Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net
income of $7.7 million, or $0.46 per diluted share for the fourth
quarter of 2020 compared to net income of $10.4 million, or $0.62
per diluted share for the third quarter of 2020, and $8.6 million,
or $0.51 per diluted share, for the fourth quarter of 2019.
For the full year of 2020, net income totaled $31.6 million, or
$1.88 per diluted share, compared to net income of $30.8 million,
or $1.83 per diluted share, for 2019.
Fourth Quarter 2020 HIGHLIGHTS
- Operating revenues (excluding mortgage
fees) improved 1.8%
- Net interest income held firm,
declining $0.1 million
- 7% increase in other fee revenues (deposit, bankcard, and
wealth management)
- Noninterest expense included $0.9
million related to other real estate valuation adjustments ($0.5
million) and other expenses totaling $0.4 million (additional
funding for our foundation and consulting/legal costs related to a
strategic initiative)
- Period-end core loans (excluding SBA
PPP) increased $20 million, or 1.1% sequentially
- SBA PPP loan forgiveness pay-offs
totaled $12 million - $178 million in balances and $3.2 million in
related fees remain at period-end
- Credit quality remains strong with no
significant problem loan migration
- 97% of loan balances for pandemic
related extensions have resumed payments – only $9 million remains
on extension
- Capital City Home Loans (“CCHL”) contributed $0.10 per
share
Full Year 2020 HIGHLIGHTS
- Operating revenues (excluding mortgage
fees) held firm as unfavorable asset re-pricing was offset by SBA
PPP loan fees and higher other fee revenues
- Loan balances buoyed by SBA PPP loan
originations which totaled $190 million
- Core loan balances (excluding SBA PPP)
held firm due to stronger loan production in the fourth
quarter
- Reserve build of $6.6 million
(provision of $9.0 million less net charge-offs of $2.4 million) in
response to potential credit losses related to the pandemic
- Allowance coverage ratio (excluding
SBA PPP) was 1.30% at year-end
- Deposits grew $572 million
(period-end) and $307 million (average) and reflected stimulus
inflows as well as strong core deposit growth
- Acquired 51% ownership in Brand
Mortgage, LLC on March 1, 2020 (renamed CCHL) – contributed $0.52
per share
“Our strategic alliance with CCHL and the origination of $190
million in SBA PPP loans more than offset the adverse impact of our
reserve build and lower interest rates, resulting in year over year
earnings growth,” said William G. Smith, Jr., Chairman, President
and CEO. “As we entered 2020, I certainly didn’t anticipate
the difficulties we would face, but I could not be prouder of our
team’s response 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. 2021 will bring challenges and opportunities, but I
am confident our team has the skills and capacity to successfully
navigate the future, and we will continue to focus on implementing
strategies that produce long-term value for our shareowners.
My outlook for Capital City remains optimistic, and I appreciate
your continued support.”
COVID-19 Update
- We continue to monitor and adhere to national guidelines and
local safety ordinances to protect both clients and associates and
respond to changing conditions with the pandemic and its impact on
client and associate interactions
- We continue to monitor COVID-19 case count trends in our
markets and respond appropriately to help ensure client and
associate safety
- On November 24, 2020 we proactively closed lobby access to
clients in response to higher case count trends in our markets -
banking services are being provided via drive-thru or in-person by
appointment only (subject to safety protocols)
- On November 30, 2020 we reinstated remote work arrangements for
non-retail associates
- We continue to provide enhanced digital banking options
available for banking products and access to sales associates
- We continue to support clients with the Small Business
Administration Payment Protection Program (“SBA PPP”) by actively
assisting with the Round 1 forgiveness process and will offer
funding for clients eligible for Round 2
Discussion of Operating Results
Summary Overview
Compared to the third quarter of 2020, the $5.6 million decrease
in operating profit was attributable to a $4.5 million decrease in
noninterest income, a $1.0 million increase in noninterest expense,
and a $0.1 million decrease in net interest income.
Compared to the fourth quarter of 2019, the $1.7 million
increase in operating profit was attributable to a $16.7 million
increase in noninterest income, partially offset by higher
noninterest expense of $12.2 million, a $1.5 million increase in
the provision for credit losses and lower net interest income of
$1.3 million.
The $12.1 million increase in operating profit for the full year
2020 versus 2019 was attributable to higher noninterest income of
$58.1 million, partially offset by higher noninterest expense of
$36.4 million, a $7.6 million increase in the provision for credit
losses and lower net interest income of $2.0 million.
The aforementioned year over year variances primarily reflect
the acquisition of a 51% membership interest and consolidation of
CCHL on March 1, 2020.
Our return on average assets (“ROA”) was 0.84% and our return on
average equity (“ROE”) was 8.97% for the fourth quarter of 2020.
These metrics were 1.17% and 12.16% for the third quarter of 2020,
respectively, and 1.14% and 10.39% for the fourth quarter of 2019,
respectively. For the full year 2020, our ROA was 0.93% and our ROE
was 9.36% compared to 1.03% and 9.72%, respectively, for 2019.
Net Interest Income/Net Interest Margin
Tax-equivalent net interest income for the fourth quarter of
2020 was $25.1 million compared to $25.2 million for the third
quarter of 2020 and $26.4 million for the fourth quarter of 2019.
For the full year 2020, tax-equivalent net interest income totaled
$101.8 million compared to $103.9 million for 2019. The decrease
compared to all prior periods reflected lower rates earned on
investment securities and variable/adjustable rate loans. The
year-over-year decline also reflected lower rates on overnight
funds. Partially offsetting these declines were higher volumes of
earning assets, including lower yielding SBA PPP loans and
overnight funds.
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 fourth quarter of 2020 at 0.14%, an increase of one
basis point compared to the third quarter of 2020, due to a higher
mix of seasonal public deposits.
Our net interest margin for the fourth quarter of 2020 was
3.00%, a decrease of 12 basis points from the third quarter of 2020
and 89 basis points from the fourth quarter of 2019. For the full
year 2020, the net interest margin decreased 55 basis points to
3.30%. The decreases were primarily attributable to significant
growth in overnight funds which reduced our margin. Our net
interest margin for the fourth quarter of 2020, excluding the
impact of overnight funds in excess of $200 million, was 3.50%. 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 was $1.3 million
for both the third and fourth quarters of 2020, and was negative
$0.2 million for the fourth quarter of 2019. For the full year
2020, the provision was $9.6 million ($9.0 million for loans held
for investment (“HFI”) and $0.6 million for unfunded loan
commitments) compared to $2.0 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 twelve month
periods ended December 31, 2020, and thus, the period over period
comparisons reflect the impact of the CCHL consolidation, which
occurred on March 1, 2020. The table below provides an overview of
CCHL’s impact on our noninterest income and noninterest expense for
2020.
Noninterest income for the fourth quarter of 2020
totaled $30.5 million compared to $35.0 million for the third
quarter of 2020 and $15.5 million for the fourth quarter of 2019.
For the full year 2020, noninterest income totaled $111.2 million
compared to $53.1 million for 2019. The decrease from the third
quarter of 2020 was primarily due to lower mortgage banking
revenues which reflected a seasonal slowdown in loan production and
a lower gain on sale margin. The improvement over both periods of
2019 was primarily attributable to higher mortgage banking revenues
at CCHL with higher wealth management fees and bank card fees
contributing, but to a lesser extent. For the full year 2020,
deposit fees declined primarily due to the impact of government
stimulus in the second quarter related to the COVID-19 pandemic.
