FALSE 0000726601 0000726601 2025-01-28 2025-01-28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
 
DC 20549
 
 
FORM
8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
 
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):
January 28, 2025
 
 
CAPITAL CITY BANK GROUP, INC.
(Exact name of registrant as specified in its charter)
 
Florida
 
0-13358
 
59-2273542
(State of Incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)
217 North Monroe Street,
Tallahassee
,
Florida
 
32301
(Address of principal executive offices
 
(Zip Code)
 
Registrant's telephone number, including
 
area code: (
850
)
402-7821
 
 
(Former Name or Former Address, if Changed Since Last Report)
 
 
 
Check the appropriate box below if the Form 8-K filing is intended
 
to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction
 
A.2. below):
 
☐
 
Written communications pursuant to Rule
 
425 under the Securities Act (17 CFR 230.425)
 
☐
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a
 
-12)
 
☐
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
 
Act (17 CFR 240.14d-2(b))
 
☐
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the
 
Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, Par value $0.01
CCBG
Nasdaq Stock Market
, LLC
Indicate by check mark whether the registrant is an emerging
 
growth company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act
 
of 1934 (§240.12b-2 of this chapter).
 
 
Emerging growth company
☐
If an emerging growth company,
 
indicate by check mark if the registrant has elected not to use the extended transition
 
period for
complying with any new or revised financial accounting standards pursuant
 
to Section 13(a) of The Exchange Act.
 
☐
 
 
 
CAPITAL CITY BANK
 
GROUP,
 
INC.
 
FORM 8-
K
CURRENT REPORT
 
Item 2.02.
 
Results of Operations and Financial Condition.
 
On January 28, 2025, Capital City Bank Group, Inc. (“CCBG”) issued an earnings
 
press release reporting CCBG’s financial
results for the three and 12 month periods ended December 31, 2024.
 
A copy of the press release is attached as Exhibit 99.1 hereto
and incorporated herein by reference.
 
The information furnished under Item 2.02 of this Current Report, including
 
the Exhibits attached hereto, shall not be deemed
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor
 
shall it be deemed incorporated by reference in any
filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference
 
in such filing.
 
Item 9.01.
 
Financial Statements and Exhibits.
 
(d)
 
Exhibits
.
 
Item No.
 
Description of Exhibit
 
99.1
 
Press release, dated January 28, 2025.
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has
 
duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
 
CAPITAL CITY BANK
 
GROUP,
 
INC.
 
Date:
 
January 28, 2025
By:
 
/s/ Jeptha E. Larkin
 
 
 
Jeptha E. Larkin,
 
 
 
Executive Vice President
 
and Chief Financial Officer
 
 
 
EXHIBIT INDEX
 
Exhibit
Number
 
Description
 
99.1
 
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
Capital City Bank Group, Inc.
 
Reports Fourth Quarter 2024 Results
TALLAHASSEE, Fla.
 
(January 28, 2025) – Capital City Bank Group, Inc. (NASDAQ:
 
CCBG) today reported net income
attributable to common shareowners of $13.1 million, or $0.77 per diluted
 
share, for the fourth quarter of 2024 compared to $13.1
million, or $0.77 per diluted share, for the third quarter of 2024, and $11.7
 
million, or $0.70 per diluted share, for the fourth quarter
of 2023.
For the full year of 2024, net income attributable to common shareowners
 
totaled $52.9 million, or $3.12 per diluted share, compared
to net income of $52.3 million, or $3.07 per diluted share, for the same
 
period of 2023.
 
QUARTER HIGHLIGHTS (4
th
 
Quarter 2024
 
versus 3
rd
 
Quarter 2024)
Income Statement
●
Tax-equivalent
 
net interest income totaled $41.2
 
million compared to $40.3 million for the prior quarter
-
Net interest margin increased
 
5 basis points to 4.17% (total deposit costs down 6 basis points partially offset by a
 
1 basis
point decrease in earning asset yield).
 
●
Stable credit quality metrics and credit
 
loss provision – net loan charge
 
-offs were 25 basis points (annualized) of average
 
loans –
allowance coverage ratio was 1.10% at December 31, 2024
●
Noninterest income decreased
 
$0.8 million, or 3.9%, driven by lower mortgage banking revenues
●
Noninterest expense decreased
 
$1.1 million, or 2.7%, primarily due to lower other expense which included
 
a gain from the sale
of a banking office
 
Balance Sheet
●
Loan balances decreased $16.1 million, or
 
0.6% (average), and $31.5 million, or 1.2% (end of period)
●
Deposit balances increased $28.4
 
million, or 0.8% (average), and increased $92.9 million, or
 
2.6% (end of period),
 
reflective of
the seasonal increase in public fund balances
●
Tangible
 
book value per share increased $1.05,
 
or 4.6%, due in part to a favorable year-end re-measurement
 
adjustment for the
pension plan ($0.60 per diluted share)
FULL YEAR 2024
 
HIGHLIGHTS
Income Statement
●
Tax-equivalent
 
net interest income totaled $159.2 million for 202
 
4
 
compared to $159.4 million for 2023
 
driven by higher yields
across our earning assets, partially offset by higher
 
deposit cost which was well controlled at 89 basis points
 
for the year – net
interest margin was 4.08
 
%
 
for 2024
 
compared to 4.05% for 2023
●
Credit quality metrics remained
 
strong throughout
 
the year – allowance coverage ratio remained stable at 1.10%
 
- net loan
charge-offs were 21
 
basis points of average loans for 2024 versus 18 basis points for 2023
●
Noninterest income increased
 
$4.4 million, or 6.1%, driven by higher mortgage banking revenues
 
and wealth management fees
 
●
Noninterest expense increased
 
$8.3 million, or 5.3%, primarily due to higher compensation expense reflective
 
of higher incentive
compensation, merit raises, and higher health insurance costs
 
Balance Sheet
●
Loan balances increased $50.1 million, or
 
1.9% (average), and decreased $82.4 million, or 3.0%
 
(end of period)
●
Deposit balances decreased $72.2
 
million, or 2.0% (average), and decreased $29.8 million,
 
or 0.8% (end of period)
●
Tangible
 
book value per share increased $3.20,
 
or 15.6%, driven by strong earnings and favorable investment
 
security and
pension plan accumulated other comprehensive
 
loss adjustments
“In 2024, we delivered record earnings and advanced our commitment to
 
creating shareholder value, which is demonstrated by a
15.6% increase in tangible book value per share, a 15.8% increase in the dividend,
 
and the repurchase of 83,000 shares,” said
William G. Smith, Jr.,
 
President, Chairman and CEO of Capital City Bank Group. “Our associates also
 
earned us recognition for the
12
th
 
consecutive year as one of the best banks to work for—an achievement that underscores the
 
strength of our organization and the
core values we embrace. We
 
remain focused on soundness, profitability,
 
growth, and making strategic investments that add long-
term value.
 
