3% sequentially and 14.5% over prior
year
- Period-end loan growth of 1.2% sequentially and 8.1% over prior
year
- 42 basis points cost of funds reflects the quality of our core
deposit base (~ 38% noninterest bearing)
- Continued efforts to restrain expense growth
- Nonperforming assets down 24% sequentially and 35% from prior
year
“The results of the first quarter were strong and a great start
to the new year,” said William G. Smith, Jr., Chairman, President
and CEO. “Loan growth finished strong – up $21 million quarter over
quarter. Four rate increases during 2018 and a strong core deposit
base continue to positively impact our net interest income, which
on a sequential basis, increased $600,000 as the higher rates roll
through our earning asset portfolios. Lowering our efficiency ratio
is a top priority and we have multiple strategies in place to grow
revenues and reduce expenses. I am pleased to say that credit
quality has returned to pre-crisis levels and our capital position
is stronger today than it was then. Florida is growing and we are
once again on offense following a number of years playing defense
after the crisis. I am optimistic about 2019 and your management
team will remain focused on implementing strategies that produce
long-term value for our shareowners.”
Compared to the fourth quarter of 2018, the $2.1 million
decrease in operating profit reflected a $1.7 million increase in
noninterest expense, lower noninterest income of $0.7 million, and
a $0.3 million increase in the loan loss provision, partially
offset by higher net interest income of $0.6 million.
Compared to the first quarter of 2018, the $2.9 million increase
in operating profit was attributable to higher net interest income
of $3.1 million and noninterest income of $0.1 million, partially
offset by higher noninterest expense of $0.3 million.
Our return on average assets (“ROA”) was 0.87% and our return on
average equity (“ROE”) was 8.49% for the first quarter of 2019
compared to 0.81% and 8.14%, respectively, for the first quarter of
2018.
Discussion of Operating Results
Tax-equivalent net interest income for the first quarter of 2019
was $25.0 million compared to $24.5 million for the fourth quarter
of 2018 and $21.9 million for the first quarter of 2018. During the
first quarter of 2019, overnight funds increased primarily due to
seasonal growth in our public fund deposits and a higher balance of
one large negotiated rate client. The increase in tax-equivalent
net interest income compared to the first quarter of 2018 reflected
growth in the loan portfolio and higher rates earned on overnight
funds, investment securities, and variable rate loans, partially
offset by a higher cost on our negotiated rate deposits.
The federal funds target rate ended the first quarter of 2019 at
a range of 2.25%-2.50%, with the most recent increase to the target
rate occurring in December 2018. These fed rate increases
positively affected our net interest income due to favorable
repricing of our variable and adjustable rate earning assets.
Although these increases resulted in higher rates paid on our
negotiated rate deposit products, we continue to prudently manage
our deposit mix and overall cost of funds, which was 42 basis
points for the first quarter of 2019 compared to 31 basis points
for the prior quarter. In conjunction with our overall balance
sheet management, we continue to review our deposit board rates to
determine whether rate increases are appropriate. We have developed
several new deposit products designed to help maintain existing
relationships for clients seeking higher returns on their deposit
balances.
Our net interest margin for the first quarter of 2019 was 3.75%,
a decrease of six basis points compared to the fourth quarter of
2018 and an increase of 32 basis points over the first quarter of
2018. The decrease in margin compared to the fourth quarter of 2018
was attributable to a higher level and less favorable mix of
earning assets and an increase in cost of funds, primarily
negotiated NOW and MMAs. All three factors were driven by the
seasonal inflow of public fund deposits, which is anticipated in
the first quarter of each year. The increase in the margin compared
to the first quarter of 2018 was primarily due to loan growth and
higher yields on our variable and adjustable rate earning assets,
partially offset by higher rates on our negotiated rate
deposits.
The provision for loan losses for the first quarter
of 2019 was $0.8 million compared to $0.5 million for the fourth
quarter of 2018 and $0.7 million for the first quarter of 2018. The
higher provision compared to the fourth quarter of 2018 was
primarily attributable to higher net loan charge-offs. At March 31,
2019, the allowance for loan losses of $14.1 million represented
0.78% of outstanding loans (net of overdrafts) and provided
coverage of 280% of nonperforming loans compared to 0.80% and 207%,
respectively, at December 31, 2018 and 0.80% and 181%,
respectively, at March 31, 2018.
Noninterest income for the first quarter of 2019 totaled $12.6
million, a decrease of $0.7 million, or 5.2%, from the fourth
quarter of 2018 and a $0.1 million, or 0.6%, increase over the
first quarter of 2018. The decrease from the fourth quarter of 2018
was primarily attributable to lower deposit fees and mortgage
banking fees.
Noninterest expense for the first quarter of 2019 totaled $28.2
million, an increase of $1.7 million, or 6.4%, over the fourth
quarter of 2018 and $0.3 million, or 1.0%, over the first quarter
of 2018. The increase over the fourth quarter was primarily
attributable to higher other real estate expense of $2.0 million,
partially offset by lower occupancy expense of $0.3 million. The
increase in other real estate expense reflected a $2.0 million gain
on the sale of a banking office in the fourth quarter of 2018. The
decrease in occupancy expense was primarily attributable to lower
maintenance expense for premises.
We realized income tax expense of $2.1 million for the first
quarter of 2019 compared to $2.2 million for the fourth quarter of
2018 and an income tax benefit of $0.2 million for the first
quarter of 2018. Fourth quarter of 2018 income tax expense
reflected a discrete tax benefit of $0.3 million related to a tax
accounting method change for a cost segregation and depreciation
analysis for various properties we own. Income tax for the first
quarter of 2018 included a discrete tax benefit of $1.5 million
resulting from the effect of federal tax reform, on a pension plan
contribution made in the first quarter of 2018 for the plan year
2017. Absent discrete items, we expect our effective tax rate to
approximate 24%.
