Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net
income of $10.4 million, or $0.62 per diluted share for the third
quarter of 2020 compared to net income of $9.1 million, or $0.55
per diluted share for the second quarter of 2020, and $8.5 million,
or $0.50 per diluted share for the third quarter of 2019. For the
first nine months of 2020, net income totaled $23.8 million, or
$1.42 per diluted share, compared to net income of $22.2 million,
or $1.32 per diluted share, for the same period of 2019.
QUARTER
HIGHLIGHTS
- Return on assets improved to 1.17% and
return on equity to 12.16%
- Diversified revenue and strong balance
sheet continue to buffer impact of pandemic and lower interest
rates
- Strong performance by Capital City
Home Loans (“CCHL”) contributed significantly ($0.23 per
share)
- 11% increase in other fee revenues
(deposit, bankcard, and wealth management)
- Credit quality remains strong with no
significant problem loan migration
- 88% of loan balances extended in the
first and second quarter have resumed payments
“Although the environment remains challenging, Capital City
reported a strong third quarter, up 12.7% over the second quarter,”
said William G. Smith, Jr., Chairman, President and CEO. “I am
proud of both our financial performance and how our team has
responded to the COVID-19 pandemic. We continue to put the safety
and well-being of our associates and clients first, as we reach out
to assist our communities through the origination of SBA PPP loans,
grants and volunteer hours, and endeavor to meet the needs of our
clients through both in-person and virtual delivery channels. The
mortgage market has been robust and we have benefitted from our
alliance with CCHL, which contributed $0.23 per share in the third
quarter – up from $0.20 per share in the second quarter. Earnings
from CCHL and SBA PPP loan fees have helped to mitigate the adverse
impacts of a lower interest rate environment and reserve build
attributable to the adoption of CECL and COVID-19. Hopefully, we
will continue to experience economic improvement during the fourth
quarter and into 2021. I am proud of what our team has accomplished
in a very difficult year, and I remain optimistic about the
long-term outlook for Capital City. Thank you for your continued
support.”
COVID-19 Update
- Lobby access remains open for all of our banking offices and
operations are subject to national guidelines and local safety
ordinances to protect both clients and associates – we will
continue to monitor changing conditions with the pandemic and its
impact on client and associate interactions within our banking
offices
- Most operational associates returned to work in early June, but
we have extended some remote work arrangements on a case-by-case
basis
- Enhanced digital access options are available for banking
products and access to sales associates
- We continue to monitor COVID-19 case count trends in our
markets and respond appropriately to help ensure client and
associate safety
- We continue to support clients with the Small Business
Administration Payment Protection Program (“SBA PPP”) by actively
assisting with the forgiveness process
Discussion of Operating Results
Summary Overview
Compared to the second quarter of 2020, the $2.1 million
increase in operating profit was attributable to a $4.7 million
increase in noninterest income and a $0.7 million decrease in the
provision for credit losses, partially offset by higher noninterest
expense of $3.0 million and lower net interest income of $0.3
million.
Compared to the third quarter of 2019, the $7.0 million increase
in operating profit was attributable to a $21.1 million increase in
noninterest income, partially offset by higher noninterest expense
of $12.5 million, a $0.5 million increase in the provision for
credit losses and lower net interest income of $1.1 million.
The $10.4 million increase in operating profit for the first
nine months of 2020 versus the comparable period of 2019 was
attributable to higher noninterest income of $41.4 million,
partially offset by higher noninterest expense of $24.2 million, a
$6.1 million increase in the provision for credit losses and lower
net interest income of $0.7 million.
The aforementioned period over period variances reflect the
acquisition of a 51% membership interest and consolidation of CCHL
late in the first quarter of 2020.
Our return on average assets (“ROA”) was 1.17% and our return on
average equity (“ROE”) was 12.16% for the third quarter of 2020.
These metrics were 1.10% and 11.03% for the second quarter of 2020,
respectively, and 1.14% and 10.51% for the third quarter of 2019,
respectively. For the first nine months of 2020, our ROA was 0.96%
and our ROE was 9.50% compared to 1.00% and 9.48%, respectively,
for the same period of 2019.
Net Interest Income/Net Interest Margin
Tax-equivalent net interest income for the third quarter of 2020
was $25.2 million compared to $25.6 million for the second quarter
of 2020 and $26.3 million for the third quarter of 2019. For the
first nine months of 2020, tax-equivalent net interest income
totaled $76.7 million compared to $77.5 million in 2019. The
decrease compared to all prior periods reflected lower rates earned
on overnight funds, investment securities and variable rate loans,
partially offset by lower cost for deposits.
The federal funds target rate has remained in the range of
0.00%-0.25% since March 2020 when the Fed reduced its overnight
rate by 150 basis points, and as a result we continue to experience
lower repricing of our variable/adjustable rate earning assets and
investment securities. Our overall cost of funds remained low
during the third quarter of 2020 at 0.13% compared to 0.14% for the
second quarter of 2020. Due to highly competitive fixed-rate loan
pricing in our markets, we continue to review our loan pricing and
make adjustments where we believe appropriate and prudent.
Our net interest margin for the third quarter of 2020 was 3.12%,
a decrease of 29 basis points from the second quarter of 2020 and
80 basis points from the third quarter of 2019. For the first nine
months of 2020, the net interest margin decreased 42 basis points
to 3.42%. The decrease compared to all prior periods was primarily
attributable to considerable growth in overnight funds which
reduced our margin. Our net interest margin for the third quarter
of 2020, excluding the impact of SBA PPP loans, was 3.17%. We
discuss the effect of the pandemic related stimulus programs on our
balance sheet in more detail below under Discussion of Financial
Condition.
Provision for Credit Loss
The provision for credit losses for the third
quarter of 2020 was $1.3 million compared to $2.0 million for the
second quarter of 2020 and $0.8 million for the third quarter of
2019. For the first nine months of 2020, the provision was $8.3
million compared to $2.2 million in 2019. The higher provision in
2020 reflected expected losses due to deterioration in economic
conditions related to COVID-19. We discuss the allowance for credit
losses and COVID-19 exposure further below.
Noninterest Income and Noninterest Expense
CCHL’s mortgage banking operations impacted our noninterest
income and noninterest expense for the three and nine month periods
ended September 30, 2020, and thus, the period over period
comparisons reflect the impact of the CCHL consolidation, which
occurred late in the first quarter 2020. The table below provides
an overview of CCHL’s impact on our noninterest income and
noninterest expense for 2020.
Noninterest income for the third quarter of 2020
totaled $35.0 million compared to $30.2 million for the second
quarter of 2020 and $13.9 million for the third quarter of 2019.
For the first nine months of 2020, noninterest income totaled $80.6
million compared to $39.2 million for same period of 2019. The
improvement over all prior periods was primarily attributable to
higher mortgage banking revenues at CCHL. Higher deposit fees, bank
card fees, and wealth management fees contributed to the increase
over the second quarter of 2020. Compared to both prior year
periods, deposit fees declined primarily due to the impact of
government stimulus during the second quarter related to the
COVID-19 pandemic, but were partially offset by higher debit card
activity which drove improvement in bank card fees. The downward
trend in deposit fees we realized in the second quarter of 2020
reversed in the third quarter of 2020 reflecting higher utilization
of our overdraft product.
Noninterest expense for the third quarter of 2020 totaled $40.3
million compared to $37.3 million for the second quarter of 2020
and $27.9 million for the third quarter of 2019. The increase over
the second quarter of 2020 was primarily attributable to higher
compensation expense of $2.5 million and other expense of $0.4
million. The increase in compensation reflected higher commission
expense of $1.6 million related to higher mortgage production
volume at CCHL and lower realized loan cost (credit offset to
salary expense) of $1.0 million related to the high level of SBA
PPP loan originations in the second quarter. Higher amortization
expense for mortgage servicing rights at CCHL and Core CCBG
expenses (debit card losses, activity based costs, and
miscellaneous expenses) drove the increase in other expense.
