Capital City Bank Group, Inc. (Nasdaq:CCBG) today reported net
income of $3.8 million, or $0.22 per diluted share, for the first
quarter of 2014 compared to net income of $2.8 million, or $0.16
per diluted share, for the fourth quarter of 2013, and net income
of $0.8 million, or $0.05 per diluted share, for the first quarter
of 2013.
Compared to the fourth quarter of 2013, performance
reflects lower operating expenses of $1.3 million and income taxes
of $1.4 million, partially offset by lower net interest income of
$0.7 million and noninterest income of $1.0 million.
Compared to the first quarter of 2013, the increase
in earnings was due to lower operating expenses of $2.8 million, a
lower loan loss provision of $0.7 million, and a reduction in
income taxes of $1.8 million, partially offset by lower net
interest income of $1.6 million and noninterest income of $0.7
million.
"Capital City posted a solid performance in the first quarter,"
said William G. Smith, Chairman, President, and CEO of Capital City
Bank Group. The board reinstituted the quarterly dividend and
authorized the repurchase of up to 1.5 million shares of common
stock over the next five years – two important events taking place
during the quarter. Nonperforming assets fell 7.6% and, while it is
too early to suggest the loan portfolio has stabilized, it was
encouraging to report quarter-over-quarter growth for the first
time since 2009. Improving our credit quality and stabilizing our
loan portfolio remain primary areas of focus in our 2014 strategy,
as will continued efforts to right-size our expense base and
identify new revenue opportunities. The economic outlook continues
to brighten, though the pace of improvement is slow. There is still
work to be done, but I am proud of our accomplishments and like our
momentum coming out of the first quarter of 2014."
The Return on Average Assets was 0.59% and the Return on Average
Equity was 5.44% for the first quarter of 2014, compared to 0.43%
and 4.33%, respectively, for the fourth quarter of 2013, and 0.13%
and 1.36%, respectively, for the first quarter in 2013.
Discussion of Financial Condition
Average earning assets were $2.268 billion for the first quarter
of 2014, an increase of $62.0 million, or 2.8%, over the fourth
quarter of 2013, and an increase of $27.4 million, or 1.2%, over
the first quarter of 2013. The increase compared to the fourth
quarter of 2013 and first quarter of 2013 primarily reflects a
higher level of deposits resulting from the influx of public funds
and noninterest bearing deposits.
We maintained an average net overnight funds (deposits with
banks plus federal funds sold less federal funds purchased) sold
position of $467.3 million during the first quarter of 2014
compared to an average net overnight funds sold position of $411.6
million in the fourth quarter of 2013 and an average overnight
funds sold position of $448.4 million in the first quarter of
2013. The higher balance when compared to both prior periods
primarily reflects the decline in the loan portfolio and higher
deposits.
Slow economic growth in our markets and deleveraging by our
clients continues to generate a historically high level of
liquidity, which, given the current operating environment, is
difficult to profitably deploy without taking inordinate
risks. Where practical, we are working to lower the level of
overnight funds by adding to our investment portfolio with
short-duration, high quality securities and reducing deposit
balances. We continue to use a fully-insured money market
account which is offered by a third party and can serve as an
alternative investment for some of our higher balance depositors
while at the same time allowing us to maintain the account
relationship. Until such time that attractive investment
alternatives arise, we will continue to execute these strategies as
well as seek other initiatives in an effort to lower our overnight
fund balances.
When compared to the fourth and first quarters of 2013, average
loans declined by $19.4 million and $100.9 million,
respectively. Most loan categories have experienced declines
with the reduction primarily in the commercial real estate and
residential real estate categories. Without compromising our
credit standards or taking on inordinate interest rate risk, we
have modified several lending programs in our business and
commercial real estate areas to try to mitigate the significant
impact that consumer and business deleveraging is having on our
portfolio. On a linked quarter basis, period-end loans
increased $7.4 million, which was the first time since the second
quarter of 2009 we have experienced quarter over quarter
growth. Loan categories posting growth included commercial and
industrial, construction and auto finance. The quarter over
quarter growth reflects both an increase in production (which has
increased in four of the last five quarters) as well as lower
payoffs.
Nonperforming assets (nonaccrual loans and other
real estate owned "OREO") totaled $78.6 million at the end of the
first quarter of 2014, a decrease of $6.4 million (8%) from the
fourth quarter of 2013 and $25.3 million (24%) from the first
quarter of 2013. Nonaccrual loans totaled $34.6 million at the
end of the first quarter of 2014, a decrease of $2.4 million and
$10.9 million, respectively, from the same prior year
periods. Nonaccrual loan additions in the first quarter of
2014 totaled $7.5 million compared to $14.5 million and $7.7
million for the fourth and first quarters of 2013,
respectively. The balance of OREO totaled $44.0 million at the
end of the first quarter of 2014, a decrease of $4.0 million and
$14.4 million, respectively, from the fourth and first quarters of
2013. For the first quarter of 2014, we added properties
totaling $1.3 million, sold properties totaling $4.6 million, and
recorded valuation adjustments totaling $0.7
million. Nonperforming assets represented 2.98% of total
assets at March 31, 2014 compared to 3.26% at December 31, 2013 and
3.99% at March 31, 2013.