Discussion of Financial Condition
Average earning assets were $2.705 billion for the first quarter
of 2019, an increase of $150.3 million, or 5.9%, over the fourth
quarter of 2018, and an increase of $112.3 million, or 4.3%, over
the first quarter of 2018. The change in average earning assets
over both periods reflected a higher level of total deposits,
resulting in a higher balance of overnight funds sold.
We maintained an average net overnight funds (deposits with
banks plus fed funds sold less fed funds purchased) sold position
of $265.7 million during the first quarter of 2019 compared to
$80.8 million in the fourth quarter of 2018 and $240.9 million in
the first quarter of 2018. The increase in the average net
overnight funds compared to both prior periods resulted from
increases in all deposit types except money market accounts and
certificates of deposit.
While average loans decreased slightly ($5.2 million, or 0.3%)
when compared to the fourth quarter of 2018, they grew $132.8
million, or 8.1% when compared to the first quarter of 2018. On an
“as of” basis, loans grew $20.6 million and $134.9 million,
respectively. The average decrease compared to the fourth quarter
of 2018 primarily reflected declines in all loan types except
commercial real estate and consumer loans. During the first quarter
2019, we purchased principal balances of $10.3 million in
commercial real estate loans and $4.4 million in residential real
estate loan pools, which partially offset the decline in quarterly
loan production. Average growth over the first quarter of 2018 was
experienced in all loan categories, with the exception of home
equity loans. A portion of this growth compared to the first
quarter 2018 was attributable to $36.8 million in principal
balances of several loan pool purchases ($22.1 million in 2018 and
$14.7 million in the first quarter of 2019). All loan purchases are
individually reviewed and evaluated in accordance with our credit
underwriting standards.
Nonperforming assets (nonaccrual loans and OREO) totaled $6.9
million at March 31, 2019, a decrease of $2.2 million, or 23.6%,
from December 31, 2018 and $3.7 million, or 34.7%, from March 31,
2018. Nonaccrual loans totaled $5.0 million at March 31, 2019, a
$1.8 million decrease from December 31, 2018 and a $2.3 million
decrease from March 31, 2018. Nonaccrual loan additions totaled
$2.5 million for the first quarter of 2019 compared to $3.1 million
for the fourth quarter of 2018 and $1.8 million for the first
quarter of 2018. The balance of OREO totaled $1.9 million at March
31, 2019, a decrease of $0.4 million and $1.4 million,
respectively, from December 31, 2018 and March 31, 2018. For the
first quarter of 2019, we added properties totaling $0.5 million,
sold properties totaling $0.7 million, and recorded valuation
adjustments totaling $0.2 million.
Average total deposits were $2.565 billion for the first quarter
of 2019, an increase of $152.3 million, or 6.3% over the fourth
quarter of 2018, and an increase of $108.6 million, or 4.4% over
the first quarter of 2018. The increase in average deposits
compared to both prior periods reflected increases in all deposit
types except money market accounts and certificates of deposit. The
seasonal influx of negotiated public NOW accounts has most likely
peaked for this cycle, and is expected to gradually decline through
the fourth quarter of 2019.
Deposit levels remain strong, and average core deposits continue
to experience growth. We monitor deposit rates on an ongoing basis
and adjust if necessary, as a prudent pricing discipline remains
the key to managing our mix of deposits.
Average borrowings decreased $5.8 million compared to the fourth
quarter of 2018 and decreased $3.1 million compared to the first
quarter of 2018. Declines from both prior periods were primarily
due to payoffs of FHLB advances.
Shareowners’ equity was $309.0 million at March 31, 2019,
compared to $302.6 million at December 31, 2018 and $288.4 million
at March 31, 2018. Our leverage ratio was 10.53%, 10.89%, and
10.36%, respectively, on these dates. Further, at March 31, 2019,
our risk-adjusted capital ratio was 17.09% compared to 17.13% and
17.05% at December 31, 2018 and March 31, 2018, respectively. Our
common equity tier 1 ratio was 13.62% at March 31, 2019, compared
to 13.58% at December 31, 2018 and 13.44% at March 31, 2018. At
March 31, 2019, each of our regulatory capital ratios exceeded the
threshold to be designated as “well-capitalized” under the Basel
III capital standards.
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 $3.0 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 and securities
brokerage services. Our bank subsidiary, Capital City Bank, was
founded in 1895 and now has 59 banking offices and 73 ATMs 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 following factors, among others, could cause our
actual results to differ: the accuracy of the our financial
statement estimates and assumptions; legislative or regulatory
changes, including the Dodd-Frank Act, Basel III, and the ability
to repay and qualified mortgage standards; fluctuations in
inflation, interest rates, or monetary policies; the effects of
security breaches and computer viruses that may affect our computer
systems or fraud related to debit card products; changes in
consumer spending and savings habits; our growth and profitability;
the strength of the U.S. economy and the local economies where we
conduct operations; the effects of a non-diversified loan
portfolio, including the risks of geographic and industry
concentrations; harsh weather conditions and man-made disasters;
changes in the stock market and other capital and real estate
markets; customer acceptance of third-party products and
services; increased competition and its effect on pricing,
including the long-term impact on our net interest margin from the
repeal of Regulation Q; negative publicity and the impact on our
reputation; technological changes, especially changes that allow
out of market competitors to compete in our markets; changes
in accounting; 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, 2018, 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.