The decline in fees realized in the second quarter reversed in the
third and fourth quarters of 2020 reflecting higher utilization of
our overdraft product.
Noninterest expense for the fourth quarter of 2020 totaled $41.3
million compared to $40.3 million for the third quarter of 2020 and
$29.1 million for the fourth quarter of 2019. The
increase over the third quarter of 2020 was primarily attributable
to higher compensation expense of $0.6 million and other real
estate expense of $0.3 million. The increase in compensation
reflected higher commission expense of $0.2 million, salary expense
of $0.2 million, and cash incentive expense of $0.2
million. Valuation adjustments totaling $0.5 million
for two properties drove the increase in other real estate expense.
In addition, we recognized $0.4 million in expenses during the
fourth quarter of 2020 related to additional funding of our
foundation and consulting/legal costs for a strategic
initiative.
For the full year 2020, noninterest expense totaled $150.0
million, an increase of $36.4 million over 2019 primarily
attributable to the addition of expenses at CCHL, including
compensation expense of $32.4 million, occupancy expense of $2.8
million, and other expense of $4.8 million. Core CCBG noninterest
expense decreased $3.6 million and reflected lower compensation
expense of $2.5 million, ORE expense of $0.4 million, and other
expense of $2.2 million, partially offset by higher occupancy
expense of $1.5 million. The decrease in compensation
expense was primarily attributable to lower commission expense of
$2.2 million related to the transfer of our legacy mortgage
production division to CCHL and to a lesser extent, higher realized
loan cost of $0.4 million related to the aforementioned increase in
SBA PPP loan originations. 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), higher than normal
premises maintenance, and pandemic related cleaning/supply costs
drove the increase in occupancy. The same
aforementioned factors drove the decrease in compensation,
occupancy, and other expense from the fourth quarter of 2019.
Overall, CCHL contributed significantly to the improvement in
our efficiency ratio for 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
Dec 31, 2020 |
|
Sep 30, 2020 |
|
Dec 31, 2019 |
|
Dec 31, 2020 |
|
Dec 31, 2019 |
(Dollars in thousands) |
|
Core CCBG |
|
CCHL |
|
Core CCBG |
|
CCHL |
|
Core CCBG |
|
CCHL |
|
Core CCBG |
|
CCHL |
|
Core CCBG |
|
CCHL |
Deposit Fees |
$ |
4,713 |
|
- |
$ |
4,316 |
$ |
- |
$ |
4,980 |
$ |
- |
$ |
17,800 |
$ |
- |
$ |
19,472 |
$ |
- |
Bank Card Fees |
|
3,462 |
|
- |
|
3,389 |
|
- |
|
3,131 |
|
- |
|
13,044 |
|
- |
|
11,994 |
|
- |
Wealth Management Fees |
|
3,069 |
|
- |
|
2,808 |
|
- |
|
2,761 |
|
- |
|
11,035 |
|
- |
|
10,480 |
|
- |
Mortgage Banking Fees |
|
302 |
|
17,409 |
|
208 |
|
22,775 |
|
1,542 |
|
- |
|
1,889 |
|
61,455 |
|
5,321 |
|
- |
Other |
|
1,205 |
|
363 |
|
1,182 |
|
287 |
|
1,414 |
|
- |
|
4,992 |
|
950 |
|
5,786 |
|
- |
Total Noninterest Income |
$ |
12,751 |
$ |
17,772 |
$ |
11,903 |
$ |
23,062 |
$ |
13,828 |
$ |
- |
$ |
48,760 |
$ |
62,405 |
$ |
53,053 |
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries |
$ |
12,384 |
$ |
10,398 |
$ |
11,603 |
$ |
10,753 |
$ |
13,374 |
$ |
- |
$ |
49,072 |
$ |
31,774 |
$ |
50,688 |
$ |
- |
Other Associate Benefits |
|
3,470 |
|
200 |
|
3,616 |
|
192 |
|
3,989 |
|
- |
|
14,789 |
|
645 |
|
15,664 |
|
- |
Total Compensation |
|
16,124 |
|
10,598 |
|
15,219 |
|
10,945 |
|
17,363 |
|
- |
|
63,861 |
|
32,419 |
|
66,352 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy, Net |
|
5,056 |
|
920 |
|
5,061 |
|
845 |
|
4,680 |
|
- |
|
19,895 |
|
2,764 |
|
18,436 |
|
- |
Other |
|
6,899 |
|
1,751 |
|
6,930 |
|
1,342 |
|
7,099 |
|
- |
|
26,225 |
|
4,798 |
|
28,821 |
|
- |
Total Noninterest Expense |
$ |
28,079 |
$ |
13,269 |
$ |
27,210 |
$ |
13,132 |
$ |
29,142 |
$ |
- |
$ |
109,981 |
$ |
39,981 |
$ |
113,609 |
$ |
- |
Income Taxes
We realized income tax expense of $2.8 million (effective rate
of 22%) for the fourth quarter of 2020 compared to $3.2 million
(effective rate of 17%) for the third quarter of 2020 and $2.5
million (effective rate of 23%) for the fourth quarter of 2019. For
the full year 2020, we realized income tax expense of $10.2 million
(effective rate of 19%) compared to $10.0 million (effective rate
of 24%) for the same period of 2019. Tax expense for
the fourth quarter of 2020 was unfavorably impacted by a $0.3
million discrete tax expense. 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% in 2021.
Discussion of Financial Condition
Earning Assets
Average earning assets were $3.337 billion for the fourth
quarter of 2020, an increase of $113.6 million, or 3.5%, over the
third quarter of 2020, and an increase of $642.7 million, or 23.9%
over the fourth quarter of 2019. The increase over both prior
periods was primarily driven by higher deposit balances, which
funded growth in both overnight funds sold and SBA PPP loans.
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 $705.1 million during the fourth quarter of 2020 compared to an
average net overnight funds sold position of $567.9 million in the
third 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 HFI decreased $11.7 million, or 0.6%, from the
third quarter of 2020 and increased $159.4 million, or 8.7%, over
the fourth quarter of 2019. In 2020, we originated SBA PPP loans
totaling $190 million (reflected in the commercial loan category)
which averaged $185 million in the fourth quarter and totaled $178
million at period-end. Compared to the third quarter of 2020, the
decline in average loans was primarily due to lower commercial and
commercial mortgage balances with the decline in commercial loans
due to the reduction in SBA PPP loans and lower utilization of
commercial lines of credit reflective of the economic
slowdown. Period-end HFI loans increased $8.3 million,
or 0.4%, over the third quarter of 2020 and increased $170.5
million, or 9.3%, over the fourth quarter of 2019. The increase
over the third quarter of 2020 reflected higher home equity,
construction, and residential loan balances.
To date, approximately $12 million in SBA PPP loans have been
forgiven and paid-off. Forgiveness applications are expected to
accelerate over the next three to six months driven by the recent
COVID Relief Bill which allows a streamlined forgiveness
application process for loans of $150,000 and less. At December 31,
2020, SBA PPP loans of $150,000 or less totaled $69 million. SBA
PPP loan fees totaled approximately $0.8 million for the fourth
quarter of 2020, $0.6 million for the third quarter of 2020, and
$0.4 million for the second quarter of 2020. At December 31, 2020
we had $3.2 million (net) in deferred SBA PPP loan fees.