Average total deposits were $2.125 billion for the first quarter
of 2014, an increase of $74.1 million, or 3.6%, over the fourth
quarter of 2013 and $22.0 million, or 1.1%, over the first quarter
of 2013. The increase in deposits when compared to the fourth
quarter of 2013 resulted primarily from the higher level of public
funds, partially offset by a reduction in certificates of
deposit. When compared to the first quarter of 2013, the
increase was primarily a result of a higher level of noninterest
bearing deposits and savings accounts, partially offset by lower
certificates of deposit.
Deposit levels remain strong and our mix of deposits continues
to improve as higher cost certificates of deposit are replaced with
lower rate non-maturity deposits and noninterest bearing demand
accounts. Prudent pricing discipline will continue to be
the key to managing our mix of deposits. Therefore, we do not
attempt to compete with higher rate paying competitors for
deposits.
Average borrowings decreased by $14.4 million when compared to
the fourth quarter of 2013 as a result of lower balances in
repurchase agreements, and were lower by $14.8 million when
compared to the first quarter of 2013 due to a reduction in Federal
Home Loan Bank ("FHLB") advances.
Discussion of Operating Results
Tax equivalent net interest income for the first quarter of 2014
was $18.4 million compared to $19.1 million for the fourth quarter
of 2013 and $20.1 million for the first quarter of 2013. The
decrease in tax equivalent net interest income compared to both
prior periods was due to a reduction in loan income primarily
attributable to declining loan balances and unfavorable asset
repricing, partially offset by a reduction in interest expense
and a lower level of foregone interest on loans. The lower
interest expense is attributable to favorable repricing on FHLB
advances and certificates of deposit, which reflects both lower
balances and favorable repricing.
Pressure on net interest income continues primarily as a result
of the low rate environment and the declining loan portfolio.
The low rate environment, although favorable to the repricing of
deposits, continues to negatively impact the loan and investment
portfolios. Increased lending competition in all markets has
also unfavorably impacted the pricing for loans.
Lowering our cost of funds, to the extent we can, and continuing
to shift the mix of our deposits will help to partially mitigate
the unfavorable impact of weak loan demand and repricing, although
the impact is expected to be minimal.
The net interest margin for the first quarter of 2014 was 3.29%,
a decrease of 16 basis points from the fourth quarter of 2013, and
a decline of 35 basis points from the first quarter of 2013.
The decrease in the margin for both comparable periods is
attributable to the shift in our earning asset mix and unfavorable
asset repricing, partially offset by a lower average cost of
funds. As compared to the fourth quarter of 2013, 10 of the 16
basis point decline in the margin was attributable to the higher
level of earning assets during the first quarter of
2014.
The provision for loan losses for the first quarter
of 2014 was $0.4 million compared to $0.4 million for the fourth
quarter of 2013 and $1.1 million for the first quarter of
2013. The lower level of provision reflects favorable problem
loan migration, lower loan losses and continued improvement in key
credit metrics. Net charge-offs for the first quarter of 2014
totaled $1.3 million, or 0.39% (annualized), of average loans
compared to $2.3 million, or 0.65% (annualized), for the fourth
quarter of 2012 and $2.4 million, or 0.66% (annualized), for the
first quarter of 2013. At quarter-end, the allowance for loan
losses of $22.1 million was 1.57% of outstanding loans (net of
overdrafts) and provided coverage of 64% of nonperforming loans
compared to 1.65% and 62%, respectively, at December 31, 2013, and
1.90% and 61%, respectively, at March 31, 2013.
Noninterest income for the first quarter of 2014
totaled $12.8 million, a decrease of $1.0 million, or 7.5%, from
the fourth quarter of 2013 reflective of lower deposit fees of $0.5
million, wealth management fees of $0.3 million, data processing
fees of $0.1 million, and other income of $0.1 million. The
decrease in deposit fees was due to an expected lower utilization
of our overdraft protection service during the first quarter as
clients receive tax refunds and to a lesser extent two less
processing days in the current quarter. The decrease in wealth
management fees was primarily attributable to a lower level of
account activity by our retail brokerage clients as well as a
decline in new retail investment product sales, which were very
strong in the prior quarter. Data processing fees declined due
to a lower level of fees from a government processing contract for
which processing activity is gradually declining due to the
client's migration to a new processor in the second quarter of
2014. Compared to the first quarter of 2013, noninterest
income decreased $0.7 million, or 5.5%, attributable to a $0.4
million reduction in mortgage banking fees and a $0.3 million
decline in deposit fees. The decline in mortgage banking fees
reflects lower refinancing volume which is attributable to the
higher rate environment. The decrease in deposit fees was due
to a lower level of overdraft fees generally reflective of improved
financial management by our clients.