USE OF NON-GAAP FINANCIAL MEASURES
We present a tangible common equity ratio and a tangible book
value per diluted share that removes the effect of goodwill
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, 2019 |
Dec 31, 2018 |
Sep 30, 2018 |
Jun 30, 2018 |
Mar 31, 2018 |
Shareowners' Equity (GAAP) |
|
$ |
308,986 |
|
$ |
302,587 |
|
$ |
298,016 |
|
$ |
293,571 |
|
$ |
288,360 |
|
Less: Goodwill (GAAP) |
|
|
84,811 |
|
|
84,811 |
|
|
84,811 |
|
|
84,811 |
|
|
84,811 |
|
Tangible Shareowners' Equity (non-GAAP) |
A |
|
224,175 |
|
|
217,776 |
|
|
213,205 |
|
|
208,760 |
|
|
203,549 |
|
Total Assets (GAAP) |
|
|
3,052,051 |
|
|
2,959,183 |
|
|
2,819,190 |
|
|
2,880,278 |
|
|
2,924,832 |
|
Less: Goodwill (GAAP) |
|
|
84,811 |
|
|
84,811 |
|
|
84,811 |
|
|
84,811 |
|
|
84,811 |
|
Tangible Assets (non-GAAP) |
B |
$ |
2,967,240 |
|
$ |
2,874,372 |
|
$ |
2,734,379 |
|
$ |
2,795,467 |
|
$ |
2,840,021 |
|
Tangible Common Equity Ratio
(non-GAAP) |
A/B |
|
7.56 |
% |
|
7.58 |
% |
|
7.80 |
% |
|
7.47 |
% |
|
7.17 |
% |
Actual Diluted Shares Outstanding (GAAP) |
C |
|
16,840,496 |
|
|
16,808,542 |
|
|
17,127,846 |
|
|
17,114,380 |
|
|
17,088,419 |
|
Tangible Book Value per Diluted Share
(non-GAAP) |
A/C |
$ |
13.31 |
|
$ |
12.96 |
|
$ |
12.45 |
|
$ |
12.20 |
|
$ |
11.91 |
|
CAPITAL CITY
BANK GROUP, INC. |
|
|
|
|
|
|
EARNINGS
HIGHLIGHTS |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
(Dollars
in thousands, except per share data) |
|
Mar 31, 2019 |
|
Dec 31, 2018 |
|
Mar 31, 2018 |
EARNINGS |
|
|
|
|
|
|
Net Income |
$ |
6,436 |
|
$ |
8,458 |
|
$ |
5,773 |
|
Diluted
Net Income Per Share |
$ |
0.38 |
|
$ |
0.50 |
|
$ |
0.34 |
|
PERFORMANCE |
|
|
|
|
|
|
Return on Average
Assets |
|
0.87 |
% |
|
1.18 |
% |
|
0.81 |
% |
Return on Average
Equity |
|
8.49 |
% |
|
11.10 |
% |
|
8.14 |
% |
Net Interest
Margin |
|
3.75 |
% |
|
3.81 |
% |
|
3.43 |
% |
Noninterest Income as %
of Operating Revenue |
|
33.51 |
% |
|
35.22 |
% |
|
36.44 |
% |
Efficiency Ratio |
|
75.01 |
% |
|
70.21 |
% |
|
81.07 |
% |
CAPITAL
ADEQUACY |
|
|
|
|
|
|
Tier 1 Capital |
|
16.34 |
% |
|
16.36 |
% |
|
16.31 |
% |
Total Capital |
|
17.09 |
% |
|
17.13 |
% |
|
17.05 |
% |
Tangible Common Equity
(1) |
|
7.56 |
% |
|
7.58 |
% |
|
7.17 |
% |
Leverage |
|
10.53 |
% |
|
10.89 |
% |
|
10.36 |
% |
Common Equity Tier
1 |
|
13.62 |
% |
|
13.58 |
% |
|
13.44 |
% |
Equity to
Assets |
|
10.12 |
% |
|
10.23 |
% |
|
9.86 |
% |
ASSET
QUALITY |
|
|
|
|
|
|
Allowance as % of
Non-Performing Loans |
|
279.77 |
% |
|
206.79 |
% |
|
181.26 |
% |
Allowance as a % of
Loans |
|
0.78 |
% |
|
0.80 |
% |
|
0.80 |
% |
Net Charge-Offs as % of
Average Loans |
|
0.20 |
% |
|
0.10 |
% |
|
0.20 |
% |
Nonperforming Assets as
% of Loans and OREO |
|
0.39 |
% |
|
0.51 |
% |
|
0.64 |
% |
Nonperforming Assets as % of Total Assets |
|
0.23 |
% |
|
0.31 |
% |
|
0.36 |
% |
STOCK
PERFORMANCE |
|
|
|
|
|
|
High |
$ |
25.87 |
|
$ |
26.95 |
|
$ |
26.50 |
|
Low |
|
21.04 |
|
|
19.92 |
|
|
22.80 |
|
Close |
$ |
21.78 |
|
$ |
23.21 |
|
$ |
24.75 |
|
Average
Daily Trading Volume |
|
18,407 |
|
|
21,455 |
|
|
21,061 |
|
|
|
|
|
|
|
|
(1)
Tangible common equity ratio is a non-GAAP financial measure.