For the first nine months of 2020, noninterest expense totaled
$108.6 million, an increase of $24.2 million over the same period
of 2019 primarily attributable to the addition of expenses at CCHL,
including compensation expense of $21.8 million, occupancy expense
of $1.8 million, and other expense of $3.0 million. Core CCBG
noninterest expense decreased $2.6 million and reflected lower
compensation expense of $1.2 million, ORE expense of $0.9 million,
and other expense of $1.6 million, partially offset by higher
occupancy expense of $1.1 million. The decrease in compensation
expense was primarily attributable to higher realized loan cost of
$0.6 million related to the aforementioned increase in SBA PPP loan
originations and lower stock compensation expense of $0.5 million.
A $1.0 million gain from the sale of a banking office in the first
quarter of 2020 drove the reduction in ORE expense. The decline in
other expense was primarily attributable to lower service cost
expense for our pension plan. Higher expense for FF&E
depreciation and maintenance agreements (related to technology
investment and upgrades), deferred maintenance for premises, and
pandemic related cleaning/supply costs drove the increase in
occupancy. The same aforementioned factors drove the increase over
the third quarter of 2019.
Overall, CCHL has contributed significantly to the improvement
in our efficiency ratio for 2020.
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Three Months Ended |
|
Nine Months Ended |
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|
Sep 30, 2020 |
|
Jun 30, 2020 |
|
Sep 30, 2019 |
|
Sep 30, 2020 |
|
Sep 30, 2019 |
(Dollars in thousands) |
|
Core CCBG |
|
CCHL |
|
Core CCBG |
|
CCHL |
|
Core CCBG |
|
CCHL |
|
Core CCBG |
|
CCHL |
|
Core CCBG |
|
CCHL |
Deposit Fees |
$ |
4,316 |
|
- |
$ |
3,756 |
$ |
- |
$ |
4,961 |
$ |
- |
$ |
13,087 |
$ |
- |
$ |
14,492 |
$ |
- |
Bank Card Fees |
|
3,389 |
|
- |
|
3,142 |
|
- |
|
2,972 |
|
- |
|
9,582 |
|
- |
|
8,863 |
|
- |
Wealth Management Fees |
|
2,808 |
|
- |
|
2,554 |
|
- |
|
2,992 |
|
- |
|
7,966 |
|
- |
|
7,719 |
|
- |
Mortgage Banking Fees |
|
208 |
|
22,775 |
|
241 |
|
19,156 |
|
1,587 |
|
- |
|
1,587 |
|
44,046 |
|
3,779 |
|
- |
Other |
|
1,182 |
|
287 |
|
1,147 |
|
203 |
|
1,391 |
|
- |
|
3,787 |
|
587 |
|
4,372 |
|
- |
Total Noninterest Income |
$ |
11,903 |
$ |
23,062 |
$ |
10,840 |
$ |
19,359 |
$ |
13,903 |
$ |
- |
$ |
36,009 |
$ |
44,633 |
$ |
39,225 |
$ |
- |
|
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Salaries |
$ |
11,603 |
$ |
10,753 |
$ |
11,596 |
$ |
8,381 |
$ |
12,533 |
$ |
- |
$ |
36,687 |
$ |
21,376 |
$ |
37,314 |
$ |
- |
Other Associate Benefits |
|
3,616 |
|
192 |
|
3,477 |
|
204 |
|
3,670 |
|
- |
|
11,049 |
|
446 |
|
11,675 |
|
- |
Total Compensation |
|
15,219 |
|
10,945 |
|
15,073 |
|
8,585 |
|
16,203 |
|
- |
|
47,736 |
|
21,822 |
|
48,989 |
|
- |
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Occupancy, Net |
|
5,061 |
|
845 |
|
5,030 |
|
768 |
|
4,710 |
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- |
|
14,839 |
|
1,844 |
|
13,756 |
|
- |
Other |
|
6,930 |
|
1,342 |
|
6,599 |
|
1,248 |
|
6,960 |
|
- |
|
19,325 |
|
3,048 |
|
21,722 |
|
- |
Total Noninterest Expense |
$ |
27,210 |
$ |
13,132 |
$ |
26,702 |
$ |
10,601 |
$ |
27,873 |
$ |
- |
$ |
81,900 |
$ |
26,714 |
$ |
84,467 |
$ |
- |
Income Taxes
We realized income tax expense of $3.2 million (effective rate
of 17%) for the third quarter of 2020 compared to $2.9 million
(effective rate of 18%) for the second quarter of 2020 and $3.0
million (effective rate of 26%) for the third quarter of 2019. For
the first nine months of 2020, we realized income tax expense of
$7.4 million (effective rate of 18%) compared to $7.4 million
(effective rate of 25%) for the same period of 2019. The decrease
in our effective tax rate in 2020 reflected the impact of
converting CCHL to a partnership for tax purposes in the second
quarter of 2020. Absent discrete items, we expect our annual
effective tax rate to approximate 18%-19% for the remainder of
2020.
Discussion of Financial Condition
Earning Assets
Average earning assets were $3.224 billion for the third quarter
of 2020, an increase of $207.1 million, or 6.9% over the second
quarter of 2020, and an increase of $529.1 million, or 19.6% over
the fourth quarter of 2019. The increase over both prior periods
was primarily driven by higher deposit balances which funded growth
in the loan portfolio and overnight funds sold. Deposit balances
increased as a result of strong core deposit growth, in addition to
funding retained at the bank from SBA PPP loans, and various other
stimulus programs.
We maintained an average net overnight funds (deposits with
banks plus FED funds sold less FED funds purchased) sold position
of $567.9 million during the third quarter of 2020 compared to an
average net overnight funds sold position of $351.5 million in the
second quarter of 2020 and $228.1 million in the fourth quarter of
2019. The increase compared to both prior periods was driven by
strong core deposit growth, in addition to pandemic related
stimulus programs (see below – Funding).
Average loans held for investment (“HFI”) increased $22.2
million, or 1.1%, over the second quarter of 2020 and $171.1
million, or 9.3%, over the fourth quarter of 2019. We originated
SBA PPP loans totaling $190 million (reflected in the commercial
loan category) which averaged $190 million in the third quarter and
$134 million in the second quarter. Period-end HFI loans decreased
$24.0, or 1.2%, from the second quarter of 2020 and increased
$162.2 million, or 8.8%, over the fourth quarter of 2019. The
decline in the core loan portfolio (ex-SBA PPP loans) has been
driven by residential real estate loan run-off reflective of the
lower rate environment and refinancing activity as well as lower
utilization of commercial lines of credit reflective of the
economic slowdown.
To date, our borrowers have submitted a nominal level of SBA PPP
forgiveness applications, but these applications are expected to
accelerate over the next six months. Amortized SBA PPP loan fees
totaled approximately $0.6 million for the third quarter of 2020
and $0.4 million for the second quarter of 2020. At September 30,
2020, we had approximately $4.0 million (net) in deferred SBA PPP
loan fees.
Allowance for Credit Losses
At September 30, 2020, the allowance for credit losses totaled
$23.1 million compared to $22.5 million at June 30, 2020 and $13.9
million at December 31, 2019. At September 30, 2020, the allowance
represented 1.16% of outstanding loans held for investment (HFI)
and provided coverage of 420% of nonperforming loans compared to
1.11% and 322%, respectively, at June 30, 2020 and 0.75% and 311%,
respectively, at December 31, 2019. At September 30, 2020,
excluding SBA PPP loans (100% government guaranteed), the allowance
represented 1.28% of loans held for investment.