Our fortress balance sheet, diversified revenues, and growth markets together position
 
us well for 2025 and beyond.”
2
Discussion of Operating Results
Net Interest Income/Net Interest
 
Margin
Tax-equivalent net
 
interest income for the fourth quarter of 2024 totaled $41.2 million, compared
 
to $40.3 million for the third
quarter of 2024, and $39.3 million for the fourth quarter of 2023.
 
For 2024, tax-equivalent net interest income totaled $159.2 million
compared to $159.4 million for 2023.
 
Compared to the third quarter of 2024, the increase reflected higher investment securities
interest due to new investment purchases at higher yields, in addition to
 
lower deposit interest expense,
 
partially offset by lower loan
interest due to lower balances.
 
Compared to 2023, the slight decrease reflected an increase in deposit interest expense
 
and a decrease
in investment securities interest that was offset by increases in loan
 
interest and overnight funds interest.
Our net interest margin for the fourth quarter of 2024 was 4.17%,
 
an increase of five basis points over the third quarter of 2024
 
and
an increase of 10 basis points over the fourth quarter of 2023.
 
For the month of December 2024, our net interest margin was 4.18%.
 
For 2024, our net interest margin was 4.08%, an increase of three basis points
 
over 2023.
 
Compared to the third quarter of 2024, the
increase reflected higher yield in the investment portfolio driven
 
by new purchases during the quarter, in addition
 
to lower deposit
interest expense.
 
The increase over 2023 reflected a combination of earning assets re-pricing at higher
 
interest rates and higher
average loan balances,
 
partially offset by a higher cost of deposits.
 
For the fourth quarter of 2024, our cost of funds was 88 basis
points, a decrease of five basis points from the third quarter of 2024
 
and an increase of 15 basis points over the fourth quarter of
2023.
 
Our total cost of deposits (including noninterest bearing accounts) was
 
86 basis points, 92 basis points, and 66 basis points,
respectively, for the
 
same periods.
 
Provision for Credit Losses
 
We recorded
 
a provision expense for credit losses of $0.7 million for the fourth quarter of 2024
 
compared to $1.2 million for the
third quarter of 2024 and $2.0 million for the fourth quarter of
 
2023.
 
Compared to the third quarter of 2024, the provision expense
reflected a $0.8 million decrease in the provision for loans held for
 
investment (“HFI”) and a $0.3
 
million decrease in the provision
benefit for unfunded loan commitments.
 
The decrease in the provision for loans HFI was primarily due to lower
 
loan balances and
slightly lower loss rates.
 
For 2024, we recorded a provision expense for credit losses of $4.0
 
million compared to $9.7 million for 2023.
 
The decrease
reflected a $4.5 million decrease in the provision for loans HFI and a $1.2 million
 
decrease in the provision for unfunded loan
commitments. The decrease in the provision for loans HFI was primarily due to
 
lower new loan volume and loan balances in 2024
and favorable loan grade migration.
 
The decrease in the provision for unfunded loan commitments reflected a lower
 
level of loan
commitments.
 
We discuss the allowance
 
for credit losses further below.
3
Noninterest Income and Noninterest
 
Expense
Noninterest income for the fourth quarter of 2024 totaled $18.8 million
 
compared to $19.5 million for the third quarter of 2024
 
and
$17.2 million for the fourth quarter of 2023.
 
Compared to the third quarter of 2024, the $0.7 million decrease from the third quarter
of 2024 reflected a $0.8 million decrease in mortgage banking revenues
 
attributable to lower production volume and a $0.3 million
decrease in deposit fees that was partially offset by a $0.4 million increase
 
in wealth management fees, primarily from retail
brokerage.
 
The $1.6 million increase over the fourth quarter of 2023 was driven by higher mortgage
 
banking revenues of $0.8
million driven by a higher gain on sale margin and wealth
 
management fees of $0.9 million, primarily from retail brokerage and
 
to a
lesser extent trust.
For 2024, noninterest income totaled $76.0 million compared to $71.6 million
 
for 2023, primarily attributable to a $3.9
 
million
increase in mortgage banking revenues and a $2.8 million increase in wealth management
 
fees, partially offset by a $2.2 million
decrease in other income.
 
The increase in mortgage banking revenues was due to a higher gain on sale margin.
 
The increase in
wealth management fees was primarily driven by higher retail brokerage
 
fees and to a lesser extent trust fees, primarily attributable
to both new account growth and higher account values driven by higher market
 
returns.
 
The decrease in other income was primarily
attributable to a $1.4 million gain from the sale of mortgage servicing rights
 
in 2023, and to a lesser extent a decrease in vendor
bonus income and miscellaneous income.
 
Noninterest expense for the fourth quarter of 2024 totaled $41.8 million
 
compared to $42.9 million for the third quarter of 2024
 
and
$40.0 million for the fourth quarter of 2023.
 
The $1.1 million decrease from the third quarter of 2024 was primarily attributable
 
to
lower other expense of $1.2 million and occupancy expense of $0.2
 
million that was partially offset by a $0.3 million increase in
compensation expense.
 
The decrease in other expense was primarily attributable to a $1.0 million decrease
 
in other real estate
expense driven by the sale of a banking office and lower miscellaneous
 
expense of $0.5 million which reflected a non-routine VISA
Class B swap payment in the third quarter of 2024.
 
The decrease in occupancy expense reflected lower property tax and software
license expense.
 
The increase in compensation was driven by higher incentive plan compensation.
 
Compared to the fourth quarter
of 2023, the $1.8 million increase was driven by a $2.3
 
million increase in compensation expense that was partially offset by
 
a $0.2
million decrease in occupancy expense and a $0.3 million decrease in other
 
expense.
 