Allowance for Credit Losses
At December 31, 2020, the allowance for credit losses totaled
$23.8 million compared to $23.1 million at September 30, 2020 and
$13.9 million at December 31, 2019. At December 31, 2020, the
allowance represented 1.19% of HFI loans and provided coverage of
406% of nonperforming loans compared to 1.16% and 420%,
respectively, at September 30, 2020 and 0.75% and 311%,
respectively, at December 31, 2019. At December 31, 2020, excluding
SBA PPP loans (100% government guaranteed), the allowance
represented 1.30% 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 $6.6
million build (provision of $9.0 million less net charge-offs of
$2.4 million) in the allowance for credit losses in 2020 was
attributable to stressed economic conditions related 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 December 31, 2020, comparable to September 30, 2020, and
a $1.3 million increase over December 31, 2019. Nonaccrual loans
totaled $5.9 million at December 31, 2020, a $0.4 million increase
over September 30, 2020 and a $1.4 million increase over December
31, 2019. The balance of OREO totaled $0.8 million at December 31,
2020, a decrease of $0.4 million from September 30, 2020 and a $0.1
million decrease from 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 December 31, 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. We have extended loans totaling $333 million of which
75% were for commercial borrowers and 25% were for consumer
borrowers. Approximately $324 million, or 97% of the loan balances
associated with these borrowers have resumed making regularly
scheduled payments. Of the $9 million that remains on extension, no
loans were classified at December 31, 2020. Of the $324 million
that have resumed payments, loan balances totaling $3.5 million
were over 30 days delinquent and an additional $0.4 million was on
nonaccrual status at December 31, 2020.
Funding (Deposits/Debt)
Average total deposits were $3.066 billion for the fourth
quarter of 2020, an increase of $94.9 million, or 3.2%, over the
third quarter of 2020 and $541.2 million, or 21.4%, over the fourth
quarter of 2019. The estimated deposit inflows related to the first
round of pandemic related stimulus programs that occurred primarily
during the second quarter were $179 million (SBA PPP) and $64
million (Economic Impact Payment stimulus checks). Average seasonal
public funds increased $30 million over the third quarter of 2020
and $81 million over the fourth quarter of 2019. For
each quarter during 2020, we’ve also realized strong core deposit
growth. Given these large increases as well as the incoming second
round of stimulus checks, the potential exists for our deposit
levels to be volatile in 2021 due to the uncertain timing of the
outflows of the stimulus related balances and the economic
recovery. It is anticipated that current liquidity levels will
remain robust due to our strong overnight funds sold position.
Average short-term borrowings increased $20.7 million over the
third quarter of 2020 and $87.8 million over the fourth quarter of
2019, which reflected warehouse line borrowings used to support
CCHL’s loans held for sale.
Capital
Shareowners’ equity was $320.8 million at December 31, 2020
compared to $339.4 million at September 30, 2020 and $327.0 million
at December 31, 2019. For the full year of 2020,
shareowners’ equity was positively impacted by net income of $31.6
million, a $1.8 million increase in the unrealized gain on
investment securities, net adjustments totaling $1.4 million
related to transactions under our stock compensation plans, stock
compensation accretion of $0.9 million, and a $0.4 million increase
in fair value of the interest rate swap related to subordinated
debt. Shareowners’ equity was reduced by an $18.2 million increase
in the accumulated other comprehensive loss for our pension plan,
common stock dividends of $9.6 million ($0.57 per share), a $3.1
million (net of tax) adjustment to retained earnings for the
adoption of CECL, reclassification of $9.4 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 December 31, 2020, our total risk-based capital ratio was
17.30% compared to 17.88% at September 30, 2020 and 17.90% at
December 31, 2019. Our common equity tier 1 capital ratio was
13.71%, 14.20%, and 14.47%, respectively, on these dates. Our
leverage ratio was 9.33%, 9.64%, 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 6.25% at
December 31, 2020 compared to 7.16% and 8.06% at September 30, 2020
and December 31, 2019, respectively. Our tangible
capital ratio was unfavorably impacted at December 31, 2020 by the
aforementioned annual adjustment to the other comprehensive loss
for our pension plan which was negatively impacted due to the lower
discount rate used to calculate the present value of the pension
obligation. The lower discount rate reflected the significant
decline in long-term interest rates in 2020.
