Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net
income attributable to common shareowners of $14.2 million, or
$0.83 per diluted share, for the second quarter of 2024 compared to
$12.6 million, or $0.74 per diluted share, for the first quarter of
2024, and $14.2 million, or $0.83 per diluted share, for the second
quarter of 2023.
QUARTER HIGHLIGHTS
(2nd Quarter 2024 versus
1st Quarter 2024)
Income Statement
- Tax-equivalent net interest income totaled $39.3 million
compared to $38.4 million for the prior quarter - total deposit
cost increased 10 basis points to 95 basis points – net interest
margin increased one basis point to 4.02%
- Stable credit quality metrics and credit loss provision - net
loan charge-offs were 18 basis points (annualized) of average loans
– allowance coverage ratio increased 2 basis points to 1.09% at
June 30, 2024
- Noninterest income increased $1.5 million, or 8.3%, due to
higher mortgage banking revenues
- Noninterest expense was well-controlled with a $0.3 million, or
0.7%, increase for the quarter
- Reduction in effective tax rate reflected a new investment in a
solar tax credit fund
Balance Sheet
- Loan balances decreased $1.9 million, or 0.1% (average), and
declined $40.9 million, or 1.5% (end of period)
- Deposit balances increased by $64.5 million, or 1.8% (average),
and decreased $46.2 million, or 1.3% (end of period)
- Tangible book value per diluted share (non-GAAP financial
measure) increased $0.72, or 3.4%
Commenting on the company's results, William G. Smith, Jr.,
Capital City Bank Group Chairman, President, and CEO, said, "I am
pleased with the quarter and how the year is progressing. Our
disciplined approach resulted in tangible book value growth of 3.4%
for the quarter, driven by margin expansion and stable credit
quality. We are poised for a successful year and remain focused on
initiatives that drive sustained core profitability."
Discussion of Operating Results
Net Interest Income/Net Interest Margin
Tax-equivalent net interest income for the second quarter of
2024 totaled $39.3 million, compared to $38.4 million for the first
quarter of 2024, and $40.2 million for the second quarter of 2023.
Compared to the first quarter of 2024, the increase was primarily
due to higher overnight funds and loan interest income that was
partially offset by higher deposit interest expense. The increase
in overnight funds interest income reflected higher average deposit
balances and the increase in loan interest income reflected
existing loans re-pricing at higher rates and new loan volume at
higher rates. The increase in deposit interest expense was
attributable to higher average money market account (“MMA”)
balances and to a lesser extent certificates of deposit (“CD”)
balances and reflected a combination of re-mix from other deposit
categories and higher rates for certain products.
Compared to the second quarter of 2023, the $0.9 million
decrease was generally driven by higher deposit interest expense
and lower overnight funds and investment interest income, which
outpaced an increase in loan interest income. For the first six
months of 2024, tax-equivalent net interest income totaled $77.8
million compared to $80.7 million for the same period of 2023. The
decrease was primarily driven by the same aforementioned
trends.
Our net interest margin for the second quarter of 2024 was
4.02%, an increase of one basis point over the first quarter of
2024 and a decrease of four basis points from the second quarter of
2023. For the month of June 2024, our net interest margin was
4.04%. For the first six months of 2024, our net interest margin
was 4.01% compared to 4.05% for the same period of 2023. Compared
to the first quarter of 2024, the slight increase was primarily due
to the favorable loan repricing that was partially offset by higher
deposit cost. The decrease from both prior year periods reflected
higher deposit cost related to re-mix within the deposit base and
higher rates paid on deposits, partially offset by higher yields
from new loan volume and existing loans repricing at higher
rates. For the second quarter of 2024, our cost of
funds was 97 basis points, an increase of nine basis points over
the first quarter of 2024 and an increase of 46 basis points over
the second quarter of 2023. Our cost of deposits (including
noninterest bearing accounts) was 95 basis points, 85 basis points,
and 43 basis points, respectively, for the same
periods.
Provision for Credit Losses
We recorded a provision for credit losses of $1.2
million for the second quarter of 2024 compared to $0.9 million for
the first quarter of 2024 and $2.2 million for the second quarter
of 2023. Compared to the first quarter of 2024, the increase in the
provision was primarily due to loan grade migration and slightly
higher loss rates partially offset by lower loan balances. For the
first six months of 2024, we recorded a provision for credit losses
of $2.1 million compared to $5.3 million for the same period of
2023 with the decrease driven primarily by lower new loan volume in
2024. We discuss the allowance for credit losses
further below.
Noninterest Income and Noninterest Expense
Noninterest income for the second quarter of 2024
totaled $19.6 million compared to $18.1 million for the first
quarter of 2024 and $20.0 million for the second quarter of 2023.
The $1.5 million increase over the first quarter of 2024 was due to
an increase in mortgage banking revenues driven by higher
production. Compared to the second quarter of 2023, the $0.4
million decrease was primarily attributable to a $1.7 million
decrease in other income, which reflected a $1.4 million gain from
the sale of mortgage servicing rights in the second quarter of
2023, partially offset by a $1.0 million increase in mortgage
banking revenues driven by a higher gain on sale margin, and a $0.3
million increase in wealth management fees.
For the first six months of 2024, noninterest
income totaled $37.7 million, which is comparable to the same
period of 2023 and reflected a $2.0 million decrease in other
income that was partially offset by a $1.0 increase in wealth
management fees and a $1.0 million increase in mortgage banking
revenues. The decrease in other income was primarily attributable
to the aforementioned $1.4 million gain from the sale of mortgage
servicing rights in 2023. A decrease in vendor bonus
income and miscellaneous income also contributed to the decrease.
The increase in wealth management fees was primarily driven by
higher retail brokerage fees and to a lesser extent trust fees. The
increase in mortgage banking revenues was due to a higher gain on
sale margin.
Noninterest expense for the second quarter of 2024 totaled $40.4
million compared to $40.2 million for the first quarter of 2024 and
$40.3 million for the second quarter of 2024. The $0.2
million increase over the first quarter of 2024 reflected a $0.2
million increase in other expense which included the write-off of
obsolete assets from the remodeling of an office site and a core
system migration in the second quarter of 2024. Compared to the
second quarter of 2023, the $0.1 million increase reflected a $1.0
million increase in compensation expense and a $0.1 million
increase in occupancy expense that was partially offset by a $1.0
million decrease in other expense. The increase in
compensation expense reflected a $0.7 million increase in salary
expense and a $0.3 million increase in associate benefit expense.
The increase in salary expense was primarily due to lower realized
loan cost (credit offset to salary expense) of $0.5 million (lower
new loan volume) and higher base salary expense of $0.3 million.
The increase in associate benefit expense was attributable to
higher expense for associate insurance. The increase in occupancy
expense was due to higher expense for maintenance agreements
(security upgrades). The decrease in other expense was due to a
one-time payment for $0.8 million in the second quarter of 2023
related to a consulting engagement for the negotiation of a new
core processing agreement.
For the first six months of 2024, noninterest expense totaled
$80.6 million compared to $78.0 million for the same period of 2023
with the $2.6 million increase attributable to increases in
compensation expense of $1.8 million, occupancy expense of $0.4
million, and other expense of $0.4 million. The increase in
compensation expense was primarily due to a lower level of realized
loan cost (credit offset to salary expense) of $2.0 million (lower
new loan volume) and higher base salary expense of $0.8 million
(primarily annual merit raises), partially offset by lower
commission expense of $1.1 million. The increase in occupancy was
driven by an increase in expense for maintenance agreements
(security upgrades and addition of interactive teller machines).