The unfavorable variance in compensation
expense reflected a $1.4 million increase in salary expense and a $0.9 million increase
 
in other benefit expense with the salary
expense driven by higher incentive compensation and merit adjustments and
 
the associate benefit expense reflective of higher health
insurance cost.
 
For 2024, noninterest expense totaled $165.3 million compared to
 
$157.0 million for 2023, primarily attributable to increases in
compensation expense of $6.9 million, occupancy expense of $0.3 million,
 
and other expense of $1.1 million.
 
The increase in
compensation reflected a $5.4 million increase in salary expense and
 
a $1.6 million increase in other associate benefit expense.
 
The
increase in salary expense was primarily due to a lower level of realized loan cost
 
(credit offset to salary expense) of $3.1 million
(lower new loan volume),
 
higher base salary expense of $2.2 million (primarily annual merit raises),
 
and a $1.2 million increase in
cash incentive compensation that was partially offset
 
by lower commission expense of $1.4
 
million (lower residential mortgage
volume).
 
The unfavorable variance in other associate benefit expense was due to a $0.9 million increase
 
in associate insurance cost
and a $0.6 million increase in stock compensation expense.
 
The increase in occupancy expense was attributable to increases in
software license and maintenance agreement expenses.
 
The increase in other expense was driven by a $1.1 million increase in other
real estate expense and a $1.4 million increase in processing expense that was partially
 
offset by a $1.4 million decrease in
miscellaneous expense.
 
The increase in other real estate expense reflected a lower level of gains from the sale of banking offices
 
in
2024.
 
The increase in processing expense reflected both inflationary increases on contract
 
renewals and the outsourcing of our core
processing system.
 
The decrease in miscellaneous expense was attributable to lower pension plan expense
 
for the non-service
related component of the plan.
 
Income Taxes
We realized income
 
tax expense of $4.2 million (effective rate of 24.3%) for the fourth quarter
 
of 2024 compared to $3.0 million
(effective rate of 19.1%) for the third quarter of 2024 and $2.9
 
million (effective rate of 20.3%) for the fourth quarter of
2023.
 
Compared to the third quarter of 2024, the increase in our effective
 
tax rate was attributable to a lower than projected level of
pre-tax income from Capital City Home Loans (“CCHL”) in relation to
 
our consolidated income as the non-controlling interest
adjustment for CCHL is accounted for as a permanent tax adjustment.
 
Further, we realized a higher than projected Internal
 
Revenue
Code (“IRC”) Section 162(m) limitation related to current and future
 
compensation.
 
For 2024, we realized income tax expense of
$13.9 million (effective rate of 21.2%) compared to $13.0 million
 
(effective rate of 20.4%) for 2023 with the increase in the
effective tax rate primarily attributable to a higher
 
IRC Section 162(m) limitation and lower tax-exempt interest income.
 
Absent
discrete items or new tax credit investments, we expect our annual effective
 
tax rate to approximate 24% for 2025.
4
Discussion of Financial Condition
Earning Assets
Average earning
 
assets totaled $3.922 billion for the fourth quarter of 2024, an increase of $38.5 million, or
 
1.0 %, over the third
quarter of 2024, and an increase of $97.9 million, or 2.6%, over the
 
fourth quarter of 2023.
 
The increase over both prior periods
was primarily driven by higher deposit balances (see below –
Deposits
).
 
Compared to the third quarter of 2024, the change in
earning asset mix was primarily attributable to a $41.4 million increase
 
in short term investments (overnight funds sold), a $6.7
million increase in investment securities, and $6.5 million increase in loans
 
held for sale, partially offset by a $16.1 million decrease
in loans HFI.
 
Compared to the fourth quarter of 2023, the change in earning asset mix reflected a $198.
 
4
 
million increase in short
term investments (overnight funds sold) that was partially offset
 
by a $48.0 million decrease in investment securities, a $33.8
million decrease in loans HFI, and a $18.7 million decrease in loans
 
held for sale.
Average loans
 
HFI for the fourth quarter of 2024 decreased $16.1 million, or 0.6%, from the third quarter
 
of 2024
 
and decreased
$33.8
 
million, or 1.3%, from the fourth quarter of 2023.
 
Compared to the third quarter of 2024,
 
the decline was primarily
attributable to decreases in consumer loans (primarily indirect auto) of $18.3
 
million and commercial mortgage real estate loans of
$24.1 million, partially offset by increases in construction
 
real estate loans of $13.1 million, and residential real estate loans of $11.6
million.
 
Compared to the fourth quarter of 2023, the decrease was driven by decreases
 
in consumer loans (primarily indirect auto)
of $72.8 million, commercial loans of $30.2 million, and commercial mortgage
 
real estate loans of $25.3 million, partially offset by
increases in residential real estate loans of $70.8 million, construction real
 
estate loans of $16.6 million, and home equity loans of
$10.2 million.
Loans HFI at December 31, 2024 decreased $31.5 million, or 1.2%, from
 
September 30, 2024 and decreased $82.4 million, or 3.0%,
from December 31, 2023.
 
Compared to September 30, 2024, the decrease was driven by decreases
 
in commercial mortgage real
estate loans of $40.9 million, consumer loans (primarily indirect auto)
 
of $13.8 million, and commercial loans of $5.4 million,
partially offset by increases in home equity loans of $9.1 million,
 
other loans of $13.5 million, and residential real estate loans of
$5.0 million.
 
Compared to December 31, 2023, the decrease was primarily attributable
 
to decreases in consumer loans (primarily
indirect auto) of $71.5 million, commercial mortgage real estate loans
 
of $46.4 million, and commercial loans of $36.0 million,
partially offset by increases in residential real estate loans of $27.2
 
million, construction real estate loans of $23.9 million, and home
equity loans of $9.1 million.
Allowance for Credit Losses
At December 31, 2024, the allowance for credit losses for loans HFI totaled
 
$29.3 million compared to $29.8 million at September
30, 2024 and $29.9 million at December 31, 2023.
 
Activity within the allowance is provided on Page 9.
 
The decreases in the
allowance from September 30, 2024 and December 31, 2023 were
 
primarily attributable to lower loan balances and favorable loan
migration.
 
Net loan charge-offs were 25 basis points of average loans for
 
the fourth quarter of 2024 versus 19 basis points for the
third quarter of 2024.
 
For 2024, net loan charge-offs were 21 basis points of average
 
loans compared to 18 basis points in 2023.
 