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 $3.8 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 86 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) |
Dec 31, 2020 |
Sep 30, 2020 |
Jun 30, 2020 |
Mar 31, 2020 |
Dec 31, 2019 |
Shareowners' Equity (GAAP) |
|
$ |
320,837 |
|
$ |
339,425 |
|
$ |
335,057 |
|
$ |
328,507 |
|
$ |
327,016 |
|
Less: Goodwill (GAAP) |
|
|
89,095 |
|
|
89,095 |
|
|
89,095 |
|
|
89,275 |
|
|
84,811 |
|
Tangible Shareowners' Equity
(non-GAAP) |
A |
|
231,742 |
|
|
250,330 |
|
|
245,962 |
|
|
239,232 |
|
|
242,205 |
|
Total Assets (GAAP) |
|
|
3,798,071 |
|
|
3,587,041 |
|
|
3,499,524 |
|
|
3,086,523 |
|
|
3,088,953 |
|
Less: Goodwill (GAAP) |
|
|
89,095 |
|
|
89,095 |
|
|
89,095 |
|
|
89,275 |
|
|
84,811 |
|
Tangible Assets
(non-GAAP) |
B |
$ |
3,708,976 |
|
$ |
3,497,946 |
|
$ |
3,410,429 |
|
$ |
2,997,248 |
|
$ |
3,004,142 |
|
Tangible Common Equity
Ratio (non-GAAP) |
A/B |
|
6.25 |
% |
|
7.16 |
% |
|
7.21 |
% |
|
7.98 |
% |
|
8.06 |
% |
Actual Diluted Shares
Outstanding (GAAP) |
C |
|
16,844,997 |
|
|
16,800,563 |
|
|
16,821,743 |
|
|
16,845,462 |
|
|
16,855,161 |
|
Tangible Book Value
per Diluted Share (non-GAAP) |
A/C |
$ |
13.76 |
|
$ |
14.90 |
|
$ |
14.62 |
|
$ |
14.20 |
|
$ |
14.37 |
|
CAPITAL
CITY BANK GROUP,
INC. |
|
EARNINGS
HIGHLIGHTS |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
(Dollars in thousands, except per share data) |
|
Dec 31, 2020 |
|
Sep 30, 2020 |
|
Dec 31, 2019 |
|
Dec 31, 2020 |
|
Dec 31, 2019 |
|
EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to
Common Shareowners |
$ |
7,746 |
$ |
10,397 |
$ |
8,565 |
$ |
31,576 |
$ |
30,807 |
|
Diluted
Net Income Per Share |
$ |
0.46 |
$ |
0.62 |
$ |
0.51 |
$ |
1.88 |
$ |
1.83 |
|
PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets |
|
0.84 |
% |
1.17 |
% |
1.14 |
% |
0.93 |
% |
1.03 |
% |
Return on Average Equity |
|
8.97 |
|
12.16 |
|
10.39 |
|
9.36 |
|
9.72 |
|
Net Interest Margin |
|
3.00 |
|
3.12 |
|
3.89 |
|
3.30 |
|
3.85 |
|
Noninterest Income as % of
Operating Revenue |
|
55.00 |
|
58.19 |
|
34.50 |
|
52.32 |
|
33.92 |
|
Efficiency Ratio |
|
74.36 |
% |
67.01 |
% |
72.48 |
% |
70.43 |
% |
72.40 |
% |
CAPITAL ADEQUACY |
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Capital |
|
16.19 |
% |
16.77 |
% |
17.16 |
% |
16.19 |
% |
17.16 |
% |
Total Capital |
|
17.30 |
|
17.88 |
|
17.90 |
|
17.30 |
|
17.90 |
|
Leverage |
|
9.33 |
|
9.64 |
|
11.25 |
|
9.33 |
|
11.25 |
|
Common Equity Tier 1 |
|
13.71 |
|
14.20 |
|
14.47 |
|
13.71 |
|
14.47 |
|
Tangible Common Equity
(1) |
|
6.25 |
|
7.16 |
|
8.06 |
|
6.25 |
|
8.06 |
|
Equity
to Assets |
|
8.45 |
% |
9.46 |
% |
10.59 |
% |
8.45 |
% |
10.59 |
% |
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
Allowance as % of
Non-Performing Loans |
|
405.66 |
% |
420.30 |
% |
310.99 |
% |
405.66 |
% |
310.99 |
% |
Allowance as a % of Loans
HFI |
|
1.19 |
|
1.16 |
|
0.75 |
|
1.19 |
|
0.75 |
|
Net Charge-Offs as % of
Average Loans HFI |
|
0.09 |
|
0.11 |
|
0.05 |
|
0.12 |
|
0.13 |
|
Nonperforming
Assets as % of Loans HFI and OREO |
0.33 |
|
0.34 |
|
0.29 |
|
0.33 |
|
0.29 |
|
Nonperforming Assets as % of Total Assets |
|
0.18 |
% |
0.19 |
% |
0.18 |
% |
0.18 |
% |
0.18 |
% |
STOCK PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
High |
$ |
26.35 |
$ |
21.71 |
$ |
30.95 |
$ |
30.62 |
$ |
30.95 |
|
Low |
|
18.14 |
|
17.55 |
|
25.75 |
|
15.61 |
|
21.04 |
|
Close |
$ |
24.58 |
$ |
18.79 |
$ |
30.50 |
$ |
24.58 |
$ |
30.50 |
|
Average
Daily Trading Volume |
|
22,271 |
|
28,517 |
|
41,247 |
|
35,125 |
|
27,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and Due From Banks |
$ |
67,919 |
|
$ |
76,509 |
|
$ |
75,155 |
|
$ |
72,676 |
|
$ |
60,087 |
|
Funds
Sold and Interest Bearing Deposits |
|
860,630 |
|
|
626,104 |
|
|
513,273 |
|
|
196,936 |
|
|
318,336 |
|
Total Cash and Cash Equivalents |
|
928,549 |
|
|
702,613 |
|
|
588,428 |
|
|
269,612 |
|
|
378,423 |
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities
Available for Sale |
|
324,870 |
|
|
328,253 |
|
|
341,180 |
|
|
382,514 |
|
|
403,601 |
|
Investment Securities Held to Maturity |
|
169,939 |
|
|
202,593 |
|
|
232,178 |
|
|
251,792 |
|
|
239,539 |
|
Total Investment Securities |
|
494,809 |
|
|
530,846 |
|
|
573,358 |
|
|
634,306 |
|
|
643,140 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans Held for Sale
("HFS") |
|
114,039 |
|
|
116,561 |
|
|
76,610 |
|
|
82,598 |
|
|
9,509 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans Held for Investment
("HFI"): |
|
|
|
|
|
|
|
|
|
|
Commercial, Financial, &
Agricultural |
|
393,930 |
|
|
402,997 |
|
|
421,270 |
|
|
249,020 |
|
|
255,365 |
|
Real Estate -
Construction |
|
135,831 |
|
|
125,804 |
|
|
117,794 |
|
|
122,595 |
|
|
115,018 |
|
Real Estate - Commercial |
|
648,393 |
|
|
656,064 |
|
|
662,434 |
|
|
656,084 |
|
|
625,556 |
|
Real Estate - Residential |
|
342,664 |
|
|
335,713 |
|
|
353,831 |
|
|
354,150 |
|
|
353,642 |
|
Real Estate - Home Equity |
|
205,479 |
|
|
197,363 |
|
|
194,479 |
|
|
196,443 |
|
|
197,360 |
|
Consumer |
|
269,520 |
|
|
268,393 |
|
|
266,417 |
|
|