Noninterest expense for the first quarter of 2014 totaled $28.4
million, a decrease of $1.3 million, or 4.3%, from the fourth
quarter of 2013. The decrease reflects lower compensation
expense of $0.8 million and a $0.6 million decrease in other
expense partially offset by a $0.1 million increase in OREO
expense. The decline in compensation expense reflects a $1.2
million reduction in pension plan expense partially offset by
higher payroll taxes of $0.2 million and unemployment taxes of $0.2
million. The decrease in our pension plan expense is primarily
attributable to the utilization of a higher discount rate in 2014
for determining plan liabilities reflective of an increase in
long-term bond interest rates. The increase in payroll taxes
reflects the reset of social security taxes and the increase in
unemployment taxes is attributable to timing as a large portion of
the annual premium is paid in the first quarter. Other expense
decreased primarily due to lower FDIC insurance fees, with lower
legal fees, processing fees, and advertising costs contributing to
a lesser extent. Compared to the first quarter of 2013,
noninterest expense decreased $2.8 million, or 8.9%, attributable
to lower compensation expense of $1.0 million, OREO expense of $1.4
million, occupancy expense of $0.1 million, and other expense of
$0.2 million. Lower pension expense of $1.3 million partially
offset by a $0.3 million increase in performance compensation (cash
incentives) drove the reduction in compensation expense. The
decline in OREO expense was primarily attributable to lower losses
from the sale of OREO and a decrease in property valuation
adjustments. Lower facility maintenance costs and office lease
expense drove the decline in occupancy expense. Other expense
decreased due to lower FDIC insurance fees and legal fees.
We realized an income tax benefit of $1.4 million in the first
quarter of 2014 compared to income tax expense of $5,000 and $0.4
million for the fourth and first quarters of 2013,
respectively. The first quarter was favorably impacted by a
$2.2 million state tax benefit attributable to an adjustment in our
reserve for uncertain tax positions associated with prior year
matters. A similar adjustment in the amount of $0.9 million
was realized in the fourth quarter of 2013. During 2014, we do
not anticipate any further adjustments of this nature and,
therefore, expect our effective income tax rate for the full year
to be higher than the effective tax rate for the first quarter of
2014.
About Capital City Bank Group, Inc.
Capital City Bank Group, Inc. (Nasdaq:CCBG) is one of the
largest publicly traded bank holding companies headquartered in
Florida and has approximately $2.6 billion in assets. The Company
provides a full range of banking services, including traditional
deposit and credit services, asset management, trust, mortgage
banking, merchant services, bankcards, data processing and
securities brokerage services. The Company's bank subsidiary,
Capital City Bank, was founded in 1895 and now has 63 full-service
offices and 71 ATMs in Florida, Georgia and Alabama. For more
information about Capital City Bank Group, Inc., visit
www.ccbg.com.
FORWARD-LOOKING STATEMENTS
Forward-looking statements in this Press Release are based on
current plans and expectations that are subject to uncertainties
and risks, which could cause the Company's future results to differ
materially. The following factors, among others, could cause
the Company's actual results to differ: the accuracy of the
Company's financial statement estimates and assumptions, including
the estimate used for the Company's loan loss provision and
deferred tax valuation allowance; legislative or regulatory
changes, including the Dodd-Frank Act and Basel III; the strength
of the U.S. economy and the local economies where the Company
conducts operations; the frequency and magnitude of foreclosure of
the Company's loans; restrictions on our operations; the effects of
the Company's lack of a diversified loan portfolio, including the
risks of geographic and industry concentrations; harsh weather
conditions and man-made disasters; fluctuations in inflation,
interest rates, or monetary policies; changes in the stock market
and other capital and real estate markets; customer acceptance of
third-party products and services; increased competition and
its effect on pricing, including the long-term impact on our net
interest margin from the repeal of Regulation Q; negative publicity
and the impact on our reputation; technological changes,
especially changes that allow out of market competitors to compete
in our markets; the effects of security breaches and computer
viruses that may affect the Company's computer systems; the
Company's need and our ability to incur additional debt or equity
financing; a decrease to the market value of the Company that could
result in an impairment of goodwill; changes in consumer spending
and savings habits; the Company's growth and
profitability; changes in accounting; and the Company's
ability to manage the risks involved in the
foregoing. Additional factors can be found in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31,
2013, and the Company's 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 the Company assumes no
obligation to update forward-looking statements or the reasons why
actual results could differ.