At
December 31, 2024, the allowance represented 1.10% of loans HFI compared
 
to 1.11% at September 30, 2024, and 1.10% at
December 31, 2023.
 
Credit Quality
Nonperforming assets (nonaccrual loans and other real estate) totaled
 
$6.7 million at December 31, 2024 compared to $7.2 million
at September 30, 2024 and $6.2 million at December 31, 2023.
 
At December 31, 2024, nonperforming assets as a percent of total
assets equaled 0.15%, compared to 0.17% at September 30, 2024
 
and 0.15% at December 31, 2023.
 
Nonaccrual loans totaled $6.3
million at December 31, 2024, a $0.3 million decrease from September 30,
 
2024 and a $0.1 million increase over December 31,
2023.
 
Further, classified loans totaled $19.9 million
 
at December 31, 2024, a $5.6 million decrease from September 30, 202
 
4
 
and a
$2.3 million decrease from December 31, 2023.
Deposits
Average total
 
deposits were $3.600 billion for the fourth quarter of 2024, an increase of $28.4 million, or 0.8%,
 
over the third
quarter of 2024 and an increase of $51.9 million, or 1.5%, over the fourth quarter
 
of 2023.
 
Compared to the third quarter of 2024,
the increase was primarily attributable to higher NOW account balances which
 
reflected the seasonal inflow of public funds from
municipal clients as they receive their tax receipts beginning in late November
 
.
 
The increase over the fourth quarter of 2023
reflected higher NOW,
 
MMA, and certificates of deposit (“CD”) balances that were
 
partially offset by decreases in noninterest
bearing and savings balances.
 
During 2024, we realized a re-mix in deposits as rate sensitive clients sought
 
higher yield deposit
products.
 
Average core deposit balances
 
(total deposits less public funds) increased $20.3 million over the third quarter of
 
2024 and
$28.4 million over the fourth quarter of 2023.
 
5
At December 31, 2024, total deposits were $3.672 billion, an increase of $92.9
 
million, or 2.6%, over September 30, 2024 and a
decrease of $29.8 million, or 0.8%, from December 31, 202
 
3.
 
Compared to the third quarter of 2024, the increase was primarily
due to a $110.7 million increase in NOW account
 
balances which reflected the aforementioned seasonal inflow of public funds
balances.
 
The decrease from the fourth quarter of 2023 was driven by lower noninterest
 
bearing, NOW,
 
and savings account
balances that were partially offset by higher MMA and CD balances
 
which reflected the aforementioned re-mix in balances during
2024.
 
Core deposit balances (total deposits less public funds) decreased $50.3 million
 
from the third quarter of 2024 and increased
$21.9 million over the fourth quarter of 2023.
 
Liquidity
The Bank maintained an average net overnight funds (deposits with banks plus
 
FED funds sold less FED funds purchased) sold
position of $298.3 million in the fourth quarter of 2024 compared to $256.9
 
million in the third quarter of 2024 and $99.8 million in
the fourth quarter of 2023.
 
Compared to both prior periods, the increases reflected growth in average
 
core and public fund deposit
balances.
 
 
At December 31, 2024, we had the ability to generate approximately $1.535 billion
 
(excludes overnight funds position of $321
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 and have the option to pledge securities in our
 
portfolio as collateral for
borrowings or deposits, and/or to sell selected securities.
 
Our portfolio consists of debt issued by the U.S. Treasury,
 
U.S.
governmental agencies, municipal governments, and corporate entities.
 
At December 31, 2024, the weighted-average maturity and
duration of our portfolio were 2.54 years and 2.19 years
 
,
 
respectively, and the
 
available-for-sale portfolio had a net unrealized after-
tax loss of $19.2 million.
 
Capital
Shareowners’ equity was $495.3 million at December 31, 2024
 
compared to $476.5 million at September 30, 2024 and $440.6
million at December 31, 2023.
 
For the fourth quarter of 2024, shareowners’ equity was positively impacted
 
by net income
attributable to common shareowners of $13.1 million, a net $7.6 million
 
decrease in the accumulated other comprehensive loss, the
issuance of stock of $0.9
 
million, stock compensation accretion of $0.7 million, and a $0.4 million
 
reclassification from temporary
equity (concurrent with the agreement to assign the minority membership
 
interest (49%) in Capital City Home Loans, LLC,
temporary equity was reclassified to other liabilities and included
 
a $0.4 million net credit to retained earnings to account for the
difference between the fair value and the book value of the minority
 
interest).
 
The net favorable change in accumulated other
comprehensive loss reflected a $10.1 million decrease in the pension
 
plan loss from the year-end re-measurement of the plan and a
$0.7 million increase in the fair value of the interest rate swap related to subordinated
 
debt, that was partially offset by a $3.2
million increase in the investment securities loss.
 
Shareowners’ equity was reduced by common stock dividends of $3.9
 
million
($0.23 per share).
For the full year 2024, shareowners’ equity was positively impacted
 
by net income attributable to common shareowners of $52.9
million, a net $15.7 million decrease in the accumulated other comprehensive
 
loss, the issuance of stock of $3.1 million, and stock
compensation accretion of $1.9 million.
 
The net favorable change in accumulated other comprehensive loss reflected a $10.1
million decrease in the pension plan loss from the year-end
 
re-measurement of the plan and a $5.6 million decrease in the
investment securities loss.
 
Shareowners’ equity was reduced by common stock dividends of $14.9
 
million ($0.88 per share), the
repurchase of stock of $2.3 million (82,540 shares), net adjustments totaling
 
$1.4 million related to transactions under our stock
compensation plans,
 
and a $0.3 million reclassification from temporary equity.
At December 31, 2024, our total risk-based capital ratio was 18.77
 
%
 
compared to 17.97% at September 30, 2024 and 16.57% at
December 31, 2023.
 
Our common equity tier 1 capital ratio was 15.64%, 14.88%, and 13.52%, respectively,
 
on these dates.
 
Our
leverage ratio was 11.05%, 10.89%, and 10.30%,
 
respectively, on these dates.
 
At December 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 was 9.55% at December 31, 2024 compared to 9.28% and
 
8.26% at September 30, 2024 and December 31,
2023, respectively.
 