For additional information, including a reconciliation to GAAP,
refer to page 3. |
CAPITAL CITY
BANK GROUP, INC. |
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
(Dollars
in thousands) |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and Due From
Banks |
$ |
49,501 |
|
$ |
62,032 |
|
$ |
48,423 |
|
$ |
56,573 |
|
$ |
47,804 |
|
Funds
Sold and Interest Bearing Deposits |
|
304,213 |
|
|
213,968 |
|
|
26,839 |
|
|
107,066 |
|
|
250,821 |
|
Total Cash and Cash
Equivalents |
|
353,714 |
|
|
276,000 |
|
|
75,262 |
|
|
163,639 |
|
|
298,625 |
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities
Available for Sale |
|
429,016 |
|
|
446,157 |
|
|
484,243 |
|
|
493,662 |
|
|
471,836 |
|
Investment Securities Held to Maturity |
|
226,179 |
|
|
217,320 |
|
|
227,923 |
|
|
236,764 |
|
|
225,552 |
|
Total Investment
Securities |
|
655,195 |
|
|
663,477 |
|
|
712,166 |
|
|
730,426 |
|
|
697,388 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans Held for
Sale |
|
4,557 |
|
|
6,869 |
|
|
8,297 |
|
|
8,246 |
|
|
4,845 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans, Net of Unearned
Interest |
|
|
|
|
|
|
|
|
|
|
Commercial, Financial,
& Agricultural |
|
238,942 |
|
|
233,689 |
|
|
239,044 |
|
|
222,406 |
|
|
198,775 |
|
Real Estate -
Construction |
|
87,123 |
|
|
89,527 |
|
|
87,672 |
|
|
88,169 |
|
|
80,236 |
|
Real Estate -
Commercial |
|
615,129 |
|
|
602,061 |
|
|
596,391 |
|
|
575,993 |
|
|
551,309 |
|
Real Estate -
Residential |
|
338,574 |
|
|
334,197 |
|
|
333,896 |
|
|
320,296 |
|
|
307,050 |
|
Real Estate - Home
Equity |
|
209,194 |
|
|
210,111 |
|
|
212,942 |
|
|
218,851 |
|
|
223,994 |
|
Consumer |
|
296,351 |
|
|
295,040 |
|
|
294,040 |
|
|
285,599 |
|
|
284,356 |
|
Other Loans |
|
10,430 |
|
|
8,018 |
|
|
8,167 |
|
|
11,648 |
|
|
14,988 |
|
Overdrafts |
|
1,362 |
|
|
1,582 |
|
|
1,602 |
|
|
1,513 |
|
|
1,187 |
|
Total Loans, Net of
Unearned Interest |
|
1,797,105 |
|
|
1,774,225 |
|
|
1,773,754 |
|
|
1,724,475 |
|
|
1,661,895 |
|
Allowance
for Loan Losses |
|
(14,120 |
) |
|
(14,210 |
) |
|
(14,219 |
) |
|
(13,563 |
) |
|
(13,258 |
) |
Loans, Net |
|
1,782,985 |
|
|
1,760,015 |
|
|
1,759,535 |
|
|
1,710,912 |
|
|
1,648,637 |
|
|
|
|
|
|
|
|
|
|
|
|
Premises and Equipment,
Net |
|
86,846 |
|
|
87,190 |
|
|
89,567 |
|
|
90,000 |
|
|
90,939 |
|
Goodwill |
|
84,811 |
|
|
84,811 |
|
|
84,811 |
|
|
84,811 |
|
|
84,811 |
|
Other Real Estate
Owned |
|
1,902 |
|
|
2,229 |
|
|
2,720 |
|
|
3,373 |
|
|
3,330 |
|
Other
Assets |
|
82,041 |
|
|
78,592 |
|
|
86,832 |
|
|
88,871 |
|
|
96,257 |
|
Total
Other Assets |
|
255,600 |
|
|
252,822 |
|
|
263,930 |
|
|
267,055 |
|
|
275,337 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets |
$ |
3,052,051 |
|
$ |
2,959,183 |
|
$ |
2,819,190 |
|
$ |
2,880,278 |
|
$ |
2,924,832 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing
Deposits |
$ |
995,853 |
|
$ |
947,858 |
|
$ |
934,146 |
|
$ |
937,241 |
|
$ |
890,482 |
|
NOW Accounts |
|
887,453 |
|
|
867,209 |
|
|
713,967 |
|
|
778,131 |
|
|
859,704 |
|
Money Market
Accounts |
|
244,628 |
|
|
237,739 |
|
|
254,099 |
|
|
257,965 |
|
|
257,422 |
|
Regular Savings
Accounts |
|
372,414 |
|
|
358,306 |
|
|
352,508 |
|
|
354,156 |
|
|
353,996 |
|
Certificates of Deposit |
|
116,946 |
|
|
120,744 |
|
|
126,496 |
|
|
131,697 |
|
|
137,280 |
|
Total Deposits |
|
2,617,294 |
|
|
2,531,856 |
|
|
2,381,216 |
|
|
2,459,190 |
|
|
2,498,884 |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Borrowings |
|
8,983 |
|
|
13,541 |
|
|
16,644 |
|
|
7,021 |
|
|
4,893 |
|
Subordinated Notes
Payable |
|
52,887 |
|
|
52,887 |
|
|
52,887 |
|
|
52,887 |
|
|
52,887 |
|
Other Long-Term
Borrowings |
|
7,661 |
|
|
8,568 |
|
|
12,456 |
|
|
12,897 |
|
|
13,333 |
|
Other
Liabilities |
|
56,240 |
|
|