The increase in other expense reflected a $1.8 million gain from
the sale of a banking office in the first quarter of 2023 that was
partially offset by lower pension plan expense of $0.6 million
(service cost) and the favorable impact of the aforementioned
one-time consulting expense of $0.8 million in
2023.
Income Taxes
We realized income tax expense of $3.2 million (effective rate
of 18.5%) for the second quarter of 2024 compared to $3.5 million
(effective rate of 23.0%) for the first quarter of 2024 and $3.4
million (effective rate of 19.4%) for the second quarter of 2023.
For the first six months of 2024, we realized income tax expense of
$6.7 million (effective rate of 20.6%) compared to $7.1 million
(effective rate of 20.4%) for the same period of 2023. The decrease
in our effective tax rate for the second quarter of 2024 was
primarily due to a higher level of tax benefit accrued from a new
investment in a solar tax credit equity fund. Absent discrete
items, we expect our annual effective tax rate to approximate
20-21% for 2024.
Discussion of Financial Condition
Earning Assets
Average earning assets totaled $3.935 billion for the second
quarter of 2024, an increase of $85.7 million, or 2.2%, over the
first quarter of 2024, and an increase of $111.3 million, or 2.9%,
over the fourth quarter of 2023. The variance for both prior period
comparisons was driven by an increase in deposit balances (see
below – Deposits), resulting in higher levels of overnight funds
sold. Compared to the fourth quarter of 2023, the change in the
earning asset mix reflected a $162.7 million increase in overnight
funds and a $15.5 million increase in loans held for investment
(“HFI”) that was partially offset by lower investment securities of
$43.4 million, and loans held for sale of $23.5 million.
Average loans HFI decreased $1.9 million, or 0.1%, from the
first quarter of 2024 and increased $15.5 million, or 0.6%, over
the fourth quarter of 2023. Compared to the first quarter of 2024,
the slight decrease was driven by a decline in the consumer loans
(primarily indirect auto) of $19.0 million, partially offset by
increases in residential real estate loans of $10.1 million and
commercial real estate loans of $8.0 million. Compared
to the fourth quarter of 2023, the increase was primarily
attributable to a $51.8 million increase in residential real estate
loans that was partially offset by a decrease of $35.0 million in
consumer loans (primarily indirect auto).
Period end loans HFI decreased $40.9 million, or 1.5%, from the
first quarter of 2024 and decreased $43.7 million, or 1.6%, from
the fourth quarter of 2023. Compared to the first quarter of 2024,
the decline reflected a $20.0 million decrease in consumer loans
(primarily indirect auto) and a $13.3 million decrease in
commercial loans (primarily tax-exempt loans). The decrease from
the fourth quarter of 2023 was primarily attributable to a $36.8
million decrease in consumer loans (primarily indirect auto) and
commercial loans of $20.2 million (primarily tax-exempt loans) that
was partially offset by a $11.3 million increase in residential
real estate loans.
Allowance for Credit Losses
At June 30, 2024, the allowance for credit losses for HFI loans
totaled $29.2 million compared to $29.3 million at March 31, 2024
and $29.9 million at December 31, 2023. Activity within the
allowance is provided on Page 9. The slight decrease in the
allowance from March 31, 2024 reflected a lower level of net
charge-offs (18 basis points for the second quarter of 2024 versus
22 basis points for the first quarter of 2024) that was offset by a
higher credit loss provision (see above – Provision for Credit
Losses). The decrease in the allowance from December 31, 2023 was
primarily due to lower loan balances. At June 30, 2024, the
allowance represented 1.09% of HFI loans compared to 1.07% at March
30, 2024, and 1.10% at December 31, 2023.
Credit Quality
Nonperforming assets (nonaccrual loans and other real estate)
totaled $6.2 million at June 30, 2024 compared to $6.8 million at
March 31, 2024 and $6.2 million at December 31, 2023. At June 30,
2024, nonperforming assets as a percent of total assets equaled
0.15%, compared to 0.16% at March 31, 2024 and 0.15% at December
31, 2023. Nonaccrual loans totaled $5.5 million at June 30, 2024, a
$1.3 million decrease from March 31, 2024 and a $0.7 million
decrease from December 31, 2024. Further, classified loans totaled
$25.6 million at June 30, 2024, a $3.3 million increase over March
31, 2024 and a $3.4 million increase over December 31, 2023.
Deposits
Average total deposits were $3.641 billion for the second
quarter of 2024, an increase of $64.5 million, or 1.8%, over the
first quarter of 2024 and an increase of $92.5 million, or 2.6%,
over the fourth quarter of 2023. Compared to both prior periods,
growth occurred in both money market and CD balances which
reflected a combination of balances migrating from savings, and to
a lesser extent noninterest bearing accounts, in addition to
receiving new deposits from existing and new clients via various
deposit strategies. In addition, compared to the fourth quarter of
2023, the increase in NOW balances reflected higher average public
funds balances as municipal tax receipts are received/deposited by
those clients starting in late November. To a lesser extent, we
have realized NOW account inflows from new and existing business
accounts which reflected our bankers focus on deposit gathering
initiatives.
At June 30, 2024, total deposits were $3.609 billion, a decrease
of $46.2 million, or 1.3%, from March 31, 2024, and a decrease of
$93.3 million, or 2.5%, from December 31, 2023. The decreases from
both prior periods was primarily due to lower NOW account balances,
partially offset by the aforementioned growth in money market and
CD balances from both new and existing clients. The decline in NOW
accounts primarily reflects seasonal public fund balance activity.
Total public funds balances were $575.0 million at June 30, 2024,
$615.0 million at March 31, 2024, and $709.8 million at December
31, 2023.
Liquidity
The Bank maintained an average net overnight funds (deposits
with banks plus FED funds sold less FED funds purchased) sold
position of $262.4 million in the second quarter of 2024 compared
to $140.5 million in the first quarter of 2024 and $99.8 million in
the fourth quarter of 2023. Compared to both prior periods, the
increase was primarily driven by higher average deposits and
investment portfolio cash flow run-off.
At
June 30, 2024, we had the ability to generate approximately $1.500
billion (excludes overnight funds position of $273 million) in
additional liquidity through various sources including various
federal funds purchased lines, Federal Home Loan Bank borrowings,
the Federal Reserve Discount Window, and brokered
deposits.
We also view our investment portfolio as a liquidity source as
we have the option to pledge securities in our portfolio as
collateral for borrowings or deposits, and/or to sell selected
securities in our portfolio. Our portfolio consists of
debt issued by the U.S. Treasury, U.S. governmental agencies,
municipal governments, and corporate entities. At June
30, 2024, the weighted-average maturity and duration of our
portfolio were 2.67 years and 2.16, respectively, and the
available-for-sale portfolio had a net unrealized tax-effected loss
of $24.5 million.
Capital
Shareowners’ equity was $461.0 million at June 30, 2024 compared
to $448.3 million at March 31, 2024 and $440.6 million at December
31, 2023. For the first six months of 2024, shareowners’ equity was
positively impacted by net income attributable to shareowners of
$26.7 million, a $1.2 million decrease in the net unrealized loss
on available for sale securities, net adjustments totaling $0.9
million related to transactions under our stock compensation plans,
stock compensation accretion of $0.7 million, and a $0.3 million
increase in the fair value of the interest rate swap related to
subordinated debt. Shareowners’ equity was reduced by a
common stock dividend of $7.1 million ($0.42 per share) and the
repurchase of common stock of $2.3 million (82,540 shares).