275,982 |
|
|
279,565 |
|
Other Loans |
|
9,879 |
|
|
10,488 |
|
|
4,883 |
|
|
6,580 |
|
|
7,808 |
|
Overdrafts |
|
730 |
|
|
1,339 |
|
|
1,069 |
|
|
1,533 |
|
|
1,615 |
|
Total Loans Held for Investment |
|
2,006,426 |
|
|
1,998,161 |
|
|
2,022,177 |
|
|
1,862,387 |
|
|
1,835,929 |
|
Allowance for Credit Losses |
|
(23,816 |
) |
|
(23,137 |
) |
|
(22,457 |
) |
|
(21,083 |
) |
|
(13,905 |
) |
Loans Held for Investment, Net |
|
1,982,610 |
|
|
1,975,024 |
|
|
1,999,720 |
|
|
1,841,304 |
|
|
1,822,024 |
|
|
|
|
|
|
|
|
|
|
|
|
Premises and Equipment,
Net |
|
86,791 |
|
|
87,192 |
|
|
87,972 |
|
|
87,684 |
|
|
84,543 |
|
Goodwill |
|
89,095 |
|
|
89,095 |
|
|
89,095 |
|
|
89,275 |
|
|
84,811 |
|
Other Real Estate Owned |
|
808 |
|
|
1,227 |
|
|
1,059 |
|
|
1,463 |
|
|
953 |
|
Other
Assets |
|
101,370 |
|
|
84,483 |
|
|
83,282 |
|
|
80,281 |
|
|
65,550 |
|
Total Other Assets |
|
278,064 |
|
|
261,997 |
|
|
261,408 |
|
|
258,703 |
|
|
235,857 |
|
Total Assets |
$ |
3,798,071 |
|
$ |
3,587,041 |
|
$ |
3,499,524 |
|
$ |
3,086,523 |
|
$ |
3,088,953 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing
Deposits |
$ |
1,328,809 |
|
$ |
1,378,314 |
|
$ |
1,377,033 |
|
$ |
1,066,607 |
|
$ |
1,044,699 |
|
NOW Accounts |
|
1,046,408 |
|
|
827,506 |
|
|
808,244 |
|
|
779,467 |
|
|
902,499 |
|
Money Market Accounts |
|
266,649 |
|
|
247,823 |
|
|
240,754 |
|
|
210,124 |
|
|
217,839 |
|
Regular Savings Accounts |
|
474,100 |
|
|
451,944 |
|
|
423,924 |
|
|
384,480 |
|
|
374,396 |
|
Certificates of Deposit |
|
101,594 |
|
|
103,859 |
|
|
105,041 |
|
|
104,907 |
|
|
106,021 |
|
Total Deposits |
|
3,217,560 |
|
|
3,009,446 |
|
|
2,954,996 |
|
|
2,545,585 |
|
|
2,645,454 |
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Borrowings |
|
79,654 |
|
|
90,936 |
|
|
63,958 |
|
|
76,516 |
|
|
6,404 |
|
Subordinated Notes
Payable |
|
52,887 |
|
|
52,887 |
|
|
52,887 |
|
|
52,887 |
|
|
52,887 |
|
Other Long-Term
Borrowings |
|
3,057 |
|
|
5,268 |
|
|
5,583 |
|
|
5,896 |
|
|
6,514 |
|
Other
Liabilities |
|
102,076 |
|
|
71,880 |
|
|
75,702 |
|
|
70,044 |
|
|
50,678 |
|
Total Liabilities |
|
3,455,234 |
|
|
3,230,417 |
|
|
3,153,126 |
|
|
2,750,928 |
|
|
2,761,937 |
|
|
|
|
|
|
|
|
|
|
|
|
Temporary Equity |
|
22,000 |
|
|
17,199 |
|
|
11,341 |
|
|
7,088 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREOWNERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
168 |
|
|
168 |
|
|
168 |
|
|
168 |
|
|
168 |
|
Additional Paid-In
Capital |
|
32,283 |
|
|
31,425 |
|
|
31,575 |
|
|
32,100 |
|
|
32,092 |
|
Retained Earnings |
|
332,528 |
|
|
333,545 |
|
|
328,570 |
|
|
321,772 |
|
|
322,937 |
|
Accumulated Other Comprehensive Loss, Net of Tax |
|
(44,142 |
) |
|
(25,713 |
) |
|
(25,256 |
) |
|
(25,533 |
) |
|
(28,181 |
) |
Total Shareowners' Equity |
|
320,837 |
|
|
339,425 |
|
|
335,057 |
|
|
328,507 |
|
|
327,016 |
|
Total Liabilities, Temporary Equity and Shareowners' Equity |
$ |
3,798,071 |
|
$ |
3,587,041 |
|
$ |
3,499,524 |
|
$ |
3,086,523 |
|
$ |
3,088,953 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER BALANCE SHEET
DATA |
|
|
|
|
|
|
|
|
|
|
Earning Assets |
$ |
3,475,904 |
|
$ |
3,271,672 |
|
$ |
3,185,418 |
|
$ |
2,776,228 |
|
$ |
2,806,913 |
|
Interest Bearing Liabilities |
|
2,024,349 |
|
|
1,780,223 |
|
|
1,700,391 |
|
|
1,614,277 |
|
|
1,666,560 |
|
Book Value Per Diluted Share |
$ |
19.05 |
|
$ |
20.20 |
|
$ |
19.92 |
|
$ |
19.50 |
|
$ |
19.40 |
|
Tangible Book Value Per Diluted Share(1) |
|
13.76 |
|
|
14.90 |
|
|
14.62 |
|
|
14.20 |
|
|
14.37 |
|
Actual Basic Shares Outstanding |
|
16,791 |
|
|
16,761 |
|
|
16,780 |
|
|
16,812 |
|
|
16,772 |
|
Actual
Diluted Shares Outstanding |
|
16,845 |
|
|
16,801 |
|
|
16,822 |
|
|
16,845 |
|
|
16,855 |
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
2020 |
|
|
2019 |
|
|
December 31, |
(Dollars in thousands, except per share data) |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and Fees on Loans |
$ |
23,878 |
|
$ |
23,594 |
|
$ |
23,687 |
|
$ |
23,593 |
|
$ |
23,842 |
|
$ |
94,752 |
|
$ |
94,215 |
Investment Securities |
|
2,096 |
|
|
2,426 |
|
|
2,737 |
|
|
3,015 |
|
|
3,221 |
|
|
10,274 |
|
|
13,434 |
Funds
Sold |
|
180 |
|
|
146 |
|
|
88 |
|
|
757 |
|
|
945 |
|
|
1,171 |
|
|
5,187 |
Total Interest Income |
|
26,154 |
|
|
26,166 |
|
|
26,512 |
|
|
27,365 |
|
|
28,008 |
|
|
106,197 |
|
|
112,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
201 |
|
|
190 |
|
|
218 |
|
|
939 |
|
|
1,157 |
|
|
1,548 |
|
|
6,840 |
Short-Term Borrowings |
|
639 |
|
|
498 |
|
|
421 |
|
|
132 |
|
|
16 |
|
|
1,690 |
|
|
109 |
Subordinated Notes
Payable |
|
311 |
|
|
316 |
|
|
374 |
|
|
471 |
|
|
525 |
|
|
1,472 |
|
|
2,287 |
Other
Long-Term Borrowings |
|
30 |
|
|
40 |
|
|
41 |
|
|
50 |
|
|
56 |
|
|
161 |
|
|
257 |
Total Interest Expense |
|
1,181 |
|
|
1,044 |
|
|
1,054 |
|
|
1,592 |
|
|
1,754 |
|
|
4,871 |
|
|
9,493 |
Net Interest Income |
|
24,973 |
|
|
25,122 |
|
|
25,458 |
|
|
25,773 |
|
|
26,254 |
|
|
101,326 |
|
|
103,343 |
Provision for Credit Losses |
|
1,342 |
|
|