|
|
|
|
CAPITAL CITY BANK GROUP,
INC. |
|
|
|
EARNINGS HIGHLIGHTS |
|
|
|
Unaudited |
|
|
|
|
|
Three Months
Ended |
(Dollars in thousands, except per share
data) |
Mar 31, 2014 |
Dec 31, 2013 |
Mar 31, 2013 |
|
|
|
|
EARNINGS |
|
|
|
Net Income |
$ 3,751 |
$ 2,772 |
$ 839 |
Net Income Per Common Share |
$ 0.22 |
$ 0.16 |
$ 0.05 |
PERFORMANCE |
|
|
|
Return on Average Assets |
0.59% |
0.43% |
0.13% |
Return on Average Equity |
5.44% |
4.33% |
1.36% |
Net Interest Margin |
3.29% |
3.45% |
3.64% |
Noninterest Income as % of Operating
Revenue |
42.05% |
43.85% |
40.62% |
Efficiency Ratio |
91.02% |
90.22% |
92.67% |
CAPITAL ADEQUACY |
|
|
|
Tier 1 Capital Ratio |
16.85% |
16.56% |
14.95% |
Total Capital Ratio |
18.22% |
17.94% |
16.32% |
Tangible Common Equity Ratio |
7.66% |
7.58% |
6.49% |
Leverage Ratio |
10.47% |
10.46% |
9.81% |
Equity to Assets |
10.63% |
10.58% |
9.54% |
ASSET QUALITY |
|
|
|
Allowance as % of Non-Performing Loans |
63.98% |
62.48% |
61.17% |
Allowance as a % of Loans |
1.57% |
1.65% |
1.90% |
Net Charge-Offs as % of Average Loans |
0.39% |
0.65% |
0.66% |
Nonperforming Assets as % of Loans and
ORE |
5.42% |
5.87% |
6.81% |
Nonperforming Assets as % of Total
Assets |
2.98% |
3.26% |
3.99% |
STOCK PERFORMANCE |
|
|
|
High |
$14.59 |
$ 12.69 |
$ 12.54 |
Low |
11.56 |
11.33 |
10.95 |
Close |
13.28 |
11.77 |
12.35 |
Average Daily Trading Volume |
$ 35,921 |
$ 28,682 |
$ 23,519 |
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL CITY BANK GROUP,
INC. |
|
|
|
|
|
CONSOLIDATED STATEMENT OF FINANCIAL
CONDITION |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
2013 |
(Dollars in thousands) |
First Quarter |
Fourth Quarter |
Third Quarter |
Second Quarter |
First Quarter |
ASSETS |
|
|
|
|
|
Cash and Due From Banks |
$ 59,288 |
$ 55,209 |
$ 51,136 |
$ 67,811 |
$ 52,677 |
Funds Sold and Interest Bearing
Deposits |
468,805 |
474,719 |
358,869 |
391,457 |
461,714 |
Total Cash and Cash
Equivalents |
528,093 |
529,928 |
410,005 |
459,268 |
514,391 |
|
|
|
|
|
|
Investment Securities, Available for
Sale |
229,615 |
251,420 |
271,838 |
350,614 |
307,502 |
Investment Securities, Held to
Maturity |
191,645 |
148,211 |
97,309 |
-- |
-- |
Total Investment
Securities |
421,260 |
399,631 |
369,147 |
350,614 |
307,502 |
|
|
|
|
|
|
Loans Held for Sale |
12,313 |
11,065 |
13,822 |
15,362 |
11,422 |
|
|
|
|
|
|
Loans, Net of Unearned Interest |
|
|
|
|
|
Commercial, Financial, &
Agricultural |
138,664 |
126,607 |
123,253 |
126,931 |
125,905 |
Real Estate - Construction |
36,454 |
31,012 |
31,454 |
35,823 |
37,948 |
Real Estate - Commercial |
522,019 |
533,871 |
570,736 |
581,501 |
599,517 |
Real Estate - Residential |
297,842 |
303,618 |
305,811 |
302,254 |
304,786 |
Real Estate - Home Equity |
226,411 |
227,922 |
230,212 |
232,530 |
233,205 |
Consumer |
163,768 |
156,718 |
148,321 |
142,620 |
146,043 |
Other Loans |
7,270 |
6,074 |
5,220 |
5,904 |
5,187 |
Overdrafts |
2,349 |
2,782 |
2,835 |
2,554 |
2,307 |
Total Loans, Net of Unearned
Interest |
1,394,777 |
1,388,604 |
1,417,842 |
1,430,117 |
1,454,898 |
Allowance for Loan
Losses |
(22,110) |
(23,095) |
(25,010) |
(27,294) |
(27,803) |
Loans, Net |
1,372,667 |
1,365,509 |
1,392,832 |
1,402,823 |
1,427,096 |
|
|
|
|
|
|
Premises and Equipment, Net |
102,655 |
103,385 |
103,702 |
104,743 |
105,883 |
Intangible Assets |
84,811 |
84,843 |
84,891 |
84,937 |
84,985 |
Other Real Estate Owned |
44,036 |
48,071 |
53,018 |
55,087 |
58,421 |
Other Assets |
67,205 |
69,471 |
87,055 |
89,024 |
95,613 |
Total Other Assets |
298,707 |
305,770 |
328,666 |
333,791 |