The adoption of ASC 326 (“CECL”) on January 1, 2020 had an
impact of $4.0 million ($3.3 million increase in the allowance for
credit losses and $0.7 million increase in the allowance for
unfunded loan commitments (other liability account)). The $6.4
million build (provision of $8.3 million less net charge-offs of
$1.9 million) in the allowance for credit losses for the first nine
months of 2020 was attributable to deterioration in economic
conditions, primarily a higher rate of unemployment due to the
COVID-19 pandemic and its potential effect on rates of default.
Credit Quality/COVID-19 Exposure
Nonperforming assets (nonaccrual loans and OREO) totaled $6.7
million at September 30, 2020, a $1.3 million decrease from June
30, 2020, and a $1.3 million increase over December 31, 2019.
Nonaccrual loans totaled $5.5 million at September 30, 2020, a $1.5
million decrease from June 30, 2020 and a $1.0 million increase
over December 31, 2019. The balance of OREO totaled $1.2 million at
September 30, 2020, an increase of $0.2 million over June 30, 2020
and a $0.3 million increase over December 31, 2019.
We continue to analyze our loan portfolio for segments that have
been affected by the stressed economic and business conditions
caused by the pandemic. Certain at-risk segments total 8% of our
loan balances at September 30, 2020, including hotel (3%),
restaurant (1%), retail and shopping centers (3%), and other (1%).
The other segment includes churches, non-profits, education, and
recreational. To assist our clients, in mid-March of 2020, we began
allowing short term 60 to 90 day loan extensions for affected
borrowers. A roll-forward of loan extension activity is provided in
the table below. Approximately 83% of the $325 million in loans
extended were for commercial borrowers and 17% for consumer
borrowers. Approximately $285 million, or 88% of the loan balances
associated with these borrowers have resumed making regularly
scheduled payments. Of the $40 million that remains on extension,
approximately $2 million was classified at September 30, 2020 and
$26 million is related to six hotel loans which were not
classified, but continue to be monitored closely.
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% Loans Extended |
At
October 2, 2020 (Dollars in thousands) |
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# Loans |
|
|
Loan Amount |
|
# Loans |
|
$ Loans |
Loans Extended |
|
2,333 |
|
|
$ |
325,014 |
|
|
|
|
|
Loans Resuming Payments |
|
(2,129 |
) |
|
|
(284,548 |
) |
|
91 |
% |
|
88 |
% |
Loans Still on Extension |
|
204 |
|
|
$ |
40,466 |
|
|
9 |
% |
|
12 |
% |
Funding (Deposits/Debt)
Average total deposits were $2.971 billion for the third quarter
of 2020, an increase of $187.8 million, or 6.8% over the second
quarter of 2020, and an increase of $446.3 million, or 17.7% over
the fourth quarter of 2019. Period end deposit balances grew $54.4
million and $364.0 million over the second quarter of 2020 and
fourth quarter of 2019, respectively, indicating strong growth in
core deposit balances. The estimated deposit inflows related to the
two pandemic related stimulus programs that occurred primarily
during the second quarter were $179 million (SBA PPP) and $64
million (Economic Impact Payment stimulus checks). Given these
large increases, the potential exists for our deposit levels to be
volatile over the coming quarters due to the uncertain timing of
the outflows of the stimulus related deposits and the economic
recovery. It is anticipated that current liquidity levels will
remain robust due to our strong overnight funds sold position. 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 increased $0.9 million over the second
quarter of 2020 and $65.8 million over the fourth quarter of 2019
as short-term borrowings (warehouse lines used to support HFS
loans) were added as part of the CCHL integration.
Capital
Shareowners’ equity was $339.4 million at September 30, 2020
compared to $335.1 million at June 30, 2020 and $327.0 million at
December 31, 2019. For the first nine months of 2020, shareowners’
equity was positively impacted by net income of $23.8 million, a
$2.4 million increase in the unrealized gain on investment
securities, net adjustments totaling $0.9 million related to
transactions under our stock compensation plans, and stock
compensation accretion of $0.6 million. Shareowners’ equity was
reduced by common stock dividends of $7.1 million ($0.42 per
share), a $3.1 million (net of tax) adjustment to retained earnings
for the adoption of CECL, reclassification of $3.1 million to
temporary equity to increase the redemption value of the
non-controlling interest in CCHL, and share repurchases of $2.0
million (99,952 shares).
At September 30, 2020, our total risk-based capital ratio was
17.88% compared to 17.60% at June 30, 2020 and 17.90% at December
31, 2019. Our common equity tier 1 capital ratio was 14.20%,
14.01%, and 14.47%, respectively, on these dates. Our leverage
ratio was 9.64%, 10.12%, and 11.25%, respectively, on these dates.
All of our regulatory capital ratios exceeded the threshold to be
designated as “well-capitalized” under the Basel III capital
standards. Further, our tangible common equity ratio was 7.16% at
September 30, 2020 compared to 7.21% and 8.06% at June 30, 2020 and
December 31, 2019, respectively.