1,308 |
|
|
2,005 |
|
|
4,990 |
|
|
(162 |
) |
|
9,645 |
|
|
2,027 |
Net Interest Income after Provision for Credit Losses |
|
23,631 |
|
|
23,814 |
|
|
23,453 |
|
|
20,783 |
|
|
26,416 |
|
|
91,681 |
|
|
101,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit Fees |
|
4,713 |
|
|
4,316 |
|
|
3,756 |
|
|
5,015 |
|
|
4,980 |
|
|
17,800 |
|
|
19,472 |
Bank Card Fees |
|
3,462 |
|
|
3,389 |
|
|
3,142 |
|
|
3,051 |
|
|
3,131 |
|
|
13,044 |
|
|
11,994 |
Wealth Management Fees |
|
3,069 |
|
|
2,808 |
|
|
2,554 |
|
|
2,604 |
|
|
2,761 |
|
|
11,035 |
|
|
10,480 |
Mortgage Banking Fees |
|
17,711 |
|
|
22,983 |
|
|
19,397 |
|
|
3,253 |
|
|
1,542 |
|
|
63,344 |
|
|
5,321 |
Other |
|
1,568 |
|
|
1,469 |
|
|
1,350 |
|
|
1,555 |
|
|
1,414 |
|
|
5,942 |
|
|
5,786 |
Total Noninterest Income |
|
30,523 |
|
|
34,965 |
|
|
30,199 |
|
|
15,478 |
|
|
13,828 |
|
|
111,165 |
|
|
53,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
26,722 |
|
|
26,164 |
|
|
23,658 |
|
|
19,736 |
|
|
17,363 |
|
|
96,280 |
|
|
66,352 |
Occupancy, Net |
|
5,976 |
|
|
5,906 |
|
|
5,798 |
|
|
4,979 |
|
|
4,680 |
|
|
22,659 |
|
|
18,436 |
Other Real Estate, Net |
|
567 |
|
|
219 |
|
|
116 |
|
|
(798 |
) |
|
102 |
|
|
104 |
|
|
546 |
Other |
|
8,083 |
|
|
8,053 |
|
|
7,731 |
|
|
7,052 |
|
|
6,997 |
|
|
30,919 |
|
|
28,275 |
Total Noninterest Expense |
|
41,348 |
|
|
40,342 |
|
|
37,303 |
|
|
30,969 |
|
|
29,142 |
|
|
149,962 |
|
|
113,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
PROFIT |
|
12,806 |
|
|
18,437 |
|
|
16,349 |
|
|
5,292 |
|
|
11,102 |
|
|
52,884 |
|
|
40,760 |
Income
Tax Expense |
|
2,833 |
|
|
3,165 |
|
|
2,950 |
|
|
1,282 |
|
|
2,537 |
|
|
10,230 |
|
|
9,953 |
Net Income |
|
9,973 |
|
|
15,272 |
|
|
13,399 |
|
|
4,010 |
|
|
8,565 |
|
|
42,654 |
|
|
30,807 |
Pre-Tax
Income Attributable to Noncontrolling Interest |
(2,227 |
) |
|
(4,875 |
) |
|
(4,253 |
) |
|
277 |
|
|
- |
|
|
(11,078 |
) |
|
- |
NET INCOME ATTRIBUTABLE TO COMMON
SHAREOWNERS |
$ |
7,746 |
|
$ |
10,397 |
|
$ |
9,146 |
|
$ |
4,287 |
|
$ |
8,565 |
|
$ |
31,576 |
|
$ |
30,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON
SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Net Income |
$ |
0.46 |
|
$ |
0.62 |
|
$ |
0.55 |
|
$ |
0.25 |
|
$ |
0.51 |
|
$ |
1.88 |
|
$ |
1.84 |
Diluted Net Income |
|
0.46 |
|
|
0.62 |
|
|
0.55 |
|
|
0.25 |
|
|
0.51 |
|
|
1.88 |
|
|
1.83 |
Cash Dividend |
$ |
0.15 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.13 |
|
$ |
0.57 |
|
$ |
0.48 |
AVERAGE
SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
16,763 |
|
|
16,771 |
|
|
16,797 |
|
|
16,808 |
|
|
16,750 |
|
|
16,785 |
|
|
16,770 |
Diluted |
|
16,817 |
|
|
16,810 |
|
|
16,839 |
|
|
16,842 |
|
|
16,834 |
|
|
16,822 |
|
|
16,827 |
CAPITAL
CITY BANK GROUP,
INC. |
ALLOWANCE
FOR CREDIT LOSSES
|
AND RISK
ELEMENT
ASSETS |
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
2020 |
|
|
2019 |
|
|
|
December 31, |
(Dollars in thousands, except per share data) |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Beginning of Period |
$ |
23,137 |
|
$ |
22,457 |
|
$ |
21,083 |
|
$ |
13,905 |
|
$ |
14,319 |
|
|
$ |
13,905 |
|
$ |
14,210 |
|
Impact of Adopting ASC 326
(CECL) |
|
- |
|
|
- |
|
|
- |
|
|
3,269 |
|
|
- |
|
|
|
3,269 |
|
|
- |
|
Provision for Credit Losses -
HFI |
|
1,165 |
|
|
1,265 |
|
|
1,615 |
|
|
4,990 |
|
|
(162 |
) |
|
|
9,035 |
|
|
2,027 |
|
Net Charge-Offs |
|
486 |
|
|
585 |
|
|
241 |
|
|
1,081 |
|
|
252 |
|
|
|
2,393 |
|
|
2,332 |
|
Balance
at End of Period(2) |
$ |
23,816 |
|
$ |
23,137 |
|
$ |
22,457 |
|
$ |
21,083 |
|
$ |
13,905 |
|
|
$ |
23,816 |
|
$ |
13,905 |
|
As a % of Loans HFI |
|
1.19 |
% |
|
1.16 |
% |
|
1.11 |
% |
|
1.13 |
% |
|
0.75 |
% |
|
|
1.19 |
% |
|
0.75 |
% |
As a %
of Nonperforming Loans |
|
405.66 |
% |
|
420.30 |
% |
|
322.37 |
% |
|
432.61 |
% |
|
310.99 |
% |
|
|
405.66 |
% |
|
310.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHARGE-OFFS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, Financial and
Agricultural |
$ |
104 |
|
$ |
137 |
|
$ |
186 |
|
$ |
362 |
|
$ |
149 |
|
|
$ |
789 |
|
$ |
768 |
|
Real Estate -
Construction |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
58 |
|
|
|
- |
|
|
281 |
|
Real Estate - Commercial |
|
- |
|
|
17 |
|
|
- |
|
|
11 |
|
|
33 |
|
|
|
28 |
|
|
214 |
|
Real Estate - Residential |
|
38 |
|
|
1 |
|
|
1 |
|
|
110 |
|
|
27 |
|
|
|
150 |
|
|
400 |
|
Real Estate - Home Equity |
|
10 |
|
|
58 |
|
|
52 |
|
|
31 |
|
|
- |
|
|
|
151 |
|
|
430 |
|
Consumer |
|
668 |
|
|
619 |
|
|
634 |
|
|
864 |
|
|
819 |
|
|
|
2,785 |
|
|
2,878 |
|
Overdrafts(3) |
|
564 |
|
|
450 |
|
|
541 |
|
|
702 |
|
|
- |
|
|
|
2,257 |
|
|
- |
|
Total
Charge-Offs |
$ |
1,384 |
|
$ |
1,282 |
|
$ |
1,414 |
|
$ |
2,080 |
|
$ |
1,086 |
|
|
$ |
6,160 |
|
$ |
4,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECOVERIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, Financial and
Agricultural |
$ |
64 |
|
$ |
74 |
|
$ |
74 |
|
$ |
40 |
|
$ |
127 |
|
|
$ |
252 |
|
$ |
345 |
|
Real Estate -
Construction |
|