At June 30, 2024, our total risk-based capital ratio was 17.50%
compared to 16.84% at March 31, 2024 and 16.57% at December 31,
2023. Our common equity tier 1 capital ratio was 14.44%, 13.82%,
and 13.52%, respectively, on these dates. Our leverage ratio was
10.51%, 10.45%, and 10.30%, respectively, on these dates. At June
30, 2024, all our regulatory capital ratios exceeded the thresholds
to be designated as “well-capitalized” under the Basel III capital
standards. Further, our tangible common equity ratio (non-GAAP
financial measure) was 8.91% at June 30, 2024 compared to 8.53% and
8.26% at March 31, 2024 and December 31, 2023, respectively. If our
unrealized held-to-maturity securities losses of $21.7 million
(after-tax) were recognized in accumulated other comprehensive
loss, our adjusted tangible capital ratio would be 8.38%.
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 $4.2 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 105 ATMs/ITMs in Florida,
Georgia and Alabama. For more information about Capital City Bank
Group, Inc., visit www.ccbg.com.
FORWARD-LOOKING STATEMENTS
Forward-looking statements in this Press Release are based on
current plans and expectations that are subject to uncertainties
and risks, which could cause our future results to differ
materially. The words “may,” “could,” “should,” “would,” “believe,”
“anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,”
“vision,” “goal,” and similar expressions are intended to identify
forward-looking statements. The following factors, among others,
could cause our actual results to differ: our ability to
successfully manage credit risk, interest rate risk, liquidity
risk, and other risks inherent to our industry; legislative or
regulatory changes; adverse developments in the financial services
industry; the effects of changes in the levels 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; 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; any deficiencies in
the processes undertaken to effect these restatements and to
identify and correct all errors in our historical financial
statements that may require restatement; 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/A for the fiscal year ended December 31, 2023, and our
other filings with the SEC, which are available at the SEC’s
internet site (http://www.sec.gov). Forward-looking statements in
this Press Release speak only as of the date of the Press Release,
and we assume no obligation to update forward-looking statements or
the reasons why actual results could differ, except as may be
required by law.
USE OF NON-GAAP FINANCIAL
MEASURESUnaudited
We present a tangible common equity ratio and a tangible book
value per diluted share that removes the effect of goodwill and
other intangibles resulting from merger and acquisition activity.
We believe these measures are useful to investors because it allows
investors to more easily compare our capital adequacy to other
companies in the industry.
The GAAP to non-GAAP reconciliations are provided below.
|
(Dollars in Thousands, except per share data) |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
|
Shareowners' Equity (GAAP) |
|
$ |
460,999 |
|
$ |
448,314 |
|
$ |
440,625 |
|
$ |
419,706 |
|
$ |
412,422 |
|
| Less: Goodwill and Other
Intangibles (GAAP) |
|
|
92,853 |
|
|
92,893 |
|
|
92,933 |
|
|
92,973 |
|
|
93,013 |
|
| Tangible Shareowners' Equity
(non-GAAP) |
A |
|
368,146 |
|
|
355,421 |
|
|
347,692 |
|
|
326,733 |
|
|
319,409 |
|
| Total Assets (GAAP) |
|
|
4,225,695 |
|
|
4,259,922 |
|
|
4,304,477 |
|
|
4,138,287 |
|
|
4,391,206 |
|
| Less: Goodwill and Other
Intangibles (GAAP) |
|
|
92,853 |
|
|
92,893 |
|
|
92,933 |
|
|
92,973 |
|
|
93,013 |
|
| Tangible Assets
(non-GAAP) |
B |
$ |
4,132,842 |
|
$ |
4,167,029 |
|
$ |
4,211,544 |
|
$ |
4,045,314 |
|
$ |
4,298,193 |
|
| Tangible Common Equity
Ratio (non-GAAP) |
A/B |
|
8.91% |
|
|
8.53% |
|
|
8.26% |
|
|
8.08% |
|
|
7.43% |
|
| Actual Diluted Shares
Outstanding (GAAP) |
C |
|
16,970,228 |
|
|
16,947,204 |
|
|
17,000,758 |
|
|
16,997,886 |
|
|
17,025,023 |
|
| Tangible Book Value
per Diluted Share (non-GAAP) |
A/C |
$ |
21.69 |
|
$ |
20.97 |
|
$ |
20.45 |
|
$ |
19.22 |
|
$ |
18.76 |
|
|
CAPITAL CITY BANK GROUP,
INC. |
| EARNINGS
HIGHLIGHTS |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
(Dollars in thousands, except per share data) |
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Jun 30, 2024 |
|
Jun 30, 2023 |
|
|
EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
| Net Income Attributable to
Common Shareowners |
$ |
14,150 |
$ |
12,557 |
$ |
14,174 |
$ |
26,707 |
$ |
27,883 |
|
| Diluted
Net Income Per Share |
$ |
0.83 |
$ |
0.74 |
$ |
0.83 |
$ |
1.57 |
$ |
1.64 |
|
|
PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
| Return on Average Assets
(annualized) |
|
1.33 |
% |
1.21 |
% |
1.32 |
% |
1.27 |
% |
1.29 |
% |
| Return on Average Equity
(annualized) |
|
12.23 |
|
11.07 |
|
13.58 |
|
11.66 |
|
13.67 |
|
| Net Interest Margin |
|
4.02 |
|
4.01 |
|
4.06 |
|
4.01 |
|
4.05 |
|
| Noninterest Income as % of
Operating Revenue |