49,744 |
|
|
57,971 |
|
|
54,712 |
|
|
66,475 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities |
|
2,743,065 |
|
|
2,656,596 |
|
|
2,521,174 |
|
|
2,586,707 |
|
|
2,636,472 |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREOWNERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
168 |
|
|
167 |
|
|
171 |
|
|
171 |
|
|
171 |
|
Additional Paid-In
Capital |
|
31,929 |
|
|
31,058 |
|
|
38,325 |
|
|
37,932 |
|
|
37,343 |
|
Retained Earnings |
|
304,763 |
|
|
300,177 |
|
|
293,254 |
|
|
288,800 |
|
|
283,990 |
|
Accumulated Other Comprehensive Loss, Net of Tax |
|
(27,874 |
) |
|
(28,815 |
) |
|
(33,734 |
) |
|
(33,332 |
) |
|
(33,144 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total
Shareowners' Equity |
|
308,986 |
|
|
302,587 |
|
|
298,016 |
|
|
293,571 |
|
|
288,360 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities and Shareowners' Equity |
$ |
3,052,051 |
|
$ |
2,959,183 |
|
$ |
2,819,190 |
|
$ |
2,880,278 |
|
$ |
2,924,832 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER BALANCE
SHEET DATA |
|
|
|
|
|
|
|
|
|
|
Earning Assets |
$ |
2,761,070 |
|
$ |
2,658,539 |
|
$ |
2,521,056 |
|
$ |
2,570,213 |
|
$ |
2,614,949 |
|
Interest
Bearing Liabilities |
|
1,690,972 |
|
|
1,658,994 |
|
|
1,529,057 |
|
|
1,594,754 |
|
|
1,679,515 |
|
|
|
|
|
|
|
|
|
|
|
|
Book Value Per Diluted
Share |
$ |
18.35 |
|
$ |
18.00 |
|
$ |
17.40 |
|
$ |
17.15 |
|
$ |
16.87 |
|
Tangible
Book Value Per Diluted Share(1) |
|
13.31 |
|
|
12.96 |
|
|
12.45 |
|
|
12.20 |
|
|
11.91 |
|
|
|
|
|
|
|
|
|
|
|
|
Actual Basic Shares
Outstanding |
|
16,812 |
|
|
16,748 |
|
|
17,059 |
|
|
17,056 |
|
|
17,044 |
|
Actual
Diluted Shares Outstanding |
|
16,840 |
|
|
16,809 |
|
|
17,128 |
|
|
17,114 |
|
|
17,088 |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Tangible book value per diluted share is a non-GAAP financial
measure. For additional information, including a reconciliation to
GAAP, refer to page 3. |
CAPITAL CITY
BANK GROUP, INC. |
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF OPERATIONS |
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
(Dollars
in thousands, except per share data) |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Interest and Fees on
Loans |
$ |
22,616 |
$ |
22,431 |
|
$ |
21,618 |
$ |
20,533 |
$ |
19,535 |
|
Investment
Securities |
|
3,513 |
|
3,478 |
|
|
3,472 |
|
3,156 |
|
2,762 |
|
Funds
Sold |
|
1,593 |
|
461 |
|
|
302 |
|
730 |
|
917 |
|
Total Interest Income |
|
27,722 |
|
26,370 |
|
|
25,392 |
|
24,419 |
|
23,214 |
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
2,099 |
|
1,312 |
|
|
1,068 |
|
995 |
|
868 |
|
Short-Term
Borrowings |
|
35 |
|
53 |
|
|
41 |
|
8 |
|
8 |
|
Subordinated Notes
Payable |
|
608 |
|
572 |
|
|
568 |
|
552 |
|
475 |
|
Other
Long-Term Borrowings |
|
72 |
|
85 |
|
|
92 |
|
94 |
|
100 |
|
Total Interest Expense |
|
2,814 |
|
2,022 |
|
|
1,769 |
|
1,649 |
|
1,451 |
|
Net Interest
Income |
|
24,908 |
|
24,348 |
|
|
23,623 |
|
22,770 |
|
21,763 |
|
Provision
for Loan Losses |
|
767 |
|
457 |
|
|
904 |
|
815 |
|
745 |
|
Net
Interest Income after Provision for Loan Losses |
|
24,141 |
|
23,891 |
|
|
22,719 |
|
21,955 |
|
21,018 |
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Deposit Fees |
|
4,775 |
|
5,172 |
|
|
5,207 |
|
4,842 |
|
4,872 |
|
Bank Card Fees |
|
2,855 |
|
2,830 |
|
|
2,828 |
|
2,909 |
|
2,811 |
|
Wealth Management
Fees |
|
2,323 |
|
2,320 |
|
|
2,181 |
|
2,037 |
|
2,173 |
|
Mortgage Banking
Fees |
|
993 |
|
1,129 |
|
|
1,343 |
|
1,206 |
|
1,057 |
|
Other |
|
1,606 |
|
1,787 |
|
|
1,749 |
|
1,548 |
|
1,564 |
|
Total Noninterest Income |
|
12,552 |
|
13,238 |
|
|
13,308 |
|
12,542 |
|
12,477 |
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Compensation |
|
16,349 |
|
16,322 |
|
|