50 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
50 |
|
|
- |
|
Real Estate - Commercial |
|
27 |
|
|
30 |
|
|
70 |
|
|
191 |
|
|
266 |
|
|
|
318 |
|
|
578 |
|
Real Estate - Residential |
|
153 |
|
|
35 |
|
|
51 |
|
|
40 |
|
|
116 |
|
|
|
279 |
|
|
429 |
|
Real Estate - Home Equity |
|
40 |
|
|
41 |
|
|
64 |
|
|
33 |
|
|
25 |
|
|
|
178 |
|
|
175 |
|
Consumer |
|
306 |
|
|
280 |
|
|
365 |
|
|
268 |
|
|
300 |
|
|
|
1,219 |
|
|
1,112 |
|
Overdrafts(3) |
|
258 |
|
|
237 |
|
|
549 |
|
|
427 |
|
|
- |
|
|
|
1,471 |
|
|
- |
|
Total
Recoveries |
$ |
898 |
|
$ |
697 |
|
$ |
1,173 |
|
$ |
999 |
|
$ |
834 |
|
|
$ |
3,767 |
|
$ |
2,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
CHARGE-OFFS |
$ |
486 |
|
$ |
585 |
|
$ |
241 |
|
$ |
1,081 |
|
$ |
252 |
|
|
$ |
2,393 |
|
$ |
2,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Charge-Offs as a % of Average Loans HFI(1) |
|
0.09 |
% |
|
0.11 |
% |
|
0.05 |
% |
|
0.23 |
% |
|
0.05 |
% |
|
|
0.12 |
% |
|
0.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RISK ELEMENT
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccruing Loans |
$ |
5,871 |
|
$ |
5,505 |
|
$ |
6,966 |
|
$ |
4,874 |
|
$ |
4,472 |
|
|
|
|
|
|
Other Real Estate Owned |
|
808 |
|
|
1,227 |
|
|
1,059 |
|
|
1,463 |
|
|
953 |
|
|
|
|
|
|
Total
Nonperforming Assets ("NPAs") |
$ |
6,679 |
|
$ |
6,732 |
|
$ |
8,025 |
|
$ |
6,337 |
|
$ |
5,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past Due Loans 30-89 Days |
$ |
4,594 |
|
$ |
3,191 |
|
$ |
2,948 |
|
$ |
5,077 |
|
$ |
4,871 |
|
|
|
|
|
|
Past Due Loans 90 Days or
More |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
Classified Loans |
|
17,631 |
|
|
16,772 |
|
|
17,091 |
|
|
16,548 |
|
|
20,847 |
|
|
|
|
|
|
Performing Troubled Debt Restructuring's |
$ |
13,887 |
|
$ |
14,693 |
|
$ |
15,133 |
|
$ |
15,934 |
|
$ |
16,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans as a % of
Loans HFI |
|
0.29 |
% |
|
0.28 |
% |
|
0.34 |
% |
|
0.26 |
% |
|
0.24 |
% |
|
|
|
|
|
NPAs as a % of
Loans HFI and Other Real Estate |
0.33 |
% |
|
0.34 |
% |
|
0.40 |
% |
|
0.34 |
% |
|
0.29 |
% |
|
|
|
|
|
NPAs as
a % of Total Assets |
|
0.18 |
% |
|
0.19 |
% |
|
0.23 |
% |
|
0.21 |
% |
|
0.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Annualized |
(2) Does not
include $1.6 million for unfunded commitments recorded in other
liabilities at 12/31/2020. |
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2020 |
|
|
Third Quarter 2020 |
|
|
Second Quarter 2020 |
|
|
First Quarter 2020 |
|
|
Fourth Quarter 2019 |
|
|
Dec 2020 YTD |
|
|
Dec 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 |
$ |
2,114,522 |
|
$ |
23,981 |
|
4.52 |
% |
$ |
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 |
% |
$ |
2,038,701 |
|
$ |
95,156 |
|
4.67 |
% |
$ |
1,822,087 |
|
$ |
94,662 |
|
5.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable Investment Securities |
|
513,277 |
|
|
2,072 |
|
1.61 |
|
|
553,395 |
|
|
2,401 |
|
1.73 |
|
|
601,509 |
|
|
2,708 |
|
1.80 |
|
|
629,512 |
|
|
2,995 |
|
1.91 |
|
|
610,046 |
|
|
3,186 |
|
2.08 |
|
|
574,199 |
|
|
10,176 |
|
1.77 |
|
|
612,541 |
|
|
13,123 |
|
2.14 |
|
Tax-Exempt Investment Securities |
|
4,485 |
|
|
30 |
|
2.71 |
|
|
4,860 |
|
|
32 |
|
2.66 |
|
|
5,865 |
|
|
37 |
|
2.51 |
|
|
5,293 |
|
|
25 |
|
1.86 |
|
|
10,327 |
|
|
43 |
|
1.67 |
|
|
5,123 |
|
|
124 |
|
2.42 |
|
|
24,471 |
|
|
390 |
|
1.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment
Securities |
|
517,762 |
|
|
2,102 |
|
1.62 |
|
|
558,255 |
|
|
2,433 |
|
1.74 |
|
|
607,374 |
|
|
2,745 |
|
1.81 |
|
|
634,805 |
|
|
3,020 |
|
1.91 |
|
|
620,373 |
|
|
3,229 |
|
2.08 |
|
|
579,322 |
|
|
10,300 |
|
1.78 |
|
|
637,012 |
|
|
13,513 |
|
2.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds Sold |
|
705,125 |
|
|
180 |
|
0.10 |
|
|
567,883 |
|
|
146 |
|
0.10 |
|
|
351,473 |
|
|
88 |
|
0.10 |
|
|
234,372 |
|
|
757 |
|
1.30 |
|
|
228,137 |
|
|
945 |
|
1.64 |
|
|
465,652 |
|
|
1,171 |
|
0.25 |
|
|
237,999 |
|
|
5,187 |
|
2.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
|
3,337,409 |
|
$ |
26,263 |
|
3.14 |
% |
|
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 |
% |
|
3,083,675 |
|
$ |
106,627 |
|
3.46 |
% |
|
2,697,098 |
|
$ |
113,362 |
|
4.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Due From Banks |
|
73,968 |
|
|
|
|
|
|
|
69,893 |
|
|
|
|
|
|
|
72,647 |
|
|
|
|
|
|
|
56,958 |
|
|
|
|
|
|
|
53,174 |
|
|
|
|
|
|
|
68,386 |
|
|
|
|
|
|
|
52,453 |
|
|
|
|
|
|
Allowance for Loan Losses |
|
(23,725 |
) |
|
|
|
|
|
|
(22,948 |
) |
|
|
|
|
|
|
(21,642 |
) |
|
|
|
|
|
|
(14,389 |
) |
|
|
|
|
|
|
(14,759 |
) |
|
|
|
|
|
|
(20,690 |
) |
|
|
|
|
|
|
(14,622 |
) |
|
|
|
|
|
Other Assets |
|
264,784 |
|
|
|
|
|
|
|
268,549 |
|
|
|
|
|
|
|
261,449 |
|
|
|
|
|
|
|
244,339 |
|
|
|
|
|
|
|
249,089 |
|
|
|
|
|
|
|
259,700 |
|
|
|
|
|
|
|
252,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
3,652,436 |
|
|
|
|
|
|
$ |
3,539,332 |
|
|
|
|
|
|
$ |
3,329,226 |
|
|
|
|
|
|
$ |
3,038,788 |
|
|
|
|
|
|
$ |
2,982,204 |
|
|
|
|
|
|
$ |
3,391,071 |