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 $3.6 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 57 banking offices and 85 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 following factors, among others, could cause our
actual results to differ: the magnitude and duration of the
COVID-19 pandemic and its impact on the global economy and
financial market conditions and our business, results of operations
and financial condition, including the impact of our participation
in government programs related to COVID-19; the accuracy of the our
financial statement estimates and assumptions; legislative or
regulatory changes; 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; natural disasters,
widespread health emergencies, military conflict, terrorism or
other geopolitical events; 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; 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, 2019, 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) |
Sep 30, 2020 |
Jun 30, 2020 |
Mar 31, 2020 |
Dec 31, 2019 |
Sep 30, 2019 |
Shareowners' Equity (GAAP) |
|
$ |
339,425 |
|
$ |
335,057 |
|
$ |
328,507 |
|
$ |
327,016 |
|
$ |
321,562 |
|
Less:
Goodwill (GAAP) |
|
|
89,095 |
|
|
89,095 |
|
|
89,275 |
|
|
84,811 |
|
|
84,811 |
|
Tangible Shareowners' Equity (non-GAAP) |
A |
|
250,330 |
|
|
245,962 |
|
|
239,232 |
|
|
242,205 |
|
|
236,751 |
|
Total
Assets (GAAP) |
|
|
3,587,041 |
|
|
3,499,524 |
|
|
3,086,523 |
|
|
3,088,953 |
|
|
2,934,513 |
|
Less:
Goodwill (GAAP) |
|
|
89,095 |
|
|
89,095 |
|
|
89,275 |
|
|
84,811 |
|
|
84,811 |
|
Tangible Assets (non-GAAP) |
B |
$ |
3,497,946 |
|
$ |
3,410,429 |
|
$ |
2,997,248 |
|
$ |
3,004,142 |
|
$ |
2,849,702 |
|
Tangible Common Equity Ratio (non-GAAP) |
A/B |
|
7.16 |
% |
|
7.21 |
% |
|
7.98 |
% |
|
8.06 |
% |
|
8.31 |
% |
Actual Diluted Shares Outstanding (GAAP) |
C |
|
16,800,563 |
|
|
16,821,743 |
|
|
16,845,462 |
|
|
16,855,161 |
|
|
16,797,241 |
|
Tangible Book Value per Diluted Share
(non-GAAP) |
A/C |
$ |
14.90 |
|
$ |
14.62 |
|
$ |
14.20 |
|
$ |
14.37 |
|
$ |
14.09 |
|
CAPITAL CITY BANK GROUP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS HIGHLIGHTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
(Dollars in thousands, except per share data) |
|
Sep 30, 2020 |
|
|
Jun 30, 2020 |
|
|
Sep 30, 2019 |
|
|
Sep 30, 2020 |
|
|
Sep 30, 2019 |
|
EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income Attributable to Common Shareowners |
$ |
10,397 |
|
$ |
9,146 |
|
$ |
8,481 |
|
$ |
23,830 |
|
$ |
22,242 |
|
Diluted Net Income Per Share |
$ |
0.62 |
|
$ |
0.55 |
|
$ |
0.50 |
|
$ |
1.42 |
|
$ |
1.32 |
|
PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets |
|
1.17 |
% |
|
1.10 |
% |
|
1.14 |
% |
|
0.96 |
% |
|
1.00 |
% |
Return on Average Equity |
|
12.16 |
|
|
11.03 |
|
|
10.51 |
|
|
9.50 |
|
|
9.48 |
|
Net
Interest Margin |
|
3.12 |
|
|
3.41 |
|
|
3.92 |
|
|
3.42 |
|
|
3.84 |
|
Noninterest Income as % of Operating Revenue |
|
58.19 |
|
|
54.26 |
|
|
34.67 |
|
|
51.37 |
|
|
33.72 |
|
Efficiency Ratio |
|
67.01 |
% |
|
66.90 |
% |
|
69.27 |
% |
|
69.04 |
% |
|
72.37 |
% |
CAPITAL ADEQUACY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Capital |
|
16.77 |
% |
|
16.59 |
% |
|
16.83 |
% |
|
16.77 |
% |
|
16.83 |
% |
Total Capital |
|
17.88 |
|
|
17.60 |
|
|
17.59 |
|
|
17.88 |
|
|
17.59 |
|
Leverage |
|
9.64 |
|
|
10.12 |
|
|
11.09 |
|
|
9.64 |
|
|
11.09 |
|
Common Equity Tier 1 |
|
14.20 |
|
|
14.01 |
|
|
14.13 |
|
|
14.20 |
|
|
14.13 |
|
Tangible Common Equity (1) |
|
7.16 |
|
|
7.21 |
|
|
8.31 |
|
|
7.16 |
|
|
8.31 |
|
Equity to Assets |
|
9.46 |
% |
|
9.57 |
% |
|
10.96 |
% |
|
9.46 |
% |
|
10.96 |
% |
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance as % of Non-Performing Loans |
|
420.30 |
% |
|
322.37 |
% |
|
290.55 |
% |
|
420.30 |
% |
|
290.55 |
% |
Allowance as a % of Loans HFI |
|
1.16 |
|
|
1.11 |
|
|
0.78 |
|
|
1.16 |
|
|
0.78 |
|
Net
Charge-Offs as % of Average Loans HFI |
|
0.11 |
|
|
0.05 |
|
|
0.23 |
|
|
0.13 |
|
|
0.15 |
|
Nonperforming Assets as % of Loans HFI and OREO |
0.34 |
|
|
0.40 |
|
|
0.30 |
|
|
0.34 |
|
|
0.30 |
|
Nonperforming Assets as % of Total Assets |
|
0.19 |
% |
|
0.23 |
% |
|
0.19 |
% |
|
0.19 |
% |
|
0.19 |
% |
STOCK PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High |
$ |
21.71 |
|
$ |
23.99 |
|
$ |
28.00 |
|
$ |
30.62 |
|
$ |
28.00 |
|
Low |
|
17.55 |
|
|
16.16 |
|
|
23.70 |
|
|
15.61 |
|
|
21.04 |
|
Close |
$ |
18.79 |
|
$ |
20.95 |
|
$ |
27.45 |
|
$ |
18.79 |
|
$ |
27.45 |
|
Average Daily Trading Volume |
|
28,517 |
|
|
49,569 |
|
|
25,596 |
|
|
39,477 |
|
|
22,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
2019 |
|
(Dollars in thousands) |
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and Due From Banks |
$ |
76,509 |
|
$ |
75,155 |
|
$ |
72,676 |
|
$ |
60,087 |
|
$ |
61,151 |
|
Funds
Sold and Interest Bearing Deposits |
|
626,104 |
|
|
513,273 |
|
|
196,936 |
|
|
318,336 |
|
|
177,389 |
|
Total Cash and Cash Equivalents |
|
702,613 |
|
|
588,428 |
|
|
269,612 |
|
|
378,423 |
|
|
238,540 |
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities
Available for Sale |
|
328,253 |
|
|
341,180 |
|
|
382,514 |
|
|
403,601 |
|
|
376,981 |
|
Investment Securities Held to Maturity |
|
202,593 |
|
|
232,178 |
|
|
251,792 |
|
|
239,539 |
|
|
240,303 |
|
Total Investment Securities |
|
530,846 |
|
|
573,358 |
|
|
634,306 |
|
|
643,140 |
|
|
617,284 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans Held for Sale
("HFS") |
|
116,561 |
|
|
76,610 |
|
|
82,598 |
|
|
9,509 |
|
|