15,891 |
|
15,797 |
|
15,911 |
|
Occupancy, Net |
|
4,509 |
|
4,804 |
|
|
4,645 |
|
4,503 |
|
4,551 |
|
Other Real Estate,
Net |
|
363 |
|
(1,663 |
) |
|
347 |
|
248 |
|
626 |
|
Other |
|
6,977 |
|
7,042 |
|
|
7,816 |
|
7,845 |
|
6,818 |
|
Total Noninterest Expense |
|
28,198 |
|
26,505 |
|
|
28,699 |
|
28,393 |
|
27,906 |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
PROFIT |
|
8,495 |
|
10,624 |
|
|
7,328 |
|
6,104 |
|
5,589 |
|
Income
Tax (Benefit) Expense |
|
2,059 |
|
2,166 |
|
|
1,338 |
|
101 |
|
(184 |
) |
NET INCOME |
$ |
6,436 |
$ |
8,458 |
|
$ |
5,990 |
$ |
6,003 |
$ |
5,773 |
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA |
|
|
|
|
|
|
|
|
|
|
Basic Net Income |
$ |
0.38 |
$ |
0.50 |
|
$ |
0.35 |
$ |
0.35 |
$ |
0.34 |
|
Diluted Net Income |
|
0.38 |
|
0.50 |
|
|
0.35 |
|
0.35 |
|
0.34 |
|
Cash Dividend |
$ |
0.11 |
$ |
0.09 |
|
$ |
0.09 |
$ |
0.07 |
$ |
0.07 |
|
AVERAGE
SHARES |
|
|
|
|
|
|
|
|
|
|
Basic |
|
16,791 |
|
16,989 |
|
|
17,056 |
|
17,045 |
|
17,028 |
|
Diluted |
|
16,819 |
|
17,050 |
|
|
17,125 |
|
17,104 |
|
17,073 |
|
CAPITAL CITY
BANK GROUP, INC. |
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR
LOAN LOSSES |
|
|
|
|
|
|
|
|
|
|
AND RISK
ELEMENT ASSETS |
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
(Dollars
in thousands, except per share data) |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR
LOAN LOSSES |
|
|
|
|
|
|
|
|
|
|
Balance at Beginning of
Period |
$ |
14,210 |
|
$ |
14,219 |
|
$ |
13,563 |
|
$ |
13,258 |
|
$ |
13,307 |
|
Provision for Loan
Losses |
|
767 |
|
|
457 |
|
|
904 |
|
|
815 |
|
|
745 |
|
Net Charge-Offs |
|
857 |
|
|
466 |
|
|
248 |
|
|
510 |
|
|
794 |
|
Balance
at End of Period |
$ |
14,120 |
|
$ |
14,210 |
|
$ |
14,219 |
|
$ |
13,563 |
|
$ |
13,258 |
|
As a % of Loans |
|
0.78 |
% |
|
0.80 |
% |
|
0.80 |
% |
|
0.78 |
% |
|
0.80 |
% |
As a % of
Nonperforming Loans |
|
279.77 |
% |
|
206.79 |
% |
|
207.06 |
% |
|
236.25 |
% |
|
181.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
CHARGE-OFFS |
|
|
|
|
|
|
|
|
|
|
Commercial, Financial
and Agricultural |
$ |
95 |
|
$ |
53 |
|
$ |
268 |
|
$ |
141 |
|
$ |
182 |
|
Real Estate -
Construction |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
7 |
|
Real Estate -
Commercial |
|
155 |
|
|
- |
|
|
25 |
|
|
- |
|
|
290 |
|
Real Estate -
Residential |
|
264 |
|
|
111 |
|
|
106 |
|
|
456 |
|
|
107 |
|
Real Estate - Home
Equity |
|
52 |
|
|
106 |
|
|
112 |
|
|
157.00 |
|
|
158 |
|
Consumer |
|
795 |
|
|
728 |
|
|
463 |
|
|
509 |
|
|
695 |
|
Total
Charge-Offs |
$ |
1,361 |
|
$ |
998 |
|
$ |
974 |
|
$ |
1,263 |
|
$ |
1,439 |
|
|
|
|
|
|
|
|
|
|
|
|
RECOVERIES |
|
|
|
|
|
|
|
|
|
|
Commercial, Financial
and Agricultural |
$ |
74 |
|
$ |
128 |
|
$ |
78 |
|
$ |
87 |
|
$ |
166 |
|
Real Estate -
Construction |
|
- |
|
|
25 |
|
|
- |
|
|
- |
|
|
1.00 |
|
Real Estate -
Commercial |
|
70 |
|
|
13 |
|
|
222 |
|
|
15 |
|
|
123 |
|
Real Estate -
Residential |
|
44 |
|
|
106 |
|
|
107 |
|
|
346 |
|
|
84 |
|
Real Estate - Home
Equity |
|
32 |
|
|
61 |
|
|
47 |
|
|
22 |
|
|
61 |
|
Consumer |
|
284 |
|
|
199 |
|
|
272 |
|
|
283 |
|
|
210 |
|
Total
Recoveries |
$ |
504 |
|
$ |
532 |
|
$ |
726 |
|
$ |
753 |
|
$ |
645 |
|
|
|
|
|
|
|
|
|
|
|
|
NET
CHARGE-OFFS |
$ |
857 |
|
$ |
466 |
|
$ |
248 |
|
$ |
510 |
|
$ |
794 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Charge-Offs as a % of Average Loans (1) |
|
0.20 |
% |
|
0.10 |
% |
|
0.06 |
% |
|
0.12 |
% |
|
0.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
RISK ELEMENT
ASSETS |
|
|
|
|
|
|
|
|
|
|
Nonaccruing Loans |
$ |
5,047 |
|
$ |
6,872 |
|
$ |
6,867 |
|
$ |
5,741 |
|
$ |
7,314 |
|
Other
Real Estate Owned |
|
1,902 |
|
|
2,229 |
|
|
2,720 |
|
|
3,373 |
|
|
3,330 |
|
Total
Nonperforming Assets |
$ |
6,949 |
|
$ |