If our unrealized held-to-maturity securities losses of $16.0 million (after-tax)
 
were recognized in accumulated
other comprehensive loss, our adjusted tangible capital ratio would
 
be 9.17%.
6
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; 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; legislative or regulatory changes; adverse
 
developments in the financial services industry generally;
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; interest rate
 
risk and price risk resulting from retaining
mortgage servicing rights and the effects of higher
 
interest rates on our loan origination volumes; changes in monetary and fiscal
policies of the U.S. Government; 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 effects
 
of fraud related to debit card products; the accuracy of
our financial statement estimates and assumptions; 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; the strength of the local economies
in which we operate; our ability to declare and pay dividends; structural changes
 
in the markets for origination, sale and servicing of
residential mortgages; our ability to retain key personnel; the effects
 
of natural disasters (including hurricanes), widespread health
emergencies (including pandemics), military conflict,
 
terrorism, civil unrest or other geopolitical events; our ability to comply with
the extensive laws and regulations to which we are subject; the impact of the restatement
 
of our previously issued consolidated
statements of cash flows and any deficiencies in the processes undertaken to
 
effect such restatements; 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; technological changes; 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, as amended, 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
USE OF NON-GAAP FINANCIAL MEASURES
Unaudited
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)
Dec 31, 2024
Sep 30, 2024
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Shareowners' Equity (GAAP)
$
495,317
$
476,499
$
460,999
$
448,314
$
440,625
Less: Goodwill and Other Intangibles (GAAP)
92,773
92,813
92,853
92,893
92,933
Tangible Shareowners' Equity (non-GAAP)
A
402,544
383,686
368,146
355,421
347,692
Total Assets (GAAP)
4,307,142
4,225,316
4,225,695
4,259,922
4,304,477
Less: Goodwill and Other Intangibles (GAAP)
92,773
92,813
92,853
92,893
92,933
Tangible Assets (non-GAAP)
B
$
4,214,369
$
4,132,503
$
4,132,842
$
4,167,029
$
4,211,544
Tangible Common Equity Ratio (non-GAAP)
A/B
9.55%
9.28%
8.91%
8.53%
8.26%
Actual Diluted Shares Outstanding (GAAP)
C
17,018,122
16,980,686
16,970,228
16,947,204
17,000,758
Tangible Book Value
 
per Diluted Share (non-GAAP)
A/C
$
23.65
$
22.60
$
21.69
$
20.97
$
20.45
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
CAPITAL CITY BANK
 
GROUP,
 
INC.
EARNINGS HIGHLIGHTS
Unaudited
Three Months Ended
Twelve Months Ended
(Dollars in thousands, except per share data)
Dec 31, 2024
Sep 30, 2024
Dec 31, 2023
Dec 31, 2024
Dec 31, 2023
EARNINGS
Net Income Attributable to Common Shareowners
$
13,090
$
13,118
$
11,720
52,915
$
52,258
Diluted Net Income Per Share
$
0.77
$
0.77
$
0.70
3.12
$
3.07
PERFORMANCE
Return on Average Assets (annualized)
1.22
%
1.24
%
1.12
%
1.25
%
1.22
%
Return on Average Equity (annualized)
10.60
10.87
10.69
11.18
12.40
Net Interest Margin
4.17
4.12
4.07
4.08
4.05
Noninterest Income as % of Operating Revenue
31.34
32.67
30.46
32.34
31.05
Efficiency Ratio
69.74
%
71.81
%
70.82
%
70.30
%
67.99
%
CAPITAL ADEQUACY
Tier 1 Capital
 
17.58
%
16.77
%
15.37
%
17.58
%
15.37
%
Total Capital
 
18.77
17.97
16.57
18.77
16.57
Leverage
 
11.05
10.89
10.30
11.05
10.30
Common Equity Tier 1
15.64
14.88
13.52
15.64
13.52
Tangible Common Equity
(1)
9.55
9.28
8.26
9.55
8.26
Equity to Assets
11.50
%
11.28
%
10.24
%
11.50
%
10.24
%
ASSET QUALITY
Allowance as % of Non-Performing Loans
464.14
%
452.64
%
479.70
%
464.14
%
479.70
%
Allowance as a % of Loans HFI
1.10
1.11
1.10
1.10
1.10
Net Charge-Offs as % of Average Loans HFI
0.25
0.19
0.23
0.21
0.18
Nonperforming Assets as % of Loans HFI and OREO
0.25
0.27
0.23
0.25
0.23
Nonperforming Assets as % of Total Assets
0.15
%
0.17
%
0.15
%
0.15
%
0.15
%
STOCK PERFORMANCE
High
 
$
40.86
$
36.67
$
32.56
40.86
$
36.86
Low
33.00
26.72
26.12
25.45
26.12
Close
$
36.65
$
35.29
$
29.43
36.65
$
29.43
Average Daily Trading Volume
27,484
37,151
33,297
31,390
33,775
(1)
 
Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a
reconciliation to GAAP, refer to Page 7.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9
CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT
 
OF FINANCIAL CONDITION
Unaudited
2024
2023
(Dollars in thousands)
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
ASSETS
Cash and Due From Banks
$
70,543
$
83,431
$
75,304
$
73,642
$
83,118
Funds Sold and Interest Bearing Deposits
321,311
261,779
272,675
231,047
228,949
Total Cash and Cash Equivalents
391,854
345,210
347,979
304,689
312,067
Investment Securities Available for Sale
403,345
336,187
310,941
327,338
337,902
Investment Securities Held to Maturity
567,155
561,480
582,984
603,386
625,022
Other Equity Securities
2,399
6,976
2,537
3,445
3,450
 
Total Investment Securities
972,899
904,643
896,462
934,169
966,374
Loans Held for Sale
 