13,075 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans Held for Investment
("HFI"): |
|
|
|
|
|
|
|
|
|
|
Commercial, Financial, &
Agricultural |
|
402,997 |
|
|
421,270 |
|
|
249,020 |
|
|
255,365 |
|
|
259,870 |
|
Real Estate -
Construction |
|
125,804 |
|
|
117,794 |
|
|
122,595 |
|
|
115,018 |
|
|
111,358 |
|
Real Estate - Commercial |
|
656,064 |
|
|
662,434 |
|
|
656,084 |
|
|
625,556 |
|
|
610,726 |
|
Real Estate - Residential |
|
335,713 |
|
|
353,831 |
|
|
354,150 |
|
|
353,642 |
|
|
354,545 |
|
Real Estate - Home Equity |
|
197,363 |
|
|
194,479 |
|
|
196,443 |
|
|
197,360 |
|
|
197,326 |
|
Consumer |
|
268,393 |
|
|
266,417 |
|
|
275,982 |
|
|
279,565 |
|
|
277,970 |
|
Other Loans |
|
10,488 |
|
|
4,883 |
|
|
6,580 |
|
|
7,808 |
|
|
14,248 |
|
Overdrafts |
|
1,339 |
|
|
1,069 |
|
|
1,533 |
|
|
1,615 |
|
|
1,710 |
|
Total Loans Held for Investment |
|
1,998,161 |
|
|
2,022,177 |
|
|
1,862,387 |
|
|
1,835,929 |
|
|
1,827,753 |
|
Allowance for Credit Losses |
|
(23,137 |
) |
|
(22,457 |
) |
|
(21,083 |
) |
|
(13,905 |
) |
|
(14,319 |
) |
Loans Held for Investment, Net |
|
1,975,024 |
|
|
1,999,720 |
|
|
1,841,304 |
|
|
1,822,024 |
|
|
1,813,434 |
|
|
|
|
|
|
|
|
|
|
|
|
Premises and Equipment,
Net |
|
87,192 |
|
|
87,972 |
|
|
87,684 |
|
|
84,543 |
|
|
85,810 |
|
Goodwill |
|
89,095 |
|
|
89,095 |
|
|
89,275 |
|
|
84,811 |
|
|
84,811 |
|
Other Real Estate Owned |
|
1,227 |
|
|
1,059 |
|
|
1,463 |
|
|
953 |
|
|
526 |
|
Other
Assets |
|
84,483 |
|
|
83,282 |
|
|
80,281 |
|
|
65,550 |
|
|
81,033 |
|
Total Other Assets |
|
261,997 |
|
|
261,408 |
|
|
258,703 |
|
|
235,857 |
|
|
252,180 |
|
Total Assets |
$ |
3,587,041 |
|
$ |
3,499,524 |
|
$ |
3,086,523 |
|
$ |
3,088,953 |
|
$ |
2,934,513 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing
Deposits |
$ |
1,378,314 |
|
$ |
1,377,033 |
|
$ |
1,066,607 |
|
$ |
1,044,699 |
|
$ |
1,022,774 |
|
NOW Accounts |
|
827,506 |
|
|
808,244 |
|
|
779,467 |
|
|
902,499 |
|
|
728,395 |
|
Money Market Accounts |
|
247,823 |
|
|
240,754 |
|
|
210,124 |
|
|
217,839 |
|
|
239,410 |
|
Regular Savings Accounts |
|
451,944 |
|
|
423,924 |
|
|
384,480 |
|
|
374,396 |
|
|
372,601 |
|
Certificates of Deposit |
|
103,859 |
|
|
105,041 |
|
|
104,907 |
|
|
106,021 |
|
|
109,827 |
|
Total Deposits |
|
3,009,446 |
|
|
2,954,996 |
|
|
2,545,585 |
|
|
2,645,454 |
|
|
2,473,007 |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Borrowings |
|
90,936 |
|
|
63,958 |
|
|
76,516 |
|
|
6,404 |
|
|
10,622 |
|
Subordinated Notes
Payable |
|
52,887 |
|
|
52,887 |
|
|
52,887 |
|
|
52,887 |
|
|
52,887 |
|
Other Long-Term
Borrowings |
|
5,268 |
|
|
5,583 |
|
|
5,896 |
|
|
6,514 |
|
|
6,963 |
|
Other
Liabilities |
|
71,880 |
|
|
75,702 |
|
|
70,044 |
|
|
50,678 |
|
|
69,472 |
|
Total Liabilities |
|
3,230,417 |
|
|
3,153,126 |
|
|
2,750,928 |
|
|
2,761,937 |
|
|
2,612,951 |
|
|
|
|
|
|
|
|
|
|
|
|
Temporary Equity |
|
17,199 |
|
|
11,341 |
|
|
7,088 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREOWNERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
168 |
|
|
168 |
|
|
168 |
|
|
168 |
|
|
167 |
|
Additional Paid-In
Capital |
|
31,425 |
|
|
31,575 |
|
|
32,100 |
|
|
32,092 |
|
|
31,075 |
|
Retained Earnings |
|
333,545 |
|
|
328,570 |
|
|
321,772 |
|
|
322,937 |
|
|
316,551 |
|
Accumulated Other Comprehensive Loss, Net of Tax |
|
(25,713 |
) |
|
(25,256 |
) |
|
(25,533 |
) |
|
(28,181 |
) |
|
(26,231 |
) |
Total Shareowners' Equity |
|
339,425 |
|
|
335,057 |
|
|
328,507 |
|
|
327,016 |
|
|
321,562 |
|
Total Liabilities, Temporary Equity and Shareowners' Equity |
$ |
3,587,041 |
|
$ |
3,499,524 |
|
$ |
3,086,523 |
|
$ |
3,088,953 |
|
$ |
2,934,513 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER BALANCE SHEET
DATA |
|
|
|
|
|
|
|
|
|
|
Earning Assets |
$ |
3,271,672 |
|
$ |
3,185,418 |
|
$ |
2,776,228 |
|
$ |
2,806,913 |
|
$ |
2,635,501 |
|
Interest Bearing Liabilities |
|
1,780,223 |
|
|
1,700,391 |
|
|
1,614,277 |
|
|
1,666,560 |
|
|
1,520,705 |
|
Book Value Per Diluted Share |
$ |
20.20 |
|
$ |
19.92 |
|
$ |
19.50 |
|
$ |
19.40 |
|
$ |
19.14 |
|
Tangible Book Value Per Diluted Share(1) |
|
14.90 |
|
|
14.62 |
|
|
14.20 |
|
|
14.37 |
|
|
14.09 |
|
Actual Basic Shares Outstanding |
|
16,761 |
|
|
16,780 |
|
|
16,812 |
|
|
16,772 |
|
|
16,749 |
|
Actual
Diluted Shares Outstanding |
|
16,801 |
|
|
16,822 |
|
|
16,845 |
|
|
16,855 |
|
|
16,797 |
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
2020 |
|
2019 |
|
September 30, |
(Dollars in thousands, except per share data) |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and Fees on Loans |
$ |
23,594 |
|
$ |
23,687 |
|
$ |
23,593 |
|
$ |
23,842 |
|
$ |
23,992 |
$ |
70,874 |
|
$ |
70,373 |
Investment Securities |
|
2,426 |
|
|
2,737 |
|
|
3,015 |
|
|
3,221 |
|
|
3,307 |
|
8,178 |
|
|
10,213 |
Funds
Sold |
|
146 |
|
|
88 |
|
|
757 |
|
|
945 |
|
|
1,142 |
|
991 |
|
|
4,242 |
Total Interest Income |
|
26,166 |
|
|
26,512 |
|
|
27,365 |
|
|
28,008 |
|
|
28,441 |
|
80,043 |
|
|
84,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
190 |
|
|
218 |
|
|
939 |
|
|
1,157 |
|
|
1,596 |
|
1,347 |
|
|
5,683 |
Short-Term Borrowings |
|
498 |
|
|
421 |
|
|
132 |
|
|
16 |
|
|
27 |
|
1,051 |
|
|
93 |
Subordinated Notes
Payable |
|
316 |
|
|
374 |
|
|
471 |
|
|
525 |
|
|
558 |
|
1,161 |
|
|
1,762 |
Other
Long-Term Borrowings |
|
40 |
|
|
41 |
|
|
50 |
|
|
56 |
|
|
63 |
|
131 |
|
|
201 |
Total Interest Expense |
|
1,044 |
|
|
1,054 |
|
|
1,592 |
|
|
1,754 |
|
|
2,244 |
|
3,690 |