9,101 |
|
$ |
9,587 |
|
$ |
9,114 |
|
$ |
10,644 |
|
|
|
|
|
|
|
|
|
|
|
|
Past Due Loans 30-89
Days |
$ |
4,682 |
|
$ |
4,757 |
|
$ |
3,684 |
|
$ |
3,472 |
|
$ |
4,268 |
|
Past Due Loans 90 Days
or More |
|
- |
|
|
- |
|
|
126 |
|
|
- |
|
|
- |
|
Classified Loans |
|
22,219 |
|
|
22,888 |
|
|
27,039 |
|
|
29,583 |
|
|
31,709 |
|
Performing Troubled Debt Restructuring's |
$ |
20,791 |
|
$ |
22,084 |
|
$ |
28,661 |
|
$ |
29,981 |
|
$ |
31,472 |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans as
a % of Loans |
|
0.28 |
% |
|
0.39 |
% |
|
0.39 |
% |
|
0.33 |
% |
|
0.44 |
% |
Nonperforming Assets as
a % of Loans and Other Real Estate |
|
0.39 |
% |
|
0.51 |
% |
|
0.54 |
% |
|
0.52 |
% |
|
0.64 |
% |
Nonperforming Assets as a % of Total Assets |
|
0.23 |
% |
|
0.31 |
% |
|
0.34 |
% |
|
0.32 |
% |
|
0.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized |
|
|
|
|
|
|
|
|
|
|
CAPITAL CITY BANK GROUP, INC. |
AVERAGE BALANCE AND INTEREST
RATES(1) |
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter 2019 |
|
|
Fourth Quarter 2018 |
|
|
Third Quarter 2018 |
|
|
Second Quarter 2018 |
|
|
First Quarter 2018 |
|
(Dollars
in thousands) |
|
AverageBalance |
|
Interest |
|
AverageRate |
|
|
AverageBalance |
|
Interest |
|
AverageRate |
|
|
AverageBalance |
|
Interest |
|
AverageRate |
|
|
AverageBalance |
|
Interest |
|
AverageRate |
|
|
AverageBalance |
|
Interest |
|
AverageRate |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, Net of Unearned
Interest |
$ |
1,780,406 |
|
$ |
22,718 |
|
5.18 |
% |
$ |
1,785,570 |
|
$ |
22,556 |
|
5.01 |
% |
$ |
1,747,093 |
|
$ |
21,733 |
|
4.94 |
% |
$ |
1,691,287 |
|
|
20,625 |
|
4.89 |
% |
$ |
1,647,612 |
|
$ |
19,636 |
|
4.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
Investment Securities |
|
618,127 |
|
|
3,387 |
|
2.20 |
|
|
637,735 |
|
|
3,325 |
|
2.08 |
|
|
663,639 |
|
|
3,290 |
|
1.98 |
|
|
643,516 |
|
|
2,945 |
|
1.83 |
|
|
619,137 |
|
|
2,523 |
|
1.64 |
|
Tax-Exempt Investment Securities |
|
40,575 |
|
|
158 |
|
1.56 |
|
|
50,362 |
|
|
193 |
|
1.54 |
|
|
60,952 |
|
|
229 |
|
1.50 |
|
|
72,478 |
|
|
266 |
|
1.47 |
|
|
84,800 |
|
|
318 |
|
1.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment
Securities |
|
658,702 |
|
|
3,545 |
|
2.16 |
|
|
688,097 |
|
|
3,518 |
|
2.04 |
|
|
724,591 |
|
|
3,519 |
|
1.94 |
|
|
715,994 |
|
|
3,211 |
|
1.79 |
|
|
703,937 |
|
|
2,841 |
|
1.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds
Sold |
|
265,694 |
|
|
1,593 |
|
2.43 |
|
|
80,815 |
|
|
461 |
|
2.26 |
|
|
63,608 |
|
|
302 |
|
1.88 |
|
|
158,725 |
|
|
730 |
|
1.84 |
|
|
240,916 |
|
|
917 |
|
1.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning
Assets |
|
2,704,802 |
|
$ |
27,856 |
|
4.17 |
% |
|
2,554,482 |
|
$ |
26,535 |
|
4.12 |
% |
|
2,535,292 |
|
$ |
25,554 |
|
4.00 |
% |
|
2,566,006 |
|
$ |
24,566 |
|
3.84 |
% |
|
2,592,465 |
|
$ |
23,394 |
|
3.66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Due From
Banks |
|
53,848 |
|
|
|
|
|
|
|
52,344 |
|
|
|
|
|
|
|
49,493 |
|
|
|
|
|
|
|
50,364 |
|
|
|
|
|
|
|
52,711 |
|
|
|
|
|
|
Allowance for Loan
Losses |
|
(14,347 |
) |
|
|
|
|
|
|
(14,642 |
) |
|
|
|
|
|
|
(14,146 |
) |
|
|
|
|
|
|
(13,521 |
) |
|
|
|
|
|
|
(13,651 |
) |
|
|
|
|
|
Other
Assets |
|
252,208 |
|
|
|
|
|
|
|
257,061 |
|
|
|
|
|
|
|
256,285 |
|
|
|
|
|
|
|
258,255 |
|
|
|
|
|
|
|
260,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets |
$ |
2,996,511 |
|
|
|
|
|
|
$ |
2,849,245 |
|
|
|
|
|
|
$ |
2,826,924 |
|
|
|
|
|
|
$ |
2,861,104 |
|
|
|
|
|
|
$ |
2,892,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW Accounts |
$ |
884,277 |
|
$ |
1,755 |
|
0.80 |
% |
$ |
739,225 |
|
$ |
995 |
|
0.53 |
% |
$ |
733,255 |
|
$ |
773 |
|
0.42 |
% |
$ |
790,335 |
|
$ |
725 |
|
0.37 |
% |
$ |
863,175 |