|
33.30 |
|
32.06 |
|
33.22 |
|
32.69 |
|
31.90 |
|
|
Efficiency Ratio |
|
68.61 |
% |
71.06 |
% |
66.93 |
% |
69.81 |
% |
65.82 |
% |
|
CAPITAL ADEQUACY |
|
|
|
|
|
|
|
|
|
|
|
| Tier 1 Capital |
|
16.31 |
% |
15.67 |
% |
14.56 |
% |
16.31 |
% |
14.56 |
% |
| Total Capital |
|
17.50 |
|
16.84 |
|
15.68 |
|
17.50 |
|
15.68 |
|
| Leverage |
|
10.51 |
|
10.45 |
|
9.54 |
|
10.51 |
|
9.54 |
|
| Common Equity Tier 1 |
|
14.44 |
|
13.82 |
|
12.73 |
|
14.44 |
|
12.73 |
|
| Tangible Common Equity(1) |
|
8.91 |
|
8.53 |
|
7.43 |
|
8.91 |
|
7.43 |
|
| Equity
to Assets |
|
10.91 |
% |
10.52 |
% |
9.39 |
% |
10.91 |
% |
9.39 |
% |
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
| Allowance as % of
Non-Performing Loans |
|
529.79 |
% |
431.46 |
% |
426.44 |
% |
529.79 |
% |
426.44 |
% |
| Allowance as a % of Loans
HFI |
|
1.09 |
|
1.07 |
|
1.05 |
|
1.09 |
|
1.05 |
|
| Net Charge-Offs as % of
Average Loans HFI |
|
0.18 |
|
0.22 |
|
0.07 |
|
0.20 |
|
0.15 |
|
| Nonperforming Assets as % of
Loans HFI and OREO |
|
0.23 |
|
0.25 |
|
0.25 |
|
0.23 |
|
0.25 |
|
|
Nonperforming Assets as % of Total Assets |
|
0.15 |
% |
0.16 |
% |
0.15 |
% |
0.15 |
% |
0.15 |
% |
|
STOCK PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
| High |
$ |
28.58 |
$ |
31.34 |
$ |
34.16 |
$ |
31.34 |
$ |
36.86 |
|
| Low |
|
25.45 |
|
26.59 |
|
28.03 |
|
25.45 |
|
28.03 |
|
| Close |
$ |
28.44 |
$ |
27.70 |
$ |
30.64 |
$ |
28.44 |
$ |
30.64 |
|
| Average
Daily Trading Volume |
|
29,861 |
|
31,023 |
|
33,412 |
|
30,433 |
|
37,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1)Tangible common
equity ratio is a non-GAAP financial measure. For additional
information, including a reconciliation to GAAP, refer to Page
6. |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
CITY BANK GROUP,
INC. |
|
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
(Dollars in thousands) |
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and Due From Banks |
$ |
75,304 |
|
$ |
73,642 |
|
$ |
83,118 |
|
$ |
72,379 |
|
$ |
83,679 |
|
| Funds
Sold and Interest Bearing Deposits |
|
272,675 |
|
|
231,047 |
|
|
228,949 |
|
|
95,119 |
|
|
285,129 |
|
|
Total Cash and Cash Equivalents |
|
347,979 |
|
|
304,689 |
|
|
312,067 |
|
|
167,498 |
|
|
368,808 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Investment Securities
Available for Sale |
|
310,941 |
|
|
327,338 |
|
|
337,902 |
|
|
334,052 |
|
|
386,220 |
|
| Investment Securities Held to
Maturity |
|
582,984 |
|
|
603,386 |
|
|
625,022 |
|
|
632,076 |
|
|
641,398 |
|
| Other
Equity Securities |
|
2,537 |
|
|
3,445 |
|
|
3,450 |
|
|
3,585 |
|
|
1,703 |
|
|
Total Investment Securities |
|
896,462 |
|
|
934,169 |
|
|
966,374 |
|
|
969,713 |
|
|
1,029,321 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Loans Held for Sale |
|
24,022 |
|
|
24,705 |
|
|
28,211 |
|
|
34,013 |
|
|
44,659 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Loans Held for Investment
("HFI"): |
|
|
|
|
|
|
|
|
|
|
| Commercial, Financial, &
Agricultural |
|
204,990 |
|
|
218,298 |
|
|
225,190 |
|
|
221,704 |
|
|
227,219 |
|
| Real Estate -
Construction |
|
200,754 |
|
|
202,692 |
|
|
196,091 |
|
|
197,526 |
|
|
226,404 |
|
| Real Estate - Commercial |
|
823,122 |
|
|
823,690 |
|
|
825,456 |
|
|
828,234 |
|
|
831,285 |
|
| Real Estate - Residential |
|
1,012,541 |
|
|
1,012,791 |
|
|
1,001,257 |
|
|
966,512 |
|
|
893,384 |
|
| Real Estate - Home Equity |
|
211,126 |
|
|
214,617 |
|
|
210,920 |
|
|
203,606 |
|
|
203,142 |
|
| Consumer |
|
234,212 |
|
|
254,168 |
|
|
270,994 |
|
|
285,122 |
|
|
295,646 |
|
| Other Loans |
|
2,286 |
|
|
3,789 |
|
|
2,962 |
|
|
1,401 |
|
|
5,425 |
|
|
Overdrafts |
|
1,192 |
|
|
1,127 |
|
|
1,048 |
|
|
1,076 |
|
|
1,007 |
|
|
Total Loans Held for Investment |
|
2,690,223 |
|
|
2,731,172 |
|
|
2,733,918 |
|
|
2,705,181 |
|
|
2,683,512 |
|
|
Allowance for Credit Losses |
|
(29,219 |
) |
|
(29,329 |
) |
|
(29,941 |
) |
|
(29,083 |
) |
|
(28,243 |
) |
|
Loans Held for Investment, Net |
|
2,661,004 |
|
|
2,701,843 |
|
|
2,703,977 |
|
|
2,676,098 |
|
|
2,655,269 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Premises and Equipment,
Net |
|
81,414 |
|
|
81,452 |
|
|
81,266 |
|
|
81,677 |
|
|
82,062 |
|
| Goodwill and Other
Intangibles |
|
92,853 |
|
|
92,893 |
|
|
92,933 |
|
|
92,973 |
|
|
93,013 |
|
| Other Real Estate Owned |
|
650 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
| Other
Assets |
|
121,311 |
|
|
120,170 |
|
|
119,648 |
|
|
116,314 |
|
|
118,073 |
|
|
Total Other Assets |
|
296,228 |
|
|
294,516 |
|
|
293,848 |
|
|
290,965 |
|
|
293,149 |
|
|
Total Assets |
$ |
4,225,695 |
|
$ |
4,259,922 |
|
$ |
4,304,477 |
|
$ |
4,138,287 |
|
$ |
4,391,206 |
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
|
|
| Noninterest Bearing
Deposits |
$ |
1,343,606 |
|
$ |
1,361,939 |
|
$ |
1,377,934 |
|
$ |
1,472,165 |
|
$ |
1,520,134 |
|
| NOW Accounts |
|
1,177,180 |
|
|
1,212,452 |
|
|
1,327,420 |
|
|
1,092,996 |
|
|
1,269,839 |
|
| Money Market Accounts |
|
413,594 |
|
|
398,308 |
|
|
319,319 |
|
|
304,323 |
|
|
321,743 |
|
| Savings Accounts |
|
514,560 |
|
|
530,782 |