28,672
31,251
24,022
24,705
28,211
Loans Held for Investment ("HFI"):
Commercial, Financial, & Agricultural
189,208
194,625
204,990
218,298
225,190
Real Estate - Construction
219,994
218,899
200,754
202,692
196,091
Real Estate - Commercial
779,095
819,955
823,122
823,690
825,456
Real Estate - Residential
1,028,498
1,023,485
1,012,541
1,012,791
1,001,257
Real Estate - Home Equity
220,064
210,988
211,126
214,617
210,920
Consumer
199,479
213,305
234,212
254,168
270,994
Other Loans
14,006
461
2,286
3,789
2,962
Overdrafts
1,206
1,378
1,192
1,127
1,048
Total Loans Held for Investment
2,651,550
2,683,096
2,690,223
2,731,172
2,733,918
Allowance for Credit Losses
(29,251)
(29,836)
(29,219)
(29,329)
(29,941)
Loans Held for Investment, Net
2,622,299
2,653,260
2,661,004
2,701,843
2,703,977
Premises and Equipment, Net
81,952
81,876
81,414
81,452
81,266
Goodwill and Other Intangibles
92,773
92,813
92,853
92,893
92,933
Other Real Estate Owned
367
650
650
1
1
Other Assets
116,326
115,613
121,311
120,170
119,648
Total Other Assets
291,418
290,952
296,228
294,516
293,848
Total Assets
$
4,307,142
$
4,225,316
$
4,225,695
$
4,259,922
$
4,304,477
LIABILITIES
Deposits:
Noninterest Bearing Deposits
$
1,306,254
$
1,330,715
$
1,343,606
$
1,361,939
$
1,377,934
NOW Accounts
1,285,281
1,174,585
1,177,180
1,212,452
1,327,420
Money Market Accounts
404,396
401,272
413,594
398,308
319,319
Savings Accounts
506,766
507,604
514,560
530,782
547,634
Certificates of Deposit
169,280
164,901
159,624
151,320
129,515
Total Deposits
3,671,977
3,579,077
3,608,564
3,654,801
3,701,822
Repurchase Agreements
26,240
29,339
22,463
23,477
26,957
Other Short-Term Borrowings
2,064
7,929
3,307
8,409
8,384
Subordinated Notes Payable
52,887
52,887
52,887
52,887
52,887
Other Long-Term Borrowings
794
794
1,009
265
315
Other Liabilities
57,863
71,974
69,987
65,181
66,080
Total Liabilities
3,811,825
3,742,000
3,758,217
3,805,020
3,856,445
Temporary Equity
-
6,817
6,479
6,588
7,407
SHAREOWNERS' EQUITY
Common Stock
170
169
169
169
170
Additional Paid-In Capital
37,684
36,070
35,547
34,861
36,326
Retained Earnings
463,949
454,342
445,959
435,364
426,275
Accumulated Other Comprehensive Loss, Net of Tax
(6,486)
(14,082)
(20,676)
(22,080)
(22,146)
Total Shareowners' Equity
495,317
476,499
460,999
448,314
440,625
Total Liabilities, Temporary Equity and Shareowners' Equity
$
4,307,142
$
4,225,316
$
4,225,695
$
4,259,922
$
4,304,477
OTHER BALANCE SHEET DATA
Earning Assets
$
3,974,431
$
3,880,769
$
3,883,382
$
3,921,093
$
3,957,452
Interest Bearing Liabilities
2,447,708
2,339,311
2,344,624
2,377,900
2,412,431
Book Value Per Diluted Share
$
29.11
$
28.06
$
27.17
$
26.45
$
25.92
Tangible Book Value
 
Per Diluted Share
(1)
23.65
22.60
21.69
20.97
20.45
Actual Basic Shares Outstanding
16,975
16,944
16,942
16,929
16,950
Actual Diluted Shares Outstanding
17,018
16,981
16,970
16,947
17,001
(1)
 
Tangible book value per diluted share is a non-GAAP financial measure. For additional
 
information, including a reconciliation to GAAP, refer to Page 7.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
CAPITAL CITY BANK
 
GROUP,
 
INC.
CONSOLIDATED STATEMENT
 
OF OPERATIONS
Unaudited
2024
2023
Twelve Months
Ended December 31,
(Dollars in thousands, except per share data)
Fourth
Quarter
Third
Quarter
Second
Quarter
First
Quarter
Fourth
Quarter
2024
2023
INTEREST INCOME
Loans, including Fees
$
41,453
$
41,659
$
41,138
$
40,683
$
40,407
$
164,933
$
152,250
Investment Securities
4,694
4,155
4,004
4,244
4,392
17,097
18,692
Federal Funds Sold and Interest Bearing Deposits
3,596
3,514
3,624
1,893
1,385
12,627
10,126
Total Interest Income
49,743
49,328
48,766
46,820
46,184
194,657
181,068
INTEREST EXPENSE
Deposits
7,766
8,223
8,579
7,594
5,872
32,162
17,582
Repurchase Agreements
199
221
217
201
199
838
513
Other Short-Term Borrowings
83
52
68
39
310
242
1,538
Subordinated Notes Payable
581
610
630
628
627
2,449
2,427
Other Long-Term Borrowings
11
11
3
3
5
28
20
Total Interest Expense
8,640
9,117
9,497
8,465
7,013
35,719
22,080
Net Interest Income
41,103
40,211
39,269
38,355
39,171
158,938
158,988
Provision for Credit Losses
701
1,206
1,204
920
2,025
4,031
9,714
Net Interest Income after Provision for Credit Losses
40,402
39,005
38,065
37,435
37,146
154,907
149,274
NONINTEREST INCOME
Deposit Fees
5,207
5,512
5,377
5,250
5,304
21,346
21,325
Bank Card Fees
3,697
3,624
3,766
3,620
3,713
14,707
14,918
Wealth Management Fees
5,222
4,770
4,439
4,682
4,276
19,113
16,337
Mortgage Banking Revenues
3,118
3,966
4,381
2,878
2,327
14,343
10,400
Other
 
1,516
1,641
1,643
1,667
1,537
6,467
8,630
Total Noninterest Income
18,760
19,513
19,606
18,097
17,157
75,976
71,610
NONINTEREST EXPENSE
Compensation
26,108
25,800
24,406
24,407
23,822
100,721
93,787
Occupancy, Net
6,893
7,098
6,997
6,994
7,098
27,982
27,660
Other
 
8,781
10,023
9,038
8,770
9,038
36,612
35,576
Total Noninterest Expense
41,782
42,921
40,441
40,171
39,958
165,315
157,023
OPERATING PROFIT
17,380
15,597
17,230
15,361
14,345
65,568
63,861
Income Tax Expense
4,219
2,980
3,189
3,536
2,909
13,924
13,040
Net Income
13,161
12,617
14,041
11,825
11,436
51,644
50,821
Pre-Tax Loss (Income) Attributable to Noncontrolling Interest
(71)
501
109
732
284
1,271
1,437
NET INCOME ATTRIBUTABLE
 