|
|
7,739 |
Net Interest Income |
|
25,122 |
|
|
25,458 |
|
|
25,773 |
|
|
26,254 |
|
|
26,197 |
|
76,353 |
|
|
77,089 |
Provision for Credit Losses |
|
1,308 |
|
|
2,005 |
|
|
4,990 |
|
|
(162 |
) |
|
776 |
|
8,303 |
|
|
2,189 |
Net Interest Income after Provision for Credit Losses |
|
23,814 |
|
|
23,453 |
|
|
20,783 |
|
|
26,416 |
|
|
25,421 |
|
68,050 |
|
|
74,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit Fees |
|
4,316 |
|
|
3,756 |
|
|
5,015 |
|
|
4,980 |
|
|
4,961 |
|
13,087 |
|
|
14,492 |
Bank Card Fees |
|
3,389 |
|
|
3,142 |
|
|
3,051 |
|
|
3,131 |
|
|
2,972 |
|
9,582 |
|
|
8,863 |
Wealth Management Fees |
|
2,808 |
|
|
2,554 |
|
|
2,604 |
|
|
2,761 |
|
|
2,992 |
|
7,966 |
|
|
7,719 |
Mortgage Banking Fees |
|
22,983 |
|
|
19,397 |
|
|
3,253 |
|
|
1,542 |
|
|
1,587 |
|
45,633 |
|
|
3,779 |
Other |
|
1,469 |
|
|
1,350 |
|
|
1,555 |
|
|
1,414 |
|
|
1,391 |
|
4,374 |
|
|
4,372 |
Total Noninterest Income |
|
34,965 |
|
|
30,199 |
|
|
15,478 |
|
|
13,828 |
|
|
13,903 |
|
80,642 |
|
|
39,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
26,164 |
|
|
23,658 |
|
|
19,736 |
|
|
17,363 |
|
|
16,203 |
|
69,558 |
|
|
48,989 |
Occupancy, Net |
|
5,906 |
|
|
5,798 |
|
|
4,979 |
|
|
4,680 |
|
|
4,710 |
|
16,683 |
|
|
13,756 |
Other Real Estate, Net |
|
219 |
|
|
116 |
|
|
(798 |
) |
|
102 |
|
|
6 |
|
(463 |
) |
|
444 |
Other |
|
8,053 |
|
|
7,731 |
|
|
7,052 |
|
|
6,997 |
|
|
6,954 |
|
22,836 |
|
|
21,278 |
Total Noninterest Expense |
|
40,342 |
|
|
37,303 |
|
|
30,969 |
|
|
29,142 |
|
|
27,873 |
|
108,614 |
|
|
84,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
PROFIT |
|
18,437 |
|
|
16,349 |
|
|
5,292 |
|
|
11,102 |
|
|
11,451 |
|
40,078 |
|
|
29,658 |
Income
Tax Expense |
|
3,165 |
|
|
2,950 |
|
|
1,282 |
|
|
2,537 |
|
|
2,970 |
|
7,397 |
|
|
7,416 |
Net Income |
|
15,272 |
|
|
13,399 |
|
|
4,010 |
|
|
8,565 |
|
|
8,481 |
|
32,681 |
|
|
22,242 |
Pre-Tax
Income Attributable to Noncontrolling Interest |
(4,875 |
) |
|
(4,253 |
) |
|
277 |
|
|
- |
|
|
- |
|
(8,851 |
) |
|
- |
NET INCOME ATTRIBUTABLE TO COMMON
SHAREOWNERS |
$ |
10,397 |
|
$ |
9,146 |
|
$ |
4,287 |
|
$ |
8,565 |
|
$ |
8,481 |
$ |
23,830 |
|
$ |
22,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON
SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Net Income |
$ |
0.62 |
|
$ |
0.55 |
|
$ |
0.25 |
|
$ |
0.51 |
|
$ |
0.51 |
$ |
1.42 |
|
$ |
1.33 |
Diluted Net Income |
|
0.62 |
|
|
0.55 |
|
|
0.25 |
|
|
0.51 |
|
|
0.50 |
|
1.42 |
|
|
1.32 |
Cash Dividend |
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.13 |
|
$ |
0.13 |
$ |
0.42 |
|
$ |
0.35 |
AVERAGE
SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
16,771 |
|
|
16,797 |
|
|
16,808 |
|
|
16,750 |
|
|
16,747 |
|
16,792 |
|
|
16,776 |
Diluted |
|
16,810 |
|
|
16,839 |
|
|
16,842 |
|
|
16,834 |
|
|
16,795 |
|
16,823 |
|
|
16,810 |
CAPITAL CITY BANK
GROUP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AND RISK ELEMENT
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
2020 |
|
2019 |
|
|
September 30, |
(Dollars in thousands, except per share data) |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Beginning of Period |
$ |
22,457 |
|
$ |
21,083 |
|
$ |
13,905 |
|
$ |
14,319 |
|
$ |
14,593 |
|
|
$ |
13,905 |
|
$ |
14,210 |
|
Impact of Adopting ASC 326
(CECL) |
|
- |
|
|
- |
|
|
3,269 |
|
|
- |
|
|
- |
|
|
|
3,269 |
|
|
- |
|
Provision for Credit Losses -
HFI |
|
1,265 |
|
|
1,615 |
|
|
4,990 |
|
|
(162 |
) |
|
776 |
|
|
|
7,870 |
|
|
2,189 |
|
Net Charge-Offs |
|
585 |
|
|
241 |
|
|
1,081 |
|
|
252 |
|
|
1,050 |
|
|
|
1,907 |
|
|
2,080 |
|
Balance
at End of Period(2) |
$ |
23,137 |
|
$ |
22,457 |
|
$ |
21,083 |
|
$ |
13,905 |
|
$ |
14,319 |
|
|
$ |
23,137 |
|
$ |
14,319 |
|
As a % of Loans HFI |
|
1.16 |
% |
|
1.11 |
% |
|
1.13 |
% |
|
0.75 |
% |
|
0.78 |
% |
|
|
1.16 |
% |
|
0.78 |
% |
As a %
of Nonperforming Loans |
|
420.30 |
% |
|
322.37 |
% |
|
432.61 |
% |
|
310.99 |
% |
|
290.55 |
% |
|
|
420.30 |
% |
|
290.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHARGE-OFFS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, Financial and
Agricultural |
$ |
137 |
|
$ |
186 |
|
$ |
362 |
|
$ |
149 |
|
$ |
289 |
|
|
$ |
685 |
|
$ |
619 |
|
Real Estate -
Construction |
|
- |
|
|
- |
|
|
0 |
|
|
58 |
|
|
223 |
|
|
|
- |
|
|
223 |
|
Real Estate - Commercial |
|
17 |
|
|
- |
|
|
11 |
|
|
33 |
|
|
26 |
|
|
|
28 |
|
|
181 |
|
Real Estate - Residential |
|
1 |
|
|
1 |
|
|
110 |
|
|
27 |
|
|
44 |
|
|
|
112 |
|
|
373 |
|
Real Estate - Home Equity |
|
58 |
|
|
52 |
|
|
31 |
|
|
0 |
|
|
333 |
|
|
|
141 |
|
|
430 |
|
Consumer |
|
619 |
|
|
634 |
|
|
864 |
|
|
819 |
|
|
744 |
|
|
|
2,117 |
|
|
2,059 |
|
Overdrafts(3) |
|
450 |
|
|
541 |
|
|
702 |
|
|
- |
|
|
- |
|
|
|
1,693 |
|
|
- |
|
Total
Charge-Offs |
$ |
1,282 |
|
$ |
1,414 |
|
$ |
2,080 |
|
$ |
1,086 |
|
$ |
1,659 |
|
|
$ |
4,776 |
|
$ |
3,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECOVERIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, Financial and
Agricultural |
$ |
74 |
|
$ |
74 |
|
$ |
40 |
|
$ |
127 |
|
$ |
86 |
|
|
$ |
188 |
|
$ |
218 |
|
Real Estate -
Construction |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
Real Estate - Commercial |
|
30 |
|
|
70 |
|
|
191 |
|
|
266 |
|
|
142 |
|
|
|
291 |
|
|
312 |
|
Real Estate - Residential |
|
35 |
|
|
51 |
|
|
40 |
|
|
116 |
|
|
46 |
|
|
|
126 |
|
|
313 |
|
Real Estate - Home Equity |
|
41 |
|
|
64 |
|
|
33 |
|
|
25 |
|
|
58 |
|
|
|
138 |
|
|
150 |
|
Consumer |
|