|
|
547,634 |
|
|
571,003 |
|
|
590,245 |
|
|
Certificates of Deposit |
|
159,624 |
|
|
151,320 |
|
|
129,515 |
|
|
99,958 |
|
|
86,905 |
|
|
Total Deposits |
|
3,608,564 |
|
|
3,654,801 |
|
|
3,701,822 |
|
|
3,540,445 |
|
|
3,788,866 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Repurchase Agreements |
|
22,463 |
|
|
23,477 |
|
|
26,957 |
|
|
22,910 |
|
|
22,619 |
|
| Other Short-Term
Borrowings |
|
3,307 |
|
|
8,409 |
|
|
8,384 |
|
|
18,786 |
|
|
28,054 |
|
| Subordinated Notes
Payable |
|
52,887 |
|
|
52,887 |
|
|
52,887 |
|
|
52,887 |
|
|
52,887 |
|
| Other Long-Term
Borrowings |
|
1,009 |
|
|
265 |
|
|
315 |
|
|
364 |
|
|
414 |
|
| Other
Liabilities |
|
69,987 |
|
|
65,181 |
|
|
66,080 |
|
|
75,585 |
|
|
77,192 |
|
|
Total Liabilities |
|
3,758,217 |
|
|
3,805,020 |
|
|
3,856,445 |
|
|
3,710,977 |
|
|
3,970,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Temporary Equity |
|
6,479 |
|
|
6,588 |
|
|
7,407 |
|
|
7,604 |
|
|
8,752 |
|
| SHAREOWNERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
| Common Stock |
|
169 |
|
|
169 |
|
|
170 |
|
|
170 |
|
|
170 |
|
| Additional Paid-In
Capital |
|
35,547 |
|
|
34,861 |
|
|
36,326 |
|
|
36,182 |
|
|
36,853 |
|
| Retained Earnings |
|
445,959 |
|
|
435,364 |
|
|
426,275 |
|
|
418,030 |
|
|
408,771 |
|
|
Accumulated Other Comprehensive Loss, Net of Tax |
|
(20,676 |
) |
|
(22,080 |
) |
|
(22,146 |
) |
|
(34,676 |
) |
|
(33,372 |
) |
|
Total Shareowners' Equity |
|
460,999 |
|
|
448,314 |
|
|
440,625 |
|
|
419,706 |
|
|
412,422 |
|
|
Total Liabilities, Temporary Equity and Shareowners' Equity |
$ |
4,225,695 |
|
$ |
4,259,922 |
|
$ |
4,304,477 |
|
$ |
4,138,287 |
|
$ |
4,391,206 |
|
|
OTHER BALANCE SHEET DATA |
|
|
|
|
|
|
|
|
|
|
| Earning Assets |
$ |
3,883,382 |
|
$ |
3,921,093 |
|
$ |
3,957,452 |
|
$ |
3,804,026 |
|
$ |
4,042,621 |
|
|
Interest Bearing Liabilities |
|
2,344,624 |
|
|
2,377,900 |
|
|
2,412,431 |
|
|
2,163,227 |
|
|
2,372,706 |
|
|
Book Value Per Diluted Share |
$ |
27.17 |
|
$ |
26.45 |
|
$ |
25.92 |
|
$ |
24.69 |
|
$ |
24.21 |
|
|
Tangible Book Value Per Diluted Share(1) |
|
21.69 |
|
|
20.97 |
|
|
20.45 |
|
|
19.22 |
|
|
18.76 |
|
|
Actual Basic Shares Outstanding |
|
16,942 |
|
|
16,929 |
|
|
16,950 |
|
|
16,958 |
|
|
16,992 |
|
| Actual
Diluted Shares Outstanding |
|
16,970 |
|
|
16,947 |
|
|
17,001 |
|
|
16,998 |
|
|
17,025 |
|
| (1)Tangible book
value per diluted share is a non-GAAP financial measure. For
additional information, including a reconciliation to GAAP, refer
to Page 6. |
| CAPITAL
CITY BANK GROUP,
INC. |
|
CONSOLIDATED STATEMENT OF
OPERATIONS |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2024 |
|
2023 |
|
Six Months EndedJune 30, |
|
(Dollars in thousands, except per share data) |
|
SecondQuarter |
|
FirstQuarter |
|
FourthQuarter |
|
ThirdQuarter |
|
SecondQuarter |
|
2024 |
|
2023 |
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including Fees |
$ |
41,138 |
$ |
40,683 |
$ |
40,407 |
$ |
39,344 |
$ |
37,608 |
|
$ |
81,821 |
$ |
72,499 |
| Investment Securities |
|
4,004 |
|
4,244 |
|
4,392 |
|
4,561 |
|
4,815 |
|
|
8,248 |
|
9,739 |
| Federal
Funds Sold and Interest Bearing Deposits |
|
3,624 |
|
1,893 |
|
1,385 |
|
1,848 |
|
2,782 |
|
|
5,517 |
|
6,893 |
|
Total Interest Income |
|
48,766 |
|
46,820 |
|
46,184 |
|
45,753 |
|
45,205 |
|
|
95,586 |
|
89,131 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
8,579 |
|
7,594 |
|
5,872 |
|
5,214 |
|
4,008 |
|
|
16,173 |
|
6,496 |
| Repurchase Agreements |
|
217 |
|
201 |
|
199 |
|
190 |
|
115 |
|
|
418 |
|
124 |
| Other Short-Term
Borrowings |
|
68 |
|
39 |
|
310 |
|
440 |
|
336 |
|
|
107 |
|
788 |
| Subordinated Notes
Payable |
|
630 |
|
628 |
|
627 |
|
625 |
|
604 |
|
|
1,258 |
|
1,175 |
| Other
Long-Term Borrowings |
|
3 |
|
3 |
|
5 |
|
4 |
|
5 |
|
|
6 |
|
11 |
|
Total Interest Expense |
|
9,497 |
|
8,465 |
|
7,013 |
|
6,473 |
|
5,068 |
|
|
17,962 |
|
8,594 |
|
Net Interest Income |
|
39,269 |
|
38,355 |
|
39,171 |
|
39,280 |
|
40,137 |
|
|
77,624 |
|
80,537 |
|
Provision for Credit Losses |
|
1,204 |
|
920 |
|
2,025 |
|
2,393 |
|
2,197 |
|
|
2,124 |
|
5,296 |
|
Net Interest Income after Provision for Credit Losses |
|
38,065 |
|
37,435 |
|
37,146 |
|
36,887 |
|
37,940 |
|
|
75,500 |
|
75,241 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposit Fees |
|
5,377 |
|
5,250 |
|
5,304 |
|
5,456 |
|
5,326 |
|
|
10,627 |
|
10,565 |
| Bank Card Fees |
|
3,766 |
|
3,620 |
|
3,713 |
|
3,684 |
|
3,795 |
|
|
7,386 |
|
7,521 |
| Wealth Management Fees |
|
4,439 |
|
4,682 |
|
4,276 |
|
3,984 |
|
4,149 |
|
|
9,121 |
|
8,077 |
| Mortgage Banking Revenues |
|
4,381 |
|
2,878 |
|
2,327 |
|
1,839 |
|
3,363 |
|
|
7,259 |
|
6,234 |
|
Other |
|
1,643 |
|
1,667 |
|
1,537 |
|
1,765 |
|
3,334 |
|
|
3,310 |
|
5,328 |
|
Total Noninterest Income |
|
19,606 |
|
18,097 |
|
17,157 |
|
16,728 |
|
19,967 |
|
|
37,703 |
|
37,725 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation |
|
24,406 |
|
24,407 |
|
23,822 |
|
23,003 |
|
23,438 |
|
|
48,813 |
|
46,962 |
| Occupancy, Net |
|
6,997 |
|
6,994 |
|
7,098 |
|
6,980 |
|
6,820 |
|
|
13,991 |
|
13,582 |