TO
 
COMMON SHAREOWNERS
$
13,090
$
13,118
$
14,150
$
12,557
$
11,720
$
52,915
$
52,258
PER COMMON SHARE
Basic Net Income
$
0.77
$
0.77
$
0.84
$
0.74
$
0.69
$
3.12
$
3.08
Diluted Net Income
0.77
0.77
0.83
0.74
0.70
3.12
3.07
Cash Dividend
 
$
0.23
$
0.23
$
0.21
$
0.21
$
0.20
$
0.88
$
0.76
AVERAGE
 
SHARES
Basic
 
16,946
16,943
16,931
16,951
16,947
16,943
16,987
Diluted
 
16,990
16,979
16,960
16,969
16,997
16,969
17,023
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
CAPITAL CITY BANK GROUP,
 
INC.
ALLOWANCE FOR CREDIT LOSSES ("ACL")
AND CREDIT QUALITY
Unaudited
2024
2023
Twelve Months Ended
December 31,
(Dollars in thousands, except per share data)
Fourth
Quarter
Third
Quarter
Second
Quarter
First
Quarter
Fourth
Quarter
2024
2023
ACL - HELD FOR INVESTMENT LOANS
Balance at Beginning of Period
$
29,836
$
29,219
$
29,329
$
29,941
$
29,083
$
29,941
$
25,068
Transfer from Other Liabilities
-
-
-
(50)
66
(50)
66
Provision for Credit Losses
1,085
1,879
1,129
932
2,354
5,025
9,529
Net Charge-Offs (Recoveries)
1,670
1,262
1,239
1,494
1,562
5,665
4,722
Balance at End of Period
$
29,251
$
29,836
$
29,219
$
29,329
$
29,941
$
29,251
$
29,941
As a % of Loans HFI
1.10%
1.11%
1.09%
1.07%
1.10%
1.10%
1.10%
As a % of Nonperforming Loans
464.14%
452.64%
529.79%
431.46%
479.70%
464.14%
479.70%
ACL - UNFUNDED COMMITMENTS
Balance at Beginning of Period
2,522
$
3,139
$
3,121
$
3,191
$
3,502
$
3,191
$
2,989
Provision for Credit Losses
 
(367)
(617)
18
(70)
(311)
(1,036)
202
Balance at End of Period
(1)
2,155
2,522
3,139
3,121
3,191
2,155
3,191
ACL - DEBT SECURITIES
Provision for Credit Losses
 
$
(17)
$
(56)
$
57
$
58
$
(18)
$
42
$
(17)
CHARGE-OFFS
Commercial, Financial and Agricultural
$
499
$
331
$
400
$
282
$
217
$
1,512
$
511
Real Estate - Construction
47
-
-
-
-
47
-
Real Estate - Commercial
-
3
-
-
-
3
120
Real Estate - Residential
44
-
-
17
79
61
79
Real Estate - Home Equity
33
23
-
76
-
132
39
Consumer
1,307
1,315
1,061
1,550
1,689
5,233
5,754
Overdrafts
574
611
571
638
602
2,394
2,789
Total Charge-Offs
$
2,504
$
2,283
$
2,032
$
2,563
$
2,587
$
9,382
$
9,292
RECOVERIES
Commercial, Financial and Agricultural
$
103
$
176
$
59
$
41
$
83
$
379
$
277
Real Estate - Construction
3
-
-
-
-
3
2
Real Estate - Commercial
33
5
19
204
16
261
52
Real Estate - Residential
28
88
23
37
34
176
253
Real Estate - Home Equity
17
59
37
24
17
137
226
Consumer
352
405
313
410
433
1,480
1,936
Overdrafts
298
288
342
353
442
1,281
1,824
Total Recoveries
$
834
$
1,021
$
793
$
1,069
$
1,025
$
3,717
$
4,570
NET CHARGE-OFFS (RECOVERIES)
$
1,670
$
1,262
$
1,239
$
1,494
$
1,562
$
5,665
$
4,722
Net Charge-Offs as a % of Average Loans
 
HFI
(2)
0.25%
0.19%
0.18%
0.22%
0.23%
0.21%
0.18%
CREDIT QUALITY
Nonaccruing Loans
$
6,302
$
6,592
$
5,515
$
6,798
$
6,242
Other Real Estate Owned
367
650
650
1
1
Total Nonperforming Assets ("NPAs")
$
6,669
$
7,242
$
6,165
$
6,799
$
6,243
Past Due Loans 30-89 Days
 
$
4,311
$
9,388
$
5,672
$
5,392
$
6,855
Classified Loans
19,896
25,501
25,566
22,305
22,203
Nonperforming Loans as a % of Loans HFI
0.24%
0.25%
0.21%
0.25%
0.23%
NPAs as a % of Loans HFI and Other Real Estate
0.25%
0.27%
0.23%
0.25%
0.23%
NPAs as a % of Total
 
Assets
0.15%
0.17%
0.15%
0.16%
0.15%
(1)
 
Recorded in other liabilities
(2)
 
Annualized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12
CAPITAL CITY BANK GROUP,
 