344,902 |
|
|
|
|
|
|
Total Assets |
$ 2,633,040 |
$ 2,611,903 |
$ 2,514,472 |
$ 2,561,858 |
$ 2,605,313 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest Bearing
Deposits |
$ 657,548 |
$ 641,463 |
$ 626,114 |
$ 644,739 |
$ 616,017 |
NOW Accounts |
775,439 |
794,746 |
668,240 |
706,101 |
765,030 |
Money Market Accounts |
292,923 |
268,449 |
283,338 |
287,340 |
299,118 |
Regular Savings Accounts |
225,481 |
211,668 |
211,174 |
204,594 |
200,492 |
Certificates of
Deposit |
212,322 |
219,922 |
228,020 |
228,349 |
233,325 |
Total Deposits |
2,163,713 |
2,136,248 |
2,016,886 |
2,071,123 |
2,113,982 |
|
|
|
|
|
|
Short-Term Borrowings |
48,733 |
51,321 |
51,918 |
46,081 |
50,682 |
Subordinated Notes Payable |
62,887 |
62,887 |
62,887 |
62,887 |
62,887 |
Other Long-Term Borrowings |
33,971 |
38,043 |
40,244 |
41,251 |
41,224 |
Other Liabilities |
43,856 |
47,004 |
91,369 |
91,227 |
87,930 |
|
|
|
|
|
|
Total Liabilities |
2,353,160 |
2,335,503 |
2,263,304 |
2,312,569 |
2,356,705 |
|
|
|
|
|
|
SHAREOWNERS' EQUITY |
|
|
|
|
|
Common Stock |
174 |
174 |
173 |
173 |
173 |
Additional Paid-In Capital |
41,220 |
41,152 |
40,481 |
40,210 |
39,580 |
Retained Earnings |
247,017 |
243,614 |
240,842 |
239,251 |
238,408 |
Accumulated Other Comprehensive Loss,
Net of Tax |
(8,531) |
(8,540) |
(30,328) |
(30,345) |
(29,553) |
|
|
|
|
|
|
Total Shareowners' Equity |
279,880 |
276,400 |
251,168 |
249,289 |
248,608 |
|
|
|
|
|
|
Total Liabilities and Shareowners'
Equity |
$ 2,633,040 |
$ 2,611,903 |
$ 2,514,472 |
$ 2,561,858 |
$ 2,605,313 |
|
|
|
|
|
|
OTHER BALANCE SHEET
DATA |
|
|
|
|
|
Earning Assets |
$ 2,297,154 |
$ 2,274,019 |
$ 2,159,680 |
$ 2,187,549 |
$ 2,235,537 |
Intangible Assets |
|
|
|
|
|
Goodwill |
84,811 |
84,811 |
84,811 |
84,811 |
84,811 |
Core Deposits |
-- |
-- |
-- |
-- |
-- |
Other |
-- |
32 |
80 |
126 |
174 |
Interest Bearing Liabilities |
1,651,755 |
1,647,036 |
1,545,821 |
1,576,601 |
1,652,758 |
|
|
|
|
|
|
Book Value Per Diluted Share |
$ 16.02 |
$ 15.85 |
$ 14.44 |
$ 14.36 |
$ 14.35 |
Tangible Book Value Per Diluted
Share |
11.17 |
10.98 |
9.56 |
9.47 |
9.44 |
|
|
|
|
|
|
Actual Basic Shares Outstanding |
17,427 |
17,361 |
17,336 |
17,336 |
17,319 |
Actual Diluted Shares Outstanding |
17,466 |
17,443 |
17,396 |
17,372 |
17,326 |
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL CITY BANK GROUP,
INC. |
|
|
|
|
|
CONSOLIDATED STATEMENT OF
OPERATIONS |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
2013 |
(Dollars in thousands, except per share
data) |
First Quarter |
Fourth Quarter |
Third Quarter |
Second Quarter |
First Quarter |
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
Interest and Fees on Loans |
$ 18,098 |
$ 19,057 |
$ 19,264 |
$ 19,709 |
$ 20,154 |
Investment Securities |
847 |
760 |
717 |
710 |
704 |
Funds Sold |
291 |
259 |
269 |
279 |
270 |
Total Interest
Income |
19,236 |
20,076 |
20,250 |
20,698 |
21,128 |
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
Deposits |
308 |
314 |
335 |
367 |
415 |
Short-Term Borrowings |
20 |
46 |
46 |
61 |
82 |
Subordinated Notes Payable |
331 |
400 |
339 |
342 |
339 |
Other Long-Term Borrowings |
291 |
320 |
330 |
333 |
347 |
Total Interest
Expense |
950 |
1,080 |
1,050 |
1,103 |
1,183 |
Net Interest Income |
18,286 |
18,996 |
19,200 |
19,595 |
19,945 |
Provision for Loan Losses |
359 |
397 |
555 |
1,450 |
1,070 |
Net Interest Income after Provision for
Loan Losses |
17,927 |
18,599 |
18,645 |
18,145 |
18,875 |
|
|
|
|
|
|
NONINTEREST INCOME |
|
|
|
|
|
Deposit Fees |
5,869 |
6,398 |
6,474 |
6,217 |
6,165 |
Bank Card Fees |
2,707 |