|
Other |
|
9,038 |
|
8,770 |
|
9,038 |
|
9,122 |
|
10,027 |
|
|
17,808 |
|
17,417 |
|
Total Noninterest Expense |
|
40,441 |
|
40,171 |
|
39,958 |
|
39,105 |
|
40,285 |
|
|
80,612 |
|
77,961 |
|
OPERATING PROFIT |
|
17,230 |
|
15,361 |
|
14,345 |
|
14,510 |
|
17,622 |
|
|
32,591 |
|
35,005 |
| Income
Tax Expense |
|
3,189 |
|
3,536 |
|
2,909 |
|
3,004 |
|
3,417 |
|
|
6,725 |
|
7,126 |
|
Net Income |
|
14,041 |
|
11,825 |
|
11,436 |
|
11,506 |
|
14,205 |
|
|
25,866 |
|
27,879 |
| Pre-Tax
Loss (Income) Attributable to Noncontrolling Interest |
|
109 |
|
732 |
|
284 |
|
1,149 |
|
(31 |
) |
|
841 |
|
4 |
|
NET INCOME ATTRIBUTABLE TOCOMMON
SHAREOWNERS |
$ |
14,150 |
$ |
12,557 |
$ |
11,720 |
$ |
12,655 |
$ |
14,174 |
|
$ |
26,707 |
$ |
27,883 |
|
PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic Net Income |
$ |
0.84 |
$ |
0.74 |
$ |
0.69 |
$ |
0.75 |
$ |
0.83 |
|
$ |
1.58 |
$ |
1.64 |
| Diluted Net Income |
|
0.83 |
|
0.74 |
|
0.70 |
|
0.74 |
|
0.83 |
|
|
1.57 |
|
1.64 |
| Cash Dividend |
$ |
0.21 |
$ |
0.21 |
$ |
0.20 |
$ |
0.20 |
$ |
0.18 |
|
$ |
0.42 |
$ |
0.36 |
| AVERAGE
SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
16,931 |
|
16,951 |
|
16,947 |
|
16,985 |
|
17,002 |
|
|
16,941 |
|
17,009 |
|
Diluted |
|
16,960 |
|
16,969 |
|
16,997 |
|
17,025 |
|
17,035 |
|
|
16,964 |
|
17,040 |
| CAPITAL
CITY BANK GROUP, INC. |
| ALLOWANCE
FOR CREDIT LOSSES ("ACL") |
| AND
CREDIT QUALITY |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2024 |
|
2023 |
|
Six Months EndedJune 30, |
|
(Dollars in thousands, except per share data) |
|
SecondQuarter |
|
FirstQuarter |
|
FourthQuarter |
|
ThirdQuarter |
|
SecondQuarter |
|
2024 |
|
2023 |
|
ACL - HELD FOR INVESTMENT LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Beginning of Period |
$ |
29,329 |
|
$ |
29,941 |
|
$ |
29,083 |
|
$ |
28,243 |
|
$ |
26,808 |
|
$ |
29,941 |
|
$ |
25,068 |
|
| Transfer from Other (Assets)
Liabilities |
|
- |
|
|
(50 |
) |
|
66 |
|
|
- |
|
|
- |
|
|
(50 |
) |
|
- |
|
| Provision for Credit
Losses |
|
1,129 |
|
|
932 |
|
|
2,354 |
|
|
1,993 |
|
|
1,922 |
|
|
2,061 |
|
|
5,182 |
|
| Net Charge-Offs
(Recoveries) |
|
1,239 |
|
|
1,494 |
|
|
1,562 |
|
|
1,153 |
|
|
487 |
|
|
2,733 |
|
|
2,007 |
|
| Balance
at End of Period |
$ |
29,219 |
|
$ |
29,329 |
|
$ |
29,941 |
|
$ |
29,083 |
|
$ |
28,243 |
|
$ |
29,219 |
|
$ |
28,243 |
|
|
As a % of Loans HFI |
|
1.09% |
|
|
1.07% |
|
|
1.10% |
|
|
1.08% |
|
|
1.05% |
|
|
1.09% |
|
|
1.05% |
|
| As a %
of Nonperforming Loans |
|
529.79% |
|
|
431.46% |
|
|
479.70% |
|
|
619.58% |
|
|
426.44% |
|
|
529.79% |
|
|
426.44% |
|
|
ACL - UNFUNDED COMMITMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at Beginning of
Period |
|
3,121 |
|
$ |
3,191 |
|
$ |
3,502 |
|
$ |
3,120 |
|
$ |
2,833 |
|
$ |
3,191 |
|
$ |
2,989 |
|
| Provision for Credit
Losses |
|
18 |
|
|
(70 |
) |
|
(311 |
) |
|
382 |
|
|
287 |
|
|
(52 |
) |
|
131 |
|
| Balance
at End of Period(1) |
|
3,139 |
|
|
3,121 |
|
|
3,191 |
|
|
3,502 |
|
|
3,120 |
|
|
3,139 |
|
|
3,120 |
|
|
ACL - DEBT SECURITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Credit Losses |
$ |
57 |
|
$ |
58 |
|
$ |
(18 |
) |
$ |
18 |
|
$ |
(12 |
) |
$ |
115 |
|
$ |
(17 |
) |
|
CHARGE-OFFS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial, Financial and
Agricultural |
$ |
400 |
|
$ |
282 |
|
$ |
217 |
|
$ |
76 |
|
$ |
54 |
|
$ |
682 |
|
$ |
218 |
|
| Real Estate -
Construction |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
| Real Estate - Commercial |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
120 |
|
| Real Estate - Residential |
|
- |
|
|
17 |
|
|
79 |
|
|
- |
|
|
- |
|
|
17 |
|
|
- |
|
| Real Estate - Home Equity |
|
- |
|
|
76 |
|
|
- |
|
|
- |
|
|
39 |
|
|
76 |
|
|
39 |
|
| Consumer |
|
1,061 |
|
|
1,550 |
|
|
1,689 |
|
|
1,340 |
|
|
993 |
|
|
2,611 |
|
|
2,725 |
|
| Overdrafts |
|
571 |
|
|
638 |
|
|
602 |
|
|
659 |
|
|
894 |
|
|
1,209 |
|
|
1,528 |
|
| Total
Charge-Offs |
$ |
2,032 |
|
$ |
2,563 |
|
$ |
2,587 |
|
$ |
2,075 |
|
$ |
1,980 |
|
$ |
4,595 |
|
$ |
4,630 |
|
|
RECOVERIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial, Financial and
Agricultural |
$ |
59 |
|
$ |
41 |
|
$ |
83 |
|
$ |
28 |
|
$ |
71 |
|
$ |
100 |
|
$ |
166 |
|
| Real Estate -
Construction |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1 |
|
|
- |
|
|
2 |
|
| Real Estate - Commercial |
|
19 |
|
|
204 |
|
|
16 |
|
|
17 |
|
|
11 |
|
|
223 |
|
|
19 |
|
| Real Estate - Residential |
|
23 |
|
|
37 |
|
|
34 |
|
|
30 |
|
|
132 |
|
|
60 |
|
|
189 |
|
| Real Estate - Home Equity |
|
37 |
|
|
24 |
|
|
17 |
|
|
53 |
|
|
131 |
|
|
61 |
|
|
156 |
|
| Consumer |
|
313 |
|
|
410 |
|
|
433 |
|
|
418 |
|
|
514 |
|
|
723 |
|
|
1,085 |
|
| Overdrafts |
|
342 |
|
|
353 |
|
|
442 |
|
|
376 |
|
|
633 |
|
|
695 |
|
|
1,006 |
|
| Total
Recoveries |
$ |
793 |
|
$ |
1,069 |
|
$ |
1,025 |
|
$ |
922 |
|
$ |
1,493 |
|
$ |
1,862 |
|
$ |
2,623 |
|
|
NET CHARGE-OFFS (RECOVERIES) |
$ |
1,239 |
|
$ |
1,494 |
|
$ |
1,562 |
|
$ |
1,153 |
|
$ |
487 |
|
$ |
2,733 |
|
$ |
2,007 |
|
|
Net Charge-Offs as a % of Average Loans HFI(2) |
|
0.18% |
|
|
0.22% |