INC.
AVERAGE
 
BALANCE AND INTEREST RATES
Unaudited
Fourth Quarter 2024
Third Quarter 2024
Second Quarter 2024
First Quarter 2024
Fourth Quarter 2023
Full Year 2024
Full Year 2023
(Dollars in thousands)
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
ASSETS:
Loans Held for Sale
$
31,047
$
976
7.89
%
$
24,570
$
720
7.49
%
$
26,281
$
517
5.26
%
$
27,314
563
5.99
%
$
49,790
$
817
6.50
%
$
27,306
$
2,776
6.72
%
$
55,510
$
3,232
5.82
%
Loans Held for Investment
(1)
2,677,396
40,521
6.07
2,693,533
40,985
6.09
2,726,748
40,683
6.03
2,728,629
40,196
5.95
2,711,243
39,679
5.81
2,706,461
162,385
6.03
2,656,394
149,366
5.62
Investment Securities
Taxable Investment Securities
914,353
4,688
2.04
907,610
4,148
1.82
918,989
3,998
1.74
952,328
4,239
1.78
962,322
4,389
1.81
923,253
17,073
1.85
1,016,550
18,652
1.83
Tax-Exempt Investment Securities
(1)
849
9
4.31
846
10
4.33
843
9
4.36
856
9
4.34
862
7
4.32
848
37
4.34
2,199
59
2.68
Total Investment Securities
915,202
4,697
2.04
908,456
4,158
1.82
919,832
4,007
1.74
953,184
4,248
1.78
963,184
4,396
1.82
924,101
17,110
1.85
1,018,749
18,711
1.83
Federal Funds Sold and Interest Bearing
Deposits
298,255
3,596
4.80
256,855
3,514
5.44
262,419
3,624
5.56
140,488
1,893
5.42
99,763
1,385
5.51
239,712
12,627
5.27
203,147
10,126
4.98
Total Earning Assets
3,921,900
$
49,790
5.05
%
3,883,414
$
49,377
5.06
%
3,935,280
$
48,831
4.99
%
3,849,615
$
46,900
4.90
%
3,823,980
$
46,277
4.80
%
3,897,580
$
194,898
5.00
%
3,933,800
$
181,435
4.61
%
Cash and Due From Banks
73,992
70,994
74,803
75,763
76,681
73,881
75,786
Allowance for Credit Losses
(30,107)
(29,905)
(29,564)
(30,030)
(29,998)
(29,902)
(28,190)
Other Assets
293,884
291,359
291,669
295,275
296,114
293,044
297,290
Total Assets
$
4,259,669
$
4,215,862
$
4,272,188
$
4,190,623
$
4,166,777
$
4,234,603
$
4,278,686
LIABILITIES:
Noninterest Bearing Deposits
$
1,323,556
$
1,332,305
$
1,346,546
$
1,344,188
$
1,416,825
$
1,336,601
$
1,507,657
NOW Accounts
1,182,073
$
3,826
1.29
%
1,145,544
$
4,087
1.42
%
1,207,643
$
4,425
1.47
%
1,201,032
$
4,497
1.51
%
1,138,461
$
3,696
1.29
%
1,183,962
$
16,835
1.42
%
1,172,861
$
12,375
1.06
%
Money Market Accounts
422,615
2,526
2.38
418,625
2,694
2.56
407,387
2,752
2.72
353,591
1,985
2.26
318,844
1,421
1.77
400,664
9,957
2.49
299,581
3,670
1.22
Savings Accounts
504,859
179
0.14
512,098
180
0.14
519,374
176
0.14
539,374
188
0.14
557,579
202
0.14
518,869
723
0.14
592,033
598
0.10
Time Deposits
167,321
1,235
2.94
163,462
1,262
3.07
160,078
1,226
3.08
138,328
924
2.69
116,797
553
1.88
157,342
4,647
2.95
97,480
939
0.96
Total Interest Bearing Deposits
2,276,868
7,766
1.36
2,239,729
8,223
1.46
2,294,482
8,579
1.50
2,232,325
7,594
1.37
2,131,681
5,872
1.09
2,260,837
32,162
1.42
2,161,955
17,582
0.81
Total Deposits
3,600,424
7,766
0.86
3,572,034
8,223
0.92
3,641,028
8,579
0.95
3,576,513
7,594
0.85
3,548,506
5,872
0.66
3,597,438
32,162
0.89
3,669,612
17,582
0.48
Repurchase Agreements
28,018
199
2.82
27,126
221
3.24
26,999
217
3.24
25,725
201
3.14
26,831
199
2.94
26,970
838
3.11
19,917
513
2.57
Other Short-Term Borrowings
6,510
83
5.06
2,673
52
7.63
6,592
68
4.16
3,758
39
4.16
16,906
310
7.29
4,882
242
4.94
24,146
1,538
6.37
Subordinated Notes Payable
52,887
581
4.30
52,887
610
4.52
52,887
630
4.71
52,887
628
4.70
52,887
627
4.64
52,887
2,449
4.56
52,887
2,427
4.53
Other Long-Term Borrowings
794
11
5.57
795
11
5.55
258
3
4.31
281
3
4.80
336
5
4.72
534
28
5.31
408
20
4.77
Total Interest Bearing Liabilities
2,365,077
$
8,640
1.45
%
2,323,210
$
9,117
1.56
%
2,381,218
$
9,497
1.60
%
2,314,976
$
8,465
1.47
%
2,228,641
$
7,013
1.25
%
2,346,110
$
35,719
1.52
%
2,259,313
$
22,080
0.98
%
Other Liabilities
73,130
73,767
72,634
68,295
78,772
71,964
81,842
Total Liabilities
3,761,763
3,729,282
3,800,398
3,727,459
3,724,238
3,754,675
3,848,812
Temporary Equity
6,763
6,443
6,493
7,150
7,423
6,712
8,392
SHAREOWNERS' EQUITY:
491,143
480,137
465,297
456,014
435,116
473,216
421,482
Total Liabilities, Temporary
 
Equity and
Shareowners' Equity
$
4,259,669
$
4,215,862
$
4,272,188
$
4,190,623
$
4,166,777
$
4,234,603
$
4,278,686
Interest Rate Spread
$
41,150
3.59
%
$
40,260
3.49
%
$
39,334
3.38
%
$
38,435
3.43
%
$
39,264
3.55
%
$
159,179
3.47
%
$
159,355
3.63
%
Interest Income and Rate Earned
(1)
49,790
5.05
49,377
5.06
48,831
4.99
46,900
4.90
46,277
4.80
194,898
5.00
181,435
4.61
Interest Expense and Rate Paid
(2)
8,640
0.88
9,117
0.93
9,497
0.97
8,465
0.88
7,013
0.73
35,719
0.92
22,080
0.56
Net Interest Margin
$
41,150
4.17
%
$
40,260
4.12
%
$
39,334
4.02
%
$
38,435
4.01
%
$
39,264
4.07
%
$
159,179
4.08
%
$
159,355
4.05
%
(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.
v3.24.4
Cover
Jan. 28, 2025
Document And Entity Information [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 28, 2025
Entity File Number 0-13358
Entity Registrant Name CAPITAL CITY BANK GROUP, INC.
Entity Central Index Key 0000726601
Entity Tax Identification Number 59-2273542
Entity Incorporation, State or Country Code FL
Entity Address, Address Line One 217 North Monroe Street,
Entity Address, City or Town Tallahassee
Entity Address, State or Province FL
Entity Address, Postal Zip Code 32301
City Area Code 850
Local Phone Number 402-7821
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, Par value $0.01
Trading Symbol CCBG
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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