2,656 |
2,715 |
2,754 |
2,661 |
Wealth Management Fees |
1,918 |
2,233 |
2,130 |
1,901 |
1,915 |
Mortgage Banking Fees |
625 |
654 |
869 |
968 |
1,043 |
Data Processing Fees |
541 |
689 |
662 |
670 |
653 |
Securities Transactions |
-- |
3 |
-- |
-- |
-- |
Other |
1,125 |
1,192 |
1,176 |
1,221 |
1,091 |
Total Noninterest
Income |
12,785 |
13,825 |
14,026 |
13,731 |
13,528 |
|
|
|
|
|
|
NONINTEREST EXPENSE |
|
|
|
|
|
Compensation |
15,781 |
16,583 |
16,158 |
16,647 |
16,739 |
Occupancy, Net |
4,298 |
4,349 |
4,403 |
4,161 |
4,418 |
Intangible Amortization |
32 |
48 |
46 |
48 |
68 |
Other Real Estate |
1,399 |
1,251 |
1,868 |
2,290 |
2,824 |
Other |
6,856 |
7,416 |
7,678 |
7,318 |
7,091 |
Total Noninterest
Expense |
28,366 |
29,647 |
30,153 |
30,464 |
31,140 |
|
|
|
|
|
|
OPERATING PROFIT
(LOSS) |
2,346 |
2,777 |
2,518 |
1,412 |
1,263 |
Income Tax (Benefit) Expense |
(1,405) |
5 |
927 |
569 |
424 |
NET INCOME |
$ 3,751 |
$ 2,772 |
$ 1,591 |
$ 843 |
$ 839 |
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
Basic Income |
$ 0.22 |
$ 0.16 |
$ 0.09 |
$ 0.05 |
$ 0.05 |
Diluted Income |
0.22 |
0.16 |
0.09 |
0.05 |
0.05 |
Cash Dividends |
$ 0.02 |
$ -- |
$ -- |
$ -- |
$ -- |
AVERAGE SHARES |
|
|
|
|
|
Basic |
17,399 |
17,341 |
17,336 |
17,319 |
17,302 |
Diluted |
17,439 |
17,423 |
17,396 |
17,355 |
17,309 |
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL CITY BANK GROUP,
INC. |
|
|
|
|
|
ALLOWANCE FOR LOAN
LOSSES |
|
|
|
|
|
AND RISK ELEMENT ASSETS |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
2014 |
2013 |
2013 |
2013 |
2013 |
(Dollars in thousands, except per share
data) |
First Quarter |
Fourth Quarter |
Third Quarter |
Second Quarter |
First Quarter |
|
|
|
|
|
|
ALLOWANCE FOR LOAN
LOSSES |
|
|
|
|
|
Balance at Beginning of Period |
$ 23,095 |
$ 25,010 |
$ 27,294 |
$ 27,803 |
$ 29,167 |
Provision for Loan Losses |
359 |
397 |
555 |
1,450 |
1,070 |
Net Charge-Offs |
1,344 |
2,312 |
2,839 |
1,959 |
2,434 |
Balance at End of Period |
$ 22,110 |
$ 23,095 |
$ 25,010 |
$ 27,294 |
$ 27,803 |
As a % of Loans |
1.57% |
1.65% |
1.75% |
1.89% |
1.90% |
As a % of Nonperforming Loans |
63.98% |
62.48% |
60.00% |
65.66% |
61.17% |
|
|
|
|
|
|
CHARGE-OFFS |
|
|
|
|
|
Commercial, Financial and Agricultural |
$ 11 |
$ 337 |
$ 138 |
$ 119 |
$ 154 |
Real Estate - Construction |
-- |
72 |
278 |
110 |
610 |
Real Estate - Commercial |
594 |
676 |
882 |
1,050 |
1,043 |
Real Estate - Residential |
731 |
921 |
1,178 |
1,053 |
683 |
Real Estate - Home Equity |
403 |
362 |
362 |
322 |
113 |
Consumer |
405 |
430 |
674 |
351 |
296 |
Total Charge-Offs |
$ 2,144 |
$ 2,798 |
$ 3,512 |
$ 3,005 |
$ 2,899 |
|
|
|
|
|
|
RECOVERIES |
|
|
|
|
|
Commercial, Financial and Agricultural |
$ 75 |
$ 33 |
$ 87 |
$ 38 |
$ 51 |
Real Estate - Construction |
4 |
-- |
1 |
-- |
-- |
Real Estate - Commercial |
27 |
14 |
167 |
144 |
38 |
Real Estate - Residential |
395 |
179 |
167 |
396 |
96 |
Real Estate - Home Equity |
11 |
39 |
13 |
224 |
18 |
Consumer |
288 |
221 |
238 |
244 |
262 |
Total Recoveries |
$ 800 |
$ 486 |
$ 673 |
$ 1,046 |
$ 465 |
|
|
|
|
|
|
NET CHARGE-OFFS |
$ 1,344 |
$ 2,312 |
$ 2,839 |
$ 1,959 |
$ 2,434 |
|
|
|
|
|
|
Net Charge-Offs as a % of Average
Loans(1) |
0.39% |
0.65% |
0.78% |
0.54% |
0.66% |
|
|
|
|
|
|
RISK ELEMENT ASSETS |
|
|
|
|
|
Nonaccruing Loans |
$ 34,558 |
$ 36,964 |
$ 41,682 |
$ 41,566 |
$ 45,448 |
Other Real Estate Owned |
44,036 |
48,071 |
53,018 |
55,087 |
58,421 |
Total Nonperforming Assets |
$ 78,594 |
$ 85,035 |
$ 94,700 |
$ 96,653 |
$ 103,869 |
|
|
|
|
|
|
Past Due Loans 30-89 Days |
$ 4,902 |
$ 7,746 |