|
|
0.23% |
|
|
0.17% |
|
|
0.07% |
|
|
0.20% |
|
|
0.15% |
|
|
CREDIT QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonaccruing Loans |
$ |
5,515 |
|
$ |
6,798 |
|
$ |
6,242 |
|
$ |
4,694 |
|
$ |
6,623 |
|
|
|
|
|
| Other Real Estate Owned |
|
650 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
|
|
|
| Total
Nonperforming Assets ("NPAs") |
$ |
6,165 |
|
$ |
6,799 |
|
$ |
6,243 |
|
$ |
4,695 |
|
$ |
6,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Past Due Loans 30-89 Days |
$ |
5,672 |
|
$ |
5,392 |
|
$ |
6,854 |
|
$ |
5,577 |
|
$ |
4,207 |
|
|
|
|
|
| Classified Loans |
|
25,566 |
|
|
22,305 |
|
|
22,203 |
|
|
21,812 |
|
|
14,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonperforming Loans as a % of
Loans HFI |
|
0.21% |
|
|
0.25% |
|
|
0.23% |
|
|
0.17% |
|
|
0.25% |
|
|
|
|
|
| NPAs as a % of Loans HFI and
Other Real Estate |
|
0.23% |
|
|
0.25% |
|
|
0.23% |
|
|
0.17% |
|
|
0.25% |
|
|
|
|
|
| NPAs as
a % of Total Assets |
|
0.15% |
|
|
0.16% |
|
|
0.15% |
|
|
0.11% |
|
|
0.15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1)Recorded in other
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (2)Annualized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
CITY BANK GROUP, INC. |
| AVERAGE
BALANCE AND INTEREST RATES |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2024 |
|
|
First Quarter 2024 |
|
|
Fourth Quarter 2023 |
|
|
Third Quarter 2023 |
|
|
Second Quarter 2023 |
|
|
|
Jun 2024 YTD |
|
|
Jun 2023 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 Held for Sale |
$ |
26,281 |
|
$ |
517 |
|
5.26 |
% |
$ |
27,314 |
|
$ |
563 |
|
5.99 |
% |
$ |
49,790 |
|
$ |
817 |
|
6.50 |
% |
$ |
62,768 |
|
|
971 |
|
6.14 |
% |
$ |
54,350 |
|
$ |
800 |
|
5.90 |
% |
|
$ |
26,797 |
|
$ |
1,080 |
|
5.62 |
% |
$ |
54,728 |
|
$ |
1,445 |
|
5.32 |
% |
| Loans Held for
Investment(1) |
|
2,726,748 |
|
|
40,683 |
|
6.03 |
|
|
2,728,629 |
|
|
40,196 |
|
5.95 |
|
|
2,711,243 |
|
|
39,679 |
|
5.81 |
|
|
2,672,653 |
|
|
38,455 |
|
5.71 |
|
|
2,657,693 |
|
|
36,890 |
|
5.55 |
|
|
|
2,727,688 |
|
|
80,879 |
|
5.99 |
|
|
2,620,252 |
|
|
71,232 |
|
5.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable Investment Securities |
|
918,989 |
|
|
3,998 |
|
1.74 |
|
|
952,328 |
|
|
4,239 |
|
1.78 |
|
|
962,322 |
|
|
4,389 |
|
1.81 |
|
|
1,002,547 |
|
|
4,549 |
|
1.80 |
|
|
1,041,202 |
|
|
4,803 |
|
1.84 |
|
|
|
935,658 |
|
|
8,237 |
|
1.76 |
|
|
1,051,232 |
|
|
9,716 |
|
1.85 |
|
|
Tax-Exempt Investment Securities(1) |
|
843 |
|
|
9 |
|
4.36 |
|
|
856 |
|
|
9 |
|
4.34 |
|
|
862 |
|
|
7 |
|
4.32 |
|
|
2,456 |
|
|
17 |
|
2.66 |
|
|
2,656 |
|
|
17 |
|
2.47 |
|
|
|
850 |
|
|
18 |
|
4.35 |
|
|
2,747 |
|
|
33 |
|
2.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investment
Securities |
|
919,832 |
|
|
4,007 |
|
1.74 |
|
|
953,184 |
|
|
4,248 |
|
1.78 |
|
|
963,184 |
|
|
4,396 |
|
1.82 |
|
|
1,005,003 |
|
|
4,566 |
|
1.81 |
|
|
1,043,858 |
|
|
4,820 |
|
1.84 |
|
|
|
936,508 |
|
|
8,255 |
|
1.76 |
|
|
1,053,979 |
|
|
9,749 |
|
1.85 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Federal Funds Sold and
Interest Bearing Deposits |
|
262,419 |
|
|
3,624 |
|
5.56 |
|
|
140,488 |
|
|
1,893 |
|
5.42 |
|
|
99,763 |
|
|
1,385 |
|
5.51 |
|
|
136,556 |
|
|
1,848 |
|
5.37 |
|
|
218,902 |
|
|
2,782 |
|
5.10 |
|
|
|
201,454 |
|
|
5,517 |
|
5.51 |
|
|
289,543 |
|
|
6,893 |
|
4.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
|
3,935,280 |
|
$ |
48,831 |
|
4.99 |
% |
|
3,849,615 |
|
$ |
46,900 |
|
4.90 |
% |
|
3,823,980 |
|
$ |
46,277 |
|
4.80 |
% |
|
3,876,980 |
|
$ |
45,840 |
|
4.69 |
% |
|
3,974,803 |
|
$ |
45,292 |
|
4.57 |
% |
|
|
3,892,447 |
|
$ |
95,731 |
|
4.94 |
% |
|
4,018,502 |
|
$ |
89,319 |
|
4.48 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and Due From Banks |
|
74,803 |
|
|
|
|
|
|
|
75,763 |
|
|
|
|
|
|
|
76,681 |
|
|
|
|
|
|
|
75,941 |
|
|
|
|
|
|
|
75,854 |
|
|
|
|
|
|
|
|
75,283 |
|
|
|
|
|
|
|
75,250 |
|
|
|
|
|
|
| Allowance for Credit
Losses |
|
(29,564 |
) |
|
|
|
|
|
|
(30,030 |
) |
|
|
|
|
|
|
(29,998 |
) |
|
|
|
|
|
|
(29,172 |
) |
|
|
|
|
|
|
(27,893 |
) |
|
|
|
|
|
|
|
(29,797 |
) |
|
|
|
|
|
|
(26,771 |
) |
|
|
|
|
|
| Other Assets |
|
291,669 |
|
|
|
|
|
|
|
295,275 |
|
|
|
|
|
|
|
296,114 |
|
|
|
|
|
|
|
295,106 |
|
|
|
|
|
|
|
297,837 |
|
|
|
|
|
|
|
|
293,473 |
|
|
|
|
|
|
|
298,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
4,272,188 |
|
|
|
|
|
|
$ |
4,190,623 |
|
|
|
|
|
|
$ |
4,166,777 |
|
|
|
|
|
|
$ |
4,218,855 |
|
|
|
|
|
|
$ |
4,320,601 |
|
|
|
|
|
|
|
$ |
4,231,406 |
|
|
|
|
|
|
$ |
4,365,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest Bearing
Deposits |
$ |
1,346,546 |
|
|
|
|
|
|
$ |
1,344,188 |
|
|
|
|
|
|
$ |
1,416,825 |
|
|
|
|
|
|
$ |
1,474,574 |
|
|
|
|
|
|
$ |
1,539,877 |
|
|
|
|
|
|
|
$ |
1,345,367 |
|
|
|
|
|
|
$ |
1,570,642 |
|
|
|
|
|
|
| NOW Accounts |
|
1,207,643 |
|
$ |
4,425 |
|
1.47 |
% |
|
1,201,032 |
|
$ |
4,497 |
|
1.51 |
% |
|
1,138,461 |
|
$ |
3,696 |
|
1.29 |
% |
|
1,125,171 |
|
$ |
3,489 |
|
1.23 |
% |
|
1,200,400 |
|
$ |
3,038 |
|
1.01 |
% |
|
|
1,204,337 |
|
$ |
8,922 |
|
1.49 |
% |
|