280 |
|
|
365 |
|
|
268 |
|
|
300 |
|
|
277 |
|
|
|
913 |
|
|
812 |
|
Overdrafts(3) |
|
237 |
|
|
549 |
|
|
427 |
|
|
- |
|
|
- |
|
|
|
1,213 |
|
|
- |
|
Total
Recoveries |
$ |
697 |
|
$ |
1,173 |
|
$ |
999 |
|
$ |
834 |
|
$ |
609 |
|
|
$ |
2,869 |
|
$ |
1,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
CHARGE-OFFS |
$ |
585 |
|
$ |
241 |
|
$ |
1,081 |
|
$ |
252 |
|
$ |
1,050 |
|
|
$ |
1,907 |
|
$ |
2,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Charge-Offs as a % of Average Loans HFI(1) |
|
0.11 |
% |
|
0.05 |
% |
|
0.23 |
% |
|
0.05 |
% |
|
0.23 |
% |
|
|
0.13 |
% |
|
0.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RISK ELEMENT
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccruing Loans |
$ |
5,505 |
|
$ |
6,966 |
|
$ |
4,874 |
|
$ |
4,472 |
|
$ |
4,928 |
|
|
|
|
|
|
Other Real Estate Owned |
|
1,227 |
|
|
1,059 |
|
|
1,463 |
|
|
953 |
|
|
526 |
|
|
|
|
|
|
Total
Nonperforming Assets ("NPAs") |
$ |
6,732 |
|
$ |
8,025 |
|
$ |
6,337 |
|
$ |
5,425 |
|
$ |
5,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past Due Loans 30-89 Days |
$ |
3,191 |
|
$ |
2,948 |
|
$ |
5,077 |
|
$ |
4,871 |
|
$ |
5,120 |
|
|
|
|
|
|
Past Due Loans 90 Days or
More |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
Classified Loans |
|
16,772 |
|
|
17,091 |
|
|
16,548 |
|
|
20,847 |
|
|
21,323 |
|
|
|
|
|
|
Performing Troubled Debt Restructuring's |
$ |
14,693 |
|
$ |
15,133 |
|
$ |
15,934 |
|
$ |
16,888 |
|
$ |
18,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans as a % of
Loans HFI |
|
0.28 |
% |
|
0.34 |
% |
|
0.26 |
% |
|
0.24 |
% |
|
0.27 |
% |
|
|
|
|
|
NPAs as a % of
Loans HFI and Other Real Estate |
0.34 |
% |
|
0.40 |
% |
|
0.34 |
% |
|
0.29 |
% |
|
0.30 |
% |
|
|
|
|
|
NPAs as
a % of Total Assets |
|
0.19 |
% |
|
0.23 |
% |
|
0.21 |
% |
|
0.18 |
% |
|
0.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Does not
include $1.5 million for unfunded commitments recorded in other
liabilities at 9/30/2020. |
|
|
|
|
|
|
|
(3) Prior to the
first quarter 2020, overdraft losses were reflected in noninterest
income (deposit fees). |
|
|
|
|
|
CAPITAL CITY BANK GROUP, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE AND INTEREST RATES(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2020 |
|
|
Second Quarter 2020 |
|
|
First Quarter 2020 |
|
|
Fourth Quarter 2019 |
|
|
Third Quarter 2019 |
|
|
Sep 2020 YTD |
|
|
Sep 2019 YTD |
|
(Dollars in thousands) |
|
AverageBalance |
|
Interest |
|
AverageRate |
|
|
AverageBalance |
|
Interest |
|
AverageRate |
|
|
AverageBalance |
|
Interest |
|
AverageRate |
|
|
AverageBalance |
|
Interest |
|
AverageRate |
|
|
AverageBalance |
|
Interest |
|
AverageRate |
|
|
AverageBalance |
|
Interest |
|
AverageRate |
|
|
AverageBalance |
|
Interest |
|
AverageRate |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans HFI and HFS |
$ |
2,097,700 |
|
$ |
23,698 |
|
4.50 |
% |
$ |
2,057,925 |
|
$ |
23,785 |
|
4.65 |
% |
$ |
1,882,703 |
|
$ |
23,692 |
|
5.06 |
% |
$ |
1,846,190 |
|
|
23,958 |
|
5.15 |
% |
$ |
1,837,548 |
|
$ |
24,113 |
|
5.21 |
% |
$ |
2,013,243 |
|
$ |
71,175 |
|
4.73 |
% |
$ |
1,813,964 |
|
$ |
70,705 |
|
5.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable Investment Securities |
|
553,395 |
|
|
2,401 |
|
1.73 |
|
|
601,509 |
|
|
2,708 |
|
1.80 |
|
|
629,512 |
|
|
2,995 |
|
1.91 |
|
|
610,046 |
|
|
3,186 |
|
2.08 |
|
|
607,363 |
|
|
3,249 |
|
2.13 |
|
|
594,654 |
|
|
8,104 |
|
1.82 |
|
|
613,382 |
|
|
9,936 |
|
2.16 |
|
Tax-Exempt Investment Securities |
|
4,860 |
|
|
32 |
|
2.66 |
|
|
5,865 |
|
|
37 |
|
2.51 |
|
|
5,293 |
|
|
25 |
|
1.86 |
|
|
10,327 |
|
|
43 |
|
1.67 |
|
|
18,041 |
|
|
73 |
|
1.63 |
|
|
5,338 |
|
|
94 |
|
2.34 |
|
|
29,237 |
|
|
347 |
|
1.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment
Securities |
|
558,255 |
|
|
2,433 |
|
1.74 |
|
|
607,374 |
|
|
2,745 |
|
1.81 |
|
|
634,805 |
|
|
3,020 |
|
1.91 |
|
|
620,373 |
|
|
3,229 |
|
2.08 |
|
|
625,404 |
|
|
3,322 |
|
2.12 |
|
|
599,992 |
|
|
8,198 |
|
1.82 |
|
|
642,619 |
|
|
10,283 |
|
2.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds Sold |
|
567,883 |
|
|
146 |
|
0.10 |
|
|
351,473 |
|
|
88 |
|
0.10 |
|
|
234,372 |
|
|
757 |
|
1.30 |
|
|
228,137 |
|
|
945 |
|
1.64 |
|
|
207,129 |
|
|
1,142 |
|
2.19 |
|
|
385,245 |
|
|
991 |
|
0.34 |
|
|
241,323 |
|
|
4,242 |
|
2.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
|
3,223,838 |
|
$ |
26,277 |
|
3.25 |
% |
|
3,016,772 |
|
$ |
26,618 |
|
3.55 |
% |
|
2,751,880 |
|
$ |
27,469 |
|
4.01 |
% |
|
2,694,700 |
|
$ |
28,132 |
|
4.14 |
% |
|
2,670,081 |
|
$ |
28,577 |
|
4.25 |
% |
|
2,998,480 |
|
$ |
80,364 |
|
3.58 |
% |
|
2,697,906 |
|
$ |
85,230 |
|
4.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Due From Banks |
|
69,893 |
|
|
|
|
|
|
|
72,647 |
|
|
|
|
|
|
|
56,958 |
|
|
|
|
|
|
|
53,174 |
|
|
|
|
|
|
|
50,981 |
|
|
|
|
|
|
|
66,512 |
|
|
|
|
|
|
|
52,210 |
|
|
|
|
|
|
Allowance for Loan Losses |
|
(22,948 |
) |
|
|
|
|
|
|
(21,642 |
) |
|
|
|
|
|
|
(14,389 |
) |
|
|
|
|
|
|
(14,759 |
) |
|
|
|
|
|
|
(14,863 |
) |
|
|
|
|
|
|
(19,672 |
) |
|
|
|
|
|
|
(14,576 |
) |
|
|
|
|
|
Other Assets |
|
268,549 |
|
|
|
|
|
|
|
261,449 |
|
|
|
|
|
|
|
244,339 |
|
|
|
|
|
|
|
249,089 |
|
|
|
|
|
|
|
253,111 |
|
|
|
|
|
|
|
257,993 |
|
|
|
|
|
|
|
253,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
3,539,332 |
|
|
|
|
|
|
$ |
3,329,226 |
|
|
|
|
|
|
$ |
3,038,788 |
|
|
|
|
|
|
$ |
2,982,204 |
|
|
|
|
|
|
$ |
2,959,310 |
|
|
|
|
|
|
$ |