$ 8,427 |
$ 9,017 |
$ 9,274 |
Past Due Loans 90 Days or More |
-- |
-- |
-- |
-- |
-- |
Classified Loans |
107,420 |
115,630 |
128,190 |
153,080 |
156,185 |
Performing Troubled Debt
Restructuring's |
$ 46,249 |
$ 44,764 |
$ 50,692 |
$ 52,729 |
$ 53,108 |
|
|
|
|
|
|
Nonperforming Loans as a % of Loans |
2.46% |
2.64% |
2.91% |
2.88% |
3.10% |
Nonperforming Assets as a % of |
|
|
|
|
|
Loans and Other Real
Estate |
5.42% |
5.87% |
6.38% |
6.44% |
6.81% |
Nonperforming Assets as a % of Total
Assets |
2.98% |
3.26% |
3.77% |
3.77% |
3.99% |
|
|
|
|
|
|
(1) Annualized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL CITY BANK GROUP,
INC. |
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE AND INTEREST
RATES(1) |
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2014 |
Fourth Quarter
2013 |
Third Quarter
2013 |
(Dollars in thousands) |
Average Balance |
Interest |
Average Rate |
Average Balance |
Interest |
Average Rate |
Average Balance |
Interest |
Average Rate |
ASSETS: |
|
|
|
|
|
|
|
|
|
Loans, Net of Unearned Interest |
$ 1,395,506 |
18,161 |
5.28% |
$ 1,414,909 |
19,121 |
5.36% |
$ 1,436,039 |
19,345 |
5.34% |
|
|
|
|
|
|
|
|
|
|
Investment Securities |
|
|
|
|
|
|
|
|
|
Taxable Investment
Securities |
290,942 |
703 |
0.88 |
255,298 |
608 |
0.86 |
232,094 |
568 |
0.95 |
Tax-Exempt Investment
Securities |
114,542 |
219 |
0.74 |
124,501 |
233 |
0.74 |
121,119 |
223 |
0.73 |
|
|
|
|
|
|
|
|
|
|
Total Investment Securities |
405,484 |
922 |
0.91 |
379,799 |
841 |
0.88 |
353,213 |
791 |
0.89 |
|
|
|
|
|
|
|
|
|
|
Funds Sold |
467,330 |
291 |
0.25 |
411,578 |
259 |
0.25 |
412,138 |
269 |
0.26 |
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
2,268,320 |
$ 19,374 |
3.46% |
2,206,286 |
$ 20,221 |
3.64% |
2,201,390 |
$ 20,405 |
3.68% |
|
|
|
|
|
|
|
|
|
|
Cash and Due From Banks |
48,084 |
|
|
48,519 |
|
|
51,640 |
|
|
Allowance for Loan Losses |
(23,210) |
|
|
(25,612) |
|
|
(27,636) |
|
|
Other Assets |
305,113 |
|
|
324,460 |
|
|
333,001 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ 2,598,307 |
|
|
$ 2,553,653 |
|
|
$ 2,558,395 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
Interest Bearing Deposits |
|
|
|
|
|
|
|
|
|
NOW Accounts |
$ 770,302 |
$ 104 |
0.05% |
$ 697,468 |
$ 95 |
0.05% |
$ 676,855 |
$ 107 |
0.06% |
Money Market Accounts |
274,015 |
48 |
0.07 |
279,608 |
50 |
0.07 |
284,920 |
53 |
0.07 |
Savings Accounts |
218,825 |
26 |
0.05 |
211,761 |
27 |
0.05 |
207,631 |
26 |
0.05 |
Time Deposits |
215,291 |
130 |
0.24 |
224,500 |
142 |
0.25 |
231,490 |
149 |
0.26 |
Total Interest Bearing Deposits |
1,478,433 |
308 |
0.08% |
1,413,337 |
314 |
0.09% |
1,400,896 |
335 |
0.09% |
|
|
|
|
|
|
|
|
|
|
Short-Term Borrowings |
46,343 |
20 |
0.18% |
58,126 |
46 |
0.31% |
49,919 |
46 |
0.37% |
Subordinated Notes Payable |
62,887 |
331 |
2.10 |
62,887 |
400 |
2.49 |
62,887 |
339 |
2.11 |
Other Long-Term Borrowings |
37,055 |
291 |
3.18 |
39,676 |
320 |
3.19 |
40,832 |
330 |
3.21 |
|
|
|
|
|
|
|
|
|
|
Total Interest Bearing Liabilities |
1,624,718 |
$ 950 |
0.24% |
1,574,026 |
$ 1,080 |
0.27% |
1,554,534 |
$ 1,050 |
0.27% |
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing Deposits |
646,527 |
|
|
637,533 |
|
|
658,602 |
|
|
Other Liabilities |
47,333 |
|
|
88,095 |
|
|
93,642 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
2,318,578 |
|
|
2,299,654 |
|
|
2,306,778 |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREOWNERS'
EQUITY: |
279,729 |
|
|
253,999 |
|
|
251,617 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareowners'
Equity |
$ 2,598,307 |
|
|
$ 2,553,653 |