|
|
|
|
|
|
$ |
2,987,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW Accounts |
$ |
879,564 |
|
$ |
66 |
|
0.03 |
% |
$ |
826,776 |
|
$ |
61 |
|
0.03 |
% |
$ |
789,378 |
|
$ |
78 |
|
0.04 |
% |
$ |
808,811 |
|
$ |
725 |
|
0.36 |
% |
$ |
755,625 |
|
$ |
889 |
|
0.47 |
% |
$ |
826,280 |
|
$ |
930 |
|
0.11 |
% |
$ |
805,134 |
|
$ |
5,502 |
|
0.68 |
% |
Money Market Accounts |
|
261,543 |
|
|
34 |
|
0.05 |
|
|
247,185 |
|
|
32 |
|
0.05 |
|
|
222,377 |
|
|
40 |
|
0.07 |
|
|
212,211 |
|
|
117 |
|
0.22 |
|
|
227,479 |
|
|
170 |
|
0.30 |
|
|
235,931 |
|
|
223 |
|
0.09 |
|
|
235,845 |
|
|
946 |
|
0.40 |
|
Savings Accounts |
|
466,116 |
|
|
57 |
|
0.05 |
|
|
438,762 |
|
|
54 |
|
0.05 |
|
|
409,366 |
|
|
50 |
|
0.05 |
|
|
379,237 |
|
|
46 |
|
0.05 |
|
|
372,518 |
|
|
46 |
|
0.05 |
|
|
423,529 |
|
|
207 |
|
0.05 |
|
|
370,430 |
|
|
182 |
|
0.05 |
|
Time
Deposits |
|
102,809 |
|
|
44 |
|
0.17 |
|
|
104,522 |
|
|
43 |
|
0.16 |
|
|
104,718 |
|
|
50 |
|
0.19 |
|
|
105,542 |
|
|
51 |
|
0.19 |
|
|
108,407 |
|
|
52 |
|
0.19 |
|
|
104,393 |
|
|
188 |
|
0.18 |
|
|
113,499 |
|
|
210 |
|
0.19 |
|
Total Interest Bearing Deposits |
|
1,710,032 |
|
|
201 |
|
0.05 |
% |
|
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 |
% |
|
1,590,133 |
|
|
1,548 |
|
0.10 |
% |
|
1,524,908 |
|
|
6,840 |
|
0.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Borrowings |
|
95,280 |
|
|
639 |
|
2.67 |
% |
|
74,557 |
|
|
498 |
|
2.66 |
% |
|
73,377 |
|
|
421 |
|
2.31 |
% |
|
32,915 |
|
|
132 |
|
1.61 |
% |
|
7,448 |
|
|
16 |
|
0.87 |
% |
|
69,119 |
|
|
1,690 |
|
2.44 |
% |
|
9,275 |
|
|
109 |
|
1.19 |
% |
Subordinated Notes
Payable |
|
52,887 |
|
|
311 |
|
2.30 |
|
|
52,887 |
|
|
316 |
|
2.34 |
|
|
52,887 |
|
|
374 |
|
2.80 |
|
|
52,887 |
|
|
471 |
|
3.52 |
|
|
52,887 |
|
|
525 |
|
3.88 |
|
|
52,887 |
|
|
1,472 |
|
2.74 |
|
|
52,887 |
|
|
2,287 |
|
4.26 |
|
Other Long-Term
Borrowings |
|
3,700 |
|
|
30 |
|
3.18 |
|
|
5,453 |
|
|
40 |
|
2.91 |
|
|
5,766 |
|
|
41 |
|
2.84 |
|
|
6,312 |
|
|
50 |
|
3.21 |
|
|
6,723 |
|
|
56 |
|
3.33 |
|
|
5,304 |
|
|
161 |
|
3.03 |
|
|
7,393 |
|
|
257 |
|
3.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Bearing Liabilities |
|
1,861,899 |
|
$ |
1,181 |
|
0.25 |
% |
|
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 |
% |
|
1,717,443 |
|
$ |
4,871 |
|
0.28 |
% |
|
1,594,463 |
|
$ |
9,493 |
|
0.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing Deposits |
|
1,356,104 |
|
|
|
|
|
|
|
1,354,032 |
|
|
|
|
|
|
|
1,257,614 |
|
|
|
|
|
|
|
1,046,889 |
|
|
|
|
|
|
|
1,060,922 |
|
|
|
|
|
|
|
1,254,214 |
|
|
|
|
|
|
|
1,012,581 |
|
|
|
|
|
|
Other Liabilities |
|
74,605 |
|
|
|
|
|
|
|
83,192 |
|
|
|
|
|
|
|
72,073 |
|
|
|
|
|
|
|
59,587 |
|
|
|
|
|
|
|
63,291 |
|
|
|
|
|
|
|
72,400 |
|
|
|
|
|
|
|
62,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
3,292,608 |
|
|
|
|
|
|
|
3,187,366 |
|
|
|
|
|
|
|
2,987,556 |
|
|
|
|
|
|
|
2,704,391 |
|
|
|
|
|
|
|
2,655,300 |
|
|
|
|
|
|
|
3,044,057 |
|
|
|
|
|
|
|
2,669,984 |
|
|
|
|
|
|
Temporary Equity |
|
16,154 |
|
|
|
|
|
|
|
11,893 |
|
|
|
|
|
|
|
8,155 |
|
|
|
|
|
|
|
2,506.00 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
9,701 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREOWNERS'
EQUITY: |
|
343,674 |
|
|
|
|
|
|
|
340,073 |
|
|
|
|
|
|
|
333,515 |
|
|
|
|
|
|
|
331,891 |
|
|
|
|
|
|
|
326,904 |
|
|
|
|
|
|
|
337,313 |
|
|
|
|
|
|
|
317,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities, Temporary Equity and Shareowners' Equity |
$ |
3,652,436 |
|
|
|
|
|
|
$ |
3,539,332 |
|
|
|
|
|
|
$ |
3,329,226 |
|
|
|
|
|
|
$ |
3,038,788 |
|
|
|
|
|
|
$ |
2,982,204 |
|
|
|
|
|
|
$ |
3,391,071 |
|
|
|
|
|
|
$ |
2,987,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Spread |
|
|
$ |
25,082 |
|
2.88 |
% |
|
|
$ |
25,233 |
|
3.01 |
% |
|
|
$ |
25,564 |
|
3.30 |
% |
|
|
$ |
25,877 |
|
3.61 |
% |
|
|
$ |
26,378 |
|
3.69 |
% |
|
|
$ |
101,756 |
|
3.18 |
% |
|
|
$ |
103,869 |
|
3.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income and Rate
Earned(1) |
|
|
|
26,263 |
|
3.14 |
|
|
|
|
26,277 |
|
3.25 |
|
|
|
|
26,618 |
|
3.55 |
|
|
|
|
27,469 |
|
4.01 |
|
|
|
|
28,132 |
|
4.14 |
|
|
|
|
106,627 |
|
3.46 |
|
|
|
|
113,362 |
|
4.20 |
|
Interest Expense and Rate
Paid(2) |
|
|
|
1,181 |
|
0.14 |
|
|
|
|
1,044 |
|
0.13 |
|
|
|
|
1,054 |
|
0.14 |
|
|
|
|
1,592 |
|
0.23 |
|
|
|
|
1,754 |
|
0.26 |
|
|
|
|
4,871 |
|
0.16 |
|
|
|
|
9,493 |
|
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
|
|
$ |
25,082 |
|
3.00 |
% |
|
|
$ |
25,233 |
|
3.12 |
% |
|
|
$ |
25,564 |
|
3.41 |
% |
|
|
$ |
25,877 |
|
3.78 |
% |
|
|
$ |
26,378 |
|
3.89 |
% |
|
|
$ |
101,756 |
|
3.30 |
% |
|
|
$ |
103,869 |
|
3.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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:J. Kimbrough Davis Executive Vice
President and Chief Financial Officer 850.402.7820
Capital City Bank (NASDAQ:CCBG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Capital City Bank (NASDAQ:CCBG)
Historical Stock Chart
From Apr 2023 to Apr 2024