|
$ |
659 |
|
0.31 |
% |
Money Market
Accounts |
|
239,516 |
|
|
247 |
|
0.42 |
|
|
248,486 |
|
|
216 |
|
0.34 |
|
|
254,440 |
|
|
190 |
|
0.30 |
|
|
255,143 |
|
|
166 |
|
0.26 |
|
|
246,576 |
|
|
103 |
|
0.17 |
|
Savings Accounts |
|
364,783 |
|
|
44 |
|
0.05 |
|
|
356,723 |
|
|
44 |
|
0.05 |
|
|
352,833 |
|
|
43 |
|
0.05 |
|
|
351,664 |
|
|
43 |
|
0.05 |
|
|
343,987 |
|
|
42 |
|
0.05 |
|
Time
Deposits |
|
118,839 |
|
|
53 |
|
0.18 |
|
|
123,193 |
|
|
57 |
|
0.18 |
|
|
129,927 |
|
|
62 |
|
0.19 |
|
|
134,171 |
|
|
61 |
|
0.18 |
|
|
140,359 |
|
|
64 |
|
0.18 |
|
Total Interest Bearing
Deposits |
|
1,607,415 |
|
|
2,099 |
|
0.53 |
% |
|
1,467,627 |
|
|
1,312 |
|
0.37 |
% |
|
1,470,455 |
|
|
1,068 |
|
0.30 |
% |
|
1,531,313 |
|
|
995 |
|
0.27 |
% |
|
1,594,097 |
|
|
868 |
|
0.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Borrowings |
|
11,378 |
|
|
35 |
|
1.26 |
% |
|
15,424 |
|
|
53 |
|
1.36 |
% |
|
12,949 |
|
|
41 |
|
1.24 |
% |
|
6,633 |
|
|
8 |
|
0.49 |
% |
|
8,869 |
|
|
8 |
|
0.37 |
% |
Subordinated Notes
Payable |
|
52,887 |
|
|
608 |
|
4.60 |
|
|
52,887 |
|
|
572 |
|
4.23 |
|
|
52,887 |
|
|
568 |
|
4.20 |
|
|
52,887 |
|
|
552 |
|
4.13 |
|
|
52,887 |
|
|
475 |
|
3.60 |
|
Other
Long-Term Borrowings |
|
8,199 |
|
|
72 |
|
3.55 |
|
|
9,918 |
|
|
85 |
|
3.40 |
|
|
12,729 |
|
|
92 |
|
2.87 |
|
|
13,151 |
|
|
94 |
|
2.88 |
|
|
13,787 |
|
|
100 |
|
2.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Bearing
Liabilities |
|
1,679,879 |
|
$ |
2,814 |
|
0.68 |
% |
|
1,545,856 |
|
$ |
2,022 |
|
0.54 |
% |
|
1,549,020 |
|
$ |
1,769 |
|
0.47 |
% |
|
1,603,984 |
|
$ |
1,649 |
|
0.43 |
% |
|
1,669,640 |
|
$ |
1,451 |
|
0.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing
Deposits |
|
957,300 |
|
|
|
|
|
|
|
944,748 |
|
|
|
|
|
|
|
921,817 |
|
|
|
|
|
|
|
900,643 |
|
|
|
|
|
|
|
862,009 |
|
|
|
|
|
|
Other
Liabilities |
|
52,070 |
|
|
|
|
|
|
|
56,445 |
|
|
|
|
|
|
|
58,330 |
|
|
|
|
|
|
|
64,671 |
|
|
|
|
|
|
|
72,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
2,689,249 |
|
|
|
|
|
|
|
2,547,049 |
|
|
|
|
|
|
|
2,529,167 |
|
|
|
|
|
|
|
2,569,298 |
|
|
|
|
|
|
|
2,604,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREOWNERS' EQUITY: |
|
307,262 |
|
|
|
|
|
|
|
302,196 |
|
|
|
|
|
|
|
297,757 |
|
|
|
|
|
|
|
291,806 |
|
|
|
|
|
|
|
287,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities and Shareowners' Equity |
$ |
2,996,511 |
|
|
|
|
|
|
$ |
2,849,245 |
|
|
|
|
|
|
$ |
2,826,924 |
|
|
|
|
|
|
$ |
2,861,104 |
|
|
|
|
|
|
$ |
2,892,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate Spread |
|
|
$ |
25,042 |
|
3.49 |
% |
|
|
$ |
24,513 |
|
3.58 |
% |
|
|
$ |
23,785 |
|
3.53 |
% |
|
|
$ |
22,917 |
|
3.41 |
% |
|
|
$ |
21,943 |
|
3.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income and
Rate Earned(1) |
|
|
|
27,856 |
|
4.17 |
|
|
|
|
26,535 |
|
4.12 |
|
|
|
|
25,554 |
|
4.00 |
|
|
|
|
24,566 |
|
3.84 |
|
|
|
|
23,394 |
|
3.66 |
|
Interest
Expense and Rate Paid(2) |
|
|
|
2,814 |
|
0.42 |
|
|
|
|
2,022 |
|
0.31 |
|
|
|
|
1,769 |
|
0.28 |
|
|
|
|
1,649 |
|
0.26 |
|
|
|
|
1,451 |
|
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Margin |
|
|
$ |
25,042 |
|
3.75 |
% |
|
|
$ |
24,513 |
|
3.81 |
% |
|
|
$ |
23,785 |
|
3.72 |
% |
|
|
$ |
22,917 |
|
3.58 |
% |
|
|
$ |
21,943 |
|
3.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Interest and average rates are calculated on a tax-equivalent basis
using a 25% Federal tax rate. |
(2)
Rate calculated based on average earning assets. |
For Information Contact:J. Kimbrough DavisExecutive
Vice President and Chief Financial Officer850.402.7820
Capital City Bank (NASDAQ:CCBG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Capital City Bank (NASDAQ:CCBG)
Historical Stock Chart
From Apr 2023 to Apr 2024