|
|
$ 2,558,395 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Spread |
|
$ 18,424 |
3.23% |
|
$ 19,141 |
3.36% |
|
$ 19,355 |
3.41% |
|
|
|
|
|
|
|
|
|
|
Interest Income and Rate Earned(1) |
|
19,374 |
3.46 |
|
20,221 |
3.64 |
|
20,405 |
3.68 |
Interest Expense and Rate Paid(2) |
|
950 |
0.17 |
|
1,080 |
0.19 |
|
1,050 |
0.19 |
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
|
$ 18,424 |
3.29% |
|
$ 19,141 |
3.45% |
|
$ 19,355 |
3.49% |
|
|
|
|
|
|
|
|
|
|
(1) Interest and average
rates are calculated on a tax-equivalent basis using the 35%
Federal tax rate. |
|
|
|
|
|
|
|
(2) Rate calculated based on average
earning assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL CITY BANK GROUP,
INC. |
|
|
|
|
|
|
AVERAGE BALANCE AND INTEREST
RATES(1) |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter
2013 |
First Quarter
2013 |
(Dollars in thousands) |
Average Balance |
Interest |
Average Rate |
Average Balance |
Interest |
Average Rate |
ASSETS: |
|
|
|
|
|
|
Loans, Net of Unearned Interest |
1,456,904 |
19,790 |
5.45% |
$ 1,496,432 |
20,228 |
5.48% |
|
|
|
|
|
|
|
Investment Securities |
|
|
|
|
|
|
Taxable Investment
Securities |
225,770 |
578 |
1.02 |
215,087 |
590 |
1.10 |
Tax-Exempt Investment
Securities |
104,981 |
200 |
0.76 |
80,946 |
174 |
0.86 |
|
|
|
|
|
|
|
Total Investment Securities |
330,751 |
778 |
0.94 |
296,033 |
764 |
1.04 |
|
|
|
|
|
|
|
Funds Sold |
419,039 |
279 |
0.27 |
448,424 |
270 |
0.24 |
|
|
|
|
|
|
|
Total Earning Assets |
2,206,694 |
$ 20,847 |
3.79% |
2,240,889 |
$ 21,262 |
3.85% |
|
|
|
|
|
|
|
Cash and Due From Banks |
49,081 |
|
|
50,679 |
|
|
Allowance for Loan Losses |
(29,012) |
|
|
(30,467) |
|
|
Other Assets |
337,765 |
|
|
337,579 |
|
|
|
|
|
|
|
|
|
Total Assets |
2,564,528 |
|
|
$ 2,598,680 |
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
Interest Bearing Deposits |
|
|
|
|
|
|
NOW Accounts |
716,459 |
$ 124 |
0.07% |
$ 788,660 |
156 |
0.08% |
Money Market Accounts |
289,637 |
54 |
0.07 |
282,847 |
54 |
0.08 |
Savings Accounts |
202,784 |
25 |
0.05 |
193,033 |
23 |
0.05 |
Time Deposits |
231,134 |
164 |
0.29 |
238,441 |
182 |
0.31 |
Total Interest Bearing Deposits |
1,440,014 |
367 |
0.10% |
1,502,981 |
415 |
0.11% |
|
|
|
|
|
|
|
Short-Term Borrowings |
52,399 |
61 |
0.47% |
55,255 |
82 |
0.60% |
Subordinated Notes Payable |
62,887 |
342 |
2.15 |
62,887 |
339 |
2.15 |
Other Long-Term Borrowings |
40,942 |
333 |
3.26 |
42,898 |
347 |
3.29 |
|
|
|
|
|
|
|
Total Interest Bearing Liabilities |
1,596,242 |
$ 1,103 |
0.28% |
1,664,021 |
$ 1,183 |
0.29% |
|
|
|
|
|
|
|
Noninterest Bearing Deposits |
627,633 |
|
|
599,986 |
|
|
Other Liabilities |
90,168 |
|
|
85,116 |
|
|
|
|
|
|
|
|
|
Total Liabilities |
2,314,043 |
|
|
2,349,123 |
|
|
|
|
|
|
|
|
|
SHAREOWNERS'
EQUITY: |
250,485 |
|
|
249,557 |
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareowners'
Equity |
2,564,528 |
|
|
$ 2,598,680 |
|
|
|
|
|
|
|
|
|
Interest Rate Spread |
|
$ 19,744 |
3.51% |
|
$ 20,079 |
3.56% |
|
|
|
|
|
|
|
Interest Income and Rate Earned(1) |
|
20,847 |
3.79 |
|
21,262 |
3.85 |
Interest Expense and Rate Paid(2) |
|
1,103 |
0.20 |
|
1,183 |
0.21 |
|
|
|
|
|
|
|
Net Interest Margin |
|
$ 19,744 |
3.59% |
|
$ 20,079 |
3.64% |
|
|
|
|
|
|
|
(1) Interest and average
rates are calculated on a tax-equivalent basis using the 35%
Federal tax rate. |
|
|
|
|
(2) Rate calculated based on average
earning assets. |
|
|
|
|
|
|
CONTACT: J. Kimbrough Davis
Executive Vice President and Chief Financial Officer
850.402.7820
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