1,214,585 |
|
$ |
5,190 |
|
0.86 |
% |
| Money Market Accounts |
|
407,387 |
|
|
2,752 |
|
2.72 |
|
|
353,591 |
|
|
1,985 |
|
2.26 |
|
|
318,844 |
|
|
1,421 |
|
1.77 |
|
|
322,623 |
|
|
1,294 |
|
1.59 |
|
|
288,466 |
|
|
747 |
|
1.04 |
|
|
|
380,489 |
|
|
4,737 |
|
2.50 |
|
|
278,077 |
|
|
955 |
|
0.69 |
|
| Savings Accounts |
|
519,374 |
|
|
176 |
|
0.14 |
|
|
539,374 |
|
|
188 |
|
0.14 |
|
|
557,579 |
|
|
202 |
|
0.14 |
|
|
579,245 |
|
|
200 |
|
0.14 |
|
|
602,848 |
|
|
120 |
|
0.08 |
|
|
|
529,374 |
|
|
364 |
|
0.14 |
|
|
616,045 |
|
|
196 |
|
0.06 |
|
| Time
Deposits |
|
160,078 |
|
|
1,226 |
|
3.08 |
|
|
138,328 |
|
|
924 |
|
2.69 |
|
|
116,797 |
|
|
553 |
|
1.88 |
|
|
95,203 |
|
|
231 |
|
0.96 |
|
|
87,973 |
|
|
103 |
|
0.47 |
|
|
|
149,203 |
|
|
2,150 |
|
2.90 |
|
|
88,819 |
|
|
155 |
|
0.35 |
|
|
Total Interest Bearing Deposits |
|
2,294,482 |
|
|
8,579 |
|
1.50 |
|
|
2,232,325 |
|
|
7,594 |
|
1.37 |
|
|
2,131,681 |
|
|
5,872 |
|
1.09 |
|
|
2,122,242 |
|
|
5,214 |
|
0.97 |
|
|
2,179,687 |
|
|
4,008 |
|
0.74 |
|
|
|
2,263,403 |
|
|
16,173 |
|
1.44 |
|
|
2,197,526 |
|
|
6,496 |
|
0.60 |
|
| Total
Deposits |
|
3,641,028 |
|
|
8,579 |
|
0.95 |
|
|
3,576,513 |
|
|
7,594 |
|
0.85 |
|
|
3,548,506 |
|
|
5,872 |
|
0.66 |
|
|
3,596,816 |
|
|
5,214 |
|
0.58 |
|
|
3,719,564 |
|
|
4,008 |
|
0.43 |
|
|
|
3,608,770 |
|
|
16,173 |
|
0.90 |
|
|
3,768,168 |
|
|
6,496 |
|
0.35 |
|
|
Repurchase Agreements |
|
26,999 |
|
|
217 |
|
3.24 |
|
|
25,725 |
|
|
201 |
|
3.14 |
|
|
26,831 |
|
|
199 |
|
2.94 |
|
|
25,356 |
|
|
190 |
|
2.98 |
|
|
17,888 |
|
|
115 |
|
2.58 |
|
|
|
26,362 |
|
|
418 |
|
3.19 |
|
|
13,639 |
|
|
124 |
|
1.83 |
|
| Other Short-Term
Borrowings |
|
6,592 |
|
|
68 |
|
4.16 |
|
|
3,758 |
|
|
39 |
|
4.16 |
|
|
16,906 |
|
|
310 |
|
7.29 |
|
|
24,306 |
|
|
440 |
|
7.17 |
|
|
17,834 |
|
|
336 |
|
7.54 |
|
|
|
5,176 |
|
|
107 |
|
4.16 |
|
|
27,745 |
|
|
788 |
|
5.73 |
|
| Subordinated Notes
Payable |
|
52,887 |
|
|
630 |
|
4.71 |
|
|
52,887 |
|
|
628 |
|
4.70 |
|
|
52,887 |
|
|
627 |
|
4.64 |
|
|
52,887 |
|
|
625 |
|
4.62 |
|
|
52,887 |
|
|
604 |
|
4.52 |
|
|
|
52,887 |
|
|
1,258 |
|
4.70 |
|
|
52,887 |
|
|
1,175 |
|
4.42 |
|
| Other Long-Term
Borrowings |
|
258 |
|
|
3 |
|
4.31 |
|
|
281 |
|
|
3 |
|
4.80 |
|
|
336 |
|
|
5 |
|
4.72 |
|
|
387 |
|
|
4 |
|
4.73 |
|
|
431 |
|
|
5 |
|
4.80 |
|
|
|
270 |
|
|
6 |
|
4.56 |
|
|
455 |
|
|
11 |
|
4.80 |
|
|
Total Interest Bearing Liabilities |
|
2,381,218 |
|
$ |
9,497 |
|
1.60 |
% |
|
2,314,976 |
|
$ |
8,465 |
|
1.47 |
% |
|
2,228,641 |
|
$ |
7,013 |
|
1.25 |
% |
|
2,225,178 |
|
$ |
6,473 |
|
1.15 |
% |
|
2,268,727 |
|
$ |
5,068 |
|
0.90 |
% |
|
|
2,348,098 |
|
$ |
17,962 |
|
1.54 |
% |
|
2,292,252 |
|
$ |
8,594 |
|
0.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities |
|
72,634 |
|
|
|
|
|
|
|
68,295 |
|
|
|
|
|
|
|
78,772 |
|
|
|
|
|
|
|
83,099 |
|
|
|
|
|
|
|
84,305 |
|
|
|
|
|
|
|
|
70,464 |
|
|
|
|
|
|
|
82,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
3,800,398 |
|
|
|
|
|
|
|
3,727,459 |
|
|
|
|
|
|
|
3,724,238 |
|
|
|
|
|
|
|
3,782,851 |
|
|
|
|
|
|
|
3,892,909 |
|
|
|
|
|
|
|
|
3,763,929 |
|
|
|
|
|
|
|
3,945,659 |
|
|
|
|
|
|
| Temporary Equity |
|
6,493 |
|
|
|
|
|
|
|
7,150 |
|
|
|
|
|
|
|
7,423 |
|
|
|
|
|
|
|
8,424 |
|
|
|
|
|
|
|
8,935 |
|
|
|
|
|
|
|
|
6,821 |
|
|
|
|
|
|
|
8,869 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHAREOWNERS'
EQUITY: |
|
465,297 |
|
|
|
|
|
|
|
456,014 |
|
|
|
|
|
|
|
435,116 |
|
|
|
|
|
|
|
427,580 |
|
|
|
|
|
|
|
418,757 |
|
|
|
|
|
|
|
|
460,656 |
|
|
|
|
|
|
|
411,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities, Temporary Equity and Shareowners' Equity |
$ |
4,272,188 |
|
|
|
|
|
|
$ |
4,190,623 |
|
|
|
|
|
|
$ |
4,166,777 |
|
|
|
|
|
|
$ |
4,218,855 |
|
|
|
|
|
|
$ |
4,320,601 |
|
|
|
|
|
|
|
$ |
4,231,406 |
|
|
|
|
|
|
$ |
4,365,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Spread |
|
|
$ |
39,334 |
|
3.38 |
% |
|
|
$ |
38,435 |
|
3.43 |
% |
|
|
$ |
39,264 |
|
3.55 |
% |
|
|
$ |
39,367 |
|
3.54 |
% |
|
|
$ |
40,224 |
|
3.67 |
% |
|
|
|
$ |
77,769 |
|
3.40 |
% |
|
|
$ |
80,725 |
|
3.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Income and Rate
Earned(1) |
|
|
|
48,831 |
|
4.99 |
|
|
|
|
46,900 |
|
4.90 |
|
|
|
|
46,277 |
|
4.80 |
|
|
|
|
45,840 |
|
4.69 |
|
|
|
|
45,292 |
|
4.57 |
|
|
|
|
|
95,731 |
|
4.94 |
|
|
|
|
89,319 |
|
4.48 |
|
| Interest Expense and Rate
Paid(2) |
|
|
|
9,497 |
|
0.97 |
|
|
|
|
8,465 |
|
0.88 |
|
|
|
|
7,013 |
|
0.73 |
|
|
|
|
6,473 |
|
0.66 |
|
|
|
|
5,068 |
|
0.51 |
|
|
|
|
|
17,962 |
|
0.93 |
|
|
|
|
8,594 |
|
0.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
|
|
$ |
39,334 |
|
4.02 |
% |
|
|
$ |
38,435 |
|
4.01 |
% |
|
|
$ |
39,264 |
|
4.07 |
% |
|
|
$ |
39,367 |
|
4.03 |
% |
|
|
$ |
40,224 |
|
4.06 |
% |
|
|
|
$ |
77,769 |
|
4.01 |
% |
|
|
$ |
80,725 |
|
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. |
For Information Contact:Jep LarkinExecutive Vice President and
Chief Financial Officer850.402. 8450
Capital City Bank (NASDAQ:CCBG)
過去 株価チャート
から 6 2024 まで 7 2024
Capital City Bank (NASDAQ:CCBG)
過去 株価チャート
から 7 2023 まで 7 2024