3,303,313 |
|
|
|
|
|
|
$ |
2,988,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW Accounts |
$ |
826,776 |
|
$ |
61 |
|
0.03 |
% |
$ |
789,378 |
|
$ |
78 |
|
0.04 |
% |
$ |
808,811 |
|
$ |
725 |
|
0.36 |
% |
$ |
755,625 |
|
$ |
889 |
|
0.47 |
% |
$ |
749,678 |
|
$ |
1,235 |
|
0.65 |
% |
$ |
808,389 |
|
$ |
864 |
|
0.14 |
% |
$ |
821,819 |
|
$ |
4,613 |
|
0.75 |
% |
Money Market Accounts |
|
247,185 |
|
|
32 |
|
0.05 |
|
|
222,377 |
|
|
40 |
|
0.07 |
|
|
212,211 |
|
|
117 |
|
0.22 |
|
|
227,479 |
|
|
170 |
|
0.30 |
|
|
238,565 |
|
|
264 |
|
0.44 |
|
|
227,331 |
|
|
189 |
|
0.11 |
|
|
238,664 |
|
|
775 |
|
0.43 |
|
Savings Accounts |
|
438,762 |
|
|
54 |
|
0.05 |
|
|
409,366 |
|
|
50 |
|
0.05 |
|
|
379,237 |
|
|
46 |
|
0.05 |
|
|
372,518 |
|
|
46 |
|
0.05 |
|
|
372,593 |
|
|
46 |
|
0.05 |
|
|
409,230 |
|
|
150 |
|
0.05 |
|
|
369,726 |
|
|
136 |
|
0.05 |
|
Time
Deposits |
|
104,522 |
|
|
43 |
|
0.16 |
|
|
104,718 |
|
|
50 |
|
0.19 |
|
|
105,542 |
|
|
51 |
|
0.19 |
|
|
108,407 |
|
|
52 |
|
0.19 |
|
|
111,447 |
|
|
51 |
|
0.18 |
|
|
104,925 |
|
|
144 |
|
0.18 |
|
|
115,215 |
|
|
159 |
|
0.18 |
|
Total Interest Bearing Deposits |
|
1,617,245 |
|
|
190 |
|
0.05 |
% |
|
1,525,839 |
|
|
218 |
|
0.06 |
% |
|
1,505,801 |
|
|
939 |
|
0.25 |
% |
|
1,464,029 |
|
|
1,157 |
|
0.31 |
% |
|
1,472,283 |
|
|
1,596 |
|
0.43 |
% |
|
1,549,875 |
|
|
1,347 |
|
0.12 |
% |
|
1,545,424 |
|
|
5,683 |
|
0.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Borrowings |
|
74,557 |
|
|
498 |
|
2.66 |
% |
|
73,377 |
|
|
421 |
|
2.31 |
% |
|
32,915 |
|
|
132 |
|
1.61 |
% |
|
7,448 |
|
|
16 |
|
0.87 |
% |
|
8,697 |
|
|
27 |
|
1.24 |
% |
|
60,335 |
|
|
1,051 |
|
2.33 |
% |
|
9,890 |
|
|
93 |
|
1.27 |
% |
Subordinated Notes
Payable |
|
52,887 |
|
|
316 |
|
2.34 |
|
|
52,887 |
|
|
374 |
|
2.80 |
|
|
52,887 |
|
|
471 |
|
3.52 |
|
|
52,887 |
|
|
525 |
|
3.88 |
|
|
52,887 |
|
|
558 |
|
4.13 |
|
|
52,887 |
|
|
1,161 |
|
2.89 |
|
|
52,887 |
|
|
1,762 |
|
4.39 |
|
Other Long-Term
Borrowings |
|
5,453 |
|
|
40 |
|
2.91 |
|
|
5,766 |
|
|
41 |
|
2.84 |
|
|
6,312 |
|
|
50 |
|
3.21 |
|
|
6,723 |
|
|
56 |
|
3.33 |
|
|
7,158 |
|
|
63 |
|
3.47 |
|
|
5,842 |
|
|
131 |
|
3.00 |
|
|
7,619 |
|
|
201 |
|
3.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Bearing Liabilities |
|
1,750,142 |
|
$ |
1,044 |
|
0.24 |
% |
|
1,657,869 |
|
$ |
1,054 |
|
0.26 |
% |
|
1,597,915 |
|
$ |
1,592 |
|
0.40 |
% |
|
1,531,087 |
|
$ |
1,754 |
|
0.45 |
% |
|
1,541,025 |
|
$ |
2,244 |
|
0.58 |
% |
|
1,668,939 |
|
$ |
3,690 |
|
0.30 |
% |
|
1,615,820 |
|
$ |
7,739 |
|
0.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing Deposits |
|
1,354,032 |
|
|
|
|
|
|
|
1,257,614 |
|
|
|
|
|
|
|
1,046,889 |
|
|
|
|
|
|
|
1,060,922 |
|
|
|
|
|
|
|
1,023,472 |
|
|
|
|
|
|
|
1,220,002 |
|
|
|
|
|
|
|
996,290 |
|
|
|
|
|
|
Other Liabilities |
|
83,192 |
|
|
|
|
|
|
|
72,073 |
|
|
|
|
|
|
|
59,587 |
|
|
|
|
|
|
|
63,291 |
|
|
|
|
|
|
|
74,540 |
|
|
|
|
|
|
|
71,661 |
|
|
|
|
|
|
|
62,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
3,187,366 |
|
|
|
|
|
|
|
2,987,556 |
|
|
|
|
|
|
|
2,704,391 |
|
|
|
|
|
|
|
2,655,300 |
|
|
|
|
|
|
|
2,639,037 |
|
|
|
|
|
|
|
2,960,602 |
|
|
|
|
|
|
|
2,674,933 |
|
|
|
|
|
|
Temporary Equity |
|
11,893 |
|
|
|
|
|
|
|
8,155 |
|
|
|
|
|
|
|
2,506 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
7,534 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREOWNERS'
EQUITY: |
|
340,073 |
|
|
|
|
|
|
|
333,515 |
|
|
|
|
|
|
|
331,891 |
|
|
|
|
|
|
|
326,904 |
|
|
|
|
|
|
|
320,273 |
|
|
|
|
|
|
|
335,177 |
|
|
|
|
|
|
|
313,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities, Temporary Equity and Shareowners' Equity |
$ |
3,539,332 |
|
|
|
|
|
|
$ |
3,329,226 |
|
|
|
|
|
|
$ |
3,038,788 |
|
|
|
|
|
|
$ |
2,982,204 |
|
|
|
|
|
|
$ |
2,959,310 |
|
|
|
|
|
|
$ |
3,303,313 |
|
|
|
|
|
|
$ |
2,988,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Spread |
|
|
$ |
25,233 |
|
3.01 |
% |
|
|
$ |
25,564 |
|
3.30 |
% |
|
|
$ |
25,877 |
|
3.61 |
% |
|
|
$ |
26,378 |
|
3.69 |
% |
|
|
$ |
26,333 |
|
3.67 |
% |
|
|
$ |
76,674 |
|
3.29 |
% |
|
|
$ |
77,491 |
|
3.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income and Rate
Earned(1) |
|
|
|
26,277 |
|
3.25 |
|
|
|
|
26,618 |
|
3.55 |
|
|
|
|
27,469 |
|
4.01 |
|
|
|
|
28,132 |
|
4.14 |
|
|
|
|
28,577 |
|
4.25 |
|
|
|
|
80,364 |
|
3.58 |
|
|
|
|
85,230 |
|
4.22 |
|
Interest Expense and Rate
Paid(2) |
|
|
|
1,044 |
|
0.13 |
|
|
|
|
1,054 |
|
0.14 |
|
|
|
|
1,592 |
|
0.23 |
|
|
|
|
1,754 |
|
0.26 |
|
|
|
|
2,244 |
|
0.33 |
|
|
|
|
3,690 |
|
0.16 |
|
|
|
|
7,739 |
|
0.38 |
|
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|
Net Interest Margin |
|
|
$ |
25,233 |
|
3.12 |
% |
|
|
$ |
25,564 |
|
3.41 |
% |
|
|
$ |
25,877 |
|
3.78 |
% |
|
|
$ |
26,378 |
|
3.89 |
% |
|
|
$ |
26,333 |
|
3.92 |
% |
|
|
$ |
76,674 |
|
3.42 |
% |
|
|
$ |
77,491 |
|
3.84 |
% |
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(1) Interest and
average rates are calculated on a tax-equivalent basis using a 21%
Federal tax rate. |
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(2) Rate calculated based on average earning assets. |
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For Information Contact:J. Kimbrough DavisExecutive Vice
President and Chief Financial Officer850.402.7820
Capital City Bank (NASDAQ:CCBG)
Historical Stock Chart
From Apr 2024 to May 2024
Capital City Bank (NASDAQ:CCBG)
Historical Stock Chart
From May 2023 to May 2024